证券代码： 002183 证券简称：怡亚通 深圳市怡亚通供应链股份有限公司 投资者关系活动记录表 编号：2026-001 | | 特定对象调研 □ 分析师会议 | √ | | --- | --- | --- | | | 媒体采访 □ 业绩说明会 | □ | | 投资者关系活动 | 新闻发布会 □ 路演活动 | □ | | 类别 | | | | | 现场参观 | □ | | | 其他 （请文字说明其他活动内容） | □ | | 参与单位名称及 | 国泰海通、长城证券、第一创业、江南鸿远、合心基金、深圳瑞 | | | 人员姓名 | 皖、帝和投资、统一宇宙、星空科技、红华资本、世邦魏理仕、 | | | | 锡华实业、卓越投资、飞恒私募、深圳圆石、诺信达 | | | 时间 | 2026 年 1 月 21 日 (周三) 下午 15:00~17:00 | | | 地点 | 深圳市龙岗区李朗路怡亚通供应链整合物流中心 1 楼会议室 | | | 上市公司接待人 | 1、副董事长兼总经理陈伟民 | | | 员姓名 | 2、副总经理兼董事会秘书吕品 | | | | 3、投资者关系副总监姜鑫 | | | | 一、2026 年作为" ...

Summary of Semiconductor Storage Controller Conference Call Industry Overview - The semiconductor storage controller industry is experiencing significant innovation driven by AI applications, particularly in SSD controllers which may integrate compression, indexing, and simple inference functions to enhance SSD value [1][3] - CXL (Compute Express Link) technology is facilitating the pooling of storage and memory, leading to the development of new hybrid controller products as cloud service providers adopt CXL memory pooling [1][4] - There is an increasing demand for high-security and high-quality storage solutions in smart automotive and industrial systems, including SSDs, UFS, and eMMC, which require high durability and safety standards [1][7] Key Points and Arguments 1. **AI-Related Applications**: Future storage controllers will not only serve data storage but also perform computational tasks, addressing bottlenecks in memory bandwidth and latency during AI model training and inference. This technology is already being implemented in advanced SSDs by companies like Samsung and Marvell, but widespread commercial adoption is still pending [3][6] 2. **CXL Technology**: The advancement of CXL technology is expected to create a closer integration between storage and memory management, leading to new hybrid controller products once widely adopted by cloud service providers [4][5] 3. **Automotive and Industrial Applications**: The demand for long-lasting, high-margin products in automotive and industrial sectors is increasing, with a focus on meeting stringent safety and durability standards [7][8] 4. **Computational SSDs**: Future computational SSDs will integrate lightweight DPU/NPU to perform complex data processing tasks, positioning SSDs as micro-nodes in AI clusters and driving market demand [7][6] Company Insights - **US Companies**: Microchip and Marvell are highlighted as strong performers in the AI and automotive markets, with Marvell showing significant growth in AI revenue and a robust presence in data centers and automotive sectors [9] - **Taiwanese Companies**: Taiwanese firms like Phison Electronics and Silicon Motion are well-positioned in the high-end storage controller market, with Silicon Motion transitioning to PCIe 6.0 and collaborating with NVIDIA [10] - **Domestic Companies**: Chinese companies such as Jiangbo Technology and Lianyun are upgrading from low-end consumer controllers to mid-to-high-end data center and enterprise-level products, benefiting from the storage supercycle [11] Valuation Insights - Major storage manufacturers like Samsung, SK Hynix, Micron, Western Digital, and Seagate are currently valued within a normal range, with PE ratios around 10-16 times based on projected net profits for 2026 [12][14] - SK Hynix is particularly favored due to its expected net profit growth, while Micron is seen as lagging behind [12][15] - The valuation of HDD manufacturers tends to be higher than that of pure semiconductor manufacturers, reflecting historical trends [13] Market Demand and Trends - The current market shows strong demand for HBM (High Bandwidth Memory) and NAND, with prices rising due to increased demand from AI servers and the overall industry [16] - The storage controller industry is evolving with interface and firmware upgrades, making controllers increasingly complex, which may impact the growth potential of companies focused on consumer-grade products [17] Conclusion - The semiconductor storage controller industry is poised for growth driven by AI applications, CXL technology, and increasing demands in automotive and industrial sectors. Companies that can adapt to these trends and enhance their product offerings are likely to see significant investment interest and market opportunities [5][11][20]

Group 1: Macro Research - The "14th Five-Year Plan" emphasizes the need to significantly increase the resident consumption rate, setting a more realistic target of around 50% for the next five years [2][23][25] - The report analyzes the reasons behind the low consumption rate in China, identifying factors such as ineffective redistribution effects, limited channels for property income, and fluctuating average consumption propensity [3][25][26] - It is projected that by 2030, the resident consumption rate in China could rise to a range of 42%-47%, potentially boosting nominal GDP growth by 2.9-3.9 percentage points [3][26] Group 2: Overseas Strategy Research - Global indices mostly rose, with MSCI Global up by 0.6%, and North American holdings reaching historical highs [6][28] - The earnings expectations for U.S. tech stocks were significantly revised upwards during the earnings season, with the S&P 500's EPS forecast for 2025 adjusted to 270 [8][29] - The report highlights a recovery in economic sentiment across major markets, supported by the Federal Reserve's interest rate cuts and improved relations between China and the U.S. [8][29] Group 3: Industry Deep Dive - Semiconductor Storage Controllers - The global SSD controller market is expected to grow rapidly, with a projected market size of approximately $24.965 billion in 2024, increasing to $27.763 billion in 2025, and a compound annual growth rate of about 14.4% from 2025 to 2032 [10][11] - The industry is characterized by a coexistence of independent manufacturers and IDM firms, with independent firms holding a significant market share due to their diverse customer base and technical services [11][13] - Emerging demands from AI, data centers, automotive electronics, and industrial IoT are driving the upgrade of high-end SSD controllers, presenting new growth opportunities [10][11][13] Group 4: Industry Research - Food and Beverage - The food and beverage sector experienced a decline in revenue and net profit in Q3 2025, with revenues down 6% year-on-year and net profits down 13% [14][15] - The report indicates a significant drop in the white liquor segment, with revenues down 18% and net profits down 22% in Q3 2025, suggesting a need for market adjustments [15][16] - The beverage sector shows structural growth, with recommendations for companies like Dongpeng Beverage and Nongfu Spring, while also highlighting the resilience of beer and snack segments [14][16]

Core Viewpoint - Marvell's recent financial results met market expectations, but the lack of significant incremental growth raises concerns about future performance [3][4][10]. Financial Performance - For Q1 FY26, Marvell reported revenue of $1.9 billion, a 4.3% increase quarter-over-quarter, aligning closely with market expectations of $1.88 billion [1][18]. - The adjusted gross margin was 59.2%, reflecting a slight decline of 0.3 percentage points, primarily due to lower margins from custom ASIC businesses [1][21]. - The company anticipates revenue of $2 billion for the next quarter, consistent with market expectations, with a projected gross margin of 50.5% [2][10]. Data Center Business - Data center revenue reached $1.44 billion, growing 5.5% quarter-over-quarter, driven by AI business [1][32]. - AI revenue is estimated at $830 million for the quarter, with a slight increase, while non-AI business is expected to see a minor decline [1][34]. - The data center segment now accounts for 76% of total revenue, indicating its critical role in Marvell's growth strategy [1][32]. Market Dynamics - The market is particularly focused on Marvell's AI business, which is heavily reliant on core cloud service providers (CSPs) [6][12]. - Despite a decline in capital expenditures from major cloud providers, Marvell managed to achieve growth in its data center segment, suggesting an increase in market share [6][37]. - The upcoming product cycles, particularly from Amazon and Microsoft, are crucial for sustaining growth in the AI segment [7][39]. Business Segmentation - Marvell's business is primarily divided into data center (approximately 75% of revenue) and other segments (approximately 25%) [15][17]. - The company has seen a decline in traditional business segments, with enterprise networking and carrier infrastructure contributing less than 10% to total revenue [30][46]. Future Outlook - The company faces potential risks from its reliance on the Chinese market, which historically has contributed significantly to revenue [9][12]. - The postponement of the investor day event due to macroeconomic uncertainties may further impact investor confidence [9][12]. - Overall, while Marvell's financial results align with expectations, the slowing growth in AI business and reliance on key customers pose challenges for future performance [10][12].