近日，九方智投控股（ 9636.HK ）旗下九方智投携手第一财经共同打造的《硬科技突围计划》调研 栏目走进国产半导体存储芯片企业深圳市大为创新科技股份有限公司（以下简称"大为股份"），九方 智投首席投顾黄伟、余扬、洪书敏、佘欣卓，王牌投顾叶再豪亲赴深圳参访大为股份，并深度对话大 为股份董事长兼总经理连宗敏等企业高管，共探地缘摩擦与 AI 浪潮下国产半导体存储产业的危与 机。 资料显示，大为股份于 2020 年收购大为创芯并正式进入半导体存储行业，目前聚焦"半导体存储 + 智能终端"和"新能源 + 汽车"两大业务领域，主营产品包括半导体存储器及汽车缓速器等。 2025 年三季报显示，大为股份前三季度实现营业收入 8.79 亿元，同比增长 9.90% ，呈稳健增长态 势。 生成式 AI 引爆存储芯片"超级周期" 在全球 AI 浪潮的推动下，存储芯片行业迎来一个前所未有的"超级周期"。 长期以来，存储芯片在整个半导体产业链中并不被行业所重视，如今，生成式 AI 热潮带来高容量、 高速芯片需求的激增。 TrendForce 数据显示， 2025 年第三季度动态随机存取存储器 DRAM 产业营收 414 亿美元，环比 ...

Core Viewpoint - The article discusses the rising prices and demand for various semiconductor components in January, highlighting specific products that have seen significant price increases and market interest [3][4][9][12][16][18][21][25]. Group 1: NOR Flash - The prices of NOR Flash products W25Q128JV and W25Q64JV have increased, with W25Q128JV rising from approximately 6 RMB to 8-10 RMB, and W25Q64JV from around 3 RMB to 5-8 RMB [4][6]. - The global second-ranked NOR Flash, GD25Q128ESIGR, has also seen a price increase from nearly 4 RMB to 4-6 RMB, with its applications in industrial control and consumer electronics [21]. Group 2: Motion Sensors - The ICM-42688-P motion tracker has experienced a price surge from about 30 RMB to 50-60 RMB, with some quotes exceeding 70 RMB, while ICM-42670-P has risen from 5-6 RMB to 15-16 RMB [9][11]. - Both sensors are designed for low-power applications in AR/VR, wearables, and IoT devices [11]. Group 3: DDR Memory - The DDR3 memory chip MT41K256M16TW-107:P has seen its price rise from just over 20 RMB to around 30 RMB [12][13]. - The DDR5 chip H5CG48AGBDX018N has experienced a dramatic price increase, reaching approximately 390 RMB, up from around 46 RMB [16]. Group 4: eMMC - The eMMC chip KLM8G1GETF-B041 has increased in price from 70-80 RMB to about 120 RMB, with a significant rise from 28 RMB a year ago [18][19]. Group 5: MEMS Accelerometers - The LIS3DHTR MEMS accelerometer has seen its price fluctuate between 1.7-2.5 RMB, with a notable increase from 2 RMB at the end of last year [25].

Core Viewpoint - The company expects a significant decrease in net profit for 2025, projecting approximately 205 million yuan, a reduction of about 29.89% compared to the previous year, despite an increase in revenue [1][2]. Group 1: Financial Projections - The company anticipates a net profit attributable to shareholders of approximately 205 million yuan for 2025, down by about 87.42 million yuan year-on-year [1]. - The projected net profit after deducting non-recurring gains and losses is around 170 million yuan, reflecting a decrease of approximately 36.87% compared to the previous year [1]. - Expected operating revenue for 2025 is about 2.32 billion yuan, an increase of approximately 28.63% year-on-year [1]. Group 2: Business Impact Factors - The increase in revenue is attributed to favorable changes in the supply landscape of the memory chip market and a surge in demand from AI servers, high-end mobile phones, and PC upgrades, leading to a structural optimization [2]. - The company is investing in the continuous iteration and optimization of its memory chip products and increasing R&D expenditures to maintain its competitive edge [2]. - The total employee compensation has significantly increased due to the expansion of the workforce, particularly in R&D, alongside rising management and operational costs, which collectively grew by approximately 90 million yuan year-on-year [2]. Group 3: Inventory and Asset Management - The company has adopted a proactive supply chain strategy, resulting in higher inventory levels and a decrease in inventory turnover rate, leading to an increase in asset impairment losses by approximately 63 million yuan [3]. - To enhance competitiveness in the memory chip sector, the company acquired a 51% stake in Zhuhai Noah Changtian Storage Technology Co., which is expected to positively impact profits [3][4]. Group 4: Acquisition Details - The acquisition of Zhuhai Noah Changtian Storage Technology Co. is expected to contribute approximately 35 million yuan to net profit attributable to shareholders and around 27 million yuan to net profit after excluding non-recurring gains and losses [5]. - The newly acquired company is projected to contribute about 210 million yuan to operating revenue and approximately 20 million yuan to net profit for the reporting period [5].

Core Viewpoint - The company expects a significant decrease in net profit for 2025, with a projected net profit of approximately 205 million yuan, representing a year-on-year decline of about 29.89% [1]. Group 1: Main Business Impact - Starting from the second quarter of 2025, the company anticipates an increase in revenue from its main storage chip products due to favorable changes in the storage chip market supply and a surge in demand from AI servers, high-end smartphones, and PC replacements [1]. - The company is focusing on continuous iteration and optimization of its storage chip products and increasing R&D investment in "storage+" chip products to maintain and expand its core competitive advantages [1]. - The total employee compensation has significantly increased due to the expansion of the R&D team, leading to a notable rise in overall management, operational, and sales expenses, which collectively increased by approximately 90 million yuan compared to the previous year [1]. Group 2: Inventory and Impairment - The company has adopted a proactive supply chain strategy, resulting in a higher inventory level and a decrease in inventory turnover rate, leading to an increase in asset impairment losses by approximately 63 million yuan year-on-year [1]. Group 3: Acquisition Impact - In November 2025, the company acquired 51% of Zhuhai Noah Changtian Storage Technology Co., Ltd., which positively impacted the company's profits during the reporting period [1]. - The acquisition is expected to contribute approximately 35 million yuan to the net profit attributable to the parent company and about 27 million yuan to the net profit after excluding non-recurring gains and losses [1]. - The newly acquired company is expected to enhance the company's product line and core competitiveness in the storage chip sector, contributing approximately 210 million yuan to the revenue and 20 million yuan to the net profit attributable to the parent company during the reporting period [1].

北京君正（300223.SZ）1月26日在投资者互动平台表示，目前eMMC产能比较紧张，后续会持续加强与 供应商的合作与沟通；与华力微的合作主要涉及SRAM等。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司emmc产能充足吗，向华力微采购的是什么产品？ 产能锁定了吗？ ...

Core Viewpoint - The article highlights the impressive turnaround of Baiwei Storage under the leadership of Chairman Sun Chengsi, projecting significant profit growth driven by the rising demand for storage chips, particularly in the AI sector. The company aims for an IPO in Hong Kong to expand its operations further [5][9][25]. Group 1: Company Performance - Baiwei Storage is expected to achieve a net profit of 850-1,000 million yuan in 2025, representing a year-on-year increase of 400-500% [5][12]. - The company reported a profit of over 1 billion yuan in just six months, showcasing its rapid recovery and growth [6][12]. - The stock price reached a new high of 145.9 yuan per share on January 14, 2025, indicating strong market confidence [25]. Group 2: Market Dynamics - The storage product prices are projected to follow a "U-shaped" curve, declining until Q1 2025 and then recovering, which will boost sales revenue and gross margins [14]. - The demand for storage is being driven by AI applications, particularly in AI inference, edge AI, and emerging AI applications [17]. - Baiwei's products are being integrated into various sectors, including robotics and consumer electronics, with notable clients like Lenovo and Xiaomi [18][19]. Group 3: Leadership and Strategy - Sun Chengsi, who took over the company at the age of 27, has been instrumental in transforming Baiwei's business model from ODM to a more integrated R&D and packaging approach [7][21]. - The company has established partnerships with major semiconductor manufacturers and has focused on enhancing its packaging and testing capabilities [21][29]. - Baiwei is the only independent storage solution provider globally with wafer-level packaging capabilities, which enhances its competitive edge [29]. Group 4: Future Outlook - Baiwei plans to expand its production capacity significantly, with a fundraising target of approximately 1.9 billion yuan aimed at enhancing its manufacturing capabilities [32]. - The company anticipates that revenue from AI glasses will reach about 106 million yuan in 2024, with expectations of over 500% growth in 2025 [31]. - The management is preparing for a dual listing in Hong Kong, which will further support its growth ambitions [25][26].

Core Viewpoint - The storage chip market is currently experiencing significant volatility, with frequent price changes and supply issues, leading to a phenomenon referred to as "pigeon" incidents where suppliers fail to deliver as promised [4][5][6]. Group 1: Current Market Conditions - The storage market is characterized by a high demand for DDR4 and DDR5, with NAND Flash and NOR Flash also seeing substantial price increases, particularly after December [7][10]. - The price of a common 8Gb DDR4 chip has surged from $1.7 in March last year to nearly $35 recently, while Micron's 16Gb DDR4 has seen prices rise from $2.88 to $80 [11][12]. - The market is influenced by several factors, including increased participation from distributors, rapid price changes, and a hot market environment, which has led to a rise in "pigeon" incidents [6][12]. Group 2: Supply Chain Dynamics - Distributors report that many suppliers are failing to deliver on agreed orders, with some only able to fulfill partial quantities, leading to frustration in the market [5][6]. - The phenomenon of "pigeon" incidents is exacerbated by the complexity of the supply chain, with many new entrants lacking stable channels for procurement [6][12]. - Established distributors with reliable channels are less likely to encounter these issues, as they focus on selling their own inventory rather than engaging in speculative trading [6][12]. Group 3: Future Outlook - The storage market is expected to continue its upward trend, with projections indicating a 55-60% increase in DRAM contract prices and a 33-38% rise in NAND Flash prices in the coming quarters [16]. - The demand for NAND Flash is driven by AI applications, with significant increases in enterprise SSD requirements, leading to structural shortages and price hikes [12][14]. - The introduction of new contract forms by suppliers, requiring full upfront payments for guaranteed supply, indicates a tightening market and heightened competition for available resources [14][15].

Core Viewpoint - The storage market has entered a "super bull market" phase, surpassing historical highs from 2018, driven by the increasing demand for AI and server capacity. Supplier bargaining power has reached an all-time high, with storage prices expected to rise significantly in the coming years [4]. Price Trends - The price of 64GB RDIMM storage has surged from $255 in Q3 2025 to $450 in Q4 2025, with expectations to further increase to $700 by March 2026. A price point of $1,000 (approximately $1.95/Gb) within this year is plausible, nearly double the 2018 peak of $1.00/Gb [5]. Cost Structure Changes - The ongoing rise in storage prices is fundamentally altering the Bill of Materials (BoM) for hardware manufacturers. Although capital expenditures are increasing, the supply-demand gap remains, with DRAM production expected to grow by 24% year-on-year in 2026 [6]. Smartphone Impact - By 2025, storage will account for over 10% of the BoM in the iPhone 17 Pro Max, up from about 8% in the iPhone 12 Pro Max in 2020. For flagship models with 16GB–24GB LPDDR5X memory and 512GB–1TB UFS 4.0 storage, the storage cost may exceed 20% of the BoM due to current price increases. The supply of older technologies like LPDDR4 and eMMC is rapidly shrinking as leading manufacturers shift production to more profitable server DDR5 storage [10].

Group 1 - The core viewpoint of the articles indicates that Winbond Electronics has shown a positive trend in its financial performance, with significant revenue growth in December 2025 compared to previous months and the same period last year [1][3] - The consolidated revenue for December 2025 reached NT$26.32 billion, marking a 7.7% increase from NT$24.44 billion in November and a substantial 44.9% increase year-over-year [1] - The total consolidated revenue for the fourth quarter was NT$77.33 billion, reflecting a decline of over 5% from the third quarter and a slight decrease compared to the same period in 2024 [1] Group 2 - For the full year of 2025, the consolidated revenue amounted to NT$288.8 billion, representing an 11.6% year-on-year growth [1] - Inventory levels decreased to approximately NT$101 billion in the third quarter, down from NT$121 billion in the second quarter, indicating ongoing inventory reduction which may support future gross margin recovery [1] - The operational outlook for Winbond is optimistic due to the exit of major international competitors from the market and a rebound in demand from the automotive and industrial control sectors [3] Group 3 - NOR Flash prices are expected to continue rising in the first half of the year, providing Winbond with an opportunity to achieve profitability [3] - The transition of SLC NAND production from 36nm to 19nm is anticipated to lower unit costs [3] - The exit of international manufacturers from the MLC NAND market is expected to enhance Winbond's shipping opportunities in eMMC and related applications [3]

Core Viewpoint - The company is actively advancing its LPDDR5 certification and trial production, focusing on high-performance storage chip products and solutions development to lay a foundation for future business growth [1] Group 1: Product Offerings - The company's wholly-owned subsidiary, Dawi Chuangxin, primarily produces DRAM products including DDR3, DDR4, LPDDR4X, and DDR5, as well as NAND Flash products such as eMMC and BGA NAND Flash [1] Group 2: Market Applications - The products are widely applied across multiple fields, indicating a diverse market presence and potential for growth [1] Group 3: Future Developments - The company is committed to the research and development of high-performance storage chip products and solutions, which is essential for its future business development [1]