Core Insights - AI technology is reshaping various industries, with storage technology becoming increasingly critical as a backbone for AI applications. Jiangbolong has emerged as a key player in the AI storage transformation with innovative solutions and precise market positioning [1]. Group 1: Full-Stack Solutions - Jiangbolong provides a full-stack solution for AI servers and computing integrated machines, covering all scenarios of AI training and inference. Key products include eSSD, RDIMM, SOCAMM2, and innovative memory solutions, which offer efficient and reliable storage performance tailored to complex AI needs [1]. - The new UNCIA 3856 SATA eSSD features high-quality 3D eTLC NAND and self-developed firmware algorithms, achieving a balance of large capacity, low power consumption, and high endurance, thus providing a solid data storage foundation for AI servers [1]. Group 2: Memory Solutions - Jiangbolong's DDR5 RDIMM and MRDIMM memory modules are core choices for general servers and AI infrastructure due to their high bandwidth, low latency, and excellent compatibility. The DDR5 MRDIMM significantly enhances data transfer rates through a multi-channel architecture, delivering unprecedented performance for AI computing integrated machines [3]. - The SOCAMM2 memory product, based on LPDDR5/5x particles and CAMM modular design, meets the stringent performance and energy efficiency requirements of data centers. It offers ultra-high transmission rates (up to 8533 Mbps) and low power consumption (one-third of standard DDR5 RDIMM), providing dual enhancements in capacity and bandwidth for intelligent computing centers [3]. Group 3: Edge AI Solutions - Jiangbolong has introduced the integrated packaging mSSD for edge AI applications, utilizing wafer-level system-in-package (SiP) technology to integrate the controller, NAND, PMIC, and other components into a single package. This makes mSSD an ideal storage solution for edge AI devices such as AI PCs and robots, offering flexibility and efficiency [5]. Group 4: Strategic Vision - In the AI era, mere improvements in storage performance are insufficient to meet the complex and changing application demands. Jiangbolong aims to achieve efficient utilization of storage resources and flexible release of computing power through an edge-cloud collaborative strategy. The company strengthens partnerships within the industry chain to inject critical storage capabilities into AI intelligent computing center construction and promote the continuous advancement and widespread application of edge AI storage technology [7]. - Jiangbolong's outstanding performance in the AI storage sector is reflected not only in the continuous launch of innovative products but also in its deep insights into industry trends and precise understanding of customer needs. The company will continue to adhere to an innovation-driven development strategy, focusing on core media like mSSD to iterate more forms and scenarios of innovative packaged storage, contributing further to the popularization and application of AI technology [7].

Key Takeaways WDC reported strong Q2 earnings and revenue beats, backed by robust cloud and AI-driven data center demand.WDC saw cloud revenues jump 28% year over year as customers adopted higher-capacity nearline drives at scale.STX delivered earnings and revenue beats, with strong data center shipments and revenue guidance ahead.The computer storage devices industry players are likely to gain from solid momentum in cloud computing, Internet of Things (IoT), auto, connected devices, virtual reality and art ...

智通财经APP获悉，全球最大规模存储芯片巨头三星电子与SK海力士两大权重股所主导的韩国股市基准股指——Kospi韩国综合指数在经 历周一暴跌超5%之后，今日大举反弹近7%，以及经历上周五大幅下跌的美国存储产品领军者西部数据(WDC.US)与希捷(STX.US)股价携 手大举反弹——尤其是西部数据周一涨幅一度超10%完全覆盖上周五暴跌区间，可谓全面凸显出存储巨头们股价跟随贵金属单日暴跌乃 市场"错杀行为"。从周二亚太市场存储芯片/存储产品板块全线大反弹趋势来看，全球资金对于存储领域的看涨情绪仍然堪称狂热。 在HDD霸主西部数据公司公布强劲业绩与未来展望之后，国际大行瑞银(UBS)近日发布的研报显示，经营执行与行业景气度都在"超预期 兑现"，HDD(尤其是数据中心大容量近线 Nearline HDD)仍处于供应偏紧、且需求强劲的上行周期，但估值与市场情绪已把"好消息"定价 得非常彻底，且HDD两大寡头——希捷与西部数据的长期价格/估值均无法避免周期性均值回归属性。对于想博取基于存储领域的超额投 资收益的投资者们，瑞银暗示应更关注那些纯粹的存储芯片巨头，比如三大存储芯片原厂——三星、SK海力士以及美光科技。 因此瑞 ...

Summary of SK Hynix Conference Call Company Overview - **Company**: SK Hynix (Ticker: 000660 KP) - **Industry**: Semiconductors Key Financial Results - **4Q Results**: - Operating profit: KRW 19 trillion, up 68% quarter-over-quarter (q-o-q) and 8% higher than estimates [1] - Sales: KRW 33 trillion, up 34% q-o-q and 66% year-over-year (y-o-y) [1] - NAND shipments and average selling prices (ASPs) increased by 9% and 29% respectively [1] - DRAM ASP rose by 24% q-o-q, contributing to improved earnings [1] Future Projections - **2026 Operating Profit**: Expected to triple to KRW 151 trillion, a 219% increase y-o-y [2] - **1Q 2026 Estimates**: Operating profit projected at KRW 28 trillion (+45% q-o-q) with sales of KRW 41 trillion (+25% q-o-q) [2] - **NAND Margins**: Expected to rise to 45% in 4Q 2026 from 9% in 2025 due to cost leadership and technology transitions [2] Market Dynamics - **NAND Demand Surge**: Shift from training to inference in AI applications is driving memory demand, leading to a shortage [3] - **Market Share**: SK Hynix holds a 27% market share in the NAND market as of 3Q 2025 [3] - **Supercycle Prediction**: Anticipated 4-5 year upcycle in the DRAM market, with sales projected to reach USD 454 billion by 2027, a 775% increase from 2023 [4] Investment Recommendations - **Target Price**: Increased to KRW 1.30 million from KRW 1.05 million, reflecting robust demand and price increases [5] - **Risks**: Potential risks include higher US interest rates affecting investment financing and aggressive capacity expansions by competitors [5] Financial Metrics - **Market Capitalization**: KRW 626.81 trillion (approximately USD 438.21 billion) [8] - **Earnings Per Share (EPS)**: Projected EPS for 2026 is KRW 169,188.59, a 24.6% increase from previous estimates [9] - **Return on Equity (ROE)**: Expected to be 65.9% in 2026 [15] Additional Insights - **Capex Growth**: Capex estimates for 2026 and 2027 raised by 13% and 19% respectively due to stronger investments in leading-edge technology [81] - **eSSD Demand**: Expected to account for 40% of total NAND demand by 2027, up from 18% in 2023 [56] - **AI Server Growth**: AI servers projected to account for 62% of total eSSD demand by 2027 [58] This summary encapsulates the key points from the SK Hynix conference call, highlighting the company's strong financial performance, future growth prospects, and market dynamics within the semiconductor industry.

29 January 2026 | 9:31PM EST Equity Research SanDisk Corp. (SNDK): Extremely strong guidance clears the most optimistic bar given tight supply conditions - Buy +1(212)357-2929 | jim.schneider@gs.com Goldman Sachs & Co. LLC Anmol Makkar +1(212)357-1366 | anmol.makkar@gs.com Goldman Sachs & Co. LLC Lal Kablan +1(212)357-8793 | lal.kablan@gs.com Goldman Sachs & Co. LLC Luya You Key stock takeaways: We expect the stock to move higher following a quarter and guidance that were far above the Street. We believe in ...

在AI需求旺盛和涨价声浪下，存储头部厂商的业绩普遍再创新高。 近日，希捷、SK海力士和三星电子等多家头部存储厂商发布业绩财报，2025年第四季度业绩均再超预期。其中，SK海力士更是实现2025年营 业利润翻番。 其核心增长引擎，无疑是AI快速发展下对存储的需求攀升。21世纪经济报道记者综合梳理发现，对此，有大厂已经开启了密集扩产和合作动 作，加大2026年资本开支是普遍现象。 仅在今年1月，美光科技（Micron）就连续宣布多个动作，旨在加码供应。不过按照投产周期看，这些产能释放普遍要等到2027年下半年甚至 以后。 当然全球存储巨头对后市的态度有所差异，他们都将重要精力押注何方？ 逐季增长 1月29日，韩国存储"双雄"先后召开财报业绩会，宣布了再创新高的业绩表现。 在2025年第四季度，SK海力士三大指标均创下季度历史新高：营收环比增长34%至32.83万亿韩元；营业利润环比增长68%至19.17万亿韩元， 营业利润率为58%。 三星电子第四季度存储业务实现销售收入37.1万亿韩元，环比增长39%、同比大涨62%，这一增速远超集团整体24%的销售同比增速；期内DS （设备解决方案）业务（包括存储和晶圆代工两 ...

当地时间1月28日，韩国内存巨头SK海力士发布2025年全年财报。财报显示，SK海力士2025年营收达到97.15万亿韩元（约合720亿美元），同 比增长47%。 全年营业利润突破47万亿韩元（约合350亿美元），同比增长超过一倍。第四季度表现尤为突出，营收环比增长34%，营业利润环比激增 68%，营业利润率高达58%。 净利润近43万亿韩元（约合318亿美元），不仅创下自身历史新高，更是首次在利润上超越了老对手三星电子。业绩公布后，公司股价应声上 涨5.13%，市值进一步攀升。 SK海力士在2026年CES展览上展示HBM4高性能内存芯片 BNK Securities的分析师Lee Min-hee指出："HBM需求的增长速度超出预期，显著提升了SK海力士的盈利水平。如果该公司本季度业绩再次超 越市场共识，将进一步加强其作为AI投资周期最大受益者的声誉"。 | | FY25 | YOY | | | --- | --- | --- | --- | | | | FY24 | Change | | Revenues | 971,467 | 661,930 | 47% | | Operating Profit | 4 ...

（原标题：?铠侠股价疯涨1200%之后，存储老兵奉命驾驭超级周期! 力争将eSSD抬至AI算力时代的C 位） 智通财经APP获悉，总部位于日本的全球NAND闪存领军者铠侠(Kioxia Holdings Corp.)提拔在存储领域 深耕多年的资深老兵——即执行副总裁大田博夫出任首席执行官兼总裁，此举旨在NAND闪存从周期品 一跃成为AI算力基础设施领域的最核心部件之际，加速扩大其在蓬勃发展的存储芯片市场中的市场份 额。在当前AI推理端算力洪流所带来的近乎"无止境"存储需求的宏大增长背景下，NAND闪存领军者铠 侠所主导的企业级数据中心SSD(即eSSD)可谓爆棚成为全球AI算力投资主题的最火热主线之一。 据了解，现年63岁的大田将接替现年70岁的早坂信夫，后者将出任铠侠高级执行顾问。这家苹果智能手 机iPhone的最核心存储芯片供应商在周四的一份声明中表示，此次领导层变更将在6月举行的年度股东 大会获得股东批准后正式生效。 在刚刚过去的2025年，存储芯片股票以及存储类高端产品股票毋庸置疑是全球股票市场最火热的投资主 题之一，在2026年开年同样如此——比如数据中心企业级SSD存储组件领军者闪迪(SNDK.U ...

Group 1 - The core viewpoint highlights a significant surge in the stock prices of storage companies, with Seagate Technology rising by 19% and Western Digital by 10%, driven by the increasing demand for NAND storage solutions in AI applications [1] - SK Hynix indicates that NAND is becoming a crucial storage solution supporting AI, with substantial growth in eSSD demand linked to various GPU models [1] - NVIDIA's introduction of an AI inference context storage platform has led to a notable increase in eSSD capacity requirements, with projected needs for different GPU models ranging from 4TB to 24TB [1] Group 2 - According to TrendForce, NAND Flash contract prices are expected to see a significant increase, with a projected rise of 55%-60% by Q1 2026 and an overall annual increase of 105%-110%, which will boost the NAND industry's revenue growth to approximately 112% year-on-year in 2026 [1] - Daway Co., Ltd. focuses on semiconductor storage business, offering NAND and DRAM products applicable in various fields such as personal computers, automotive, IDC, industrial control, medical, rail transportation, and smart electronics [2] - Tongyou Technology is expanding its enterprise-level SSD business, indicating a strategic move towards enhancing its market presence in the storage sector [3]

[Table_Page] 行业专题研究|电子 2026 年 1 月 26 日 证券研究报告 [Table_Title] AI 的 Memory 时刻 5 | | | | AI NAND | 供需紧张，涨价仍有弹性 | | | --- | --- | --- | --- | --- | --- | | 分析师： [Tabl | 王亮 | 分析师： | 耿正 | 分析师： | 焦鼎 | | e_Author] | SAC 执证号：S0260519060001 | | SAC 执证号：S0260520090002 | | SAC 执证号：S0260522120003 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | | 021-38003660 | | 021-38003658 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | | jiaoding@gf.com.cn | | 分析师： | 张大伟 | | | | | | | SAC 执证号：S0260523050001 | | | | | | | 02 ...