持续推荐存储行业

Summary of Storage Industry Conference Call Industry Overview - The storage market is expected to remain in a tight supply-demand situation until 2027, primarily due to major manufacturers like Samsung, SK Hynix, Micron, and Kioxia unable to achieve large-scale capacity releases in the short term, leading to supply constraints [1][3] Core Insights and Arguments - The negotiations for storage contract prices for Q1 2025 have commenced, with expected increases surpassing the previously anticipated 20%-30%, reaching 30%-40% or more, with some customers potentially facing even higher increases, solidifying a seller's market [1][4] - Overseas storage manufacturers are projected to achieve revenue and profit growth exceeding expectations, while A-share module companies such as Demei Li, Jiangbolong, and Xiangnong Xinchuan Baiwei are expected to benefit from low-cost inventory, with promising performance anticipated in the next two quarters [1][4][5] - Niche storage IC design companies like Zhaoyi Innovation, Beijing Junzheng, Puran Technology, Dongxin Co., and Hengkuo Technology are expected to realize performance gains in 2026, with Zhaoyi Innovation's profits projected to reach 3.5-4 billion yuan next year [1][5] Additional Important Points - Beijing Junzheng is expected to achieve comprehensive price increases in automotive-grade storage, providing growth momentum for the company in the upcoming quarters [1][5] - Expansion plans by Samsung, SK Hynix, and Micron are anticipated to gradually release capacity from the second half of 2027 to 2028, maintaining the tight supply-demand situation until then, benefiting related companies in foundry, packaging, testing, and equipment materials [1][6] - Companies such as Jinghe Integration and China Resources Micro (foundry), Huiteng Co. (packaging and testing), and Jingce Electronics, Tuojing Technology, Weidao Nano, Jingzhida, Northern Huachuang, and Zhongwei Company (equipment materials) are expected to benefit from the ongoing expansion plans of Changxin and Yangtze [2][6]