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CITIC Securities: Continued optimism regarding stronger-than-expected storage demand, with supply shortages expected to persist until the first half of 2027.
Since February, Kioxia's earnings and guidance have exceeded expectations, NAND flash contract prices for the first quarter have increased, and domestic module manufacturer Biwin Storage announced better-than-expected performance results for January-February, further confirming that the memory industry remains in a strong upturn.
BIWIN Storage (688525.SH): Recent sharp increases in the market prices of storage products raise uncertainties regarding the sustainability of AI investments.
Biwin Storage (688525.SH) issued an announcement on unusual stock price movements, stating that after a self-examination, the company noted heightened market attention on changes in the storage industry's business conditions and AI-related emerging endpoint applications. Some media outlets and market participants have associated the company with relevant hot topics. Recently, prices of storage products have surged significantly, primarily driven by AI investments. However, the sustainability of AI investments remains uncertain, and future price trends are also uncertain. The company has previously disclosed the revenue outlook for its AI-related emerging endpoint storage products for 2025, but the future development and profitability levels of these operations remain uncertain.
Several STAR Market companies reported impressive performance at the start of the year: Qiangyi Co., Ltd. achieved a 157.90% year-on-year increase in revenue for January-February, while Muxi Co., Ltd. expects its net loss in Q1 to narrow.
① Regarding the change in performance, Qiangyi Co., Ltd. stated that it has benefited from the surge in AI computing power demand and the upturn in the semiconductor industry cycle, with robust demand from leading downstream customers; ② XTC New Energy, BIWIN Storage, Allec Biopharma, and three other STAR Market companies recently disclosed their latest operating data since the beginning of the year. These companies are distributed across high-growth sectors such as memory chips, innovative drugs, lithium batteries, and semiconductor packaging and testing, showing impressive performance at the start of the Year of the Horse.
Stock Market Update | Memory-related concept stocks lead gains as domestic memory leader reports profit growth; memory chip prices expected to continue rising throughout the year.
Storage-related stocks led the gains. As of press time, GigaDevice (03986) rose 5.55% to HKD 365.2, while Montage Technology (06809) increased by 1.69% to HKD 168.8.
Orient Securities: AI demand in the electronics industry continues to drive NAND shortages.
The bank believes that strong downstream demand, such as for AI servers, along with enterprise-level demand driving the NAND market, will continue to result in a supply shortage. The scarcity of consumer-grade products is also expected to persist.
Baiwei Storage: Voluntary Disclosure Announcement Regarding the 2026 January–February Performance Forecast
We Think BIWIN Storage Technology (SHSE:688525) Has A Fair Chunk Of Debt
