In the past two years, the global semiconductor market has continued to heat up, with the storage chip industry performing particularly well. With the surge in AI computing power demand and the increasing penetration of intelligent driving, the supply of server-side and automotive-grade storage has been in short supply. International leaders such as Samsung, SK Hynix, and Micron have all raised their prices, leading to a global price increase. The Chinese storage industry is entering a golden penetration window, with performance and stock prices soaring, and related A-share companies continuously hitting historical highs.
1. The Storage Sector Welcomes an Industry-Wide “Big Cycle”
- AI-Driven: In 2024, the memory usage per AI server is expected to skyrocket, with structural shortages frequently occurring in HBM and DDR5 capacities. The upgrade of data centers has activated a new round of growth momentum for high-density enterprise-grade SSDs.
- Automotive Grade Replacement: The gradual intelligence of new energy vehicles has increased the demand for high-reliability, low-power storage in autonomous driving systems, maintaining a compound annual growth rate of over 40%.
- Domestic Policy Support: The integrated circuit big fund continues to invest, with top domestic manufacturers receiving R&D funding and tax incentives, forming a dual-driven model of technology and capacity, with policies safeguarding the upgrade of the industry chain.
2. A-Share Sub-Sectors: Performance is King, Leaders Determine Value
- Jiangbolong – Leader in Domestic Storage
- Technical Accumulation: With over 20 years of deep cultivation in the storage module field, covering embedded, SSD, memory modules, and other categories, Jiangbolong’s self-developed main control chip shipments are expected to exceed 100 million units in 2024, with high-end new products such as PCIe 5.0, enterprise-grade UFS, QLC, and LPDDR5X continuously entering mass production.
- Performance Explosion: In 2024, operating revenue reached 17.464 billion yuan, a year-on-year increase of 72.48%, with a net profit attributable to the parent company of 499 million yuan, a year-on-year surge of 160%. Revenue from enterprise-grade storage business reached 922 million yuan, a year-on-year increase of 666%. The contribution from overseas markets continues to rise, with the Lexar brand sold globally.
- Capital Movements: Expansion of the Zhongshan industrial park, acquisition of Zilia (Brazil), and plans for a Hong Kong stock listing have significantly enhanced global layout effectiveness, adding wings to future growth.
- Customer Matrix: Deeply serving leading terminal manufacturers such as Huawei, Xiaomi, and BYD, while also establishing strategic partnerships with international giants like Sandisk and Solidigm, resulting in high growth in export business.
- Dongxin Co., Ltd. – Multi-Category Domestic Storage Platform
- Full layout of NOR/NAND/DRAM, supported by advanced process technologies of 1xnm/48nm, solidifying its leading position in the domestic supply chain, with products widely used in mobile phones, automobiles, and security.
- Focusing on breakthroughs in automotive-grade business, prioritizing certification from overseas core manufacturers, and rapidly expanding downstream customer base.
- Bawei Storage – A Unicorn in Packaging and Testing
- The only independent storage module service provider in the industry with advanced wafer-level packaging technology integration, with new products like ePOP/LPDDR5X aligning with AI and automotive terminal demands, leading the industry in customized solutions and technical service capabilities.
- Deepening cooperation with large terminal companies such as Xiaomi, BYD, and Meta for several consecutive years, accelerating expansion and capacity upgrades in 2025, achieving full-stack service.
3. Market Focus and Future Outlook
- As DRAM and NAND prices recover, module manufacturers like Jiangbolong are preemptively stocking up, locking in high-performance earnings release elasticity at lower costs. The market predicts that by 2025, the domestic share of Chinese storage chips will continue to rise, with the penetration rate of high-end enterprise-grade and automotive-grade products reaching new highs.
- Institutional data shows that Jiangbolong ranks first in domestic brand shipments of enterprise-grade SATA SSDs, with self-developed main controls continuously increasing in volume, further consolidating its leading position in domestic modules. Dongxin Co., Ltd. and Bawei Storage are rapidly capturing the industry’s incremental market with their process and packaging testing barriers.
4. Investment Conclusion
- The A-share storage sector is currently entering a performance-driven main upward wave, with Bawei Storage, Dongxin Co., Ltd., and Jiangbolong being key stocks to watch. Among them, Jiangbolong (301308.SZ) stands out as a leader with both technology chain and cost optimization, driven by both enterprise-grade and consumer-grade segments, with significant certainty in high growth performance.
- Looking ahead to 2025-2026, as new applications in global AI, IoT, and automotive networks continue to expand, domestic storage leaders will experience greater performance acceleration and market capitalization growth potential.
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Risk Warning: This article is for learning and research purposes only, and the content is a compilation of public information, not investment advice. Disclaimer: All opinions are for reference and learning only, individual stock cases are for teaching analysis only, and do not constitute operational advice. Investors should not rely solely on this. Please conduct comprehensive analysis in conjunction with the overall environment and make independent decisions! The stock market has risks, and investment requires caution!