Recently, storage chip manufacturer SanDisk sent a price increase notice to customers, stating that due to changes in the supply and demand status of the storage industry, all channel and consumer products will increase by 10% starting April 1, 2025, with further price increases not ruled out.
Subsequently, major overseas storage manufacturers such as Micron, Samsung Electronics, and SK Hynix announced that they would raise prices for some products starting in April, and domestic storage companies have also begun to increase their procurement prices. The speed of this round of storage chip price increases is higher than previously expected in the industry. Earlier, the industry generally predicted that storage chip prices would start to rise in the early third quarter of this year, but currently, the signals of industry recovery are very strong.
Some believe that the global storage chip market is expected to show structural recovery, benefiting from DeepSeek technology that reduces AI deployment costs and accelerates the penetration of edge devices, thereby increasing the demand for storage chips. At the same time, manufacturers are adjusting their supply strategies to maintain a stable upward trend in product prices.
Driven by the optimization of the global storage chip industry’s supply and demand pattern and the explosion of AI technology, Chinese storage companies are entering a golden window period of “cyclical recovery + growth breakthrough.” This article selects six core companies in the domestic storage chip sector for shared research.
Special Statement: The following content does not constitute any investment advice, guidance, or commitment, and is for academic discussion only.
First Company: Lattice Semiconductor
Segment: Memory Interface Chips, AI High-Performance Computing Chips
Business Advantages: A global leader in memory interface chips, one of only two suppliers worldwide that can provide a full range of DDR5 interface and supporting chip products, maintaining a market share of over 40%; serves as the chair of three committees and subcommittees under JEDEC, deeply involved in the formulation of standards for DDR5 memory interface chips and memory module supporting chips. In 2024, it will launch PCIe 6.x/CXL 3.x Retimer chips supporting 64GT/s transmission rates, samples have been sent to customers.
Growth Potential: In 2024, it is expected to achieve revenue of 3.639 billion yuan, a year-on-year increase of 59.20%, with a net profit attributable to the parent company of 1.412 billion yuan, a year-on-year increase of 213.10%. In the fourth quarter of 2024, revenue and net profit indicators are expected to reach a historical high for a single quarter.
Second Company: GigaDevice
Segment: NOR Flash, MCU, DRAM
Business Advantages: A leading domestic chip design company, a second-largest NOR Flash manufacturer globally, and the largest domestic supplier of 32-bit Arm general-purpose MCUs; in 2024, it acquired Saisun Electronics to strengthen its power management chip capabilities, building a “storage + MCU + sensor” platform layout; storage chips are widely used in automotive systems, IoT devices, and industrial control fields.
Growth Potential: In 2024, it is expected to achieve revenue of 7.349 billion yuan, a year-on-year increase of 27.57%; net profit attributable to the parent company is expected to be 1.09 billion yuan, a year-on-year increase of 576.43%.
Third Company: Biwin Storage
Segment: Smart Wearable Storage, Enterprise SSD
Business Advantages: A domestic leader in integrated R&D and testing of storage modules, mastering advanced process production capabilities such as 16-layer stacking, 30-40μm ultra-thin dies, and multi-chip heterogeneous integration; expanding AI + hardware application scenarios, with ePOP storage products (integrating NAND and LPDDR) leading in market share among AR/smart wearable devices from Meta, Google, Xiaomi, etc.
Growth Potential: In 2024, it is expected to achieve revenue of 6.704 billion yuan, a year-on-year increase of 86.71%; net profit attributable to the parent company is expected to be 176 million yuan, turning from loss to profit.
Fourth Company: JHICC
Segment: Flash, DRAM Memory, Enterprise SSD
Business Advantages: A domestic semiconductor storage leader, the first domestic storage leader with a scale of over 10 billion; possesses a product line of “embedded storage + mobile storage + solid-state drives + memory modules”; its “Lexar” brand ranked second in global market share for independent storage products in 2023; transforming into high-end enterprise storage, launching CXL DRAM solutions; has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup and CITIC Securities as joint sponsors.
Growth Potential: In 2024, it is expected to achieve revenue of 17.464 billion yuan, a year-on-year increase of 72.48%; net profit attributable to the parent company is expected to be 499 million yuan, a year-on-year increase of 160.24%.
Fifth Company: Shenzhen Technology
Segment: Storage Chip Testing, Advanced Packaging
Business Advantages: A domestic leader in storage testing, the largest independent DRAM memory chip testing company in China, and the second-largest hard disk head manufacturer globally; mastering 16-layer stacking technology and achieving mass production, covering high-end storage chip packaging and testing such as DRAM and NAND Flash; MMI has been leading the global electronic manufacturing services industry for many years.
Growth Potential: In the first three quarters of 2024, it is expected to achieve revenue of 10.852 billion yuan, a year-on-year decrease of 1.09%, with a net profit attributable to the parent company of 968 million yuan, a year-on-year increase of 37.45%.
Sixth Company: Beijing Junzheng
Segment: Automotive-grade DRAM, Smart Video Chips
Business Advantages: A domestic leader in automotive-grade DRAM, the second-largest global supplier of automotive DRAM and the largest supplier of automotive SRAM; deeply bound to leading automotive companies such as BYD and Geely, with its products applied in most domestic and foreign automotive brands; automotive-grade SoC chips support multiple camera access and multi-sensor fusion to meet smart cockpit needs; at the same time, smart video chips have been used in AI glasses products, with clients including several smart device manufacturers.
Growth Potential: In the first three quarters of 2024, it is expected to achieve revenue of 3.201 billion yuan, a year-on-year decrease of 6.39%, with a net profit attributable to the parent company of 304 million yuan, a year-on-year decrease of 17.37%.
These companies have formed corresponding advantages through three dimensions: high-end technology barriers: Lattice Semiconductor (interface chips), GigaDevice (NOR Flash), Biwin Storage (packaging) positioning in core links; accelerated domestic substitution: Shenzhen Technology (testing), Beijing Junzheng (automotive-grade DRAM) breaking overseas monopolies; AI and consumption upgrades: JHICC (enterprise storage), Lattice Semiconductor (AI chips) benefiting from demand explosion. They may continue to lead the wave of domestic substitution in this round of storage chip cycle.