天风·电子 | 涨价持续性+AI强催化+国产化加速，重点推荐存储板块机遇

天风研究2025-07-03

我们看好存储板块近期重大机遇，基于：1）Q3Q4 存储大板块或持续涨价、2）AI 服务器、 PC、手机等带动存储容量快速升级+HBM、eSSD、RDIMM 等高价值量产品渗透率持续提升拉高板块收入提亮、3）HBM、eSSD、RDIMM、DDR 等高难度高速发展产品国产化率持续提升，国内存储市场进一步加速成长。1）二季度存储涨势喜人，Q3-Q4DRAM/NAND 涨价动能强化，供给侧改革驱动...

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CPU驱动），24GB+1TB组合成主流。③汽车电子存储：智研咨询预计，市场规模将从2023年的47.6亿美元提升至2028年的102.5亿美元。3）国产化突破：企业级存储/主控芯片/封测等技术攻坚，产能扩张重塑供应链格局模组厂商高端化突破，主控自研构筑护城河：江波龙推出适配国产CPU的PCIe SSD，基于TCM模式整合Sandisk BiSC8闪存技术与自研主控；佰维存储发布全球领先的PCIe 5.0企业级SSD（SP5系列，读写13.2/10GB/s）及96GBCXL内存模组。同时江波龙、佰维存储、德明利、联芸科技、万润科技、朗科科技等国产存储模组、主控芯片厂商正通过技术、企业级突破、主控 芯片自研、前沿接口技术（PCIe 5.0, UFS4.1, LPDDR5X, CXL）应用及车规认证，全方位提升竞争力，加速国产替代进程。芯片厂商平台化布局，接口与存储技术双轨并进澜起科技引领DDR5迭代：RCD芯片快速发展，PCIe 6.0 Retimer出货超百万颗，MRCD芯片配套MRDIMM规模试用；兆易创新车规NOR Flash获ASIL D认证，加速LPDDR5研发；聚辰股份受益DDR5渗透，SPD产品销量大增。东芯/恒烁等厂商通过SLC NAND风险量产、车规认证及AI芯片研发。普冉SONOS工艺40nm节点全系列覆盖智能可穿戴；ETOX工艺形成50nm/55nm大容量布局。封测与方案商协同突破，国产化交付体系成型太极实业攻克32D堆叠与SDBG工艺，实现300+层NAND验证，海太半导体封测产能达22.6 亿Gb/月；深科技PoPt封装量产，HDD业务受益需求回暖。应用端协创数据企业级SSD适配AI算力，无人饮品机全国150城落地；香农芯创“海普存储”DDR5/eSSD通过服务器认证，国产企业级存储生态实现从技术到交付闭环。同时封测一体公司，长电科技、通富微电、华天科技等也在积极布局存储，产业进展顺利。投资建议：看好涨价持续性+AI 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