[Guohai Electronics #Storage# ] Medium-to-long-term storage fundamentals unchanged, reiterate oversold allocation opportunity in storage sector!

English summary

[Firecracker] The status of storage in the AI industry chain is unshakable, and the underlying logic of long-term demand is solid. Unlike the previous perception of storage as a cyclical product for consumer electronics accessories, storage has become core hardware in the AI industry wave, with a fundamental change in its industry position. Large model training and inference have significantly increased the demand for DRAM, NAND, and HBM, and AI server storage capacity is much higher than traditional equipment. At the same time, the construction cycle for high-end capacity is long, limiting the pace of supply expansion. AI incremental demand offsets weak consumer electronics demand, and the underlying industrial value of the track is clear. Long-term agreements are being signed in batches, and we firmly believe in the valuation switching logic of storage growth stocks. Recently, storage manufacturers have successively signed long-term supply agreements, among which ChangXin secured rigid orders worth tens of billions from ByteDance and Tencent, Samsung and SK Hynix announced frameworks with hundreds of billions of dollars in cooperation intentions, and Micron also landed multiple long-term contracts with cloud vendors. ...