Investment advice
Large storage market in mainland China with low self-sufficiency rate and vast domestic substitution space, it is suggested to pay attention to Gigadevice Semiconductor (Beijing) Inc(603986) (the leader of mainland storage), Giantec Semiconductor Corporation(688123) (the leader of mainland EEPROM), Ingenic Semiconductor Co.Ltd(300223) (the leader of mainland on-board storage), Montage Technology Co.Ltd(688008) (the leader of memory interface chip), Dongxin shares (the leader of mainland slcnand), Puya Semiconductor (Shanghai) Co.Ltd(688766) (from small capacity to large capacity, open up growth space), etc
Risk tips
Downstream demand is less than expected: the storage company has a wide range of downstream applications and many customers. If the economy is less than expected due to repeated epidemic or other effects, it may pose a risk that the company’s revenue is less than expected
Constraints of capacity bottleneck: the progress of new capacity of storage companies may be affected by factors such as the epidemic, and the release of capacity is less than expected, which will affect the company’s performance
The technological progress of mainland manufacturers is less than expected: storage products are technically difficult. If the technological iteration development is less than expected, the company’s performance will be affected
The trade friction between China and the United States has intensified: at present, the semiconductor industry chain in the mainland has not been completely de Americanized, and the software tools and downstream OEM used by storage design companies are at risk of being processed
The information used in the research report is not updated in time: the information used in the research report is public information and research data, which may have a certain impact because the information is not updated in time
