In-Depth Analysis of Growth Prospects for Memory Chip Design Enterprises

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According to the latest market research data, the global memory chip market is experiencing an unprecedented high-boom cycle. In 2024, the global DRAM market reached

, representing a year-over-year growth of ; the NAND Flash market grew from $38.73 billion in 2023 to $65.64 billion in 2024 [1][2]. Market research firm Counterpoint Research released a report stating that the global memory industry has entered a “Super Bull Market” phase, predicting that memory chip market prices will surge by 40% to 50% in Q1 2026, and continue to rise by approximately 20% in Q2 [2].

Compared with historical cycles, this round of price hike cycle has significant differences:

• 2016-2018 Cycle
  : Directly driven by smartphone configuration upgrades
• 2020-2023 Cycle
  : Benefited from online economy and work-from-home scenarios
• Current Cycle (2024-2026)
  : Dual resonance of smartphone and server demand, with iPhone storage capacity upgrades coupled with booming AI server demand [1]

The global DRAM market presents a highly monopolistic structure: in 2024, Samsung (41.54%), SK Hynix (34.44%), and Micron (21.51%) collectively accounted for

of the market share [1]. The NAND Flash market is also concentrated, with the top five manufacturers Samsung (35.7%), SK Group (21.3%), Kioxia (14.4%), Micron (12.9%), and SanDisk (11.0%) collectively holding 95.3% of the market share.

However, Chinese enterprises are accelerating their breakthroughs:

• ChangXin Memory Technologies (DRAM)
  : Leading domestic DRAM enterprise, advancing towards STAR Market IPO
• Yangtze Memory Technologies (NAND Flash)
  : Leading in 3D NAND technology, achieving mass production breakthroughs
• GigaDevice (Memory Design)
  : Top 3 globally in NOR Flash, niche DRAM in deep collaboration with ChangXin
• Montage Technology (Interface Chips)
  : 40%-45% global market share in DDR5 memory interface chips

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AI servers have exponential growth in demand for memory chips. Taking Nvidia’s DGX GB300 server cabinet as an example, a single system uses up to

, and is also equipped with [3]. According to IDC statistics, the global server market grew by in the third quarter, reaching a scale of $112 billion [3].

HBM has become the most tight-supply and highest-margin segment in the memory industry:

• Micron’s HBM capacity for fiscal year 2026 (ending August) is
  fully sold out
  , and 2027 orders are also quickly filled
• SK Hynix and Samsung are also fully booked
• Producing 1GB of HBM requires sacrificing approximately 3GB of DDR capacity, leading to tighter supply of traditional memory products [3]

After completing storage capacity upgrades in 2025, the market expects iPhone memory capacity to be

in 2026 [1]. The intensive and continuous upgrades of smartphone storage configurations are extending the global memory chip market’s price hike cycle into 2026. The Android camp is following suit, with continuous improvements in storage configurations for flagship models.

Memory chip enterprises are conducting frequent capital operations, driving industry valuation restructuring:

• Unigroup Guoxin
  : Plans to acquire 100% equity of Ruineng Semiconductor, with its stock hitting the daily limit after resumption of trading
• Blue Arrow Electronics
  : Plans to acquire no less than 51% equity of Chengdu Xinyi
• GigaDevice
  : Listed on the Hong Kong Stock Exchange in January 2025
• ChangXin Technologies
  : Currently in the STAR Market IPO process [2]

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:

• Top 3 global market share in NOR Flash
• Niche DRAM in deep collaboration with ChangXin Memory Technologies
• Complete automotive-grade certifications, covering both AI and consumer electronics tracks

:

Indicator	Data
Market Capitalization	RMB 187.3 billion
Current Stock Price	RMB 280.46
Year-over-Year Gain	+110.87%
6-Month Gain	+139.38%
Net Profit Margin (TTM)	15.85%
ROE	7.88%
Current Ratio	6.34

: Institutional forecasts project 2025 net profit growth of over 40% [4]

:

• 40%-45% global market share in DDR5 memory interface chips
• JEDEC standard setter, holding industry discourse power
• CXL chips adapted for AI servers, with gross margin exceeding
  70%
• 4th-generation products in mass shipment, new PCIe retimer orders exceeding RMB 140 million

:

Indicator	Data
Market Capitalization	RMB 163.47 billion
Current Stock Price	RMB 142.59
Year-over-Year Gain	+111.94%
Net Profit Margin (TTM)	40.31%
Operating Profit Margin (TTM)	36.70%
ROE	17.31%
Current Ratio	11.40

: 2025 net profit is expected to grow by 35.5% [4]

:

• No. 1 global market share in AI glasses storage
• Embedded storage tied to leading clients such as NIO and OPPO
• Wafer-level packaging gross margin up to 44%
• Release flexibility of high-end production capacity in Hefei

:

• 2025 expected operating revenue of
  RMB 10-12 billion
  , representing year-over-year growth of 49%-79%
• Expected net profit of
  RMB 850-1,000 million
  , representing a year-over-year surge of
  427%-520%
  [4]

:

• Lexar brand memory cards rank 2nd in global market share
• AI server PCIe SSD ranks top 10 globally
• Verified by leading cloud vendors

: Institutional forecasts project 2025 net profit growth of over 100% [4]

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Segment	Targets	Key Highlights
Chip Design	GigaDevice, East Chip, Ingenic Semiconductor	Domestic breakthroughs in memory chip design
Interface Chips	Montage Technology, Unigroup Guoxin	DDR5/CXL technical barriers
Packaging & Testing	Biwin Storage, JCET Group, Shenzhen Kaifa Technology, TFME	Beneficiary of HBM packaging and AI demand
Memory Materials	Yike Technology, Anji Technology	HBM precursors, polishing slurries
Equipment	NAURA Technology, AMEC, Huahai Qingke	Localization of etching and CMP equipment
Modules	Longsys Electronics, Biwin Storage	Memory module leaders

Market institutions have proposed an investment framework of “

” for the memory industry chain [4]:

1. Biwin Storage
   : Cyclical elasticity – integrated packaging and testing, volume and price growth
2. Montage Technology
   : Technical barriers – global leader in memory interface chips
3. Yike Technology
   : Material scarcity – 18% global market share in HBM precursors

The resonance of the three creates industry chain investment opportunities, with high growth logic backed by both performance and industry trends.

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From the secondary market perspective, the memory chip sector exhibits the following characteristics [2]:

• Cumulative increase of
  nearly 30%
  since November 24, 2025
• The sector has initiated a mid-term bullish trend
• High-priced stocks (≥RMB 100)
  cluster among stocks hitting historical highs (11 out of 15 stocks are high-priced stocks)
• Mid- and low-priced stocks are accelerating rotation

:

• 20-day moving average: RMB 238.27
• 50-day moving average: RMB 219.21
• Current price is above all moving averages, showing a strong uptrend
• Average daily trading volume: 34.8 million shares, with continuous capital inflow

Risk Type	Details
Cyclical Fluctuations	The memory chip industry is highly cyclical; price fluctuations may lead to significant performance volatility
Market Competition	The market is dominated by three giants; domestic players face pressure to catch up technologically
Technological Iteration	Risk of slower-than-expected iteration of next-generation technologies such as HBM and DDR6
Geopolitics	Tightening export controls by the US, Japan, and the Netherlands may affect equipment procurement
Valuation Risk	Some companies have high valuations (e.g., GigaDevice’s PE ratio of 138x), posing correction risks

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According to forecasts from multiple institutions, the memory industry has high growth certainty in 2026:

Forecast Indicator	Data
DRAM contract price increase	Expected to rise by 60%-70%
AI server memory market size	Will reach $120 billion
Memory chip market size growth rate	Expected to grow by approximately 90% in 2026 [3]
DDR6 memory modules	Commercialization expected around 2029

:

• GigaDevice (603986.SS)
  : Memory design leader, benefits from dual drivers of AI and consumer electronics
• Montage Technology (688008.SS)
  : Global leader in memory interface chips, with high barriers and high gross margin
• Biwin Storage (688525)
  : Integrated packaging and testing, with maximum cyclical elasticity
• Yike Technology (002409)
  : Scarce target for HBM materials

:

1. Long-term Layout
   : The memory chip industry has entered a new growth cycle; it is recommended to accumulate core targets on dips
2. Focus on Performance Delivery
   : Prioritize companies with high growth in 2025 and strong growth certainty in 2026
3. Diversified Allocation Across Industry Chain
   : Cover segments such as design, packaging & testing, materials, and equipment to diversify risks

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[1] Aijian Securities - In-Depth Industry Report: Memory Chip Price Hikes to Continue Until 2026 (December 22, 2025)
https://pdf.dfcfw.com/pdf/H3_AP202512221805753876_1.pdf

[2] Sina Finance - This Main Line Triggers a Super Bull Market! (January 16, 2026)
https://finance.sina.com.cn/stock/roll/2026-01-16/doc-inhhnzat5466084.shtml

[3] Semiconductor Industry Watch - 2026 to Witness the Worst Memory Chip Shortage in History (December 21, 2025)
https://www.cnbeta.com.tw/articles/tech/1541978.htm

[4] Eastmoney Wealth Account - 2026 High Growth Logic Confirmed, with Core Concept Stocks Across the Entire Memory Chip Industry Chain (January 17, 2026)
https://caifuhao.eastmoney.com/news/20260117054444893173810

[5] Yicai Global - First Annual Report Forecast for Memory Sector Released, Memory Companies’ Performance Looks Promising (January 15, 2026)
https://www.yicai.com/brief/103005118.html

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: Memory chip design enterprises are at the start of a new growth cycle. Driven by the triple resonance of booming AI server demand, smartphone storage upgrades, and accelerated domestic substitution, the industry has strong certainty of high growth. It is recommended to focus on leading enterprises with technical barriers and scarce targets in upstream segments such as materials and equipment, while remaining alert to valuation correction risks and industry cyclical fluctuations.

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