国泰海通:存储供需缺口仍在加深 高盈利韧性支撑长景气周期

智通财经
Jul 28
【国泰海通:存储供需缺口仍在加深 高盈利韧性支撑长景气周期】国泰海通发布研报称,存储行业已经从AI算力投资的受益方转变为制约AI基建的关键瓶颈,AI需求驱动的结构性短缺贯穿全产业链,供需缺口仍在加深。行业关注重点有望从单季度价格/利润弹性转向高盈利的多年持续性,从基于价格涨跌预期的周期博弈转向基于高盈利确定性的重新定价,推动估值中枢上行。价格端,26Q3合约价涨幅放缓并非周期见顶信号,预计涨价趋势有望延续至2027年;长期协议并非限制涨价空间,而是让价格趋势更可预判,以短期价格弹性换取长期盈利和现金流可见性。

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