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Limited spots available, first come first served. Let us journey together toward the sustainability pledge! [Click to register] As A-share third-quarter earnings forecasts enter their peak disclosure period, the performance of listed companies in the storage industry chain has come to light. Wind data shows that as of October 18, six listed companies in the storage sector had released their forecasts for the first three quarters, with four companies expecting year-on-year growth in net profit attributable to shareholders of the listed company (hereinafter referred to as "net profit"), and two companies expecting to turn losses into profits.
"Overall, the sector's profit recovery trend is clear. Driven by AI computing power demand and the resonance of rising storage product prices, the storage industry's momentum continues to rise. This storage cycle differs from previous price increase cycles driven purely by consumer electronics, as the long-term incremental demand brought by AI computing power is the core variable. Going forward, the industry's development is expected to move from a 'broad-based rise' phase into a 'differentiation' phase, and the performance of industry chain companies will depend more on their positioning in enterprise-grade and high-end products," said He Jiyong, director of the Yanji Space Intelligent Minsheng Research Center, in an interview with a Securities Daily reporter.
It is understood that the storage industry has strong cyclical characteristics and previously experienced a prolonged downturn, with high industry inventory and pressure on corporate profitability. Since the fourth quarter of 2024, the global storage market's supply-demand dynamics have gradually reversed, and prices for DRAM (dynamic random-access memory) and NAND Flash products have entered an upward channel. Entering 2026, AI computing power infrastructure construction continues to accelerate, reshaping the storage demand structure and driving simultaneous recovery in revenue and gross margins for related companies in the industry chain. This change has also been concentratedly reflected in the current round of third-quarter earnings forecasts.
For example, on October 17, Shenzhen Demingli Technology Co., Ltd. (hereinafter referred to as "Demingli") disclosed an earnings forecast showing that for the first three quarters of 2026, the company expects to achieve operating revenue of 27.5 billion yuan to 29.5 billion yuan, a year-on-year increase of 312.97% to 343%; and expects to achieve net profit of 8.65 billion yuan to 8.95 billion yuan, turning losses into profits (a loss of 27.0765 million yuan in the same period last year).
Too many capital indicators—which one to reference? View the full content. "The company takes enterprise-grade storage as its core strategic direction. Related products have achieved mass shipments to leading domestic cloud service providers, and the business has been extended to server OEM, Xinchuang, and overseas markets. At the same time, the company continues to increase product overseas expansion efforts. Enterprise-grade storage and embedded storage products have successfully expanded into overseas markets, and the Vietnam production base has achieved mass production and delivery, providing strong support for global business expansion and large-scale delivery," a relevant person in charge of Demingli told a Securities Daily reporter.
Meanwhile, on October 16, Shenzhen Longsys Electronics Co., Ltd. (hereinafter referred to as "Longsys") released its earnings forecast for the first three quarters of 2026, expecting net profit for the first three quarters of 2026 to reach 14 billion yuan to 14.9 billion yuan, a year-on-year increase of approximately 18.65 times to 19.91 times. A relevant person from Longsys told reporters that in the third quarter of 2026, the overall supply-demand dynamics of the global memory market remained tight, but due to the impact of a higher price base in the earlier period, the price increases of DRAM and NAND Flash narrowed significantly compared with earlier periods. The marginal contribution of storage price increases to the company's profitability has notably slowed, and the storage industry is shifting from a consumer price cycle to an AI-driven technology cycle.
Against this backdrop, the company, guided by self-developed chips and self-developed software architecture, seeks a differentiated development path. The proportion of large customers, high-end customers, and global customers continues to increase, and the product and customer structure has been further optimized, driving the company's profitability in the third quarter of 2026 to remain at a historically high level.
Zhuhai Allwinner Technology Co., Ltd. released its earnings forecast for the first three quarters of 2026, expecting to achieve net profit of 640 million yuan to 670 million yuan, a year-on-year increase of 129.85% to 140.62%. Regarding the profit growth, the company stated that in response to rising costs of upstream raw materials such as storage and packaging, it raised product sales prices. At the same time, it actively expanded business across product lines and promoted mass production of new product solutions. The company's operating revenue achieved year-on-year growth of approximately 30%, and the revenue growth drove the net profit growth.
Sealand Securities, in a publicly released research report, believes that the current storage sector is in an AI-driven structural prosperity cycle. Supply and demand for high-end HBM and server storage are tight, while the elasticity of ordinary consumer-grade storage has weakened; the market trend is gradually shifting from being driven purely by earlier price increase expectations to a stage of performance realization and verification.
At the same time, a forecast released by global high-tech industry research institution TrendForce at the end of September shows that in the fourth quarter of this year, general DRAM contract prices will still rise by 10% to 15% quarter-on-quarter, and NAND Flash will rise by 15% to 20%, with server memory continuing to be in short supply.
He Jiyong believes that, based on the current situation, the industry as a whole is still in an upward channel. For enterprises, the key is to solidify technology, customers, and product structure during the prosperity period; for investors, it is necessary to distinguish whether different companies' performance comes from structural upgrading or from short-term price increases, and to pay attention to the risks of cyclical fluctuations.
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