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<Research>CLSA: Rapid Growth in AI and Memory Industry, Rising Domestic Substitution Effect
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CLSA expected that emerging AI applications will drive rapid growth in global and China memory demand concurrently. Amid an unprecedented memory woe, pricing power across the entire supply chain improved, while capex also increased. The broker forecast that China's semiconductor memory market shipment volume will grow at a CAGR of 12%, while revenue will rise at a CAGR of 22%, reaching USD111 billion from 2024 to 2029. Memory manufacturers MONTAGE TECH (06809.HK) and GIGADEVICE (03986.HK) are riding on AI adoption and the price upcycle. Equipment suppliers AMEC (688012.SH) and ASMPT (00522.HK) are poised to benefit from DRAM and advanced logic capacity expansion, as well as localization trends. In the AI chip and hardware segment, domestic substitution alongside demand for high-end optical interconnection will benefit BIREN TECH (06082.HK) and ZHONGJI INNOLIGHT (300308.SZ). Foundries SMIC (00981.HK) and HUA HONG SEMI (01347.HK) are expected to gain from the rising localization ratio of AI chipsets. The broker raised the TP for ZHONGJI INNOLIGHT to RMB1,278 from RMB1,010. For TPs of other AI application stocks, please refer to a separate table. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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