CITIC Securities: Continue to be optimistic about storage demand exceeding expectations, and expect industry supply shortage to continue until the first half of 2027.

The research report from CITIC Securities pointed out that since February, the performance and guidance of Xinxia's performance have exceeded expectations, the contract price for NAND in the first quarter has been raised, and domestic module manufacturers Baiwei Storage announced better-than-expected performance for January and February, further confirming that the storage industry's prosperity remains high. CITIC Securities continues to be optimistic about the storage demand exceeding expectations, and expects industry supply shortages to continue until the first half of 2027. The core recommendation is storage module companies, storage OEMs, and design companies closely connected to OEMs with strong short-term performance breakthroughs.