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潘文傑先生 (Tommy Poon)
經理

現任職輝立經理。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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Kioxia 鎧俠控股(285A.JT)

Thursday, October 22, 2026 Views343

Kioxia (鎧俠控股, 285A.JT) 的前身為東芝記憶體,該公司於1987年發明了全球首款NAND快閃記憶體,現為全球第三大快閃記憶體專業製造商。 其獨有的BiCS FLASH技術現已發展至第10代(332層),技術領先優勢穩固。該公司在NAND快閃記憶體市場佔有約14%的份額,穩居三星電子、SK海力士之後, 與中國 長江存儲並列。

 

2026年3月期營業收入達23376億日元,營業利潤達8704億日元;分別較上一財年增長37% 和 93%。本財年第一季度(2026年4-6月) 營業收入和營業利潤更分別為去年同期的5.1倍至17671億日元和28.3倍至12700億日元, 增長動力加強。

 

受惠於生成式AI的普及,企業級SSD已於2026年成為NAND最大的應用領域,該公司更公開表示2026年全年的NAND出貨已處於「售罄」狀態。

 

該公司最大的增長動力,來自於人工智能需求爆發式增長背景下, 前所未有的大規模資本投資計劃。 2026年8月,Kioxia與合資夥伴美國SanDisk共同宣佈,計劃在2032年前向四日市工廠(三重縣)和北上工廠(岩手縣)合共投資約5萬億日元(約317億美元)。其中核心項目為北上工廠K3棟投資額約1.8萬億日元 (約114億美元),目標於2029年度內開始量產。投資計劃以得到日本政府補助金支持為前題,公司期盼投資總額的約三分之一將由政府補助金承擔。

 

作為在AI時代數據爆發中最直接受惠的企業之一,其中長期增長潛力極為可觀。儘管過去一年股價大幅上升, 但盈利以幾何式增長, 根據大型財經媒體的預測盈利計算, 本財年市盈率僅約為4.5倍。股票也於10月1日起進行1:3拆細, 拆細前每手投資門檻高達533萬日元以上 (約26.5萬港元)  (一手100股),  對於一般投資者而言難以輕易入手。拆細後, 以10月21日收市價計, 最低投資金額大幅下降約至 135萬日元 (約6.7萬港元), 資金有限的投資者更能靈活調節倉位。

 

建議買入價: 12500 日元

    目標價: 15000 日元

    止蝕價: 11000 日元

 

 

圖表來源: 四季報online

 

註:本人潘文傑為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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