As storage prices surge, chip distributors are quietly cashing i

As the storage market has taken off and exploded this year, the performance of a number of chip distributors has soared.

China Electronics Port's revenue in Q3 increased by 33.29% year-on-year. Shannon Chip's revenue in the first three quarters has already exceeded that of the full year of 2024. The core driving forces are the price increase in storage, the explosive demand for servers, and the rising penetration rate of DDR5.

The shipment volume of Shenzhen Huaqiang Storage has increased significantly. The storage market conditions have driven up the performance of Shangluo Electronics. Yachuang Electronics' AI performance has exploded from zero to one, with storage accounting for over 60%...

In Taiwan, China, due to the increase in storage prices, Samsung's revenue reached a record high in November. Wintek's AI-related products have seen strong shipments. WPG benefited from the demand for AI and the iteration of storage, and its revenue in November reached a new high for the same period in history.

This time, we have selected 11 listed chip distributors that are highly related to storage, including 6 domestic ones, 3 from Taiwan, China, and the "Double A" (Arrow and Avnet), to review how they have benefited from the storage market and their specific performance.

Wintek, the global leader: AI server applications

Revenue soared

Wintek's top three products are application-specific semiconductors (accounting for approximately 26%), application-specific standard products - wireless connectivity (accounting for approximately 19%), and application-specific standard products - wired connectivity (accounting for approximately 16%).

In 2024, storage revenue reached NT $40.946 billion, accounting for approximately 4.3%, which was a relatively low proportion of Wintek's total revenue. However, considering the revenue volume of Wintek, the leading global chip distributor, even if the proportion of this business is not large, equivalent to approximately 9.164 billion yuan, the scale is still considerable.

Wintek's revenue in the third quarter reached NT $328.9 billion, representing a year-on-year increase of 25.9% and a quarter-on-quarter increase of 26.8%. Mainly benefiting from the strong shipment momentum of AI application-related products and the fact that smartphones have entered the traditional peak season, the seasonal demand has significantly rebounded, boosting the overall operational performance. Wintek's revenue share from data centers and servers significantly increased in the third quarter, surging from 36% in the second quarter to 48%. Its revenue rose by 69% quarter-on-quarter and 75% year-on-year, highlighting the booming demand related to its AI applications.

Wintek's cumulative revenue for the first 11 months of this year reached NT $1,079.3 billion, an increase of 24.98% year-on-year, breaking the one trillion mark for the first time. The legal person pointed out that Wintek's acquisition of Formosa Electronics last year, which expanded its business territory into Europe and the United States, along with the strong shipment of automotive and communication components, and the growth of data centers and communication equipment driven by the demand for AI-related semiconductors, are all the main reasons for the rapid increase in revenue this year.

WPG: Benefiting from AI demands, storage iterations, etc

WPG's storage products account for approximately 25% to 30%, second only to the largest category of products, "core components". Its revenue from storage products in 2024 is approximately NT $239.44 billion, equivalent to about RMB 53.563 billion.

Benefiting from the rapid development of generative AI, which has driven the iteration and replacement of related traditional and AI servers, power supplies, PCS, NBS, and storage, as well as the increased demand for electronic components, WPG Holdings' revenue in November 2025 reached a new high for the same period in history, reaching NT $78.64 billion, an increase of 7.37% compared to NT $73.25 billion in the same period last year. WPG's cumulative revenue for the first 11 months of this year was approximately 905.783 billion yuan, representing a year-on-year increase of 13.65%.

Arrow and Avnet: Wide coverage of memory brands

Arrow and Avnet rank among the top in the industry in terms of brand coverage in the memory product line, almost covering all the world's mainstream memory original manufacturers, and have set up a dedicated brand directory for memory products on their official websites. However, the two companies did not disclose the specific revenue share of their storage products or the changes in related demand for storage products this year.

Arrow acts as the agent for many story-related manufacturer brands such as Infineon, Micron, ISSI, Virtium, Kingston, Kioxia, Winbond, PNY, Samsung, SanDisk, and ADATA. Arrow Electronics' sales in the third quarter of 2025 reached 7.713 billion US dollars, representing a year-on-year increase of 13% and a quarter-on-quarter increase of 1.7%. Arrow said the company is in the early stage of a mild cyclical recovery.

Avnet acts as an agent for 43 memory brands including Samsung, Micron and Kioxia. Avnet's sales in the third quarter of this year (FY26Q1 ending September 27, 2025) were 5.899 billion US dollars, representing a year-on-year increase of 5.3% and a quarter-on-quarter increase of 5%. The company remains optimistic about the increasingly positive signs of recovery.

Leading company China Electronics Port: AI drives the growth of memory chip performance

Memory is the largest main business of China Electronics Port, accounting for more than 40%.

In 2024, the main business of China Electronics Port covered memory (accounting for approximately 42.53%, up 134.32% year-on-year), processors (accounting for approximately 30.78%), analog devices (10.16%), radio frequency and wireless connectivity (6.13%), and others (accounting for approximately 10.40%).

In its third-quarter financial report for 2025, China Electronics Port stated that during the reporting period, the rapid iteration of artificial intelligence technology led to an increase in demand in related application fields, driving the growth of the company's performance in processors and peripheral memory chips and other electronic components in this period. In the first three quarters, China Electronics Port's revenue reached 50.598 billion yuan, representing a year-on-year growth of 33.29%.

After experiencing consecutive growth from 2019 to 2022, the company's revenue saw a significant decline in 2023. However, in 2024, with the recovery of demand and the increase in demand in the AI field, it resumed growth, rebounding by nearly 41% and surpassing 2022 to reach a new high of 48.639 billion yuan, among which the revenue from the memory business was 20.685 billion yuan. It increased by 134.32% year-on-year.

However, in 2024, the net profit of China Electronics Port was almost zero (+0.18%). In its annual report, China Electronics Port stated that due to the continuous pressure on the gross profit margins of each link in the electronic information industry chain and the relatively low demand for memory products, the proportion of revenue from low-margin businesses of the company was relatively high.

It is worth noting that in the first three quarters of 2025, China Electronics Port achieved a revenue of 50.598 billion yuan, becoming the first domestic chip distributor to cross the 50 billion yuan revenue threshold. Its net profit reached 258 million yuan, representing a year-on-year growth of 73.06%.

According to the data, the company has a total of 139 authorized product lines and has ranked among the top distributors in many high-quality product lines both at home and abroad, such as AMD, Qualcomm, Unisplendour Spreadtrum, Lexar, Shengbang Microelectronics, and AIwei. In 2024, the revenue from artificial intelligence-related businesses was 6.586 billion yuan, representing a year-on-year growth of 371.18%. In 2024, the company's component distribution business achieved a simultaneous improvement in scale and quality efficiency, remaining the top domestic component distributor.

Samsung Agent Supremacy: AI server Applications and high-end storage demands continue

Supreme Electronics is the main agent of Samsung Electronics. Its storage products account for as high as 67%, among which DRAM products account for 43% and NAND Flash products account for 24%. Among them, mobile applications account for approximately 40% of the revenue, servers account for about 30%, and within the server business, the proportion of AI servers reaches 80%.

Taiwan media reported that the recent sharp increase in memory prices has driven up the revenue performance in the first November. The company's consolidated revenue in November was NT $25.367 billion. Benefiting from the booming memory market, the monthly revenue reached a record high, increasing by 44% compared to October and jumping by 81% compared to the same period last year. Shangshang's consolidated revenue for the first 11 months of this year was NT $199.226 billion, a year-on-year decrease of 7.92%, which is significantly less than the previous double-digit year-on-year decline.

The revenue for the first three quarters of this year was 156.194 billion yuan, a year-on-year decrease of 16.1%. The legal person pointed out that although the overall scale is still lower than the same period last year, if the quotations of the represented memory products continue to rise, it will help improve the company's revenue structure and optimize the product portfolio, laying a foundation for the subsequent recovery of performance. As the application of AI servers and the demand for high-end storage continue, the company expects its operating momentum to stabilize in the fourth quarter.

The company stated that in the first half of this year, due to the impact of customers' inventory reduction and tight supply from agency lines, coupled with the limited shipment volume of HBM products from agency original manufacturers, its operations were under pressure in the first half of the year. However, as the market conditions for DRAM and NAND Flash strengthen, there are signs of a recovery in terminal demand, and orders related to AI servers and data centers are also expected to gradually heat up.

Since 2016, Shangzhi Electronics has achieved outstanding performance in 2021 and 2024, with revenues reaching 208.73 billion yuan and 237.01 billion yuan respectively. Among them, the revenue in 2024 increased by 55.7% year-on-year, setting a new historical record.

Shannon Chip, whose share price has soared, is an SK Hynix agent with outstanding performance growth

Shannon Xinchuang storage products account for approximately 70% of its distribution business. The main products operated by the company are data memory supplied by SK Hynix and controller chips supplied by MTK Mediatek. SK Hynix has long been its largest supplier, contributing more than 50% of the company's sales.

Shannon's performance growth has been remarkable. Its revenue growth rate exceeded 100% in the three quarters of 2024Q3, 2024Q4, and 2025Q1, with a staggering 243.33% in 2025Q1. Thanks to the rapid expansion of its performance, it has ranked among the top 10 global chip distributors in terms of revenue in the first three quarters of this year.

Since the third quarter of this year, under the influence of the explosion of the storage super cycle, the share price of Shannon Chip has soared like a rocket, increasing sixfold in just a few months. Xiangnong Xinchuang's revenue from the first quarter to the third quarter of this year was 7.906 billion yuan, 9.217 billion yuan and 9.276 billion yuan respectively, and its net profit attributable to the parent company was 17 million yuan, 140 million yuan and 202 million yuan respectively. The profit situation has improved.

Since officially transforming from traditional manufacturing to electronic component distribution in 2021, Shannon Xinchuang has entered a high-speed growth track: its revenue has jumped from less than 300 million yuan to 9.206 billion yuan. Since then, the distribution business has continued to expand, reaching 24.271 billion yuan in revenue in 2024, a year-on-year increase of 115.4%, with the distribution business accounting for more than 98%. In the first three quarters of 2025, the company's revenue had already reached 26.4 billion yuan, surpassing the total volume of 2024.

In 2024, the company newly obtained the AMD distribution qualification, thus possessing the capability to provide electronic component products such as data memory, control chips, and modules. Our customers have covered cloud service providers and leading ODM manufacturers. Shannon Xinchuang has also begun to expand its layout from distribution to the upstream. In 2023, the company jointly established Haipu Storage with SK Hynix and Dapu Microelectronics, entering the design of enterprise-level SSDS and DDR5 modules.

Shenzhen Huaqiang: The total shipment value of storage products has increased significantly in the first three quarters

Shenzhen Huaqiang's main business consists of three major segments: the Electronic Components Trading Division (96.28%), the Electronic Components Trading Service Division (2.55%), and the Business Extension and Exploration Division (1.17%).

Business types of Shenzhen Huaqiang Electronic Components Trading and Service Platform, source: 2024 Annual Report

In the first three quarters of 2025, the company achieved operating revenue of 17.658 billion yuan, representing a year-on-year growth of 8.46%. The net profit attributable to shareholders of the listed company reached 361 million yuan, representing a year-on-year increase of 35.62%.

Shenzhen Huaqiang stated in an institutional research that in the first three quarters of this year, the total shipment value of its storage product line increased significantly year-on-year. The storage field is a business area that the company has been continuously laying out and developing. The company is an important agent for storage manufacturers such as Jiangbo Long, GigaDevice, Lianyun Technology, Jingcen Technology, Silicon Motion, ADATA Technology, and Qianyi International.

In its financial report, it stated that the growth in performance in the first three quarters of this year was mainly attributed to deepening cooperation with key product lines and customers, actively expanding the market, vigorously promoting domestic leading product lines such as hisilicon, Unisoc, and Jiangpolong, as well as overseas high-quality product lines such as Murata, Novatek, and Silicon Silicon, and deeply exploring opportunities in fields such as consumer goods, automobiles, new energy, data centers, and memory. Achieve double growth in the business scale of both domestic and overseas product lines, and add to the contribution of the "Huaqiang Science and Technology Innovation Plaza" project and the cost reduction brought about by the optimization of domestic and overseas financing structures.

From 2015 to 2022, the company's revenue increased from 2.034 billion yuan to 23.941 billion yuan. Net profit increased from 376 million yuan to 952 million yuan. In 2023, the revenue was 20.594 billion yuan, a year-on-year decrease of 13.98%. Net profit was 467 million yuan, a year-on-year decrease of 50.93%. In 2024, the net profit continued to decline, with revenue reaching 21.954 billion yuan, representing a year-on-year growth of 6.6%. Net profit was 213 million yuan, a year-on-year decrease of 54.43%.

Shangluo Electronics mainly has two major products: passive electronic components account for 42.93%, and active and other electronic components account for 57.06%.

In September, the company stated on Interactive Easy that it currently supplies electronic components such as memory chips and power chips to data center and server customers. In the same month, the secretary of the board of directors of Shangluo Electronics answered investors' questions. He stated that the company has been cooperating with the original manufacturers of domestic first-line storage brands such as GigaDevice and Changxin Storage for more than five years, and successfully obtained the agency qualification of Kioxia Storage this year.

Since its establishment, Shangluo Electronics has successively obtained the agency qualifications of over 100 well-known domestic and foreign original manufacturers, including TDK, Samsung (Samsung Electro-Mechanical), Yageo, Sunking Electronics, TE (Tyco), CXMT, Leshan Radio, GigaDevice, Nexeon, SEMIKRON, etc.

In the first three quarters of 2025, Shangluo Electronics' main business revenue was 6.189 billion yuan, up 32.8% year-on-year. The net profit attributable to the parent company was 141 million yuan, up 164.32% year-on-year. In the third quarter of 2025, the main business revenue was 2.253 billion yuan, up 26.55% year-on-year.

In the first half of this year, the revenue of Shangluo Electronics increased significantly by 36.66% year-on-year. The company stated in its financial report that the growth in its performance mainly came from the implementation of its forward-looking layout in the AI field in the early stage, which drove the expansion of business scale. Its product lines such as storage, high-speed connection chips, MLCC, power, and crystal oscillators are all core components of AI, deeply integrated with related demands, further expanding the customer base. In the first half of this year, the company seized the storage market opportunity: on the one hand, it consolidated major customer projects such as mobile phones, consumer goods, and servers, and promoted the improvement of related performance; On the other hand, seize the opportunity of the transition from DDR4 to DDR5, promote the application of advanced process products, and take advantage of the shortage of eMMC and DDR4 to drive domestic substitution and enhance distribution competitiveness.

Yachuang Electronics: AI performance has exploded from zero to one, with AI memory accounting for over 60%

Yachuang Electronics mainly has two types of business: electronic component distribution accounts for 90.06%, and power management IC design accounts for 9.65%.

The company owns SEOUL, Murata, Sony, Toshiba, R