利基DRAM供需或临再平衡，兆易创新总经理何卫给出价格回升预期

Core Viewpoint - The demand for niche DRAM products is expected to recover as major manufacturers shift focus to high-end products like HBM and server DRAM, creating a need for a new balance in supply and demand in the niche DRAM market [1] Group 1: Industry Trends - The emergence of generative AI has significantly increased the demand for data centers and graphics cards, prompting major overseas manufacturers to pivot towards high-end products [1] - Since March 2023, there have been signs of marginal improvement in the industry, particularly for niche products like D4 8Gb and LPD4, with prices beginning to rise [1] - The main applications for niche DRAM products include smartphones, tablets, ultra-thin laptops, and smart wearables, which occupy a smaller market share compared to mainstream storage products [2] Group 2: Company Performance - In 2024, the company is projected to achieve a revenue growth of 27.7% to 7.36 billion yuan, with a net profit growth of 584% to 1.103 billion yuan, and a record high shipment volume of 4.361 billion units, up 39.68% year-on-year [2] - In Q1 2025, the company continued its growth trajectory with a revenue increase of 17.3% to 1.909 billion yuan and a net profit increase of 14.6% to 234 million yuan, although the gross margin slightly decreased by 0.7 percentage points to 37.44% [2] - The company has maintained its position as the second-largest global supplier of Serial NOR Flash, with significant growth in various sectors including consumer electronics, networking, computing, and automotive [2] Group 3: Market Opportunities - The shift of major manufacturers like Samsung and SK Hynix towards high-end products has opened up opportunities in the niche market, as they reduce their presence in lower-end DRAM products [3] - The company anticipates that prices for niche DRAM products will enter a recovery phase in Q2 2025, following the digestion of excess inventory from major manufacturers [3] - The automotive MCU market is expected to see an increase in average vehicle value, with the company aiming to enhance its automotive MCU product lineup, targeting a single-chip value exceeding 10 USD by 2025 [5]