存储大厂业绩新高背后：需求分化，竞争加剧

Core Insights - The storage industry is experiencing a significant divergence, with leading manufacturers SK Hynix and Micron reporting record earnings driven by the rapid growth of HBM (High Bandwidth Memory) demand due to AI advancements, while the NAND market remains weak due to only normal inventory recovery in consumer markets [1][2][3] HBM Market Dynamics - HBM is becoming the focal point of competition in the storage industry, with SK Hynix surpassing Samsung to become the market leader with a 36.7% share in Q1 2025, ending Samsung's 40-year dominance [2] - HBM's contribution to the overall DRAM market revenue is projected to rise from 6% in 2023 to 38.3% by 2026, with SK Hynix expected to maintain a 50% share in HBM by 2026 [2] - SK Hynix plans to double HBM sales this year and has begun supplying the first HBM4 samples to customers, while Micron also reported a nearly 50% quarter-over-quarter increase in HBM revenue [3][4] Market Expansion and Challenges - There is potential for HBM applications to expand beyond data centers, with mobile giants considering HBM integration, which could significantly increase market space [1][5] - The HBM market may face growth variability in the next two years due to global trade uncertainties, and the pricing of HBM3e is expected to decline in 2026 as supply pressures increase [5][6] NAND Market Performance - The overall NAND market is not performing as well, with companies like Samsung facing challenges due to inventory adjustments and U.S. restrictions on advanced AI chips, leading to lower-than-expected earnings [8] - Micron's strategy focuses on advanced DRAM nodes and the discontinuation of DDR4 products, which is expected to lead to a shortage and price increases for DDR4 in the near term [9][10] Consumer Market Trends - The consumer market is showing signs of slowing growth, with smartphone sales expected to grow at a low single-digit rate, which is critical for the long-term health of the storage market [11]