存储芯片“严重短缺”，DRAM和DDR涨价“势不可挡”，瑞银上调三星和SK海力士目标价

Core Insights - The storage chip industry is entering a period of "severe shortage," driven by strong demand and limited capacity expansion, leading to a significant upward cycle in DRAM prices [1][3] - UBS has raised its expectations for DRAM contract prices and increased target prices for industry giants Samsung Electronics and SK Hynix, predicting that the price increase momentum will last at least until the end of 2026 [1][4] Group 1: Market Dynamics - UBS's latest industry survey indicates that negotiations for DDR memory contract prices for Q4 2025 are showing positive momentum, with expected quarter-over-quarter increases of 21% or higher [2][3] - The report highlights that suppliers have gained pricing power, with significant price increases anticipated across major categories, including a projected 25% increase for PC DDR4 and DDR5 contracts [2][3] - The demand for high bandwidth memory (HBM) driven by AI, along with a robust server upgrade cycle, is contributing to the supply-demand imbalance in the memory industry [3][5] Group 2: Company Forecasts - UBS has raised its 12-month target price for SK Hynix from 640,000 KRW to 710,000 KRW, maintaining a "buy" rating and identifying it as a "preferred" choice in the memory sector [1][5] - For Samsung Electronics, UBS increased its target price from 118,000 KRW to 128,000 KRW, reflecting confidence in the company's profitability amid higher DDR pricing expectations [1][5] - UBS has adjusted its revenue and operating profit forecasts for both SK Hynix and Samsung Electronics for 2026 and 2027, with SK Hynix's revenue and operating profit estimates raised by 3% and 5% respectively for 2026, and 9% and 16% for 2027 [5]