Zheng Quan Shi Bao·2025-11-06 05:45Core Viewpoint - The importance of high bandwidth memory (HBM) is increasingly highlighted in the wave of high-performance computing and AI model training, leading to significant stock price increases for HBM-related companies [1] Group 1: HBM Market Dynamics - SK Hynix has completed negotiations with NVIDIA for the supply of the next-generation HBM4, with prices set to increase by over 50% compared to the previous generation HBM3E, confirming a unit price of approximately $560 [2] - Analysts predict that SK Hynix's operating profit may exceed 70 trillion KRW next year, driven by high profit margins from HBM4 and soaring DRAM prices, with the company already sold out of its production capacity for next year [2] Group 2: Performance of Major Players - SK Hynix holds a 62% market share in the global HBM market as of Q2 this year, followed by Micron Technology at 21% and Samsung Electronics at 17% [3] - SK Hynix reported Q3 revenue of 24.45 trillion KRW (approximately $171 billion), a 39% year-on-year increase, and an operating profit of 11.38 trillion KRW (approximately $80 billion), a 62% year-on-year surge, both reaching historical highs [3] - Following the strong financial results, SK Hynix's stock price reached a historical high, with a year-to-date increase of 232.95%, bringing its market capitalization to $292.9 billion [3] Group 3: HBM Concept Stocks Performance - HBM concept stocks in the A-share market have seen an average increase of 56.09% this year, outperforming the ChiNext Index by 8.24 percentage points, with companies like Shannon Semiconductor and Jingzhida leading the gains [4] - Shannon Semiconductor has seen a cumulative increase of 421.63%, with a market capitalization surpassing 70 billion RMB, and reported a revenue of 26.4 billion RMB for the first three quarters, a 59.9% year-on-year growth [4] - Jingzhida's stock has increased by 139.94%, with a revenue of 753 million RMB for the first three quarters, a 33% year-on-year increase [5] Group 4: Financing and Institutional Interest - As of November 5, three HBM concept stocks have seen net financing purchases exceeding 500 million RMB since October, namely Shannon Semiconductor, Tongfu Microelectronics, and Yake Technology [7] - Shannon Semiconductor has received favorable ratings from seven institutions, highlighting its position as a leading domestic storage distributor and its potential for performance growth [7] - Tongfu Microelectronics has garnered attention from 18 institutions, with expectations for increased revenue and profit margins due to its capacity and technology preparations [7]