SK海力士高盛电话会：所有客户需求都无法满足，今年存储价格持续上涨

Core Viewpoint - The storage chip market is entering a "seller's market" due to a surge in AI demand and supply constraints, leading to a definitive price increase for the year [1][2]. Group 1: Market Dynamics - SK Hynix indicated that all customers' demands cannot be fully met this year, resulting in a low demand satisfaction rate across all end markets [3][10]. - The company highlighted that the supply growth is physically constrained by limited clean room space, which is a significant factor driving the price increase [2][9]. - There is a low likelihood of meaningful double-booking as customers recognize that short-term storage capacity cannot significantly increase, which may further push prices up [2][10]. Group 2: Inventory and Supplier Leverage - The current supply-demand tension has reached a high point, with server customers maintaining healthy inventory levels while PC and mobile customers are seeing declining inventory [3][10]. - SK Hynix's own inventory is extremely thin, with DRAM and NAND inventory at a normal level of about 4 weeks, expected to decrease throughout the year [3][10]. - The low inventory levels enhance supplier leverage, prompting discussions about long-term contracts with major customers [6][10]. Group 3: HBM and DRAM Production - HBM capacity for 2026 is fully allocated, making it difficult to adjust production plans for HBM and standard DRAM this year [7][11]. - The tight supply situation for standard DRAM is expected to provide SK Hynix with more negotiating power for future contracts, particularly for HBM in 2027 [7][11]. - The focus for 2026 will be on increasing 1b nm capacity to support HBM3E and HBM4, while the transition to 1c nm for standard DRAM is expected to be completed by the end of the year [7][12]. Group 4: Capital Expenditure Discipline - Despite the significant demand gap, SK Hynix plans to maintain discipline in capital expenditures, with a focus on HBM and standard DRAM [8][13]. - The company anticipates that capital expenditures will exceed last year's levels but will not blindly expand, particularly in NAND investments [8][13].