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

Group 1 - The storage chip market is entering a "seller's market" due to a surge in AI demand and supply constraints, with SK Hynix indicating that it cannot fully meet customer demand this year, leading to inevitable price increases [1][2] - SK Hynix has provided clear guidance on price trends, expecting storage prices to continue rising throughout the year driven by strong demand from AI clients and limited supply growth [2][10] - The current supply-demand tension is at a high point, with all end markets unable to fully satisfy their storage needs, and SK Hynix's own inventory levels being extremely low, around 4 weeks [3][11] Group 2 - The company emphasizes that the likelihood of meaningful double-booking is low, as customers understand that short-term capacity cannot significantly increase, which will further drive up prices [2][10] - Server customers have healthy inventory levels, while PC and mobile customers are seeing a decline in inventory, indicating a shift in bargaining power towards suppliers [3][11] - Discussions regarding long-term contracts with major clients are increasing due to the enhanced bargaining power of suppliers, as no customer can fully meet their storage needs [3][11] Group 3 - HBM (High Bandwidth Memory) capacity for 2026 is already sold out, and meaningful adjustments to production plans for HBM and standard DRAM are difficult, but this tight supply situation may benefit HBM negotiations in 2027 [4][12] - The focus for SK Hynix this year is on enhancing 1b nm capacity to support HBM3E and HBM4, with significant migration to 1c nm for standard DRAM expected by the end of the year [6][13] - Capital expenditures are expected to exceed last year, with a disciplined approach focusing on high-return investments in HBM and standard DRAM, while NAND investments will remain stable [7][14]