SK海力士：存储价格将继续上涨

Group 1 - The core viewpoint is that SK Hynix anticipates a continued upward trend in memory prices throughout the year, driven by strong demand from AI services and limited supply [1][2][3] - SK Hynix's DRAM and NAND inventory has decreased to approximately four weeks of supply, enhancing the company's bargaining power as a supplier [1][3] - The company expects that the shortage of cleanroom space across the industry is exacerbating supply constraints, creating a favorable environment for price increases [1][2] Group 2 - SK Hynix believes that the likelihood of substantial "double-booking" of memory orders is low, as customers recognize the challenges in significantly increasing memory capacity in the short term [2][3] - The company emphasizes that no customer can fully meet their memory needs this year, resulting in low demand fulfillment rates across all end markets [2][3] - The current tight supply-demand situation for traditional DRAM may lead to more favorable terms for the company's HBM business in 2027 [3][4] Group 3 - The company plans to focus on ramping up 1c nm capacity primarily for traditional DRAM starting in 2026, with HBM production scaling up from 2027 [4][5] - SK Hynix expects its capital expenditures to increase compared to last year, with a focus on HBM and traditional DRAM investments [5] - The company anticipates that over half of its traditional DRAM will adopt the 1c nm node by the end of this year, driven by strong demand for DDR5 and LPDDR5 [5]