半导体：AI推动高附加值产品放量，三大存储原厂业绩持续攀升

Investment Rating - The report maintains an investment rating of "Outperform" for the semiconductor industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The semiconductor industry is experiencing growth driven by AI, with high-value products seeing increased demand. The three major memory manufacturers have reported continuous revenue growth in Q2 2024, with SK Hynix achieving a record high in quarterly revenue [1][8]. - The report highlights that regulatory tightening is leading to a rationalization of channel prices, stabilizing the market prices for memory products [41][43]. - Taiwanese memory manufacturers are showing improved performance, indicating an upward cycle in the industry [1][8]. Summary by Sections Section 1: AI Driving High-Value Product Growth - All three major memory manufacturers reported revenue growth in Q2 2024, with SK Hynix achieving a historical high in quarterly revenue. Samsung's storage business revenue reached 21.74 trillion KRW, a year-on-year increase of 142.36% and a quarter-on-quarter increase of 24.30% [1][9]. - The demand for high-value products such as DDR5 and HBM is strong, driven by AI server requirements, with expectations for continued robust demand in the second half of the year [19][23]. Section 2: Regulatory Tightening and Price Stabilization - The DXI index, reflecting overall DRAM prices, has been steadily rising since June 2024, indicating a gradual recovery in the DRAM market. The current market conditions are characterized by stable prices and reduced volatility [41][43]. - The report notes that the channel market is moving away from price wars due to increased regulatory scrutiny, which is helping to stabilize prices [48]. Section 3: Improvement in Taiwanese Memory Manufacturers - Taiwanese memory manufacturers have shown continuous improvement in performance, with optimistic outlooks for the second half of 2024. Nanya Technology expects a significant increase in HBM demand driven by AI servers [1][8]. - The report suggests that the industry is entering an upward cycle, with expectations for sustained growth over the next two years [1][8].