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电子行业存储芯片周度跟踪：3Q24 NANDFlash营收季增4.8%，11月存储现货市场普遍维持低位震荡筑底
Yong Xing Zheng Quan·2024-12-04 01:05

Investment Rating - The industry investment rating is maintained as "Overweight" [3]. Core Viewpoints - In Q3 2024, NAND Flash revenue increased by 4.8%, driven by strong enterprise SSD demand. Despite a 2% quarter-over-quarter decrease in shipment volume, the average selling price (ASP) rose by 7%, resulting in total industry revenue of $17.6 billion [3][22]. - The DRAM industry saw a 13.6% quarter-over-quarter revenue increase in Q3 2024, reaching $26.02 billion, supported by rising demand for DDR5 and HBM products, despite a decline in shipments of LPDDR4 and DDR4 [3][21]. - The HBM sector is expected to benefit from the rapid development of advanced computing chips, with the introduction of new bonding technologies aimed at reducing DRAM stacking distances [3][24]. Summary by Sections 1. NAND Flash Market - Q3 2024 NAND Flash revenue increased by 4.8%, with ASP rising by 7% despite a 2% decrease in shipment volume. Enterprise SSD demand surged, pushing prices up nearly 15% [3][22]. - The price fluctuations for NAND components ranged from -2.41% to 1.79%, with an average change of -0.01% [3]. 2. DRAM Market - The DRAM industry experienced a 13.6% revenue increase in Q3 2024, totaling $26.02 billion, driven by demand for server DRAM and HBM [3][21]. - Average price changes for DRAM components ranged from -1.87% to 0.90%, with an average decline of -0.46% [3]. 3. Market Trends - The storage market is currently in a low-level oscillation phase, with many SSD and memory product prices dropping over 20% in the past six months. However, there is a slight increase in demand for low-capacity eMMC products due to specific market needs [3][20]. - The overall market sentiment remains cautious, with PC OEMs showing some demand for Q1 2024, but end customers are generally pessimistic about future price trends [3][20]. 4. Company Developments - Deep Technology has highlighted its experienced R&D team and advanced packaging capabilities, focusing on providing comprehensive electronic manufacturing services [3][27]. - Lianrui New Materials is enhancing its production automation and expanding its capacity for spherical products to meet diverse market demands [3][28].