电子行业存储芯片周度跟踪：NAND大厂或减产，行业SSD价格下跌

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6]. Core Insights - NAND manufacturers Samsung and SK Hynix are reducing NAND production to address oversupply issues. As of the week of February 10-14, 2025, NAND spot prices fluctuated between -0.53% and 5.56%, with an average change of 1.04% [1]. - The global semiconductor sales are projected to reach $627.6 billion in 2024, marking a 19.1% year-on-year increase, with storage products, particularly DRAM, showing the highest growth at 82.6% [2][23]. - The SSD prices have declined again after a month of stability, influenced by the traditional off-season and limited government subsidies [3]. Summary by Sections NAND Market - Samsung and SK Hynix are transitioning older NAND production lines to new processes to reduce output due to oversupply [1][24]. - The average price change for 22 NAND products ranged from -0.53% to 5.56% during the specified week [1]. DRAM Market - The DRAM market saw an average price change of -0.12% for 18 product categories, with 9 products increasing and 9 decreasing in price [2]. - The sales of DRAM products are expected to grow significantly, contributing to the overall increase in semiconductor sales [2][23]. HBM and AI Storage - SanDisk has introduced a new high-bandwidth flash memory architecture designed for AI applications, combining features of 3D NAND and HBM [2][23]. - The HBM industry is anticipated to grow rapidly due to increased demand from advanced computing chips [4]. Market Conditions - The SSD market is experiencing price declines due to seasonal demand fluctuations and limited government incentives [3][25]. - Major PC OEMs in Taiwan reported revenue declines of 20-40% in January, indicating financial pressure in the sector [3]. Investment Recommendations - The report suggests focusing on the HBM industry chain and semiconductor recovery, recommending companies such as Saiteng Co., Yishitong, and others in the storage chip sector [4].