半导体：SK海力士HBM3E良率已接近80%，HBM供不应求

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry, specifically for SK Hynix [2]. Core Insights - SK Hynix's HBM3E yield is approaching 80%, indicating a strong demand for HBM products, which are currently in short supply [5][6]. - The market for HBM is expected to double in 2024, reaching nearly $10 billion, driven by increasing demand from AI applications [6]. - Major players like SK Hynix, Micron, and Samsung are ramping up production capacities to meet the surging demand for HBM technology [8]. Summary by Sections Event Highlights - On May 21, SK Hynix's CEO announced that the company's HBM3E yield is nearing 80%, with all HBM production quotas sold out for the year [5]. - Micron's second fiscal quarter revenue reached $5.82 billion, exceeding previous guidance, with HBM3E products sold out [6]. Demand Side - HBM's unique features, such as high bandwidth, high capacity, low latency, and low power consumption, are accelerating AI data processing speeds [6]. - The demand for HBM is expected to significantly increase, with major companies like SK Hynix and Micron reporting strong financial performance due to HBM sales [6]. Supply Side - Leading storage manufacturers are engaged in a competitive expansion of HBM production capacities [8]. - SK Hynix plans to invest $14.6 billion to build new storage chip capacities in South Korea, aiming for an annual output of 100 million HBM units by 2030 [6][8]. - Samsung is also expanding its HBM production, with plans to mass-produce 12-layer stacked HBM3E memory chips [7][8]. Investment Recommendations - The report suggests focusing on the HBM industry chain, highlighting companies such as Saiteng Co., Tongfu Microelectronics, and others as potential investment opportunities [8].