NAND Flash价格下行压力大，厂商加速减产

Core Viewpoint - The NAND Flash market is experiencing a downward price trend due to inventory reduction by consumer electronics manufacturers, with a projected revenue decline of up to 20% in Q1 2025, but a recovery is expected in the second half of the year as production cuts take effect and prices stabilize [3][4]. Group 1: Market Overview - In Q4 2024, NAND Flash average selling prices decreased by 4%, and overall shipments fell by 2%, leading to total industry revenue of $16.52 billion, a 6.2% quarter-over-quarter decline [3]. - The NAND Flash industry is anticipated to see a revenue drop of up to 20% in Q1 2025 due to reduced order volumes and contract prices, despite suppliers actively cutting production [3][4]. Group 2: Company Performance - Samsung, the leading supplier, reported a 9.7% revenue decline to $5.6 billion in Q4 2024, primarily due to weak demand in consumer electronics. The company plans to focus on enterprise SSD development and adjust production plans accordingly [3]. - SK Group, including SK hynix and Solidigm, experienced a 6.6% revenue decrease to $3.39 billion in Q4 2024, as overall market orders were revised downwards. The company aims to adjust capacity dynamically to maximize profits [4]. - Kioxia's revenue in Q4 2024 was $2.66 billion, only a 0.2% decline, supported by increased enterprise SSD shipments that offset weak demand in smartphones and PCs [5]. - Micron's NAND Flash revenue fell by 9.3% to $2.28 billion in Q4 2024, despite strong enterprise SSD performance. The company plans to reduce capital investment in NAND Flash and focus on high-capacity products in 2025 [5]. - Western Digital/SanDisk maintained revenue at $1.88 billion in Q4 2024, benefiting from better-than-expected shipments in consumer electronics, with expectations for gradual revenue growth starting in Q2 2025 due to the resurgence of AI PC demand [5].