研报 | 因消费性电子产品需求疲软，4Q24 NAND Flash营收季减6.2%

Core Insights - The NAND Flash market experienced a significant downturn in Q4 2024, with average selling prices decreasing by 4% and overall revenue dropping to $16.52 billion, a 6.2% decline from Q3 2024 [1][2]. Industry Overview - The decline in NAND Flash prices is attributed to inventory destocking by consumer electronics manufacturers, including PCs and smartphones, leading to a reduction in procurement orders [1]. - Despite suppliers actively reducing production, the traditional seasonal slowdown is expected to result in a further revenue decline of up to 20% in Q1 2025 [1]. - A recovery in the NAND Flash industry is anticipated in the second half of 2025 as production cuts and price stabilization take effect [1]. Company Performance - Samsung: Reported Q4 2024 revenue of $5.6 billion, a 9.7% decrease, holding a market share of 33.9%. The company plans to focus on developing Enterprise SSDs and adjusting production plans in response to market changes [2][3]. - SK Group: Achieved Q4 2024 revenue of $3.39 billion, down 6.6%, with a market share of 20.5%. The group aims to dynamically adjust production capacity to maximize profits and cater to AI ecosystem demands [2][4]. - Kioxia: Recorded Q4 2024 revenue of $2.66 billion, a slight decrease of 0.2%, with a market share of 16.1%. The increase in Enterprise SSD shipments helped mitigate the impact of weak demand in smartphones and PCs [2][5]. - Micron: Generated Q4 2024 revenue of $2.28 billion, down 9.3%, with a market share of 13.8%. The company plans to reduce capital investment in NAND Flash and focus on high-capacity products to improve profitability [2][6]. - Western Digital/SanDisk: Reported Q4 2024 revenue of $1.88 billion, remaining stable despite price declines. The company anticipates revenue growth starting in Q2 2025 due to increased demand from AI PC trends [2][7].