研报 | LPDDR4X供给紧缩推升价格，智能手机产业将加速导入LPDDR5X

Core Viewpoint - The supply of LPDDR4X memory is expected to significantly decrease or stop by Korean and American manufacturers in 2025 and 2026, leading to a supply-demand gap as mobile processor chips do not yet support LPDDR5X, prompting brands to increase procurement of LPDDR4X, which is driving up contract prices [1][4]. Group 1 - The demand for LPDDR4X has surged due to limited supply, with an expected double-digit percentage decrease in output by 2026, exacerbating the supply-demand imbalance and causing prices to rise [4]. - The transition to LPDDR5X is hindered by the fact that many low-end smartphone processors have ceased to evolve and only support LPDDR4X, while some mid-range processors can support both but are preferred to use LPDDR4X due to cost considerations [2][4]. - As LPDDR4X supply tightens, brands are accelerating testing of LPDDR5X for convertible products, although the transition for low-end products remains limited due to processor compatibility issues [2][4]. Group 2 - By 2025, LPDDR4X is projected to account for approximately 42% of total Mobile DRAM output, with the remainder being LPDDR5X, indicating a significant reliance on the older technology in the near term [4]. - The rising prices of LPDDR4X are putting pressure on mid-range and low-end products, potentially forcing brands to adjust their pricing strategies and market positioning, which could impact smartphone sales performance [4].