DRAM，SK海力士越战越强

Core Viewpoint - The DRAM industry is experiencing significant growth in revenue and pricing due to increased demand and supply constraints, particularly for conventional DRAM and HBM products, with projections indicating a revenue of $31.63 billion in Q2 2025, representing a 17.1% quarter-over-quarter growth [2][5]. Group 1: Major Suppliers Performance - SK Hynix reported a revenue of approximately $12.23 billion in Q2, a 25.8% increase, maintaining a market share of 38.7% [2]. - Samsung's revenue grew by 13.7% to $10.35 billion, with a slight decline in market share to 32.7% [2]. - Micron's revenue reached $6.95 billion, a 5.7% increase, with a market share decrease to 22% [2]. Group 2: Taiwanese Manufacturers - Nanya's revenue surged by 56% to around $340 million due to strong replenishment from PC OEMs and consumer clients [3]. - Winbond's revenue increased by 24.9% to $180 million, with a notable rise in shipment volume [3]. - PSMC's revenue grew by 86.4% to $20 million, driven by active replenishment from clients [3]. Group 3: Pricing Trends - The wholesale price of DDR4 8Gb reached approximately $4.28, marking a 4% increase, while the 4Gb product price rose to $3.26, also up by 4% [5]. - DDR4 prices have stabilized after significant increases, but contract prices continue to rise due to ongoing supply tightness [8]. - DDR4 16GB components saw a price increase of nearly 7% to $9.17, while DDR5 16GB components decreased by 3% to $5.99, widening the price gap [8]. Group 4: Supply Chain Dynamics - Major suppliers like Samsung, SK Hynix, and Micron are shifting production focus from DDR4 to next-generation DDR5 and HBM, leading to a deliberate reduction in DDR4 supply [6][9]. - The supply constraints have resulted in some DRAM manufacturers having orders that exceed their production capacity by eight times [6]. - The transition to HBM is prioritized due to its higher profit margins, impacting the availability of DDR4 [9]. Group 5: Future Outlook - Analysts expect contract prices to continue rising through the end of the year, with DDR4 demand anticipated to rebound in September as inventory levels normalize [10]. - Limited wafer capacity suggests that DDR4 buyers should not expect price relief, indicating a potential strategic advantage for those upgrading to DDR4 now [10].