半导体行业观察·2025-11-11 01:06Core Viewpoint - The storage industry is experiencing a significant transformation driven by AI demand, leading to a structural growth phase rather than a traditional cyclical recovery [2][40]. Group 1: Financial Performance of Major Companies - Samsung Electronics reported a strong rebound in its storage business, achieving an operating profit of 12.2 trillion KRW in Q3 2025, a 32.6% year-on-year increase and a 159.6% quarter-on-quarter increase, marking the highest level in nearly three years [3][6]. - SK Hynix achieved record performance in Q3 2025, with operating income reaching 11.38 trillion KRW, a 62% year-on-year increase, and a net profit of 12.6 trillion KRW, reflecting a 119% surge [11][13]. - Western Digital's Q1 FY26 revenue reached $2.818 billion, a 27% year-on-year increase, with cloud services contributing significantly to its growth [22][23]. Group 2: Market Dynamics and Demand Drivers - The demand for high-performance storage chips, particularly HBM and DDR5, is being driven by the booming AI server and high-performance computing markets, with HBM sales volume increasing by 80% quarter-on-quarter [8][29]. - The global storage market is facing a structural supply-demand imbalance, with AI applications significantly increasing the demand for HBM, leading to price hikes and a shift in production focus towards high-value products [33][34]. Group 3: Technological Advancements and Capacity Expansion - Samsung plans to invest 47.4 trillion KRW in capacity upgrades by 2025, with 86% of the budget allocated to the semiconductor sector, focusing on expanding DRAM production lines to meet HBM4 demand [8][38]. - SK Hynix is advancing its 1c nm DRAM process and plans to launch HBM4, with a significant portion of its production capacity already secured for 2026 [19][21]. - Micron Technology is focusing on high-end demand, with a projected capital expenditure of $13.1 billion in FY26 to expand HBM and high-capacity storage product capacity [30][38]. Group 4: Strategic Partnerships and Long-term Agreements - Major storage companies are forming long-term agreements with AI leaders, with SK Hynix and Samsung securing contracts for HBM supply with NVIDIA and OpenAI, indicating a trend towards long-term demand visibility [36][37]. - Western Digital has received procurement orders from its top seven customers for the first half of 2026, ensuring stable production capacity and reducing inventory volatility risks [24].