SK海力士：存储价格将继续上涨

Core Viewpoint - SK Hynix anticipates a continued upward trend in memory prices throughout the year due to strong demand driven by AI services and limited supply [4][5] Group 1: Memory Price Trends - The current upward trend in memory prices is expected to persist throughout the year, primarily driven by strong demand from AI customers [4] - Despite potential "despeccing" from PC and mobile users, limited supply growth is likely to keep prices rising [5] - A shortage of cleanroom space across the industry is contributing to supply constraints and a favorable pricing environment [5] Group 2: Inventory and Supplier Negotiation - Healthy inventory levels and enhanced supplier bargaining power are leading to increased discussions around long-term contracts [5] - SK Hynix notes that no customer can fully meet their memory needs this year, resulting in low demand fulfillment rates across all end markets [5] - The company is engaging in discussions for multi-year contracts with major clients, aiming to maximize future demand stability [6] Group 3: HBM Business Outlook - Current supply-demand tightness in traditional DRAM may lead to more favorable terms for the HBM business in 2027 [6] - Although there is potential for demand growth, significant changes to production plans for HBM and traditional DRAM in 2026 are deemed challenging [6] Group 4: Production Capacity and Technology Upgrades - SK Hynix will focus on increasing 1b nm DRAM capacity this year, primarily to support HBM3E and HBM4 supply [7] - The company plans to utilize 1c nm technology for HBM starting in 2027, with a significant portion of traditional DRAM expected to adopt this node by year-end [7] Group 5: Capital Expenditure Guidance - SK Hynix expects an increase in capital expenditures this year compared to last year, while maintaining capital expenditure discipline [8] - The company anticipates that the composition of wafer fab equipment (WFE) spending will remain similar to last year, with a focus on HBM and traditional DRAM [8]