Counterpoint研究公司公布的第3季存储器市场追踪和预测报告显示，SK海力士连续第三季维持DRAM 市场龙头宝座，但市占率略比第2季下滑4个百分点至34%，南亚科市占率则从1%提高到2%。 三星电子受惠于高频宽存储器HBM3E的表现强劲，第3季DRAM市占率季增1个百分点至33%。若只看 HBM市场，SK海力士第3季市占率下滑至57%，低于第2季的64%，稳居市场龙头，三星电子则从15% 攀升至22%，超越美光的21%，挤下美光、成为第二名。 DRAM产业变化快速，SK海力士、三星电子及美光的高市占率仍无法满足市场需求，亟需更多厂商增 加产能。 在出口量增加和价格上涨带动下，全球整体DRAM市场规模第3季季增26%，但随着主要供应商减产传 统DRAM，造成供应短缺，有利南亚科的传统DRAM，市占率从第2季的1%提高至2%。 ...

Key Points - The report highlights that Huahong Semiconductor's 3Q25 gross margin exceeded expectations at 13.5%, compared to the forecast of 11.6% and previous guidance of 12% [1] - Revenue for 3Q25 was reported at $635 million, aligning with market expectations, while the management provided guidance for 4Q25 revenue between $650 million and $660 million [1] - The management anticipates that the 9A plant will reach a monthly capacity of 60,000 to 65,000 wafers by mid-2026 [1] - The average selling price (ASP) increased by over 5% quarter-on-quarter, attributed to price hikes across various platforms starting from 2Q25 [2] - The management noted strong downstream demand in the overall memory market, particularly for embedded NVM and independent NVM platforms [2] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to $2.4 billion, $2.84 billion, and $3.26 billion respectively, with gross margin estimates revised to 11.9%, 14.3%, and 16.8% [2] - The target price for Huahong Semiconductor has been slightly adjusted to HKD 91, corresponding to a 3.1x price-to-book ratio for 2026 [2]

Core Insights - The DRAM spot prices have surged significantly, with DDR5 chips increasing by 30% due to tight supply and major manufacturers like Kingston limiting shipments [2][5] - NAND Flash spot prices are also rising, driven by limited supply and a scarcity of available inventory, leading to expectations of further price increases [2][7] DRAM Market Analysis - Some module manufacturers are facing substantial stocking pressures, prompting them to purchase aggressively in the spot market despite significant price discrepancies [5] - The current supply-demand imbalance in the DRAM market is becoming more pronounced, with customers taking preemptive stocking measures to ensure stable supply through the end of the year and into early next year [7] - The price of mainstream DDR4 1Gx8 3200MT/s has risen from $9.523 to $10.629, reflecting an increase of 11.61% [7] NAND Market Analysis - The NAND Flash market is experiencing a notable price increase, with the 512Gb TLC Wafer spot price rising by 14.21% to $5.514 due to limited wafer resources and manufacturers holding back inventory in anticipation of higher prices [2]