Core Viewpoint - The A-share market is experiencing significant interest in high bandwidth memory (HBM) concepts, with related stocks seeing substantial capital inflow and price increases. SK Hynix and NVIDIA have finalized an HBM4 supply agreement, with a price increase of over 50% compared to HBM3E, and predictions of operating profits exceeding 70 trillion KRW by 2025 [1]. Group 1: Company Developments in HBM - Zhongtian Precision has a 6.71% indirect stake in Visionary Storage and is focused on HBM technology, with HBM2/2e products in final testing and HBM3/3e in development, targeting applications in AI and edge devices [1]. - Unisoc's HBM products are still in the R&D phase, with future iterations planned based on user needs, particularly for specialized industry applications [2]. - Jingce Electronics has aging testing equipment for HBM chips and has received orders for related products, benefiting from the demand surge due to AI developments [3]. - Longxin Technology is collaborating with industry partners on HBM R&D, aiming to enhance bandwidth and reduce latency for future GPGPU needs [4]. - Aisen Co. has developed advanced packaging materials applicable to HBM storage chips [5]. - Kuaike Intelligent is advancing TCB equipment for HBM packaging, which is crucial for the process [6]. - Sanxiang New Materials is focusing on electronic-grade zirconium and hafnium materials, which are essential for HBM and other high-performance storage chips, with some products already sent to semiconductor clients [6]. Group 2: Market Trends and Predictions - The HBM4 high premium is currently benefiting overseas oligopolies, while domestic companies are primarily focused on thematic trading, necessitating close monitoring of certification progress and DRAM price increases for valuation flexibility [1]. - The demand for large-capacity, high-performance storage chips is rising, leading to tighter supply of core materials [6].

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

Core Insights - HBM (High Bandwidth Memory) is a crucial technology for AI servers and is expected to be widely adopted in the autonomous driving market in the future [1] - China's HBM industry is developing, with HBM2 and HBM2E currently in mass production, and HBM3 and HBM3E expected to achieve breakthroughs by 2026E/2027E [1] - SK Hynix is the global leader in the HBM market, holding a 55% market share, followed by Samsung at 41% and Micron at 3% [1] Group 1 - SK Hynix launched the world's first TSV-based HBM product in 2013 and has since introduced several generations of HBM products, including HBM2, HBM2E, and HBM3 [1] - In April 2023, SK Hynix completed functionality verification of a 12-layer HBM3 product (24 GB), and in August 2023, it launched the high-performance 8-layer HBM3E product [1] - The company plans to start mass production of the 12-layer HBM3E product (36 GB) in October 2024 and is developing a 16-layer HBM3E product with a capacity of 48 GB [1] Group 2 - SK Hynix's HBM stacking technology has evolved from TC-NCF and MR-MUF to Advanced MR-MUF, with significant developments in wafer-level packaging (WLP) and TSV technology since around 2000 [2] - The 12-layer HBM3 and HBM3E products utilize Advanced MR-MUF technology, and the upcoming 16-layer HBM3E product will also employ this technology [2] Group 3 - Both Samsung and SK Hynix have established their own HBM supply chains, with Samsung relying on Japanese and Korean equipment suppliers, while SK Hynix partners with HANMI Semiconductor and others [3] - HANMI Semiconductor holds approximately 65% of the global TCBonder market and nearly 90% in the HBM3E TCBonder sector, indicating a strong position in the supply chain [3]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自digitimes ，谢谢 。 三星电子（Samsung Electronics）近来重兵部署在HBM先进制程，但供应链传出，三星HBM3E 认证进度再遭卡关，由于Google投入自行设计AI伺服器晶片，原打算搭配三星HBM3E，并送交台 积电进行CoWoS封装，但日前却突然通知三星HBM遭撤下。 据了解，事发源头是来自三星HBM3E未能通过NVIDIA认证，Google为求保险起见，可能改换美 光（Micron）产品递补供应，相关市场消息近日在业界传得沸沸扬扬。 对此，DIGITIMES向三星求证，三星回覆无法评论客户相关事宜，相关开发计画仍按照进度执 行。 相关供应链指出，根据规划，三星向NVIDIA送出的HBM3E认证确实进入开奖揭晓阶段，原本预 期最快在2025年第1季向NVIDIA放量供应HBM3E，而NVIDIA迟迟未明确对外公布最后的认证结 果，但Google改换供应商的动作，已被视为三星HBM3E认证不顺的重要指标。 客户改换供应传言间接证实三星HBM3E卡关 先前外电曾报导，联发科将打入Google新世代的AI供应链，双方将携手开发下一 ...