Summary of SEDEX 2025 Review: Global Semiconductors Industry Overview - The conference focused on the semiconductor industry, particularly memory solutions, showcasing advancements in High Bandwidth Memory (HBM4) and AI memory solutions by major players Samsung Electronics and SK Hynix [1][2]. Key Companies - **Samsung Electronics** - Introduced HBM4 with an I/O speed of 11Gbps and a bandwidth of 2.8TB/s per stack, exceeding JEDEC standards [3]. - Emphasized the integration of its diverse business segments, including DRAM and logic semiconductors, to enhance performance [3]. - **SK Hynix** - Highlighted its 16-layer (16L) stacking technology for HBM4, showcasing superior power efficiency with a 20% reduction in power consumption compared to previous models [4]. Core Insights - Both companies presented a range of advanced memory solutions, including LPDDR6, SOCAMM2, LPCAMM, MRDIMM, Server DDR5, and eSSD, indicating a shift towards customized memory solutions driven by AI demands [2][5]. - The diversification of memory products is expected to stabilize the global memory industry, reducing volatility in the mid- to long-term [1][5]. Financial Projections - **Samsung Electronics**: Target price set at W145,000 based on a sum-of-the-parts (SOTP) methodology, with fair-value EV/EBITDA multiples assigned to its main divisions [7]. - **SK Hynix**: Target price of W640,000 derived from applying a 2.8x P/B ratio, reflecting historical demand growth phases and expectations for premium memory demand [9]. Risks Identified - **Samsung Electronics**: Risks include delays in HBM shipment approvals, weaker-than-expected PC sales, aggressive competitor investments, intensified competition in the handset market, and currency fluctuations impacting earnings [8]. - **SK Hynix**: Risks involve potential downturns in DRAM and NAND demand, as well as a collapse in global consumption [10]. Additional Considerations - The emphasis on customized memory solutions reflects a broader trend in the semiconductor industry towards meeting specific customer needs, particularly in the context of AI advancements [5]. - The competitive landscape is evolving, with both companies leveraging their technological advancements to capture market share in a diversifying memory product environment [1][5].