2025 年 9 月存储芯片价格：服务器需求推动存储芯片价格进入坚实上行周期-South Korea Technology_ September 2025 memory pricing_ Server demand driving solid memory pricing upcycle

Summary of Key Points from the Conference Call Industry Overview - Industry: Memory Semiconductor Industry, specifically focusing on DRAM and NAND markets - Key Players: Samsung Electronics (SEC), SK Hynix, U.S. and Chinese Cloud Service Providers (CSPs) Core Insights and Arguments DRAM Pricing Trends - Conventional DRAM: - Pricing increased by 10-15% quarter-over-quarter (qoq) in 3Q25 - Expected to rise by 8-13% qoq in 4Q25, driven by strong server demand and supply constraints [1][9] - PC DRAM: - Pricing rose by 8-13% qoq in 3Q25 - Anticipated increase of 3-8% qoq in 4Q25 due to higher server DRAM allocation constraining supply [3][9] - Server DRAM: - Pricing rose by 3-8% qoq in 3Q25 - Expected to increase by 5-10% qoq in 4Q25, with significant demand growth from U.S. (>25% yoy) and Chinese CSPs (>20% yoy) [4][9] NAND Pricing Trends - NAND ASP: - Increased by 3-8% qoq in 3Q25 - Projected stronger growth of 5-10% qoq in 4Q25, primarily due to robust demand for eSSD [2][10] Low-Power DRAM - Demand for low-power DRAM is rising due to increased DRAM content in smartphones and other applications - Pricing for LPDDR4/LPDDR5 rose by 10-15% and 38-43% qoq in 3Q25, with expectations of further increases in 4Q25 [5][8] Additional Important Insights - Market Dynamics: - Supply tightness in the memory market is expected to continue, influencing pricing strategies and inventory management among OEMs [3][4] - Long-term Agreements: - Discussions on long-term agreements for server DRAM pricing have begun, indicating a proactive approach to manage future demand and supply [4] - Pricing Premiums: - DDR5 16Gb spot pricing is trading at a 24% premium compared to contract prices, while DDR4 8Gb is at a 5% premium [11][13] Risks and Considerations - Key Risks: - Major deterioration in memory supply/demand dynamics - Sharp contraction in smartphone margins - Potential loss of market share in mobile OLED [20][23] Valuation and Ratings - Samsung Electronics: - Target price for common shares set at W96,000 and W78,000 for preference shares, rated as "Buy" [19] - SK Hynix: - Target price set at W300,000, rated as "Neutral" [22] This summary encapsulates the essential insights and trends discussed in the conference call, providing a comprehensive overview of the current state and future expectations of the memory semiconductor industry.