存储半导体月度报告：2025 年 10 月版 -2026 年是存储行业十年一遇的好年份-Memory Semis Monthly_ October ‘25 Edition_ 2026 once in a decade year for Memory

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Memory Semiconductors industry, particularly DDR and NAND segments, with significant demand expected in 2026. Core Insights and Arguments - Increased Demand: The top four US hyperscalers are projected to request approximately 100% more DDR bits in 2026 compared to 2025, indicating a strong demand trend [2][3] - Smartphone Demand: Large smartphone customers are anticipated to request around 20% more DDR bits in 2026 compared to 2025 [2] - Supply Constraints: The supply/demand situation remains tight for enterprise SSDs, leading to concerns about potential shortages [3] - DRAM Bit Growth: The total end-consumption DRAM bit growth forecast has been revised to +20.6% in 2025 and +19.1% in 2026, reflecting a significant gap between supply and demand [3] - Capex Forecasts: Capex forecasts for SK Hynix have been raised to Won28 trillion for 2025, Won35 trillion for 2026, and Won36 trillion for 2027, driven by demand for HBM, DDR, and enterprise SSD [4] Company-Specific Insights - SK Hynix: Preferred due to its leadership in HBM and broad exposure to the memory upcycle, with a price target raised to Won590,000 from Won516,000 [5] - Samsung Electronics: Upgraded to a Buy rating with a price target increase to Won112,000 from Won93,000 [5] - Micron Technology (MU): Forecasted to grow +19% YoY in bit shipments, indicating strong performance in the memory market [4] Additional Important Information - Long-Term Agreements (LTAs): DRAM makers are considering whether they can meet the LTA requests from customers while prioritizing their production [2] - Market Dynamics: The report highlights a 3 percentage point gap between overall DRAM bit supply growth and demand in 2026, which is a critical factor for investors to consider [3] - Investment Recommendations: The report suggests a bullish outlook on memory semiconductor stocks, particularly for SK Hynix and Samsung, indicating a favorable investment environment in the sector [5] This summary encapsulates the key points from the conference call, focusing on the memory semiconductor industry, demand forecasts, company-specific insights, and investment recommendations.