DDR4 降价的消息并不准确-Old memory Report on DDR4 price cut incorrect

Summary of Conference Call Notes Industry Overview - Industry: Greater China Semiconductors - Focus: Memory products, specifically DDR4 and LPDDR4 Key Points 1. Correction on DDR4 Pricing Reports: Recent reports from Taiwanese media claiming that CXMT is selling DDR4 at significant discounts are deemed incorrect. CXMT no longer produces DDR4 products and only provides foundry services for GigaDevice's DDR4 and LPDDR4 products [2][1] 2. GigaDevice's Performance: GigaDevice reported a year-over-year increase in DRAM procurement value from CXMT in the first half of 2026, attributed to a pricing hike [2][1] 3. Outlook on Memory Players: The analysis remains bullish on old memory players, particularly reiterating Winbond Electronics Corp as a top pick due to expected strong DRAM pricing and sustainable NOR price increases [2][7] 4. Valuation Methodology: Winbond Electronics Corp is valued at a base case of 3.9x 2026 estimated price-to-book ratio, which is higher than its historical range of 0.5-1.5x since 2017, reflecting strong market conditions [7][1] 5. Risks Identified: - Upside Risks: Increased NOR Flash pricing due to stronger demand, and stronger-than-expected DRAM pricing due to ongoing supply shortages [9][1] - Downside Risks: Potential downcycle in NOR Flash pricing due to weaker demand, and lower-than-expected DRAM pricing due to oversupply [9][1] Additional Important Information - Analyst Team: The report is prepared by a team of analysts including Daniel Yen, CFA, Charlie Chan, Daisy Dai, CFA, and Tiffany Yeh, with contact information provided for further inquiries [4][1] - Investment Banking Relationships: Morgan Stanley has investment banking relationships with several companies in the semiconductor sector, which may present potential conflicts of interest [5][1] - Market Ratings: The report utilizes a relative rating system, categorizing stocks as Overweight, Equal-weight, Not-Rated, or Underweight, without assigning traditional Buy, Hold, or Sell ratings [26][1] This summary encapsulates the critical insights and data from the conference call, focusing on the semiconductor industry dynamics and specific company evaluations.