存储领域- 全球存储供需更新及物料清单（BOM）成本分析：预计 DRAM、NAND 及 HBM（高带宽内存）供应将进一步紧张，重申三星、海力士、闪迪（SNDK）、东京电子 “买入” 评级

8 February 2026 | 9:32PM KST Equity Research GLOBAL TECHNOLOGY: SEMICONDUCTORS - MEMORY Global Memory S/D update and BOM cost analysis: Expect further tightness across DRAM, NAND, and HBM; reiterate Buy on Samsung, Hynix, SNDK, Tokyo Electron, Ulvac, and Disco We update our S/D model post 4QCY25 earnings of major memory players, where we now expect even tighter S/D across DRAM, NAND, and HBM for 2026E/2027E. With the tighter S/D, we believe memory companies will continue to enjoy significant pricing upside, ...