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2023 08 16 S1060519090004 XUYONG S1060520070001 FUQIANG S1060517070006 YANLEI S1060523070002 XUBIYUN 5G AI WSTS 2022 4799.9 1344.1 28%DRAM NAND NOR Flash DRAM NAND Flash DRAM 10nm NAND Flash 3D 200+NOR Flash 5G DRAM 2019 8Gb DDR4 12 NAND 2020 128 3D NAND NOR Flash 2022 NOR Flash 3-4 2020 DRAM NAND Flash 23H2 2023 3 2/37 DRAM NAND Flash 22Q2 DRAM NAND Flash TrendForce 2023 DRAM 0-5%NAND Flash 3-8%FY23Q3 23 6 1 19 FY23Q4 FY23Q2 44%7.3 3-4 23H2 NOR Flash SLC NAND EEPROM 1 2 3 EPS PE 2023/8/15 2023/8/15 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 603986.SH 97.75 651.90 3.08 2.70 3.80 5.00 31.7 36.2 25.7 19.6 300223.SZ 76.80 369.85 1.64 1.81 2.42 3.04 46.9 42.5 31.7 25.2 688008.SH 51.15 582.09 1.14 0.97 1.68 2.23 44.8 52.5 30.4 23.0 301308.SZ 76.51 315.88 0.18 0.63 1.32 1.89 433.9 122.0 58.0 40.6 688123.SH 51.99 81.99 2.24 3.22 4.33 5.16 23.2 16.1 12.0 10.1 688110.SH 31.99 141.48 0.42 0.54 0.84 1.22 76.3 58.9 38.2 26.3 Wind Wind ZXCXvMqNmPoPpRmPqNqPmN8OaO8OpNrRsQtQiNnNwOiNnMqP9PnMnNxNnPoONZrNnM 3/37.6 1.1.6 1.2.7 1.3.10 DRAM NAND NOR Flash.12 2.1 DRAM 10nm.13 2.2 NAND FLASH 3D NAND 200.15 2.3 NOR FLASH.18.18 3.1 AI.18 3.2.20 3.3 PC.22.24 4.1.24 4.2 SK AI.25 4.3.26 4.4 NOR Flash DRAM.27 4.5.29 4.6.30 4.7.31 4.8.32 4.9 EEPROM SPD EEPROM.33 4.10 SLC NAND.34.35.36 4/37 1.6 2.7 3.7 4 2011-2023.8 5 2021-2023 DRAM.8 6 2021-2023 NAND Flash.8 7 DRAM.9 8 NAND Flash.9 9 2022 DRAM.9 10 2022 NAND Flash.9 11 2012-2023.10 12 12Q1-23Q2.11 13 DRAM.11 14 NAND Flash.11 15 2012-2022.12 16 12Q1-23Q2.12 17 23Q1-23Q3 DRAM NAND Flash.12 18 DRAM.13 19 DDR1-DDR5.13 20 HBM.14 21 HBM GDDR5.14 22 DRAM.14 23 NAND Flash.15 24 NAND Flash.16 25 3D NAND.16 26 2D NAND 3D NAND.16 27 3D NAND.17 28 SK 4D NAND.17 29 4D NAND 3D NAND.17 30 2021 NOR Flash.18 31 2021 NOR Flash.18 32 2018-2023.19 33 2022-2024 DRAM.20 5/37 34 2022-2024 SSD.20 35 22Q1-23Q1.21 36.21 37 2022-2024 DRAM.22 38 2022-2024 NAND.22 39 21Q1-23Q1 PC.23 40 2022-2024 PC DRAM.23 41 2022-2024 PC NAND.24 42 DRAM.24 43 V-NAND.25 44 2022 SK.26 45 22Q1-23Q2.26 46 22Q1-23Q3.27 47 NOR Flash.28 48.28 49 DRAM.28 50 2018-2022.28 51 2018-2022.28 52 ISSI.29 53 2018-2022.29 54 2022.29 55.30 56 2018-2022.30 57 2018-2022.30 58.31 59 2018-2022.32 60 2020-2022.33 61 2022 EEPROM.34 62 2018-2022.35 63.35 6/37 1.1 5G AIOT GB TB PB EB ZB DRAM NAND 1966 IBM DRAM DRAM 1Kb 16GB DRAM 1980 NAND Flash 4Mb 1.33Tb Flash 40 2D NAND 3D NAND 1 dreamstime RAM ROMRAM CPU ROM RAM SRAM DRAM DRAM SRAM CPU GPU L1/L2 L2 Kb Mb DRAM 16GB ROM PROM EPROM OTPROM EEPROM Flash Flash Flash NAND Flash NOR Flash NAND Flash Flash NAND Flash NOR Flash Flash TWS 7/37 2 IDM 3 1.2 8/37 5G AI WSTS 2022 4799.9 1344.1 28%4 2011-2023 WSTS DRAM NAND Flash Yole 2022 DRAM 56%NAND Flash 41%NOR Flash 2%TrendForce 2022 DRAM 801-16%2023 40%482 NAND Flash 2022 600-12%2023 23%464 5 2021-2023 DRAM 6 2021-2023 NAND Flash TrendForce TrendForce-40%-20%0%20%40%60%80%020040060080010001200140016001800-60%-40%-20%0%20%40%60%02004006008001000 DRAM-40%-20%0%20%40%02004006008001000 NAND Flash 9/37 PC DRAM 5G AI DRAM 2023 DRAM eSSD 2023 NAND Flash 7 DRAM 8 NAND Flash TrendForce TrendForce DRAM SK CR3 95%NAND Flash SK CR5 90%9 2022 DRAM 10 2022 NAND Flash TrendForce TrendForce 0 1 NAND Flash 2017 3D NAND 2020 128 3D NAND DRAM 2019 8Gb DDR4 12 2022 NOR Flash 0%20%40%60%80%100%PC0%20%40%60%80%100%PC SSD SSD UFD/SK SK 10/37 1.3 2017 60%2019 3-4 1 2012-2015 2 2016-2019 3D NAND DRAM PC 3 2020-2020 PC 2021 AI 23H2 11 2012-2023 WSTS FY23Q3 23 6 1 19 FY23Q4 AI FY23Q2+44%11/37 12 12Q1-23Q2 Wind 30%-50%2023 DRAM NAND Flash 30%-50%13 DRAM 14 NAND Flash Omdia Omdia 22H2 23Q3-100%-50%0%50%100%150%海 力士-营收 同比 增 速 美光-营收同 比增速海 力士-营业 利润 率 美光-营业利 润率020406080100120140160Samsung SK hynix Micron020406080100120140Samsung Micron SK hynix2D NAND 3D NAND 12/37 PC 15 2012-2022 16 12Q1-23Q2 Wind Wind 22Q2 23H1 DRAM NAND Flash TrendForce 2023 DRAM 0-5%NAND Flash 3-8%17 23Q1-23Q3 DRAM NAND Flash 23Q2E 23Q3F DRAM PC DRAM DDR4 15-20%DDR5 13-18%15-20%DDR4 3-8%DDR5 0-5%0-5%DRAM DDR4 18-23%DDR5 13-18%15-20%DDR4 3-8%DDR5 0-5%0-5%DRAM 13-18%LPDDR4X 0-5%LPDDR5X w ith HKMG 0-5%DRAM 13-18%0-5%NAND Flash eMMC UFS consumer 8-13%Mobile 15-20%consumer Mobile 8-13%Enterprise SSD 13-18%5-10%Client SSD 15-20%8-13%3D NAND Wafer TLC&QLC 8-13%0-5%NAND Flash 10-15%3-8%TrendForce DRAM NAND NOR Flash 020406080100120140-50%0%50%100%150%-13/37 2.1 DRAM 10nm DRAM RAM CPU PC DRAM Yole 2022 DRAM 56%18 DRAM mooc DRAM DDR LPDDR GDDR HBM DDR Double Data Rate SDRAM PC DDR5 2020 DDR4 DDR5 2 20%DDR5 DDR5 19 DDR1-DDR5 DDR1 DDR2 DDR3 DDR4 DDR5 2000 2003 2007 2012 2020 2.5V 1.8V 1.5V 1.2V 1.1V 128Mb-1Gb 128Mb-4Gb 512Mb-8Gb 2Gb-16Gb 8Gb-64Gb MT/s 200-400 400-800 800-2133 1600-3200 3200-6400 LPDDR Low Power DDR DDR LPDDR LPDDR LPDDR5X LPDDR5X GDDR Graphics DDR GDDR GDDR6X HBM High Bandwidth Memory 3D DRAM TSV DRAM GPU DDR 14/37 HBM HBM3 ChatGPT HBM 20 HBM 21 HBM GDDR5 AMD DRAM 1 10+nm DRAM DRAM SK 2016-2017 1x 16nm-19nm 2018-2019 1y 14nm-16nm 2020 1z 12nm-14nm 10nm 2022 2023 1 1 DRAM 1 DRAM 2019 8Gb DDR4 22 DRAM TechInsights DRAM 10nm EUV DRAM DRAM 193nm DUV EUV 13.5nm 14nm DUV 15/37 EUV EUV 4-5 SK 2020 2021 EUV DUV DRAM 2024 EUV EUV 3D-DRAM NAND 200 3D DRAM 3D DRAM HBM 3D DRAM 2.2 NAND FLASH 3D NAND 200 NAND Flash NAND Flash PC Yole 2022 NAND 41%23 NAND Flash PCEVA NAND Flash SLC MLC TLC QLC 1 2 3 4bit SLC QLC SLC NAND QLC NAND Flash TLC 16/37 24 NAND Flash Micron 3D NAND NAND NAND 2D 2D NAND 120nm 14nm 2D 2D NAND 2007 3D NAND 3D NAND 25 3D NAND 26 2D NAND 3D NAND 2014 3D V-NAND 3D NAND NAND 2022 232 NAND 236 3D NAND 2023 218 3D NAND SK 2023 300 3D NAND 2024-2025 NAND 2020 128 3D NAND 17/37 27 3D NAND TechInsights 3D NAND SK 4D NAND 4D NAND 3D NAND PUC 2022 SK 238 4D NAND 28 SK 4D NAND 29 4D NAND 3D NAND 18/37 2.3 NOR FLASH NOR NAND Flash NAND Flash NOR Flash NOR Flash NAND Flash NOR Flash NOR 5G NOR Flash IC Insights 2021 NOR Flash 2%63%29 NAND Flash NOR Flash 2021 35%33%NOR 23%30 2021 NOR Flash 31 2021 NOR Flash IC Insights IC Insights 1988 NOR Flash 1.5m 2005 65nm NOR Flash NOR Flash 55nm 65nm 45nm 3D NAND Flash NOR 3D NOR Flash 3D NOR Flash 2025 3D NOR Flash 45nm 3.1 AI 2023 1882 DIGITIMES 2022 6%1805 AI 2023 4%1882 05101520253035 NOR Flash 19/37 32 2018-2023 DIGITIMES Sapphire Rapids PCIe 5.0 CXL 1.1 Compute Express Link DDR5 I/O 1.7 45%DRAM NAND Flash ChatGPT AI GPT-3 45Tb 1750 GPT GPT-4 GPT3 AI AI“”“”“”AI TrendForce 2022 GPGPU AI 1%2023 8%2022-2026 CAGR 10.8%AI DRAM 8 NAND 3 AI AI HBM DDR5-4%0%4%8%12%0500100015002000 20/37 33 2022-2024 DRAM Omdia 34 2022-2024 SSD Omdia 3.2 Counterpoint 23Q1 2.8-14%-7%2022 12%600+1%30%32%34%36%38%40%050100150200250300 DRAM Gb DRAM 10%20%30%40%0200400600800eSSD GB NAND 21/37 35 22Q1-23Q1 Counterpoint NAND MCPeMCPuMCP 5G AI 4K LPDDR5+UFS3.1 36 CFM CPU/iPhone 2007 iPhone 128Mb LPDDR 16Gb iPhone 14 Pro Max LPDDR5 6Gb 1Tb-12%-7%-2%3%8%250275300325350 22/37 37 2022-2024 DRAM Omdia 38 2022-2024 NAND Omdia 3.3 PC PC IDC 23Q1 PC 5690-29%Chromebook Windows 11 2024 PC 26%28%30%32%34%36%050100150200250 DRAM Gb DRAM 20%30%40%50%02004006008001000 NAND GB NAND 23/37 39 21Q1-23Q1 PC IDC PC Yole 2020 PC DRAM 10Gb 2026 18Gb 2020-2026 CAGR 10%2020 NAND Flash 450Gb 2026 1000Gb 2020-2026 CAGR 15%40 2022-2024 PC DRAM Omdia-20%-15%-10%-5%0%5%10%0200040006000800010000 PC 10%11%12%13%14%15%0102030405060708090PC DRAM Gb DRAM 24/37 41 2022-2024 PC NAND Omdia 4.1 IT DRAM NAND Flash TrendForce 2022 DRAM NAND 43%33%1969 1984 256Kb DRAM 1992 64Mb DRAM 1999 1Gb NAND 2013 3D V-NAND 2018 LPDDR5 DRAM 10nm EUV 512GB DDR5 8 V-NAND 236 42 DRAM Forbes 10%15%20%25%30%0100200300400500600700PC NAND GB NAND 25/37 43 V-NAND Forbes 20 80 DRAM DRAM 20 90 1993 8 DRAM 2008 DRAM 4.2 SK AI SK DRAM NAND Flash CIS 2022 SK 28%DRAM 13%NAND Flash 1984 SK 16Kb SRAM 1999 LG 2004 NAND Flash 2013 TSV HBM 2019 128 4D NAND SK 12 HBM3 DRAM DDR5 EUV 1 nm NAND 2022 238 4D NAND 2023 300 3D NAND 2024-2025 26/37 44 2022 SK FY23Q2 SK 2023 FY23Q2 7.31-47%+44%2.88 2.99 DRAM 62%+30%ASP NAND 30%50%ASP 10%45 FY22Q1-FY23Q2 4.3-6-303691215 27/37 1978 DRAM NAND NOR CMOS 2022 DRAM 25%NAND 12%1979 64K DRAM 1981 64K DRAM 1984 256K DRAM 2021 1 DRAM 2022 1 DRAM 1 EUV 2024 NAND 2020 11 176 3D NAND 2022 232 NAND FY23Q3 FY23Q3 37.5-57%+1.6%19 GAAP-17.8%Non-GAAP-16%Q2 FY23Q3 DRAM 27-57%-2%+10%ASP-10%NAND 10-56%+14%+30%ASP 15%FY23Q4 44%-38%37-41 GAAP-15%-10%Non-GAAP-13%-8%46 FY22Q1-FY23Q3 Wind 2023 3 2018 58%2022 11%4.4 NOR Flash DRAM 603986.SH 2005 4 官网 显示，公司 Flash NOR Flash 212-40-20020406080100 28/37 47 NOR Flash NOR Flash DRAM NAND Flash NOR Flash 512Kb-2Gb 2022 80%1 NAND Flash 38nm 24nm 1-8Gb DRAM DRAM 1X DDR4 DDR3L 48 49 DRAM Wind Wind 2022 81 4.5%48 59%21 12%2022 9 11%12%72%50 2018-2022 51 2018-2022 Wind Wind-50%0%50%100%150%200%020406080100 0%5%10%15%20%0246810 29/37 4.5 300223.SZ 2005 2020 ISSI Lumissil Omdia 2022 SRAM DRAM NOR Flash SRAM Synch SRAM Asynch SRAM QDR SRAM DRAM 16Mb-16Gb 2022 8Gb LPDDR4 2G LPDDR2 4G LPDDR4 Flash NOR Flash NAND Flash 2022 Flash NOR Flash NOR Flash 52 ISSI ISSI 2022 54 3%41 13%75%7.9 15%22Q4 53 2018-2022 54 2022 Wind Wind 0102030405060 30/37 4.6 688008.SH 2004 DDR2 DDR5/22 DDR4 DDR5 55 2022 5 CXL MXC DDR5 RCD 2022 9 DDR5 CKD 2022 12 DDR5 RCD PCIe SerDes IP IP PCIe 5.0/CXL 2.0 Retimer 2022 37 43%DDR5 13 57%2022 6 52%15%73%56 2018-2022 57 2018-2022 Wind Wind-40%0%40%80%120%010203040 0%5%10%15%20%0123456 31/37 4.7 301308.SZ 1999 Flash DRAM 4 Foresee Lexar CFM 2021 eMMC UFS 6.5%Omdia 2021 Lexar/58 1 eMMC UFS ePOP eMCP SLC NAND LPDDR 2022 UFS 2.2 UFS 3.1 eMMC UFS AEC-Q100 512Mb SLC NAND Flash 2 SSD SAT A PCIe 2022 SSD PCIe 4.0 SAT A 3.2 3 Lexar 2Tb CF Express 1Tb Micro SD PLAY CF Express 4 DDR4 DDR5 4GB 64GB 2022 DDR4 DDR5 RDIMM 2022 2022 83 15%9%44 8%20 28%15 36%4 2022 0.7 93%32/37 59 2018-2022 Wind 4.8 000021.SZ 1985 DRAM NAND FLASH DRAM NAND FLASH DDR3 DDR4 DDR5 LPDDR3 LPDDR4 LPDDR5 eMCP4 2022(DRAM LPDDR4 LPDDR5 eSSD eMMC)8 ISO9001/14001/45001 wBGA LPDDR 2015 2022 161 2%26.5-8%16%15.4%2022 6.6 15%020406080100120 33/37 60 2020-2022 Wind 4.9 EEPROM SPD EEPROM 688123.SH 2009 EEPROM,web-feet 2019 EEPROM EEPROM I2C SPI Microwire EEPROM SPD 2022 1.2V EEPROM CSP A1 EEPROM DDR5 SPD SPD 2022 SPD EEPROM 2022 10 80%DDR SPD EEPROM EEPROM 9+49%2021 40%2022 71%2022 4+227%2022 1.3+80%15%14%15%16%17%18%05101520253035 34/37 61 2022 EEPROM Wind 4.10 SLC NAND 688110.SH 2014 NAND/NOR/DRAM 1xnm NAND Flash 48nm NOR Flash NAND Flash 2xnm SLC NAND Flash AEC-Q100 SPI NOR Flash 64Mb-1Gb 65nm 48nm 512Mb 1Gb NOR Flash DRAM 25nm LPDDR4X PSRAM 2022 11 1%NAND 7+7%MCP 2+26%DRAM 0.8+3%NOR 0.7-62%2022 2 29%0%20%40%60%80%024681012EEPROM EEPROM 35/37 62 2018-2022 Wind DRAM NAND Flash 22Q2 DRAM NAND Flash TrendForce 2023 DRAM 0-5%NAND Flash 3-8%FY23Q3 23 6 1 19 FY23Q4 FY23Q2 44%7.3 3-4 23H2 NOR Flash SLC NAND EEPROM 63 EPS PE 2023/8/15 2023/8/15 2022A 2023E 2024E 2025E 2022A E 2023E 2024E 2025E 603986.SH 97.75 651.90 3.08 2.70 3.80 5.00 31.7 36.2 25.7 19.6 300223.SZ 76.80 369.85 1.64 1.81 2.42 3.04 46.9 42.5 31.7 25.2 688008.SH 51.15 582.09 1.14 0.97 1.68 2.23 44.8 52.5 30.4 23.0 301308.SZ 76.51 315.88 0.18 0.63 1.32 1.89 433.9 122.0 58.0 40.6 688123.SH 51.99 81.99 2.24 3.22 4.33 5.16 23.2 16.1 12.0 10.1 688110.SH 31.99 141.48 0.42 0.54 0.84 1.22 76.3 58.9 38.2 26.3 02468101214NAND MCP DRAM NOR 36/37 Wind Wind 1 2 3 :6 20%6 10%20%6 10%6 10%:6 5%6 5%6 5%“”2022 4008866338 5023 B 25 518033 1333 26 200120 4 1 B 25 100033
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