“芯”辰大海系列报告之二：存储器之NORFLASH.pdf

Page 1 Table_IndustryInfo 2018 08 14 NOR FLASH NOR FLASH ：国产存储器 产业发展的火种 DRAM NAND FLASH NOR FLASH NOR NOR NOR FLASH 存储器产品的 核心竞争 力 在于 性能与成本的平 衡 1 DRAM NAND 2 SRAM NOR 3 HDD Tape NOR FLASH 需求反弹 之“利”与不可替代 之 “基 ” NOR FLASH 2016 NOR 2016 / NOR 17-18 NAND NOR NOR NOR 存储器产业从利基走 向主 流 是大势所趋 NOR FLASH DRAM NAND FLASH DRAM NAND DRAM 2018-2020 7.99/9.64/12.57 40.0/33.0/25.4 EPS PE 2018E 2019E 2018E 2019E 603986 111.17 31,540 2.81 3.4 40.0 33.0 Wind - -PCB 2017-07-14 PCB PCB 2016-11-28 PCB 2016-10-11 PCB 2016-09-22 2016-07-12 0755-81981821 E-MAIL ouyangsh1guosen S0980517080002 0755-81981025 E-MAIL xuliang1guosen 0.6 0.7 0.8 0.9 1.0 1.1 1.2 A/17 O/17 D/17 F/18 A/18 J/18 Page 2 NOR FLASH: . 4 NOR FLASH . 4 . 4 NOR FLASH . 6 NOR FLASH . 9 NOR FLASH “ ” “ ” . 11 NOR “ ” “ ” .11 2016 . 12 NOR FLASH . 13 NOR . 15 . 15 . 16 . 16 . 18 . 19 . 19 . 19 . 19 Page 3 1 2017 . 4 2 2017 . 4 3 2017 DRAM . 4 4 2017 NAND FLASH . 4 5 . 5 6 trade off . 5 7 . 6 8 . 6 9 FLASH . 6 10 NOR . 7 11 NOR FLASH NAND FLASH . 7 12 NOR FLASH NAND FLASH . 7 13 NOR FLASH NAND FLASH . 8 14 . 9 15 ADAS . 9 16 Cypress . 10 17 ADAS NOR Flash . 10 18 Nor Flash . 10 19 . 11 20 NOR . 11 21 . 12 22 ADAS NOR . 12 23 FLASH . 12 24 FLASH . 12 25 OLED NOR . 13 26 NOR . 13 27 NOR . 14 28 NOR /GB . 14 29 NOR /GB . 14 30 2016 NOR FLASH . 15 31 NOR . 15 32 . 16 33 . 17 34 . 17 35 . 17 36 . 17 37 NOR Flash . 18 38 . 18 1 NOR Flash NAND Flash . 8 Page 4 NOR FLASH: NOR FLASH 2017 4000 1229 NAND Flash DRAM 455 722 96% NOR Flash 4% 1 2017 2 2017 SEMI SEMI DRAM NAND FLASH NOR FLASH NOR 3 2017 DRAM 4 2017 NAND FLASH DRAMexchange DRAMexchange NOR FLASH NOR FLASH DRAM NAND DDR3 DRAM NOR Flash SRAM SLC NAND 30% 25% 15% 13% 17% 存储器 逻辑电路 微处理器 模拟电路 其他 46% 28% 21% 3% 2% Samsung SK Hynix MICRON 南亚科技 其他 37% 18% 17% 12% 10% 6% 0% Sansung Toshiba WD Micron SK hynix INTEL 其他 Page 5 5 1 DRAM NAND 2 SRAM NOR 3 HDD Tape 6 trade off wind NOR NOR FLASH SRAM 1 NOR NOR NOR NOR NAND 2 NOR SRAM NOR Page 6 SRAM SRAM NOR FLASH 7 8 SRAM DRAM SRAM MCU DRAM MCU DRAM DRAM NOR NAND NAND NAND NOR NAND NOR NOR 9 FLASH FLASH NOR NAND FLASH NAND NOR Serial NOR Parallel NOR Page 7 1984