memory is experiencing tight capacity.
Driven by strong markets such as 5G and IoT, memory demand has increased significantly. After experiencing oversupply market conditions for more than a year, memory gradually shifted from a balance between supply and demand to tight production capacity in the fourth quarter of last year. Recently, NAND Flash has taken the lead in price increases, NOR Flash production capacity is tight, news of price increases has begun to spread, and DRAM has also shown signs of stopping its decline.
Supply exceeds demand, memory price increase logic persists
According to Chuancai Securities, a fire broke out at Samsung Electronics’ semiconductor factory in Hwaseong earlier. The fire started in the factory’s wastewater treatment facilities, but it had no impact on wafer production and no personnel were involved. casualties. Samsung Hwaseong factory is mainly used to produce DRAM particles and NAND memory chips.
Samsung Electronics is a major storage manufacturer with a high market share of DRAM and NAND. In the field of semiconductor storage, the market concentration is high, and the market is an oligopoly dominated by Japanese, Korean and American manufacturers. Korean manufacturers Samsung Electronics and SK Hynix have a greater influence. In the DRAM market, Korean manufacturers share a total of 75%, of which Samsung Electronics has a 46% market share; in the NAND Flash market, Japanese and Korean manufacturers share a combined 89% share, of which Samsung Electronics accounts for 35%. . Therefore, changes in Samsung Electronics' memory shipments will affect the global semiconductor memory production capacity supply to a certain extent.
Due to the oversupply of DRAM last year, memory prices have been declining for a long time in 2019, and inventories have been cleared in large quantities. Currently, due to the long-term development needs of 5G+AI+IoT, downstream customers have started to prepare goods in advance. The single-machine storage usage of new 5G machines has increased significantly, and the demand for CIS sensing has been strong since the Internet of Things era has begun. This has prompted Korean storage manufacturers to have tight DRAM production capacity and insufficient supply. Since 2020, memory prices have continued to increase.
The domestic memory industry is gradually breaking through
As the memory market improves, the domestic memory industry has also made great progress in recent years. According to the technological progress schedule of overseas memory leaders predicted by Yangtze Securities, compared with leading international memory manufacturers, Yangtze Memory 's 64-layer 3D NAND flash memory is only 1 or 2 years behind. In addition, Yangtze Memory will enter the 128-layer 3D NAND technology stage together with Samsung and Toshiba in 2020, and will gradually catch up with the pace of major international manufacturers.
It is understood that the total planned investment in the Yangtze River storage production line is as high as 150 billion yuan, and the total planned production capacity is as high as 300,000 pieces/month (divided into three phases, each phase is 100,000 pieces). Wuhan Yangtze Memory reached the first stage of 8K wafer production capacity in 2018, and entered the second stage of capacity expansion in 2019, adding 20,000 wafer production capacity. At the same time, the Wuhan production line is expected to continue to increase its production capacity by 30,000 pieces in 2020, and its monthly production capacity is expected to reach 100,000 pieces by 2021.
China is the world's largest consumer of memory chips, but our country's memory market has been monopolized by Samsung, Toshiba, SK Hynix, Micron and other U.S., Japanese and Korean companies. High reliance on imports is a problem we have to face. With the efforts of manufacturers such as Yangtze Storage, Changxin Storage , China's storage industry is accelerating its breakthrough and breaking its dependence on imports.
List of listed companies in the memory field
In the A-share market, many companies have entered the memory field. GigaDevice Innovation can be called the leader in memory chips. The company's main business is the research and development, technical support and sales of flash memory chips and their derivatives, microcontroller products and sensor modules. According to Web-Feet Research data, the company's global sales of flash memory products ranked tenth in 2018. In the NOR Flash market, the company's global sales ranked fifth, with a market share of 10.9%, an increase from the market share in 2017 0.4%. According to the research report of Northeast Securities, since 2019, the global market share of the company's main business NorFlash has continued to rise, reaching 18.3% in 2019Q3, ranking third in the world.
Deep Technology 's Peyton Technology was originally a wholly foreign-owned enterprise invested and constructed in China by Kingston Technology of the United States. It is the largest DRAM and Flash chip packaging and testing enterprise in South China, providing a full range of services to global customers including Kingston. Coverage and testing services.
Taiji Industrial had previously established a joint venture with SK Hynix, Haitai Semiconductor (Taiji Industrial holds 55% of Haitai's equity), specifically to provide DRAM packaging and testing services for SK Hynix.Taichi Semiconductor, another platform controlled by the company in the field of memory packaging and testing, mainly provides post-process packaging and testing services for major NAND and DRAM memory chip and module manufacturers such as Western Digital, ISSI, Delphi, Continental, Panasonic, and Hitachi.
Beijing Junzheng ’s main business is the R&D and sales of microprocessor chips, smart video chips and other ASIC chip products and overall solutions. After the company acquires Beijing Silicon, it will combine its own advantages in the field of processor chips with the target company's strong competitiveness in the field of memory chips to form a "processor + memory" technology and product structure, and actively deploy and expand the company's products Applications in the fields of automotive electronics, industrial control and the Internet of Things.
Shenzhen Konka A announced earlier that due to business development needs, Konka Group plans to invest in the construction of a memory chip packaging and testing factory with Konka Xinying Semiconductor as the main body, with a total investment of 1.082 billion yuan to carry out packaging, testing and sales of memory chips. , trial production is planned for the end of 2020.
In addition, Changdian Technology, , Tongfu Microelectronics, and other manufacturers that mainly provide packaging business for logic chips have also already launched a layout for memory chip packaging.
Memory concept stocks are frequently sought after by funds
Catalyzed by the wave of domestic substitution and sought after by funds, memory concept stocks continue to be active. 9 stocks have hit a record high in the past month, accounting for nearly 70% of the total. They are GigaDevice Innovation, Ziguang shares, Tongfu Microelectronics, Xingsen Technology, etc. Since the Spring Festival, most memory concept stocks have received additional financing from investors. Among them, Shenzhen Konka A has received a net purchase of 1.27 billion yuan, ranking first. Huatian Technology , GigaDevice Innovation, Xingsen Technology, Deep Technology, Changdian Technology and other funded customers increased their positions by more than 200 million yuan.
While financiers are adding large positions, Beishang Capital is also adding positions in 6 stocks, namely Tongfu Microelectronics, Xingsen Technology, Shenzhen Technology, Taiji Industrial, Ziguang Guowei , and Beijing Junzheng. Tongfu Microelectronics received the highest number of shares from Beijing Capital, reaching 21.93 million shares. Judging from the current positions held by Beijing Capital, GigaDevice, Unisoc, and Tongfu Microelectronics all have a market value of more than 1 billion yuan in positions held by Beijing Capital, with GigaDevice leading the list with a capital position of 2.379 billion yuan.
However, after continuing to rise sharply, memory concept stocks have been adjusting for many days. Databao statistics show that compared with the historical high, memory leader GigaDevice has fallen by 31.47%. was followed by Tongfu Microelectronics and Changdian Technology, with cumulative declines of 30.45% and 30.36% respectively. Huatian Technology, Shenzhen Technology, Beijing Junzheng, Taiji Industrial, Guoke Micro, etc. have also fallen by more than 20%.
statement: All information content on Databao does not constitute investment advice. The stock market is risky, so investment needs to be cautious.
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