A report on Hynix was released today from Mirae Asset Securities.
The analyst recently visited Chinese semiconductor companies, and this report includes related content, so I'm sharing it.
Key points to watch are that current Chinese accelerator companies (=Nvidia-oriented companies) are shifting their focus from GDDR memory to HBM adoption. However, (according to the analyst's subjective opinion), it will take at least two more years for China to mass-produce HBM3 level, so Hynix's HBM market share is expected to remain stable for the time being.
In addition, as CXMT and others convert production facilities to HBM development, DRAM production volume will naturally decrease, which is expected to help defend DRAM prices.
Looking at the report's future earnings forecast, operating profit for 2028 is projected to decline slightly. However, this is interpreted as a result of depreciation reflecting the introduction of new equipment into production rather than a decrease in actual sales.
