Recently, many semiconductor equipment giants have announced the latest financial report data, and have made a prospect of development in 2024. Among themAnd, it is also regarded by major manufacturers as a new kinetic energy for semiconductor equipment.
What are the uniqueness of HBM?
HBM is the high bandwidth memory, which is a type of graphical DDR memory.By increasing bandwidth, extended memory capacity, let more models and more parameters stay closer to the core computing, thereby reducing the delays caused by memory and storage solutions.Therefore, HBM is considered the key to making the data center with AI bearing capacity.
Since the first Silicon -pass hole HBM product in 2014, HBM technology has developed to the fourth generation. The latest HBM3 bandwidth, stacking height, capacity, I/O rate, etc.The initial generations were multiplied.
HBM evolution path
Source of data: SK Hemori Official Website, Pacific Securities
HBM is mainly used in the field of AI servers. In 2023, HBM only accounts for 5% of DRAM output 5%With the explosive growth of AI demand, it is expected that its compound annual growth rate will reach 50%in the next few years. TrendForce predicts that in 2025, the shipment of the AI server will reach about 2 million units, thereby boosting the outbreak of HBM demand. The market size may reach 15 billion U.S. dollars, an increase of 68%year -on -year. At present, , Google, AMD and other AI leading companies have widely used HBM solutions,
HBM market size growth growthCase
Data Source: Pacific Securities
Since the chip used in HBM is more than twice as large as the standard DRAM, it means that the production of chips with the same volume of the same volume requires more than twice the capacity.Breaking through the memory capacity and bandwidth bottleneck, it has become one of the new generation of DRAM technology routes.
The market is three -fourth in the world, semiconductor equipment manufacturers or beneficiary HBM technical changes
At present, the global HBM market presentationIn the situation of "three -point world", the three giants of the storage chip SK Hemori, Samsung, and Micron accounted for 53%, 38%, and 9%of the market share (data source: TrendForce), while SK Hynix is the only output to mass production of mass productionSupplier of new generation HBM3 capabilities.
HBM market share
Data Source: TrendForce
HBMs technical difficulties are mainly reflected in the packaging process.The core of the bandwidth expansion accounted for the highest proportion of HBMs 3D packaging costs, close to 30%, and TSV usually involves process processes such as pore etching, filling, insulation and thinning, and has higher requirements for electroplating materials.Therefore, the supporting supply chain and domestic alternative manufacturers are expected to benefit from it, including semiconductor materials, equipment and seal testing enterprises.
Semiconductor equipment manufacturers are generally optimistic about subsequent industrial prospects.Some institutions predict that the promotion of the recovery of the storage chip, the global wafer fab has a market size of about 80 billion US dollars in 2024.Among them, the driving force of DRAMs growth is mainly from the capacity improvement of HBM and node conversion.
With the continuous growth of the AI server, the PC and smartphones are rising under the drive of the AI application and the replacement cycle.The capital expenditure of the process logic chip, which in turn drives the market size of the semiconductor equipment to achieve double -digit growth.
ETF (561980) semiconductor equipment ETF is currently the only ETF that tracks the CSI semiconductor index.Equipment "The highest semiconductor theme index (with ETF tracking).Continue to pay attention to the potential growth opportunities of domestic replacement. Outside investors can also capture new opportunities for industrial opportunities by connecting funds (Class A: 020464, C: 020465).
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