· 供应链分析
Meritz Securities的Kim Sunwoo：“现在不是抛售三星电子和$SKHY的时候。” 他们认为市场过度误解了半导体局势，且DRAM短缺将在今年下半年加剧。 - 2026年下半年：“供应商仅能满足75%–80%的DRAM需求”。 - 2027年：“满足率预计降至60%区间。” 文章中附带了市场预测，显示SK海力士2027年市盈率为3.5倍，三星为3.9倍。 认为$INTC CEO关于时间框架的言论最到位：“直到至少2028年，内存供应和价格都不会缓解”。 特别是在$MU签署16份有利的“提货或付款”长期协议后，内存需求似乎具有结构性。
Kim Sunwoo of Meritz Securities: "This Is Not the Time to Sell Samsung Electronics and $SKHY" They claim markets are excessively misunderstanding the situation with semis. And that DRAM shortage will intensify in the second half of this year. - H2 2026: "suppliers can fulfill only 75%–80% of DRAM demand". - 2027: "fulfillment is expected to fall into the 60% range." In the article, they attached market forecasts that show SK Hynix with a 2027 3.5x P/E and Samsung a 3.9x P/E. Think the $INTC CEO said it best around timeframes with his quote "no relief in memory supply or pricing until at least 2028". Especially after $MU 16 LTAs with favorable take or pay volume contracts... memory demand seems structural.