· 个股论点
涉及标的： $ESMT
NOR Flash“严重供应短缺”，高密度产品下半年持续涨价90-110%。 我想知道谁同时销售高密度NOR和SLC NAND？*咳咳，$ESMT* 上半年涨幅： NOR：+100–120% SLC NAND：+130–150% 下半年涨幅： 高密度NOR：下半年90-110% SLC NAND：~70–75%。 显然还有华邦电子/宏碁/兆易创新等其他厂商，但我对ESMT的观点和持仓是，相对于其体量，它是此次短缺的最大受益者。（他们销售NOR：>256Mb） 适度的看空部分是： “对于128Mb及以下的中低容量产品，中国供应商的额外产能正在逐步上线。 因此，消费级产品的价格上涨预计将趋于温和” 然而，这一更新对传统内存厂商的盈利来说，压倒性地看多。 让ASP（平均售价）涨价游戏继续吧。
NOR flash “Severe Supply Shortage” with high density continued increases of 90-110% for H2. I wonder who sells both high density NOR and SLC NAND? *cough cough, $ESMT* For H1 hikes: NOR: +100–120% SLC NAND: +130–150% For H2 hikes: High-density NOR: 90-110% in H2 SLC NAND: ~70–75%. Obviously there’s others from Winbond / Macronix / Gigadevice, but my idea and position with ESMT is that it’s the largest beneficiary of the shortage relative to size. (they sell NOR: >256Mb) The moderate bearish part is: “For mid- and low-capacity products of 128Mb and below, additional capacity from Chinese suppliers is gradually coming online. Price increases for consumer-grade products are therefore expected to moderate” However, this update is overwhelmingly bullish for earnings of legacy memory players. Let the ASP hike games continue.