亚太地区-半导体行业-全球存储器市场：寻找拐点和我们2021年的初步设想.pdfVIP

Asia Pacific Corporate Research 03 October 2019 Global Memory Market Finding the inflection point and our initial take on 2021: A gradual recovery in 2H20 With revised supply-demand assumptions, we forecast the global memory market Technology - Semiconductors value at US$96bn in 2019 (down 37%+ Y/Y), which includes a 41%/31% shrink AC for DRAM/NAND markets, largely driven by a ~50% Y/Y price decline for both. JJ Park For 2020, we expect the DRAM market to continue to decline at 6% Y/Y, but the (82-2) 758-5717 jj.park@ NAND market is likely to resume growth of 24% Y/Y with strong price-elastic Bloomberg JPMA PARK GO demand and stable NAND prices. We also introduce our 2021 outlook, with DRAM and NAND expected to show double-digit % revenue growth on the back J.P. Morgan Securities (Far East) Limited, Seoul Branch of moderating price declines. Vaibhav Arya  NAND bottoming out in 4Q19 followed by DRAM in 2Q20. As we expect