The storage chip sector has been the most eye-catching on 10/24, with the hype around storage chips having been ongoing for several months. Let’s take a closer look at this sector;First, let’s examine the specific types of storage chips【Excerpt from Yuanbao】:
Storage chips are one of the core branches of the semiconductor industry. They can be divided into two main categories based on whether data is retained after power loss: volatile memory and non-volatile memory. Additionally, there are special-purpose storage chips optimized for specific scenarios (e.g., HBM). Below, we systematically outline the entire spectrum of storage chips from five dimensions: type, core features, typical applications, major manufacturers, and pricing and profit.
1. Volatile Storage Chips: Data is lost upon power loss, used for “temporary computation”
The core of volatile storage is high-speed read and write, used to store programs and data that the CPU/GPU and other processors are currently running. Once power is lost, the data immediately disappears. It mainly includes two types: DRAM and SRAM:
1. DRAM (Dynamic Random Access Memory)
– Core features: Requires refresh circuits (to replenish charge every few milliseconds) to maintain data, fast speed (nanosecond level, about 10-50ns), relatively high density (single die can reach over 16Gb), large capacity, but lower cost than SRAM.
– Typical applications: Computer memory (DDR4/DDR5), mobile operating memory (LPDDR4X/LPDDR5), server memory, AI chip’s HBM (High Bandwidth Memory, a 3D stacked variant of DRAM).
– Major manufacturers: International: Samsung (market share ~45%), SK Hynix (~28%), Micron (~22%) (accounting for a total of 95% of the global market); Domestic: Changxin Memory (CXMT, mass production of 19nm/17nm DRAM, focusing on mobile/server memory).
– Pricing and profit: Cycle fluctuations are significant (every 3-4 years):
– Q4 2023: DDR4 8GB module approximately $15, DDR5 16GB module approximately $30;
– Q1 2024: Due to demand from AI/HBM, DDR5 prices increased by 15% month-on-month, HBM (such as HBM3) gross margin exceeds 50% (the price per GB is more than five times that of ordinary DRAM).
2. SRAM (Static Random Access Memory)
– Core features: Does not require refresh circuits (uses flip-flops to maintain data), extremely fast speed (picosecond level, about 1-10ns), low latency, but low density (single die only a few Mb), high cost (about 10 times that of DRAM).
– Typical applications: CPU Level 1/Level 2 cache, GPU memory cache, network switch cache, high-performance routers.
– Major manufacturers: International: Samsung, Micron, Cypress; Domestic: Almost no large-scale production manufacturers (high technical barriers, requiring processes below 10nm).
– Pricing and profit: High unit price (e.g., CPU L3 cache price per KB is about $0.1), gross margin 30-40%, but market scale is small (accounting for <5% of total storage market).
2. Non-Volatile Storage Chips: Data is retained upon power loss, used for “long-term storage”
The core of non-volatile storage is high density/low cost, used to store operating systems, files, firmware, and other long-term data, with data not lost after power loss. It mainly includes NAND Flash, NOR Flash, EEPROM, and emerging non-volatile storage:
1. NAND Flash
– Core features: Stores charge through “floating gate transistors”, extremely high density (single die can reach over 1Tb), low cost, but slower speed (microsecond level, about 10-100μs), with write/erase cycle limits (SLC>MLC>TLC>QLC, corresponding to 100,000 times→10,000 times→500 times→100 times).
– Typical applications: Computer SSDs (NVMe/SATA), mobile storage (UFS/eMMC), USB flash drives, storage cards (SD cards), data center cold storage.
– Major manufacturers: International: Samsung, Kioxia (formerly Toshiba Memory), Western Digital, Micron, SK Hynix (accounting for a total of 90% of the global market); Domestic: Yangtze Memory (YMTC, mass production of 128-layer/232-layer 3D NAND, focusing on consumer-grade/industrial-grade SSDs).
– Pricing and profit: Significant differentiation based on storage cell type:
– SLC (Single-Level Cell): Industrial/automotive grade, high write/erase cycles, gross margin 40%+ (e.g., 1Gb SLC price about $5);
– TLC (Triple-Level Cell): Mainstream consumer grade, gross margin 20-30% (e.g., 1TB consumer-grade SSD price about $50);
– QLC (Quad-Level Cell): Low-end consumer grade/data center cold storage, gross margin 10-20% (e.g., 2TB QLC SSD about $30).
2. NOR Flash
– Core features: Uses “NOR gate” structure, can execute code directly (XIP, Execute In Place, no need to load into DRAM), high reliability (write/erase cycles over 100,000), but low density (single die usually <1Gb), slow speed (microsecond level).
– Typical applications: IoT device firmware (smartwatches, sensors), automotive electronics (IVI systems, ADAS cameras), industrial control PLCs, medical devices.
– Major manufacturers: International: Winbond (market share ~35%), Macronix (~30%); Domestic: GigaDevice (third globally, market share ~18%), Puran, Juchen.
– Pricing and profit: Gross margin stable at 30-40% (due to high technical barriers and strong customer stickiness):
– 1Gb NOR Flash price about $1;
– Automotive-grade AEC-Q100 certified products priced 10-20% higher (e.g., 2Gb automotive NOR about $2.5).
3. EEPROM (Electrically Erasable Programmable Read-Only Memory)
– Core features: Small capacity (single die <1Mb), non-volatile, extremely high write/erase cycles (over 1 million), but slow speed (millisecond level), used to store configuration data (e.g., device ID, parameter settings).
– Typical applications: Appliance firmware (air conditioners, refrigerators), industrial equipment parameter storage, automotive sensor configuration, smart cards (bank cards, access cards).
– Major manufacturers: International: Microchip (market share ~40%), STMicroelectronics (~30%); Domestic: GigaDevice (third globally, market share ~15%), Puran.
– Pricing and profit: High unit price (1Mb EEPROM about $0.5), gross margin 40%+, but market scale is extremely small (accounting for <5% of non-volatile storage).
4. Emerging Non-Volatile Storage: 3D XPoint, MRAM, ReRAM
– Core features: Combines the speed of DRAM and the non-volatility of NAND, for example, Intel Optane (3D XPoint) is 10 times faster than NAND and has a lifespan 1000 times longer; MRAM (Magnetoresistive Random Access Memory) does not require refreshing and has low power consumption.
– Typical applications: Data center high-speed cache, AI inference acceleration, enterprise storage, aerospace (resistant to extreme environments).
– Major manufacturers: International: Samsung (Z-NAND), Micron (MRAM), Intel (Optane, now discontinued); Domestic: Yangtze Memory (developing 3D XPoint), GigaDevice (MRAM layout).
– Pricing and profit: Extremely high unit price (Optane 1TB about $1000), gross margin 50%+, but mass production difficulty is high (2023 global market size only about $1 billion).
3. Special-Purpose Storage: HBM (High Bandwidth Memory)
– Core features: Based on DRAM’s 3D stacking technology (8-16 layers of TSV silicon through holes), bandwidth exceeds 1TB/s (10 times that of ordinary DDR5), low power consumption (30% lower than GDDR6), specifically designed for AI chips.
– Typical applications: AI servers (NVIDIA H100, AMD MI300), high-performance computing (HPC), generative AI model training.
– Major manufacturers: International: Samsung, SK Hynix, Micron (accounting for 100% of the global market); Domestic: No mass production manufacturers, but there are packaging (Tongfu Microelectronics, supplying AMD with CoWoS-HBM) and materials (Xingsen Technology, ABF substrates).
– Pricing and profit: Extremely profitable sector! HBM3 8GB price about $100 (five times that of ordinary DRAM), gross margin exceeds 50%; global market size expected to reach $15 billion in 2024 (only $2 billion in 2022).
4. Summary: The “money prospects” and differences of various types of storage
Type Core Advantages Core Disadvantages Profit Level Market Size (2023) Key Players
DRAM High speed, large capacity Requires refresh, volatile 20-30% ~80 billion Samsung, SK Hynix, Micron
NAND Flash High density, low cost Slow speed, limited write/erase cycles 10-30% ~60 billion Samsung, Kioxia, Yangtze Memory
NOR Flash Can execute code, reliable Low density, slow speed 30-40% ~3 billion Winbond, Macronix, GigaDevice
HBM Ultra-high bandwidth, low power High technical difficulty, low yield >50% ~15 billion Samsung, SK Hynix, Micron
3D XPoint High speed + non-volatile High cost, difficult to mass produce >50% ~1 billion Samsung, Micron
Key Conclusions
1. The most profitable storage type: HBM (gross margin over 50%) > Emerging non-volatile storage (MRAM/3D XPoint) > NOR Flash (30-40%);
2. The largest market size storage type: DRAM (80 billion) > NAND Flash (60 billion) > HBM (15 billion);
3. Opportunities for domestic manufacturers:
– DRAM: Changxin Memory (19nm mass production, gradually catching up);
– NAND: Yangtze Memory (232-layer 3D NAND, core for domestic substitution);
– NOR Flash: GigaDevice (third globally, breakthrough in automotive grade);
– HBM industry chain: Tongfu Microelectronics (packaging), Xingsen Technology (materials).
If focusing on short-term profit elasticity, prioritize HBM-related manufacturers (such as packaging/materials); if focusing on long-term domestic substitution, prioritize Yangtze Memory (NAND), Changxin Memory (DRAM), GigaDevice (NOR).
Summarize the key points:Storage chips are divided into:Volatile Storage– DRAM Dynamic Random Access Memory, used for DDR4/DDR5 memory, server memory, and HBM memory; [GigaDevice]– SRAM Static Random Access Memory, used for CPU Level 3 cacheNon-Volatile Storage– NAND FLASH, used for SSDs, mobile storage, storage cards– NOR FLASH, used for IoT device firmware, automotive electronics, industrial controllers, medical devices;– EEPROM Electrically Erasable Programmable Read-Only Memory, used for appliance firmware (refrigerators, air conditioners), industrial equipment, automotive sensor configurations, smart cards, smart locks [GigaDevice, Puran]– Emerging non-volatile storage 3D XPoint, data centers, aerospace, enterprise storage;AI-specific HBM [High Bandwidth Memory] – AI data centers; [Tongfu Microelectronics, Xingsen Technology]In summary:– We have basically no manufacturers participating in the HBM, SRAM, 3D XPoint fields; we are involved in DRAM, NOR Flash, EEPROM, etc.; we have not yet formed capacity in NAND; and among these, the only ones with production lines and scale are DRAM and NOR Flash, represented by Lanke Technology and GigaDevice, which are the true representatives of the core competitiveness of Chinese companies in storage chips.