Storage, materials, and power devices move together: AI and automotive electronics drive changes in the semiconductor industry chain (2025.5.28)

1. Storage cycle: Samsung stopped production of MLC NAND, and the industry fully shifted to TLC/QLC

1. The core of the incident: Samsung officially withdraws from the MLC market

• last order: Samsung notifies customers,June 2025This is the last order deadline for MLC NAND flash memory, after which production will be completely discontinued.
• Synchronized price increase: Raise prices for MLC products before discontinuation to accelerate customers' switch to alternatives.
• Resource focus: Comprehensive shift in production capacityTLC (62% market share)withQLCHigh-margin mainstream product lines.

2. Industry impact: The low-capacity storage market faces a supply shock

• Application areas: MLC is mainly used for4GB eMMC(such as LGD large-screen OLED driver), industrial control, automotive electronics, set-top boxes, etc.
• supply gap: Samsung, Kioxia, Micron, SK HynixFour major original manufacturers withdraw collectively, will be completely discontinued by 2027.
• Prices skyrocketed: The supply of low-capacity MLC/eMMC has been cut in half, and prices have begun to soar, which is good for Macronix and othersOnly suppliers left。

3. Technology trends: The end of flat NAND, 3D architecture becoming absolutely mainstream

• 2D MLC: With backward technology and high costs, it is3D TLC/QLCTotal replacement.
• Downstream transformation: Industrial/automotive customers are forced to accelerate solution migration, but are faced withCompatibility, certification cycleWait for pain points.

2. Material crisis: Asahi Kasei limits the supply of PSPI, and the advanced packaging industry chain is in crisis

1. Shortage of key materials: PSPI has become a new bottleneck for AI chips

• material status：Photosensitive polyimide (PSPI)Yes2.5D/3D、HBM、CoWoSWaiting for advanced packagingcore insulation, for the RDL rewiring layer.
• supply cutoff crisis: Japan's Asahi Kasei (the world's top two supplier) due toAI demand surges and production capacity is insufficient, announcedPrioritize protecting TSMC, reducing supply to other customers (including Chinese packaging and testing factories).
• market monopoly: Global90%+ marketMonopolized by Japanese and American manufacturers (Asahi Kasei, HD, Toray),China’s import dependence is 80%。

2. Impact transmission: AI computing power production capacity is limited

• direct impact: Advanced packaging production capacity such as TSMC, ASE, and Changdian Technology is blocked.
• chain reaction: HBM and AI chip shipments are delayed,Global AI training progress slows。
• Domestic opportunities: Domestic PSPIs such as Qianli New Materials and Dinglong Co., Ltd. are accelerating mass production.Alternative window opens。

3. Power devices: Wingtech Technology releases automotive-grade SiC, a breakthrough in domestic third-generation semiconductors

1. Big new product: 1200V automotive grade SiC MOSFET

• Manufacturer: Wingtech Technology (Nexperia)
• Specifications：1200V, the on-resistance (Rds (on)) is as low as30mΩ, excellent high temperature resistance and stability.
• Application scenarios: On-board charger (OBC), main drive inverter, DC-DC, 800V high-voltage platform.
• Capacity progress：8-inch SiC/GaN production lineThe equipment has arrived and mass production is expected in the second half of the year.

2. Strategic significance: Domestic SiC enters the main automotive track

• technology substitution: SiC Compared with traditional silicon-based devices,Loss reduced by 70%, efficiency increased by 10%+, support800V fast chargeand improved battery life.
• Reshaping the pattern: Breaking the monopoly of Infineon and ST, Wingtech relies onAdvantages of Nexperia vehicle certification(90% of products comply with vehicle regulations), accelerating introduction into European/Chinese car companies.

4. Terminal Market: China’s mobile phone landscape has undergone drastic changes, with Huawei and Xiaomi tied for first place

1. Market data (Counterpoint 2025 Q1)

• total shipments：71.5 million units, year-on-year **+5%**.
• Share ranking：
  • Huawei, Xiaomi：19%, tied for first place (Xiaomi + 40% year-on-year, Huawei + 18%)
  • apple：15%, plummeting from 21% to a five-year low
  • OPPO/vivo/ Honor: Stable in the 13%-15% range

2. Core driver: state subsidies + self-developed chips

• policy dividends: Trade-in subsidy covers domestic mid- to high-end products,Most Apple models are not eligible for subsidies due to high prices。
• Technology self-research：
  • Xiaomi：3nm Xuan Ring O1The chip is implemented and is only used in high-end flagships, with performance benchmarking against the Apple A18.
  • Huawei: Kirin chip returns + Hongmeng Ecosystem to drive high-end sales.

5. Other important developments

1. Texas Instruments × NVIDIA: AI data center power supply revolution

• Cooperation project: Jointly developed **800V high voltage direct current (HVDC)** power management solution.
• background: AI rack power from100kW→1MW+, the traditional 48V system has too high copper consumption and is physically unfeasible.
• value：800V architecturelose weight70%+, improve efficiency and support the next generation of AI supercomputing.

2. Tailing Micro: Mass production of end-side AI audio chips

• Product landing: Audio end-side AI chips have beenDomestic top customersShipping.
• Rich pipelines: Smart wearables, smart homes, automotive electronics and other projectsMass production in Q2-Q3。

3. Shanghai Hejing: Accelerating mass production of 12-inch CIS epitaxial wafers

• Project progress：Zhengzhou FactoryQ3 equipment entry, advance12 inches 55nmMass production of image sensor (CIS) epitaxial wafers.

6. Summary and core trends

1. AI reconstructs supply chain: fromTomahawk 6 switch chip, Micron 1γ memory, PSPI material shortageArrive800V data center power supply, AI is reshaping every aspect,Supply bottlenecks and technology iterationParallel.
2. Golden period of automotive electronics：SiC power devices, automotive MCUs, analog chipsdemand explodes,Domestic substitution accelerates, Wingtech, GigaDevice and others quickly broke through.
3. Storage Technology Clearance：MLC fully delisted, TLC/QLC led,HBMBecome the winner of storage manufacturers.
4. The rise of domestically produced terminals：Mobile phone marketHuawei and Xiaomi stand side by side, high-end and self-developed chips have become core competitiveness.