[Core Information] Hynix cuts NAND production, Infineon deploys backend in Thailand, storage and power devices face structural adjustment

1. Storage market: Hynix takes the lead in reducing production, and NAND prices can be expected to stop falling

• core movements: SK hynix plans to reduce sales in the first half of 202510% NAND flash memory production, the current monthly production capacity is approximately300,000 wafers, corresponding to a monthly production reduction of approximately30,000 pieces。
• background: NAND price has beenFalling for four consecutive months, Micron took the lead in reducing production, Samsung also adjusted the operating rate of factories in South Korea and Xi'an, and the industry entered a collective destocking stage.
• influence: The production reduction is aimed at stabilizing prices and digesting inventories.In the short term, the sluggish demand for consumer electronics remains unchanged, and prices may stabilize first and then ease; in the long term, enterprise-level demand such as AI servers is expected to support the prices of some high-end products.

2. Power devices: Infineon invests in Thailand to improve global layout

• Production capacity layout：Infineon in the south of Bangkok, ThailandSamut PrakanNew back-end manufacturing base, construction will start in January 2025, first factory buildingEarly 2026Commissioned, expenditures have been included in 2025 capital expendituresInfineon。
• strategic significance: focusPower module, wafer testing, highly automated production lines adapt to low-carbon needs such as industry and renewable energy, while optimizing costs and improving supply chain flexibility.
• Industry trends: Global demand for power semiconductors continues to grow, and Southeast Asia has become an important area for production capacity transfer. Infineon's move further consolidates its leading position in automotive electronics, industrial control and other fields.

3. Downstream market: Smartphones are recovering moderately, and demand for AI computing power is diverging.

• Smartphone: Global shipments in 20241.22 billion units, year-on-year growth7%, has grown for five consecutive quarters but the growth rate has slowed to3%.Apple (23% share), Samsung (16%), and Xiaomi (13%) rank among the top three, with Xiaomi being the only manufacturer with year-on-year growth among the top three.
• AI hardware: GB200 NVL72 assembly and shipment forecast lowered to25,000 - 35,000 cabinets, significantly lower than previously optimistic expectations, and the delay in mass production has led to short-term supply falling short of expectations.
• Memory supply chain: Equipped with all Samsung S25 seriesMicron LPDDR5X, abandoning its own products (due to overheating issues); Samsung HBM3E may switch to supplying Broadcom, and the AI memory supply chain pattern has changed.

4. Passive components: MLCC demand in 2025 will be dominated by AI infrastructure

• market forecast: Total MLCC shipments in the first quarter of 20251,146.7 billion pieces, quarterly decrease3%。
• core driver: AI servers, accelerators and power management systems are the main growth points, while the rest of the ICT industry is growing slowly and the average growth rate is insufficient.10%。
• Industry pattern: The oversupply structure is difficult to change, and the production capacity utilization rate is difficult to reach full capacity. The balance between price and orders will become an annual challenge for manufacturers.