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[Semiconductor Supply Chain] From P to Q—The Time for CapEx: As Utilization Rises, Materi…
✅ [Semiconductor Supply Chain] From P to Q—The Time for CapEx: As Utilization Rises, Materials and Components Take Off
📋 Growth Research Semiconductor Materials, Components & Equipment Industry Report
Part 1. After the Memory Pricing Upcycle, Materials and Components Are Next
Part 2. New Capacity Investments Are Already Underway
Part 3. Investment Strategy: Focus on Semiconductor Materials and Components Benefiting from NAND Technology Migration
📈 Samyang ENCHEM (482630) | 📈 TCK (064760)
📌 Shift from Pricing (P) to Volume (Q)
DRAM prices rose 93–98% QoQ in 1Q26 and are expected to gain another 58–63% in 2Q26.
Memory makers are shifting toward higher output and CapEx to maximize profits.
📌 NAND: Migration Over Expansion
Samsung Electronics is migrating its Xi’an plant to V8 and V9 NAND.
SK hynix and Solidigm are advancing 192-layer NAND migration and equipment efficiency in Dalian.
Kioxia is expanding Yokkaichi and preparing 332-layer NAND production at Kitakami, while Micron is building a new Singapore fab.
📌 Materials and Components Strategy
Suppliers benefit from recurring demand as utilization rises and processes migrate.
With NAND upgrades already underway, related earnings should improve relatively quickly.
📌 Key Beneficiaries
Samyang ENCHEM: Expected to expand its supply of polymers and PAGs used in thick KrF photoresists, which are essential for higher-layer NAND production
TCK: Expected to benefit from increased wear and replacement demand for SiC focus rings as NAND layer counts rise and multi-stack processes expand
✅ Korean Independent Research: Growth Research
https://t.me/growthresearch
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