According to the TrendForce consulting survey, after the DRAM prices officially reversed in the first quarter, the demand side increased its purchasing power in the second quarter in order to avoid falling into the situation of higher prices and insufficient supply. In addition to the fact that laptops continue to benefit from telecommuting and teaching, the inventory needs of cloud server operators are also gradually picking up. In addition, more niche products such as graphics DRAM and consumer DRAM are also very strong, resulting in better-than-expected growth in shipments from all DRAM suppliers in the second quarter. In terms of DRAM quotation, the rate of increase was larger than that in the first quarter. With the simultaneous increase in shipments and quotations, the revenue of the original factory improved significantly compared with the first quarter, pushing up the overall DRAM output value of the second quarter to US $24.1 billion, an increase of 26% in the quarter.

As the time sequence enters the third quarter, the problem of long and short materials in the supply chain has gradually emerged and affected the assembly of end products, so some manufacturers have begun to plan to reduce the pull of relatively long material memory. among them, the attitude of notebook manufacturers is the most obvious. Therefore, although the original factory still mostly maintains a positive view on the overall market conditions, as the buyer's DRAM inventory continues to be high-end, the pull growth of some products in the third quarter is likely to slow down. TrendForce Group Consulting expects the average contract price to rise in the third quarter, but the increase will converge to 30.8 per cent.

In the second quarter, the price of DRAM rose sharply, the proportion of advanced processes increased, and the profit level of the original factory all improved significantly.

In terms of revenue performanceThe performance of the three major DRAM factories is quite consistent, the volume of shipments and the average sales unit price also show a "volume and price" trend, and the increase in shipments is better than expected. In addition to the rising quotation will stimulate the willingness to purchase and prepare goods, coupled with the frequent spread of various shortage problems this year, it further strengthens the buyer's mentality of preparing goods in advance, so as to avoid becoming a bottleneck in the assembly of end products. As a result, revenue of Samsung, SK SK hynix and Micron all increased by more than 20%, and Samsung's growth rate of 30.2% was the most obvious among the top three. In the third quarter, due to the three original factory DRAM quotations will continue to rise, the growth rate of shipments is also the same, it is estimated that the market share of the change will not be too big.

In terms of profit performanceDue to the sharp rise in quotations, coupled with the gradual increase in the proportion of advanced processes, profit growth in the second quarter is very significant. Samsung due to the first quarter is in the early stage of 1Znm production, the yield is low, to the second quarter has officially increased production, driving its operating profit rate from 34% to 46%. SK Hynix also increased its profit to 38% due to the improvement of the new process yield. Meguiar's quotation increase in this reporting season (March-May) is about the same as that of the Korean factory, and its operating profit rate has also increased to 37% from 26% in the previous quarter. It is estimated that in the third quarter, with both volume and price, the profits of the original factory will continue to rise, while the operating profit rate of Samsung, the leading manufacturer, is expected to stand at 50%, returning to the level of nearly three years ago.

The popularity of Specialty DRAM remained unchanged in the second quarter, and the performance of Taiwan manufacturers was no less than that of the three original manufacturers.

It is understood that the Taiwan factory, benefiting from the specialty DRAM quotation increase in the second quarter, still maintained high-end, customers actively scramble for goods and did not cool down, significantly boost the Taiwan factory revenue performance. South Asia Division (Nanya Tech), driven by a 30% increase in quotations, saw its revenue increase by about 28% in the second quarter, while its operating profit ratio rose to 31.2% from 17.1% in the first quarter, and the industry stressed that it continued to be bullish in the third quarter. Winbond's overall order demand is still very strong, and the price increase of DRAM in the second quarter is even more NAND Flash, which not only led to a 39% increase in DRAM revenue compared with the previous quarter, but also increased its DRAM business to 46% of total revenue.

In addition, it is worth noting that the above two factories are still facing insufficient production capacity, and there is no room for additional machines and equipment before the new plant is completed, so short-term performance growth can only rely on rising quotations. South Asia Branch will not be put into production until the new plant is completed in 2024. In a short time, only the transfer of the advanced process 1A/1Bnm will bring a slight bit growth. Huabang will also have to wait until the Kaohsiung Road Bamboo Plant is put into mass production in the second half of 2022 before it has a chance to ease the shortage of production capacity. PSMC's revenue only counts its own standard DRAM products and does not include DRAM contract manufacturing business. DRAM revenue grew by about 7% in the second quarter, but if contract manufacturing revenue is added, the growth rate will reach 19%, and it is also faced with a situation of limited production capacity, so it is necessary to make a choice between logical IC and memory products.