報告_MS_舊型記憶體SiCapTAM_20260521
PDF 原檔：報告_MS_舊型記憶體SiCapTAM_20260521_original.pdf
原始內容
M May 21, 2026 12:30 AM GMT
Greater China Semiconductors | Asia Pacific
Old memory: Larger Si-Cap TAM
What’s new? SEMCO (covered by Shawn Kim) announced it has signed a silicon capacitor supply contract worth about W1.5 trillion (~US$1bn) with a global largescale company (link). The contract is for two years, from January 1, 2027 to December 31, 2028. SEMCO said it plans to diversify its supply destinations not only to AI servers but also to high-performance computing fields, such as autonomous driving systems and mobile devices.
Bigger TAM (link to our memory report): We believe this contract will mainly supply EMIB-T on next gen TPUs. However, there may be more customers to come (e.g. mobile), as mentioned by AP Memory on its earnings call (link). We also believe that given the Si-Cap supply oligopoly, customers are more likely to sign long-term contracts with suppliers. The legacy DRAM process is ideal for Si-Cap fabrication, suggesting opportunities for Taiwan DRAM suppliers. As PSMC capacity is full, we think Winbond could be a potential partner for SEMCO (low single-digit total revenue mix in 2027e).
Update
| Morgan Stanley Taiwan Limited+ Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com Morgan Stanley Asia Limited+ Ethan Jia Research Associate | +886 2 7712-3032 |
| Ethan.Jia@morganstanley.com | +852 3963-2287 |
Greater China Technology Semiconductors
Asia Pacific Industry View
Attractive
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M
Disclosure Section
The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (‘SEBI’) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105); Stock Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBI Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22-61181000; Compliance Officer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: msic-compliance@morganstanley.com which accepts the responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research, and their affiliates (collectively, “Morgan Stanley”). Morgan Stanley India Company Private Limited (MSICPL) may use AI tools in providing research services. All recommendations contained herein are made by the duly qualified research analysts.
For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA.
For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.