Nanya Technology: Gradual Improvement in DRAM Demand, Positive Market Outlook
Nanya Technology has released its financial report for the third quarter of 2023, showing a revenue of NT$7.736 billion, an increase of 10.1% compared to the previous quarter. Despite the decline in average selling price of DRAM, there has been a significant increase in sales volume.
The gross loss for the third quarter was NT$1.953 billion, with a gross margin of -25.2%, a decrease of 14.0 percentage points compared to the previous quarter. The operating net loss was NT$4.34 billion, with an operating profit margin of -56.1%, a decrease of 10.8 percentage points compared to the previous quarter. In addition, the company also gained NT$1.198 billion in non-operating income.
Nanya Technology stated that production in the fourth quarter will be dynamically adjusted to a reduction of less than 20%. The second-generation 10-nanometer 16Gb DDR5 product is currently undergoing trial production according to plan. The company's inventory has started to decrease, and the demand situation is gradually improving.
During the press conference, Nanya Technology's General Manager, Li Peiying, expressed that prices in the fourth quarter are expected to be more stable than the third quarter. All suppliers are making efforts to prevent a decline in DDR4 prices, and even attempting to raise prices. However, whether they will succeed or not remains to be seen in the coming weeks. Currently, the price of DDR5 has increased, while the pressure on DDR4 prices from two major manufacturers has eased, making a continuous decline less likely. He is optimistic about the possibility of price increases for DDR4 and DDR3.
Regarding the outlook for the off-peak season in the first quarter of next year, Li Peiying believes that currently, the seasonal demand effect is not obvious. Similar to the third quarter, there is no significant seasonal demand, mainly due to the overall economic situation. He does not expect the situation to be worse in the first quarter of next year.
Li Peiying believes that the trend towards the transition to DDR5 in the market will help absorb the excessive inventory of DDR4 and LPDDR4 from various suppliers. It is expected that the server market will have a chance to turn around in the fourth quarter, the enthusiasm in the Chinese mainland smartphone market will increase, and there will be a drive from DDR5 in the PC field as well. Overall, he holds an optimistic attitude towards the market.
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