韩国SOCAMM2量产带动本土PCB与后道供应商收入兑现，但核心信息已被市场提前交易

As memory makers begin mass production of SOCAMM2, South Korean semiconductor materials, components and equipment suppliers are starting to see earnings materialize. Substrate makers on the front-end side benefited from higher volumes in the second quarter, while back-end firms are expected to gain with a time lag.
Expectations for revenue growth are rising among Korean chip suppliers as major memory makers expand SOCAMM2 mass production, industry sources said on the 22nd.
SOCAMM2 is a new DRAM module standard introduced by Nvidia. It applies low-power DRAM (LPDDR), previously used in devices such as smartphones, to server environments, offering higher performance than existing products. Memory makers began mass-producing SOCAMM2 in the first half of this year to seize an early lead in the market.
Substrate makers were the first to benefit as SOCAMM2 mass production gathered pace. Simmtech (222800) supplies module printed circuit boards (PCBs) and multi-chip packages (MCPs) for SOCAMM to all three memory makers — Samsung Electronics (005930), SK hynix (000660) and Micron Technology. Its SOCAMM-related revenue was 39.3 billion won in the second quarter, and the company expects that to rise to 72.3 billion won in the third quarter and 98.9 billion won in the fourth.
A Simmtech official said the company is a primary supplier to major memory makers and has been involved from the development stage. "We completed qualification testing last year and had been mass-producing in small volumes, but as our customers expand mass production, volumes are growing on a quarterly basis," the official said.
Substrate maker TLB (356860) began mass-producing PCBs for SOCAMM in January this year. It posted its highest-ever quarterly revenue of 88.2 billion won and operating profit of 12.8 billion won on a consolidated basis in the second quarter. In its second-quarter earnings materials, the company said SOCAMM's share of revenue rose more than threefold from the previous quarter. Yuanta Securities projected that SOCAMM will account for 25% to 30% of TLB's total revenue next year.
Back-end firms, by contrast, are still ahead of a full-scale increase in volumes. Component maker MK Electron (033160) manufactures bonding wire that connects chips and substrates in the chip assembly process. While PCBs for SOCAMM are classified as high-value-added products, bonding wire is an existing product, so revenue grows as volumes expand. A company official said revenue is being generated now but remains small in scale, adding that the company expects volumes to surge from the end of this year.
Chip back-end firm APACT (200470) also began mass-producing module tests in January this year. An APACT official said it is difficult to disclose specific figures but that the company expects revenue to roughly double compared with what it had projected early in the year.
The industry expects the SOCAMM market itself to grow rapidly. An industry official said the overall market is expected to more than double from 300 billion won this year to 700 billion won next year. As the market expands, suppliers in the SOCAMM value chain are also expected to see profitability improve over the medium to long term.