TWSE · Legacy DRAM · DDR4 shortage beneficiary
Nanya Technology
A Taiwanese DRAM maker. It does not make HBM; legacy DRAM (DDR4, LPDDR4) is its core. As Samsung, SK and Micron shifted wafers to HBM and high-density DDR5 and cut DDR4, Nanya benefited from the resulting shortage: 2025 revenue NT$66.6B (+95%), swinging to profit after two loss years. An indirect (legacy-shortage) beneficiary of the AI memory boom.
2408.TW Updated Jul 12, 2026 5 AI consumers· 1 recurring
Per the valuechain.wiki graph, Nanya Technology is directly linked to 5 companies (5 supply, 0 revenue relationships) and reaches 14 companies within two hops; the links are backed by 10 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue NT$66.6B (+95%)
- Customer concentration · Legacy-DRAM shortage beneficiary; no HBM.
- Segments · DDR4/LPDDR4 DRAM · DDR5 (10%)
Revenue from
- Servers · PC · industrial (legacy DRAM) High confidence· Revenue ~NT$66.6B · 2025 · 2025 revenue (+95%)
Supplies legacy DRAM (DDR4, LPDDR4) to server, PC and industrial (shortage beneficiary).Confirms EN TrendForce Published May 21, 2026: Nanya benefits from DDR4 shortage; DRAM margins top HBMConfirms KO TheElec Published Jan 19, 2026: Nanya posts Q4 2025 operating profit of NT$11.8B, up 6x year over year - modules · consumers (DRAM) Medium confidence
Memory-module and consumer-DRAM channel — a direct beneficiary of the DDR4 price surge.
Pays to
- Applied Materials Medium confidence
Sources DRAM process tools from Applied Materials and others. - ASML Medium confidence
New fab includes a dedicated EUV-litho building for its 1C/1D nodes; ASML is the sole EUV supplier. FY26 capex ~NT$52B. - Tokyo Electron (TEL) Low confidence
Memory WFE (coater/developer, etch, deposition) supplier in Nanya's capex/new-fab context.Mentions EN MarketsandMarkets Published Jan 1, 2026: Semiconductor equipment market — ASML, AMAT, Lam, TEL, KLA oligopoly across process steps - KLA Low confidence
Process-control/metrology WFE supplier in Nanya's capex/new-fab context.Mentions EN MarketsandMarkets Published Jan 1, 2026: Semiconductor equipment market — ASML, AMAT, Lam, TEL, KLA oligopoly across process steps - wafers · materials (undisclosed) Low confidence
Wafers, materials and gases. - Lam Research Low confidence
Memory WFE (etch/deposition) supplier benefiting from Nanya's FY26 capex/new-fab buildout.Mentions EN MarketsandMarkets Published Jan 1, 2026: Semiconductor equipment market — ASML, AMAT, Lam, TEL, KLA oligopoly across process steps
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Nanya Technology | node | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| Applied Materials | benef1 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Lam Research | benef1 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| KLA | benef1 | +68 | -11.2 | +56 | +9.4 | +94.5 | +91 |
| Tokyo Electron (TEL) | benef1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| ASML | benef1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
| Advanced Energy Industries | benef2 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +47.2 |
| SMC Corporation | benef2 | +0.9 | +4.5 | +28.6 | -28 | +4.2 | +26.6 |
| Wonik QnC | benef2 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | +9.3 |
| TCK (Tokai Carbon Korea) | benef2 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | -2.5 |
| Hana Materials | benef2 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -15.7 |
YTD as of 2026-07-09 · source: Yahoo Finance
The thesis is an 'indirect' beneficiary of the AI memory boom. Nanya does not make HBM and concentrates on legacy DRAM (DDR4, LPDDR4); as Samsung, SK and Micron shifted wafers to HBM and high-density DDR5 and cut DDR4, that shortage flowed to Nanya, producing 2025 revenue of NT$66.6B (+95%) and a swing to profit after two loss years — it fills the space leaders vacate rather than being bought by AI directly. The benefit holds while Samsung/SK keep cutting DDR4, but conversely, if they return to legacy or the market moves to DDR5, the price premium fades fast — a cycle risk. It is in a transition, raising DDR5 via a new fab (with a dedicated EUV building, FY26 capex ~NT$52B), where tool procurement from Applied, ASML and Lam is the gateway.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target NT$394 · Price NT$435.5 (07-09) · Upside -10%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | Outperform | NT$380 | May 28, 2026 | Report ↗ |
| Capital Securities | 看多 | NT$407 | May 25, 2026 | Report ↗ |
Upgrades from Neutral to Outperform on stronger Nanya pricing power as rivals exit DDR4 and on enterprise long-term agreements; NT$380 target.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- The memory supercycle is a balloon effect: one point of HBM demand re-rated the whole asset class Jun 23, 2026