20230424_方正证券_半导体行业证券研究报告：HBM高带宽内存新一代DRAM解决方案_34页.pdf
S1220521120003HBM DRAM/2023 04 24 HBM JEDEC DRAM HBM GDDR DDR AI HBM HBM High Bandwidth Memory CPU/GPU DDR GPU DDR HBM Pseudo Channel Mode HBM2 64 I/O 128 HBM TSV DRAM die HBM Through Silicon Via,DRAM TSV 30%50%HBM DRAM 2D 3D HBM DRAM HBM SK HBM3 2022 1 JEDECHBM3 HBM HBM DDR HBM+DDR HBM DDR HBM AI TrendForce 2022HBM SK SK hynix 50%Samsung 40%Micron 10%2025E HBM 100 1 2 3 Yole 2ZXAZwPmRsRoPqOtQnQoRpOaQbP9PnPrRpNnOjMqQqMlOoMtO9PrRyQxNsQyQxNqNtQHBM 1 23JEDEC DRAM HBM DDRHBM HBM TSV DRAM die HBM Pseudo Channel ModeHBM SK HBM3 HBM DDR HBM+DDR HBM AI HBM DRAM 2D 3D 1 DDR5 2 CXL PCIe HBM JEDEC DRAM 4DRAM-based SDRAMs DDR DDR DDR AIDIMMsDRAM on PCBDRAM on PCB,PoPDRAM on PCB(GDDR)TSV and Interposer(HBM)R/LRDIMMsU/SODIMMsDiscrete DRAMs DDR4 DDR5LPDDR4 LPDDR5JEDEC DRAM DDR SDRAM DRAM(DIMM)DRAM(DDR)(SDRAM)DRAM DRAM DRAM I/O/DRAM HBM 5 HBM High Bandwidth Memory CPU/GPU DDR GPU DDR HBMCPU HBM2 Pseudo Channel Mode 64 I/O 128 HBM Pseudo Channel Mode CSDN 6 CK CKE HBM TSV DRAM die 7 HBM Through Silicon Via,DRAM SK TSV DRAM DRAM TSV 30%50%HBM TSV HBM DRAM DieHBM DRAM DieHBM DRAM DieHBM DRAM DieTSVMicrobumpBASE Die PHY PHYAP/GPU/TPUSi INTERPOSEROrganic SubstrateHBM TSV DRAM die 8 TSV HBM HBM I/O HBM HBM 3D die 4-16 DRAM die HBM2E DRAM 8 A H 4 8DRAM/HBM2E HBM2E SiP Si InterposerDRAM 4 8 Pseudo Channel Mode伪 通 道 模式BankDRAM HBM DRAM 2D 3D Yole 9 HBM DRAM 2D 3D HBM DRAM DRAM DRAM DRAM 10000 WPMHBM SK HBM3 10HBM3 HBM2E 2022 1 JEDEC HBM3 JEDEC HBM3 HBM(2016)HBM2Bandwidth 256GB/sI/O Speed 2.0Gbps(2018)HBM2EBandwidth 460GB/sI/O Speed 3.6Gbps(2021)HBM3Bandwidth 665GB/sI/O Speed 5.2GbpsHBM3Bandwidth 1075GB/sI/O Speed 8.4GbpsNext I/O 8 16 32 4 8 12 TSV 16 TSV 8/16/32Gb 4GB(8Gb 4-high)64GB(32Gb 16-high)RAS ECC die die dieHBM2 0.4V 1.1V HBM2 6.4Gbps 1024-bit 819GB/s 3.2TB/s 4.8TB/sHBMHBM2E HBM3 die die dieDQ DQ DQDRAM DRAM DRAM(TSV)(TSV)(TSV)HBM EET 11 1 2013 HBM SK Hynix HBM JEDEC JESD235 HBM GPU 2015 AMD Fiji Radeon R9 Fury X 2016 HBM2 Tesla P100 HBM2 GPU HBM DDR HBM OEM HBM+DDR 2 DDR HBM 8 DRAM die 8Gbit 8 8GByte A64FX 4 HBM 4 HBM 32GByte PC 32GByte PC DDR4/5 DIMMs DRAM die DRAM die 2-rank RDIMM(registered DIMMs)128GByte 96 DIMM 12TByte 3 PC HBM CPU DDR CL CAS CAS Column Address Strobe CL HBM DDR/GDDR Flarebolt HBM2 pin 2Gbit/s 1GHz;1.2GHz 5000 TSV;DRAM die bump HBM VS GDDR DDR Micro&analyst research12GDDR5GraphicsGDDR5XGraphicsGDDR6GraphicsAI Inference AcceleratorGDDR6XGraphicsAI Inference AcceleratorHBM2AI Training AcceleratorHBM2EAI Training AcceleratorApplication Type(Example)GTX 1070RX 580TitanXTitan RTXRX5700 XT 3080 and 3090Tesla V100Radeon Instinct MI50Expected#of placements 8 12 12 12 4 4-6Gb/s/pin 8 11.4 14-16 19-21 1.75-2 3.2-3.6GB/s/placement 32 45 56-64 76-84 224-256 410-461GB/s/system 256 547 672-768 912-1008 896-1024 1638-2765Configuration(Example)256 I/O(8pcs 32 I/O package)384 I/O(12pcs 32 I/O package)384 I/O(12pcs 32 I/O package)384 I/O(12pcs 32 I/O package)4096 I/O(4pcs 1024 I/O Cube)4096 I/O(4pcs 1024 I/O Cube)6144 I/O(6pcs 1024 I/O Cube)Frame buffer of Typical System8GB 12GB 12GB 12GB 16-32GB 32-96GBAVG Device Power(pJ/bit)9.0 8.0 7.5 7.25 7.0 6.0Typical I/O channelPCB(P2P SM)PCB(P2P SM)PCB(P2P SM)PCB(P2P SM)Si Interposer(2.5D Integration)Si Interposer(2.5D Integration)HBM VS GDDR&13 HBM GDDR HBM PC GDDR(AI)HBM HBM VS DDR Tech Design Forum14DDR4 DDR5 HBM2 GDDR5 LPDDR4 LPDDR5ApplicationsServers PCs consumerServers PCs consumerGraphics,HPC GraphicsMobile,auto,consumerMobile,auto,consumerTypical interface(primary)Server:64+8 bitsServer:dual channel,32+8 bitsOctal channel,128-bit(1024 bits total)Multi-channel,32-bitsMobile:quad channel,16-bit(64-bits total)Mobile:quad channel,16-bit(64-bits total)Typical interface(secondary)Consumer:32 bitsConsumer:32 bitsNone NoneDual channel,16-bit(32-bits total)Dual channel,16-bit(32-bits total)Max Pin BW 3.2 Gb/s 6.4 Gb/s 2.0 2.4 Gb/s 8 Gb/s 4.267 Gb/s 6.4 Gb/sMax I/F BW 25.6 GB/s 51 GB/s 307 GB/s 32 GB/s 34 GB/s 51 GB/s#Pins/channel380 pins 380 pins 2860 pins 170 pins 350 pins 370 pinsMax capacity3DS RDIMM:128 GB3DS RDIMM:256 GB4H Stack:4 GBOne channel:1 GB4 channels:2 GB4 channels:4 GBPeak volumes*Price per GB$HBM+DDR HBM DDR 15 HBM DRAM GDDR5 3 HBM GDDR5 94%HBM GPU HBM HBM PC DDR HBM+DDR HBM DDR HBM&AI IT TrendForce 16 HBM25 2025E2023E12 2025EHBM100HBM HBM GPU AI AI HBM DRAM 1.5%2022 50%40%10%202353%38%9%AI GPU HBM 2023 NVIDIA H100 AMD MI300 HBM3 SK HBM3 2022 2023(E)2024(F)2025(F)2026(F)2027(F)9.0%15.4%10.0%12.7%11.3%15.0%Server AI serverFuture AI ServerServer DRAM Content500600GB 1.21.7TB 2.22.7TBServer SSD Content4.1TB 4.1TB 8TBHBM Usage-320640GB 5121024GB2022-2027 AI AI Yole 17 DDR DIMM Yole 18 Yole DDR DIMM RCD,DB,PMIC,SPD DDR5 DIMM 2028 40 CAGR21-28 28%2021-2028 DIMM DDR bit(2015-2020)(2021-2026)DDR:CXL Gen-Z OpenCAPI CCIX CXL AI/HPC DRAM SCM(3D XPoint)HBM 1 219JEDEC DRAM HBM DDRHBM HBM TSV DRAM die HBM Pseudo Channel ModeHBM SK HBM3 HBM DDR HBM+DDR HBM AI HBM DRAM 2D 3D 1 DDR5 2 CXL PCIe HBM CXL PCIe 20 CXL PCIe CPU GPU CXL 2.0 CXL CXL CXL CXL AI 21CXL HPC CXL 2.0 1.28(PB)CXL CXL 3.0 1 CXL 3.0 4,096(PBR)CPU CXL PCIe(GFAM)GFAM 3 I/O CXL GFAM GFAM 1 1 CXL CXL 1.0/1.1 CXL 2.0 CXL.mem CXL 3.0 CXL 2.0 MLD CXL 3.0 CXL 3.0 CXL DDR3/4/5/CXL DDR3/4/5 LPDDR 3/4/5/SoC DDR DDR SoC CXL PCIe CXL PCIe PHY CXL DDR SoC GB RAM CXL 2.0 CXL 3.0 22 SoC CXL CXL CXL GFAM CXL DDR3/4/5 LPDDR 3/4/5/CXL CPU GPU(TPU)CXL CXL SSD DDR DRAM CXL CXL 2022 CXL DRAM NAND CXL Z OpenCAPI CXL CXL 23CXL 1 CXL 2 CPU TPU PCIe RetimerMXC CKD CPU Gen1.0 DDR5 RCD/DBPCIe 5.0/CXL 2.0 RetimerCXL CPU DDR5 SPD/TS/PMIC CPU CPU CPUHSDIMMHSDIMM-Lite/Gen1.0 DDR5 MCR DB/RCDPCIe 6.0 RetimerGen1.0 DDR5 Gen2.0/3.0 DDR5 RCD24 PCIe Retimer MXC RCD DBMCR RCD/DB()CKD SPDTS PMICPCIe 4.0 RetimerPCIe 5.0 RetimerCXL 2022 5 DDR5 2023 RDIMM LRDIMM DDR5 RDIMM LRDIMM UDIMM SODIMM PCIe CPU CXLCPU CXL 25 RCD+DB*10 SPD+PMIC+TS*2 2021 1-2 10-12 2021 DDR 4.84 DDR DDR DDR5 DDR4 DDR5 Rambus SPD TS DDR5 1 DDR5DDR5 LRDIMM DDR4 JEDEC DDR5 LRDIMM RCD DB JEDEC DDR5 SPD PMIC TS UDIMM SODIMM SPD PMIC 26 2 CXL PCIe HBM 27 CXL MXC Compute Express Link(CXL)DRAM CXL JEDEC DDR4 DDR5 CXL 2.0 PCIe 5.0 HBM DDR CXL CPU CXL CPU CXL TCO MXC AIC EDSFF CXL MXC 2 CXL PCIe HBM 28 PCIe Retimer PCIe PCIe 4.0 Retimer PCIe 4.0 PCIe 5.0/CXL 2.0 Retimer PCIe 5.0 CXL 2.0 CPU PCIe GPU PCIe Retimer Wind 29 Wind 2023 4 21 TTM 2023E 2024E 2025E TTM 2023E 2024E 2025E002180.SZ 578.74 18.63 27.07 36.80 42.29 31.07 21.38 15.73 13.69 603986.SH 843.19 27.81 26.32 32.52-30.32 32.04 25.93-688385.SH 366.07 10.77 15.06 19.21 23.32 34.00 24.31 19.05 15.70 688047.SH 609.52 0.51 2.36 4.36-1,199.80 258.17 139.88-83.98 48.94 14.69 688008.SH 818.66 12.99 18.37 26.69-63.00 44.57 30.67-30 C3 20%10%-10%10%10%300 300 300THANKS 48 6 71 2 31 12 2 3 36 37 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
