看衰未成真，大摩又唱冰山论：再度对SK海力士敲响警钟

Group 1 - Morgan Stanley compares the U.S. tariff issue to an "iceberg," indicating that the global memory semiconductor market faces increasing uncertainty [1] - The report titled "Memory - The Iceberg is Coming" highlights that the actual impact of tariffs on memory semiconductors is significant but largely hidden [1] - Factors contributing to the bleak outlook for the memory semiconductor market include delayed PC replacement demand and declining consumer confidence in China [1] Group 2 - Morgan Stanley emphasizes that HBM faces greater risks due to slowing chip packaging capacity growth and recommends Samsung Electronics as a preferred stock [2] - Several Korean securities firms have lowered their target prices for SK Hynix, with estimates ranging from 20,000 to 26,000 KRW [2] - Despite previous negative forecasts, SK Hynix's performance has exceeded expectations, with significant revenue growth since the second half of last year [2] Group 3 - SK Hynix reported a 41.9% year-on-year revenue increase in Q1, reaching 17.6 trillion KRW, and a 157.8% surge in operating profit to 7.4 trillion KRW, both surpassing market expectations [3]