大摩对三星电子维持“增持”评级：业绩已确认触底，HBM4将驱动估值修复

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating on Samsung Electronics, indicating that the company's performance has bottomed out and is expected to recover, driven by HBM4 technology [1][7]. Financial Performance - Samsung's Q2 2025 revenue was 74 trillion KRW, a 6.5% decrease quarter-on-quarter, slightly below Bloomberg's consensus estimate of 75.5 trillion KRW [5]. - Operating profit for the same period was 4.6 trillion KRW, down 55.9% year-on-year and 31.2% quarter-on-quarter, also below market expectations of 6.1 trillion KRW [5]. - The company recorded a one-time impairment of approximately 15 trillion KRW due to unsold HBM products and foundry inventory issues [2]. Business Segments - The HBM4 product line presents significant growth potential, with Samsung expected to regain market share in high-performance memory as technology advances [3]. - The mobile business showed resilience, with a 5% decrease in shipment volume but a low single-digit year-on-year revenue growth and a quarter-on-quarter revenue increase of about 20% [3]. - The OLED segment benefited from an optimized foldable screen product mix, with expected operating profit of around 0.8 trillion KRW, while the home appliance and TV segments faced challenges due to increased competition from Chinese manufacturers [4]. Valuation and Outlook - Samsung's current price-to-book (P/B) ratio is 1.0, with a projected P/B of 0.95 for 2025, nearing historical cycle highs [5]. - The company is expected to experience a performance turnaround in the second half of 2025, supported by the rollout of HBM4 products and structural improvements in the display business [7].