押注\"AI内存超级周期\"，SK海力士明年10纳米DRAM产量将增至8倍

Core Insights - SK Hynix is significantly expanding its advanced memory chip production capacity, betting on the market opportunities arising from the shift in AI applications from training to inference [1][3] - The company plans to increase its monthly production capacity of sixth-generation 10nm DRAM (1c DRAM) from approximately 20,000 to between 160,000 and 190,000 wafers, representing an increase of 8 to 9 times [1][2] - The strategic shift reflects a surge in demand for cost-effective general DRAM due to AI inference applications, moving focus from high-bandwidth memory (HBM) to a broader AI memory market [1][3] Production Capacity Expansion - SK Hynix's capacity enhancement plan is centered on the advanced 1c DRAM technology node, with plans to add 140,000 wafers per month at its Icheon facility [2] - The company has achieved an 80% yield rate for 1c DRAM, which is primarily used for manufacturing the latest general DRAM products like DDR5, LPDDR, and GDDR7 [2] - Over one-third of SK Hynix's production capacity will be dedicated to advanced 1c DRAM production, indicating strong confidence in the ongoing demand driven by AI [2] Market Demand Shift - The core logic behind SK Hynix's strategic adjustment is the transformation in AI application focus, with general DRAM demand growth expected to match that of HBM as AI models expand into inference [3] - Advanced general DRAM is becoming the mainstream choice in AI inference applications due to its energy efficiency and cost-effectiveness compared to HBM [4] Pricing and Profitability - SK Hynix successfully negotiated a price increase of over 50% for HBM4 to above $500 per unit, which will be used in NVIDIA's next-generation AI chip [6][7] - The significant price increase for HBM4 is supported by technological advancements, including a doubling of data transmission channels compared to the previous generation [6] - The company is expected to achieve a profit margin of approximately 60% on HBM4, with projected sales of HBM reaching between 40 trillion and 42 trillion Korean Won next year [8] Future Performance Expectations - Market forecasts suggest that SK Hynix's operating profit could exceed 70 trillion Korean Won next year, setting a historical record, driven by high profitability from both HBM and general DRAM segments [8] - The company has already sold out its production capacity for next year, ensuring high profit margins amid rising DRAM prices due to global AI infrastructure investment [8]