DRAM涨价压顶，索尼利润仍大增22%，上调全年指引

Core Insights - Sony Group has reported strong profit growth despite rising memory chip costs, driven by favorable exchange rates and a diversified business portfolio, while facing supply chain cost challenges in its core gaming hardware business [1][4]. Financial Performance - For the December quarter, Sony's operating profit surged 22% year-on-year to 515 billion yen, exceeding market expectations of 468.9 billion yen. Revenue reached 3.71 trillion yen (approximately 23.68 billion USD), slightly above the forecast of 3.69 trillion yen, marking a 1% year-on-year increase [1]. - Following the earnings report, Sony raised its full-year operating profit forecast to 1.54 trillion yen, an increase of 110 billion yen or 8% from previous estimates. The annual revenue forecast was also raised by 300 billion yen to 12.3 trillion yen, a 3% increase, while maintaining the estimated loss from U.S. tariffs at 50 billion yen [1]. Gaming Business Challenges - The gaming and network services segment reported sales of 1.613 trillion yen, a decrease of 68.7 billion yen year-on-year. This segment, which includes the popular PlayStation console brand, is Sony's largest revenue driver [4]. - Despite benefiting from the transition to digital game purchases and growth in PlayStation Plus subscriptions, hardware shipment growth remains sluggish, with expectations of rising component costs impacting the hardware business this year [4]. Cost Risks from DRAM Prices - The PlayStation console relies on dynamic random-access memory (DRAM) chips, which are currently in short supply due to surging demand from AI and data center operators. According to TrendForce, traditional DRAM contract prices are expected to rise by 90% to 95% this quarter compared to the previous three months [6]. - A leading semiconductor CEO indicated that the memory chip shortage is expected to persist until 2027, adding further cost pressures for Sony [6]. Other Business Segments - Strong performance in the music and imaging segments partially offset the pressures in the gaming business. Sony's music segment saw a 12.6% year-on-year revenue increase, driven by live events, merchandise sales, and streaming services [6]. - The imaging and sensing solutions segment experienced over 20% revenue growth, focusing on the development and manufacturing of semiconductor-based imaging and sensing technologies [6].