【中泰电子|AI全视角】科技大厂财报系列：海力士24Q2财报解读

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The report highlights a significant increase in revenue and profit for the company in Q2 2024, with revenue reaching 16.42 trillion KRW, a 32% quarter-on-quarter increase and a 125% year-on-year increase, marking a new quarterly high [6][8]. - Strong demand for AI-related products, particularly HBM and eSSD, is noted, with HBM revenue increasing over 80% quarter-on-quarter and over 250% year-on-year [6]. - The report anticipates a mixed outlook for Q3 2024, with DRAM and NAND shipment volumes expected to diverge due to strong AI and server demand, while other demand remains weak [12]. - The company is increasing capital expenditures, particularly for HBM, exceeding initial plans due to higher-than-expected demand [25][26]. - The introduction of HBM4 is expected in 2025, with significant growth anticipated in HBM3E shipments starting in Q3 2024 [28]. Summary by Sections 1. Q2 2024 Financials: Record Revenue and Profit Improvement - Revenue for Q2 2024 reached 16.42 trillion KRW, a record high, driven by increased ASP and a favorable product mix [6]. - Gross margin improved to 46%, with operating profit at 5.47 trillion KRW, marking a return to levels not seen since 2018 [8]. - Net profit for Q2 2024 was 4.12 trillion KRW, reflecting a significant recovery from previous losses [8]. 2. Q3 2024 Outlook: Divergence in DRAM and NAND Shipments - DRAM revenue is expected to grow with shipment volumes increasing by 15% to 20% [12]. - NAND shipments are projected to decline slightly due to inventory issues, despite a continued increase in eSSD sales [12]. 3. Downstream Demand: Strong Server Demand in H2 - The storage market is characterized by strong cyclicality, with mobile, PC, and server applications accounting for approximately 80% of demand [15]. - AI server demand is robust, with expectations for a 20% growth in server DRAM demand this year and next [22]. - Mobile demand is expected to improve in H2 2024 with the launch of AI-enabled flagship models [22]. 4. Capital Expenditures: HBM Investment Exceeds Expectations - Capital expenditures for 2024 are projected to be higher than initially planned, focusing on HBM and new facilities [25]. - Infrastructure investments are increasing to support HBM production, which requires more wafers and space [26]. 5. High-End Products: HBM4 Launch Expected in 2025 - HBM3E revenue is expected to rise, with shipments surpassing HBM3 starting in Q3 2024 [28]. - The company anticipates significant growth in HBM revenue, with a projected year-on-year increase of over 300% [28].