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 the specific company analyzed [2]. Core Insights - The company achieved record revenue in Q2 2024, with a total of 16.42 trillion KRW, representing a 32% quarter-over-quarter increase and a 125% year-over-year increase, significantly surpassing the previous record of 13.81 trillion KRW set in Q2 2022 [6][8]. - The strong demand for AI-related products, particularly HBM and eSSD, contributed to this revenue growth, with HBM revenue increasing over 80% quarter-over-quarter and over 250% year-over-year [6]. - The company is expected to launch HBM4 in 2025, with HBM3E sales projected to exceed 50% of total HBM volume in 2024 [32]. Summary by Sections 1. Q2 2024 Financials: Record Revenue and Profit Improvement - Revenue reached 16.42 trillion KRW, with a gross margin of 46%, an increase of 7 percentage points quarter-over-quarter and 62 percentage points year-over-year [6][8]. - Operating profit for Q2 2024 was 5.47 trillion KRW, marking a return to the 5 trillion KRW level for the first time since 2018 [8]. - Net profit for Q2 2024 was 4.12 trillion KRW, with a net profit margin of 25% [8]. 2. Q3 2024 Outlook: Divergence in DRAM and NAND Shipments - DRAM revenue is expected to grow slightly in Q3, while NAND shipments are anticipated to decline due to weak demand in other segments [12]. - DRAM shipments are projected to increase by 0-5% quarter-over-quarter, while NAND shipments may decrease by around 5% [12]. 3. Downstream Demand: Strong Server Demand in H2 - The demand for servers, particularly AI servers, is expected to remain strong in the second half of 2024, with a projected 20% growth in server DRAM demand [26]. - Mobile and PC demand is anticipated to improve gradually, especially with the launch of AI-enabled devices [26][27]. 4. Capital Expenditure: HBM Investment Exceeds Expectations - Capital expenditure for 2024 is expected to be higher than initially planned, focusing on HBM and new facilities [29][30]. - The company is maintaining a prudent investment strategy based on market demand and profitability [30]. 5. High-End Products: HBM4 Launch Expected in 2025 - The company plans to launch HBM4 in 2025, with significant growth in HBM3E sales expected in 2024 [32]. - HBM revenue is projected to grow over 300% year-over-year in 2024 [32]. 6. Investment Recommendations - The report suggests monitoring upstream design companies and the HBM supply chain for potential investment opportunities [34].