高盛：SK Hynix_收益回顾_3Q24超出预期_HBM的强劲执行增强了AI内存的领导地位...

Investment Rating - The report maintains a "Buy" rating for SK Hynix Inc. with a target price raised to W280,000 from W255,000 [4][6]. Core Insights - SK Hynix's 3Q24 results exceeded expectations, driven by strong execution in High Bandwidth Memory (HBM) and enhanced leadership in AI memory products [1][3]. - HBM revenue increased significantly, contributing to a higher blended Average Selling Price (ASP) for DRAM, with expectations for continued growth in HBM demand and pricing [3][6]. - The company anticipates a mid-to-high-teens percentage growth in DRAM demand in 2024, accelerating to high-teens growth in 2025, supported by enterprise refresh cycles and AI-driven smartphone sales [3][6]. Summary by Sections Earnings Review - SK Hynix reported 3Q24 revenue of W17.6 trillion, a 7% quarter-over-quarter (qoq) increase and a 94% year-over-year (yoy) increase, with operating profit of W7.0 trillion, surpassing estimates [1][2]. - The strong performance was attributed to a better product mix towards premium HBM and eSSD products, leading to a higher-than-expected blended ASP [1][3]. HBM Market Outlook - HBM revenue rose over 70% qoq and 330% yoy, reaching approximately US$2.7 billion, exceeding prior expectations [3][6]. - Hynix expects HBM sales to constitute 40% of total DRAM revenue in 4Q24, with a revised 2024 HBM revenue estimate of US$9.3 billion [3][6]. NAND Business Strategy - The eSSD segment accounted for over 60% of NAND revenue, with a 15% qoq increase in ASP [6]. - Hynix plans to focus on profitability and investment efficiency in its NAND business, adjusting bit shipment estimates downward while raising ASP assumptions [6][3]. Financial Projections - Revenue projections for 2024E-2026E have been raised by 5-17%, reflecting stronger HBM mix and improved NAND ASP [6][4]. - The report anticipates a capital expenditure of mid-to-high-teens trillion Won for 2024, focusing on HBM supply and infrastructure investments [6][3].