SK海力士：1Q25DRAM收入或超市场预期，1Q25NAND收入或低于市场预期

Investment Rating - The report maintains a "Buy" rating for SK Hynix with a target price of KRW 252,569, indicating a potential upside of 39% from the current price of KRW 182,200 [1][6]. Core Insights - In Q1 2025, SK Hynix's DRAM revenue is expected to exceed market expectations with a low single-digit percentage increase quarter-over-quarter, while NAND revenue is anticipated to fall short of expectations with a 20% quarter-over-quarter decline [3][4]. - The report highlights that the demand from Chinese companies for server storage chips is increasing, which may positively impact SK Hynix's DRAM revenue in Q2 2025 [3]. - The NAND business is expected to see a price increase in Q2 2025 due to industry-wide price hikes starting April 1, 2025, despite a projected 20% decline in Q1 2025 revenue [4][6]. Financial Summary - For the fiscal year ending December, the projected financials for SK Hynix are as follows: - Revenue is expected to grow from KRW 32,766 billion in 2023 to KRW 82,685 billion in 2025, and further to KRW 108,000 billion by 2027 [5]. - Earnings per share (EPS) are projected to improve from a loss of KRW 13,281 in 2023 to a profit of KRW 37,696 in 2025 [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 6.3 in 2024 to 4.7 in 2026, indicating a potentially undervalued stock [5].