SK海力士：FY2025Q1业绩点评及业绩说明会纪要：业绩超预期，AI需求持续强劲

Investment Rating - The report assigns a positive outlook for SK Hynix, indicating that the company is expected to outperform market expectations due to strong demand in the AI sector and a recovery in the storage market [1][2]. Core Insights - SK Hynix reported Q1 FY2025 revenue of 17.64 trillion KRW, a 42% year-over-year increase, exceeding market expectations of 17.20 trillion KRW. The gross margin improved to 57%, up 18 percentage points year-over-year, driven by AI system development and inventory accumulation [1][2][7]. - The company anticipates a significant increase in demand across various end markets, including PCs, mobile devices, and servers, primarily due to advancements in AI technology [2][15][16][17]. Summary by Sections Overall Revenue Situation - In Q1 FY2025, SK Hynix achieved revenue of 17.64 trillion KRW, a 42% increase year-over-year, while net profit reached 8.11 trillion KRW, reflecting a 323% year-over-year growth. The net profit margin stood at 46% [7][8]. Technology/Product Highlights - The company expects HBM demand to double in 2025, with plans to transition to HBM3E 12Hi. The first global HBM4 12Hi samples were delivered in March 2025, with mass production planned for later in the year. DRAM shipments began for AI PC customers, while NAND shipments saw a significant decline [9][10][11]. Capital Expenditure (CAPEX) - SK Hynix plans to begin construction of its first factory in Yongin in Q1 2025, with production expected to start in Q2 2027. The Cheongju M15X factory is anticipated to commence production in Q4 2025 [10]. Revenue by Product Line - DRAM accounts for 80% of total revenue, with a slight decline in shipment volume but stable average selling prices (ASP). NAND contributes 18% of revenue, with a significant decline in shipment volume and a 20% drop in ASP [11][12]. End Market Demand Outlook - The PC market is expected to grow due to the end of the Windows 10 era and the rise of AI PCs. The mobile market will see increased demand for high-performance mobile DRAM driven by new AI features in smartphones. The server market is projected to expand as major tech companies invest in AI infrastructure [15][16][17]. FY2025Q2 Company Guidance - SK Hynix forecasts a 10%-13% increase in DRAM shipments and over a 20% increase in NAND shipments for Q2 FY2025 [20].