半导体行业：SK海力士（000660.KS）提前囤货和AI需求促业绩超预期，首批HBM4已送样

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 300,000 KRW [2][5][8]. Core Insights - The company reported Q1 2025 revenue of 17.6 trillion KRW, a year-on-year increase of 42%, although it decreased by 11% quarter-on-quarter. The operating profit was 7.4 trillion KRW, up 158% month-on-month and down 8% quarter-on-quarter, with a gross margin of 57.3% [2][3]. - The HBM (High Bandwidth Memory) business is expected to see strong growth, with demand projected to double by 2025. The company is preparing for the mass production of its 12-layer HBM4 by the end of the year [3][10]. - The company has a market share of approximately 70% in the HBM sector, and its focus will shift towards 12-Hi HBM3E and HBM4 products [3][10]. Summary by Sections Financial Performance - In Q1 2025, DRAM revenue was 14.1 trillion KRW, up 88% year-on-year but down 4% quarter-on-quarter, accounting for 80% of total revenue. The company has increased its market share to 36% in the DRAM sector [4][16]. - NAND revenue was 3.18 trillion KRW, down 27% year-on-year and 33% quarter-on-quarter, representing 18% of total revenue. The eSSD segment is expected to drive future growth in NAND demand [4][16]. Market Outlook - The report anticipates that the prices of DRAM and NAND will stabilize in Q2-Q3 2025, driven by reduced production capacity and increased demand from AI applications [4][15]. - The company is also expanding its product offerings for AI servers, which may further enhance its market position [4][16]. Valuation and Projections - Revenue projections for 2025, 2026, and 2027 are 106 trillion KRW, 123 trillion KRW, and 135 trillion KRW, respectively, with net profits expected to be 30 trillion KRW, 37 trillion KRW, and 41 trillion KRW [5][31]. - The report maintains a target price of 300,000 KRW, corresponding to a 2.2x FY25 P/B ratio, indicating a positive long-term growth outlook for the company [5][31].