SK海力士：FY2025Q2业绩点评及业绩说明会纪要：AI领域需求高增，营收及利润均创历史新高

Investment Rating - The report assigns a strong buy rating for SK Hynix, anticipating significant outperformance against benchmark indices in the next six months [50][51]. Core Insights - SK Hynix reported record-high revenue and profit in Q2 FY2025, driven by strong demand in the AI sector, with revenue reaching 22.23 trillion KRW, a 35% year-over-year increase and a 26% quarter-over-quarter increase [1][2][9]. - The gross margin stood at 54%, reflecting an 8 percentage point increase year-over-year, although it decreased by 3 percentage points quarter-over-quarter [2][9]. - Net profit for Q2 was 7 trillion KRW, marking a 70% increase year-over-year but a 14% decrease quarter-over-quarter, resulting in a net profit margin of 31% [2][9]. Summary by Sections Overall Revenue Situation - In Q2 FY2025, SK Hynix achieved revenue of 22.23 trillion KRW, exceeding market expectations of 20.48 trillion KRW, marking the highest quarterly revenue in history [2][9]. - The company experienced a significant increase in DRAM and NAND product shipments due to rising AI investments from major tech companies and preemptive procurement by customers [2][9]. Technology/Product Highlights - SK Hynix aims to double its HBM sales year-over-year and has delivered the world's first HBM4 samples to customers [11]. - The company is expanding sales of high-demand DRAM products, including high-speed DDR5 memory and high-density server modules, with plans to launch LPDDR server modules in 2025 [11]. - In NAND, SK Hynix is focusing on high-capacity enterprise SSDs and plans to develop 321-layer NAND consumer SSDs by 2025 [11][12]. Capital Expenditure (CAPEX) - The M15X factory is set to open in Q4 2025, with production of DRAM products, including HBM, starting in 2026 [12]. - The company expects capital expenditures in 2025 to exceed previous guidance to support HBM customers [12]. Terminal Demand Outlook - The overall demand in the first half of 2025 was strong, with a favorable pricing environment, and the company anticipates limited downside risk for demand in the second half [3][17]. - The PC and smartphone markets are experiencing increased memory capacity demand due to the proliferation of AI applications [17]. - The server market is seeing accelerated investments from major tech companies, driving demand for high-performance memory [18]. FY2025Q3 Company Guidance - SK Hynix expects a low single-digit percentage growth in DRAM bit shipments for Q3 FY2025, while NAND bit shipments are expected to see limited growth [20].