SK海力士（000660KS）：营收盈利双超预期，HBM量价齐增

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 360,000 KRW [3][12]. Core Insights - The company reported revenue and profit that exceeded expectations, with a significant increase in HBM sales and pricing [8][10]. - The company is positioned to benefit from the growing demand for high-end HBM products, particularly with major clients like NVIDIA [29][31]. - The report highlights the uncertainty surrounding tariffs imposed by the U.S. government on products from Japan and Korea, which could impact future operations [11]. Financial Performance - For Q2 2025, the company reported revenue of 22.23 trillion KRW, a year-on-year increase of 35% and a quarter-on-quarter increase of 26%, surpassing Bloomberg consensus estimates [8]. - Operating profit for the same period was 9.21 trillion KRW, reflecting a year-on-year increase of 68% and a quarter-on-quarter increase of 24% [8]. - The gross margin was reported at 53.9%, while the operating margin was 41.4% [8]. Product Performance - The company has seen strong growth in HBM sales, with expectations to double HBM sales in 2025 [9]. - The DRAM segment reported revenue of 17.12 trillion KRW for Q2 2025, a year-on-year increase of 58% and a quarter-on-quarter increase of 21% [10]. - NAND revenue for Q2 2025 was 4.67 trillion KRW, showing a year-on-year decrease of 8% but a quarter-on-quarter increase of 47% [10]. Market Position - The company has surpassed Samsung in DRAM market share, achieving 39% compared to Samsung's 36% [10]. - The report indicates that the company is one of only three suppliers in the HBM market, which positions it favorably against competitors like Micron and Samsung [31]. Valuation and Forecast - The target price has been raised to 360,000 KRW, reflecting a price-to-book ratio of 1.8x for FY26E [12][30]. - Revenue estimates for 2025, 2026, and 2027 have been adjusted to 98 trillion KRW, 120 trillion KRW, and 132 trillion KRW respectively, while net profit estimates have been slightly increased [30].