SK 海力士：利润超预期增长

Investment Rating - The report does not explicitly provide an investment rating for SK Hynix [2][3]. Core Insights - SK Hynix's operating profit expectations for 2026 have been raised by 30% over the past month and cumulatively by 120% since September, driven by strong demand from data center customers and aggressive pricing by DRAM suppliers [5]. - The memory market has shifted to a seller's market due to low inventory levels, with SK Hynix's DRAM and NAND inventories at only 2 weeks and 6 weeks, respectively [5]. - The company is expected to maintain a market share of over 60% in the HBM market, with significant increases in shipments of HBM4 products starting in Q2 2026 [6]. - SK Hynix plans to increase the production of high-value products in 2026 to enhance average selling prices [6]. Summary by Sections Company Overview - SK Hynix is a leading pure memory semiconductor manufacturer, focusing on DRAM and NAND, with DRAM and NAND revenues accounting for 65% and over 30% of total revenue, respectively [9]. - The company acquired Intel's SSD business in 2022, now named Solidigm, to strengthen its competitiveness in the NAND sector [9]. Revenue Breakdown - Revenue by product: DRAM 67.6%, NAND 29.1%, Others 3.3% [10]. - Revenue by region: Asia 34.5%, Americas 63.4%, Europe 2.1%, Middle East and Africa 0.0% [10]. Stock Information - Stock price as of January 7, 2026: 741,000 KRW, with a market capitalization of 372.19 billion USD [12]. - Consensus target price: 699,240 KRW [15].