SK海力士25Q4跟踪报告：本季营收与利润均创历史新高，受供应限制仍无法满足所有客户需求

Investment Rating - The report indicates a positive outlook for the industry, suggesting a recommendation for investment based on strong fundamentals and expected performance exceeding market benchmarks [41]. Core Insights - The company achieved record revenue and profit in Q4 2025, driven by strong demand for memory products, particularly in the HBM segment, with revenue reaching 32.83 trillion KRW, a 66% year-on-year increase [1][19]. - The demand for DRAM and NAND products remains robust, with significant price increases contributing to improved profitability [19]. - The company plans to expand production capacity and enhance its product offerings, particularly in AI memory solutions, to meet growing market demands [25][26]. Summary by Sections Financial Performance - Q4 2025 revenue was 32.83 trillion KRW, up 66% year-on-year and 34% quarter-on-quarter, with a gross margin of 69% [1][19]. - Net profit for Q4 2025 reached 15.2 trillion KRW, reflecting a 90% increase year-on-year [1][19]. - For the full year 2025, revenue is projected at 97.15 trillion KRW, a 47% increase, with net profit expected to be 42.95 trillion KRW, a 117% increase [1][22]. Market Outlook - The server market is expected to see high double-digit growth in 2026, driven by structural demand for server DRAM and enterprise SSDs [3][24]. - PC and mobile device markets may experience short-term adjustments due to rising component costs and weakened consumer confidence [3][24]. - Demand growth for DRAM and NAND is anticipated to remain above 20% and 19%, respectively, in 2026 [3][24]. Product Development and Capacity Expansion - The company is accelerating the transition to 1c nm DRAM and 321-layer NAND technologies, with plans to expand production capacity at its facilities [25][26]. - HBM4 production is underway, with the company aiming to meet customer demand through advanced packaging technologies [4][26]. - Capital expenditures for 2026 are expected to increase significantly to support capacity expansion and infrastructure development [25][27]. Shareholder Returns - The company has announced a new shareholder return policy, including an additional cash dividend of 1,500 KRW per share and plans to repurchase and cancel 15 million shares [27][28]. - The total cash dividend for the fiscal year 2025 is projected to be 3,000 KRW per share, amounting to approximately 2.1 trillion KRW in total [27][28].