芯片不给力，三星利润暴跌

Core Viewpoint - Samsung Electronics is expected to report a 39% drop in operating profit for Q2, primarily due to delays in supplying advanced memory chips to Nvidia, marking the lowest profit in six quarters and the fourth consecutive decline [1][6]. Group 1: Financial Performance - Samsung's projected operating profit for April to June is 6.3 trillion KRW (approximately 46.2 billion USD), the lowest in six quarters [1]. - The company's stock has risen about 19% this year, underperforming the KOSPI index, which has increased by 27.3% [3]. - Samsung's market capitalization has dropped to its lowest level in nine years, with its common stock accounting for 14.53% of the total market capitalization on the main board [5]. Group 2: Market Challenges - Samsung faces challenges in the AI chip market, particularly in high-bandwidth memory (HBM) due to reliance on the Chinese market and U.S. sales restrictions [1][3]. - The company has been slow in obtaining Nvidia certification for its latest HBM chips, which has affected its revenue from this segment [1][2]. - Ongoing uncertainties from U.S. trade policies, including potential tariffs on smartphones, may impact Samsung's smartphone sales [3]. Group 3: Future Outlook - Analysts expect Samsung's earnings to improve starting in Q3 as HBM revenue increases [6]. - The company plans to maintain NAND production cuts while focusing on high-value products like enterprise SSDs [7]. - Samsung aims to accelerate negotiations with Nvidia for its HBM3E chips and plans to begin mass production of its sixth-generation HBM (HBM4) later this year [7]. Group 4: Performance Bonuses - Samsung's semiconductor division is experiencing a significant reduction in performance bonuses due to ongoing poor performance in HBM and foundry businesses [9][10]. - The expected bonus payout for the semiconductor division ranges from 0% to 25%, reflecting the impact of business losses [9]. - The mobile experience division is projected to receive the highest bonuses at 75%, driven by strong sales of the Galaxy S25 series [10].