AI芯片销售疲弱，三星电子第二季度运营利润或将下降 39%

Core Viewpoint - Samsung Electronics is expected to report an operating profit of 6.3 trillion KRW (approximately 4.62 billion USD) for the second quarter, marking a 39% decline from 10.4 trillion KRW in the same period last year, which is the lowest profit in six quarters due to delays in supplying advanced memory chips to NVIDIA [1][2]. Group 1: Operating Profit and Market Performance - The anticipated operating profit of 6.3 trillion KRW for Q2 represents a significant drop of 39% year-on-year, indicating ongoing challenges in the memory chip sector [2]. - Samsung's stock has increased by approximately 19% this year, but this performance lags behind the KOSPI index's 27.3% rise, making it the worst-performing stock among major memory chip manufacturers this year [2]. Group 2: Challenges in High Bandwidth Memory Supply - Samsung's difficulties in the high bandwidth memory (HBM) segment are primarily due to slow progress in obtaining NVIDIA certification for its latest HBM3E 12-layer chip, which has delayed shipments [2]. - Analysts predict that Samsung's HBM revenue may remain stagnant in Q2, as the company has not yet started supplying the new chip to NVIDIA [2]. Group 3: Trade Policy Uncertainties - Multiple core businesses of Samsung, including chips, smartphones, and home appliances, face uncertainties stemming from U.S. trade policies, which could impact future performance [3]. - Proposed tariffs on smartphones produced overseas, including those from Samsung, could further complicate the company's market position, although smartphone sales are expected to remain robust due to potential preemptive stocking by distributors [3].