HBM龙头，反击

Core Viewpoint - SK Hynix remains optimistic about the future demand for HBM (High Bandwidth Memory), despite recent downgrades from investment banks due to increased competition in the HBM market [1][2]. Financial Performance - In Q2, SK Hynix reported a revenue increase of 35.4% year-on-year to 22.232 trillion KRW and an operating profit increase of 68.5% to 9.2129 trillion KRW, achieving an operating margin of 41% [1]. - The company's Q2 performance surpassed both the previous quarter's records and the average forecasts from financial analysts [1]. Market Dynamics - The demand for AI memory is steadily increasing due to significant investments from major global tech companies [2]. - SK Hynix noted that the sales of high-value products, particularly the fifth-generation HBM3E 12-layer, have contributed to revenue and profitability growth [2]. Production and Investment Strategy - SK Hynix plans to increase capital expenditures to meet the rising demand for HBM, with a focus on expanding production infrastructure [6][7]. - The company has ensured supply predictability for its HBM business for the upcoming year, particularly for major clients like NVIDIA [4]. Product Development - SK Hynix is accelerating the production of next-generation AI chips, including SoCAM and GDDR7, to meet the growing demand for diverse memory products in AI computing [4]. - The company has delivered samples of the sixth-generation HBM4 and is preparing for its market introduction [4]. Competitive Position - SK Hynix believes that the shift towards customized HBM will benefit memory manufacturers, allowing them to maintain a competitive edge despite increasing competition [2]. - The company emphasizes its strong bargaining power in the memory market, attributing its leadership position to customer-oriented culture and teamwork [3].