半导体业务强势复苏，三星利润大涨

Core Viewpoint - Samsung Electronics' semiconductor division has shown a strong recovery in Q3 2023, with preliminary sales increasing by 8.72% year-on-year to 86 trillion KRW and operating profit rising by 31.81% to 12.1 trillion KRW, exceeding market expectations [1][2]. Group 1: Financial Performance - The operating profit has rebounded to around 10 trillion KRW for the first time in five quarters, marking the highest value since Q2 2022 [1]. - Compared to Q2 2023, where a 1 trillion KRW loss was recorded due to unsold memory inventory, the operating profit growth represents a 158.55% increase [1]. - The semiconductor business (DS division) is expected to generate around 5 trillion KRW in operating profit, significantly higher than the 400 billion KRW in Q2 2023 [1]. Group 2: Market Dynamics - The semiconductor industry is entering an "early semiconductor super cycle," driven by a surge in demand, particularly for AI accelerators and high-bandwidth memory (HBM) [3]. - The average fixed trading price for general PC DRAM products (DDR4 8Gb) rose by 10.53% in September, reaching $6.3, the highest since January 2019 [4]. - Analysts predict that Samsung Electronics will capture 32% of the DRAM market and 30% of NAND flash production by 2026, positioning it as a major beneficiary of the memory super cycle [4]. Group 3: Business Developments - Samsung Electronics has passed NVIDIA's HBM3E quality tests and is negotiating supply volumes, enhancing its competitive position against SK Hynix [5]. - The company is expanding its high-performance DRAM supply through participation in OpenAI's Stargate project, which is expected to significantly boost HBM sales [6]. - The foundry business is showing signs of recovery, with new customer orders focusing on 8-4nm processes, and the production of the Exynos 2600 processor is expected to increase utilization rates [7]. Group 4: Product Performance - The smartphone business contributed positively to Q3 performance, with the Galaxy Z Fold7 performing well in markets like the U.S. [8]. - Samsung Display's profits are estimated to reach around 1 trillion KRW, as the company begins supplying OLED panels for Apple's iPhone 17 [8]. - Despite challenges in the home appliance and TV sectors due to tariffs and logistics costs, overall performance is expected to improve, with projected operating profit for 2026 raised by 36% to 73 trillion KRW [8].