重磅！SK海力士利润创新高：产能告急！扩资本开支！Q4开始供应HBM4！

Core Viewpoint - SK Hynix reported record-high revenue and profit in Q3, driven by strong demand for HBM chips from major client NVIDIA [1][3] Financial Performance - Q3 revenue reached 24.45 trillion KRW (approximately 121.27 billion RMB), a 39% year-on-year increase, slightly below analyst expectations of 24.73 trillion KRW [3] - Operating profit was 11.38 trillion KRW (approximately 564.45 billion RMB), a 62% year-on-year increase, also slightly below the expected 11.39 trillion KRW [3] - This marks the first time SK Hynix's operating profit exceeded 10 trillion KRW since its establishment [3] Product Performance - Sales of high-value products like 12-layer HBM3E and server-oriented DDR5 contributed to record-high performance [4][10] - HBM4 has completed development and will start shipping in Q4, with plans for full-scale sales next year [5][10] - SK Hynix holds a leading position in the global HBM market with a 62% shipment share in Q2, followed by Micron (21%) and Samsung (17%) [6] Capital Expenditure and Capacity Expansion - The company has locked in demand for DRAM and NAND customers for 2026 and is expanding capacity through M15X [7] - Investment plans for next year will increase compared to this year to meet unexpected customer demand [7] Market Applications - AI server workloads are shifting towards general servers and edge devices, leading to exponential growth in memory usage [8] - The company expects moderate growth in PC and smartphone shipments in 2026, driven by the increasing adoption of AI features [9] Market Outlook - SK Hynix anticipates low single-digit quarter-on-quarter growth in DRAM and NAND bit shipments in Q4 [12] - Global DRAM bit demand growth is expected to rise from 17%-19% in 2025 to over 20% in 2026, while NAND bit demand growth is projected to increase from 15% to 17%-19% [12] - The company is experiencing a historic "super cycle," with soaring demand across nearly all products, particularly in the AI sector [12][13] - The price of PC-grade general DRAM has surged from $1.35 in January to $6.30 in September, a fivefold increase [12] - The semiconductor industry expects this super cycle to continue strongly into at least Q1 of next year [14]