【招商电子】SK海力士25Q3跟踪报告：营收及净利率创历史新高，指引明年DRAM、NAND需求加速增长

Core Viewpoint - SK Hynix reported record-high revenue and net profit margins in Q3 2025, driven by strong demand for DRAM and NAND products, particularly in the AI sector [2][11]. Financial Performance - Q3 2025 revenue reached 24.45 trillion KRW, up 39% year-on-year and 10% quarter-on-quarter, with a gross margin of 57% and a net margin of 52%, both marking historical highs [2][11]. - DRAM revenue was 19.07 trillion KRW, a 57.3% increase year-on-year and 11.4% quarter-on-quarter, while NAND revenue was 4.89 trillion KRW, down 0.6% year-on-year but up 4.7% quarter-on-quarter [2][11]. Market Trends - AI is driving a significant increase in storage demand across all categories, with server shipments expected to grow by over 10% in 2026 [3][13]. - The demand for DRAM is projected to accelerate, with growth rates expected to exceed 20% in 2026, while NAND demand is also anticipated to rise significantly [4][13]. Product Development and Capacity Expansion - The company plans to expand its HBM, server DRAM, and enterprise SSD sales, with a focus on maintaining a competitive edge through advanced process technology [4][15]. - Capital expenditures are expected to exceed 2025 levels as the company ramps up production capabilities in response to rising demand [5][22]. Customer Demand and Supply Dynamics - The company has secured demand for HBM, DRAM, and NAND products through 2026, with production capacity largely sold out for the upcoming year [4][14]. - The shift towards a "make-to-order" model in the memory market reflects the strong demand from AI and tech companies, enhancing predictability and stability in business operations [21][27]. Strategic Partnerships and Market Outlook - Collaborations with major AI firms are expected to drive sustained growth in HBM demand, with a projected annual growth rate of over 30% for the HBM market over the next five years [27][28]. - The company is committed to maintaining a disciplined approach to capital expenditures while responding to the evolving needs of the AI market [22][29].