三星HBM，暴增

Core Viewpoint - Kiwoom Securities predicts that Samsung Electronics' high bandwidth memory (HBM) shipments will triple next year compared to this year, maintaining a "buy" rating with a target price of 140,000 KRW [2] Group 1: HBM Market Outlook - HBM sales for major ASIC chips are expected to significantly increase in Q1 2025, with mass production of HBM4 for Nvidia's Rubin platform starting in Q2 [2] - Samsung's HBM business revenue is projected to reach 26.5 trillion KRW next year, representing a 197% year-on-year growth [2] - If competitors face delays in HBM4 supply, Samsung's revenue could see further upside [2] Group 2: New Customers and Market Expansion - Meta is expected to become a new HBM customer by transitioning from LPDDR5 to HBM3e with the release of MTIA v3 next year [3] - Amazon is anticipated to steadily increase its HBM usage in 2025 based on this year's figures [3] - Samsung's stock price is expected to benefit from rising general DRAM prices and increased HBM shipment forecasts, leading to a continued upward trend [3] Group 3: Competitive Positioning - Samsung's valuation is noted to be the lowest among the three major DRAM manufacturers, which could drive differentiated stock price increases due to the aforementioned factors [3]