三星芯片，利润飙升

Core Viewpoint - Samsung Electronics is expected to report record-high quarterly profits for Q4 last year, driven by increased demand for advanced storage semiconductors and general memory due to investments in AI infrastructure [1][2]. Group 1: Financial Performance Expectations - Samsung Electronics is projected to achieve a revenue of 89.217 trillion KRW and an operating profit of 16.455 trillion KRW for Q4, marking a year-on-year increase of 17.7% and 153.4% respectively [1]. - IBK Securities forecasts an operating profit of 21.746 trillion KRW for Q4, while Daol Investment Securities predicts 20.4 trillion KRW, both exceeding the previous record of 17.570 trillion KRW set in Q3 2018 [1]. Group 2: Market Dynamics and Pricing - The significant driver for Samsung's performance is the surge in general DRAM memory prices, with the average contract price for PC DRAM products rising from 9.3 USD at the end of last year to an expected 1.35 USD by the end of 2024, indicating a nearly sevenfold increase [2]. - Despite the growing demand for general memory due to AI investments, supply constraints in high-bandwidth memory (HBM) are expected to persist, leading to continued shortages [2]. Group 3: Semiconductor Business Outlook - Samsung's DRAM business is anticipated to achieve an operating profit margin exceeding 50%, while NAND business margins are expected to reach 20% [2]. - The next-generation AI semiconductor business, including HBM4, is gaining momentum, with expectations of stable supply and increased market share from approximately 10% last year to 30% this year [2]. Group 4: System-on-Chip and Foundry Business - The system-on-chip (LSI) and foundry segments are expected to benefit from recent contracts, including a 23 trillion KRW deal with Tesla and potential orders from AMD for 2nm chips [3]. - Samsung's advancements in chip design, such as the Exynos 2600 processor for Galaxy S series and Exynos Auto chips for BMW, indicate a positive trajectory for the semiconductor division [3]. - Analysts predict that if the system semiconductor sector stabilizes after the recovery of storage semiconductors, Samsung's performance could surpass its peak levels [3].