【招商电子】三星25Q4跟踪报告：Q4业绩同比大幅增长，AI和服务器需求持续带动存储业务强劲

Core Viewpoint - Samsung Electronics achieved record-high revenue and profit in Q4 2025, driven by strong performance in the Device Solutions (DS) division, with revenue reaching 93.8 trillion KRW, a year-on-year increase of 24% and a quarter-on-quarter increase of 9% [3][9]. Financial Performance - Q4 2025 revenue and profit reached historical highs, with revenue at 93.8 trillion KRW, operating profit at 20.1 trillion KRW (up 209% YoY), and net profit at 19.6 trillion KRW (up 151% YoY) [3][9]. - For the full year 2025, total revenue was 333.6 trillion KRW, a YoY increase of 11%, with operating profit at 43.6 trillion KRW (up 33% YoY) and net profit at 45.2 trillion KRW (up 31% YoY) [3][15]. Segment Performance - All four business divisions reported revenue growth in Q4 2025, with the memory business seeing a significant revenue increase of 62% YoY [4][12]. - The DS division's revenue was 44 trillion KRW, up 46% YoY, while the DX division's revenue was 44.3 trillion KRW, reflecting a 9% YoY increase [4][11]. - The memory segment's revenue for Q4 2025 was 37.1 trillion KRW, with a YoY increase of 62% and a quarterly increase of 39% [4][12]. Future Outlook - The semiconductor division is expected to continue structural growth opportunities, focusing on high-value products related to AI, with plans to expand HBM4 supply and AI-related high-density DDR5 products [5][18]. - The system LSI business anticipates ongoing external uncertainties but expects demand for high-performance SoCs and sensors to remain strong, particularly in the high-end market [6][19]. - The display business is preparing for a challenging environment in 2026, with plans to enhance product competitiveness through differentiated technology and improve operational efficiency [29][30]. Capital Expenditure and Shareholder Returns - Capital expenditure in Q4 2025 increased to 20.4 trillion KRW, with a total for the year of 52.7 trillion KRW, reflecting a strategic focus on expanding production capacity [14][30]. - The company plans to distribute a total of 9.8 trillion KRW in regular dividends and an additional 1.3 trillion KRW in special dividends for 2025, demonstrating a commitment to shareholder returns [14][36].