高盛：上调三星和SK海力士目标价,因内存价格走强！

Core Viewpoint - Goldman Sachs indicates that Samsung Electronics and SK Hynix may experience stronger earnings performance due to rising memory prices and tightening supply driven by AI-related demand [1][3]. Group 1: SK Hynix - Goldman Sachs raised the target price for SK Hynix from 1.2 million KRW to 1.35 million KRW, maintaining a buy rating [3]. - The firm expects SK Hynix to benefit from one of the strongest upcycles in traditional memory in years, predicting an operating profit of 34.7 trillion KRW in Q1 2026 and approximately 202 trillion KRW for the entire year, both exceeding market consensus [3]. - The operating profit margin for DRAM is expected to exceed 70% this year, while NAND's margin may reach over 40%, with a projected return on equity exceeding 80% [3]. Group 2: Samsung Electronics - Goldman Sachs forecasts a significant improvement in Samsung Electronics' profitability, predicting an operating profit of 40.3 trillion KRW in Q1 and around 239 trillion KRW for the full year of 2026 [4]. - This improvement is attributed to stronger memory prices and growth in high-bandwidth memory used in AI computing, with expected operating profit growth of over five times by 2026 and a return on equity of approximately 37% [4]. Group 3: Market Outlook - Despite the improved outlook, Goldman Sachs notes that the valuations of both stocks remain relatively low based on anticipated 2027 earnings, which is considered attractive given the expected growth in memory demand [5].