SK 海力士_传统存储周期上行强劲且 HBM 销量提升推动盈利大幅增长；上调至买入评级，目标价 70 万韩元

Summary of SK Hynix Inc. (000660.KS) Conference Call Company Overview - Company: SK Hynix Inc. (000660.KS) - Market Cap: W393.9 trillion / $274.1 billion - Enterprise Value: W399.0 trillion / $277.7 billion - Current Price: W558,000 - Target Price: W700,000 - Upside Potential: 25.4% [1][2][5] Key Industry Insights Memory Market Dynamics - Memory Upcycle: Anticipated to be one of the strongest upcycles through 2026, driven by increased AI spending from hyperscalers [1][20] - Demand vs. Supply: Memory demand from servers (including server DRAM, SOCAMM, HBM, and eSSD) is expected to significantly outpace supply, with server-related DRAM demand projected to grow 34% year-over-year [1][33] - Conventional DRAM Pricing: Pricing for conventional DRAM is expected to rise sharply, with a forecasted increase of 47% year-over-year in 2026 [49] Specific Demand Drivers - SOCAMM Demand: Expected to reach 20 billion Gb (+300% year-over-year) in 2026, representing approximately 5% of global DRAM demand [26][28] - Server DRAM Demand: U.S. hyperscalers are driving demand for server DRAM, with some customers requesting nearly double the volume year-over-year [21][33] - HBM Demand: HBM demand is projected to grow significantly, with total HBM demand expected to reach 4,328,691 GB by 2026, a 60%+ year-over-year increase [80] Financial Projections Revenue and Profitability - 2026E Revenue: Expected to reach W140.9 trillion, up from W94.3 trillion in 2025E [5][16] - Operating Profit: Projected to more than double for conventional DRAM to $36 billion in 2026E, contributing to a company-wide operating profit estimate that is ~20% higher than consensus [2] - Free Cash Flow: Anticipated to exceed W60 trillion over the next three years, supported by the strong memory upcycle [2] Valuation Metrics - P/B Ratio: Target P/B multiple increased to 2.8X from 1.8X, reflecting the expected strong memory upcycle [3] - ROE: Expected to exceed 30% in 2024 and expand to over 40% in 2025E/2026E [3][11] Risks and Considerations - Supply Constraints: Limited capacity additions in conventional DRAM are expected throughout 2026, with major suppliers focusing on high-value segments [44] - Pricing Pressure: While HBM pricing is expected to decline, stronger demand is anticipated to offset this decline [81] Conclusion - Investment Recommendation: Upgrade to Buy with a target price of W700,000, indicating a strong potential upside based on robust demand forecasts and limited supply growth in the memory market [1][2][3]