三星电子_25 年第四季度初步营业利润略超预期，或由存储、显示业务带动；传统存储价格强劲将持续推高盈利；买入评级

For semiconductors, we believe the main driver for the beat was the better-than-expected conventional DRAM and NAND pricing. We estimate the company's conventional DRAM pricing to have risen by close to 50% qoq and NAND pricing up more than 30% qoq, compared to our prior expectations of DRAM +38% qoq and NAND +25% qoq, respectively. We expect DRAM bit shipment to have been largely inline with the company's guidance with only a slight growth qoq, while NAND bit shipment is likely to have missed its BUY Samsu ...