未知机构：Kiwoom证券于10日预测三星电子的非存储器部-20260211

Summary of Key Points from the Conference Call Company: Samsung Electronics Core Insights and Arguments - Kiwoom Securities predicts that Samsung Electronics' non-memory division "will restore operating profit next year," maintaining a "buy" rating with a target price of 210,000 KRW [1] - Analyst Park Yu-kyung stated that improvements in yield for the 2nm second-generation (SF2P) process used for Exynos 2700, increasing customer demand for cost reduction, and enhancements in benchmark performance will allow Exynos 2700 to gain a larger market share [1] - Exynos 2700 is expected to enter full-scale production on Samsung's SF2P process in the second half of this year, with an estimated adoption rate of about 50% in the Galaxy S27 [1] - Kiwoom Securities estimates that Samsung Electronics' non-memory division will achieve revenue growth next year, with operating profit turning into surplus [1] Additional Important Insights - Park noted that rising market expectations for non-memory profitability will serve as additional upward momentum for the stock [2] - Kiwoom Securities forecasts that Samsung Electronics' total revenue and operating profit for this year will see year-on-year growth [2] - This forecast is based on expectations that commodity-grade DRAM and NAND prices will increase by 109% and 105%, respectively, during the same period [2] - The surge in commodity-grade DRAM prices and profitability is expected to create favorable conditions for price negotiations for the sixth-generation high bandwidth memory (HBM4) [2]