未知机构：乐金预计明年使非存储业务实现盈利Kiwoom证券Kiw-20260211

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses Samsung Electronics and its non-memory business segment, with a focus on the Exynos 2700 processor and its production process. Core Insights and Arguments - Profitability Forecast: Kiwoom Securities predicts that Samsung Electronics' non-memory division will return to operating profit next year, maintaining a "buy" rating with a target price of 210,000 KRW [1] - Market Share Growth: The improvement in yield rates for the 2nm second-generation (SF2P) process used for the Exynos 2700, along with increasing customer demand for cost reduction and enhanced baseline performance, is expected to help the Exynos 2700 gain a larger market share [1] - Production Timeline: The Exynos 2700 is set to enter full-scale production on Samsung's SF2P process in the second half of this year, with an anticipated adoption rate of approximately 50% in the upcoming Galaxy S27 [1] Financial Projections - Revenue and Profit Estimates: Kiwoom Securities estimates that Samsung Electronics' non-memory division will achieve revenues of 36.4 trillion KRW next year, representing a 21% year-over-year increase, and will turn to an operating profit of 1.8 trillion KRW [2] - Overall Company Performance: For the current year, Samsung Electronics is projected to have total revenues and operating profits of 500 trillion KRW and 173 trillion KRW, respectively, reflecting year-over-year growth of 50% and 295% [2] - DRAM and NAND Price Increases: The projections are based on expectations that commodity-grade DRAM and NAND prices will rise by 109% and 105%, respectively, during the same period [2] - Future Negotiations: The surge in commodity-grade DRAM prices and profitability is expected to create favorable conditions for price negotiations regarding the sixth-generation high bandwidth memory (HBM4) [2] Additional Important Insights - The anticipated recovery in the non-memory segment's profitability is seen as a potential additional upward momentum for Samsung's stock [2]