韩国科技-AI 服务器需求强劲，带动存储出口创历史新高-South Korea Tech_ February 2026 export tracker_ Record high growth in memory export led by strong demand from AI servers

Summary of South Korea Tech February 2026 Export Tracker Industry Overview - Industry: South Korean Technology Sector - Key Products: Memory, OLED, Li-ion batteries, MLCC (Multi-layer Ceramic Capacitors) Core Insights 1. Memory Exports Surge: - Memory exports increased by 262% year-over-year (yoy) in February 2026, marking the highest growth rate since tracking began in April 2012 despite having three fewer working days compared to February 2025 [1][2] - DRAM exports grew by 322% yoy, while NAND chip exports rose by 378% yoy and SSD exports by 289% yoy [2] 2. MLCC Exports Stabilize: - MLCC exports showed minimal change, with a growth rate of +0.5% yoy, ending an eight-month streak of double-digit growth [1][8] - Samsung Electro-Mechanics (SEMCO) is expected to see a 12% yoy revenue growth in 1Q26, driven by demand from AI servers and automotive applications [8] 3. Display Exports Decline: - Display exports fell by 4% yoy, with LCD exports down 14% yoy and OLED exports stable at -0.4% yoy [1][7] - LG Display's revenue is projected to decline by 10% in 1Q26 due to downsizing in the LCD business, while Samsung Display is expected to see a 1% yoy revenue increase [7] 4. Li-ion Battery Exports Weakness: - Li-ion battery exports decreased by 0.4% yoy, attributed to a slowdown in U.S. EV demand, increased competition from Chinese EVs, and production shifts to foreign factories [1][9] 5. Import Trends Correlate with HBM Shipments: - Significant increases in imports of epoxide resins (+80% yoy) and plastic film (+87% yoy) from Japan indicate strong correlations with HBM shipments from Hynix and SEC, respectively [3][6] Additional Important Points - Investment Drivers: The strong performance in memory exports is largely driven by increased demand from AI server investments, particularly from major tech companies [2] - Future Expectations: - Hynix's revenue is expected to rise by 178% yoy in 1Q26, while SEC's memory revenue is projected to increase by 233% yoy [2] - The overall memory demand is anticipated to significantly outpace supply due to ongoing AI-related capital expenditures [19] Risks and Considerations - Key Risks for Hynix: - Potential deterioration in memory supply/demand dynamics, weaker demand for smartphones and PCs, and reduced AI-related capital expenditures could negatively impact HBM revenue and profit [17][19] - Key Risks for Samsung Electronics: - Risks include a major deterioration in memory supply/demand, contraction in smartphone margins, and loss of market share in mobile OLED [21] This summary encapsulates the key findings and insights from the February 2026 export tracker for the South Korean tech industry, highlighting significant growth in memory exports, stabilization in MLCC exports, and challenges faced by display and battery sectors.