大超预期！SK海力士一季度净利润40万亿韩元，预期29万亿韩元

华尔街见闻04-23

SK海力士凭借在高带宽内存（HBM）领域的技术领先地位，交出了一份远超市场预期的一季度成绩单，印证了AI硬件投资热潮正在深刻重塑半导体行业的盈利格局。公司一季度净利润达40.33万亿韩元，大幅超出分析师预期的29.39万亿韩元；运营利润37.61万亿韩元，亦高于市场预期的35.7万亿韩元；季度销售额录得52.58万亿韩元。展望二季度，公司预计DRAM出货量环比将录得较高的个位数百分比增幅，NAND...

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SK Hynix net profit of 40 trillion won in the first quarter, 29 trillion won expected","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/29d5416f816fdf3c054d327f838fde56","symbols_score_info":{"HXSCL":2},"content_text":"SK海力士凭借在高带宽内存（HBM）领域的技术领先地位，交出了一份远超市场预期的一季度成绩单，印证了AI硬件投资热潮正在深刻重塑半导体行业的盈利格局。公司一季度净利润达40.33万亿韩元，大幅超出分析师预期的29.39万亿韩元；运营利润37.61万亿韩元，亦高于市场预期的35.7万亿韩元；季度销售额录得52.58万亿韩元。展望二季度，公司预计DRAM出货量环比将录得较高的个位数百分比增幅，NAND出货量环比增幅则将处于10%至20%区间的中部。业绩超预期的背后，是Meta、亚马逊等超大规模云计算厂商在AI基础设施上数以千亿美元计的持续投入。SK海力士作为英伟达芯片的关键配套供应商，凭借在HBM市场的先发优势，成为这一投资浪潮的核心受益者之一。内存价格全线上涨，利润率持续扩张内存价格的强劲上行为SK海力士业绩提供了有力支撑。据市场研究机构DRAMeXchange数据，8GB DDR4 PC内存基准合约价格已连续11个月上涨，上月触及约13美元。一季度DRAM平均售价较上季度环比上涨60.8%，NAND平均售价环比上涨55.3%。企业级固态硬盘需求亦随数据中心投资的扩张而大幅攀升，进一步夯实了公司的营收基础。SK海力士及其竞争对手三星电子、美光科技均在将更多产能向利润率较高的HBM产品集中，这一趋势导致传统内存供给趋紧，价格持续走高，从而在更广泛的层面提振了内存厂商的整体收入。资本开支大举提速，布局下一代制造能力为应对旺盛需求，SK海力士正加速扩大产能投入。公司今年1月宣布，2026年资本开支将较2025年的30.2万亿韩元大幅增加。上月，公司进一步宣布计划斥资约80亿美元，向ASML采购最先进的极紫外光刻（EUV）芯片制造设备。竞争对手三星电子同样不甘示弱，计划今年在芯片产能扩张与研发上投入逾110万亿韩元，创历史新高，意在争夺AI半导体领域的领先地位。值得关注的是，三星已率先实现HBM4芯片的商业出货，并在英伟达GTC大会上展示了最新一代HBM4E产品，在下一代HBM竞争中占据先机。股价强势领跑，估值仍远低于AI头部企业资本市场对SK海力士的AI叙事给予了积极回应。继2025年股价翻逾三倍后，今年以来该股累计涨幅已接近90%，表现明显领先三星电子。然而，内存芯片股的估值倍数仍远低于英伟达、台积电等AI芯片领域的头部企业。质疑者认为，这一折价有其合理性——内存行业盈利的周期性波动特征难以忽视。总部位于伦敦的Polar Capital全球新兴市场及亚洲业务主管Jorry Noeddekaer在业绩发布前表示：\"从某种程度上说，我们正处于内存行业的新范式之中。但'内存将永远告别周期性'这一说法，我们并不认同。\"","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"2","news_tag":"corporation,movement","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1154669497","isCrawlerRequest":true}