内存周期来了，利润“十倍提升”，三星进入“黄金期”

华尔街见闻04-06

三星预测今年第一季度营业利润将达到6.6万亿韩元，同比增长931%。分析人士认为，这一乐观预测主要得益于内存芯片价格的反弹。韩国科技巨头三星电子，预测其第一季度的营业利润将同比暴增931%。4月5日，三星在其初步财报中称，今年第一季度的营业利润为6.6万亿韩元（约49亿美元），高于去年同期的6400亿韩元。这也创下了三星自2022年第三季度以来的最高营业利润纪录。同时，三星还预测，其第一季度营收将...

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period\"","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/29860236de12aee24e45aff23cf28af9","symbols_score_info":{"HBM":1},"content_text":"三星预测今年第一季度营业利润将达到6.6万亿韩元，同比增长931%。分析人士认为，这一乐观预测主要得益于内存芯片价格的反弹。韩国科技巨头三星电子，预测其第一季度的营业利润将同比暴增931%。4月5日，三星在其初步财报中称，今年第一季度的营业利润为6.6万亿韩元（约49亿美元），高于去年同期的6400亿韩元。这也创下了三星自2022年第三季度以来的最高营业利润纪录。同时，三星还预测，其第一季度营收将同比增长11%至71万亿韩元。分析人士认为，三星乐观的业绩预测主要得益于内存芯片价格的反弹。去年，面对高通胀，消费者削减了电子产品购买，导致市场低迷，而当前随着人工智能领域的蓬勃发展，对大量内存芯片的需求使得市场重新回暖。与此同时，为了在高带宽内存（HBM）芯片市场上迎头赶上，三星正致力于提升其HBM芯片的生产。这类芯片尤其适用于英伟达图形处理器进行AI计算。目前，HBM市场主要由SK海力士控制，而英伟达创始人兼CEO黄仁勋上月表示有意购买三星的HBM芯片。华尔街见闻此前文章提到，摩根大通发布研报，详细解析了关于三星在半导体领域的各项关键问题，包括三星高带宽存储器（HBM）业务的最新进展以及同业比较。摩根大通在研报表示，截至2023年底，三星已完成与三大GPU客户的HBM3资格认证，并进入大规模生产阶段。HBM3E 12-Hi的样品测试正在进行中，预计2024年第二季度开始晶圆贴片，第三季度起将大规模增产。摩根大通估计，到2024年底，三星的HBM产能将从2023年底的60k提升至130k/月。摩根大通在2024年2月的全球内存市场更新中预测，三星的HBM收入将在2024年至2025年达到56亿至95亿美元，较去年的19亿美元大幅增长。随着HBM芯片级密度的增加和更高高度混合比例，存在合理的上行风险。不过，数据显示，三星电子相对于SK海力士的估值差距已扩大至36%的折扣，而Micron目前的交易价格约为未来12个月市净率的2.2倍，与三星电子的1.1倍市净率相比存在显著溢价。摩根大通认为，这种低估主要是由于市场对三星HBM进展的预期低迷所致。摩根大通表示，HBM执行进展和DRAM利润率与同业之间的差距缩小，是三星电子股价表现超越同业的关键前提。随着预计三星的普通DRAM利润率到年底可能与HBM相当甚至更高，当市场叙事从“AI内存”转向“整体内存周期复苏”时，股票可能会更积极地反应。最新股价走势证明了这一观点，3月20日以来，三星电子股价已累计涨超15%。此外，分析人士还称，三星第一款搭载AI的智能手机也为公司业绩带来了积极影响。自1月起，三星开始销售其Galaxy S24系列旗舰手机，该手机配备了多种基于Google生成式AI技术的功能，如实时通话翻译和通过在手机上圈选图像来搜索相关信息的工具。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; 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