HBM定价权在手！SK海力士Q4营收、利润双双刷新纪录

智通财经01-28

智通财经APP获悉，得益于人工智能(AI)领域持续强劲的需求同时推高了先进和传统存储芯片的价格，韩国存储芯片巨头SK海力士公布了创纪录的季度营收和利润。数据显示，SK海力士2025年第四季度营收同比增长66%至32.827万亿韩元，好于分析师共识预期的32.132万亿韩元;营业利润同比激增137%，至创纪录的19.2万亿韩元，且超过分析师共识预期的17.7万亿韩元。SK海力士在英伟达(NVDA....

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SK Hynix's Q4 revenue and profit both set new records","themeId":"a746a14b3107e1c4fab863a7631c958a","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DIPS":0.6,"NVDQ":0.6,"NVD":0.6,"NVDW":0.6,"NVDS.UK":0.6,"NVDX":0.6,"SNVD.UK":0.6,"NVD2.UK":0.6,"NVDU":0.6,"NVDY":0.6,"NVD3.UK":0.6,"HBM":1,"NVDS":0.6,"NVDG":0.6,"NVIW.SI":0.6,"3NVD.UK":0.6,"2NVD.UK":0.6,"NVDD":0.6,"NVII":0.6,"AI":0.69},"content_text":"智通财经APP获悉，得益于人工智能(AI)领域持续强劲的需求同时推高了先进和传统存储芯片的价格，韩国存储芯片巨头SK海力士公布了创纪录的季度营收和利润。数据显示，SK海力士2025年第四季度营收同比增长66%至32.827万亿韩元，好于分析师共识预期的32.132万亿韩元;营业利润同比激增137%，至创纪录的19.2万亿韩元，且超过分析师共识预期的17.7万亿韩元。SK海力士在英伟达(NVDA.US)等公司设计的AI芯片组所需的高带宽内存(HBM)领域成功建立了令人羡慕的领先优势，占据了HBM市场61%的份额。SK海力士表示：“HBM营收同比增长逾一倍，为公司在去年的创纪录业绩做出了重大贡献。”此外，存储芯片行业产能向高端存储产品倾斜(如HBM)挤压了传统存储产品的产能，供应短缺推高了服务器、个人电脑和移动设备中使用的通用DRAM和NAND芯片的价格，这也使SK海力士受益。根据市场追踪机构TrendForce的数据，上一季度主流DRAM芯片16GB DDR5的合同价格比上年同期上涨了四倍多。TrendForce预计，本季度通用DRAM的合同价格将较上一季度进一步上涨55%至60%。存储芯片业务曾以剧烈的繁荣与萧条周期为特征，如今却能实现持续盈利，这在几年前几乎是不可想象的，同时也提升了整个行业的估值。数据显示，SK海力士的股价自去年9月初以来已上涨约两倍。SK海力士还披露计划在下月注销约价值12.24万亿韩元(约合86亿美元)的库存股，作为提高股东回报的更广泛努力的一部分。该公司重申正在考虑在美国上市，但尚未就此做出决定。该公司将于周四举行财报电话会议。另一家存储巨头三星也将于周四公布完整的2025年第四季度业绩。SK海力士的强劲表现反映了市场对HBM3E的旺盛需求。HBM3E是当前最前沿的高带宽存储版本，已被英伟达及主要云计算运营商采用。周三有报道称，SK海力士是微软(MSFT.US)定制AI芯片Maia 200的HBM3E独家供应商。分析师Cecilia Chan表示，SK海力士在加速推进HBM4研发、具备更优良率及与英伟达签订稳固供应协议的支持下，有望巩固其在高带宽内存市场的领导地位(该市场预计至2030年将以约25%的年复合增长率扩张)，尽管三星正在追赶。其计划在清州投资19万亿韩元(约合129亿美元)建设芯片封装工厂，进一步彰显了对HBM需求的信心并强化其市场领先地位。随着公司转为净现金状况且盈利能力强劲，其信用状况的改善应能在穆迪去年12月中旬上调评级后，为其评级提供上行支撑。与此同时，在存储芯片供需失衡的背景下，SK海力士等存储芯片厂商获得了极强的定价权。Janus Henderson全球科技团队投资组合经理Richard Clode表示，当前的存储芯片短缺状况很可能会持续，一方面是由于对下一代HBM存储的强劲需求消耗更多晶圆产能，另一方面则是整体供应偏紧。他补充称：“从供给端来看，并不存在轻而易举就能满足这种新需求驱动因素的解决方案或调节手段。与消费电子企业不同，超大规模云服务商和AI客户在为存储芯片支付价格时，采用的是一种截然不同的思维方式。”“存储超级周期”有望延续至2028年野村分析师判断，当前这一轮始于2025年下半年的“存储芯片超级周期”至少延续至2027年，并且真正有意义的新增供给最早要到2028年初期才会出现。野村表示，投资者们在2026年应继续超配存储龙头，把存储芯片“价格—利润—估值”三击作为2026年存储投资主线，而不是仅把存储当HBM单一题材。美光科技则更为乐观。该公司预计，到2028年，HBM总潜在市场将以约40%的复合年增长率增长，从2025年的约350亿美元增长到2028年的约1000亿美元;NAND端整体需求往往会跟随HBM持续扩张，这表明当前的存储超级周期可能会从2024年持续到2028年。摩根大通近期发布的研报显示，AI推理浪潮正在让NAND闪存摆脱“强周期商品”的宿命，演变成一种高增长的AI基础设施资产。该行认为，随着AI工作负载从训练向推理转移，以及HDD(机械硬盘)在近线存储领域的供应瓶颈，围绕企业级SSD的NAND市场正迎来前所未有的结构性增长。而投资者严重低估了NAND在AI推理时代的战略地位。摩根大通预测，2026年NAND领域的混合平均销售价格将同比大幅上涨40%。花旗集团分析师的看涨姿态更为激进。该行分析师认为，受AI智能体普及和AI CPU内存需求激增的驱动，存储芯片价格将在2026年出现失控式上涨。花旗分析师们将2026年DRAM的平均售价(ASP)涨幅预期从原本的53%暴力上调至88%，NAND的涨幅预期从44%上调至74%。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","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/2606792660","isCrawlerRequest":true}