SK海力士7月29日发布第二季度财报，营业利润率达到76%、毛利率83%，展现出强劲的盈利能力[1]。该季度公司实现营收79.32万亿韩元，营业利润60.54万亿韩元，略低于市场预期的64.22万亿韩元[1]。净利润达93.92万亿韩元，但其中包含435亿美元的一次性投资资产增值收益，剔除该项后核心净利率实为38.6%[1]。
尽管财务表现亮眼，公司股价自高位暴跌50%[1]。市场对其前景存忧虑，担心HBM4出货递延、下游需求承压且高端产品支撑力不足[1]。另一重大隐忧来自公司激进的资本支出计划——SK海力士维持2026年40万亿韩元的CapEx高位规划，这在业内引发了供给过剩的风险担忧[1]。
在运营层面，第二季度DRAM平均售价环比上升30%，NAND平均售价环比上涨50%-55%[1]。公司已签署约10份长期供货协议[1]，并计划在龙仁建设Fab1工厂，该项目将于2027年初开建并加速产能扩张[1]。
在股票前景上，分析机构意见不一。BNK投资证券将目标价下调至148万韩元[1]，而里昂证券则维持"高度确信跑赢大市"的评级[1]。
SK Hynix released its second-quarter financial results on July 29, posting an operating profit margin of 76% and a gross margin of 83% [1]. However, the company's operating profit of 60.54 trillion won fell short of market expectations of 64.22 trillion won, triggering a sharp 50% stock price decline from its peak [1].
The company generated revenue of 79.32 trillion won in Q2 with a net profit of 93.92 trillion won, though this figure included a one-time investment asset appreciation gain of $4.35 billion [1]. Excluding this windfall, the core net profit margin stood at 38.6% [1]. Dynamic random-access memory (DRAM) average selling prices rose 30% sequentially, while NAND flash memory prices climbed 50% to 55% [1].
Market concerns about the outlook have weighed on SK Hynix's valuation despite solid current profitability. Investors worry about delayed shipments of HBM4 chips, weakening downstream demand, and insufficient support from high-end products [1]. The company's plan to maintain capital expenditures at 40 trillion won through 2026—equivalent to $310 to $340 billion—has also sparked concerns about potential oversupply in the market [1]. SK Hynix's Yongin Fab1 facility is scheduled to begin construction in early 2027 with accelerated capacity expansion [1]. The company has signed approximately 10 long-term supply agreements and successfully issued American Depositary Receipts on Nasdaq on July 10, 2026 [1]. Analyst responses remain mixed: BNK Investment Securities lowered its price target to 148,000 won, while Lion Securities maintained a "high conviction outperform" rating [1].
