image text translation
Hand
(unit
Ten billion won)
2023a
2024a
2025f
2026f
2027f
take
32,766
66,193
92,495 125,976 163,769
Sales cost
33,299
34,365
38,535
40,731
57,319
Sales interest
(533)
31,828
53,960
85,245
106,450
Sales management fee
7,197
8.361
11,190
15,233
19,186
Operating profit
(7,730)
23,467
42,769
70,012
87,263
Operating profit (%)
(23.6)
35.5
46.2
55.6
53.3
Ebitda
5,943
36,049
56,273
84,338
110,069
Ebida marginlg)
1837
54.5
60,8
66.9
67,2
SK Hinas (000660)
image text translation
3025 preview
3Q results are the consensus overlook
3Q results are 25.1 trillion won in sales (1396 qoq
4396 YOY) Operating profit
12 trillion won (3196
QOQ 7196 YOY), operating profit will exceed 1196, 10.8 trillion won. west
Due to the surge in Burdram’s demand, DRAM BIT Growth is expected to exceed the gatas ratio. th
As the demand for QLC ESSD for AI stories has soared,
Up profits will exceed existing expectations. HBM sales exceeded the plan in 3Q
4390 of Hae Hae -dam’s sales, 4896 fruit of warrior operating profit will be towed.
26 ASP and profit estimates
When it is right, the demand for volunteers for AI Week Road Support due to the frame
The ASP is rising around the DeRamol for Virram.
While the demand for server occurred simultaneously, the demand for server occurred at the same time.
Increasing supply in the short term due to the maintenance of investments, which are conservative for the past two years,
difficult. We have a 26 -year -old ASP estimation rate of Gunban Seonseon Diram.
By victory
The HBM ASP estimates will be raised from 296 drops to 89O.
Reflecting the framework, the annual operating profit estimation of 26 years is from 54 trillion won to 7 trillion won.
HBM is still in the process of annual contracts, but the price of Gunbun Seocon DRAM is rising with HBM.
In a situation where the difference in profit margin continues to decline and the supply is needed due to lack of supply
HBM prices are likely to rise compared to expected
Burial stock price is recommended as a top pick in the target price
Based on the Upward of profit estimates, the target stock is 560,000 won (12mf BPS 245,997 won
target
PBR 2.5x) is 369 compared to the previous one. Up to 27 years of Korean rice fields,
Mori upcycle is expected to be expected to change the memory cycle and higher profit lovalol
Target PBR All 2.5x. Considering the supply conditions that will not be resolved in the short term
ASP and performance still have an upside risk. Keep the top pick in the color
take
Operating profit
net profit
EPS
Neighbors 9
Ebitda
PER
EVIEBITDA
PBR
ROE
Dy
(Temple)
(Temple)
(10 billion won)
(one)
(%)
(Temple)
(X
(X)
()
(%)
(%)
20234
32,766
(7,730)
(9,112) (13,244)
NM
5,943
Ni
2 1
1,8 (15,6)
0.8
2024a
66.193
23,467
19,789
28,732
NM
36,049
6.1
3.8
1.7
31.1
1.3
20255
92,495
42,769
33,973
49,220
71, .3
56,273
7, .3
4,6
2,4
37.3
0.4
20265
125,976
70,012
52,895
76,608
55,6
84,338
4 7
2.8
1,6
39 3
0-
2027f
163.769
87.263
66,480
96.284
25.7
110.069
3.7
1.9
11
34.2
0.4
Net profit EPS building