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《大行》瑞銀升SK海力士目標價至170萬韓圜兼上調盈測 存儲超級周期三十年一遇
媒體引述瑞銀報告指,AI驅動的HBM需求持續蠶食DDR產能,疊加傳統服務器換機周期與存儲SSD需求的同步爆發,全球DRAM市場的供需缺口將延續至2027年第四季度,是近三十年來未曾出現過的存儲超級周期。同時,DRAM市場已高度整合至目前的三寡頭格局。供應端缺乏足夠的「競爭性擴產」動力來平抑需求衝擊,周期性修正的烈度有所降低,而本輪需求超級周期帶來的價格上行壓...
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《大行》瑞銀升SK海力士目標價至170萬韓圜兼上調盈測 存儲超級周期三十年一遇
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媒體引述瑞銀報告指,AI驅動的HBM需求持續蠶食DDR產能,疊加傳統服務器換機周期與存儲SSD需求的同步爆發,全球DRAM市場的供需缺口將延續至2027年第四季度,是近三十年來未曾出現過的存儲超級周期。

同時,DRAM市場已高度整合至目前的三寡頭格局。供應端缺乏足夠的「競爭性擴產」動力來平抑需求衝擊,周期性修正的烈度有所降低,而本輪需求超級周期帶來的價格上行壓力將更加持久。

瑞銀稱,SK海力士(000660.KS)在HBM領域佔據領導地位,在估值方法上,採用12個月遠期市淨率倍數對SK海力士進行估值,基於其32.1%的長期ROE預測和11.2%的權益成本,得出2.86倍的目標市淨率,目標價從155萬韓圜上調至170萬韓圜,同步大幅上調SK海力士2026及27年每股盈測分別22%和29%。該行對其2026年經營利潤預測高達286萬億韓圜(約1,931.15億美元),較市場預期大幅高出約57%。

在收入端,瑞銀預測SK海力士2026年總營收為355.1萬億韓圜(超市場預期41%),2027年預測為531.6萬億韓圜(超市場預期65%)。經營利潤方面,該行預測SK海力士2026年為286萬億韓圜(超市場預期57%),2027年為443.5萬億韓圜(超市場預期88%)。

近期催化劑方面,瑞銀提到,SK Hynix的ADR上市可能附帶在南韓市場的股票回購計劃,這將形成「雙重利好」,既可提升海外投資者的配置便利性,也將直接支撐韓國市場股價。(da/u)

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