🔹 Revenue: ₩17.64T (Est. ₩17.2T) 🟢; UP +42% YoY
🔹 Operating Profit: ₩7.44T (Est. ₩6.62T) 🟢; UP +158% YoY
🔹 Net Income: ₩8.11T (Est. ₩5.04T) 🟢; UP +323% YoY
🔸 Overtook Samsung to become global No.1 in DRAM revenue and profitability in Q1
Segment & Operational Highlights:
🔹 DRAM Revenue Share: ~80%
🔹 DRAM Profitability Improved QoQ despite seasonal price weakness
🔹 NAND: Maintained profitability despite declining prices and volumes
🔹 Cash & Equivalents: ₩14.3T (UP ₩0.2T QoQ)
🔹 Debt Ratio: 29%, Net Debt Ratio: 11%
🔹 Operating Margin: 42% (vs. 23% YoY); UP +19pp YoY
🔹 Net Margin: 46%
Outlook & Guidance:
🔹 Q2 DRAM Sales: Expected to grow low-teens % QoQ
🔹 Q2 NAND Sales: Expected to grow over 20% QoQ
🔹 Maintains HBM demand projection: To double YoY in FY25
🔹 Capex: Slight increase YoY; remains disciplined and focused on ROI
🔹 eSSD Trend: Shift from 61TB to 122TB; developing 244TB QLC eSSD
🔹 AI-optimized eSSD demand (QLC/TLC) remains strong due to data center needs
Market Position:
🔹 Overtook Samsung to become global No.1 in DRAM revenue and profitability in Q1
🔹 HBM3E 12-layer chips to exceed 50% of HBM3E sales in Q2
🔹 Leading early mass production and customer qualifications for HBM4
🔹 DRAM mix shifting toward DDR5, 24Gb/32Gb chips
Strategic Developments:
🔸 Continued expansion of M15X fab to support AI memory scaling
🔸 AI-driven demand and DeepSeek models supporting long-term HBM growth
🔸 Entered LPCAMM2 production for AI PCs; SOCAMM2 for servers to follow
🔸 Strengthening supply chain collaboration amid global uncertainty
🔸 Proactive response to tariff-driven customer stockpiling; limited inventory concerns
Commentary:
🔸 CFO Kim Woo-hyun: “Tariffs and protectionist measures are making market forecasting increasingly difficult. We remain cautious yet flexible on Capex.”
🔸 “Despite macro volatility, HBM demand remains strong and predictable due to annual supply agreements.”
🔸 “Direct U.S. exports remain low; shipments for American clients are routed globally.”
Competitive Positioning:
🔸 “SK Hynix’s lead in AI memory and customized HBM solutions underpins our #1 position in DRAM.”
🔸 “We aim to maintain profit-led growth by focusing on high-margin, high-performance memory products.”