20240730_华创证券_电子行业SK海力士（000660.KS）FY24Q2业绩点评及法说会纪要：24Q2营收创新高AI需求持续强劲_14页.pdf

2009 1210 2024 07 30 SK 000660.KS FY24Q2 2024 7 25 24Q2 AI 2024 7 25 SK 2024 Q2 FY2024Q2 2024 6 30 CQ2024Q2 2024Q2 16.42 125%32%46%62pct 7pct 1.FY24Q2 16.42 QoQ+32%YoY+125%16.13 46%QoQ+7pct YoY+62pct 1 ASP 2 HBM HBM 80%250%SSD 50%3 FY24Q2 4.12 QoQ+115%YoY 3.74 25%QoQ+10pct YoY+66pct 2.2024 AI AI PC/1 PC AI PC/2 AI/2025/AI 3 AI AI 3./1 HBM3E 24Q2 HBM3E 24Q3 HBM3E HBM3 2024 HBM3E HBM 50%HBM3E 12Hi 24Q3 24Q4 2 DDR5 256GB DDR5 32Gb DDR5 DRAM MCRDIMM 3 NAND eSSD 2024 eSSD 4 60TB eSSD eSSD 2025 128TB/PCIe Gen5 SSD AI PC 4.CAPEX 2024 HBM HBM DRAM OCF M15X 5.FY24Q3 DRAM HBM3E NAND eSSD ASP 0755-82755859 S0360517100004 S0360521120002 S0360523060001 2009 1210 2 SK 2024.3.3/.3 CAPEX.4.4 DRAM.4 NAND.4.5 PC.5.5.5 FY2024Q3.5.6.6 Q&A.8 YWDWuNmRmPqRrPmPqNrOnM6MdN6MoMqQnPsOeRrRxPiNmMoMbRpPzQMYtQnOMYtRvN 2009 1210 3 SK 2024 FY24Q2 16.42 QoQ+32%YoY+125%16.13 46%QoQ+7pct YoY+62pct 1 ASP 2 HBM HBM 80%250%SSD 50%3 FY24Q2 4.12 QoQ+115%YoY 3.74 25%QoQ+10pct YoY+66pct FY24Q2 5.47 QoQ+89%/YoY 33%QoQ+10pct 1 SK FY24Q2 SK/1 HBM3E 24Q2 HBM3E 24Q3 HBM3E HBM3 2024 HBM3E HBM 50%HBM3E 12Hi 24Q3 24Q4 2 DDR5 256GB DDR5 2009 1210 4 32Gb DDR5 DRAM MCRDIMM 3 NAND eSSD 2024 eSSD 4 60TB eSSD eSSD 2025 128TB/PCIe Gen5 SSD AI PC CAPEX 2024 HBM HBM DRAM OCF M15X DRAM DRAM 10.84 66%43%NAND NAND 5.09 31%17%2 SK FY24Q2 SK 9FiyIexroCtw4j2M6xLO4/C4iNkD3XJlIbfvIKRvuXK+QlzMcif5EKGbCKtJyJIU 2009 1210 5 PC PC AI PC/AI/2025/AI AI AI 24 AI AI PC/3 SK FY2024Q3 FY2024Q3 DRAM HBM3E NAND 2009 1210 6 eSSD ASP 4 SK 24Q3 SK Kim Woo-Hyun CFO:2024 AI DRAM NAND 16.4 32%125%DRAM HBM 3E 20%15%ASP 15%HBM DRAM 2009 1210 7 HBM 80%250%NAND SSD SSD ASP 1520%2.58 5.47 33%10 DRAM HBM3 DRAM ASP SSD NAND 3.12 EBITDA 8.59 EBITDA 52%0.42 0.28 0.16 5.05 4.12 25%9.7 0.6 25.2 4.3 42%26%AI HBM DRAM SSD AI PC HBM SSD HBM DRAM DRAM AI AI PC PC AI AI PC AI AI AI AI AI HBM CoWoS AI HBM DRAM SSD NAND 2009 1210 8 HBM3E HBM3E HBM3 HBM HBM3E 12 HBM2E HBM3E 12 HBM DDR5 256GB DDR5 32GB DDR5 DRAM RDIMM MCRDIMM NAND SSD SSD NAND SSD SSD 50%SSD 60TB SSD 128TB SSD SSD PCIe Gen 5 SSD AI PC M15X DRAM HBM HBM DRAM CAPEX ESG 2024 2023 ESG 2023 30%ECO 28 50%ESG Q&A Q DRAM HBM DRAM A AI 2017 2018 AI AI AI AI 2009 1210 9 HBM DRAM 20%Q 25 A HBM DRAM HBM HBM HBM HBM AI HBM AI AI PIM Q A HBM 2025 HBM M15X Q HBM DRAM HBM DRAM DRAM A HBM HBM DRAM HBM DRAM DRAM HBM HBM DRAM HBM DRAM Q 12 8 8 12 HBM3E 2009 1210 10 A 12 HBM3E Q4 12 8 12 HBM3E12 8 Q GPU 2 1 HBM HBM HBM A AI GPU GPU HBM DRAM AI HBM Q 12 16 HBM4 16 HBM4 A HBM4 MR-MUF 12 HBM HBM4 16 2026 MR-MUF Q Q1 Q2NAND Q2 A NAND SSD PC NAND NAND Q3 SSD Q4 2009 1210 11 Q Q2 A Q2 DRAM DRAM NAND DRAM NAND Q2 3000 DRAM NAND Q HBM HBM HBM A AI TSV TSV 1 nm HBM3E HBM 300%12 HBM3E HBM4 Q eSSD eSSD A IT AI SSD AI DRAM NAND eSSD AI SSD 60TB QLC SSD 128TB 256TB eSSD QoS SSD GPU AI TCO eSSD eSSD NAND eSSD 2009 1210 12 2019 2016 2017 2019 3 2020 1 2022 2022 2021 2023 2023 2024 2024 3 AI 2024 2009 1210 13 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 14 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522