SK海力士2026年第二季度点评：2026下半年平均销售价格有望改善，核心逻辑不变

Edward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.com RatingOutperform Yipin Cai, CFA+852 2123 2669yipin.cai@bernsteinsg.com Price Target 000660.KS 3,300,000 KRW SK hynix 2Q26: ASP should improve in 2H26. Overall thesis intact 2Q results were behind on revenue and OP due to product delay.DRAM ASP increasewas notably behind our projection, & NAND was a bit short too. SK hynix attributed that toa mix issue as certain high-value products (HBM4 & 1Cnm DRAM) were pushed back into2H26, which sounded to us was perhaps related to NVIDIA Vera Rubin delay. Into 2H26, SKhynix expects the ramp of these products to be a tailwind to both & bit shipment. HBM4 to ramp in 2H26.HBM4 met customer required speeds & began shipment in 2Q,though volume likely was small and full ramp is expected in 2H26. 2027 contract was stillbeing negotiated. & conventional DRAM price is a factor affect HBM price, but not the onlyone. The objective is to achieve appropriate & sustainable profitability, & healthy growth forthe AI ecosystem. HBM4E started sampling & volume production is targeted for 2027. Limited details on LTA.SK hynix announced to conclude negotiation on 10 LTAs, with termnormally 5 years. There are pricing structure and financial deposits built in the LTAs, but theyvary by customers and no details were given. SK hynix stressed that the objective of the LTAsis to reduce price volatility & improve demand visibility. Expansion will remain focused on existing sites.2026 capex was guided at high KRW40trillion range, slightly above consensus. There was no plan of oversea fabs at the moment,as efficiency remains a key consideration & hence capacity addition will prioritize on utilizingexisting production sites. Developing new manufacturing base will depend on a range offactors like customer need, ecosystem readiness and also efficiency. Capital return plan is still being finalizedand SK hynix aims to meaningfully expand thereturns & share the plan within the year. Overall 2Q ASP was a small disappointment, but the recent sell-off is not driven byfundamentals. For the same reason, hard to say when the sell-off will end but solidfundamentals still make us a buyer. Outperform. INVESTMENT IMPLICATIONS We rate SK hynix Outperform with PT=KRW 3,300,000 BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY SK Hynix Inc We value SK hynix with 6.2x of forward 5Q-8Q EPS of KRW536,158 and arrive at price target of KRW3,300,000. RISKS SK Hynix Inc The biggest downside risk to our target price is an earlier end of favorable pricing environment, which can be a result of weakerdemand or higher supply. Investor sentiment and hence the valuation rewarded by investors is also a risk. China's progress inmemory, especially in NAND, is a downside risk too. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no lo