[Click eStock] "Samsung Electronics, This Year Performance Expected to Grow More with Standard DRAM than HBM"

On the 14th, Korea Investment & Securities forecasted that Samsung Electronics' performance increase this year would be driven more by general DRAM than by high-bandwidth memory (HBM). They maintained a 'Buy' investment rating and a target price of 120,000 KRW.

During Samsung Electronics' Q2 earnings conference call, it was mentioned that HBM sales in the second half of the year would double each quarter, resulting in a 3.5-fold growth compared to the first half. In response, Cha Min-sook, a researcher at Korea Investment & Securities, stated, "To achieve this target, Samsung must sell an annual quantity of HBM similar to that of SK Hynix," adding, "It will only be possible if 75% of the annual quantity is sold after certification is completed." She further explained, "This goal can be achieved within the planned production capacity (CAPA) only if there is nearly a twofold yield improvement compared to the first half," and added, "It is a challenging plan. It will not be easy."

Researcher Cha also noted, "Ultimately, after 2025, the 12-layer product must be actively adopted by Nvidia to further upgrade performance," and analyzed, "It is realistic to expect performance growth driven by the recovery of general DRAM rather than HBM until this year, and from next year, a simultaneous increase in both HBM and general DRAM performance."