4Q24营业利润预计为7.4万亿韩元(环比+5%),低于预期。由于前期需求疲软,以及来自CXMT、JHICC、Kioxia等的竞争加剧,我们认为通用存储器售价将跌至低于预期。预计25年1季度营业利润将达到5.4万亿韩元(环比下降27%)。我们坚持先前的观点,即通用 DRAM 和 HBM3e 的繁荣将持续到 2025 年。不过,目标股价略有下调,以反映 2024-2026 年 EPS 预测的变化。
Aihua Dong, HiSilicon Bright Ho, MA-tek Charvaka Duvvury, IEEE Fellow Chun-Yu Lin, National Taiwan Normal University David Pommerenke, Graz University of Technology Geng Yang, UNISOC Guanghui Liu, ViVo Guangyi Lu, HiSilicon Guoyan Zhang, Silergy Corp Hailian Liang, Jiang Nan University Jun Wang, SMIC Ming-Dou Ker, National Yang Ming Chiao Tung University Meng Miao, GLOBALFOUNDRIES Mengfu Di, Skyworks Ming Qiao, UESTC Mingliang Li, HiSilicon Nanhai Xiao, YINT Electronics Qi-an Xu, CXMT Shen-Li Chen, National United University Shurong Dong, Zhejiang University Tung-Yang Chen, AIP Technology Corporation Wei Gao, HiSilicon Wei Huang, ESDEMC Technology Wei Liang, GLOBALFOUNDRIES Wenqiang Song, NuVolta Technologies Xiaozong Huang, CETC-24 Xin Gao, HiSilicon Xin Wu, East China Normal University Yang Wang, Xiang Tan University Yi-Ting Lee, Siemens Yuan Wang, Peking University Zhaonian Yang, Xi'an PolyTech University Zhiguo Li, YMTC Zhiwei Liu, UESTC
实体根据威廉·M(William M.(“ Mac”)第1260h条的规定,被确定为在美国经营的中国军事公司,桑伯里国防授权法2021财政年度(公共法116-283)1 * 360 Security Technology Inc.(Qihoo 360) AVIC Aerospace Systems Co., Ltd. AVIC Airborne Systems Co., Ltd. (formerly China Avionics Systems Co., Ltd.) AVIC Asset Management Corporation Ltd. AVIC Aviation High-Technology Company Limited (AVIC Aviation Hi-Tech) AVIC Electromechanical Systems Co. Ltd. AVIC Heavy Machinery Company Limited (AVIC Heavy Machinery) AVIC JONHON Optronic Technology Co., Ltd.(Avic Jonhon)Avic Shenyang飞机有限公司(AVIC SHENYANG)AVIC XI'AN飞机行业集团有限公司(AVIC XI'AN)Changhe飞机工业(集团)公司(Ltd.中央电子测量工具有限公司(Zemic)Baicells Technologies Co.,Ltd。北京北京chadidao chuangyu信息技术有限公司(已知)BGI集团BGI Group BGI Genomics Co. Technologies,Inc。(CXMT)Chengdu Jouav Automation Tech Co.,Ltd。(Jouav)Chengdu M&S电子技术有限公司(M&S电子)中国航空航天科学与工业有限公司(Casic)