[Guotai Haitong Overseas Technology] SK Hynix 26Q2 Results Flash: Revenue/Profitability Hit Record Highs, Missing Expectations Mainly Due to High HBM Shipment Mix and Pricing Pace Dragging ASP Growth

English summary

#26Q2 Performance Overview# Revenue: KRW 79.32 trillion, yoy +257%, qoq +51%, vs. expected KRW 83.85 trillion (miss by 5.4%). Gross margin: 83.2%, vs. expected 84.1% (miss by 0.9pct). Operating profit: KRW 60.54 trillion, yoy +557%, qoq +61%, operating margin 76%, vs. expected KRW 64.22 trillion (miss by 5.7%). Net profit: KRW 93.92 trillion, yoy +1242%, net margin 118%, vs. expected KRW 49.97 trillion (beat by 88%, including KRW 63 trillion investment gains, mainly from Kioxia equity disposal + revaluation gains). #Revenue by Product# -DRAM: Revenue KRW 57.90 trillion, yoy +238%, qoq +42%, accounting for ~73% of revenue, vs. expected KRW 63.48 trillion (miss by ~8.8%, the main reason for the revenue miss this quarter); ...