【China Merchants Electronic】Memory Tracking: SK Hynix Commentary - 26Q2 HBM Price and Long-Term Agreement Price Locking Effects Emerged; LTA Signed with 10 Customers to Secure Long-Term Supply

English summary

26Q2: Revenue KRW 79.32T (about $54.55B), +257% YoY / +51% QoQ; operating profit KRW 60.54T (about $41.63B), +557% YoY / +61% QoQ, operating margin rose to record 76%. Due to high HBM product mix, price increase was lower than market average, and long-term contract price locks limited some growth. Shipments & ASP: 26Q2 DRAM bit shipments +high-single% QoQ, ASP +about 30% QoQ; NAND bit shipments +mid-teens QoQ, ASP +mid-50% QoQ (including Solidigm). 26Q3 guidance: DRAM bit shipments expected to grow about 10% QoQ, NAND bit shipments expected to grow low-single% QoQ (including Solidigm). The company expects 2026 DRAM industry bit demand growth of mid-20%, NAND high-teens%. ...