CITIC Securities Outlook: SK Hynix 26Q2 Results and Conference Call Key Points: Supply-Demand, HBM, CapEx, Long-term Agreements, etc.

English summary

[Financial Overview] 1) Quarterly revenue was KRW 79.32 trillion (+257% YoY, +51% QoQ). 2) Quarterly operating profit was KRW 60.54 trillion (+557% YoY, +61% QoQ), corresponding to an operating margin of 76%. 3) Quarterly net profit was KRW 93.92 trillion (+1242% YoY, +133% QoQ). [Business Segments] 1) DRAM: Quarterly bit growth high single digits QoQ, ASP +30% QoQ, revenue share 73%; company expects 26Q3 DRAM bit growth ~10% QoQ. 2) NAND: Quarterly bit growth mid-teens QoQ, ASP mid-50% QoQ, revenue share 27%;…