[China Merchants Securities Electronics] Hynix Review in Storage Tracking

English summary

In 26Q2, HBM prices and long-term agreement price locks have had an impact, and LTA agreements have been signed with 10 customers to ensure long-term supply. Hynix 26Q2: Revenue 79.32 trillion KRW (approximately $54.55 billion), +257% YoY/+51% QoQ; Operating profit 60.54 trillion KRW (approximately $41.63 billion), +557% YoY/+61% QoQ; Operating margin rose to a record 76%. Due to the high proportion of HBM products, price increases were below the market average, and long-term agreement price locking limited some growth. Hynix shipment volume and ASP: 26Q2 DRAM bit shipments +high-single-digit% QoQ, ASP +~30% QoQ; NAND bit shipments +mid-teens QoQ, ASP +mid-50% QoQ (including Solidigm). …