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1. Company Snapshot

1.a. Company Description

SK hynix Inc., together with its subsidiaries, engages in the manufacture, distribution, and sale of semiconductor products worldwide.The company offers memory semiconductor products, including DRAM, NAND flash, multi-chip package, etc.; and system semiconductors, such as CMOS image sensors, etc.Its products used in server, networking, mobile, personal computer, consumer, and automotive applications.


The company was formerly known as Hynix Semiconductor Inc.and changed its name to SK hynix, Inc.in March 2012.


SK hynix, Inc.was founded in 1949 and is headquartered in Icheon-si, South Korea.

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1.b. Last Insights on HY9H

SK Hynix's recent performance was driven by strong Q1 2025 earnings, with revenues reaching 17.6391 trillion won, operating profit of 7.4405 trillion won (42% operating margin), and net profit of 8.1082 trillion won (46% net margin). The company's robust profits were fueled by brisk demand for artificial-intelligence chips, with AI memory shipments expected to drive growth. Additionally, SK Hynix reaffirmed its HBM sales strategy, despite macro uncertainties, and expects strong growth in AI memory shipments. The company's development of UFS 4.1 solution products, adopting the world's highest 321-layer 1Tb triple level cell 4D NAND flash, also contributed to its positive performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Micron Dumps Its ‘Crucial’ Business. That’s Not Why the Stock Is Down.

Dec -04

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Micron Dumps Its ‘Crucial’ Business. That’s Not Why the Stock Is Down.

Dec -04

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Micron Stock Drops After Company Dumps ‘Crucial’ Business

Dec -04

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South Korea’s KOSPI market outlook for 2026, as per Macquarie

Dec -02

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Asian shares advance after a retreat on Wall Street

Dec -02

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Is It Too Late to Consider SK hynix After AI Memory Breakthrough and 200% Price Surge?

Nov -30

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SK hynix (KOSE:A000660): Examining Valuation After Strong Multi-Year Share Price Growth

Nov -27

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Tech Firms From Dell to HP Warn of Memory Chip Squeeze From AI

Nov -26

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.30%)

6. Segments

Manufacture and Sale of Semiconductor Products

Expected Growth: 16.0%

The global demand for semiconductor products is expected to grow driven by emerging technologies like AI, 5G, and IoT. As a leading player in the industry, SK hynix is well-positioned to benefit from this trend. The company's focus on innovation and quality is expected to drive growth in its DRAM and NAND flash businesses. Additionally, the growing demand for CMOS image sensors in smartphones and other applications is expected to contribute to the segment's growth.

7. Detailed Products

DRAM

Dynamic Random Access Memory, a type of random-access memory that stores data in capacitors within an integrated circuit

NAND Flash

A type of non-volatile memory that stores data even when power is turned off

CMOS Image Sensors

A type of image sensor that converts light into electrical signals

Storage Solutions

A range of storage products, including solid-state drives (SSDs), hard disk drives (HDDs), and flash storage devices

Memory Modules

A type of memory module that combines multiple memory chips into a single module

Graphics Memory

A type of memory specifically designed for graphics processing units (GPUs)

8. SK hynix Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SK Hynix Inc. is medium due to the presence of alternative memory chip manufacturers such as Micron Technology and Western Digital. However, the high barriers to entry and the complexity of manufacturing memory chips limit the threat of substitutes.

Bargaining Power Of Customers

The bargaining power of customers for SK Hynix Inc. is low due to the company's strong market position and the lack of alternative suppliers for memory chips. Additionally, the high volume of sales and the long-term contracts with customers reduce the bargaining power of customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for SK Hynix Inc. is medium due to the presence of a few large suppliers of raw materials such as silicon wafers and chemicals. However, the company's strong relationships with suppliers and the availability of alternative suppliers reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants for SK Hynix Inc. is low due to the high barriers to entry in the memory chip manufacturing industry. The high capital requirements, complex manufacturing process, and the need for significant research and development investments make it difficult for new entrants to enter the market.

Intensity Of Rivalry

The intensity of rivalry for SK Hynix Inc. is high due to the presence of several established competitors such as Samsung Electronics, Micron Technology, and Western Digital. The high level of competition and the constant need to innovate and reduce costs increase the intensity of rivalry in the industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.78%
Debt Cost 6.48%
Equity Weight 66.22%
Equity Cost 8.45%
WACC 7.79%
Leverage 51.01%

11. Quality Control: SK hynix Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Lam Research

A-Score: 5.5/10

Value: 0.8

Growth: 8.1

Quality: 8.3

Yield: 2.0

Momentum: 9.0

Volatility: 4.7

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KLA

A-Score: 5.4/10

Value: 0.8

Growth: 8.4

Quality: 7.9

Yield: 2.0

Momentum: 8.5

Volatility: 5.0

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Broadcom

A-Score: 5.4/10

Value: 0.0

Growth: 7.6

Quality: 8.1

Yield: 3.0

Momentum: 9.5

Volatility: 4.0

1-Year Total Return ->

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SK Hynix

A-Score: 5.2/10

Value: 3.0

Growth: 8.3

Quality: 7.8

Yield: 0.0

Momentum: 5.0

Volatility: 7.0

1-Year Total Return ->

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Applied Materials

A-Score: 4.9/10

Value: 1.6

Growth: 8.1

Quality: 8.1

Yield: 2.0

Momentum: 5.0

Volatility: 4.7

1-Year Total Return ->

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Texas Instruments

A-Score: 4.5/10

Value: 1.5

Growth: 3.6

Quality: 6.9

Yield: 6.0

Momentum: 3.0

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

315.0$

Current Price

315$

Potential

-0.00%

Expected Cash-Flows