Three-Point Briefing
- SK hynix (000660) posted operating profit of 60.5 trillion won in the second quarter of 2026, once again setting a new all-time quarterly earnings record.
- First-half cumulative operating profit came close to 100 trillion won, suggesting the memory-sector rebound is a structural phase rather than a one-off event.
- The real weight of this earnings report lies not in total revenue, but in how far the HBM supply structure has shifted pricing power in DRAM.
What's Changing
The real point worth noting in this earnings report isn't the absolute figure of 60.5 trillion won, but the word "again." The fact that this all-time high isn't a one-quarter flash but a record being broken in consecutive quarters means the company's earnings strength is no longer just a rebound effect from the DRAM downturn — it's being built on a new profit structure centered on HBM. Commodity DRAM prices swing with supply-demand (order flow), but HBM is a low-volume, high-value-added product whose price is set through supply contracts with a small number of GPU customers. As long as this structure holds, quarterly earnings volatility is likely to be more muted than in past memory cycles.
The fact that first-half cumulative operating profit came close to 100 trillion won directly feeds into the question of capex capacity. HBM is manufactured by stacking logic dies on top of DRAM using through-silicon vias (TSV), which requires expanding back-end equipment and packaging lines — and the more profit piles up, the deeper the war chest becomes for pushing next-generation stacking-line investment. Conversely, for Samsung Electronics (005930) and Micron, this means the cash SK hynix (000660) earns is immediately converted into ammunition for the next generation of HBM competition, making the catch-up gap feel wider with every passing quarter.
The Numbers in Context
Operating profit of 60.5 trillion won ranks among the highest quarterly figures posted by any listed Korean company, across any sector. The significance of coming close to 100 trillion won in the first half is that the company's profit-generating power has now moved into a weight class where triple-digit-trillion-won figures are discussed on a half-year basis rather than a quarterly one. That said, this figure reflects the overlap of a product mix increasingly weighted toward HBM and a rebound in DRAM and NAND prices themselves, so which of these two factors turns first could determine the direction of next quarter's surprise.
Winners and Losers
- SK hynix (000660): As the key driver expanding HBM supply and pushing up average DRAM selling prices, it is the direct beneficiary of this record-breaking earnings run.
- Hanmi Semiconductor (042700): As the supplier of TC bonders, the key equipment used in the HBM stacking process, its order intake rises directly in step with SK hynix's capex expansion.
- Samsung Electronics (005930): A reference point showing the memory-sector rebound isn't unique to SK hynix, and the counterpart in the race for HBM market share.
- Nvidia: As SK hynix's largest HBM customer, the scale of HBM adoption in its next-generation GPU roadmap will shape the next order cycle.
Risk Check
- Memory price cycle: If commodity DRAM and NAND prices outside of HBM re-enter a downturn, their profit contribution could swing again.
- Customer concentration: Because HBM revenue is concentrated among a small number of GPU customers, any change in a major customer's order schedule amplifies earnings volatility.
- Competitive landscape: Depending on how quickly Samsung Electronics (005930) and Micron improve their HBM yields, SK hynix's pricing power could be diluted.
- Valuation burden: If the record-high earnings are already largely priced in, further upside will hinge on next quarter's guidance and capex plans.
Bottom Line
The HBM-driven shift in profit structure is real, but whether this quarter marks the peak or the midpoint of the cycle can only be judged once next quarter's HBM mass-production yields and the timing of major customers' confirmed orders become clear.
SK hynix (000660) by the Numbers: Real-Time Data
SK hynix (000660)'s most recent closing price was 1,550,000 won (0.00% vs. the previous day), and the composite signal combining foreign/institutional investor supply-demand (order flow) with news and momentum reads 🟡 Neutral / Wait-and-see. With positive and negative signals mixed, this is a range worth watching closely.
- ▼ Supply-Demand Continuity — Foreign investors net sellers for 3 consecutive days (−2.921 trillion won)
- ▼ Trend Alignment — Short- and medium-term downward alignment (today +0.0% · 1 week -15.6% · 1 month -42.0%)
Recent related news shows a mixed picture, with 5 positive catalysts and 5 negative catalysts.
※ Price and foreign/institutional investor supply-demand (order flow) data are provided by Korea Investment & Securities (KIS) and reflect figures as of publication time.
This article is automatically summarized and analyzed content based on the original news report. View original (Yonhap News Agency, Finance)
