#每周来晒 Let the data do the talking—A comparative review of two companies’ Q2 financial results

Reviewing the two companies’ Q2 report cards and using the data to clarify my portfolio logic.

SK Hynix Q2 key figures:

· Revenue of 79.32 trillion Korean won, up 257% year over year
· Operating profit of 60.54 trillion Korean won, up 557% year over year
· Operating margin of 76%, a new all-time high in global semiconductor history
· DRAM revenue of approximately 57.9 trillion Korean won, accounting for 73% of total revenue
· HBM4 officially entered mass production and shipments in Q2; HBM4E samples have been delivered to major customers, with mass production planned for 2027

Samsung Electronics Q2 key figures:

· Consolidated revenue of 171.5 trillion Korean won, up 130% year over year
· Operating profit of 89.5 trillion Korean won, up 1,814% year over year
· Semiconductor DS division revenue of 127.5 trillion Korean won and operating profit of 89.2 trillion Korean won
· HBM4 sales scale expanded, and HBM4E samples have been sent to major customers
· The foundry business plans to achieve double-digit revenue growth in the second half of the year

Both are surging, but their drivers differ: SK Hynix is benefiting from HBM’s high margins and rising ASPs, while Samsung is benefiting from higher memory prices and a recovery in foundry capacity utilization. Samsung’s HBM4 sales are expected to grow by more than 3x quarter over quarter in Q3, with its market share potentially rising from 33% in Q2 to 40% in Q4.

My portfolio strategy: I am currently mainly holding SKHX contracts, but have begun testing SAMSUNG contracts with a small position. The logic is simple—SK Hynix represents a “certainty premium,” while Samsung represents a “recovery in expectation gap”; the two theses do not conflict.