????涓???涓?缁╃??剁??? ??

????7??8? 锛?涓????靛???甯?????绉
锛?棰?璁′?瀛ｅ害?ヤ??╂鼎涓?.6涓?浜块?╁??锛???姣??磋?56% 锛????涓?璺?31.24%
锛???6涓??搴︿互?ユ??浣?姘村钩锛?澶у?浣?浜?甯??洪???
????姝ゅ奖?? 锛?涓????靛??′环杩?缁?涓?氦???ュ?寰?涓?璺???

????涓???涓?缁╃???风??涓昏??????锛?搴?瀛?浠峰?艰??村??璐告??绱у?灞??跨??涓?纭???у??寮变????哥???╄〃? ???﹀?
锛?涓?????I????棰?????绔?浜??ｅ?夸??????剧?
??

??????????绉锛?缇??藉??╁?界???崇??跨???灏?涓????靛???涓??″?????涓?姝ヨ??涓??村奖??缇?涓??堕????7? 锛?缇??芥?荤??规??????甯?浜??撮?╁?芥?荤????ㄦ????淇′欢
锛?琛ㄧず缇??藉???025骞???1?ヨ捣瀵规?????╁?戒骇??寰???5%???崇? ??

????涓??????????

????褰??版?堕????8?锛?涓????靛???甯?浜?绗??瀛ｅ害涓?缁╂??寮? 锛??朵腑?剧ず
锛????搁?璁′?瀛ｅ害??????烘????骞充负74涓?浜块?╁??锛??ヤ??╂鼎??姣??磋?56%??.6涓?浜块?╁??锛?绾﹀??浜烘?甯?241浜垮??锛? 锛????涓?璺?31.24%
锛???6涓??搴︿互?ユ??浣?姘村钩??

????杩?涓?涓?缁╅???澶у?浣?浜?LSEG SmartEstimate棰?娴???涓???39%??.3涓?浜块?╁??
??

??????姝ゆ???奖??锛?涓????靛??′环宸茶?缁?涓?氦???ュ?寰?涓?璺??????剁?浜?瀵规??????SK娴峰??澹??′环7??8?ュぇ娑ㄨ?4% ??

?????充?涓?缁╃???风?????? 锛?涓????靛?琛ㄧず
锛?缇??界??璐告???跨?瀵艰?翠????????????锛????剁?稿?冲?瀛?浠峰?艰??磋?涓?姝ヤ镜??浜??╂鼎
??姝ゅ? 锛???瀛??ㄨ????涓??′????╃?ㄧ??浣???璐告???跨????虹?颁?????

?????﹀?锛?涓????靛??ㄩ?甯﹀???瀛?锛?HBM锛?????涓??′????板?涔????缁╀?婊???涓昏????? ??

????灏界?涓????靛???杩?寮?濮???AMD ??????渚?搴?HBM3E????
锛?浣?浠????借?峰??变?杈剧???ц?借?璇?锛???澶变?AI??????疆
??

?????告?涔?涓? 锛?SK娴峰??澹
??缇???绉???姝ｅ????浜???杩?HBM??????寮哄?查??姹???SK娴峰??澹??涓鸿?变?杈剧??涓昏?HBM渚?搴???
锛?棰?璁″??????绾????瀛ｅ害?剁?? ??缇???绉???6??涔??轰?HBM??????寮哄?查??姹?锛???甯?浜?瓒??洪?????瀛ｅ害?ユ?堕?娴?
??

?????规??????????ernstein??????甯????ュ?? 锛?棰?璁?025骞
锛?SK娴峰??澹???BM甯??虹??浠介?灏?杈?7%锛?涓???涓?7% 锛?缇???涓?6%??

????褰???琛?涓???绌跺????甯?琛ㄧず
锛?SK娴峰??澹?凡??涓鸿?变?杈句富瑕?HBM渚?搴???锛?骞舵????浜や??ㄧ??棣???2灞?HBM4?峰?? 锛?涓?????涓?寰?涓?淇??瑰??BM3E璁捐?
锛????借?峰??变?杈炬?╂??璁よ? ??

????浠?骞翠互?锛?涓????靛??′环浠?涓?娑?5% 锛?杩???浜?SK娴峰??澹?害65%??娑ㄥ?锛?缇???绉???骞村??绱??娑ㄥ?浜﹁?杩?37%
??

????涓????剁??涓??′富绠″?ㄦ案??姝ゅ??琛ㄧず
锛?涓????胯?涓?浼???BM4涓???韫?瑕?杈?锛?涓?涓?浠ｈ?蹇?浣??剁???????ㄤ??变?杈剧??Rubin?惧舰澶??????GPU锛??舵????

????NH Investment & Securities楂?绾у????甯?Ryu Young-ho??? 锛?涓????靛?绗??瀛ｅ害HBM?跺?ュ???藉?烘????骞
锛?涓?骞村??瀵硅?变?杈炬?拌???????鸿揣??棰?璁℃???? ??

??????????甯?浼扮?锛?涓????靛?涓???骞村?ㄤ唬宸ヤ??′???浜???灏?瓒?杩?4涓?浜块?╁??锛?绾﹀??浜烘?甯?210浜垮??锛? 锛????????????藉?稿?澶у??
锛?浠ュ??涓?琛?涓?榫?澶村?扮Н?靛?ㄨ?????????????宸??涓????╁ぇ??

????灏界?绗??瀛ｅ害涓?缁╂?ㄦ贰锛?涓????靛?浠?瀵逛???骞磋〃杈句?璋ㄦ??涔?瑙?
?????搁?璁 锛?浠ｅ伐涓??＄??缁??ヤ???灏??ㄩ??姹???姝ュ???????????剁???

????DS Investment & Securities??????甯??ュ?????
锛?涓??????╁???藉?ㄧ?涓?瀛ｅ害瑙﹀?????寮锛??抽???ㄤ?HBM瀵硅?变?杈剧??渚?搴?杩?灞????翠???????姹????? ??

?????崇????插??/p>

????褰??版?堕????8? 锛?涓????靛???甯?浜?绗??瀛ｅ害涓?缁╂??寮?
锛??朵腑?剧ず锛????搁?璁′?瀛ｅ害??????烘????骞充负74涓?浜块?╁?? 锛??ヤ??╂鼎??姣??磋?56%??.6涓?浜块?╁??锛?绾﹀??浜烘?甯?241浜垮??锛?锛????涓?璺?31.24%
锛???6涓??搴︿互?ユ??浣?姘村钩锛?涔???????靛?? 2023 骞寸? 4 瀛ｅ害浠ユ?ヨ?ヤ??╂鼎棣?娆¤?? 5 涓?浜块?╁??
??

?????规????〃绀 锛?姝ゆ????茬??涓?杩版?板?崇?灏????浜???绫昏?涓??у?崇???浠讳?璇??鹃??杩?绗???借浆杩??ヨ??挎?板?崇?????娉?
锛?灏?琚??浠ユ?撮????崇? ???ヨ?浜??藉??????搁???╁?ㄧ??藉???寤哄??????浜т骇??锛???????缂寸撼姝ら」?崇?
??

?????ㄦ?涔??? 锛??规??????惧???绉
锛?灏?瀵硅?规????涓??????虹??ㄦ捣澶???浜х???鸿?芥???哄???5%???崇?锛??ら??浠?浠????浜ф???扮????

????杩???灏?缁?涓????靛???涓??″?????涓?姝ヨ??涓??村奖 ??

?????煎?涓?????? 锛??ㄦ?鸿?芥???洪???
锛?涓????靛????甯???浜??冲??ㄥ?虹???磋??????灞????烘??浆?鸿?芥???轰??＄??棰??
??

????灏界??ㄧ??????灞????哄?鸿揣???诲勾澧???2%??720涓??锛?浣?涓?????甯??轰唤棰??翠?54%????5%??

??????????甯?棰?璁 锛??充娇缇??藉?杩??ｆ?鸿?芥???哄??寰??崇?
锛?缁???????????澶?璐ф???芥????涓????靛?????????? ??

????褰???琛?涓???绌惰〃绀锛?????瀛ｈ???у??绱?褰卞?? 锛?涓????靛?绗??瀛ｇ???╂鼎???戒?????
??姝ゅ?锛?涓????靛?杩??ュ?甯???璐?环??.9涓?浜块?╁?????＄エ
锛?浠ユ??????璧???淇″???

????Kiwoom Securities????甯?Park Yu-ak琛ㄧず锛?棰?璁′????靛?涓???骞撮?㈠??AMD绛?涓昏?瀹㈡?风??HBM?????灏?涓??? 锛?????瀛?涓??＄??浜??????戒??剁? ??????涓????靛?寮?濮????变?杈句?搴?HBM3E????
锛?骞跺?ㄦ?扮??浠ｅ伐瀹㈡?烽?㈠??灞??板??BM4??????绔?浜?浼??锛??惰?′环?垮ご???戒??ㄧ?涓?瀛ｅ害澧?寮??