<p>摩根士丹利发布了一份报告，指出内存已成为人工智能基础设施的关键瓶颈。客户签署的长期协议（LTA）正在将传统的周期性业务转变为具有保障的高利润和长期收入来源的业务。</p>
<p>根据银行的估计，假设高带宽内存（HBM）已被 100% 覆盖，商品内存的 LTA 覆盖率在 50% 到 80% 之间，LTA 覆盖部分的估值将为 6 到 12 倍的市盈率，而非 LTA 部分的估值将为 5 倍的市盈率。</p>
<p>报告指出，在最保守的情景下（50% 覆盖率和 6 倍 LTA 市盈率），三星电子和 SK 海力士的隐含整体市盈率约为 5.5 倍，已经高于三星电子当前 2027 年预测的 5.3 倍市盈率和 SK 海力士的 5 倍市盈率。在基准情景下（70% 覆盖率和 10 倍 LTA 市盈率），隐含市盈率将上升至约 8.5 到 8.6 倍。在乐观情景下（80% 覆盖率和 12 倍 LTA 市盈率），隐含市盈率将增加至约 10.5 到 10.7 倍。</p>
<p>摩根士丹利将 SK 海力士 2026 年至 2028 年的每股收益（EPS）预测分别上调了 6%、3% 和 14%，并将目标价从 170 万韩元提高至 260 万韩元。(da/u)</p>

南方两倍做多海力士

<p>摩根士丹利已将 SK 海力士的目标价格上调至 260 万韩元，并分别将 2026 年至 2028 年的每股收益预测提高了 6%、3% 和 14%。报告强调，长期协议（LTA）正在改变内存业务，为 DRAM 价格提供下行保护，并导致 SK 海力士和三星电子的市盈率提高</p>

<p>M Stanley published a report stating that memory has become a critical bottleneck in AI infrastructure. Long-term agreements (LTA) signed by customers to secure supply are transforming a traditionally cyclical business into one with secured, high-margin and long-term revenue streams.</p>
<div class="lb-trans"><p>摩根士丹利发布了一份报告，指出内存已成为人工智能基础设施的关键瓶颈。客户签署的长期协议（LTA）正在将传统的周期性业务转变为具有保障的高利润和长期收入来源的业务。</p>
</div><p>According to the banks estimates, assuming HBM has been 100% covered by LTAs and commodity memory LTA coverage ranges from 50% to 80%, the LTA-covered portion would be valued at 6 to 12 times price-to-earnings, while the non-LTA portion would be valued at 5 times price-to-earnings.</p>
<div class="lb-trans"><p>根据银行的估计，假设高带宽内存（HBM）已被 100% 覆盖，商品内存的 LTA 覆盖率在 50% 到 80% 之间，LTA 覆盖部分的估值将为 6 到 12 倍的市盈率，而非 LTA 部分的估值将为 5 倍的市盈率。</p>
</div><p>The report said that under the most conservative scenario (50% coverage and 6 times LTA price-to-earnings), the implied overall price-to-earnings ratios for Samsung Electronics and SK Hynix would be about 5.5 times, already higher than Samsung Electronics current 2027 forecast price-to-earnings ratio of 5.3 times and SK Hynixs 5 times. Under a base-case scenario (70% coverage and 10 times LTA price-to-earnings), the implied price-to-earnings ratios would rise to about 8.5 to 8.6 times. Under an optimistic scenario (80% coverage and 12 times LTA price-to-earnings), the implied price-to-earnings ratios would increase to about 10.5 to 10.7 times.</p>
<div class="lb-trans"><p>报告指出，在最保守的情景下（50% 覆盖率和 6 倍 LTA 市盈率），三星电子和 SK 海力士的隐含整体市盈率约为 5.5 倍，已经高于三星电子当前 2027 年预测的 5.3 倍市盈率和 SK 海力士的 5 倍市盈率。在基准情景下（70% 覆盖率和 10 倍 LTA 市盈率），隐含市盈率将上升至约 8.5 到 8.6 倍。在乐观情景下（80% 覆盖率和 12 倍 LTA 市盈率），隐含市盈率将增加至约 10.5 到 10.7 倍。</p>
</div><p>M Stanley raised its EPS forecasts for SK Hynix for 2026 to 2028 by 6%, 3% and 14%, respectively, and lifted its TP from KRW1.7 million to KRW2.6 million. (da/u)</p>
<div class="lb-trans"><p>摩根士丹利将 SK 海力士 2026 年至 2028 年的每股收益（EPS）预测分别上调了 6%、3% 和 14%，并将目标价从 170 万韩元提高至 260 万韩元。(da/u)</p>
</div>

M Stanley Raises SK Hynix TP to 2.6M Won, Lifts EPS Forecasts; LTAs Provide Downside Protection for DRAM Prices

AASTOCKS News

摩根士丹利

三星电子

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Samsung Electronics Co., Ltd. Sponsored GDR

摩根士丹利将 SK 海力士的目标价上调至 260 万韩元，并提高了每股收益预测；长期协议为 DRAM 价格提供了下行保护