Goldman Sachs: Samsung Electronics
> Unprecedented Profit Margins: Driven by strong quarterly price hikes (+47% QoQ for conventional DRAM; +66% QoQ for NAND), > HBM Progress: Performance was significantly buoyed by the smooth production ramp-up of HBM4. Samsung recently became the first company globally to surpass US$1bn in HBM4 revenue. Goldman Sachs raised its 2027 HBM pricing forecasts, expecting nearly 90% YoY pricing growth next year.> Price Stability: Long-term agreements (LTAs) with buyers are expected to protect future margins and pricing at elevated levels.> Advanced node utilization rates stayed healthy, heavily supported by manufacturing Exynos processors for the upcoming Galaxy S26 and producing 4nm base dies for HBM4. However, under-the-hood provisioning means actual reported losses were slightly wider than targeted.> The smartphone segment is estimated to have suffered its first-ever operating loss. Skyrocketing component costs—specifically rising memory chip prices—crippled mobile product margins. Goldman Sachs expects this margin erosion to persist as memory prices continue rising through the remainder of the year.
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