DB증권 Tech 서승연, 조현지

[DB금융투자 반도체 서승연] SK하이닉스 3Q23 실적 공시 안내드립니다. ■ 매출 9.1조원 (컨센서스 8.1조원) - DRAM b/g 약+20%, ASP 약+10% QoQ - NAND b/g +한자릿수 중반%, ASP -한자릿수% QoQ ■ 영업손실 1.8조원 (컨센서스 1.7조원) - DRAM 수익성 2개 분기 만에 흑전 - 매출 증가 및 일부 재평손 충당금 환입 ■ 지배순손실 2.2조원 (컨센서스 1.5조원) 공시 링크: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20231026800028

[DB금융투자 반도체 서승연] 금일 Meta FY3Q23 실적 컨콜 내 CapEx 코멘트 업데이트 드립니다. - FY3Q23 Capex $68억으로 서버, 데이터센터, 네트워크 인프라 투자에 활용. 신규 데이터센터 디자인과 대금 시기로 전년 대비 감소 - 23년 Capex 가이던스는 종전 $270~300억에서 $270~290억으로 하향 조정. 그러나 24년 Capex는 non-AI 및 AI 데이터센터 서버 투자로 23년 대비 증가한 $300~350억 예상 --------- Meta FY3Q23 컨콜 발췌 Capital expenditures, including principal payments on finance leases, were $6.8 billion, driven by investments in servers, data centers and network infrastructure. Capital expenditures were below the prior year levels, primarily due to lower server and data center construction spend as we prepare to shift to our new data center design as well as payment timing. We are also sharing a preliminary outlook for 2024 expenses, CapEx and our tax rate. We expect full year 2024 total expenses to be in the range of $94 billion to $99 billion. We continue to expect a few factors to be drivers of total expense growth in 2024. First, we expect higher infrastructure-related costs next year. Given our increased capital investments in recent years, we expect depreciation expenses in 2024 to increase by a larger amount than in 2023. We also expect to incur higher operating costs from running a larger infrastructure footprint. Second, we anticipate growth in payroll expenses as we work down our current hiring underrun and add incremental talent to support priority areas in 2024, which we expect will continue to shift our workforce composition toward higher-cost technical roles. Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in AR/VR and our investments to further scale our ecosystem. Turning now to the CapEx outlook. We expect 2023 capital expenditures to be in the range of $27 billion to $29 billion, updated from our prior estimate of $27 billion to $30 billion. We anticipate our full year 2024 capital expenditures will be in the range of $30 billion to $35 billion, with growth driven by investments in servers, including both non-AI and AI hardware and in data centers as we ramp up construction on sites with the new data center architecture we announced late last year.

Kokusai Electric jumps 32% in Japan’s biggest IPO for five years https://www.ft.com/content/1f86b544-0949-4393-a4b3-4f493d9059d2

IBM software sales up 8% as the company beats on top and bottom lines https://www.cnbc.com/2023/10/25/ibm-q3-earnings-report-2023.html?__source=androidappshare

Meta beats on top and bottom line as digital ad recovery pushes revenue up 23% https://www.cnbc.com/2023/10/25/meta-earnings-q3-2023.html?__source=androidappshare

Japan Aims for $10 Billion in Subsidies for TSMC Plant, Rapidus https://www.bloomberg.com/news/articles/2023-10-25/japan-aims-for-10-billion-in-subsidies-for-tsmc-plant-rapidus

Apple Plans AirPods Overhaul With New Low- and High-End Models, USB-C Headphones https://www.bloomberg.com/news/articles/2023-10-25/apple-airpods-plans-4th-generation-low-end-3rd-generation-pro-and-usb-c-max

Controversial Chip in Huawei Phone Produced on ASML Machine https://www.bloomberg.com/news/articles/2023-10-25/controversial-chip-in-huawei-phone-was-produced-on-asml-machine

[DB금융투자 반도체 서승연] UMC 3Q23 실적 Quick review 업데이트 드립니다. ■ 3Q23 실적 요약 [매출] NT$571억 (+1% QoQ, -24% YoY, 컨센서스 NT$571억). 웨이퍼 출하량은 전분기 대비 2% 감소했으나 우호적인 환율과 컴퓨팅 및 커뮤니케이션 부문 수요 강세로 전분기 대비 매출 소폭 증가. 컴퓨팅향으로는 LCD 컨트롤러, WiFi, 코덱/터치IC 컨트롤러, 커뮤니케이션향은 RF, 네트워킹 칩이 수요 견인 [GPM] 35.9% (컨센서스 34.3%) [EPS] NT$1.29 (컨센서스 NT$1.03) ■ 23년 Capex 가이던스 $30억 (vs 종전 $30억, 22년 $27억) ■ 주요 코멘트 - 4Q23 수요는 점진적으로 안정화되는 모습이 관찰 중. 최근 PC, 스마트폰에서 긴급주문(rush order)이 목격되고 있음. 그러나 고객사들은 여전히 신중하고 보수적으로 재고를 관리하는 중. 자동차 사업부 환경은 쉽지 않은 상황 - 24년 12A Ph 6팹 22/28nm 램프업 계획 ------------ https://www.reuters.com/technology/taiwan-chipmaker-umc-sees-demand-stabilising-with-rush-pc-smartphone-orders-2023-10-25/

[DB금융투자 전기전자 조현지] LG이노텍 3Q23 잠정 실적 발표 공시 안내드립니다. - 매출 4조 7,636억원 (컨센서스 4조 5,916억원) - 영업이익 1,834억원 (컨센서스 1,951억원) http://dart.fss.or.kr/api/link.jsp?rcpNo=20231025800337