2025-06-11-花旗集团-全球半导体_IT设备中的人工智能硬件转变_个人人工智能服务器时代开启_11页_814kb

Citi Research Report Summary - Global Semiconductors

Research Overview

• Key Takeaway: AI hardware improvements will reduce model sizes, accelerating edge AI device development. Portables AI servers emerging as key applications, driving semiconductor demand for on-device AI.
• New Insights: Report introduces first industry edge AI device architectures along with advanced AI products and key market beneficiaries.

Company Analysis

Samsung Electronics

• Valuation: 12m target price: W83,000
• Model: Sum-of-parts methodology using 2025E EBITDA
• EV/EBITDA multiples:
  • Memory: 7.2x
  • Foundry: 6.0x
  • Display Panel: 3.2x
  • Mobile: 7.5x
  • Consumer Electronics: 3.5x

SK Hynix

• Valuation: 12m target price: W350,000
• Model: 2.5x 25E P/B ratio applied with 30% premium over historical average PB during demand growth phases
• Growth factors: Robust premium demand, ASP growth, AI memory diversification

Risk Assessment

Samsung Electronics

1. HBM shipment approval delays
2. PC sales weaker than forecasted
3. Competitive pressures on memory/foundry prices
4. Increasing handset market competition
5. Won currency appreciation

SK Hynix

1. DRAM demand decline
2. Weaker NAND performance relative to forecast
3. Global consumption collapse

Legal Disclosure Summary

• Investment banking relationships
• Conflict of interest policies
• Analyst compensation models
• Distribution restrictions by jurisdiction
• Analyst affiliations