Samsung Electronics (005930)

발행일 2026-02-23

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핵심 요약

Surging AI semiconductor demand is driving HBM revenue growth, and a memory cycle recovery is poised to deliver a meaningful earnings improvement in 2025-2026. Whether the GAA 2nm foundry process transition succeeds will be the key variable determining the mid-to-long-term share price trajectory.

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픽스톡의 새로운 지표

고위공직자 보유 Top 10 국내주식

공직자 재산공개 기준 상위 보유 종목

1 Samsung Electronics 23.5%
2 SK hynix 14.2%
3 Hyundai Motor 8.7%
4 LG Energy Solution 6.3%
5 NAVER 5.1%

커뮤니티 공포 지수

언론/커뮤니티 감성 기반 (0: 공포 · 100: 탐욕)

네이버 증권

42 Neutral

토스 증권

38 Fear

외인·기관 매집 트래커

최근 순매수 흐름 기반 추정

Foreign investors have been net buyers for 5 consecutive trading days, while domestic institutions are slight net sellers.

모으기 시작 2026-02-10

추정 평단 ₩56,200

Based on foreign/institutional net purchase data.

현재 주가 ₩190,100 최근 마감 기준

3개월 평균 주가 ₩131,000 Samsung Electronics 3개월 이동평균

분석 내용 Samsung Electronics is a key beneficiary of the global AI semiconductor boom, with HBM3E mass production and the 2nm foundry transition serving as mid-to-long-term growth drivers. A memory cycle recovery and earnings turnaround are expected, and the current share price sits at the lower end of its historical valuation band, making it an attractive entry zone. However, Chinese competitors entering the memory market and foundry yield issues remain near-term risks that warrant monitoring. 밸류에이션 · 펀더멘털 · 모멘텀 종합

핵심 인사이트

종합 분석 인사이트

강점

Samsung commands dominant market share as the world's #1 memory chipmaker, with an entrenched technology leadership in DRAM and NAND. It has secured HBM3E mass production capabilities to enter the AI chip market. Vertical integration (materials → components → finished products) delivers superior cost competitiveness. Annual R&D spending exceeding KRW 30 trillion and a diversified portfolio across smartphones and consumer electronics provide earnings stability.

약점

The foundry business continues to face yield challenges, and closing the technology gap with TSMC will take time. Chinese challenger CXMT entering the memory market is increasing pricing pressure. Delays in NVIDIA HBM qualification have left Samsung's HBM revenue share lower than rival SK hynix. Geopolitical risks from US-China semiconductor restrictions add further uncertainty.

위험요소

높음 Memory price pressure from CXMT's full-scale entry into the DRAM market

높음 Potential large-scale capex losses if 2nm GAA foundry yields fall short

중간 China revenue contraction risk from tightening US-China semiconductor trade restrictions

중간 Possible further delays in HBM3E NVIDIA qualification

낮음 Smartphone and consumer electronics demand weakness amid a global economic slowdown

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전망

In 2026, AI server HBM demand is expected to more than double year-over-year, and Samsung's HBM3E mass production ramp should meaningfully improve memory business profitability. In foundry, stabilization of the 2nm GAA process is key — success would significantly narrow the technology gap with TSMC. Company-wide, the confluence of a memory cycle recovery and AI demand expansion is expected to drive operating profit above KRW 50 trillion.

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회사 개요

Samsung Electronics is South Korea's largest conglomerate and a global leader in semiconductors, smartphones, and displays. It holds the #1 position in memory chips (DRAM & NAND), ships among the top 1-2 smartphones globally, and is expanding its non-memory business through foundry and System LSI. Recently, Samsung has been focusing on entering the HBM (High Bandwidth Memory) market and meeting surging AI semiconductor demand.

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