SK Hynix 是值得承担风险的绝佳机会：过去一个月下跌约四分之一后，两项估值指标约为五倍和三倍，比行业平均水平低约80%。销售额增长250%、营业利润增长550%、利润率超过75%，净现金和多年期合同抵消了对中国竞争和波动的担忧。
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现在，我们来看第二个选项。我们有AI存储加速器领域无可争议的王者——韩国巨头SK Hynix，其股票代码是SKHY。
Now, we move on to our second option. We have the undisputed king of AI memory accelerators , the South Korean giant SK Hynix, whose stock market symbol is SKHY.
SanDisk凭借其高密度NAND闪存和企业存储解决方案主导容量层，而SK Hynix则凭借其在动态随机存取存储器（DRAM）方面的专长，主导AI计算的实际速度层。更具体地说，是高带宽存储器（HBM），即多个DRAM芯片与图形处理器（GPU）加速器垂直堆叠在一起。
这种物理结构使数据能够以极高速率来回传输，同时能耗更低。
While SanDisk dominates the capacity layer thanks to its high-density NAND flash memory and enterprise storage solutions, SK Hynix dominates the actual speed layer for AI computing due to its specialization in dynamic random access memory (DRAM).
More specifically, high-bandwidth memory (HBM) where multiple DRAM chips are stacked vertically alongside graphics processing unit (GPU) accelerators. This is a physical structure that allows data to be transferred back and forth at very high speeds with less energy consumption .
SK Hynix的参与不仅限于此；它实际上控制着全球HBM市场约一半的份额，并已开始出货下一代HBM 4。此外，通过其子公司Solidym，SK Hynix还占据NAND闪存市场近20%的份额，使其在速度和存储两方面拥有更加多元化和一体化的业务模式，这有助于它脱颖而出，并使其整体上成为更具吸引力的选择。
SK Hynix's involvement is not limited to that ; it effectively controls about half of the global HBM market, having already begun shipping the next-generation HBM 4. In addition, through its subsidiary Solidym, SK Hynix holds nearly 20% of the NAND flash memory market, giving it a more diversified and integrated business model in both speed and storage, which helps it stand out and makes it a more attractive option overall.
然而，尽管如此，尽管今年早些时候的IPO最初非常被看好，其股价在过去一个月里实际上大幅下跌，损失了约四分之一的总市值，以至于如今其价值低于公司首次上市时——而那是一次巨大的成功。
顺便说一句，那次IPO是历史上外国公司规模最大的IPO，认购倍数超过七倍，这显示了需求的强劲。然而，今天你可以以低于当时的价格买到股票。
However, despite all this, and despite what was initially a very promising IPO earlier this year, the share price has actually collapsed over the past month, losing about a quarter of its total value, so that today it is worth less than when the company first went public , which was a resounding success.
That IPO, by the way, was the largest for a foreign company in history, with the subscription rate exceeding seven times , which demonstrates the strength of the demand. However , today you can get shares at a lower price than that.
说到这里，现在的估值变得更有吸引力了。目前，预期市盈率和价格与收益-收益-税-折旧-摊销修正比率分别仅约为五倍和三倍，两者都比行业平均水平低约80%。这确实令人惊叹。
Speaking of which, the evaluation has become more attractive now. Currently, the projected earnings multiple and price-to-earnings-benefit-tax-depreciation-amendment ratio are only about five and three, respectively, both roughly 80% lower than the sector average. It's truly amazing.
当然，大幅抛售背后是有原因的，但这主要归因于市场波动和对中国竞争的担忧对该行业造成了负面影响，而这些担忧是非常真实的。我无意贬低它。
Of course, there is a reason behind the heavy selling, but it is mostly due to market volatility and concerns about Chinese competition that have negatively impacted the sector, and these are very real concerns. I don't mean to belittle her .
但当你能够以如此低的价格买入这家领先电子公司的股票，考虑到其出色的业绩，我认为这值得冒这个风险。例如，在上个季度，其产品的需求打破了纪录，销售额增长超过250%，营业利润跃升超过550%，利润率超过75%，这对于这样一家设备制造商来说实属罕见。
与此同时，其资产负债表得到了极大强化，如今拥有庞大的净现金储备。
But when you can get shares in the leading electronics company at such a low price, given this outstanding performance, I think it's worth the risk. For example, in the last quarter, demand for their products shattered records, with sales rising by more than 250%, operating profits jumping by more than 550% , and profit margins exceeding 75%, which is rare for a device manufacturer like this.
At the same time, their balance sheet has been greatly strengthened, now boasting enormous net cash reserves.
最棒的是，与SanDisk非常相似，SK正通过与约10家主要企业客户签订长期协议，积极保护自己免受传统的繁荣与萧条周期影响，这些协议已按多年期协议签署，还包含较高的最低价格下限，包括预付现金存款，从而确保未来数年的需求清晰可见。总体而言，我认为这是又一个绝佳的机会。
Best of all, much like SanDisk, SK is actively protecting itself from traditional boom-and-bust cycles by entering into long-term agreements with around 10 major corporate clients, already signed under multi-year agreements that also include high minimum price limits, including advance cash deposits that ensure demand clarity for years to come.
Overall, I think it's another great opportunity.