SK海力士单周大跌15%！里昂证券：最坏情况已过股东回报更清晰维持「跑赢大盘」评等

2026-11-11 22:52:23 网络阅读（113）
里昂证券 (CLSA) 出具最新报告指出，SK 海力士上周五 (7 日) 盘后宣布积极检讨强化股东价值措施，并将于第三季内公布细节，此举直接回应市场对其今年次季财报会议「缺乏明确资本配置指引」的不满，而这正是近期股价偏弱的主因之一。
里昂认为，受惠 AI 伺服器带动 HBM 出货，到 2028 年，SK 海力士获利能力与自由现金流将维持极强劲状态，今年股东回报规模有望突破 100 兆韩元 (含分红与回购)，规模较往年大幅跃升，不仅实质增厚股东价值，更可能成为股价重估的催化剂。
因此，里昂维持对 SK 海力士「高度确信跑赢大盘」评级，目标价 370 万韩元不变。
针对近期市场对「SK 海力士与辉达 HBM4 价格谈判 ASP 涨幅恐落后同业」的疑虑，里昂反向解读指出，SK 海力士 HBM4 的核心晶粒与基底晶粒部分采旧制程生产，成本结构显著低于对手，即便最终成交价低于市场预期，毛利率仍有望优于同业，保住 HBM 龙头的获利护城河。
里昂在报告中也指出，在 AI 资本支出周期未歇、HBM4 量产放量的背景下，SK 海力士正从「周期股」切换至「高现金回报成长股」叙事，待今年第三季股东回报方案落地，估值压制可望松动。市场短期纠结于定价边际放缓，但里昂看的是该公司 2026–2028 年自由现金流兑现以及资本返还的双重确定性。
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