memory & storage · 产业指数 27 (排名 #11) ·
价格: 截至 2026-10-29 指数: 截至 2026-10-29 基本面: 最新申报文件 2026-06-30 按季披露（财务数据来自 Yahoo Finance；未在 SEC 注册）
韩国综合企业集团，全球最大的存储器芯片制造商，同时经营智能手机、显示面板、消费电子与半导体晶圆代工业务。
产业敞口 0.3 (面向 AI 数据中心的 HBM 与服务器内存增长迅速，但在 Samsung Electronics 高度多元化的智能手机、显示面板、消费电子与晶圆代工营收中仍占少数。)
异常期权活动需要一个在美国上市的品种；这家公司没有。
新闻 定下了基调，但群体不愿下结论——正向倾斜叠加薄弱的一致度，因此结论为中性。
多数投票者倾向一致；价格动量 投了反对票。方向一致度 0.30。
分数略偏负，但一致度薄弱——因此引擎给出无置信度的中性，而不是过度断言。这是系统拒绝硬凑一个它并不具备的结论。
Samsung Electronics is the world's largest memory maker and a vertically integrated device company. In Q1 2026 it was #1 in DRAM (38.5% revenue share) and #1 in NAND (31.6%), and in Q2 2026 it retook #1 in global smartphones at 24% share. The AI-datacenter memory shortage produced record results: Q2 2026 company revenue of KRW 171.5 trillion and an all-time-high operating profit of KRW 89.5 trillion, with server memory reaching a record share of the sales mix and HBM4E samples shipped to major customers (Samsung Newsroom). The caveats that keep the moat narrow: the profit pool is a price cycle, not a structural annuity; SK hynix leads the highest-value HBM segment by bit-shipment mix; and Samsung Foundry, at 6.5% share versus TSMC's ~72%, remains a distant second in leading-edge logic despite expanding 2nm design wins.
评级: 窄
Samsung leads three of its four principal markets — Q1 2026 DRAM revenue share 38.5% ($37.32B, TrendForce, https://www.trendforce.com/presscenter/news/20260601-13070.html), Q1 2026 NAND share 31.6% ($13.51B, TrendForce, https://www.trendforce.com/presscenter/news/20260525-13058.html), and #1 in Q2 2026 smartphones at 24% (Counterpoint via Android Authority, https://www.androidauthority.com/counterpoint-research-q2-2026-smartphone-shipment-report-3686931/) — but the moat is narrow, not wide: memory economics are violently cyclical (industry DRAM revenue swung +81% QoQ on contract-price spikes per the same TrendForce release), SK hynix holds the highest HBM bit-shipment mix among the top three (same release), and foundry trails TSMC 6.5% vs ~72% share (TrendForce data via TelecomLead, https://telecomlead.com/semiconductor/global-foundry-market-hits-record-47-95-bn-in-q1-2026-as-ai-chip-demand-drives-growth-tsmc-expands-share-to-72-126247).
类型: 成本规模
The durable advantage is manufacturing scale and capital intensity: the top three DRAM suppliers take roughly $8.97 of every $10 of industry revenue (Samsung 38.5% + SK hynix 28.8% + Micron 22.4% in Q1 2026 per TrendForce, https://www.trendforce.com/presscenter/news/20260601-13070.html), a structure sustained by multi-billion-dollar fab economics that has admitted no new large entrant in decades; Samsung is the largest-revenue producer in both DRAM and NAND (TrendForce, https://www.trendforce.com/presscenter/news/20260525-13058.html).
领先地位: 并列领先者
Revenue leader in DRAM (38.5%) and NAND (31.6%) in Q1 2026 (TrendForce) and #1 in Q2 2026 smartphone shipments (Counterpoint), but not the leader where AI value concentrates: SK hynix has the highest HBM bit-shipment mix among the top three DRAM suppliers (TrendForce, https://www.trendforce.com/presscenter/news/20260601-13070.html) and TSMC dominates foundry with ~72% share to Samsung's 6.5% (TrendForce via TelecomLead).
定价权: 中等
Current pricing is extraordinary but cyclical, not structural: conventional DRAM contract prices rose roughly 93-98% QoQ in Q1 2026 (TrendForce, https://www.trendforce.com/presscenter/news/20260601-13070.html) — shortage-driven commodity pricing that reverses in downcycles. The set-side shows the limit: Samsung's own MX (smartphone) division posted a KRW 0.7 trillion operating loss in Q2 2026 on elevated component costs (Samsung Newsroom, https://news.samsung.com/global/samsung-electronics-announces-second-quarter-2026-results).
基于所引来源做出的人工整理护城河判断。 来源：news.samsung.com
层级: memory & storage
Upstream supplier of DRAM/HBM and NAND to the AI datacenter buildout (server memory at a record share of its Q2 2026 sales mix; HBM4E samples shipped to major customers) and a contract foundry, while simultaneously a downstream device maker (Galaxy) that consumes its own components (Samsung Newsroom, https://news.samsung.com/global/samsung-electronics-announces-second-quarter-2026-results).
由这家公司已映射的供应链关系及其所属产业层级推导而来。
护城河先验在长周期（约 6 个月）上投出 +0.13 票，权重为 0.20——该周期上的群体判断是 bullish（得分 0.62，信念度 64）。
编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。 查看它究竟如何投票 →
产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。
| 产品 | 市场份额 | 技术壁垒 |
|---|---|---|
| DRAM (incl. HBM) · Memory semiconductors Dynamic RAM for servers, PCs and mobile, including high-bandwidth memory (HBM) for AI accelerators; HBM4E samples shipped to major customers in Q2 2026. | 领先 TrendForce: Q1 2026 DRAM revenue of $37.32B, +93.4% QoQ, market share 38.5% — the #1 supplier ahead of SK hynix (28.8%) and Micron (22.4%). Caveat within the band: the same release notes SK hynix recorded the highest HBM bit-shipment mix among the top three suppliers, so Samsung leads DRAM overall but not the HBM sub-segment. | 深 Effectively a three-supplier industry — Samsung, SK hynix and Micron together held ~89.7% of Q1 2026 revenue per TrendForce — sustained by extreme fab capital intensity and process know-how; no new large-scale entrant has broken in at the leading edge. |
| Foundry (Samsung Foundry) · Contract chip manufacturing Leading-edge contract logic manufacturing, including 2nm-class processes; Q2 2026 improvement driven by HBM-related demand and expanding 2nm design wins per Samsung. | 挑战者 TrendForce data (via TelecomLead, 2026-06-12): Q1 2026 revenue slightly above US$3.2B for a 6.5% share — a distant #2 to TSMC's ~US$35.86B and ~72% share in a record US$47.95B top-10 quarter. | 深 Leading-edge foundry has extreme process-technology and capex barriers — only two suppliers operate at the leading edge in TrendForce's top-10 ranking — but the barrier currently protects TSMC's position more than Samsung's, whose share is 6.5% versus ~72%. |
| Galaxy smartphones · Mobile devices Galaxy smartphone lineup (Galaxy S26 series flagship plus mass-market models) sold globally. | 领先 Counterpoint Research (via Android Authority, 2026-07-13): Samsung was #1 in Q2 2026 with 24% global share and the strongest YoY growth among the top five brands, ahead of Apple's record 20%; the overall market fell 11% YoY to a 13-year Q2 low on memory-chip shortages. | 中等 Scale, brand and in-house component supply sustain the #1 position, but the Android field is contested — Apple at 20% and Xiaomi/Oppo/vivo close behind per the same Counterpoint data — so leadership rotates quarter to quarter rather than being structurally locked. |
| NAND flash · Memory semiconductors NAND flash memory and SSDs, including enterprise SSDs for AI server infrastructure. | 领先 TrendForce: Q1 2026 NAND revenue of US$13.51B, +104.7% QoQ (highest growth among the top five), expanding revenue share from 28% to 31.6% and 'firmly maintaining its top position' ahead of SK hynix Group (17.6%) and Kioxia (13.9%). | 中等 Five credible suppliers (Samsung, SK hynix Group, Kioxia, Micron, SanDisk) split the market per TrendForce's top-five ranking — capital barriers are high but the supplier set is broader and shares more contested than in DRAM. |
这些图表绘制的是 Samsung Electronics 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-06-30）。每一个数字都是申报原值 XBRL——没有任何一项是预估。
在已申报的区间内，营收下滑 3%，降至 $232.0B（FY2022→FY2025）; 毛利率从 37% 变为 39%; FY2025 净利润为 $30.8B。
分析师一致预期——来自 Yahoo Finance 的第三方预估，截至 2026-10-26。这不是 SEC 申报文件，也不是 TradingPilot 的预测。 来源：finance.yahoo.com
| 期间 | 每股收益（预估） | 营收（预估） | 同比 |
|---|---|---|---|
| Q/E Sep 2026 | KRW 13710.03 (KRW 11793.08–KRW 14955.00) · 8 | KRW 195940.9B (KRW 192078.6B–KRW 205819.0B) · 10 | +128% |
| FY 2026 | KRW 47724.17 (KRW 40609.00–KRW 60367.00) · 33 | KRW 709501.3B (KRW 696949.9B–KRW 732910.3B) · 17 | +113% |
每个数字显示一致预期均值、可得时的（最低–最高）区间，以及 · 后面给出该预估背后的分析师人数。
下次财报约在 2026-10-28。
我们的模型在中周期上对这只股票偏向 Bullish——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。
部分近期数字来自 Yahoo Finance，用于填补最新 SEC 申报尚未发布的期间——已折算为美元，并与 SEC 申报期间做过核对。
正在与同业比较…
Samsung Semiconductor Newsroom · 2026-10-29 · 财报
Samsung Electronics reported record quarterly revenue and said its memory business achieved record quarterly revenue and operating profit, supported by semiconductor demand.
The Korea Herald · 2026-10-13 · 人事
Samsung Electronics said in a regulatory filing that Hong Ra-hee will give Chairman Lee Jae-yong 11.16 million Samsung Electronics shares, a 0.17 percent stake valued at about 2.6 trillion won, raising his stake from 1.58 percent to 1.75 percent. The transfer is scheduled for Nov. 12 and follows Lee's purchase of 7.19 million shares from Hong in an off-market transaction worth about 1.92 trillion won.
Applied Materials · 2026-10-12 · 产品
Applied Materials unveiled its Equipment and Process Innovation and Commercialization (EPIC) Center at its Sunnyvale, California, campus, a $5 billion capital investment in a 600,000-square-foot facility with nearly four acres of advanced cleanroom space. Founding partners TSMC, Intel, Samsung Electronics, Micron and SK hynix are joined by innovation partners including Broadcom, Advantest and KIOXIA.
Investing.com · 2026-10-12 · 产品
ChangXin Memory Technologies (CXMT) said it has made key progress on a 4F² memory-cell structure, designed to fit more memory cells onto a chip, that Samsung and SK Hynix are also pursuing. CXMT President Cao Kanyu said at an industry event in Shanghai that the company planned to introduce a new generation of DDR5 RDIMMs for enterprise servers based on the technology by the end of 2026. Samsung shares fell 3.6% and SK Hynix 3.4% on Monday.
The Korea Herald · 2026-10-11 · 产品
Samsung Electronics plans to invest 105.79 trillion Vietnamese dong ($4.09 billion) in memory chip testing facilities at Yen Binh Industrial Park in Thai Nguyen, Vietnam, according to an investment plan submitted to local authorities, with the first line due to start in the fourth quarter of 2027 and another planned for 2028. The facilities will do final testing of DRAM and NAND flash chips packaged at Samsung's Cheonan plant and will not manufacture wafers.
The Elec · 2026-10-10 · 合作
ASML will raise prices on all replacement parts for the EUV and DUV lithography tools it supplies in Korea by 10% across the board, starting with January supplies next year; Samsung and SK hynix accepted the increase after talks with their purchasing organizations, The Elec reported citing industry sources. The report says ASML is also discussing price increases on new equipment with major customers.
KED Global · 2026-10-09 · 合作
Samsung Electronics has secured long-term supply agreements covering about 75-80% of its planned memory chip production for next year, KED Global reported, as global technology firms including Nvidia, Google and Microsoft seek to lock in supplies for five years or more amid surging demand for AI infrastructure.
Samsung Newsroom · 2026-10-07 · 财报
Samsung Electronics guided third-quarter 2026 consolidated sales of approximately 195 trillion Korean won and consolidated operating profit of approximately 107.40 trillion Korean won. Third-quarter 2025 figures were 86.06 trillion won in sales and 12.17 trillion won in operating profit.
InvestorsHub (ADVFN) · 2026-10-07 · 合作
AMD CEO Lisa Su said in Seoul that AMD continues to explore potential partnerships with Samsung Electronics across memory supply and semiconductor manufacturing. She said Samsung and SK Hynix are key to AMD's data centre ambitions.
The Korea Economic Daily · 2026-10-07 · 产品
Samsung Electronics' memory division passed HBM4E 12-layer qualification tests by Nvidia and major hyperscaler customers at the end of last month, the Korea Economic Daily reported; supply volumes, contract size and mass-production timing were not confirmed, and Samsung said it could not confirm the report. Samsung has said the 48GB product runs at up to 16Gbps per pin, more than 20% faster than HBM4, with 16% better energy efficiency.
The Economic Times · 2026-09-23 · 监管
Reuters, citing five sources, reported that India is investigating Samsung and LG Electronics over allegedly paying lower tariffs on imported display parts for high-end OLED TVs. Officials allege the companies wrongly claimed a concessional 5% tariff on imported OLED open-cell screens.
Seoul Economic Daily · 2026-09-23 · 产品
Industry sources say Samsung Electronics validated its 16GB LPDDR6 DRAM on Qualcomm's Snapdragon 8 Elite Extreme Gen 6 platform at up to 10.7 Gbps. Memory has to pass this compatibility step before it can go into phones.
KED Global · 2026-09-14 · 合作
Samsung Electronics and SK Hynix have turned down Korea Electric Power Corp.'s proposal that they prepay a combined 25 trillion won (about $17 billion) in electricity charges. KEPCO had sought the prepayment from its two largest industrial customers.
The Investor · 2026-09-14 · 融资
Samsung Electronics and SK hynix have rejected Korea Electric Power Corp.'s proposal that they prepay a combined 25 trillion won (about $18.4 billion) in electricity charges, roughly five years of bills — about 20 trillion won from Samsung and 5 trillion won from SK hynix. Kepco sought the advance payments primarily to invest in the national power grid and accelerate electricity infrastructure for the semiconductor clusters in Yongin and the Honam region, offering an interest rate higher than the yield on two-year government bonds with accrued interest applied against electricity bills every six months. The Investor reports the chipmakers determined that committing such a large amount of cash upfront would be difficult to justify amid uncertainty over the longer-term semiconductor cycle, and that a large advance payment could limit financial flexibility while both companies are making heavy investments in advanced chips and production capacity.
Samsung Global Newsroom · 2026-09-08 · 合作
Samsung and ASML expanded their collaboration to develop 12-inch large-format photomasks and to bring High-NA EUV into Samsung's memory production, targeting a DRAM rollout around 2028. It commits Samsung's memory roadmap to ASML's most advanced lithography platform.
Samsung Newsroom · 2026-07-25 · 合作
Samsung and Broadcom announced an expanded strategic collaboration covering memory and foundry. Per the release, the companies "plan to pursue a strategic collaboration for the supply of industry-leading memory solutions, including High Bandwidth Memory (HBM), supporting Broadcom's next-generation AI accelerators," while the foundry side "focuses on Samsung's 2-nanometer (nm) and below process technologies for Broadcom's products, including Wireless Broadband Communications (WBC) solutions." The release states the companies "expect the collaboration to be estimated at more than $200 billion across memory and foundry over the next five years through 2030."
The Information · 2026-07-02 · 合作
Anthropic is in talks with Samsung to manufacture a custom AI chip, according to The Information.
Yahoo Finance · 2026-07-01 · 监管
Micron, Samsung, and SK Hynix were accused in litigation of spiking memory chip prices by as much as 700% amid the AI boom.
Samsung Semiconductor · 2026-07-01 · 合作
Samsung unveiled its HBM4E memory and showcased its NVIDIA partnership at NVIDIA GTC 2026.
2026-10-29 CNBC Top News · Samsung Electronics shares slid despite record profit in the third-quarter
2026-10-29 Yahoo Finance: 005930.KS · Samsung Stock Drops 6% in Seoul as Record Profit Narrowly Misses Analyst Estimates, Memory Supply Seen Tightening in 2027
2026-10-29 Yahoo Finance: SKHY · Samsung keeps shattering profit records as AI boom lifts chip demand
2026-10-29 Yahoo Finance: 005930.KS · Samsung logs record quarterly profits despite investor AI jitters
2026-10-29 Yahoo Finance: SKHY · Samsung Stock Falls 3% Even as Profit Tops $80 Billion: Is a Record Quarter Not Enough?
2026-10-29 Yahoo Finance: 005930.KS · Samsung posts record Q3 earnings; shares slide as net profit misses estimates
2026-10-28 Business Wire Health · Samsung Epis Holdings Reports Third Quarter 2026 Financial Results and Business Update
2026-10-27 Yahoo Finance: 005930.KS · Samsung Electronics exec: the investments that endure build more than factories
2026-10-26 PR Newswire Energy · ELEMENTL POWER, DS INVESTMENT PARTNERS AND SAMSUNG C&T TO ADVANCE NEW U.S. NUCLEAR DEVELOPMENT
2026-10-26 Business Wire Energy · Samsung SDI and Alpha Omega Power Sign 1 GWh Supply Agreement for U.S.-Made Energy Storage
2026-10-22 Business Wire Health · Samsung Bioepis Releases Fourth Quarter 2026 Biosimilar Market Report Highlighting Importance of Supply Continuity
2026-10-21 PR Newswire Health · Samsung Biologics Reports Third Quarter 2026 Financial Results
2026-10-13 Yahoo Finance: 005930.KS · Samsung affiliates commit nearly Won8tn to Vietnam chip expansion – report
2026-10-12 PR Newswire Tech · Flexcompute Raises Strategic Investment From Samsung Ventures and Applied Ventures to Build the Physics World Model
2026-10-09 Yahoo Finance: 005930.KS · PolyPeptide Group (SWX:PPGN) Looks Fully Valued Following Samsung Biologics Tender Offer
2026-10-09 Yahoo Finance: 005930.KS · Coinbase-Samsung Deal Expands USDC Access Through Samsung Wallet
2026-10-09 Yahoo Finance: 005930.KS · Samsung Electronics (KOSE:A005930) Puts AI Front And Centre In Galaxy Tab S12 Debut
2026-10-08 Yahoo Finance: STX · The Memory Trade Cools After Samsung’s Preliminary Results Disappoint
2026-10-08 Yahoo Finance: SNDK · Samsung’s Profit Just Rose Nearly Ninefold on Memory Chips
2026-10-08 MarketWatch Top Stories · Samsung just did something no tech company has ever done, but investors still aren’t satisfied
影响 = 公司显著度层级（高/中由图谱中心度与规模自动判定；低仅用于人工整理的次要事件），不是对波动幅度的预测。
| 日期 | 事件 | 影响 | 结果 |
|---|---|---|---|
| 2026-10-28 | Samsung Electronics earnings 已确认 | 高 | 结果待定 |
| 2026-07-29 | Samsung Electronics earnings 已确认 | 高 | 每股收益不及预期 · -0.7% |
