加拿大皇家银行资本市场（RBC Capital）周日发布研报称，AI需求持续供不应求，高带宽存储器（HBM）涨价有望抬升平均售价，SK海力士将在本轮拉长的存储上行周期中持续获益。
RBC预计SK海力士三季度业绩小幅高于市场一致预期，预测营收101.2万亿韩元，每份美国存托凭证调整后每股收益8917韩元（折合6.72美元）。
涨价红利有望对冲汇率逆风；三季度DRAM合约价环比上涨20%，四季度或再涨15%。
该行认为，当前DRAM上行周期已经走到第14个季度，还将再延续5个季度，供给紧张局面将持续至2027年。研报指出，2027年HBM价格有望上涨80%–100%，带动DRAM整体平均售价上行。
分析师认为，凭借良率优势与落地执行能力，SK海力士将维持HBM领域龙头地位；在完成40万亿韩元回购计划后，充沛的自由现金流还可支撑新一轮股票回购或特别分红。预计公司管理层会重申对行业基本面的乐观判断。
RBC重申该股跑赢大盘评级，目标价200美元。
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