표 1. 5 월하반기 LCD 패널가격 : TV (-3.0%), 모니터 (-0.4 %), 노트북 (-0.2%) TV H May 2H May 1H June 2H June 1H July 2H Jul 1H Aug 2H Aug 1H Sep 2H Sep 1H

INDUSTRY REPORT KB RESEARCH 디스플레이 /IT 6 월부터추세전환기대 디스플레이 /IT Analyst 김동원 02-6114-2913 jeff.kim@kbfg.com 연구원황고운 02-6114-2932 goun.whang@kbfg.com IT: 1 상저하고 2 수급해소 3 주가회복최근수개월간의 IT 업종주가약세는실적우려보다는 MSCI 리밸런싱 ( 중국시장편입 vs. 한국비중조절 ) 에따른외국인매도가일시적인수급불균형을초래했기때문으로판단된다. 그러나 MSCI 지수편입비율조정이완료되는 6/1 이후부터외국인투자자들이반도체, MLCC를중심으로한국 IT 비중을크게확대할것으로예상된다. 이는 1 올하반기실적가시성과 2019년산업전망이뚜렷하고, 2 최대실적경신에도불구하고 Valuation 매력도가점증하고있으며, 3 독과점적공급체계구축에따른점유율확대로 B2B 분야의시장지배력이한층강화되고있기때문이다. Recommendations 삼성전자 (005930) 현재주가 : 50,000 원 SK하이닉스 (000660) 현재주가 : 89,100 원삼성전기 (009150) 현재주가 : 125,500 원 기준일 : 2018년 5월 21일 Buy 목표주가 : 60,000 원 Buy 목표주가 : 100,000 원 Buy 목표주가 : 160,000 원 TV 패널가격 : 7월부터하락추세완화 2018년 5월 21일시장조사기관인위츠뷰 (Witsview) 의 LCD 패널가격발표에따르면 5월하반기 TV 패널가격은평균 3.0% 하락했다. 32, 43인치 TV 패널가격은중국패널업체들의공급량확대로각각 5.9 %, 3.2% 하락했으며 55, 65인치 TV 패널가격도중국 BOE 10.5G 신규증설에대한심리적우려가반영되면서각각 2.2%, 3.0% 의하락세를시현하였다. 한편모니터, 노트북패널가격도각각 0.4%, 0.2% 하락하였다. 이에따라 LG디스플레이, 삼성디스플레이의 2분기실적은패널가격하락영향으로실적눈높이의하향이불가피할것으로예상된다. 한편 3분기부터 TV 패널가격은하락추세가완화될전망이다. 이는 1 중국 BOE 10.5G 공급과잉우려의심리적영향이 TV 세트업체의패널긴축구매로이어졌으나 7월부터는성수기진입과신모델마케팅등으로 TV 패널재고축적이점차이뤄질것으로예상되고, 2 대만, 한국패널업체의가동률조정을통한감산움직임이나타날것으로전망되기때문이다. DRAM, MLCC: 서프라이즈기대하반기 IT 업종중에서반도체와 MLCC 산업은최대실적경신을지속하면서또한번의어닝서프라이즈달성이기대된다. 1 반도체산업은고난이도의기술공정전환이공급증가를상쇄하는가운데 3분기 DRAM bit growth 증가, ASP 상승및 NAND 가격의하락속도둔화등으로삼성전자, SK하이닉스의최대실적달성이예상되고, 2 하반기 MLCC 시장도과점체계의공급구조속에보수적인 capa 증설과전장분야로의신규수요처확대로고부가제품중심의출하증가와가격상승이지속될것으로예상되어, 삼성전기의 3분기영업이익이 2천억원을상회하면서 8년만에최대실적달성이전망된다. Top picks: 삼성전자, SK하이닉스, 삼성전기 KB증권은 IT top picks로삼성전자, SK하이닉스, 삼성전기를제시하며, 뚜렷한이익가시성확보와구조적실적개선추세등으로향후높은실적상향조정가능성에주목해야할것으로판단한다. 특히향후 DRAM, MLCC 가격의견조한상승추세와연착륙기조가 2018년이후에도지속될것으로전망되어하반기 DRAM, MLCC 시장은 B2B ( 서버, 전장 ) 수요기반변화의장기호황사이클에대비해야할시점으로판단된다. 이는 1 서버 DRAM 수요가 2019년까지연평균 33% 증가해 DRAM 산업평균 (20%) 을크게상회할것으로예상되고, 2 MLCC 시장도전장부품및전기차분야로새롭게확대되면서 2021년시장규모가 3년만에 75% 성장한 14조원 ( 전장부품 : 6조원, IT: 8조원 ) 에이를것으로전망되기때문이다. KB IT Top picks 2018E 영업이익전망 2017 2018E ( 십억원 ) 70,000 64,794 60,000 21% 50,000 30,000 19,421 42% 10,000 145% 751 0 삼성전자 SK하이닉스 삼성전기 자료 : 각사, KB증권추정 www.kbsec.com

표 1. 5 월하반기 LCD 패널가격 : TV (-3.0%), 모니터 (-0.4 %), 노트북 (-0.2%) TV 2017 2018 1H May 2H May 1H June 2H June 1H July 2H Jul 1H Aug 2H Aug 1H Sep 2H Sep 1H Oct 2H Oct 1H Nov 2H Nov 1H Dec 2H Dec 1H Jan 2HJan 1H Feb 2H Feb 1H Mar 2H Mar 1H Apr 2H Apr 1H May 2H May Change % HoH % MoM Resolution Type Frequency BLU Size 4K2K 3840x2160 100/120Hz Open-Cell 670 663 655 647 630 620 603 593 583 (10.0) (1.7) (3.3) 75"W 4K2K 3840x2160 50/60Hz Open-Cell 640 633 625 617 605 598 583 573 563 (10.0) (1.7) (3.4) 4K2K 3840x2160 100/120Hz Open-Cell 436 436 436 436 432 429 418 405 400 396 388 377 368 360 354 348 343 337 331 323 315 301 294 284 274 266 (8.0) (2.9) (6.3) 65"W 4K2K 3840x2160 50/60Hz Open-Cell 413 413 413 413 409 406 395 384 380 376 368 357 348 340 334 328 324 318 312 305 298 286 280 272 263 255 (8.0) (3.0) (6.3) FHD 1920x1080 50/60Hz Open-Cell 4K2K 3840x2160 100/120Hz Open-Cell 223 222 221 220 218 215 210 206 203 200 197 195 193 191 189 188 188 187 187 185 184 183 181 179 175 171 (4.0) (2.3) (4.5) 55"W 4K2K 3840x2160 50/60Hz Open-Cell 213 212 211 210 208 205 200 196 193 190 187 185 183 181 179 178 178 177 177 175 174 173 171 169 165 161 (4.0) (2.4) (4.7) FHD 1920x1080 50/60Hz Open-Cell 201 201 200 199 198 195 191 188 185 182 179 177 175 173 171 170 170 169 169 167 166 165 164 162 159 156 (3.0) (1.9) (3.7) 4K2K 3840x2160 50/60Hz Open-Cell 190 190 189 188 186 183 179 176 174 171 167 163 160 155 152 148 146 141 139 133 131 127 125 122 119 116 (3.0) (2.5) (4.9) 50"W FHD 1920x1080 50/60Hz Open-Cell 176 176 175 174 173 172 169 166 164 161 157 153 150 145 142 138 136 131 129 123 121 119 118 116 113 112 (1.0) (0.9) (3.4) 4K2K 3840x2160 50/60Hz Open-Cell 179 179 178 177 176 175 172 170 168 166 163 159 157 152 149 146 145 141 140 134 132 129 127 124 121 117 (4.0) (3.3) (5.6) 49"W FHD 1920x1080 50/60Hz Open-Cell 170 170 169 168 166 165 162 160 158 156 153 149 147 142 139 136 135 131 130 124 122 119 118 116 113 109 (4.0) (3.5) (6.0) 4K2K 3840x2160 50/60Hz Open-Cell 159 158 157 156 155 154 150 146 144 141 138 134 132 129 126 124 122 118 117 114 112 108 107 103 100 97 (3.0) (3.0) (5.8) 43"W FHD 1920x1080 50/60Hz Open-Cell 149 148 147 146 144 143 139 135 133 130 127 123 121 118 115 113 111 107 106 103 101 98 97 93 90 87 (3.0) (3.3) (6.5) 40"W FHD 1920x1080 50/60Hz Open-Cell 142 141 141 140 139 138 134 131 129 126 122 115 112 107 104 101 100 97 96 94 93 91 90 88 85 81 (4.0) (4.7) (8.0) 39.5"W FHD 1920x1080 50/60Hz Open-Cell 140 139 139 138 136 135 131 128 126 123 119 112 109 104 101 98 96 92 91 90 89 87 86 84 81 77 (4.0) (4.9) (8.3) 32''W HD 1366x768 50/60Hz Open-Cell 73 73 73 73 72 72 71 70 70 69 69 68 68 67 67 66 66 65 64 63 62 61 60 58 51 48 (3.0) (5.9) (17.2) Monitor 1H May 2H May 1H June 2H June 1H July 2H Jul 1H Aug 2H Aug 1H Sep 2H Sep 1H Oct 2H Oct 1H Nov 2H Nov 1H Dec 2H Dec 1H Jan 2HJan 1H Feb 2H Feb 1H Mar 2H Mar 1H Apr 2H Apr 1H May 2H May Change % HoH % MoM Resolution Type Frequency BLU Size 27"W FHD/IPS 1920x1080 50/60Hz LED 108.1 108.1 108.1 108.1 108.1 107.4 107.1 105.9 105.6 104.4 103.9 102.9 102.4 101.1 100.6 99.6 99.3 98.6 98.1 97.6 97.3 96.6 96.3 95.6 95.3 94.6 (0.7) (0.7) (1.0) 27"W FHD 1920x1080 50/60Hz LED 94.2 93.7 93.7 93.2 93.2 92.7 92.6 91.7 91.6 90.7 90.5 90.2 90.0 89.2 89.0 88.7 88.5 88.2 88.0 87.7 87.5 87.2 87.0 86.7 86.5 86.2 (0.3) (0.3) (0.6) FHD/IPS/bo 1920x1080 50/60Hz LED 66.0 65.8 65.5 65.3 65.0 64.8 64.5 64.3 64.1 (0.2) (0.3) (0.6) 23.8"W rderless FHD/IPS 1920x1080 50/60Hz LED 69.9 69.9 69.9 69.9 69.9 69.6 69.5 68.4 68.1 67.2 66.9 66.2 65.8 65.0 64.7 63.8 63.5 63.0 62.8 62.5 62.3 62.0 61.9 61.6 61.5 61.3 (0.2) (0.3) (0.5) 23.6"W FHD 1920x1080 50/60Hz LED 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.4 66.1 65.9 65.6 65.4 65.1 (0.3) (0.5) (0.8) 23"W FHD/IPS 1920x1080 50/60Hz LED 68.5 68.5 68.5 68.2 68.1 67.7 67.5 66.7 66.4 65.5 65.2 64.5 64.2 63.5 63.3 62.7 62.5 61.9 61.7 61.4 61.2 60.9 60.7 60.5 60.4 60.1 (0.3) (0.5) (0.7) FHD/IPS 1920x1080 50/60Hz LED 59.0 58.5 58.5 58.1 57.9 57.4 57.1 56.4 56.1 54.9 54.6 54.1 53.9 53.5 53.3 53.0 52.8 52.5 52.4 52.2 52.1 51.9 51.7 51.4 51.3 51.1 (0.2) (0.4) (0.6) 21.5"W FHD 1920x1080 50/60Hz LED 54.8 53.8 53.3 52.3 51.8 50.8 50.4 49.8 49.6 49.2 49.2 49.2 49.2 49.2 49.2 49.2 49.2 49.2 49.2 49.2 49.1 48.9 48.7 48.4 48.3 48.2 (0.1) (0.2) (0.4) 19.5"W HD+ 1600x900 50/60Hz LED 47.0 46.3 46.0 45.0 44.6 43.5 43.1 42.5 42.3 41.9 41.9 41.9 41.9 41.9 41.9 41.9 41.9 41.9 41.9 41.9 41.8 41.4 41.2 40.9 40.8 40.8 0.0 0.0 (0.2) 18.5"W HD 1366x768 50/60Hz LED 40.7 40.2 39.9 39.2 38.9 38.2 37.9 37.2 37.0 36.5 36.4 36.4 36.4 36.4 36.4 36.4 36.4 36.4 36.4 36.4 36.3 36.1 36.1 35.8 35.7 35.6 (0.1) (0.3) (0.6) Laptop 1H May 2H May 1H June 2H June 1H July 2H Jul 1H Aug 2H Aug 1H Sep 2H Sep 1H Oct 2H Oct 1H Nov 2H Nov 1H Dec 2H Dec 1H Jan 2HJan 1H Feb 2H Feb 1H Mar 2H Mar 1H Apr 2H Apr 1H May 2H May Change % HoH % MoM Resolution Type Frequency BLU Size Wedge- 17.3''W HD+ 1600x900 50/60Hz 43.2 43.2 43.2 43.2 43.2 43.2 43.2 43.2 43.2 43.1 43.0 42.9 42.8 42.7 42.6 42.5 42.5 42.3 42.2 42.1 42.1 42.1 42.1 41.9 41.9 41.8 (0.1) (0.2) (0.2) LED FHD/IPS 1920x1080 50/60Hz Flat-LED 60.5 60.5 60.4 60.3 60.2 60.0 59.9 59.7 59.5 59.3 59.1 58.6 58.3 57.9 57.7 57.4 57.2 56.9 56.7 56.5 56.3 56.1 56.0 55.7 55.6 55.5 (0.1) (0.2) (0.4) FHD/IPS 1920x1080 50/60Hz Flat-LED 47.0 47.0 47.0 47.0 47.0 46.8 46.7 46.5 46.3 46.1 45.9 45.5 45.3 45.0 44.8 44.6 44.5 44.1 43.9 43.7 43.5 43.3 43.2 42.9 42.8 42.7 (0.1) (0.2) (0.5) 15.6''W FHD/TN 1920x1080 50/60Hz Flat-LED 36.5 36.5 36.4 36.2 36.2 36.0 35.9 35.7 35.6 35.4 35.2 35.0 34.9 34.6 34.5 34.3 34.2 34.0 33.9 33.7 33.6 33.4 33.3 33.1 33.0 32.9 (0.1) (0.3) (0.6) HD 1366x768 50/60Hz Flat-LED 30.5 30.5 30.4 30.3 30.3 30.1 30.0 29.9 29.8 29.6 29.5 29.2 29.1 28.8 28.7 28.5 28.4 28.2 28.1 27.9 27.8 27.7 27.6 27.5 27.4 27.4 0.0 0.0 (0.4) 14.0"W HD 1366x768 50/60Hz Flat-LED 30.4 30.4 30.3 30.2 30.2 30.0 29.9 29.8 29.7 29.5 29.4 29.1 29.0 28.7 28.6 28.4 28.3 28.1 28.0 27.8 27.7 27.6 27.5 27.4 27.3 27.3 0.0 0.0 (0.4) Ultraslim- 33.4 33.4 33.4 33.4 33.4 33.4 33.4 33.4 33.3 33.2 33.1 33.0 32.9 32.8 32.7 32.6 32.6 32.4 32.3 32.2 32.2 32.1 32.0 31.9 31.8 31.7 (0.1) (0.3) (0.6) 13.3"W HD 1366x768 50/60Hz LED Flat-LED 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.8 31.7 31.6 31.5 31.4 31.3 31.2 31.1 31.1 30.9 30.8 30.7 30.7 30.6 30.5 30.4 30.3 30.2 (0.1) (0.3) (0.7) Ultraslim- 12.5"W FHD/IPS 1920x1080 50/60Hz 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 67.9 67.8 67.7 67.6 67.5 (0.1) (0.1) (0.3) LED 11.6"W HD 1366x768 50/60Hz Flat-LED 27.3 27.3 27.3 27.2 27.1 27.0 27.0 27.0 26.9 26.8 26.7 26.6 26.5 26.4 26.3 26.2 26.2 26.0 25.9 25.8 25.8 25.8 25.8 25.8 25.8 25.8 0.0 0.0 0.0 자료 : Witsview, KB 증권 2

표 2. 월별패널가격추이 Panel prices trend 2017 2018 TV Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Resoluti on Type Frequency BL U Si ze 4K2K 3840x2160 100/120Hz Open-Cell 670 659 639 612 588 75"W 4K2K 3840x2160 50/60Hz Open-Cell 640 629 611 591 568 4K2K 3840x2160 100/120Hz Open-Cell 411 421 429 435 436 436 431 412 398 383 364 351 340 327 308 289 270 65"W 4K2K 3840x2160 50/60Hz Open-Cell 386 396 405 412 413 413 408 390 378 363 344 331 321 309 292 276 259 FHD 1920x1080 50/60Hz Open-Cell 346 - - - - - - - - - - - - - - - - 4K2K 3840x2160 100/120Hz Open-Cell 220 220 222 223 223 221 217 208 202 196 192 189 188 186 184 180 173 55"W 4K2K 3840x2160 50/60Hz Open-Cell 210 210 212 213 213 211 207 198 192 186 182 179 178 176 174 170 163 FHD 1920x1080 50/60Hz Open-Cell 200 200 201 201 201 200 197 190 184 178 174 171 170 168 166 163 158 4K2K 3840x2160 50/60Hz Open-Cell - - 188 190 190 189 185 178 173 165 158 150 144 136 129 124 118 50"W FHD 1920x1080 50/60Hz Open-Cell 171 174 175 176 176 175 173 168 163 155 148 140 134 126 120 117 113 4K2K 3840x2160 50/60Hz Open-Cell 175 178 179 179 179 178 176 171 167 161 155 148 143 137 131 126 119 49"W FHD 1920x1080 50/60Hz Open-Cell 167 170 170 170 170 169 166 161 157 151 145 138 133 127 121 117 111 4K2K 3840x2160 50/60Hz Open-Cell 158 159 159 159 159 157 155 148 143 136 131 125 120 116 110 105 99 43"W FHD 1920x1080 50/60Hz Open-Cell 148 149 149 149 149 147 144 137 132 125 120 114 109 105 100 95 89 40"W FHD 1920x1080 50/60Hz Open-Cell 142 142 142 142 142 141 139 133 128 119 110 103 99 95 92 89 83 39.5"W FHD 1920x1080 50/60Hz Open-Cell 140 140 140 140 140 139 136 130 125 116 107 100 94 91 88 85 79 32''W HD 1366x768 50/60Hz Open-Cell 74 73 73 73 73 73 72 71 70 69 68 67 66 64 62 59 50 Avg. TV panel price 210 202 203 204 204 203 200 192 186 179 171 164 160 154 148 142 134 % MoM 1.9 (3.8) 0.3 0.7 0.0 (0.6) (1.5) (3.9) (3.1) (4.1) (4.3) (3.8) (2.9) (3.4) (4.0) (3.8) (5.7) Monitor Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Resoluti on Type Frequency BL U Si ze 27"W FHD/IPS 1920x1080 50/60Hz LED 108.1 108.1 108.1 108.1 108.1 108.1 107.8 106.5 105.0 103.4 101.8 100.1 99.0 97.9 97.0 96 95.0 27"W FHD 1920x1080 50/60Hz LED 95.3 95.3 95.3 94.8 94.0 93.5 93.0 92.2 91.2 90.4 89.6 88.9 88.4 87.9 87.4 87 86.4 FHD/IPS/bor 1920x1080 50/60Hz LED 66.0 65.7 65.2 65 64.2 23.8"W derless FHD/IPS 1920x1080 50/60Hz LED 69.9 69.9 69.9 69.9 69.9 69.9 69.8 69.0 67.7 66.6 65.4 64.3 63.3 62.7 62.2 62 61.4 23.6"W FHD 1920x1080 50/60Hz LED 66.8 66.8 66.8 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.6 66.3 66 65.3 FHD 1920x1080 50/60Hz LED 64.5 64.5 - - - - - - - - - - - - - - - 23"W FHD/IPS 1920x1080 50/60Hz LED - - 68.5 68.5 68.5 68.4 67.9 67.1 66.0 64.9 63.9 63.0 62.2 61.6 61.1 61 60.3 FHD/IPS 1920x1080 50/60Hz LED - - 59.0 59.0 58.8 58.3 57.7 56.8 55.5 54.4 53.7 53.2 52.7 52.3 52.0 52 51.2 21.5"W FHD 1920x1080 50/60Hz LED 56.6 56.6 56.4 55.6 54.3 52.8 51.3 50.1 49.4 49.2 49.2 49.2 49.2 49.2 49.0 49 48.3 19.5"W HD+ 1600x900 50/60Hz LED 47.8 47.8 47.8 47.5 46.7 45.5 44.1 42.8 42.1 41.9 41.9 41.9 41.9 41.9 41.6 41 40.8 18.5"W HD 1366x768 50/60Hz LED 41.5 41.5 41.5 41.2 40.5 39.6 38.6 37.6 36.8 36.4 36.4 36.4 36.4 36.4 36.2 36 35.7 Avg. MNT panel price 68.8 68.8 68.1 67.9 67.5 67.0 66.3 65.4 64.5 63.7 63.2 62.6 62.2 61.8 61.4 61 60.5 % MoM 0.1 0.0 (1.0) (0.4) (0.6) (0.8) (1.0) (1.3) (1.4) (1.1) (0.9) (0.9) (0.7) (0.6) (0.7) (0.8) (0.7) Notebook Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Resoluti on Type Frequency BL U Si ze 17.3''W HD+ 1600x900 50/60Hz Wedge-LED 43.2 43.2 43.2 43.2 43.2 43.2 43.2 43.2 43.2 43.0 42.8 42.6 42.4 42.2 42.1 42 41.9 FHD/IPS 1920x1080 50/60Hz Flat-LED 60.9 60.9 60.8 60.5 60.5 60.4 60.1 59.9 59.6 58.9 58.1 57.6 57.1 56.6 56.2 56 55.6 FHD/IPS 1920x1080 50/60Hz Flat-LED 46.7 47.0 47.0 46.7 47.0 47.0 46.9 46.7 46.4 45.7 45.2 44.7 44.3 43.8 43.4 43 42.8 15.6"W FHD/TN 1920x1080 50/60Hz Flat-LED 36.5 36.9 36.8 36.6 36.5 36.3 36.1 35.9 35.7 35.1 34.8 34.4 34.1 33.8 33.5 33 33.0 HD 1366x768 50/60Hz Flat-LED 30.8 30.8 30.8 30.6 30.5 30.4 30.2 30.0 29.7 29.4 29.0 28.6 28.3 28.0 27.8 28 27.4 14.0"W HD 1366x768 50/60Hz Flat-LED 30.6 30.7 30.7 30.5 30.4 30.3 30.1 29.9 29.6 29.3 28.9 28.5 28.2 27.9 27.7 27 27.3 Ultraslim- 33.4 33.4 33.4 33.4 33.4 33.4 33.4 33.4 33.3 33.1 32.9 32.7 32.5 32.3 32.2 32 31.8 13.3"W HD 1366x768 50/60Hz LED Flat-LED 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.8 31.6 31.4 31.2 31.0 30.8 30.7 30 30.3 Ultraslim- 12.5"W FHD/IPS 1920x1080 50/60Hz 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.2 68.1 68 67.6 LED 11.6"W HD 1366x768 50/60Hz Flat-LED 27.3 27.3 27.3 27.3 27.3 27.3 27.1 27.0 26.9 26.7 26.5 26.3 26.1 25.9 25.8 26 25.8 Avg. NBPC panel price 40.9 41.0 41.0 40.9 40.9 40.8 40.7 40.6 40.4 40.1 39.7 39.5 39.2 38.9 38.7 38.5 38.3 % MoM 2.3 0.2 (0.0) (0.3) 0.0 (0.2) (0.3) (0.0) (0.4) (0.9) (0.8) (0.7) (0.6) (0.7) (0.5) (0.6) (0.5) Total ASP 107 104 104 104 104 104 102 99 97 94 91 89 87 85 83 81 78 % MoM 1.5 (2.5) (0.0) 0.3 (0.1) (0.6) (1.3) (2.8) (2.4) (3.0) (3.0) (2.7) (2.0) (2.3) (2.7) (2.6) (3.6) 자료 : Witsview, KB 증권 3

표 3. 삼성전자 2Q18E 영업이익 15.6 조원, +11% YoY 전망 ( 조원 ) 2Q18E 증감률 (%) YoY QoQ 2Q17 1Q18 컨센서스차이 (%) 매출액 63.6 4.3 5.0 61.0 60.6 62.6 1.7 영업이익 15.6 11.0 (0.2) 14.1 15.6 15.8 (1.1) 세전이익 15.8 9.3 (2.6) 14.4 16.2 16.8 (6.3) 순이익 11.7 8.2 0.6 10.8 11.6 12.1 (3.5) 영업이익률 (%) 24.5 23.1 25.8 25.9 순이익률 (%) 18.4 17.7 19.2 19.3 자료 : 삼성전자, Wisefn, KB증권추정 표 4. SK 하이닉스 2Q18E 영업이익 5.1 조원, +66% YoY 전망 증감률 (%) ( 조원, %) 2Q18E 2Q17 1Q18 컨센서스 차이 (%) YoY QoQ 매출액 10.1 50.6 15.6 6.7 8.7 9.5 6.1 영업이익 5.1 66.3 16.2 3.1 4.4 4.8 6.6 세전이익 5.0 62.8 16.5 3.1 4.3 4.8 3.6 순이익 3.6 47.2 16.5 2.5 3.1 3.8 (3.9) 영업이익률 50.3 45.6 50.1 50.1 순이익률 36.1 36.9 35.8 39.8 자료 : SK하이닉스, KB증권추정 표 5. 삼성전기 2Q18E 영업이익 1,733 억원, +145% YoY 전망 증감률 (%) ( 십억원, %) 2Q18E 2Q17 1Q18 컨센서스 차이 (%) YoY QoQ 매출액 1,923.2 12.5 (4.7) 1,709.9 2,018.8 2,061.3 (6.7) 영업이익 173.3 145.2 12.5 70.7 154.0 175.3 (1.2) 세전이익 166.6 160.4 9.4 64.0 152.3 166.4 0.1 순이익 121.6 221.2 5.0 37.9 115.8 106.8 13.9 영업이익률 9.0 4.1 7.6 8.5 순이익률 6.3 2.2 5.7 5.2 자료 : 삼성전기, KB증권 4

표 6. 삼성전자분기별실적추정 ( 조원 ) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18E 3Q18E 4Q18E 2017 2018E 매출액 Semi 15.7 17.6 19.9 21.1 20.8 22.3 24.1 24.6 74.3 91.9 DRAM 7.2 8.5 10.0 10.8 10.5 11.7 12.6 13.3 36.5 48.2 NAND 5.0 5.4 6.4 7.8 6.9 6.9 7.8 7.9 24.6 29.5 System LSI 2.9 3.6 3.6 3.2 3.6 3.7 3.7 3.4 13.3 14.5 DP 7.3 7.7 8.3 11.2 7.5 8.2 11.8 12.1 34.5 39.6 IM 23.5 30.0 27.7 25.5 28.5 29.5 28.2 28.0 106.7 114.2 CE 10.3 10.9 11.1 12.7 9.7 10.8 11.4 11.2 45.1 43.2 Total 50.5 61.0 62.1 66.0 60.6 63.6 67.6 68.1 239.6 259.9 영업이익 반도체 6.3 8.0 10.0 10.9 11.6 12.3 13.2 12.7 35.2 49.8 DP 1.3 1.7 1.0 1.4 0.4 0.2 0.9 1.0 5.4 2.6 IM 2.1 4.1 3.3 2.4 3.8 2.6 2.5 2.3 11.8 11.2 CE 0.4 0.3 0.4 0.5 0.3 0.5 0.4 0.4 1.7 1.6 Total 9.9 14.1 14.5 15.1 15.6 15.6 17.1 16.4 53.6 64.8 영업이익률 Semi 40.3 45.7 50.0 51.6 55.6 55.1 54.7 51.6 47.4 54.2 (%) DP 17.8 22.2 11.7 12.6 5.4 2.5 8.1 8.6 15.6 6.6 IM 8.8 13.5 11.9 9.5 13.3 8.8 9.1 8.3 11.1 9.9 CE 3.7 3.0 4.0 4.0 2.9 4.9 3.9 3.4 3.7 3.8 Total 19.6 23.1 23.4 23.0 25.8 24.5 25.3 24.1 22.4 24.9 자료 : 삼성전자, KB증권추정 표 7. SK 하이닉스분기실적추정 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18E 3Q18E 4Q18E 2017 2018E 2019E Bit Growth (%) DRAM -5 3 17 3-5 13 8 4 25 22 22 NAND -3-5 16 16-10 19 23 17 17 42 41 ASP Growth (%) DRAM 24 11 6 9 9 3-6 -5 52 21-14 NAND 15 8-3 4-1 -6-9 -9 34-9 -27 매출액 ( 십억원 ) DRAM 4,655 5,086 6,318 6,952 6,889 8,081 8,371 8,160 23,010 31,501 29,904 NAND 1,510 1,472 1,701 1,986 1,657 1,918 2,130 2,235 6,669 7,939 8,521 합계 6,290 6,692 8,100 9,028 8,720 10,079 10,580 10,476 30,110 39,855 38,902 매출비중 (%) DRAM 74 76 78 77 79 80 79 78 76 79 77 NAND 24 22 21 22 19 19 20 21 22 20 22 매출액 Growth (QoQ %) DRAM 19 10 23 10-1 17 4-3 86 37-5 NAND 12-1 13 18-17 16 11 5 54 19 7 합계 17 6 21 11-3 16 5-1 75 32-2 영업이익 ( 십억원 ) DRAM 2,196 2,733 3,478 4,004 4,407 4,985 5,145 4,667 12,411 19,204 16,104 NAND 322 358 376 503 252 189 199 169 1,559 809 888 합계 2,468 3,051 3,737 4,466 4,367 5,074 5,244 4,736 13,722 19,420 16,293 영업이익률 (%) DRAM 47 52 54 58 62 64 61 56 53 60 54 NAND 21 24 22 25 15 10 9 8 23 10 10 합계 39 46 46 49 50 50 50 45 46 49 42 순이익 ( 십억원 ) 1,899 2,469 3,056 3,219 3,121 3,635 3,759 3,390 10,643 13,905 11,629 순이익률 (%) 30 37 38 36 36 36 36 32 35 35 30 자료 : SK하이닉스, KB증권추정 5

표 8. 삼성전기분기별실적추정 ( 십억원, %) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18E 3Q18E 4Q18E 2017 2018E 2019E 매출액 1,571 1,710 1,841 1,717 2,019 1,923 2,157 2,106 6,839 8,205 9,062 컴포넌트솔루션 490 542 608 697 753 778 886 1,012 2,338 3,430 3,940 기판솔루션 292 319 400 435 357 332 420 393 1,446 1,502 1,797 모듈솔루션 773 835 822 581 900 936 974 934 3,011 3,744 3,275 매출비중컴포넌트솔루션 31.2 31.7 33.0 40.6 37.3 40.5 41.1 48.1 34.2 41.8 43.5 기판솔루션 18.6 18.7 21.7 25.3 17.7 17.3 19.5 18.6 21.1 18.3 19.8 모듈솔루션 49.2 48.9 44.6 33.8 44.6 48.7 45.1 44.4 44.0 45.6 36.1 영업이익 26 71 103 107 154 173 229 195 306 751 945 영업이익률 1.6 4.1 5.6 6.2 7.6 9.0 10.6 9.3 4.5 9.2 10.4 당기순이익 4 38 75 60 111 122 162 145 177 540 648 자료 : 삼성전기, KB증권추정 그림 1. 삼성전자 12M forward PBR 밴드 그림 2. SK 하이닉스 12M forward PBR 밴드 80,000 1.8X 160,000 1.8X 60,000 1.5X 1 1.4X 1.2X 1.0X 80,000 1.0X 0.6X 0 '11 '12 '13 '14 '15 '16 '17 '18 0 '11 '12 '13 '14 '15 '16 '17 '18 자료 : 삼성전자, KB 증권추정 자료 : SK 하이닉스, KB 증권추정 그림 3. 삼성전기 12m forward PBR 밴드 250,000 200,000 3.0X 150,000 2.0X 100,000 1.3X 50,000 0.7X 0 '11 '12 '13 '14 '15 '16 '17 '18 자료 : 삼성전기, KB 증권추정 6

투자자고지사항투자의견및목표주가변경내역 ( 주가, 목표주가 ) 삼성전자 70,000 60,000 50,000 30,000 삼성전자 (005930) 평균 최고 / 최저 16-07-29 Buy 34,000-7.81-1.47 16-08-22 Buy 37,600-14.70-10.05 16-10-07 Buy 41,000-19.05-11.61 16-12-23 Buy 44,000-16.16-11.82 17-01-25 Buy 48,000-17.36-11.33 17-03-24 Buy 54,000-17.65-10.56 17-07-03 Buy 56,000-12.69-4.25 17-10-11 Buy 64,000-18.11-10.59 18-02-02 Buy 60,000-17.57-11.67 18-05-15 128,000 92,000 56,000 SK 하이닉스 SK하이닉스 (000660) 평균 최고 / 최저 17-03-22 Buy 66,000-18.15-4.85 17-06-20 Buy 75,000-3.39 18.80 17-10-30 Hold 80,000-0.50 13.38 18-04-23 Buy 100,000 삼성전기 168,000 136,000 104,000 72,000 삼성전기 (009150) 평균 최고 / 최저 16-07-06 Buy 59,000-14.12-6.27 16-07-25 Buy 67,000-21.22-8.51 16-10-26 Buy 57,000-14.68-0.70 17-01-26 Buy 66,000-12.47-7.88 17-03-08 Buy 72,000-11.22-6.11 17-03-24 Buy 80,000-4.52 18.75 17-06-22 Buy 130,000-21.25-15.38 17-07-21 Buy 1-31.22-23.93 17-08-28 Buy 130,000-21.36-13.85 17-10-30 Buy 1-26.74-21.79 18-01-30 Buy 145,000-33.30-26.55 18-03-05 Buy 125,000-20.36-14.00 18-04-03 Buy 1-17.08-8.57 18-04-26 Buy 160,000 종목명 인수합병 1년이내 BW/CW/EW 유상증자 주식등 1% 자사주 ELW 채무이행 계열사 공개매수 업무관련 IPO 인수계약 모집주선 이상보유 취득 / 처분 발행 유동성공급 보증 관계 사무관련 삼성전자 SK하이닉스 삼성전기 7

KB증권은동조사분석자료를기관투자가또는제3자에게사전제공한사실이없습니다. 본자료를작성한조사분석담당자는해당종목과재산적이해관계가없습니다. 본자료작성자는게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 투자등급비율 (2018. 03. 31 기준 ) 매수 (Buy) 중립 (Hold) 매도 (Sell) 72.9 27.1 - 투자의견분류및기준 종목투자의견 (6개월예상절대수익률기준 ) Buy: 15% 초과 Hold: 15% ~ -15% Sell: -15% 초과비고 : 2017년 2월 23일부터 KB증권의기업투자의견체계가 4단계 (Strong BUY, BUY, Marketperform, Underperform) 에서 3단계 (Buy, Hold, Sell) 로변경되었습니다. 산업투자의견 (6개월예상상대수익률기준 ) Positive: 시장수익률상회 Neutral: 시장수익률수준 Negative: 시장수익률하회 이보고서는고객들에게투자에관한정보를제공할목적으로작성된것이며계약의청약또는청약의유인을구성하지않습니다. 이보고서는 KB증권이신뢰할만하다고판단하는자료와정보에근거하여해당일시점의전문적인판단을반영한의견이나 KB증권이그정확성이나완전성을보장하는것은아니며, 통지없이의견이변경될수있습니다. 개별투자는고객의판단에의거하여이루어져야하며, 이보고서는여하한형태로도고객의투자판단및그결과에대한법적책임의근거가되지않습니다. 이보고서의저작권은 KB증권에있으므로 KB증권의동의없이무단복제, 배포및변형할수없습니다. 이보고서는학술목적으로작성된것이아니므로, 학술적인목적으로이용하려는경우에는 KB증권에사전통보하여동의를얻으시기바랍니다. 비고 : 2017 년 6 월 28 일부터 KB 증권의산업투자의견체계가 (Overweight, Neutral, Underweight) 에서 (Positive, Neutral, Negative) 로변경되었습니다. 8

투자자고지사항투자의견및목표주가변경내역 ( 주가, 목표주가 ) 삼성전자 70,000 60,000 50,000 30,000 삼성전자 (005930) 평균 최고 / 최저 16-07-29 Buy 34,000-7.81-1.47 16-08-22 Buy 37,600-14.70-10.05 16-10-07 Buy 41,000-19.05-11.61 16-12-23 Buy 44,000-16.16-11.82 17-01-25 Buy 48,000-17.36-11.33 17-03-24 Buy 54,000-17.65-10.56 17-07-03 Buy 56,000-12.69-4.25 17-10-11 Buy 64,000-18.11-10.59 18-02-02 Buy 60,000-17.57-11.67 18-05-15 128,000 92,000 56,000 SK 하이닉스 SK하이닉스 (000660) 평균 최고 / 최저 17-03-22 Buy 66,000-18.15-4.85 17-06-20 Buy 75,000-3.39 18.80 17-10-30 Hold 80,000-0.50 13.38 18-04-23 Buy 100,000 삼성전기 168,000 136,000 104,000 72,000 삼성전기 (009150) 평균 최고 / 최저 16-07-06 Buy 59,000-14.12-6.27 16-07-25 Buy 67,000-21.22-8.51 16-10-26 Buy 57,000-14.68-0.70 17-01-26 Buy 66,000-12.47-7.88 17-03-08 Buy 72,000-11.22-6.11 17-03-24 Buy 80,000-4.52 18.75 17-06-22 Buy 130,000-21.25-15.38 17-07-21 Buy 1-31.22-23.93 17-08-28 Buy 130,000-21.36-13.85 17-10-30 Buy 1-26.74-21.79 18-01-30 Buy 145,000-33.30-26.55 18-03-05 Buy 125,000-20.36-14.00 18-04-03 Buy 1-17.08-8.57 18-04-26 Buy 160,000 종목명 인수합병 1년이내 BW/CW/EW 유상증자 주식등 1% 자사주 ELW 채무이행 계열사 공개매수 업무관련 IPO 인수계약 모집주선 이상보유 취득 / 처분 발행 유동성공급 보증 관계 사무관련 삼성전자 SK하이닉스 삼성전기 9

KB증권은동조사분석자료를기관투자가또는제3자에게사전제공한사실이없습니다. 본자료를작성한조사분석담당자는해당종목과재산적이해관계가없습니다. 본자료작성자는게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 투자등급비율 (2018. 03. 31 기준 ) 매수 (Buy) 중립 (Hold) 매도 (Sell) 72.9 27.1 - 투자의견분류및기준 종목투자의견 (6개월예상절대수익률기준 ) Buy: 15% 초과 Hold: 15% ~ -15% Sell: -15% 초과비고 : 2017년 2월 23일부터 KB증권의기업투자의견체계가 4단계 (Strong BUY, BUY, Marketperform, Underperform) 에서 3단계 (Buy, Hold, Sell) 로변경되었습니다. 산업투자의견 (6개월예상상대수익률기준 ) Positive: 시장수익률상회 Neutral: 시장수익률수준 Negative: 시장수익률하회 이보고서는고객들에게투자에관한정보를제공할목적으로작성된것이며계약의청약또는청약의유인을구성하지않습니다. 이보고서는 KB증권이신뢰할만하다고판단하는자료와정보에근거하여해당일시점의전문적인판단을반영한의견이나 KB증권이그정확성이나완전성을보장하는것은아니며, 통지없이의견이변경될수있습니다. 개별투자는고객의판단에의거하여이루어져야하며, 이보고서는여하한형태로도고객의투자판단및그결과에대한법적책임의근거가되지않습니다. 이보고서의저작권은 KB증권에있으므로 KB증권의동의없이무단복제, 배포및변형할수없습니다. 이보고서는학술목적으로작성된것이아니므로, 학술적인목적으로이용하려는경우에는 KB증권에사전통보하여동의를얻으시기바랍니다. 비고 : 2017 년 6 월 28 일부터 KB 증권의산업투자의견체계가 (Overweight, Neutral, Underweight) 에서 (Positive, Neutral, Negative) 로변경되었습니다. 10