[DB금융투자 반도체 서승연]

금일 Alphabet 실적 컨콜 내 CapEx 코멘트 업데이트 드립니다.

3Q23 Capex는 $80억으로 AI 투자에 따른 서버, 데이터센터 인프라에 집중. 당사는 AI 인프라 투자에 유의미하게 투자하고 있으며 4분기에도 투자 기조 지속. 24년 투자는 23년 대비 증가할 것

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Alphabet FY3Q23 컨콜 발췌

Finally, our reported CapEx in Q3 was $8 billion, driven overwhelmingly by investment in our technical infrastructure with the largest component for servers, data centers, reflecting a meaningful increase in our investments in AI compute. The growth in reported cash CapEx in Q3 is somewhat muted due to the timing of supplier payments which can cause variability from quarter-to-quarter. We continue to invest meaningfully in the technical infrastructure needed to support the opportunities we see in AI across Alphabet and expect elevated levels of investment, increasing in the fourth quarter of 2023 and continuing to grow in 2024.

[DB금융투자 반도체 서승연]

금일 Microsoft 실적 컨콜 내 CapEx 코멘트 업데이트 드립니다.

- 금번 분기(FY1Q24) Capex $112억으로 AI 인프라 확대에 활용했음

- 차분기(FY2Q24) 클라우드 GPM은 AI 인프라 확대 영향에도 Azure와 office365 개선으로 약 1%p 상승 예상. 차분기에도 클라우드와 AI 인프라 Capex 증가할 것

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Microsoft FY1Q24 컨콜 발췌

Now back to total company results. Capital expenditures, including finance leases, were $11.2 billion to support cloud demand, including investments to scale our AI infrastructure.

Microsoft Cloud gross margin percentage should be relatively flat year-over-year. Excluding the impact from the accounting estimate change, Q2 cloud gross margin percentage will be up roughly 1 point primarily driven by improvement in Azure and Office 365, partially offset by the impact of scaling our AI infrastructure to meet growing demand. We expect capital expenditures to increase sequentially on a dollar basis driven by investments in our cloud and AI infrastructure. As a reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure buildout.

[DB금융투자 전기전자 조현지]

LG이노텍 3Q23 잠정 실적 발표 공시 안내드립니다.

- 매출 4조 7,636억원 (컨센서스 4조 5,916억원)
- 영업이익 1,834억원 (컨센서스 1,951억원)

http://dart.fss.or.kr/api/link.jsp?rcpNo=20231025800337

[DB금융투자 반도체 서승연]

UMC 3Q23 실적 Quick review 업데이트 드립니다.

■ 3Q23 실적 요약
[매출] NT$571억 (+1% QoQ, -24% YoY, 컨센서스 NT$571억). 웨이퍼 출하량은 전분기 대비 2% 감소했으나 우호적인 환율과 컴퓨팅 및 커뮤니케이션 부문 수요 강세로 전분기 대비 매출 소폭 증가. 컴퓨팅향으로는 LCD 컨트롤러, WiFi, 코덱/터치IC 컨트롤러, 커뮤니케이션향은 RF, 네트워킹 칩이 수요 견인
[GPM] 35.9% (컨센서스 34.3%)
[EPS] NT$1.29 (컨센서스 NT$1.03)

■ 23년 Capex 가이던스
$30억 (vs 종전 $30억, 22년 $27억)

■ 주요 코멘트
- 4Q23 수요는 점진적으로 안정화되는 모습이 관찰 중. 최근 PC, 스마트폰에서 긴급주문(rush order)이 목격되고 있음. 그러나 고객사들은 여전히 신중하고 보수적으로 재고를 관리하는 중. 자동차 사업부 환경은 쉽지 않은 상황
- 24년 12A Ph 6팹 22/28nm 램프업 계획

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https://www.reuters.com/technology/taiwan-chipmaker-umc-sees-demand-stabilising-with-rush-pc-smartphone-orders-2023-10-25/

Controversial Chip in Huawei Phone Produced on ASML Machine https://www.bloomberg.com/news/articles/2023-10-25/controversial-chip-in-huawei-phone-was-produced-on-asml-machine

Apple Plans AirPods Overhaul With New Low- and High-End Models, USB-C Headphones https://www.bloomberg.com/news/articles/2023-10-25/apple-airpods-plans-4th-generation-low-end-3rd-generation-pro-and-usb-c-max

Japan Aims for $10 Billion in Subsidies for TSMC Plant, Rapidus https://www.bloomberg.com/news/articles/2023-10-25/japan-aims-for-10-billion-in-subsidies-for-tsmc-plant-rapidus

Meta beats on top and bottom line as digital ad recovery pushes revenue up 23%

https://www.cnbc.com/2023/10/25/meta-earnings-q3-2023.html?__source=androidappshare

IBM software sales up 8% as the company beats on top and bottom lines

https://www.cnbc.com/2023/10/25/ibm-q3-earnings-report-2023.html?__source=androidappshare

Kokusai Electric jumps 32% in Japan’s biggest IPO for five years
https://www.ft.com/content/1f86b544-0949-4393-a4b3-4f493d9059d2

[DB금융투자 반도체 서승연]

금일 Meta FY3Q23 실적 컨콜 내 CapEx 코멘트 업데이트 드립니다.

- FY3Q23 Capex $68억으로 서버, 데이터센터, 네트워크 인프라 투자에 활용. 신규 데이터센터 디자인과 대금 시기로 전년 대비 감소

- 23년 Capex 가이던스는 종전 $270~300억에서 $270~290억으로 하향 조정. 그러나 24년 Capex는 non-AI 및 AI 데이터센터 서버 투자로 23년 대비 증가한 $300~350억 예상

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Meta FY3Q23 컨콜 발췌

Capital expenditures, including principal payments on finance leases, were $6.8 billion, driven by investments in servers, data centers and network infrastructure. Capital expenditures were below the prior year levels, primarily due to lower server and data center construction spend as we prepare to shift to our new data center design as well as payment timing.

We are also sharing a preliminary outlook for 2024 expenses, CapEx and our tax rate. We expect full year 2024 total expenses to be in the range of $94 billion to $99 billion. We continue to expect a few factors to be drivers of total expense growth in 2024. First, we expect higher infrastructure-related costs next year. Given our increased capital investments in recent years, we expect depreciation expenses in 2024 to increase by a larger amount than in 2023. We also expect to incur higher operating costs from running a larger infrastructure footprint. Second, we anticipate growth in payroll expenses as we work down our current hiring underrun and add incremental talent to support priority areas in 2024, which we expect will continue to shift our workforce composition toward higher-cost technical roles. Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in AR/VR and our investments to further scale our ecosystem.

Turning now to the CapEx outlook. We expect 2023 capital expenditures to be in the range of $27 billion to $29 billion, updated from our prior estimate of $27 billion to $30 billion. We anticipate our full year 2024 capital expenditures will be in the range of $30 billion to $35 billion, with growth driven by investments in servers, including both non-AI and AI hardware and in data centers as we ramp up construction on sites with the new data center architecture we announced late last year.

[DB금융투자 반도체 서승연]

SK하이닉스 3Q23 실적 공시 안내드립니다.

■ 매출 9.1조원 (컨센서스 8.1조원)
- DRAM b/g 약+20%, ASP 약+10% QoQ
- NAND b/g +한자릿수 중반%, ASP -한자릿수% QoQ

■ 영업손실 1.8조원 (컨센서스 1.7조원)
- DRAM 수익성 2개 분기 만에 흑전
- 매출 증가 및 일부 재평손 충당금 환입

■ 지배순손실 2.2조원 (컨센서스 1.5조원)


공시 링크: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20231026800028