首尔——三星电子周四报告了科技行业有史以来最大的季度利润，但其股价仍大幅下跌，因为股东对其从人工智能热潮中获得的收益感到失望，这场热潮以大规模资本支出来维持增长为特征。
SEOUL -- Samsung Electronics reported tech's biggest-ever quarterly profit on Thursday, but its stock still fell sharply as shareholders were left disappointed with their benefits from an AI boom characterized by rampant capital spending to maintain growth.
三星电子在七月至九月期间的营业利润达到107.4万亿韩元（804亿美元），超过了前一天韩国另一家芯片制造商SK海力士报告的629亿美元。英伟达、苹果和Alphabet在过去一年报告的季度营业利润分别为637亿美元、508亿美元和408亿美元，均为创纪录。
Samsung's operating profit hit 107.4 trillion won ($80.4 billion) in the July-to-September period, beating the $62.9 billion reported by fellow South Korean chipmaker SK Hynix the previous day. Nvidia, Apple and Alphabet have reported record quarterly operating profits in the past year of $63.7 billion, $50.8 billion and $40.8 billion, respectively.
然而，三星股价在首尔下午交易中下跌超过6%，投资者对每股4601韩元、总额30万亿韩元的股息感到不满，远低于SK海力士宣布的每股20000韩元。
However, Samsung shares slumped more than 6% in afternoon trading in Seoul, with investors unhappy with a 30 trillion won dividend of 4,601 won per share, far lower than the 20,000 won per share announced by SK Hynix.
Counterpoint Research研究主管黄某某在一份报告中表示：“股价在财报公告期间下跌，因为股东回报没有带来意外的上涨。”他补充道：“这凸显了在期望值过高的股票市场中航行的真正挑战。”全球最大的存储芯片制造商周四表示，由于构建人工智能基础设施的竞争加速以及个人人工智能代理的广泛采用，强劲需求预计将继续。三星预计，由于建立产能所需的前置时间较长，存储芯片短缺将持续到2028年，这表明“前所未有”的繁荣存储市场短期内不会放缓。
"Shares declined during the earnings announcement as shareholder returns offered no upside surprise," MS Hwang, research director at Counterpoint Research, said in a note. "This highlights the real challenge of navigating an equity market with elevated expectations." The world's largest memory chipmaker said on Thursday that strong demand is expected to continue because of accelerating competition to build AI infrastructure and the widespread adoption of personal AI agents. Samsung expected memory chip shortages to continue through 2028 because of the long lead time needed to build production capacity, suggesting the "unprecedentedly" booming memory market will not slow soon.
“由于短期内难以通过新建工厂来扩大产能，预计紧张的供应状况将持续存在，”该公司存储芯片部门执行副总裁金在俊（Kim Jae-june）在业绩说明会上表示。“综合各市场研究机构的意见来看，这种供应紧张局面预计将持续到[2028]年。”
"Tight supply conditions are expected to persist because it will be difficult to expand production capacity in the short term through new plant expansions," Kim Jae-june, an executive vice president at the company's memory chip unit, told an earnings conference call. "Based on a synthesis of opinions from various market research firms, this tight supply situation is projected to continue into [2028] as well." Samsung's capital expenditure reached 29 trillion won in the third quarter, up 12.2 trillion won from the previous quarter, and 19.8 trillion won higher than a year ago. The company said full-year capex is expected to be about 84.4 trillion won, including 76.8 trillion won allocated to the semiconductor division for new plants and other infrastructure needed to meet AI demand.
三星第三季度资本支出达到29万亿韩元，较上一季度增加12.2万亿韩元，较去年同期增加19.8万亿韩元。公司表示，全年资本支出预计约为84.4万亿韩元，其中76.8万亿韩元分配给半导体部门，用于新建工厂及满足AI需求所需的其他基础设施。
Operating profit for Samsung's semiconductor unit reached 106.5 trillion won in the third quarter, rising 15-fold year on year. In stark contrast, its smartphone and network businesses lost 600 billion won due to cost pressures and lower demand.
三星半导体部门第三季度营业利润达到106.5万亿韩元，同比增长15倍。相比之下，其智能手机和网络业务因成本压力和需求下降亏损6000亿韩元。
The company said its advanced high-bandwidth memory (HBM) chips were sold out for next year, with global hyperscalers keen to secure critical components for AI computing. The company added that its share of the HBM market had increased to a level similar to what it held in the conventional DRAM market, indicating it had caught up with SK Hynix, which has been leading in HBM.
公司表示，其先进高带宽存储器（HBM）芯片明年的产量已售罄，全球大规模数据中心运营商（hyperscalers）热衷于确保AI计算所需的关键组件。公司补充称，其在HBM市场的份额已增加至与其在传统DRAM市场所占份额相似的水平，表明其已追上在HBM领域处于领先地位的SK海力士（SK Hynix）。三星的详细财务报告继本月初发布的业绩指引之后公布。
Samsung's detailed financial report followed earnings guidance released earlier this month.