Woofun AI reports that Korea Investment Securities has lowered SK Hynix's operating profit forecasts for 2026 and 2027 by 9% and 11%, while maintaining a target price of 3.8 million Korean won. The institution attributes this revision to a reevaluation of long-term supply contract prices rather than a decline in demand. KIS projects SK Hynix's second-quarter revenue at approximately 80.9 trillion Korean won, with operating profit reaching about 60.4 trillion Korean won, yielding an operating profit margin near 75%. The analysis suggests that while HBM demand remains robust due to AI server and GPU supply chain expansion, the shift toward long-term supply contracts limits manufacturers' ability to capture upside from spot price increases. Consequently, profit margins are smoothed out, restricting further upward revisions to profit forecasts despite strong underlying fundamentals.