Stronger won to test chip, display firms' Q3 profitability

The strengthening Korean won is pressuring chipmakers, display firms and other electronics companies that rely on dollar-denominated transactions, leading brokerages to cut third-quarter earnings estimates. The won moved from 1,480 per dollar on July 16 to 1,382 on Sept. 17, after touching 1,336 on Sept. 9. Samsung Electronics and SK hynix both saw their operating profit forecasts reduced, while LG Display is also expected to take a hit.

The Korean currency traded at 1,480 won per dollar on July 16, 1,413 on Aug. 17 and 1,382 on Sept. 17, a 6.6 percent narrowing in the dollar-won exchange rate over two months.

Brokerages had based their earnings forecasts on 1,450 won per dollar before starting to cut third-quarter estimates as the won strengthened.

FnGuide data showed Samsung Electronics’ third-quarter operating profit consensus fell 9 percent from 122.35 trillion won on Aug. 17 to 111.38 trillion won on Sept. 18.

SK hynix’s third-quarter operating profit consensus dropped 6.7 percent from 83.76 trillion won to 78.13 trillion won over the same period.

Kiwoom Securities analyst Kwon Min-kyu estimated LG Display’s operating profit would decline 40 percent year-on-year in the third quarter, and said overseas revenue accounted for 94.7 percent of its total sales as of June.

Published Sep 21, 2026 7:00 am KST

A person enters Samsung Electronics' office in Seocho District, Seoul, July 30. Yonhap

The strengthening Korean won is emerging as a fresh earnings risk for chipmakers, display firms and other electronics companies that rely heavily on dollar-denominated transactions, prompting brokerages to cut earnings estimates for the third quarter.

According to data from the Bank of Korea, Sunday, the Korean currency traded at 1,480 won against the dollar on July 16, before strengthening to 1,413 won on Aug. 17 and 1,382 won on Sept. 17. This represents a 6.6 percent narrowing in the dollar-won exchange rate over the two-month period.

The change in the dollar-won exchange rate accelerated particularly from August, with the Korean currency gaining value to 1,336 won per dollar on Sept. 9. This prompted brokerages that had based their earnings forecasts at 1,450 won per dollar to begin cutting their estimates, causing the third-quarter earnings consensus for major companies such as Samsung Electronics and SK hynix to drop.

According to market tracker FnGuide, brokerages’ consensus on Samsung Electronics’ third-quarter operating profit stood at 122.35 trillion won ($88.27 billion) on Aug. 17, but dropped 9 percent to 111.38 trillion won on Sept. 18.

SK hynix saw a similar downward revision. Its third-quarter operating profit consensus fell 6.7 percent from 83.76 trillion won to 78.13 trillion won during the same period.

For chipmakers that generate much of their revenue from dollar-based payments, a stronger won reduces the value of dollar-denominated sales when converted into the Korean currency. At the same time, much of their labor and other operating costs are paid in won, leaving profits more vulnerable to exchange rate volatility.

“Concerns over earnings downgrades stemming from the falling exchange rate, along with the possibility of weaker artificial intelligence (AI) capital expenditure amid macroeconomic uncertainty, have been limiting gains in memory chip stocks,” Daishin Securities analyst Ryu Hyung-keun said.

Ryu revised down his third-quarter operating profit forecasts for Samsung Electronics and SK hynix to 105.5 trillion won and 74.7 trillion won, respectively, from 110 trillion won and 77 trillion won, after lowering his exchange rate assumption to 1,350 won per dollar from 1,450 won.

A digital signboard shows the dollar-won exchange rate at Hana Bank headquarters in Jung District, Seoul, Sept. 11. Yonhap

SK hynix said in its recent earnings report that a 10 percent decline in the won-dollar exchange rate would reduce its pre-tax profit by about 4.75 trillion won, if its foreign currency assets and liabilities remain unchanged from those of June.

Samsung said in its 2025 earnings report that a 5 percent decline in the exchange rate would reduce its pre-tax profit by 435.1 billion won. The impact is relatively smaller than at SK hynix because Samsung’s consumer electronics and mobile businesses, which generate won-based revenue in the domestic market, provide a buffer against currency fluctuations.

Other electronics firms are showing a similar pattern.

Kiwoom Securities analyst Kwon Min-kyu estimated that LG Display’s operating profit will likely decline 40 percent year-on-year in the third quarter, due to the sharp drop in the exchange rate and intensifying cost pressures from soaring chip prices. As of June, LG Display’s overseas revenue accounted for 94.7 percent of its total sales.

“Cost pressures from rising chip prices are beginning to intensify, while the sharp decline in the exchange rate is also bound to weigh on earnings,” Kwon said. “The exchange rate will have a negative impact in the third quarter, but from the fourth quarter, we expect the effect to ease as raw materials are purchased at the lower exchange rate.”

韩元走强给依赖美元交易的芯片制造商、显示器公司和其他电子公司带来压力，导致券商下调了第三季度盈利预期。韩元兑美元汇率从7月16日的1480韩元兑1美元跌至9月17日的1382韩元兑1美元，此前在9月9日曾触及1336韩元兑1美元的低点。三星电子和SK海力士的营业利润预期均被下调，LG Display预计也将受到冲击。

7 月 16 日，韩元兑美元汇率为 1480 韩元；8 月 17 日为 1413 韩元；9 月 17 日为 1382 韩元，两个月内美元兑韩元汇率收窄了 6.6%。

券商此前以 1 美元兑 1450 韩元的汇率作为盈利预测依据，但随着韩元走强，他们开始下调第三季度盈利预期。

FnGuide 数据显示，三星电子第三季度营业利润预期从 8 月 17 日的 122.35 万亿韩元下降 9% 至 9 月 18 日的 111.38 万亿韩元。

SK海力士第三季度营业利润预期同比下降6.7%，从83.76万亿韩元降至78.13万亿韩元。

Kiwoom Securities 分析师 Kwon Min-kyu 估计 LG Display 第三季度营业利润将同比下降 40%，并表示截至 6 月，海外收入占其总销售额的 94.7%。

发布于2026年9月21日 上午7:00（韩国标准时间）

7月30日，一名男子进入位于首尔瑞草区的三星电子办公楼。（韩联社）

韩元走强给芯片制造商、显示器公司和其他严重依赖美元交易的电子公司带来了新的盈利风险，促使券商下调了第三季度的盈利预期。

根据韩国央行周日公布的数据，7月16日韩元兑美元汇率为1480韩元，随后在8月17日升至1413韩元，9月17日升至1382韩元。这意味着在两个月的时间里，美元兑韩元汇率收窄了6.6%。

美元兑韩元汇率的变化尤其从 8 月份开始加速，9 月 9 日韩元兑美元汇率升至 1336 韩元。这促使那些此前基于 1450 韩元兑美元汇率预测盈利的券商开始下调预期，导致三星电子和 SK 海力士等主要公司第三季度盈利的普遍预期下降。

根据市场追踪机构 FnGuide 的数据，8 月 17 日券商对三星电子第三季度营业利润的普遍预期为 122.35 万亿韩元（882.7 亿美元），但 9 月 18 日下降了 9%，至 111.38 万亿韩元。

SK海力士的业绩预期也出现了类似的下调。其第三季度营业利润预期从83.76万亿韩元下降6.7%至78.13万亿韩元。

对于大部分收入来自美元支付的芯片制造商而言，韩元走强会降低以美元计价的销售额在兑换成韩元后的价值。与此同时，他们的大部分劳动力成本和其他运营成本也是以韩元支付的，这使得他们的利润更容易受到汇率波动的影响。

大信证券分析师柳亨根表示：“汇率下跌导致盈利预期下调的担忧，以及宏观经济不确定性下人工智能（AI）资本支出可能疲软，都限制了存储芯片股的涨幅。”

柳贤振将三星电子和SK海力士第三季度营业利润预期分别从110万亿韩元和77万亿韩元下调至105.5万亿韩元和74.7万亿韩元，此前他将美元兑韩元的汇率假设从1450韩元下调至1350韩元。

9月11日，首尔中区韩亚银行总部，电子显示屏显示美元兑韩元汇率。（韩联社）

SK海力士在最近的盈利报告中表示，如果韩元兑美元汇率下跌10%，且其外汇资产和负债与6月份相比保持不变，则其税前利润将减少约4.75万亿韩元。

三星在其2025年财报中表示，汇率下跌5%将导致其税前利润减少4351亿韩元。由于三星的消费电子和移动业务主要在韩国国内市场以韩元结算，因此汇率波动对其的影响相对较小，从而起到一定的缓冲作用。

其他电子公司也呈现出类似的趋势。

Kiwoom证券分析师权珉奎(Kwon Min-kyu)预计，受汇率大幅下跌和芯片价格飙升带来的成本压力加剧的影响，LG Display第三季度营业利润可能同比下降40%。截至6月，LG Display海外收入占其总销售额的94.7%。

权先生表示：“芯片价格上涨带来的成本压力开始加剧，同时汇率大幅下跌也势必会对盈利造成压力。汇率波动将在第三季度产生负面影响，但从第四季度开始，随着原材料以较低汇率采购，我们预计这种影响将会缓解。”