三星电子曾一度陷入低迷，但现在已强势反弹：其市值在过去一年飙升400%，首次达到1万亿美元，第一季度营业利润升至57万亿韩元（380亿美元），是去年同期的8倍多。分析师预计，在人工智能基础设施支出和高端存储芯片需求持续旺盛的推动下，利润还将以极快速度增长。

业务重心正越来越集中于芯片制造：半导体在第一季度占销售额的61%，占营业利润的94%。三星与SK海力士、美国的美光是仅有的三家能够大规模生产AI所需存储芯片的公司；第一季度芯片销量约增长20%，平均售价却上涨90%，公司还表示短缺可能持续到明年。

三星扩产谨慎而缓慢，一座新工厂将于今年投产，另一个耗资约550亿美元、名为P5 Fab 2的新厂将于7月动工但要到2030年才完工；今年资本支出预计增长55%，但其占收入比重在下降。AI繁荣也在支撑代工业务，不过该业务仍落后于台积电，而记忆体业务的高利润已挤压消费电子与手机部门，甚至可能使手机业务今年录得亏损。

Samsung Electronics was once in the doldrums, but it has rebounded sharply: its market value has soared 400% over the past year and topped $1trn for the first time, while first-quarter operating profit jumped to 57trn won ($38bn), more than eight times a year earlier. Analysts expect profits to keep rising at a blistering pace, driven by AI infrastructure spending and demand for advanced memory chips.

The business is increasingly concentrated in chips: semiconductors made up 61% of sales and 94% of operating profits in the first quarter. Samsung is one of only three companies that can mass-produce the memory chips needed for AI, alongside SK Hynix and Micron; chip sales rose about 20% from the prior quarter, average selling prices climbed 90%, and the shortage is expected to last into next year.

Expansion is proceeding cautiously and slowly, with one new plant due to start production this year and another $55bn facility, P5 Fab 2, set to begin construction in July but not finish until 2030; capex is forecast to rise 55% this year, though it is falling as a share of revenue. The AI boom is also helping the foundry business, yet TSMC remains ahead, while the memory windfall is squeezing consumer electronics and smartphones, where margins are under pressure and a loss is possible this year.

Source: Samsung has staged a stunning comeback

Subtitle: But political trouble is brewing

Dateline: 5月 14, 2026 11:25 上午 | Singapore