美光科技公司（MU）：首个观点：非常强劲的业绩和指引应将推动股价上涨

美光科技公司（MU）：首个观点：非常强劲的业绩和指引应将推动股价上涨 PDFPDF格式Share共享Bookmark书签More更多17 December 2025 | 4:20PM EST | Research | Equity 2025年12月17日|东部时间下午4：20 |研究|公平| By James Schneider, Ph.D. and others Key stock takeaways:We expect the stock to move higher following a quarterand guidance that were well ahead of the Street, despite elevated investorexpectations given continued industry pricing momentum for both DRAM andNAND markets. We expect investors to focus on critical elements ofmanagement's commentary on today's conference call, including (1) level ofundersupply in NAND and conventional DRAM markets; (2) sustainability of priceincreases; (3) trajectory of gross margins; (4) CapEx outlook. 主要股票要点：尽管投资者预期在DRAM和NAND市场持续上涨，市场预期仍高于华尔街，尽管投资者预期较高，但该指数在季度表现后将继续上涨。我们预计投资者将重点关注管理层对今日电话会议的重要评论，包括（1）NAND和传统DRAM市场供应不足的水平;（2）价格上涨的可持续性;（3）毛利增长轨迹;（4）资本支出前景。 Quarterly results were well above the Street:Micron reported revenue of$13.64 bn, well above GS at $13.17 bn and the Street at $13.00 bn, while grossmargin of 56.8% was well above GS at 53.1% and the Street at 52.2%. Non-GAAP 的52.2%。非GAAP每股收益为4.78美元，也远高于GS的4.15美元和华盛顿街4.01美元的。 2Q guidance is far above the Street.Micron guided FY2Q far above the Streeton revenue and margins. Revenue was guided to $18.7 bn at the midpoint, whichis far above GS at $13.68 bn and the Street at $14.46 bn. Non-GAAP grossmargin was guided to 68.0%, far above GS at 54.9% and the Street at 55.3%.Non-GAAP EPS guidance of $8.22 - $8.62 (midpoint of $8.42) was far above GSat $4.52 and the Street at $4.97. 二Q导引远高于街道。美光在第二季度的收入和利润率上远高于华尔街。收入在中点被引导至187亿美元，远高于GS的136.8亿美元和街头的144.6亿美元。非GAAP毛利率被引导至68.0%，远高于GS的54.9%和华盛顿的55.3%。非GAAP每股收益指引为8.22至8.62美元（中点为8.42美元），远高于GS的4.52美元和华尔街的4.97美元。 Read-throughto our coverage:We expect a positive initial reaction for SNDK(Buy) in our coverage given similar end-market exposure. 请阅读我们的covera，鉴于类似的终盘敞口，我们预计SNDK（买入）在报道中会有积极的初步反应。 Price target and risks:Our 12-month target price of $205 reflects a 15X P/Emultiple applied to our normalized EPS forecast of $13.65. Key upside/downsiderisks include: (1) continued execution on the company's HBM roadmap and sharegain vis-a-vis Samsung and SK Hynix, (2) sizable step-up (above currentexpectations) in HBM content for AI accelerators, (3) signs of CXMT gainingDRAM market share, negatively impacting pricing dynamics. 价格目标与风险：我们12个月目标价205美元，反映了应用于15倍市盈率，应用于我们归一化EPS预测13.65美元。主要的上下行风险包括：（1）公司HBM路线图的持续执行及相较三星和SK海力士的股间增长，（2）AI加速器HBM内容大幅提升（高于当前预期），（3）CXMT获得DRAM市场份额的迹象，对价格动态产生负面影响。 Exhibit2:Micron - Guidance 来源：公司数据，Visible Alpha共识数据，高盛全球投资研究 GS ForecastGS预测 Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of16 Dec 2025 close. 来源：公司数据，高盛研究估算，FactSet。截至2025年12月16日收盘价。 Goldman Sachs does and seeks to do business with companies covered in itsresearch reports. As a result, investors should be aware that thefirm may have a employed by non-US affiliates are not registered/qualified as research analystswith FINRA in the U.S. 高盛正在并寻求与其研究报告中涵盖的公司开展业务。因此，投资者应意识到该公司可能存在利益冲突，可能会影响本报告的客观性。投资者应将此报告视为做出投资决定的单一因素。有关Reg AC认证和其他重要披露，请参阅披露附录，或转到www.gs.com/research/hedge.html。受雇于非美国附属公司的分析师未在美国FINRA注册/获得研究分析师资格。 All Tags 所有标签 詹姆斯·施耐德博士+1(212)357-2929jim.schneider@gs.comGoldman Sachs & Co. LLC 高盛有限责任公司 David Balaban大卫·巴拉班+1(212)357-6369david.balaban@gs.comGoldman Sachs & Co. LLC 高盛有限责任公司 Anmol Makkar安莫尔·马卡尔+1(212)357-1366anmol.makkar@gs.com Chris Kress克里斯·克雷斯+1(212)902-6696chris.kress@gs.comGoldman Sachs & Co. LLC Lal Kablan拉尔·卡布兰+1(212)357-8793lal.kablan@gs.comGoldman Sachs & Co. LLC 高盛有限责任公司 Luya You+1(212)902-5297luya.you@gs.comGoldman Sachs & Co. LLC 高盛有限责任公司 Gallery 画廊 View all2exhibits 查看全部2件展品