美光科技2026财年第三季度财报电话会议

女士们、先生们，感谢各位的加入。欢迎参加美光科技（Micron Technology）2026财年第三季度财报电话会议。在今天的陈述环节结束后，我们将举行问答环节。网络直播观众请注意，您可以根据自己的进度自行翻阅幻灯片。现在，我将会议交给投资者关系及财务副总裁Satchel Kumar。Sacha，请开始。 Thank you.谢谢。 And welcome to micron technology's fiscal third quarter, 2026 financial conference call onthe call with me today, are sunshine baroque, a chairman, president and ceo and markmurphy are cfo today's call is being web cast from our investor relations site at investors dotmicron dot com, including audio and slides. 欢迎参加美光科技2026财年第三季度财报电话会议。今天与我一同参会的有董事长、总裁兼首席执行官Sanjay Mehrotra和首席财务官Mark Murphy。今天的会议正通过我们的投资者关系网站investors.micron.com进行网络直播，内容包括音频和幻灯片。 In addition, the press release detailing our quarterly results has been posted on the websitealong with the prepared remarks for this call. Today's discussion contains forward lookingstatements that are subject to risks and uncertainties. These forward looking statementsinclude statements regarding our future financial and operating performance and ourbusiness model, as well as trends and expectations in our business, customers, market,industry, products, and regulatory and other matters. 此外，详述我们季度业绩的新闻稿已连同本次会议的陈述稿一并发布在网站上。今天的讨论包含受风险和不确定性影响的前瞻性陈述。这些前瞻性陈述包括关于我们未来财务和经营业绩、业务模式，以及我们的业务、客户、市场、行业、产品、监管及其他事项的趋势和预期的陈述。 These statements are based on our current assumptions, and we assume no obligation toupdate these statements. Please refer to our most recent financial reports on form ten k formsten q and other filings with the fcc for more information on the lists and uncertainties thatcould cause actual results to differ, particularly from expectations. 这些陈述基于我们目前的假设，我们不承担更新这些陈述的义务。请参阅我们最近向美国证券交易委员会（SEC）提交的Form 10-K年报、Form 10-Q季报及其他文件，以获取更多关于可能导致实际结果与预期产生重大差异的风险和不确定性的信息。 Today's discussion of financial results is presented on a non gap financial basis, unlessotherwise specified. A reconciliation of gap to non gap. Financial measures can be found onour website. I'll now turn the call over to sunshine. 除非另有说明，今天对财务业绩的讨论均基于非公认会计准则（non-GAAP）。公认会计准则 （GAAP）与非公认会计准则财务指标的调节表可在我们的网站上查阅。现在，我将电话转交给Sunshine。 Thank you, satellite.谢谢，Satellite。 My phone delivered an exceptional fiscal q three, the significant records in revenue, grossmargin, and eps all exceeding the high end of our guidance. Demonstrating microns positionas a leader enabling the ai error. Our data center revenue exceeded $25 billion in fiscal qthree, or an annualized run rate of over $100 billion. Our data center ssd revenue exceeded$5 billion more than doubling sequentially. The diamond and industry demand continues tosignificantly exceed industry supply. We expect diet conditions to persist beyond calendar2027. As a result of ai driven demand across all segments, coupled with structural supplyconstraint constraints. We are excited to announce that wehave now signed 16 strategiccustomer agreements or sc as which we expect, will fundamentally transform our businessmodel. 美光（Micron）在第三财季表现出色，营收、毛利率和每股收益（EPS）均创下显著纪录，且全部超过了我们业绩指引的高端。这证明了美光作为人工智能（AI）时代赋能者的领导地位。在第三财季，我们的数据中心营收超过了250亿美元，年化运行率超过1000亿美元。我们的数据中心固态硬盘（SSD）营收超过50亿美元，环比增长一倍以上。行业需求持续显著超过行业供应。由于各细分市场受AI驱动的需求，加之结构性的供应限制，我们预计供需紧张的状况将持续到2027日历年以后。我们很高兴地宣布，我们现已签署了16份战略客户协议（SCA），我们预计这些协议将从根本上改变我们的业务模式。 The memory industry has been structurally transformed by the proliferation of ai we are onlyin the early innings of the significant innovation and productivity that can be unleashed inevery part of the global economy over time. Data center driven growth will be increasinglycomplemented by ai enabled features in smartphones, high end pcs and new consumerdevices, as well as in automotive industrial applications and robotics. 随着AI的普及，存储行业已经发生了结构性变革。随着时间的推移，全球经济的各个领域都将释放出巨大的创新和生产力，而我们目前仅处于这一进程的早期阶段。数据中心驱动的增长将日益得到智能手机、高端个人电脑（PC）和新型消费设备，以及汽车工业应用和机器人技术中AI功能的补充。 Exciting possibilities enabled by robotics and human science, as well as fully autonomousvehicles, portend a robust, long term demand environment for memory and storage withrespect to supply. Our customers are recognizing that supply shortages in memory andstorage will take considerable time to improve. Even as we expect, industry supplies toimprove gradually in 2028. We currently do not have line of sight as to when memory supplywill be able to catch up with increasing demand. Memory industry supply growth is dependenton significant greenfield fab expansions. These greenfield projects are large, complex andtime consuming. Further, the peace is constrained by several factors, including lonely time forfab construction across the world. Shortage of workers with critical trade skills,complexregulations including permitting and the need for enhanced energy infrastructure. 机器人技术、人类科学以及全自动驾驶车辆所开启的令人兴奋的可能性，预示着存储和内存市场相对于供应而言，将处于一个强劲且长期的需求环境。我们的客户已经意识到，内存和存储供应短缺的改善将需要相当长的时间。尽管我们预计行业供应将在2028年逐渐改善，但目前尚无法预见内存供应何时能赶上日益增长的需求。内存行业的供应增长依赖于大规模的新建晶圆厂（greenfield fab）扩张。这些新建项目规模庞大、复杂且耗时。此外，其进度还受到多种因素的制约，包括全球范围内晶圆厂建设的漫长周期、具备关键贸易技能的工人短缺、包括许可在内的复杂法规，以及对增强型能源基础设施的需求。 Meanwhile, memory process technology, which is among the most advanced to develop andmanufacture i