美光科技公司快速点评：销售与毛利率增长潜力

Micron Technology Inc (MU.O) Quick Take – Sales and Gross Margin Upside CITI’S TAKEMU stock is up ~8% after hours after reporting better-than-expected F3Q26 results and F4Q26 guidance. Please see our preview. We are Buy Price (24 Jun 26 16:00)US$1,047.92Target priceUS$1,200.00Expected share pricereturn14.5%Expected dividend yield0.1%Expected total return14.6% Results:MU reported May-Q sales and non-GAAP EPS(inc.SBC)of$41.5billion/$24.82 vs. our estimates of $35.5 billion/$19.98 and FactSet consensus of$35.9 billion/$20.70. May-Q gross margin (inc. SBC) came in at 84.6%, vs. our Guidance:MU guided Aug-Q sales and non-GAAP EPS(inc.SBC)to$50.0billion/$30.68 vs. our estimates of $42.0 billion/$24.27 and FactSet consensus of$43.6 billion/$24.95. Aug-Q gross margin (inc. SBC) was guided to 85.7%, vs. our Atif MalikAC+1-415-951-1892atif.malik@citi.com May-Q Segment Sales Results: •NAND sales of $9.9 billion vs. Citi’s/Street’s $6.9 billion/$8.0 billion Focus on the call will be:a) Updated DRAM/NAND supply/demand 2026/27outlooks; b) long-term agreements (LTAs) to drive sustainable revenue/earnings inthe coming years (we believe Dell signed already); c) gross margin outlook for the year. Micron Technology IncValuation We set our target price at $1,200 or 10x C27E EPS, at a slight premium to its trading range during previous DRAM upturns given an unprecedented pricing environment and the emergence of SCA’s. We expect continued pricing upside in 2027, namely fromHBM. Risks Supply/Demand. Memory industry dynamics are dependent on the ability of DRAM and NAND suppliers to accurately alignsupply with industry demand. As a result, if memory suppliers ship excess DRAM or NAND bits into the channel, it could lead toan inventory reduction in the supply chain and lower pricing, resulting in downside to our estimates. Conversely, if memory Pricing. If Micron or one of its competitors lowers DRAM or NAND pricing, it could lead to lower contract/spot pricing, resultingin downside to our estimates. Capacity. If Micron or one of its competitors increases manufacturing capacity, it could result in excess bit supply if demandfails to materialize. The latter scenario could cause lower DRAM or NAND pricing, resulting in downside to our estimates.Conversely, memory capacity reductions could cause memory pricing to increase, resulting in upside to our estimates. Competition: Micron faces a number of robust competitors in the memory market. Consequently, any fluctuations in marketshare among companies in the industry could result in risk to our estimates. If the impact from any of the above risks turns out to be greater/less than we expect, the shares could fail to achieve/exceed ourtarget price. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the Appendix A-1 ANALYST CERTIFICATIONThe research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within thepast 12 months from Micron Technology Inc. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investmentbanking client(s): Micron Technology Inc. Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity providerin such financial instruments (and any underlying instruments) and may act as principal in connection with transactions insuch instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been Unless stated otherwise neither the Research Analyst nor any member of their team