美光科技績後走軟，或是長期投資者的買入良機
美光科技(MU.US)昨日公佈了強勁的第四季度業績，但由於業績指引遜於預期，該股股價下跌。截至美東時間9月29日收盤，美光科技跌2%，報71.64美元。
數據顯示，該公司Q4營收82.74億美元，上年同期爲60.56億美元，同比增長36.6%;淨利潤爲27.2億美元，上年同期爲9.88億美元，同比增長175.3%。
展望未來，該公司預計2022財年第一季度營收爲74.5億-78.5億美元，預計攤薄後每股收益爲1.9-2.1美元，分別大幅低於市場預估的85.4億美元、2.53美元。
公佈業績後，多家投行下調美光科技目標價。
投資者持謹慎態度
在這份收益報告發布之前，美光的市盈率爲19.9倍，僅略高於美國市場的平均市盈率(約18倍)，遠低於半導體行業29.8倍的平均市盈率。
分析師們預測未來一年的收益增長25%，收入增長15%，兩者都遠遠領先於行業和市場的增長速度。
考慮到美光的預期增長將快於市場和行業，它的市盈率已經相當低了。這意味着投資者對增長前景持謹慎態度。
芯片需求下滑
美光超過 70% 的收入來自銷售 DRAM 產品，其餘來自 NAND 產品。DRAM 產品市場具有高度週期性，受供需失衡的影響。從歷史上看，投資美光的一些最佳機會發生在週期低迷時期。
一些分析師已經預測，由於庫存高企，DRAM價格將在第四季下滑，因此美光發出當季出貨量將下降的警告也就不足爲奇了。該公司首席執行官Sanjay Mehrotra還表示，生產個人電腦(PC)的廠商面臨其它零部件短缺，導致芯片需求隨之下滑。
總結
股票投資平臺Simply Wall St分析師Richard Bowman表示，在某種程度上，較低的指引已經體現在美光的股價中。美光的產品需求預計將在2022年再次回升，屆時該行業其他領域的供應短缺將得到緩解。
短期內，美光的股價可能會受到半導體行業和整體市場情緒的影響，但進一步走軟將爲長期投資者提供買入良機。
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