芯片業最糟的時期過去了?美光銷售指引好於市場預期
來源:華爾街見聞作者:葛佳明
雖然因庫存高企,美光創有記錄以來最大的季度虧損,但隨着ChatGPT等生成式AI的興起,芯片供需正趨於平衡,美光預計營收困境將開始扭轉。
儘管$美光科技(MU.US)$因庫存高企導致其創有記錄以來最大的季度虧損,但CEO認爲,芯片業的寒冬已經過去,第三季度銷售指引高於分析師預期。
3月28日,美光公佈了2023財年第二季度財報,財報顯示,美光該季度淨虧損23.1億美元,創2003年以來最大的季度虧損。每股虧損2.12美元,銷售額爲36.9億美元,遠低於去年同期的77.9億美元,分析師預期爲37.1億美元。
在考慮到股權獎勵和最近的裁員重組成本後,美光第二財季調整後每股虧損1.91美元,分析師預期虧損1.65美元,而去年同期爲每股調整後收益2.14美元。
美光CEO Sanjay Mehrotra認爲,終端市場客戶的庫存在正逐步減少,預計供需平衡將逐漸改善,營收將連續增長:
在排除庫存減值的影響後,我們認爲庫存未清償天數(DIO)已在第二季度達到了峯值,我們即將實現季度營收的連續增長。
財報發佈後,美光盤後股價上漲1.05%至59.9美元,今年以來,美光股價累計上漲約18%。
媒體分析稱,由於半導體行業正在經歷寒冬,“缺芯”時代已經過去,大量消費電子正經歷去庫存週期,Mehrotra在財報公佈後的電話會議上表示,該行業正在經歷十三年來最嚴重的供需失衡,但隨着ChatGPT等生成式AI的興起,局面將開始扭轉:
芯片價格持續低迷,這對我們的財務表現產生了重大影響。
在數據中心方面,我們認爲我們的營收在財年第二季度已經觸底,預計本財年第三季度將出現增長。數據中心客戶的庫存應該會在2023年年底達到相對健康的水平。專注於人工智能程序的服務器需要比標準服務器多個內存芯片。
美光預計第三財季銷售額將高達39億美元,分析師預計爲37.5億美元。預計第三財季調整後每股虧損1.51-1.65美元,分析師預期虧損0.84美元;預計第三財季調整後毛利潤率爲-18.5%至-23.3%,分析師預期爲3.6%。
美光CFO Mark Murphy 認爲,美光即將迎來季度營收增長的轉折點:
我們專注於大幅提高盈利能力,並認爲將在2024財年內實現正向自由現金流。
媒體分析指出,美光第一季度業績及指引雙雙遜於預期,並宣佈了削減成本的措施,包括裁員10%及削減新工廠和設備的預算,認爲下半年營收情況將會改善,但從目前的狀況開卡,今年盈利仍將困難重重。
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