DRAM價格提振盈利,美光全面上調業績指引!股價跳漲
關鍵產品"價格改善"推動盈利提升,美光科技上調了第四財季營收和盈利預期。
週一盤初,美光科技一度漲超7%,截止發稿漲幅回落至3.16%。

全面上調第四財季業績指引
週一,美光科技更新2025財年第四季度業績指引,上調了第四財季收入、利潤、毛利率和運營費用預期。
美光預計公司當季營收爲111-113億美元,高於此前預計的104-110億美元。
公司對盈利能力也更爲樂觀,預計經調整的毛利率將達44%至45%,高於此前41%至43%的預期。同時,上調了每股收益預期至2.78至2.92美元,高於先前2.35至2.65美元的指引。
美光表示,這一上調“反映了定價改善”,尤其是在動態隨機存取存儲器(DRAM)領域,以及“強勁的執行力”。
瑞穗銀行(Mizuho)分析師Jordan Klein週一寫道,此舉是對所有質疑其看多美光立場的“空頭的一記響亮耳光”。
與此同時,美光略微上調了調整後運營支出預期至12.2億美元(上下浮動1500萬美元),此前預期爲12億美元(上下浮動2000萬美元)。
AI推動存儲芯片需求
美光首席商務官 Sumit Sadana週一在一次行業會議上表示:“我們關注全球所有不同的終端市場,價格趨勢一直很強勁,我們在提高價格方面取得了巨大成功。”
研究機構EMarketer分析師Jacob Bourne表示,HBM產能受限和強勁的AI需求使得美光能夠爲其產品定價更高,這標誌着內存芯片製造商過去不得不接受較低利潤率的局面正在發生轉變。
美光的股價在6月曾位列標普500成分股漲幅前列,並在5月季度交出了創紀錄的業績,公司稱這一成績得益於其高帶寬內存產品(用於人工智能芯片)產品需求旺盛。公司表示,其DRAM芯片的銷售額創下新高,其中HBM(一種特殊類型的DRAM)收入環比增長接近50%。
7月份,美光股價有所回落,但一些分析師仍然對美光公司與AI芯片和定製硅片需求相關的長期利好因素持樂觀態度。
瑞穗賣方分析師在7月中旬給客戶的報告中表示,美光的下一代HBM4芯片具有優勢,預計由於晶粒面積更大,平均售價將上漲15%至20%。
瑞穗團隊表示,與傳統DRAM相比,HBM的平均售價可能帶來約5倍的提升,“隨着良率改善、各工藝節點全面爬坡,最終將帶來更好的毛利率”。
當時,瑞穗表示,美光在HBM4芯片領域“相較同業處於更有利的位置”,並且這些芯片在早期測試中“表現良好”。分析師還預計,美光將在2026年獲得更多HBM市場份額。
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