<p>内存专家 <strong>美光科技</strong>(MU 0.45%) 由于数据中心、智能手机和个人电脑（PC）对其芯片的强劲需求，在最近几个季度实现了出色的增长，这也解释了为什么该股今年迄今已上涨了 46%。</p><p>美光于 6 月 25 日发布了其 2025 财年第三季度的业绩（截至 5 月 29 日的三个月）。仔细分析公司的数据和指引表明，其反弹将在下半年持续。</p><p>让我们看看投资者为何可以期待美光股票在今年剩余时间内继续上涨的原因。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/a0d3a1b99443a5d36d3326ed63a2f8ac?x-oss-process=style/lg" alt="" width="700" height="393" original-src="https://pub.pbkrs.com/uploads/2025/a0d3a1b99443a5d36d3326ed63a2f8ac"/></figure><p>图片来源：Getty Images。</p><h2 id="kmg60r2o">人工智能（AI）推动了美光科技的增长</h2><p>美光的 2025 财年第三季度收入同比激增 37%，达到 93 亿美元，而其调整后的每股收益更是超过三倍，达到 1.91 美元。这些数字远超华尔街对每股收益 1.60 美元和 88.6 亿美元收入的预期。</p><p>美光首席执行官 Sanjay Mehrotra 在最新的财报电话会议上表示，其数据中心收入同比增长超过一倍，并在上个季度创下历史新高。这一出色的增长得益于对美光高带宽内存（HBM）芯片的强劲需求，这些芯片与 <strong>Nvidia</strong> 和 <strong>AMD</strong> 等公司的 AI 加速器集成。</p><p>美光管理层指出，目前正在向四家客户大量交付其 HBM 芯片，这些客户将其与图形卡和定制 AI 处理器集成。重要的是，美光并没有止步于此，而是专注于进一步提升其 HBM 芯片的性能。公司声称，其下一代 HBM4 芯片将取代 HBM3E 产品，性能将提高 60%，同时功耗降低 20%。</p><p>公司已经向客户提供了 HBM4 的样品，并预计将在 2026 年开始该产品的量产。考虑到 HBM 市场在长期内将显著增长，美光在产品开发方面的持续努力是正确的选择。彭博情报预计，HBM 市场到 2030 年可能产生 1300 亿美元的年收入。这将比 2023 年该细分市场的 40 亿美元收入大幅增长。</p><p>因此，美光在这一细分市场仍有巨大的增长空间，无论是短期还是长期。HBM 业务提供的强劲势头告诉我们，公司的当前季度指引指向其营收和净利的再次稳步增长。</p><p>美光预计 2025 财年第四季度收入为 107 亿美元，比去年同期增长 38%。这将比其上一季度报告的收入增长略有改善。同时，美光对当前季度每股收益 2.50 美元的预测表明，其净利将比去年同期的 1.18 美元翻倍。</p><p>美光收益增长的强劲势头可归因于有利的内存定价环境。像美光这样的内存制造商由于 HBM 需求强劲和供应限制，已提高了芯片价格。根据 TrendForce 的数据显示，动态随机存取内存（DRAM）芯片的平均价格在第二季度上涨了 3% 至 8%，这得益于 HBM 销售的增加，以及移动和消费类 DRAM 芯片需求的改善。</p><p>展望未来，美光管理层预计，AI 驱动的个人电脑（PC）和智能手机的普及将为公司的增长做出贡献。因此，随着年末的临近，美光的催化剂可能会变得更强，这可能为 2025 年下半年及以后带来更多上涨空间。</p><h2 id="a404kulmj">现在购买该股票的一个重要理由</h2><p>我们已经看到美光的收入和收益增长是多么迅速。然而，公司的估值表明，考虑到其惊人的增长，它极其被低估。</p><p>美光的市盈率为 22，而前瞻市盈率更具吸引力，仅为 11。根据公司对 2025 财年第四季度每股收益 2.50 美元的指引和前三个季度累计每股收益 5.26 美元的基础上，公司预计本财年将以每股调整收益 7.76 美元收尾。这将比 2024 财年的每股收益 1.30 美元大幅增长。</p><p>更重要的是，分析师预计美光在下一个财年的收益将激增 54%，达到每股 12.05 美元。如果该股在一年后保持 23 的市盈率，其股价可能达到 265 美元。这将是当前水平的两倍多。</p><p>因此，美光最新的季度业绩应能在下半年为其反弹注入强劲动力，因为市场可能会因其出色的增长而给予更高的估值，而对下一个财年的收益增长的预期表明，它在 2026 年也可能继续飙升。</p>

美光科技

<p>美光科技（MU）今年表现出色，股价上涨了 46%，主要得益于数据中心和人工智能应用对其芯片的强劲需求。在 2025 年第三季度，收入激增 37%，达到 93 亿美元，盈利则增长三倍，达到每股 1.91 美元，超出预期。公司预计将继续增长，预计第四季度收入将达到 107 亿美元，同比增长 38%。美光专注于高带宽内存（HBM）芯片，使其在未来增长中处于有利位置，分析师预测下一个财年的盈利将激增 54%，达到每股 12.05 美元</p>

<p>Memory specialist <strong>Micron Technology</strong>(MU 0.45%) has been delivering terrific growth in recent quarters thanks to booming demand for its chips deployed in data centers, smartphones, and personal computers (PCs), which explains why the stock has clocked solid gains of 46% so far this year.</p>
<div class="lb-trans"><p>内存专家 <strong>美光科技</strong>(MU 0.45%) 由于数据中心、智能手机和个人电脑（PC）对其芯片的强劲需求，在最近几个季度实现了出色的增长，这也解释了为什么该股今年迄今已上涨了 46%。</p>
</div><p>Micron released its fiscal 2025 third-quarter results (for the three months ended May 29) on June 25. A closer look at the company's numbers and guidance suggests that its rally is here to stay in the second half of the year.</p>
<div class="lb-trans"><p>美光于 6 月 25 日发布了其 2025 财年第三季度的业绩（截至 5 月 29 日的三个月）。仔细分析公司的数据和指引表明，其反弹将在下半年持续。</p>
</div><p>Let's look at the reasons why investors can expect Micron stock to deliver more upside for the rest of the year as well.</p>
<div class="lb-trans"><p>让我们看看投资者为何可以期待美光股票在今年剩余时间内继续上涨的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM0NjkvY3VydmUtMjAyNS1wZXJzb24tcGVuY2lsLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823469%2Fcurve-2025-person-pencil.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Artificial intelligence (AI) has supercharged Micron Technology's growth</h2>
<div class="lb-trans"><h2>人工智能（AI）推动了美光科技的增长</h2>
</div><p>Micron's fiscal Q3 revenue shot up 37% year over year to $9.3 billion, while its adjusted earnings more than tripled to $1.91 per share. The numbers crushed Wall Street's expectations of $1.60 per share in earnings on revenue of $8.86 billion.</p>
<div class="lb-trans"><p>美光的 2025 财年第三季度收入同比激增 37%，达到 93 亿美元，而其调整后的每股收益更是超过三倍，达到 1.91 美元。这些数字远超华尔街对每股收益 1.60 美元和 88.6 亿美元收入的预期。</p>
</div><p>Micron CEO Sanjay Mehrotra remarked on the latest earnings conference call that its data center revenue more than doubled from the year-ago period and hit record levels last quarter. This terrific growth was driven by the healthy demand for Micron's high-bandwidth memory (HBM) chips that are integrated with AI accelerators from the likes of <strong>Nvidia</strong> and <strong>AMD</strong>.</p>
<div class="lb-trans"><p>美光首席执行官 Sanjay Mehrotra 在最新的财报电话会议上表示，其数据中心收入同比增长超过一倍，并在上个季度创下历史新高。这一出色的增长得益于对美光高带宽内存（HBM）芯片的强劲需求，这些芯片与 <strong>Nvidia</strong> 和 <strong>AMD</strong> 等公司的 AI 加速器集成。</p>
</div><p>Micron management points out that it is shipping its HBM chips in high volumes to four customers right now, who are integrating them with both graphics cards and custom AI processors. Importantly, Micron is not resting on its laurels and is focused on further improving the performance of its HBM chips. The company claims its next-generation HBM4 chips, which will succeed the HBM3E offerings, will pack 60% more performance while reducing power consumption by 20%.</p>
<div class="lb-trans"><p>美光管理层指出，目前正在向四家客户大量交付其 HBM 芯片，这些客户将其与图形卡和定制 AI 处理器集成。重要的是，美光并没有止步于此，而是专注于进一步提升其 HBM 芯片的性能。公司声称，其下一代 HBM4 芯片将取代 HBM3E 产品，性能将提高 60%，同时功耗降低 20%。</p>
</div><p>The company has already provided samples of HBM4 to customers and expects to start the volume production of this product in 2026. Micron's focus on pushing the envelope on the product development front is the right thing to do, considering that the HBM market is set to take off impressively in the long run. Bloomberg Intelligence estimates that the HBM market could generate annual revenue of $130 billion by 2030. That would be a huge jump over the $4 billion revenue this segment clocked in 2023.</p>
<div class="lb-trans"><p>公司已经向客户提供了 HBM4 的样品，并预计将在 2026 年开始该产品的量产。考虑到 HBM 市场在长期内将显著增长，美光在产品开发方面的持续努力是正确的选择。彭博情报预计，HBM 市场到 2030 年可能产生 1300 亿美元的年收入。这将比 2023 年该细分市场的 40 亿美元收入大幅增长。</p>
</div><p>Micron, therefore, still has massive room for growth in this segment, both in the short and long run. The strong momentum provided by the HBM business tells us why the company's guidance for the current quarter points toward another solid increase in its top and bottom lines.</p>
<div class="lb-trans"><p>因此，美光在这一细分市场仍有巨大的增长空间，无论是短期还是长期。HBM 业务提供的强劲势头告诉我们，公司的当前季度指引指向其营收和净利的再次稳步增长。</p>
</div><p>Micron has guided for $10.7 billion in revenue for the fiscal fourth quarter, which would be a 38% increase over the prior-year period. That would be a slight improvement over the revenue growth it reported in the previous quarter. Meanwhile, Micron's forecast of $2.50 per share in earnings for the current quarter suggests its bottom line will more than double from the year-ago period's reading of $1.18 per share.</p>
<div class="lb-trans"><p>美光预计 2025 财年第四季度收入为 107 亿美元，比去年同期增长 38%。这将比其上一季度报告的收入增长略有改善。同时，美光对当前季度每股收益 2.50 美元的预测表明，其净利将比去年同期的 1.18 美元翻倍。</p>
</div><p>The stronger growth in Micron's earnings can be attributed to a favorable memory pricing environment. Memory manufacturers such as Micron have been increasing the prices of chips on account of solid HBM demand and supply constraints. According to TrendForce, the average price of dynamic random access memory (DRAM) chips increased in the range of 3% to 8% in the second quarter, owing to an increase in sales of HBM, along with an improvement in the demand for mobile and consumer-oriented DRAM chips.</p>
<div class="lb-trans"><p>美光收益增长的强劲势头可归因于有利的内存定价环境。像美光这样的内存制造商由于 HBM 需求强劲和供应限制，已提高了芯片价格。根据 TrendForce 的数据显示，动态随机存取内存（DRAM）芯片的平均价格在第二季度上涨了 3% 至 8%，这得益于 HBM 销售的增加，以及移动和消费类 DRAM 芯片需求的改善。</p>
</div><p>Looking ahead, Micron management estimates that adoption of AI-enabled personal computers (PCs) and smartphones will contribute to the company's growth in the coming quarters. So Micron's catalysts are likely to get stronger as the year progresses, and that could pave the way for more upside in the second half of 2025 and beyond.</p>
<div class="lb-trans"><p>展望未来，美光管理层预计，AI 驱动的个人电脑（PC）和智能手机的普及将为公司的增长做出贡献。因此，随着年末的临近，美光的催化剂可能会变得更强，这可能为 2025 年下半年及以后带来更多上涨空间。</p>
</div><h2>A big reason to buy the stock right now</h2>
<div class="lb-trans"><h2>现在购买该股票的一个重要理由</h2>
</div><p>We have already seen how rapidly Micron's revenue and earnings are growing. However, the company's valuation suggests that it is extremely undervalued, considering the phenomenal growth it's been clocking.</p>
<div class="lb-trans"><p>我们已经看到美光的收入和收益增长是多么迅速。然而，公司的估值表明，考虑到其惊人的增长，它极其被低估。</p>
</div><p>Micron has a trailing price-to-earnings ratio of 22, while the forward earnings multiple is even more attractive at 11. The company is on track to end the current fiscal year with adjusted earnings of $7.76 per share (based on its guidance of $2.50 per share for fiscal Q4 and cumulative earnings of $5.26 per share in the first three quarters of the year). That would be a huge increase over its fiscal 2024 earnings of $1.30 per share.</p>
<div class="lb-trans"><p>美光的市盈率为 22，而前瞻市盈率更具吸引力，仅为 11。根据公司对 2025 财年第四季度每股收益 2.50 美元的指引和前三个季度累计每股收益 5.26 美元的基础上，公司预计本财年将以每股调整收益 7.76 美元收尾。这将比 2024 财年的每股收益 1.30 美元大幅增长。</p>
</div><p>What's more, analysts are expecting a 54% spike in Micron's earnings in the next fiscal year to $12.05 per share. If the stock maintains its trailing earnings multiple of 23 after a year, its stock price could hit $265. That would be more than double current levels.</p>
<div class="lb-trans"><p>更重要的是，分析师预计美光在下一个财年的收益将激增 54%，达到每股 12.05 美元。如果该股在一年后保持 23 的市盈率，其股价可能达到 265 美元。这将是当前水平的两倍多。</p>
</div><p>As such, Micron's latest quarterly results should give its rally a nice shot in the arm in the second half of the year, as the market could reward its terrific growth with a richer valuation, while the projected earnings growth for the next fiscal year indicates that it could continue soaring in 2026 as well.</p>
<div class="lb-trans"><p>因此，美光最新的季度业绩应能在下半年为其反弹注入强劲动力，因为市场可能会因其出色的增长而给予更高的估值，而对下一个财年的收益增长的预期表明，它在 2026 年也可能继续飙升。</p>
</div>

Prediction: This Growth Stock Will Skyrocket in the Second Half of 2025

- 美光科技第三季度营收同比增长 37%，达到 93 亿美元。  
- 公司预计第四季度营收将达 107 亿美元，增长 38%。  
- 人工智能推动高带宽内存需求，未来增长潜力巨大。  

预测：这只成长股将在 2025 年下半年大幅上涨