<p>美光科技（Micron Technology）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>美光科技的财报电话会议显示出在供应紧张的情况下需求旺盛</p>
<p>美光科技最新的财报电话会议描绘了一幅公司在人工智能和高带宽内存等强劲长期趋势中蓬勃发展的图景，创下了收入新高，盈利能力增强，自由现金流强劲。管理层的语气总体乐观，强调需求加速和明确的技术领导地位，但也坦诚地提到持续的供应限制使美光无法充分利用当前的上行周期。结果是快速增长、利润率扩张和结构性稀缺的罕见组合，这正在塑造公司的短期表现和长期投资计划。</p>
<h2>创纪录的收入和广泛的增长</h2>
<p>美光在 2023 财年第一季度的收入为 136 亿美元，创下季度新高，并且是连续第三个创纪录的季度，环比增长 21%，同比增长 57%。这种增长速度凸显了内存和存储需求的迅速反弹，特别是针对人工智能和数据中心工作负载。强劲的收入数字也反映了更稳固的定价和更健康的供需平衡，使美光成为当前周期的主要受益者。</p>
<h2>所有业务单元全面开花</h2>
<p>每个主要业务单元均报告了创纪录的收入，强调美光的势头并不局限于单一终端市场。云内存业务单元以 53 亿美元的收入领先，反映了云和人工智能基础设施的建设。核心数据中心业务单元达到了 24 亿美元，而移动和客户端业务单元则交出了 43 亿美元的收入，显示出智能手机和个人电脑的强劲需求。汽车和嵌入式业务单元增加了 17 亿美元，展示了汽车和工业应用中内存内容的增长。这种广泛的多样化有助于减少周期性波动，并将增长分散到多个长期驱动因素上。</p>
<h2>价格和产品组合推动利润率扩张</h2>
<p>盈利能力显著改善，合并毛利率达到 56.8%，比上个季度提高了 11 个百分点。管理层将此归因于更强的定价、严格的成本执行以及偏向于高价值解决方案的有利产品组合，特别是针对人工智能和数据中心应用的先进 DRAM 和 NAND。利润率的扩张表明美光不仅在销售更多产品，还在每比特中捕获更多价值，这对于在周期性行业中维持盈利增长至关重要。</p>
<h2>在快速扩张的总可寻址市场中领导 HBM 市场</h2>
<p>美光正将自己定位于高带宽内存（HBM）繁荣的中心，这已成为人工智能加速器和先进数据中心工作负载的关键组成部分。公司现在预计，HBM 的总可寻址市场将在 2028 年前以大约 40% 的复合年增长率增长，届时将达到约 1000 亿美元，比之前的预测提前两年。这一加速的时间表凸显了人工智能采用如何迅速推动 HBM 进入主流，管理层的评论表明美光视自己为这一快速扩张市场的领先供应商。</p>
<h2>技术进步支撑未来供应和人工智能增长</h2>
<p>为了维持其竞争地位，美光正在加速下一代制造节点的推进，包括其 1-gamma DRAM 和 G9 NAND。这些节点预计将在 2026 年前推动供应增长，同时改善成本结构和性能。公司还强调了其 HBM4 产品，声称其提供了针对人工智能工作负载的行业领先性能。这些技术投资是美光战略的核心：在内存创新的前沿保持领先，以捕获高价并确保在人工智能、云和高性能计算领域的长期客户关系。</p>
<h2>DRAM 和 NAND 的持续供应限制</h2>
<p>尽管进行了积极的投资和产能规划，美光预计 DRAM 和 NAND 的行业供应在 2026 年及以后仍将大幅低于需求。这种紧张反映了在引入先进产能方面的结构性限制，以及来自人工智能、云和边缘应用的激增需求。对于投资者而言，持续的供应短缺可以支持更稳固的定价和更强的利润率，但也限制了公司在短期内能够捕获的增长量，实际上在需求浪潮持续增长的同时限制了上行空间。</p>
<h2>无法完全满足客户需求</h2>
<p>供需失衡在美光关于客户履约的评论中尤为明显。管理层承认，对于几个关键客户，公司只能提供约 50% 到三分之二的请求量。这一短缺突显了当前需求的强烈程度，尤其是来自大型云和人工智能公司的需求，以及在快速扩展先进 DRAM 和 HBM 产能方面的限制。虽然这种稀缺性支持了有利的定价环境，但也强调了美光因为无法足够发货而错失潜在收入。</p>
<h2>资本支出激增以释放未来产能</h2>
<p>为了应对这些产能瓶颈并为长期增长做好准备，美光计划大幅增加资本支出，目标是在 2026 财年达到约 200 亿美元。这笔支出的主要部分旨在扩大高带宽内存（HBM）和先进动态随机存取存储器（DRAM）的供应能力。这一高额资本支出表明管理层对持续的人工智能驱动需求和当前上行周期的持久性充满信心，尽管这也引发了对长期回报和最终过剩风险的质疑。然而，目前投资案例的关键在于美光能否将这笔资本支出转化为在结构性紧张市场中增量的高利润产能。</p>
<h2>前瞻性指引：更多纪录在前</h2>
<p>展望未来，美光的指引表明当前的势头远未达到顶峰。公司预测 2026 财年第二季度的收入将创下 187 亿美元的纪录，这意味着与已经创纪录的第一季度相比又将有大幅增长。毛利率预计将进一步攀升至 68%，每股收益预计为 8.42 美元，得益于丰富的产品组合和强劲的定价。管理层还重申了对 HBM 市场繁荣的预期，预计到 2028 年市场总规模（TAM）将达到约 1000 亿美元，并在 2025 年实现 40% 的年复合增长率（CAGR），并确认计划在 2026 财年投入约 200 亿美元的资本支出以支持 HBM 和 DRAM 的产能。这些目标表明公司正在积极迎接人工智能驱动的内存超级周期，同时保持对盈利能力和现金生成的关注。</p>
<p>美光的财报电话会议描绘了一家处于人工智能和云基础设施建设核心的公司，创造了创纪录的收入，毛利大幅提升，自由现金流强劲，同时面临限制其完全满足需求的产能约束。凭借在 HBM、先进 DRAM 和下一代 NAND 方面的领导地位，以及旨在释放未来供应的显著资本支出增长，美光正在为持续增长做好准备。对于投资者而言，这个故事是强劲的长期顺风、严谨的执行，以及不断定义内存周期的激增需求与受限供应之间的紧张关系。</p>

美光科技

<p>美光科技第一季度的财报电话会议强调了创纪录的 136 亿美元收入，这得益于人工智能和高带宽内存的强劲需求。所有业务部门均报告了创纪录的收入，云计算、数据中心、移动和汽车领域的增长显著。尽管盈利能力有所改善，技术进步也在持续，但 DRAM 和 NAND 的供应限制了公司满足客户全部需求的能力。管理层对未来的增长保持乐观，特别是在高带宽内存市场，但也承认持续存在的供应挑战</p>

<p>Micron Technology ((MU)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>美光科技（Micron Technology）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，信心投资</h3>
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<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Micron Technology’s Earnings Call Signals Booming Demand Amid Tight Supply</p>
<div class="lb-trans"><p>美光科技的财报电话会议显示出在供应紧张的情况下需求旺盛</p>
</div><p>Micron Technology’s latest earnings call painted a picture of a company riding powerful secular trends in AI and high-bandwidth memory, with record revenue, stronger profitability, and robust free cash flow. Management’s tone was broadly optimistic, highlighting accelerating demand and clear technology leadership, but also candid about persistent supply constraints that are preventing Micron from fully capitalizing on the current upcycle. The result is a rare combination of rapid growth, expanding margins, and structural scarcity that is shaping both the company’s near-term performance and long-term investment plans.</p>
<div class="lb-trans"><p>美光科技最新的财报电话会议描绘了一幅公司在人工智能和高带宽内存等强劲长期趋势中蓬勃发展的图景，创下了收入新高，盈利能力增强，自由现金流强劲。管理层的语气总体乐观，强调需求加速和明确的技术领导地位，但也坦诚地提到持续的供应限制使美光无法充分利用当前的上行周期。结果是快速增长、利润率扩张和结构性稀缺的罕见组合，这正在塑造公司的短期表现和长期投资计划。</p>
</div><h2>Record-Breaking Revenue and Broad-Based Growth</h2>
<div class="lb-trans"><h2>创纪录的收入和广泛的增长</h2>
</div><p>Micron posted fiscal Q1 revenue of $13.6 billion, a new quarterly high and the third consecutive record, up 21% sequentially and 57% year over year. This pace of growth underscores how quickly memory and storage demand has rebounded, particularly for AI and data-centric workloads. The strong top-line numbers also reflect firmer pricing and a healthier supply-demand balance in the broader memory market, positioning Micron as a key beneficiary of the current cycle.</p>
<div class="lb-trans"><p>美光在 2023 财年第一季度的收入为 136 亿美元，创下季度新高，并且是连续第三个创纪录的季度，环比增长 21%，同比增长 57%。这种增长速度凸显了内存和存储需求的迅速反弹，特别是针对人工智能和数据中心工作负载。强劲的收入数字也反映了更稳固的定价和更健康的供需平衡，使美光成为当前周期的主要受益者。</p>
</div><h2>All Business Units Fire on All Cylinders</h2>
<div class="lb-trans"><h2>所有业务单元全面开花</h2>
</div><p>Every major business unit reported record revenue, emphasizing that Micron’s momentum is not confined to a single end market. The Cloud Memory Business Unit led with $5.3 billion in revenue, reflecting cloud and AI infrastructure build-outs. The Core Data Center Business Unit reached $2.4 billion, while the Mobile and Client Business Unit delivered $4.3 billion, indicating robust demand in smartphones and PCs. The Automotive and Embedded Business Unit added $1.7 billion, showcasing growing memory content in vehicles and industrial applications. This broad diversification helps reduce cyclicality and spreads growth across multiple secular drivers.</p>
<div class="lb-trans"><p>每个主要业务单元均报告了创纪录的收入，强调美光的势头并不局限于单一终端市场。云内存业务单元以 53 亿美元的收入领先，反映了云和人工智能基础设施的建设。核心数据中心业务单元达到了 24 亿美元，而移动和客户端业务单元则交出了 43 亿美元的收入，显示出智能手机和个人电脑的强劲需求。汽车和嵌入式业务单元增加了 17 亿美元，展示了汽车和工业应用中内存内容的增长。这种广泛的多样化有助于减少周期性波动，并将增长分散到多个长期驱动因素上。</p>
</div><h2>Margin Expansion Fueled by Pricing and Mix</h2>
<div class="lb-trans"><h2>价格和产品组合推动利润率扩张</h2>
</div><p>Profitability improved sharply, with consolidated gross margin hitting 56.8%, up 11 percentage points from the prior quarter. Management attributed this to stronger pricing, disciplined cost execution, and a favorable product mix skewed toward higher-value solutions, especially advanced DRAM and NAND for AI and data center applications. The margin expansion signals that Micron is not only selling more but also capturing more value per bit, which is critical for sustaining earnings growth in a cyclical industry.</p>
<div class="lb-trans"><p>盈利能力显著改善，合并毛利率达到 56.8%，比上个季度提高了 11 个百分点。管理层将此归因于更强的定价、严格的成本执行以及偏向于高价值解决方案的有利产品组合，特别是针对人工智能和数据中心应用的先进 DRAM 和 NAND。利润率的扩张表明美光不仅在销售更多产品，还在每比特中捕获更多价值，这对于在周期性行业中维持盈利增长至关重要。</p>
</div><h2>HBM Market Leadership in a Rapidly Expanding TAM</h2>
<div class="lb-trans"><h2>在快速扩张的总可寻址市场中领导 HBM 市场</h2>
</div><p>Micron is positioning itself at the center of the high-bandwidth memory (HBM) boom, which is becoming a critical component for AI accelerators and advanced data center workloads. The company now expects HBM’s total addressable market to grow at roughly a 40% compound annual rate through 2028, reaching around $100 billion by that year—two years earlier than previously forecast. This accelerated timeline underscores how quickly AI adoption is pushing HBM into the mainstream, and management’s commentary suggested that Micron sees itself as a leading supplier into this rapidly expanding market.</p>
<div class="lb-trans"><p>美光正将自己定位于高带宽内存（HBM）繁荣的中心，这已成为人工智能加速器和先进数据中心工作负载的关键组成部分。公司现在预计，HBM 的总可寻址市场将在 2028 年前以大约 40% 的复合年增长率增长，届时将达到约 1000 亿美元，比之前的预测提前两年。这一加速的时间表凸显了人工智能采用如何迅速推动 HBM 进入主流，管理层的评论表明美光视自己为这一快速扩张市场的领先供应商。</p>
</div><h2>Technological Advancements Underpin Future Supply and AI Growth</h2>
<div class="lb-trans"><h2>技术进步支撑未来供应和人工智能增长</h2>
</div><p>To sustain its competitive position, Micron is ramping next-generation manufacturing nodes, including its 1-gamma DRAM and G9 NAND. These nodes are expected to drive supply growth into 2026 while improving cost structure and performance. The company also highlighted its HBM4 product, which it claims delivers industry-leading performance tailored to AI workloads. These technology investments are central to Micron’s strategy: staying at the forefront of memory innovation to capture premium pricing and secure long-term customer relationships in AI, cloud, and high-performance computing.</p>
<div class="lb-trans"><p>为了维持其竞争地位，美光正在加速下一代制造节点的推进，包括其 1-gamma DRAM 和 G9 NAND。这些节点预计将在 2026 年前推动供应增长，同时改善成本结构和性能。公司还强调了其 HBM4 产品，声称其提供了针对人工智能工作负载的行业领先性能。这些技术投资是美光战略的核心：在内存创新的前沿保持领先，以捕获高价并确保在人工智能、云和高性能计算领域的长期客户关系。</p>
</div><h2>Persistent Supply Constraints Across DRAM and NAND</h2>
<div class="lb-trans"><h2>DRAM 和 NAND 的持续供应限制</h2>
</div><p>Despite aggressive investment and capacity planning, Micron expects industry supply for both DRAM and NAND to remain substantially short of demand through and beyond 2026. This tightness reflects structural constraints in bringing on advanced capacity, alongside surging demand from AI, cloud, and edge applications. For investors, ongoing supply shortages can support firmer pricing and stronger margins, but they also limit the volume growth the company can capture in the near term, effectively capping upside while the demand wave continues to build.</p>
<div class="lb-trans"><p>尽管进行了积极的投资和产能规划，美光预计 DRAM 和 NAND 的行业供应在 2026 年及以后仍将大幅低于需求。这种紧张反映了在引入先进产能方面的结构性限制，以及来自人工智能、云和边缘应用的激增需求。对于投资者而言，持续的供应短缺可以支持更稳固的定价和更强的利润率，但也限制了公司在短期内能够捕获的增长量，实际上在需求浪潮持续增长的同时限制了上行空间。</p>
</div><h2>Inability to Fully Meet Customer Demand</h2>
<div class="lb-trans"><h2>无法完全满足客户需求</h2>
</div><p>The supply-demand imbalance is particularly evident in Micron’s comments about customer fulfillment. Management acknowledged that for several key customers, the company can only supply about 50% to two-thirds of requested volumes. This shortfall highlights both the intensity of current demand—especially from large cloud and AI players—and the constraints in scaling advanced DRAM and HBM capacity quickly enough. While this scarcity supports a favorable pricing environment, it also underscores that Micron is leaving potential revenue on the table simply because it cannot ship enough product.</p>
<div class="lb-trans"><p>供需失衡在美光关于客户履约的评论中尤为明显。管理层承认，对于几个关键客户，公司只能提供约 50% 到三分之二的请求量。这一短缺突显了当前需求的强烈程度，尤其是来自大型云和人工智能公司的需求，以及在快速扩展先进 DRAM 和 HBM 产能方面的限制。虽然这种稀缺性支持了有利的定价环境，但也强调了美光因为无法足够发货而错失潜在收入。</p>
</div><h2>CapEx Surge to Unlock Future Capacity</h2>
<div class="lb-trans"><h2>资本支出激增以释放未来产能</h2>
</div><p>To address these capacity bottlenecks and position for long-term growth, Micron plans to significantly increase capital expenditures, targeting roughly $20 billion in fiscal 2026. The bulk of this spend is aimed at expanding HBM and advanced DRAM supply capability. This elevated CapEx signals management’s confidence in sustained AI-driven demand and the durability of the current upcycle, even as it raises questions about longer-term returns and the risk of eventual oversupply. For now, however, the investment case hinges on Micron’s ability to convert this CapEx into incremental high-margin capacity in a structurally tight market.</p>
<div class="lb-trans"><p>为了应对这些产能瓶颈并为长期增长做好准备，美光计划大幅增加资本支出，目标是在 2026 财年达到约 200 亿美元。这笔支出的主要部分旨在扩大高带宽内存（HBM）和先进动态随机存取存储器（DRAM）的供应能力。这一高额资本支出表明管理层对持续的人工智能驱动需求和当前上行周期的持久性充满信心，尽管这也引发了对长期回报和最终过剩风险的质疑。然而，目前投资案例的关键在于美光能否将这笔资本支出转化为在结构性紧张市场中增量的高利润产能。</p>
</div><h2>Forward-Looking Guidance: More Records Ahead</h2>
<div class="lb-trans"><h2>前瞻性指引：更多纪录在前</h2>
</div><p>Looking ahead, Micron’s guidance suggests that the current momentum is far from peaking. The company forecasts record revenue of $18.7 billion for fiscal Q2 2026, implying another substantial sequential jump from an already record Q1. Gross margin is projected to climb further to 68%, with earnings per share expected at $8.42, supported by a rich product mix and strong pricing. Management also reiterated expectations for a booming HBM market, with TAM reaching about $100 billion by 2028 and a 40% CAGR from 2025, and confirmed plans for approximately $20 billion in fiscal 2026 CapEx to support HBM and DRAM capacity. These targets point to a company leaning aggressively into the AI-driven memory supercycle while maintaining a focus on profitability and cash generation.</p>
<div class="lb-trans"><p>展望未来，美光的指引表明当前的势头远未达到顶峰。公司预测 2026 财年第二季度的收入将创下 187 亿美元的纪录，这意味着与已经创纪录的第一季度相比又将有大幅增长。毛利率预计将进一步攀升至 68%，每股收益预计为 8.42 美元，得益于丰富的产品组合和强劲的定价。管理层还重申了对 HBM 市场繁荣的预期，预计到 2028 年市场总规模（TAM）将达到约 1000 亿美元，并在 2025 年实现 40% 的年复合增长率（CAGR），并确认计划在 2026 财年投入约 200 亿美元的资本支出以支持 HBM 和 DRAM 的产能。这些目标表明公司正在积极迎接人工智能驱动的内存超级周期，同时保持对盈利能力和现金生成的关注。</p>
</div><p>Micron’s earnings call portrayed a company at the heart of the AI and cloud infrastructure build-out, delivering record revenue, sharply higher margins, and strong free cash flow while grappling with capacity constraints that limit its ability to fully meet demand. With leadership in HBM, advanced DRAM, and next-generation NAND, and with a significant CapEx ramp aimed at unlocking future supply, Micron is positioning itself for continued growth. For investors, the story is one of robust secular tailwinds, disciplined execution, and the tension between surging demand and constrained supply that continues to define the memory cycle.</p>
<div class="lb-trans"><p>美光的财报电话会议描绘了一家处于人工智能和云基础设施建设核心的公司，创造了创纪录的收入，毛利大幅提升，自由现金流强劲，同时面临限制其完全满足需求的产能约束。凭借在 HBM、先进 DRAM 和下一代 NAND 方面的领导地位，以及旨在释放未来供应的显著资本支出增长，美光正在为持续增长做好准备。对于投资者而言，这个故事是强劲的长期顺风、严谨的执行，以及不断定义内存周期的激增需求与受限供应之间的紧张关系。</p>
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Micron Technology Earnings Call: AI Boom, Tight Supply

- 美光科技在第一季度收益电话会议中公布收入达到 136 亿美元，创记录新高。  
- 尽管面临持久的供给限制，公司仍展现出强劲的增长潜力。  
- 面向未来，公司预计财报将继续刷新记录，维持 68% 的毛利率。

美光科技的财报电话会议：人工智能的热潮与供应紧张