<p>內存芯片製造商 <strong>美光科技</strong>(MU -2.12%) 歷來是芯片行業中最具週期性的股票之一。內存市場容易受到供需波動的影響，導致庫存水平和價格出現繁榮與蕭條的週期。</p>
<p>然而，美光科技在今年的半導體行業中表現出色，這表明投資者可能低估了其動能以及內存領域在人工智能熱潮中的表現。美光及其同行製造高帶寬內存（HBM）芯片，這些芯片是人工智能的關鍵組成部分，這也是該股票今年翻倍的主要原因，超越了更知名的行業參與者如 <strong>英偉達</strong> 和 <strong>AMD</strong>。這種強勁的表現和動能在美光的第四季度財報中得到了體現。</p>
<p>在 8 月份提高指引後，該公司超出了其更新後的指引和分析師的預期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4ODIvcmFtLWRyYW0tc2VtaWNvbmR1Y3Rvci1jaGlwLW1hbnVmYWN0dXJpbmctMTIwMXg4MDAtNWIyZGY3OS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4ODIvcmFtLWRyYW0tc2VtaWNvbmR1Y3Rvci1jaGlwLW1hbnVmYWN0dXJpbmctMTIwMXg4MDAtNWIyZGY3OS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>該季度收入躍升 46%，達到 113.2 億美元，超出市場共識的 111.6 億美元。該季度為全年類似增長和 374 億美元的全年收入畫上了句號。</p>
<p>該公司還兑現了 2024 年 3 月做出的承諾，即美光將成為半導體行業中人工智能的最大受益者，並將在剛剛結束的財年中實現創紀錄的收入和顯著改善的盈利能力。它確實做到了這一點。</p>
<p>除了強勁的收入增長，毛利率從 35.3% 提高至 44.7%，反映出高價值數據中心產品的增長和動態隨機存取內存（DRAM）中定價的強勁，包括 HBM。</p>
<p>營業利潤率從 19.6% 提高至 32.3%，因為在研發和銷售、一般及行政費用上獲得了槓桿效應，並報告調整後的每股收益為 3.03 美元，較去年同期的 1.18 美元有所上升，且超出預期的 2.86 美元。</p>
<p>美光的股票在報告發布後基本持平，但這似乎只是反映出在報告發布前，股票在 9 月份上漲了約 40% 後，市場對其高預期的反應。繼續閲讀，看看該股票為何能夠繼續上漲的三個原因。</p>
<h2>1. 指引顯示業績將進一步改善</h2>
<p>美光沒有給出整個財年的指引，但其對第一季度的展望顯示出其動能將持續到當前季度。</p>
<p>它預計收入將在 122 億美元到 128 億美元之間，按中值計算比去年同期增長 44%，遠超市場共識的 118.3 億美元。它還預測調整後的毛利率將超過 50%，達到 50.5% 到 52.5%。該公司的毛利率在 2010 年代末的繁榮時期僅有一次超過 50%。</p>
<h2>2. 供應依然緊張</h2>
<p>供需動態對美光的業務是有利的，因此管理層認為未來一年供應將保持緊張，這無疑是個好消息。</p>
<p>到 2024 年 6 月，美光的 HBM 產能已經售罄，管理層繼續看到 2026 財年的供應環境緊張，尤其是隨着對人工智能產能需求的不斷加速。</p>
<p>這種動態應支持美光產品的高價格和強勁的利潤率，直到 2026 財年。該公司還表示，預計將在未來幾個月內出售 2026 日曆年的剩餘 HBM 供應。</p>
<h2>3. 美光仍然是一個好價值</h2>
<p>美光的前瞻性估計穩步上升，並且在最新的財報發佈後應該會再次上升。它目前的市盈率（P/E）為 20，前瞻市盈率為 12.5。</p>
<p>與其在人工智能領域的同行相比，這些估值處於極低水平，並且它的增長速度仍然超過許多芯片股票同行。事實上，它的收入增長現在與英偉達相媲美。</p>
<p>低估值似乎反映了內存市場之前的繁榮與蕭條週期，但人工智能時代可能為該行業引入了新的範式。雖然相同的基本動態仍然存在，但市場規模現在似乎大得多，這意味着美光可能還有更多繁榮增長的年份在前，這對其投資者來説是個好消息。</p>

美光科技

<p>美光科技（MU）公佈了強勁的第四季度業績，收入增長 46%，達到 113.2 億美元，超出預期。該公司受益於人工智能的蓬勃發展，特別是在高帶寬內存（HBM）芯片方面。美光的毛利率提升至 44.7%，調整後的每股收益達到 3.03 美元。展望未來，美光預計第一季度收入將在 122 億美元至 128 億美元之間，顯示出持續的增長勢頭。供應依然緊張，支撐高價格，美光的估值相較於同行具有吸引力，暗示着進一步增長的潛力</p>

<p>Memory-chip maker <strong>Micron</strong>(MU -2.12%) has historically been one of the most cyclical stocks in the chip sector. Memory is prone to boom and bust cycles as inventory levels and prices fluctuate according to supply and demand.</p>
<div class="lb-trans"><p>內存芯片製造商 <strong>美光科技</strong>(MU -2.12%) 歷來是芯片行業中最具週期性的股票之一。內存市場容易受到供需波動的影響，導致庫存水平和價格出現繁榮與蕭條的週期。</p>
</div><p>However, Micron has been one of the best performers in the semiconductor sector this year, a sign that investors may be underrating its momentum and that of the memory segment in the AI boom. Micron and its peers make high-bandwidth memory (HBM) chips that are an essential component of AI, and that's a key reason the stock has doubled this year, outpacing better-known industry players like <strong>Nvidia</strong> and <strong>AMD</strong>. That strength and momentum were on display in Micron's fourth-quarter earnings report.</p>
<div class="lb-trans"><p>然而，美光科技在今年的半導體行業中表現出色，這表明投資者可能低估了其動能以及內存領域在人工智能熱潮中的表現。美光及其同行製造高帶寬內存（HBM）芯片，這些芯片是人工智能的關鍵組成部分，這也是該股票今年翻倍的主要原因，超越了更知名的行業參與者如 <strong>英偉達</strong> 和 <strong>AMD</strong>。這種強勁的表現和動能在美光的第四季度財報中得到了體現。</p>
</div><p>After raising its guidance in August, the company topped both its updated guidance and analyst estimates.</p>
<div class="lb-trans"><p>在 8 月份提高指引後，該公司超出了其更新後的指引和分析師的預期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4ODIvcmFtLWRyYW0tc2VtaWNvbmR1Y3Rvci1jaGlwLW1hbnVmYWN0dXJpbmctMTIwMXg4MDAtNWIyZGY3OS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834882%2Fram-dram-semiconductor-chip-manufacturing-1201x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>Revenue in the quarter jumped 46% to $11.32 billion, which topped the consensus at $11.16 billion. The quarter capped off a year with similar growth and full-year revenue of $37.4 billion.</p>
<div class="lb-trans"><p>該季度收入躍升 46%，達到 113.2 億美元，超出市場共識的 111.6 億美元。該季度為全年類似增長和 374 億美元的全年收入畫上了句號。</p>
</div><p>The company also fulfilled an earlier promise, made in March 2024, that Micron would be one of the biggest beneficiaries of AI in the semiconductor industry, and that it would deliver record revenue and significantly improved profitability for the year it just completed. It did just that.</p>
<div class="lb-trans"><p>該公司還兑現了 2024 年 3 月做出的承諾，即美光將成為半導體行業中人工智能的最大受益者，並將在剛剛結束的財年中實現創紀錄的收入和顯著改善的盈利能力。它確實做到了這一點。</p>
</div><p>In addition to the strong revenue growth, gross margin improved from 35.3% to 44.7%, reflecting the ramping up of high-value data center products and pricing strength in dynamic random-access memory (DRAM), which includes HBM.</p>
<div class="lb-trans"><p>除了強勁的收入增長，毛利率從 35.3% 提高至 44.7%，反映出高價值數據中心產品的增長和動態隨機存取內存（DRAM）中定價的強勁，包括 HBM。</p>
</div><p>Operating margin improved from 19.6% to 32.3% as it gained leverage on research and development and selling, general, and administrative expenses, and it reported adjusted earnings per share of $3.03, up from $1.18 in the quarter a year ago, and ahead of estimates at $2.86.</p>
<div class="lb-trans"><p>營業利潤率從 19.6% 提高至 32.3%，因為在研發和銷售、一般及行政費用上獲得了槓桿效應，並報告調整後的每股收益為 3.03 美元，較去年同期的 1.18 美元有所上升，且超出預期的 2.86 美元。</p>
</div><p>Micron stock was essentially flat on the report, but that seems to just be a reflection that high expectations were baked in after the stock rose roughly 40% in September coming into the report. Keep reading to see three reasons the stock can continue gaining.</p>
<div class="lb-trans"><p>美光的股票在報告發布後基本持平，但這似乎只是反映出在報告發布前，股票在 9 月份上漲了約 40% 後，市場對其高預期的反應。繼續閲讀，看看該股票為何能夠繼續上漲的三個原因。</p>
</div><h2>1. Guidance shows results will get even better</h2>
<div class="lb-trans"><h2>1. 指引顯示業績將進一步改善</h2>
</div><p>Micron did not give guidance for the full fiscal year, but its outlook for the first quarter shows its momentum will continue into the current quarter.</p>
<div class="lb-trans"><p>美光沒有給出整個財年的指引，但其對第一季度的展望顯示出其動能將持續到當前季度。</p>
</div><p>It called for $12.2 billion to $12.8 billion in revenue, up 44% from the quarter a year ago at the midpoint and well ahead of the consensus at $11.83 billion. It also forecast gross margin to top 50% at 50.5% to 52.5% on an adjusted basis. The company's gross margin has only been above 50% one other time before, during a boom in the late 2010s.</p>
<div class="lb-trans"><p>它預計收入將在 122 億美元到 128 億美元之間，按中值計算比去年同期增長 44%，遠超市場共識的 118.3 億美元。它還預測調整後的毛利率將超過 50%，達到 50.5% 到 52.5%。該公司的毛利率在 2010 年代末的繁榮時期僅有一次超過 50%。</p>
</div><h2>2. Supply remains tight</h2>
<div class="lb-trans"><h2>2. 供應依然緊張</h2>
</div><p>Supply/demand dynamics are kind in Micron's business, so it's good news that management sees supply remaining tight in the year ahead.</p>
<div class="lb-trans"><p>供需動態對美光的業務是有利的，因此管理層認為未來一年供應將保持緊張，這無疑是個好消息。</p>
</div><p>Micron was sold out of HBM capacity for this year by June 2024, and management continues to see a tight supply environment in fiscal 2026, especially as demand for AI capacity keeps accelerating.</p>
<div class="lb-trans"><p>到 2024 年 6 月，美光的 HBM 產能已經售罄，管理層繼續看到 2026 財年的供應環境緊張，尤其是隨着對人工智能產能需求的不斷加速。</p>
</div><p>That dynamic should support high prices for Micron's products and strong margins into fiscal 2026. The company also said it expects to sell the remainder of its HBM supply for calendar 2026 in the coming months.</p>
<div class="lb-trans"><p>這種動態應支持美光產品的高價格和強勁的利潤率，直到 2026 財年。該公司還表示，預計將在未來幾個月內出售 2026 日曆年的剩餘 HBM 供應。</p>
</div><h2>3. Micron is still a good value</h2>
<div class="lb-trans"><h2>3. 美光仍然是一個好價值</h2>
</div><p>Forward estimates on Micron have moved steadily upward, and should do so again following the latest earnings report. It now trades at a trailing price-to-earnings ratio (P/E) of 20, and a forward P/E of 12.5.</p>
<div class="lb-trans"><p>美光的前瞻性估計穩步上升，並且在最新的財報發佈後應該會再次上升。它目前的市盈率（P/E）為 20，前瞻市盈率為 12.5。</p>
</div><p>Compared to its peers in the AI sector, those are rock-bottom valuations, and it's still growing faster than many of its chip stock peers. In fact, its revenue growth is now rivaling that of Nvidia.</p>
<div class="lb-trans"><p>與其在人工智能領域的同行相比，這些估值處於極低水平，並且它的增長速度仍然超過許多芯片股票同行。事實上，它的收入增長現在與英偉達相媲美。</p>
</div><p>The low valuation seems to reflect the previous boom-and-bust cycles in memory, but the AI era may have introduced a new paradigm for the sector. While the same underlying dynamics still exist, the size of the market now seems to be significantly larger, meaning Micron could have more years of booming growth ahead of it -- good news for its investors.</p>
<div class="lb-trans"><p>低估值似乎反映了內存市場之前的繁榮與蕭條週期，但人工智能時代可能為該行業引入了新的範式。雖然相同的基本動態仍然存在，但市場規模現在似乎大得多，這意味着美光可能還有更多繁榮增長的年份在前，這對其投資者來説是個好消息。</p>
</div>

Micron Just Delivered a Huge Fourth Quarter. 3 Reasons the AI Stock Can Move Higher.

- 美光公司在 AI 熱潮中表現優異，第四季度營收增長 46% 至 113.2 億美元。  
- 預計未來季度營收將達 122 億至 128 億美元，毛利率有望超過 50%。  
- 供應緊張將支持高價格和強勁利潤，估值相對同行仍具吸引力。  

美光科技剛剛公佈了強勁的第四季度業績。以下是這隻 AI 股票可能上漲的三個原因