高盛称，不要被之前的担忧蒙蔽双眼——闪迪不仅跨越了市场的高门槛，更是直接碾压了所有预期。 1月30日，据追风交易台消息，高盛在最新研报中称，尽管在英伟达发布存储控制器公告、行业供需紧 张以及价格预期强劲的推动下，SanDisk股价近期已经经历了大幅上涨，导致市场原本对本次财报的门 槛极高，但公司交出的答卷依然令人瞠目结舌。 高盛认为，无论是刚刚过去的第四季度，还是对未来一季度的指引，数据都不仅仅是"超预期"，而是远 超（Far Above）华尔街共识。 高盛分析师表示，闪迪4季度营收达到30.3亿美元，高出高盛和市场的共识预期；更令人瞩目的是毛利 率达到51.1%，远超高盛43.0%和市场42.3%的预期。 研报称，尽管高盛维持320美元目标价和买入评级，当前股价已近540美元，较目标价高出40%，显示市 场对NAND存储行业供需紧张局面的定价已经非常激进。 高盛称，然而，公司给出的1季度指引更为惊人——预计营收中位数达46亿美元，较市场预期高出 53.3%，毛利率指引66.0%，每股收益指引中位数13.00美元，几乎是市场预期的2.4倍。 更详细的解读，包括实时解读、一线研究等内容，请加入【追风交易台▪年度 ...

Core Viewpoint - SanDisk reported strong financial performance for Q2 FY2026, driven by robust demand from AI infrastructure builders and technology companies deploying AI at scale, with revenue exceeding guidance [3][6]. Financial Performance Summary - Q2 FY2026 revenue reached $3.025 billion, a 31% increase quarter-over-quarter (QoQ) and a 61% increase year-over-year (YoY) [3][8]. - GAAP net income was $803 million, up 617% QoQ and 672% YoY, with diluted earnings per share (EPS) of $5.15, reflecting a 587% increase QoQ and a 615% increase YoY [5][8]. - Non-GAAP diluted EPS was $6.20, up 408% QoQ and 404% YoY [5][8]. Gross Margin and Operating Expenses - Gross margin improved to 50.9%, up 21.1 percentage points QoQ and 18.6 percentage points YoY [5][8]. - Operating expenses decreased by 7% QoQ to $476 million, but increased by 16% YoY [5][8]. Segment Revenue Breakdown - Data center revenue was $440 million, a 64% increase QoQ and a 76% increase YoY [5][8]. - Edge revenue reached $1.678 billion, up 21% QoQ and 63% YoY [5][8]. - Consumer revenue was $907 million, reflecting a 39% increase QoQ and a 52% increase YoY [5][8]. Future Guidance - For Q3 FY2026, SanDisk expects revenue between $4.4 billion and $4.8 billion, with non-GAAP diluted EPS projected between $12.00 and $14.00 [6][8].

Core Viewpoint - The company is experiencing significant growth driven by AI infrastructure expansion, particularly in the data center segment, with a notable increase in enterprise SSD demand due to AI workloads [6][13][20]. Group 1: Financial Performance - The company reported revenue of $3 billion for the second quarter, a 31% increase quarter-over-quarter and a 61% increase year-over-year [15]. - Non-GAAP earnings per share (EPS) for the quarter were $6.20, exceeding guidance of $3 to $3.40 [16]. - The non-GAAP gross margin was 51.1%, significantly higher than the previous quarter's 29.9% and above the guidance of 41% to 43% [15][16]. Group 2: Market Dynamics - The NAND market is undergoing a structural evolution driven by AI, with increasing demand for storage in data centers as data temperatures rise and workloads expand [13][20]. - The company is prioritizing long-term agreements with strategic customers to ensure supply certainty and better align with market demand [7][14]. - The data center segment is expected to see significant growth in both the short and long term, with enterprise SSD demand accelerating [8][20]. Group 3: Product Development and Innovation - The company is advancing next-generation product innovations and certifications, with key customer projects progressing as planned [8]. - The BiCS8 TLC solution is driving significant revenue growth in the data center product portfolio, which saw a 64% increase quarter-over-quarter [9]. - The company launched the Sandisk Extreme Fit, a breakthrough USB-C flash drive, enhancing its consumer product offerings [10][11]. Group 4: Strategic Partnerships and Investments - The company extended its joint venture agreement with Kioxia until December 2034, ensuring a stable supply of NAND technology [17]. - The company is focused on maintaining a cautious capital expenditure plan while supporting mid-to-high single-digit bit growth through the BiCS8 transition [14][17]. - The company is committed to investing in R&D and capital expenditures to support the development of advanced semiconductor technologies [16][70].

Core Insights - SanDisk has forecasted profits and sales significantly exceeding Wall Street estimates, indicating strong market performance driven by increased demand for data storage related to artificial intelligence [1] Company Summary - SanDisk has extended a major supply agreement, which is expected to bolster its market position and revenue streams [1] - The surge in demand for data storage solutions is primarily attributed to advancements in artificial intelligence technologies, highlighting a growing trend in the industry [1]

Core Viewpoint - The demand for storage driven by AI is not a temporary trend but a structural transformation in the industry, with data centers expected to become the largest market for NAND by 2026 [2][4]. Group 1: Company Performance - SanDisk reported a revenue of $3 billion for the quarter, a 31% increase quarter-over-quarter, and a non-GAAP EPS of $6.20, significantly higher than the previous quarter's $1.22 [29][30]. - Data center revenue surged by 64% quarter-over-quarter, indicating strong demand driven by AI infrastructure [3][29]. - The company’s non-GAAP gross margin reached 51.1%, up from 29.9% in the previous quarter, with expectations for Q3 gross margins to be between 65% and 67% [11][29]. Group 2: Market Dynamics - The CEO highlighted that AI is reshaping the NAND industry, making NAND a critical component for AI infrastructure, which is leading to a fundamental change in supplier-customer relationships [4][27]. - The company is experiencing a significant increase in demand for NAND capacity due to the expansion of AI workloads in data centers and edge computing [4][22]. - SanDisk is maintaining a cautious approach to capital expenditure despite strong short-term pricing, emphasizing the need for confidence in long-term demand before increasing production capacity [5][28]. Group 3: Strategic Initiatives - SanDisk announced an extension of its joint venture with Kioxia until 2034, securing a stable supply base for the next decade [8][31]. - The company is focusing on long-term agreements with customers to ensure supply certainty and better align with their long-term demand [7][21]. - SanDisk is prioritizing high-performance TLC drives and the upcoming Stargate QLC storage products to drive revenue growth in the data center segment [3][22]. Group 4: Industry Outlook - The company expects the data center market to see a near 70% growth in exabytes by 2026, reflecting a significant upward revision from previous estimates [6][29]. - Traditional consumer electronics markets, such as PCs and smartphones, are facing unit sales declines, which may impact overall growth despite AI-driven demand [12][13]. - The CFO indicated that the structural changes in the NAND market are expected to reduce cyclicality and create higher average long-term profit margins [27].

智通财经获悉，在公布远超预期的2026 财年第二季度的业绩后，存储芯片厂商Sandisk(SNDK.US)股价 在周四盘后飙升近15%，财报显示，Sandisk该季度营收30.3 亿美元，同比增长 61.2%，高于 26.9 亿美 元的普遍预期；每股收益为 5.15 美元，而市场普遍预期为 3.54 美元。 截至发稿，Sandisk盘后涨14.39%，报618.88美元。 公司报告的调整后毛利率为 51.1%，远强于 42% 的预期。从各业务部门来看，数据中心营收环比激增 64% 至 4.4 亿美元，边缘计算营收增长 21% 至 16.78 亿美元，消费级业务增长 39% 至 9.07 亿美元。 展望未来，Sandisk 预计第三季度调整后每股收益将在 12 美元至 14 美元之间，这一预期彻底碾压了 5.11 美元的普遍预期。公司还预计营收增长将更加强劲，范围在 44 亿美元至 48 亿美元之间。 Sandisk 和铠侠将双方位于日本四日市（Yokkaichi）的合资协议延长至2034年。此举旨在保障NAND闪 存稳定供应。闪迪将为此支付11.65亿美元以获得长期供货权。 Yokkaichi工厂是全球重要3 ...

Core Viewpoint - Sandisk reported strong financial results for the fiscal second quarter of 2026, driven by significant growth in data center revenue due to the increasing adoption of AI technologies [3][9]. Financial Performance - Q2 2026 revenue reached $3.025 billion, a 31% increase from Q1 2026 and a 61% increase year-over-year [3][10]. - GAAP net income was $803 million, translating to a diluted net income per share of $5.15, marking a 587% increase from the previous quarter and a 615% increase year-over-year [3][10]. - Non-GAAP diluted net income per share was reported at $6.20 [3][9]. Gross Margin and Operating Income - Gross margin improved to 50.9%, up 21.1 percentage points from Q1 2026 and up 18.6 percentage points from Q2 2025 [7][10]. - Operating income surged to $1.065 billion, a 505% increase from Q1 2026 and a 446% increase year-over-year [7][10]. Revenue Breakdown by Segment - Data center revenue was $440 million, up 64% sequentially and 76% year-over-year [7][10]. - Edge revenue reached $1.678 billion, a 21% increase from Q1 2026 and a 63% increase year-over-year [7][10]. - Consumer revenue was $907 million, reflecting a 39% increase from Q1 2026 and a 52% increase year-over-year [7][10]. Business Outlook - For Q3 2026, Sandisk expects revenue to be between $4.4 billion and $4.8 billion, with non-GAAP diluted net income per share projected to be between $12.00 and $14.00 [8][9].

Group 1: Industry Insights - The State Council issued a work plan to accelerate the cultivation of new growth points in service consumption, aiming to optimize and expand service supply, enhance service consumption quality, and support high-quality economic development [1] - The demand for storage driven by AI has surged, with SanDisk reporting a 61% year-on-year revenue increase and a 672% rise in net profit for Q2, significantly exceeding Wall Street expectations [2] - Gold and silver experienced significant volatility, with silver dropping over 8% and gold retreating by up to $500 due to profit-taking, despite earlier reaching historical highs [3] Group 2: Company Performance - SanDisk's data center business revenue grew by 64% compared to Q1, reflecting the strong demand for data storage as AI applications expand [2] - Century Huatong expects a net profit of 5.55 billion to 6.98 billion yuan for 2025, representing a year-on-year increase of 357% to 475% [14] - Shenghe Resources anticipates a net profit of 790 million to 910 million yuan for 2025, marking an increase of 281.28% to 339.20% year-on-year [14] Group 3: Market Trends - The market is expected to focus on performance lines, with significant growth anticipated in sectors such as computing communication, lithium batteries, and energy storage [8] - The Ministry of Culture and Tourism issued over 360 million yuan in consumption vouchers, aiming to transition consumption from "restorative growth" to "endogenous expansion" [12] - The commercial aerospace sector in China is entering a phase of accelerated development, with expectations of a technological closure and capital premium by 2026 [11]

Core Viewpoint - Sandisk reported significantly better-than-expected Q2 FY2026 results, leading to a nearly 15% surge in stock price after hours, driven by strong revenue and earnings growth [1] Financial Performance - Q2 revenue reached $3.03 billion, a year-over-year increase of 61.2%, surpassing the expected $2.69 billion [1] - Earnings per share (EPS) were $5.15, exceeding the market expectation of $3.54 [1] - Adjusted gross margin was reported at 51.1%, well above the anticipated 42% [1] Business Segment Performance - Data center revenue surged 64% quarter-over-quarter to $440 million [1] - Edge computing revenue grew 21% to $1.678 billion [1] - Consumer business revenue increased by 39% to $907 million [1] Future Outlook - Sandisk expects Q3 adjusted EPS to be between $12 and $14, significantly higher than the consensus estimate of $5.11 [1] - Revenue growth is projected to be robust, ranging from $4.4 billion to $4.8 billion [1] Strategic Partnerships - Sandisk extended its joint venture agreement with Kioxia in Yokkaichi, Japan, until 2034 to ensure stable NAND flash supply, with a payment of $1.165 billion for long-term supply rights [2] - The Yokkaichi plant is a key global production site for 3D NAND, reflecting confidence in long-term collaboration and supply chain synergy [2] CEO Insights - The CEO highlighted the company's agility in leveraging a superior product mix and accelerating enterprise SSD deployment, emphasizing the role of their products in driving AI and global technology [2]

Market Overview - Major indexes closed off session lows, with the Dow up +55 points (+0.11%) and the S&P 500 down -0.13%. The Nasdaq fell -172 points (-0.72%) before recovering somewhat [1] Microsoft (MSFT) - Microsoft experienced a significant sell-off due to higher-than-anticipated AI spending and OpenAI exposure, resulting in a market cap loss of -$430 billion in one day. Despite beating earnings expectations for fiscal Q2, the outlook on AI spending appears riskier [2][8] Meta Platforms (META) - In contrast to Microsoft, Meta Platforms saw a +10.4% increase in stock price, benefiting from its AI investments in advertising and marketing, which are yielding gains in the social media space [3] Apple (AAPL) - Apple outperformed expectations in its fiscal Q3 report, with earnings of $2.84 per share surpassing the $2.65 consensus. Revenues reached $143.76 billion, exceeding expectations and showing a +16% year-over-year increase. iPhone sales rose +23% year-over-year to $85.27 billion, driven by a +38% surge in China sales [4][5] Visa (V) - Visa reported earnings of $3.17 per share, beating estimates by three cents, with revenues of $10.9 billion, a +15% increase from the previous year. However, concerns about future growth arise from proposed caps on credit card rates [6] SanDisk (SNDK) - SanDisk posted a remarkable earnings beat of $6.20 per share compared to the anticipated $3.54, with revenues of $3.03 billion. The company provided optimistic next-quarter earnings guidance of $12-14 per share, significantly higher than the Zacks consensus of $5.36. SanDisk's Data Center business saw a +64% growth quarter over quarter [7]