芯片需求旺盛，美光业绩与指引双双“爆表”、提高资本支出，股价盘后大涨逾6.7%

Core Viewpoint - Micron Technology reported strong first-quarter results, exceeding analyst expectations, driven by tight supply of storage chips, significant price increases, and robust demand from AI data centers. The company raised its capital expenditure forecast for fiscal 2026 from $18 billion to $20 billion, leading to a post-market stock price increase of over 6.7% [1][8]. Financial Highlights - Revenue: Micron's adjusted revenue for the first fiscal quarter was $13.64 billion, a 57% year-over-year increase, surpassing analyst expectations of $12.95 billion [2]. - Operating Expenses: GAAP operating expenses were $1.51 billion, up from $1.40 billion in the previous quarter and $1.17 billion year-over-year. Non-GAAP operating expenses were $1.33 billion, compared to $1.21 billion in the previous quarter and $1.05 billion year-over-year [3]. - Operating Profit: GAAP operating profit was $6.14 billion, accounting for 45.0% of revenue; non-GAAP operating profit was $6.42 billion, accounting for 47.0%, exceeding analyst expectations of $5.37 billion [3]. Profitability Metrics - Gross Profit: GAAP gross profit was $7.65 billion, with a gross margin of 56.0%; non-GAAP gross profit was $7.75 billion, with a gross margin of 56.8% [4]. - Net Profit: GAAP net profit was $5.24 billion, with diluted earnings per share (EPS) of $4.60; non-GAAP net profit was $5.48 billion, with diluted EPS of $4.78, exceeding analyst expectations of $3.95 [4]. Cash Flow - Operating Cash Flow: The operating cash flow was $8.41 billion, significantly higher than analyst expectations of $5.94 billion and the previous quarter's $5.73 billion, as well as last year's $3.24 billion [5]. Business Segment Performance - Cloud Storage: First-quarter revenue was $5.28 billion, doubling year-over-year, with a gross margin of 66% [6]. - Data Center Business: First-quarter revenue was $2.38 billion, a 4% year-over-year increase, with a gross margin of 51% [6]. - Mobile and Client Business: First-quarter revenue was $4.26 billion, up from $2.61 billion year-over-year, with a gross margin of 54% [6]. - Automotive and Embedded Business: First-quarter revenue was $1.72 billion, up from $1.16 billion year-over-year, with a gross margin of 45% [6]. Second Quarter Guidance - Revenue: The company expects second-quarter revenue to be $18.7 billion, significantly exceeding analyst expectations of $14.38 billion [7]. - Gross Margin: GAAP gross margin is expected to be 67.0%, while non-GAAP gross margin is expected to be 68.0%, both higher than analyst expectations of 55.7% [7]. - Operating Expenses: GAAP operating expenses are projected to be $1.56 billion, while non-GAAP operating expenses are expected to be $1.38 billion [8]. - Earnings Per Share: GAAP diluted EPS is expected to be $8.19, while non-GAAP diluted EPS is expected to be $8.42, far exceeding analyst expectations of $4.71 [8]. Market Dynamics - AI Demand: The demand for AI-related components is significantly outpacing supply, benefiting companies like Micron. The company is a key supplier of high-bandwidth memory (HBM), essential for AI model training and deployment [11][12]. - Supply Shortages: There is a notable shortage of storage chips for personal computers, as manufacturers shift production capacity to meet AI data center demands. This shortage is expected to persist into 2026 [12]. - Price Increases: Analysts predict that DRAM prices will rise by at least 30% and NAND flash prices by at least 20% by the end of the year due to supply constraints [12]. Strategic Adjustments - Capital Expenditure: Micron has increased its capital expenditure forecast for fiscal 2026 to $20 billion, driven by strong demand from data centers and cloud service providers [14]. - Business Focus: The company plans to exit its Crucial consumer business to focus on enterprise and commercial sectors, allowing for more supply capacity for AI and data center needs [15].