美光FY26Q1财报一览：指引炸裂、上调HBM预期，非HBM业务毛利率绝地反击

Core Viewpoint - Micron's Q1 FY26 earnings report significantly exceeded market expectations, indicating a strong growth trajectory for the semiconductor industry, particularly in AI-related sectors, with projections for substantial revenue increases in the coming quarters [3][19]. Financial Performance - Revenue for Q1 FY26 reached $13.64 billion, a 57% year-over-year increase and a 21% quarter-over-quarter increase, surpassing the market consensus of $12.92 billion [3]. - The company expects Q2 FY26 revenue to be $18.7 billion, reflecting a 132% year-over-year increase and a 37% quarter-over-quarter increase [3]. - GAAP gross margin was 56%, up 17.6 percentage points year-over-year and 11.3 percentage points quarter-over-quarter, with an expected gross margin of 67% for Q2 FY26 [3]. - GAAP operating profit was $6.14 billion, a 68% quarter-over-quarter increase, with an operating margin of 45% [3]. - GAAP net profit was $5.24 billion, a 64% quarter-over-quarter increase, exceeding market expectations of $4.33 billion [3]. Business Segments - DRAM revenue was $10.04 billion, a 57% year-over-year increase and a 12% quarter-over-quarter increase, accounting for 74% of total revenue [7]. - NAND revenue was $2.45 billion, a 9% year-over-year increase and a 9% quarter-over-quarter increase, with a revenue share dropping to 18% [9]. - CMBU (Cloud and Data Center) revenue was $5.28 billion, a 100% year-over-year increase and a 16% quarter-over-quarter increase, with a gross margin of 66% [13]. - MCBU (Mobile and PC) revenue was $4.26 billion, a 63% year-over-year increase and a 13% quarter-over-quarter increase, with a gross margin of 54% [13]. Market Outlook - The company anticipates a high-teens percentage growth in server shipments in 2025, with strong demand expected to continue into 2026 [16]. - DRAM bit demand is projected to grow in the low-20% range, while NAND bit demand is expected to grow in the high-teens percentage [17]. - The company plans to increase capital expenditures to $20 billion for FY26, primarily focused on HBM and other DRAM-related expansions [17]. Strategic Insights - Micron's management indicated that the total addressable market (TAM) for HBM is expected to exceed $35 billion in 2025 and reach $100 billion by 2028, two years earlier than previously anticipated [19][20]. - The company is negotiating long-term contracts with key customers that differ significantly from past agreements, reflecting a commitment to meet growing demand [17]. - The company is focusing on expanding production capacity for mainstream DRAM and HBM, with several facilities planned for future production increases [17].