存储超级周期再获“明牌”：美光产能满载、资本开支加码，华尔街齐声看高至350美元

Core Insights - Micron Technology's recent financial report has solidified the notion of a super cycle in the storage industry, with management addressing key market concerns regarding HBM, traditional DRAM/NAND, and capital expenditures, indicating a robust outlook for the storage sector through 2026 [1] - The company has reported a significant increase in revenue and earnings, with a projected revenue of $18.3 billion to $19.1 billion for Q2 FY2026, far exceeding analyst expectations of $14.4 billion [2] - Micron's stock surged over 10% following the optimistic outlook, marking its largest single-day gain in eight months, reflecting strong demand and supply shortages in the memory chip market [2] Financial Performance - For the first fiscal quarter of 2026, Micron's sales reached $13.6 billion, a 57% year-over-year increase, with adjusted earnings per share of $4.78, surpassing analyst expectations [4] - The company anticipates a 20% growth in industry demand for DRAM and NAND by 2026, with plans to increase bit supply by 20% [7] Market Dynamics - Major PC manufacturers like Dell and HP have warned of memory chip shortages, which are expected to drive up component prices, giving Micron a stronger bargaining position with customers [3] - The demand for AI computing components has outstripped supply, benefiting companies like Micron, which has fully booked its HBM capacity for 2026 [4] Capital Expenditure Plans - Micron plans to increase its capital expenditures from $18 billion to $20 billion to expand production capacity, reflecting a commitment to meet rising demand [1][4] - New factories are set to be operational in Boise by early 2027, with additional facilities planned in New York [5] Analyst Sentiment - Analysts have reacted positively to Micron's performance, with target prices being raised significantly; Morgan Stanley has set a target price of $350, indicating a potential upside of about 38% [5][6] - Other firms, including Bank of America and Mizuho Americas, have also raised their earnings forecasts and target prices, reflecting confidence in Micron's growth trajectory [6][7]