西部数据电话会：2026年产能已售罄，长约签署到2028年，AI推理正在重塑HDD估值体系

Core Insights - Western Digital reported Q2 FY2026 revenue of $3.02 billion and adjusted EPS of $2.13, both exceeding market expectations [3] - The company achieved a net profit of $1.84 billion, translating to $4.73 per share, marking a 210% increase from $594 million ($1.27 per share) year-over-year [3] - Despite strong financial results, the stock price fell nearly 3% post-announcement, attributed to profit-taking after a 60% rise in January [3] Financial Performance - Q2 gross margin surged by 770 basis points year-over-year to 46.1%, with Q3 guidance raised to 48% [4] - Incremental margin confirmed at approximately 75%, driven by a 2-3% increase in average selling price (ASP) per TB and a 10% decrease in manufacturing costs per TB [4] - Operating expenses were $372 million, down 120 basis points as a percentage of revenue, with operating income slightly above $1 billion and an operating margin of 33.8% [19] Long-term Contracts and Pricing Strategy - CEO Irving Tan revealed that the company has secured all firm purchase orders for 2026 from its top seven customers and signed long-term agreements (LTA) with three of the top five customers, extending to 2028 [5] - The LTAs include both pricing and quantity terms, reflecting a structural value shift recognized by customers [5][27] Technology and Market Trends - The company is accelerating the customer validation timeline for HAMR (Heat-Assisted Magnetic Recording) technology by six months due to supply constraints [7] - CEO Tan emphasized that the transition to HAMR will not negatively impact overall profitability, as initial margins will be neutral or beneficial [7] - The shift in AI value chain from model training to inference applications is expected to drive demand for HDDs, as inference generates vast amounts of data requiring low-cost storage [8][9] Future Outlook - For Q3 FY2026, the company expects revenue of $3.2 billion, reflecting approximately 40% year-over-year growth, with gross margin projected between 47% and 48% [20] - The company plans to continue focusing on high-capacity HDDs and has seen strong adoption of its latest ePMR products, with over 3.5 million units shipped [14][19]