传媒行业海外科技周报：美光四季报及下季指引超预期，数据中心存储需求强劲

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3][4][18]. Core Insights - Micron's FY24Q4 performance and guidance exceeded expectations, with revenue reaching $7.75 billion, a year-over-year increase of 93% and a quarter-over-quarter increase of 14% [5][6]. - The data center segment saw record revenue, with DRAM and NAND revenues hitting all-time highs in a single quarter [7][9]. - The outlook for CY25 indicates a favorable supply-demand balance for storage, with significant capital expenditures planned for HBM and new wafer fabrication facilities [4][9]. Summary by Sections Financial Performance - Micron's FY24Q4 revenue was $7.75 billion, surpassing market expectations of $7.66 billion. Non-GAAP gross margin was 36.5%, exceeding the expected 34.7% [5][6]. - For FY25Q1, revenue guidance is set between $8.5 billion and $8.9 billion, with a year-over-year increase of 84% and a quarter-over-quarter increase of 12% [5][6]. Market Trends - Data center revenue is expected to grow significantly in FY25, driven by strong demand for AI servers and traditional servers [7][8]. - The PC market is projected to see seasonal growth in CY24H2, with a low single-digit percentage increase in shipments [8][9]. - Mobile phone shipments are also expected to grow in CY24, with new AI-enabled devices being introduced [8][9]. Supply and Demand Outlook - The demand forecast for CY24 DRAM is revised to a high single-digit percentage increase, while NAND demand remains stable at a mid-single-digit percentage increase [4][9]. - Capital expenditures for FY24 are projected at $8.1 billion, with a significant increase expected in FY25, targeting approximately 35% of revenue for HBM and new wafer fabrication [4][9]. Stock Performance - The Philadelphia Semiconductor Index rose by 4.3% this week, with notable stock price increases for Micron (18.3%), Intel (9.5%), AMD (5.4%), and NVIDIA (4.7%) [11][12].