Micron Technology(MU) 国金证券·2025-03-21 14:33Investment Rating - The report maintains a "Buy" rating for the company, anticipating benefits from improved supply-demand dynamics in the storage industry [4]. Core Insights - The company reported FY25Q2 revenue of 1.583 billion, down 15.3% quarter-over-quarter but up 99.6% year-over-year [1]. - The company is actively controlling production capacity, which, combined with increased consumption of DRAM by HBM, is expected to improve supply-demand conditions [2]. - The company forecasts a 15% to 20% growth in DRAM bit volume and low double-digit growth in NAND bit volume for 2025, with a mid-term CAGR of around 15% for both DRAM and NAND [2]. - The company expects data center server shipment growth in 2025 to be in the mid-single digits, driven by strong AI demand, with the HBM market projected to exceed 8.8 billion, with GAAP gross margins of approximately 35.5% and non-GAAP gross margins of about 36.5% [1]. Summary by Sections Performance Review - FY25Q2 revenue was 8.8 billion [1]. Operational Analysis - The company is focusing on production control, with expectations that DRAM and NAND supply growth will be below industry growth rates. The NAND wafer capacity is expected to decrease by 10% by the end of FY25 compared to FY24 [2]. Market Outlook - The company anticipates a mid-single-digit growth in PC shipments and low single-digit growth in mobile shipments for 2025, with a recovery in data center NAND shipments expected in the coming months [3]. Profit Forecast and Valuation - Projected net profits for FY25, FY26, and FY27 are 9.606 billion, and $9.987 billion, respectively, with corresponding P/B ratios of 2.25, 1.91, and 1.65 [4].