Micron Technology(US:MU) SINOLINK SECURITIES·2025-06-26 06:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company's revenue for FY25Q3 reached $9.301 billion, representing a year-on-year increase of 37% and a quarter-on-quarter increase of 15% [2]. - The GAAP gross margin for FY25Q3 was 37.7%, with net profit of $1.885 billion, showing a year-on-year increase of 468% and a quarter-on-quarter increase of 19% [2]. - Non-GAAP gross margin for FY25Q3 was 39.0%, with net profit of $2.181 billion, reflecting a year-on-year increase of 211% and a quarter-on-quarter increase of 22% [2]. - The company expects FY25Q4 revenue to be approximately $10.7 billion, with GAAP gross margin of 41.0% and Non-GAAP gross margin of 42.0% [2]. Performance Analysis - The growth in the company's performance is primarily driven by the data center market, particularly the ramp-up of HBM products [3]. - FY25Q3 revenue from data center DRAM reached a historical high, mainly due to the rapid growth of HBM [3]. - The company anticipates its HBM market share will reach the level of its overall DRAM market share by the second half of CY25 [3]. - The company is progressing well with HBM4, which is expected to enter mass production in CY26 [3]. - For the consumer electronics market, the company forecasts low single-digit growth in PC and mobile phone shipments for 2025 [3]. Financial Forecasts - The company projects GAAP net profits for FY25, FY26, and FY27 to be $6.907 billion, $11.222 billion, and $11.468 billion, respectively [5]. - Revenue growth rates are expected to be 47.2% for FY25, 29.4% for FY26, and 0.7% for FY27 [10]. - The company’s EBITDA is projected to be $17.661 billion in FY25 and $23.856 billion in FY26 [10].