西部数据 FY26Q2 跟踪报告：本季营收与毛利率均超指引，公司已与三家客户签订长协

Investment Rating - The report indicates a positive outlook for the industry, with a recommendation for investment based on strong fundamentals and expected performance exceeding market benchmarks [5]. Core Insights - The company reported FY26Q2 revenue of $3.017 billion, a year-on-year increase of 25% and a quarter-on-quarter increase of 7%, surpassing guidance [1][16]. - Gross margin improved to 46.1%, up 7.7 percentage points year-on-year and 2.2 percentage points quarter-on-quarter, driven by a shift towards higher-capacity hard drives and strict cost control [1][16]. - The company has signed long-term agreements with three major clients, ensuring stable procurement volumes and pricing [4][12]. Summary by Sections Revenue and Profitability - FY26Q2 revenue was $3.017 billion, exceeding the guidance range of $2.8-3 billion, primarily due to strong demand for nearline hard drives [1][16]. - Gross margin reached 46.1%, benefiting from a transition to high-capacity drives and effective cost management [1][16]. - EPS for the quarter was $2.13, exceeding the guidance of $1.73-2.03 [1][16]. Business Segments - Cloud business revenue was $2.673 billion, accounting for 89% of total revenue, with a year-on-year increase of 27.53% [2]. - Client business revenue was $176 million, up 25.71% year-on-year, while consumer business revenue was $168 million, down 2.89% year-on-year [2]. - Total storage capacity delivered was 215EB, a year-on-year increase of 22.2% [2]. Future Guidance - For FY26Q3, the company expects revenue between $3.1-3.3 billion, with a midpoint year-on-year growth of approximately 39.5% [3][19]. - Gross margin is projected to be between 47%-48%, with EPS expected to be in the range of $2.15-2.45 [3][19]. Client Agreements and Product Development - The company has established long-term agreements with three major clients, ensuring predictable procurement volumes and pricing through 2027 and 2028 [4][12]. - The HAMR product is expected to begin mass production in early 2027, with anticipated gross margins comparable to or higher than ePMR [4][35]. - The UltraSMR technology has gained significant traction, with over 50% adoption among major clients, enhancing capacity and profitability [4][27]. Cost Management and Pricing - The cost per TB has decreased by approximately 10% year-on-year, with expectations for this trend to continue in the coming quarters [3][20]. - The pricing environment remains stable, with slight increases in average selling prices (ASP) observed [3][20].