美光科技（MU）：指引FY26Q3毛利率将超80%

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company reported significant revenue growth in FY26Q2, achieving $23.86 billion, a year-over-year increase of 196% and a quarter-over-quarter increase of 75% [2]. - The GAAP gross margin for FY26Q2 was 74.4%, reflecting a year-over-year increase of 37.6 percentage points and a quarter-over-quarter increase of 18.4 percentage points [2]. - The company expects FY26Q3 revenue to be approximately $33.5 billion, with gross margins around 81% [2]. - The demand for data center storage is rapidly increasing, with expectations that by the end of 2026, the demand for data center DRAM and NAND will exceed 50% of the total industry market [3]. - The company is increasing its capital expenditures, projecting over $25 billion for FY26, with further increases expected in FY27 to support HBM and DRAM capacity investments [4]. Summary by Relevant Sections Performance Review - FY26Q2 revenue reached $23.86 billion, with GAAP net profit of $13.78 billion, marking a year-over-year increase of 771% [2]. - Non-GAAP net profit for FY26Q2 was $14.02 billion, up 686% year-over-year [2]. Operational Analysis - DRAM revenue for FY26Q2 was $18.8 billion, up 207% year-over-year, with prices increasing approximately 65% quarter-over-quarter [3]. - NAND revenue was $5 billion, reflecting a 169% year-over-year increase, with prices rising 75-80% quarter-over-quarter [3]. - The company is making progress with HBM products, with HBM4 expected to reach mature yield faster than HBM3E [3]. Profit Forecast and Valuation - The company is projected to achieve GAAP net profits of $60.71 billion, $128.37 billion, and $171.06 billion for FY26, FY27, and FY28, respectively [5]. - The expected revenue growth rates for FY26 to FY28 are 195.7%, 81.9%, and 27.9% [10].