Micron Technology(US:MU) 招商电子·2025-06-26 12:45Core Viewpoint - Micron reported record revenue in FY25Q3, exceeding guidance across revenue, gross margin, and earnings per share, driven by strong demand in data center and consumer markets [22][34]. Financial Performance - FY25Q3 total revenue reached $9.3 billion, a 37% year-over-year increase and a 15% quarter-over-quarter increase, setting a new quarterly revenue record [34]. - Gross margin for FY25Q3 was 39%, up 11 percentage points year-over-year and 1 percentage point quarter-over-quarter, exceeding guidance [34][38]. - Non-GAAP diluted earnings per share (EPS) was $1.91, surpassing the upper limit of guidance [22][39]. Product Segmentation - DRAM revenue was $7.1 billion, a 51% year-over-year increase, accounting for 76% of total revenue, with a 15% quarter-over-quarter increase [35][38]. - NAND revenue was $2.2 billion, a 4% year-over-year increase, representing 23% of total revenue, with a 16% quarter-over-quarter increase [35][38]. Business Segmentation - Compute and Networking Business Unit (CNBU) revenue was $5.07 billion, a record high, driven by nearly 50% quarter-over-quarter growth in HBM [36][38]. - Storage Business Unit (SBU) revenue was $1.45 billion, a 4% quarter-over-quarter increase, primarily from consumer market growth [37]. - Mobile Business Unit (MBU) revenue was $1.55 billion, a 45% quarter-over-quarter increase, driven by reduced customer inventory and increased DRAM capacity [37]. - Embedded Business Unit (EBU) revenue was $1.23 billion, a 20% quarter-over-quarter increase, driven by industrial and consumer market growth [37]. Market Outlook - For FY25Q4, Micron expects revenue to reach $10.7 billion, a 38% year-over-year increase and a 15% quarter-over-quarter increase, with a gross margin of 42% [5][42]. - DRAM bit demand is projected to grow at a high single-digit percentage in 2025, while NAND bit demand is expected to grow at a low single-digit percentage [5][42]. - The company anticipates a tight DRAM inventory situation and a significant reduction in NAND inventory by FY25Q4 [5][42]. Technology and Operations - Micron has made significant progress in the 12Hi HBM3E yield and capacity, with expectations for mass production in FY25Q4 [4][26]. - The company is investing approximately $200 billion over the next 20 years in the U.S., with $150 billion allocated for manufacturing and $50 billion for R&D [25]. Strategic Focus - Micron is strategically restructuring its business units to capitalize on growth opportunities in AI-related markets, enhancing collaboration with customers [23][24]. - The company is focused on maintaining its leadership position in HBM and DRAM technologies, with plans for continued investment in advanced manufacturing capabilities [27][28].