Micron Technology(US:MU) 美股IPO·2025-09-23 23:07Core Viewpoint - Micron Technology reported a strong performance in Q4, with EPS doubling and exceeding analyst expectations by 6%, while also raising guidance for the upcoming quarter significantly. The demand for High Bandwidth Memory (HBM) reached a record high, indicating robust growth driven by AI demand [1][3][15]. Financial Performance - Q4 revenue was approximately $11.32 billion, a year-over-year increase of 46%, surpassing analyst expectations of $11.15 billion and the company's guidance of $11 billion to $11.3 billion [6]. - Q4 adjusted EPS was $3.03, a 156.8% increase year-over-year, exceeding analyst expectations of $2.86 and the company's guidance of $2.78 to $2.92 [6][15]. - Adjusted operating income for Q4 was $3.955 billion, up 126.6% year-over-year, also surpassing analyst expectations of $3.723 billion [7]. Business Segments - DRAM revenue in Q4 was $9 billion, accounting for approximately 79% of total revenue, with a quarter-over-quarter increase of 27% [7]. - NAND revenue in Q4 was $2.3 billion, making up about 20% of total revenue, with a quarter-over-quarter increase of 5% [8]. Guidance for Upcoming Quarter - For Q1, revenue is expected to be $12.5 billion, with a range of $12.2 billion to $12.8 billion, exceeding analyst expectations of $11.9 billion [10][17]. - Adjusted EPS for Q1 is projected at $3.75, with a range of $3.60 to $3.90, significantly higher than analyst expectations of $3.05 [11][18]. - The gross margin for Q1 is expected to be 51.5%, with a range of 50.5% to 52.5% [12]. Market Outlook - Micron anticipates continued tight supply in the DRAM market and an improving NAND market through 2026, with a compound annual growth rate for industry demand expected to reach around 15% [18]. - The company has raised its growth forecast for global DRAM and NAND demand for the current year, expecting DRAM Bit demand growth to exceed 15% and NAND Bit demand growth between 10% and 15% [18]. HBM Demand and Client Expansion - The number of HBM clients has expanded to six, with expectations that all HBM products for 2026 will be sold out in the coming months [19]. - Micron is actively discussing specifications and supply volumes for HBM4 products, which are expected to offer higher bandwidth and lower power consumption compared to previous generations [19].