Micron Technology(US:MU) 招商电子·2025-09-24 14:16Core Viewpoint - Micron's FY25 Q4 financial results exceeded guidance, with significant revenue and margin growth driven by strong demand in the data center and consumer markets [2][38][45] Financial Performance - FY25 Q4 revenue reached $11.32 billion, up 46% year-over-year and 22% quarter-over-quarter, surpassing guidance [2][38] - Gross margin for FY25 Q4 was 45.7%, an increase of 9.2 percentage points year-over-year and 6.7 percentage points quarter-over-quarter [2][42] - Net income margin was 31%, up 14 percentage points year-over-year and 7.6 percentage points quarter-over-quarter, with EPS at $3.03 [2][38] Product Segmentation - DRAM revenue was $8.984 billion, up 69% year-over-year and 27% quarter-over-quarter, driven by strong demand across all end markets [3][39] - NAND revenue was $2.252 billion, down 5% year-over-year but up 5% quarter-over-quarter, with a decrease in bit shipments [3][39] - Cloud storage revenue reached $4.54 billion, up 214% year-over-year, benefiting from strong chip demand and HBM revenue [3][40] Market Outlook - The data center segment accounted for 56% of total revenue in FY25, with a gross margin of 52% [4][12] - DRAM bit demand is expected to grow in the high teens percentage range for calendar year 2025, while NAND demand is projected to grow in the low to mid-teens percentage range [5][23] - Capital expenditures for FY25 were $13.8 billion, with expectations for an increase in FY26 due to ongoing investments in DRAM and HBM technologies [5][37] Technology and Innovation - Micron's HBM revenue grew to nearly $2 billion in FY25 Q4, with expectations for continued growth driven by HBM4 and HBM4E products [4][30] - The company is advancing its 1γ DRAM technology, achieving record yields and being the first to ship 1γ DRAM products [27][30] - AI-driven demand is expected to significantly impact memory requirements across various sectors, including data centers and consumer electronics [45][54] Operational Efficiency - Operating cash flow for FY25 Q4 was $5.7 billion, with capital expenditures of $4.9 billion, resulting in free cash flow of $803 million [42][43] - Inventory levels decreased to $8.4 billion, with inventory turnover days improving to 124 days [42][43] - The company maintains a healthy liquidity position with $11.9 billion in cash and total debt of $14.6 billion [43]