AI需求引爆“抢单潮”？美光财报前瞻：客户疯抢2027年产能，盈利预计翻倍

Core Viewpoint - The article highlights the significant growth expectations for Micron Technology's Q1 performance driven by AI-induced demand for storage chips, with a focus on the supply-demand imbalance enhancing pricing power [1][3]. Group 1: Market Expectations and Performance - Micron is expected to report explosive revenue and profit growth in Q1, with analysts predicting a year-over-year revenue increase of approximately 48% to a record $12.93 billion and an adjusted EPS of $3.96, doubling from the previous year [4]. - Despite a nearly threefold increase in stock price this year, Micron's shares have recently retreated from a high of approximately $264.75 to around $232, indicating cautious market sentiment ahead of the earnings report [4]. - The options market indicates that traders expect a potential stock price volatility of up to 9% post-earnings, suggesting a possible breakout above $258 or a pullback to around $217 [4]. Group 2: Supply-Demand Dynamics - Analysts believe that Micron is benefiting from rising storage chip prices and supply constraints, with demand expected to exceed supply throughout 2026 [6]. - The demand from hyperscale cloud service providers and increased capital expenditures in the cloud sector are driving the consumption of Micron's high-value products, which supports the company's average selling price (ASP) and gross margin [6][8]. Group 3: Strategic Shift - Micron is undergoing a strategic shift by exiting its Crucial consumer business to focus on high-margin enterprise and commercial sectors, a decision driven by the surge in demand for storage and memory due to AI [8]. - This strategic move is seen as a commitment to high-value end markets, with management emphasizing the importance of converting existing capacity into sellable output for high-profit cloud and data center products [8]. Group 4: Valuation and Market Outlook - Despite significant stock price gains, analysts consider Micron's valuation to be reasonable, with a forward P/E ratio around 12, similar to the beginning of the year [9]. - Analysts have high expectations for Micron's upcoming guidance, with projected Q2 revenue of $14.33 billion, a 78% year-over-year increase, and an EPS of $4.78, reflecting a 206% growth [9][10].