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 - Micron Technology is expected to experience significant revenue and profit growth in the first fiscal quarter, driven by the surge in storage chip demand due to AI advancements, despite a recent stock price pullback before the earnings report [2][3][4]. Supply and Demand Imbalance Strengthens Pricing Power - Analysts believe Micron is benefiting from both rising storage chip prices and supply constraints, with demand expected to exceed supply through 2026 [6][8]. - The demand from hyperscale cloud service providers is driving the need for high-value products, which supports Micron's average selling price (ASP) and gross margin [6][8]. - Rosenblatt analyst Kevin Cassidy predicts a 9% quarter-over-quarter increase in Micron's ASP, suggesting that this estimate may still be conservative [7]. Strategic Shift: Divesting Consumer Business to Focus on High-Profit Areas - Micron announced plans to exit its Crucial consumer business to concentrate on enterprise and commercial sectors, aiming to improve supply conditions and support growth in faster-growing segments [8]. - This strategic decision highlights management's focus on high-value end markets, with investors keenly observing comments on capacity ramp-up and how existing capacity can be converted into sellable output for high-margin cloud and data center products [8]. Valuation and Market Outlook - Despite a significant stock price increase this year, analysts generally view Micron's valuation as reasonable, with a forward P/E ratio around 12 times [10]. - Analysts expect strong guidance for the upcoming quarter, with projected revenue of $14.33 billion, a 78% year-over-year increase, and an EPS of $4.78, reflecting a 206% growth [12].