盘前暴涨超11%！产能告罄！美光：仅能满足关键客户50%～67%需求（财报深度解读）

Core Viewpoint - Micron Technology has reported strong earnings guidance, driven by tight supply of memory chips and surging demand from data centers, particularly in the AI sector, leading to significant stock price increases [1][3][6]. Financial Performance - For Q1 FY2026, Micron's revenue reached $13.643 billion, a 20% increase quarter-over-quarter, surpassing market expectations of $12.9 billion, primarily driven by DRAM and NAND business growth [3][4]. - The gross margin for the quarter was 56%, exceeding both sell-side expectations of 51% and buy-side expectations of 52.5%, attributed to unexpected price increases in memory products [4][8]. - Operating income was $6.136 billion, representing 45% of revenue, with net income at $5.240 billion and diluted earnings per share of $4.60 [4]. Business Unit Performance - The Cloud Memory Business Unit generated $5.284 billion in revenue, doubling year-over-year, while the Core Data Center Business Unit reported $2.379 billion, a 4% increase [5]. - The Mobile and Client Business Unit's revenue was $4.255 billion, and the Automotive and Embedded Business Unit generated $1.720 billion [5]. Future Outlook - Micron expects Q2 FY2026 revenue to be around $18.7 billion, significantly above market expectations of $14.3 billion, with adjusted earnings per share projected at $8.42, also exceeding analyst forecasts [6][12]. - The company anticipates a continued strong demand for high-bandwidth memory (HBM), with the total addressable market expected to reach $100 billion by 2028, two years earlier than previously projected [12][13]. Supply and Demand Dynamics - There is a significant supply-demand gap in the HBM market, with Micron only able to meet 50% to 66% of key customer demand [11][12]. - To address this imbalance, Micron is ramping up production, with new fabs in Idaho expected to come online by mid-2027 and a new facility in New York planned to break ground in early 2026 [11]. Market Position and Valuation - Micron's valuation remains relatively low compared to industry averages, with a forward P/E ratio of 12.61, significantly below the industry average of 24.35 [14][15]. - Analysts believe that Micron's growth potential is substantial, driven by ongoing demand for HBM, particularly from AI applications and specialized integrated circuits [14][16].