高盛快评闪迪季报：业绩超过了“本就很高”的预期

Core Viewpoint - Goldman Sachs states that SanDisk's performance not only surpassed market expectations but also significantly exceeded them, indicating a strong upturn in the NAND storage industry that could positively impact similar companies like Micron Technology [1][3][7]. Group 1: Q4 Performance - SanDisk reported Q4 revenue of $3.03 billion, which exceeded both Goldman Sachs' and market consensus expectations [4][15]. - The gross margin reached 51.1%, far surpassing Goldman Sachs' forecast of 43.0% and the market's expectation of 42.3% [4][15]. - The non-GAAP EPS was recorded at $6.20, which not only beat expectations but was nearly double the market's forecast of $3.55 [9][15]. Group 2: Q1 Guidance - For Q1, SanDisk provided a revenue guidance midpoint of $4.6 billion, which is 53.3% higher than market expectations [6][11]. - The gross margin guidance is projected to rise to 66.0%, significantly above Goldman Sachs' prediction of 44.0% and the market's expectation of 47.2% [6][12]. - The EPS guidance range is set between $12.00 and $14.00, with a midpoint of $13.00, which is 140% higher than the market's forecast of $5.42 and 273% above Goldman Sachs' own prediction of $3.48 [13][14]. Group 3: Industry Implications - The data suggests that the NAND storage industry may be entering a phase of unexpected prosperity, which could have a positive ripple effect on companies like Micron Technology [7][16]. - The significant increase in investor expectations is attributed to recent stock price surges, supply-demand tightness in the industry, and actions taken by Nvidia in the storage sector [16].