【招商电子】西部数据FY26Q2跟踪报告：本季营收与毛利率均超指引，公司已与三家客户签订长协

Core Viewpoint - Western Digital (WDC.O) reported strong FY26Q2 results with revenue of $3.017 billion, a year-over-year increase of 25% and a quarter-over-quarter increase of 7%, driven by robust demand for nearline hard drives [2][13] - The gross margin improved to 46.1%, up 7.7 percentage points year-over-year and 2.2 percentage points quarter-over-quarter, exceeding previous guidance [2][13] Revenue Breakdown - Cloud business revenue reached $2.673 billion, up 27.53% year-over-year and 6.49% quarter-over-quarter, accounting for 89% of total revenue [3] - Client business revenue was $176 million, up 25.71% year-over-year and 20.55% quarter-over-quarter, representing 6% of total revenue [3] - Consumer business revenue was $168 million, down 2.89% year-over-year and up 3.70% quarter-over-quarter, making up 5% of total revenue [3] Product Delivery and Capacity - The company delivered a total of 215 exabytes (EB) of storage capacity, a 22.2% increase year-over-year and a 5.4% increase quarter-over-quarter [3] - Nearline shipments accounted for 192 EB, up 24.7% year-over-year and 4.9% quarter-over-quarter, with ePMR product shipments exceeding 3.5 million units [3][10] - Non-nearline shipments were 23 EB, up 4.5% year-over-year and 9.5% quarter-over-quarter [3] Guidance for FY26Q3 - The company expects revenue of $3.1 to $3.3 billion for FY26Q3, representing a year-over-year increase of approximately 39.5% and a quarter-over-quarter increase of 6.1% [4] - Gross margin is projected to be between 47% and 48%, with an expected EPS of $2.15 to $2.45 [4][15] Cost and Pricing Environment - The current pricing environment is stable, with the average selling price (ASP) per terabyte (TB) remaining flat or slightly increasing [4][17] - The cost per TB decreased by approximately 10% year-over-year, a trend expected to continue in the coming quarters [4][35] Long-term Agreements and Client Relationships - The company has signed long-term agreements with three of its top five clients, ensuring stable procurement volumes and pricing through 2027 and 2028 [5][11] - These agreements reflect strong client confidence in the company's technology roadmap and supply capabilities [11] Technology and Innovation - The company is advancing its HAMR (Heat-Assisted Magnetic Recording) technology, with production expected to begin in early 2027 [5][10] - The UltraSMR (Shingled Magnetic Recording) technology has gained significant traction, with over 50% adoption in nearline products among major clients [5][23] Financial Health - As of the end of the quarter, the company had $2 billion in cash and equivalents, with total liquidity of $3.2 billion [14] - The company has a net debt of $2.7 billion, with an EBITDA multiple significantly below 1x [14] Future Outlook - The company anticipates continued strong demand driven by AI and cloud computing, which will necessitate higher capacity storage solutions [9][27] - The focus will remain on enhancing hard drive density and accelerating the transition to high-capacity hard drives [10][12]