【招商电子】闪迪FY26Q2跟踪报告：FY26Q2业绩大超预期，营收和毛利率指引环比大幅增长

Core Viewpoint - SanDisk (NASDAQ:SNDK) reported Q2 FY2026 earnings with revenue of $3.025 billion, a year-over-year increase of 61% and a quarter-over-quarter increase of 31%, significantly exceeding previous guidance. The gross margin was 51.1%, up 18.6 percentage points year-over-year and 21.2 percentage points quarter-over-quarter, driven by rising product prices across all segments and strong demand [2][11][19]. Group 1: Financial Performance - Q2 FY2026 revenue reached $3.025 billion, surpassing the guidance of $2.55 to $2.65 billion, primarily due to price increases across all segments, with a unit shipment increase of 22% year-over-year [2][18]. - Non-GAAP EPS was $6.20, significantly above the guidance of $3.00 to $3.40, driven by higher revenue and lower costs [19][11]. - Non-GAAP gross margin was 51.1%, exceeding the guidance of 40.8% to 42.8%, with a projected margin of 65% to 67% for Q3 FY2026 [19][21]. Group 2: Market Segments - Data Center revenue was $440 million, up 74% year-over-year and 64% quarter-over-quarter, with strong demand driven by AI infrastructure expansion [3][13]. - Edge Computing revenue reached $1.678 billion, a 63% year-over-year increase and 21% quarter-over-quarter, influenced by the PC and mobile device upgrade cycles [3][14]. - Consumer revenue was $907 million, reflecting a 61% year-over-year increase and 31% quarter-over-quarter, supported by a shift towards high-end products [3][15]. Group 3: Future Guidance - Q3 FY2026 revenue is expected to be between $4.4 billion and $4.8 billion, with a midpoint indicating a 171% year-over-year increase and a 52% quarter-over-quarter increase, amid worsening supply shortages [4][21]. - The company raised the 2026 data center market EB-level data growth rate forecast to over 60%, up from the previous estimate of 40% [4][21]. Group 4: Strategic Partnerships - SanDisk extended its partnership with Kioxia, ensuring stable product supply through a $1.165 billion payment for manufacturing services, with the partnership lasting until December 31, 2034 [5][20]. - The company is in discussions with NVIDIA regarding potential additional data demand from KV caching, estimating an extra 75-100 EB of data demand by 2027 [5][26]. Group 5: Operational Strategy - The company is focusing on long-term agreements with strategic customers to ensure supply stability and predictable demand, moving away from short-term transactional models [11][17]. - The company plans to maintain capital expenditure to support mid-high teens bit growth while ensuring profitability to fund R&D and capital investments [18][35].