存储巨头，业绩暴涨！

Core Viewpoint - Kioxia reported strong financial results for the third quarter of the fiscal year 2025, driven by robust demand for high-performance storage products in AI servers and the premiumization of the smartphone market, marking a significant shift in its manufacturing strategy with Western Digital [1][5]. Financial Performance - Kioxia's revenue for Q3 FY2025 reached 543.6 billion yen, a record high, representing a 21.3% increase from the previous quarter and a 20.8% increase year-over-year [1]. - Non-GAAP operating profit was 144.7 billion yen, with an operating margin of 27%, up from 19% in the previous quarter; net profit surged 114.9% to 8.95 billion yen [1]. - The strong growth was primarily driven by explosive demand for AI-related applications in data centers and enterprise markets, leading to a significant increase in average selling prices (ASP) of NAND flash products, which rose approximately 10% to 15% in USD terms [1]. Product Segment Performance - Solid State Drives (SSD & Storage) generated revenue of 300.4 billion yen, up 22.8% from the previous quarter, with enterprise SSD sales and prices both increasing due to heightened AI server demand [2]. - Smart Devices revenue was 186.3 billion yen, an 18.4% increase, driven by the transition to the eighth-generation BiCS FLASH technology and rising storage capacity demands from high-end smartphones [2]. Strategic Changes - Kioxia announced a significant adjustment in its joint venture with SanDisk, shifting to a "Compensation Model" where SanDisk will pay Kioxia a total of $1.165 billion (approximately 178.2 billion yen) for manufacturing services and product supply [3]. - The payment will be made in installments from 2026 to 2029, with Kioxia expected to recognize this revenue over the period, contributing approximately 20 billion yen annually [3]. - The joint venture agreement for the Yokkaichi factory has been extended by five years to December 31, 2034, allowing Kioxia to gain full control over wafer manufacturing processes and facilities [3]. Market Outlook - Kioxia forecasts a continued strong demand for NAND flash, with a bit growth rate of around 15% in 2025 and nearly 20% in 2026, despite anticipated supply constraints due to industry capacity expansion [4]. - The company is actively shifting its production focus to the eighth-generation BiCS FLASH technology and investing in the tenth generation to maintain its technological leadership [4]. - Kioxia expects its revenue and profit for the full fiscal year 2025 to reach record highs, indicating a strong recovery from the semiconductor cycle downturn and solidifying its position in the AI storage solutions market [5].