AI带动的数据存储需求爆发，推动希捷科技交出超预期财报：季度营收达26.3亿美元、同比增21%，毛利率提前实现40%目标。公司预计下季度营收再 创新高，AI驱动的大容量硬盘订单已排至2026年。公司股价飙升近20%，创历史新高，分析师纷纷上调目标价，看好其在AI存储浪潮中的领先地位。 展望未来，希捷预计当前季度的销售额将达到27亿美元（区间中值），再次高于分析师预测的26.7亿美元。公司首席执行官Dave Mosley向分析师透 露，AI正在深刻改变硬盘需求，其面向云市场的大容量硬盘生产合同订单已基本排至2026年，且到2027年的需求能见度"清晰"。 强劲的业绩与乐观的前景迅速点燃了市场热情。希捷股价周三收盘大涨19.1%，报265.62美元，创下历史新高。今年以来，这家数据存储巨头的股价累 计涨幅已超过200%。其竞争对手西部数据的股价亦受此提振，在周三上涨了15%。 业绩全面超预期，毛利率成最大亮点 AI引发的数据存储需求正以超预期的力度，重塑硬盘驱动器市场格局。受此驱动，硬盘制造商希捷科技凭借远超预期的季度业绩和强劲的未来指引，推 动其股价在周三飙升至历史新高。 财报显示，截至9月的财年第一季度，希捷 ...

Core Viewpoint - The demand for hard disk drives (HDD) in the Chinese market is increasing, leading to a 1% rise in bulk trading prices from Q2 to Q3. This price increase is attributed to rising component costs and strong procurement demand from data centers, with expectations for continued price growth in large-capacity HDDs [1][4]. Group 1: HDD Price Trends - HDD prices for 3.5-inch 1TB drives used in desktop computers and surveillance cameras reached approximately $51.0 each in Q3, marking a 1% increase from the previous quarter. Similarly, 2.5-inch 1TB drives for laptops also saw a 1% rise, priced at about $48.4 each. Both products have experienced price increases for two consecutive quarters, maintaining high price levels [2][3]. Group 2: Factors Influencing Demand - The surge in demand from China is driven by government policies encouraging the purchase of domestic computers, with specific needs arising from educational computers. There are indications that HDDs are being used in computers equipped with Huawei's HarmonyOS [6]. - A major HDD manufacturer reported receiving orders from Chinese clients that exceeded production capacity before the Golden Week, particularly for 3.5-inch products, indicating a notable shortage [6]. Group 3: Market Dynamics - Despite expectations that the rise of solid-state drives (SSD) would reduce HDD usage in computers, the current price increase is a result of declining HDD shipments, rising component costs, and unique demand from China. There is uncertainty about whether prices will continue to rise after Q4 [6]. - For nearline data center applications, demand for large-capacity HDDs remains strong. In Q2, global shipments of nearline HDDs increased by 1.86 million units (12.7%) compared to the previous quarter, reaching 16.47 million units [6].