西部数据 20260130 摘要 西部数据 2026 财年第二季度营收达 30 亿美元，同比增长 25%，每股 收益 2.13 美元，均超预期上限，主要得益于近线硬盘的强劲需求，云 业务营收占比高达 89%，同比增长 28%。 公司预计 2026 财年第三季度营收 32 亿美元（上下浮动 1 亿美元）， 同比增长约 40%，毛利率预计在 47%-48%之间，摊薄后每股收益预计 为 2.30 美元（上下浮动 0.15 美元）。 西部数据通过与超大规模客户合作，规模化交付高容量硬盘，上季度出 货超过 350 万台最新一代 EPMR 产品，并启动 Hammer 及下一代 EPMR 产品认证，以提升总拥有成本优势。 公司持续推动客户转向更高容量硬盘，上季度每 TB 成本同比下降约 10%，近线存储产品组合中 Ultra SMR 占比已超过 50%，且持续提升， 显著提升毛利率。 西部数据已与多家客户签订长期协议（LTA），最长至 2028 年，涵盖 采购量、执行条款和价格，反映客户对其价值的认可和结构性转变，尤 其是在降低总体拥有成本方面。 Q&A 西部数据如何看待未来几个季度每 TB 成本曲线的下降趋势及毛利率的可 ...

Summary of Western Digital Conference Call Company Overview - **Company**: Western Digital (NasdaqGS: WDC) - **Date**: December 02, 2025 - **Focus**: Data storage solutions, particularly hard disk drives (HDD) and solid-state drives (SSD) Key Industry Insights - **Market Growth**: Exabyte demand is projected to grow at a CAGR of 15% under base case scenarios, driven by cloud growth, and potentially 23% if AI growth materializes [2][3] - **Current Performance**: Recent growth rates are around mid-20s%, with exabytes growing at 30% year-on-year [2][3] Pricing Strategy - **Pricing Environment**: The pricing environment is stable, with low single-digit increases year-over-year on a dollar per terabyte basis, contrasting with historical ASP erosion of approximately 7% [5][7] - **Value Proposition**: The company focuses on delivering better total cost of ownership (TCO) through higher capacity drives and innovations that improve throughput [4][5] Customer Contracts and Demand - **Long-term Contracts**: Firm purchase orders from five major customers for all of 2026, with one customer extending to 2027 [3][7] - **Capacity Management**: The company is not expanding unit capacity but is focusing on increasing drive density and transitioning customers to higher capacity drives [21][22] Technology and Product Development - **HAMR and ePMR Roadmap**: The qualification for HAMR (Heat-Assisted Magnetic Recording) is being accelerated, with plans to introduce 36TB CMR and 44TB Ultra SMR HAMR drives in 2026 [10][19] - **Adoption of Ultra SMR**: 50% of nearline bits shipped last quarter were on Ultra SMR technology, which provides a 20% capacity uplift [9][12] Competitive Landscape - **Market Position**: Western Digital maintains a competitive stance against peers, focusing on technology advancements and customer partnerships [26][27] - **HDD vs. SSD Demand**: Both HDD and SSD demands are increasing, with HDDs expected to store 75%-80% of data due to their TCO benefits [22][23] Financial Performance - **Gross Margin Expansion**: Gross margins have improved significantly, moving from the 20s to mid-40s percentage points, with expectations for further growth [31][32] - **Free Cash Flow**: The company has a strong free cash flow margin, exceeding 20%, and is actively returning cash to shareholders through dividends and share buybacks [41][42] Strategic Considerations - **Independence Post-Split**: The company has benefited from being independent, allowing for focused strategies on HDD and SSD businesses [24][25] - **Risk Management**: The company monitors customer demand signals, CapEx spending, and data center builds to manage supply effectively [37][39] Conclusion Western Digital is positioned for continued growth in the data storage market, leveraging strong customer relationships, innovative technology, and a stable pricing environment to meet increasing demand for exabyte-scale storage solutions.