美光科技：Cron 方面，2026 财年HBM已售罄，正如我们预期的多年期合同即将签订。后续将迎来资本注入。维持买入评级

Summary of Micron Technology Inc. Conference Call Company Overview - Company: Micron Technology Inc (MU.O) - Market Cap: $256.48 billion [6] Key Industry Insights - High Bandwidth Memory (HBM): Micron's HBM supply is fully contracted for 2026, including HBM3E and HBM4 [2][4] - Multi-Year Contracts: Customers, particularly in the AI sector, are requesting multi-year contracts to secure DRAM supply due to increased demand [3][4] Financial Projections - Earnings Per Share (EPS): Expected EPS for C26 is $23.36, which is 40% above consensus estimates [4][5] - Gross Margins: Anticipated to return to an all-time peak of 60% [4] - Price Target: Reiterated target price of $275.00, reflecting a 20.4% expected return from the current price of $228.50 [5][6] Market Dynamics - AI Demand: Significant capital infusions from AI customers are expected, necessitating substantial increases in production and capital expenditures [4] - DRAM Pricing: The demand from AI companies is expected to lead to higher and sustainable DRAM pricing, benefiting Micron [3] Risks and Considerations - Supply/Demand Dynamics: The memory industry is sensitive to supply and demand alignment. Excess supply could lead to lower pricing, while demand exceeding supply could increase prices [9][11] - Competition: Micron competes with major players like Samsung, SK Hynix, Toshiba, and Western Digital. Market share fluctuations among these competitors could impact Micron's estimates [12] Investment Recommendation - Rating: Buy rating maintained, with a target price set at $275.00, reflecting confidence in DRAM pricing recovery and strong AI demand [5][8]