美光2026 Q1营收暴增57%！全年HBM产能被抢订一空

国际电子商情2025-12-19

美光科技日前发布了其2026财年第一季度的财务报告。在人工智能浪潮持续升温的背景下，公司营收和利润双双实现大幅增长。12月17日，全球存储芯片巨头美光科技(Micron Technology)发布了其截至2025年11月27日的2026财年第一季度财务报告。在人工智能(AI)浪潮持续升温的背景下，不仅营收和利润双双大幅增长，更释放出行业供需格局显著改善的积极信号。本季度，美光实现营收136.43...

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HBM production capacity was sold out throughout the year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MU":1.98},"content_text":"美光科技日前发布了其2026财年第一季度的财务报告。在人工智能浪潮持续升温的背景下，公司营收和利润双双实现大幅增长。12月17日，全球存储芯片巨头美光科技(Micron  Technology)发布了其截至2025年11月27日的2026财年第一季度财务报告。在人工智能(AI)浪潮持续升温的背景下，不仅营收和利润双双大幅增长，更释放出行业供需格局显著改善的积极信号。本季度，美光实现营收136.43亿美元，同比增长57%，环比提升21%;净利润达到52.4亿美元，同比激增180%。调整后每股收益为4.78美元，明显高于分析师普遍预测的3.95美元。尤为引人注目的是，公司经营活动产生的现金流高达84.1亿美元，远超预期，显示出强劲的盈利质量和运营效率。业绩超预期的核心驱动力来自AI相关产品，尤其是高带宽内存(HBM)需求的爆发式增长。美光透露，其2026年全年的HBM产能已全部被客户预订完毕，且下一代HBM4产品的良率表现优于预期，预计将在下一季度开始逐步放量。数据中心业务本季收入创下23.79亿美元的历史新高，云服务客户的采购力度显著增强，部分细分领域订单同比翻倍。面对持续旺盛的需求，美光已将2026财年全年资本支出上调至200亿美元，重点投向先进DRAM和HBM产线建设。公司管理层指出，当前存储芯片的供应能力远远跟不上AI、数据中心等新兴应用场景的增长速度，而由于新建晶圆厂和扩产周期通常需要三到四年，短期内供需缺口难以弥合。展望第二财季，美光给出的营收指引区间为183亿至191亿美元，大幅高于市场此前预期的144亿美元左右，进一步印证了行业景气度的延续性。公司还预测，到2028年，全球HBM市场规模有望突破1000亿美元，比原先预估的时间点提前两年，年复合增长率或达40%。资本市场对这份财报反应积极。消息公布后，美光股价在盘后交易中一度上涨超过9%。尽管年内累计涨幅已接近170%，多家投行仍上调其目标价，不过也提醒投资者注意估值已部分反映利好。从产业链角度看，美光的强势表现再次凸显存储芯片作为AI基础设施“隐形冠军”的战略地位。A股市场中，与存储模组、主控芯片及国产替代相关的公司近期也受到资金关注，包括江波龙、兆易创新、香农芯创等企业被视为潜在受益标的。总体来看，美光2026财年开局的优异表现，不仅是自身技术与产能布局的成果，更是整个存储行业在AI时代迎来拐点的重要标志。随着算力需求持续扩张，高性能存储器件正从“配角”走向舞台中央，成为全球科技竞争的关键一环。责编：Lefeng.shao","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2592518701","isCrawlerRequest":true}