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- 你猜猜不到你猜猜不到
  ·05-19 10:24
  美光基本面分析
  MU 基本面速览结论先放前面：Micron 当前基本面非常强，核心不是“传统存储周期修复”，而是 AI 数据中心把 DRAM/NAND/HBM 拉进了一个供需极紧的上行周期。收入、毛利率、EPS、自由现金流都在急剧重估。但股价也已经大幅反映预期，后续最关键的问题是：高毛利和供给纪律能持续多久，而不是 Q2 是否好。最新业绩 Micron FY2026 Q2 截至 2026-02-26：收入：$23.86B，同比从 $8.05B 大幅增长毛利：$17.76B，GAAP 毛利率约 74.4% 营业利润：$16.14B，营业利润率约 67.6% 净利润：$13.79B GAAP diluted EPS：$12.07 Non-GAAP diluted EPS：$12.20 FY2026 上半年经营现金流：$20.31B FY2026 上半年 capex：$11.78B 上半年 FCF 约：$8.54B FY2026 Q3 指引更夸张：收入：$33.5B ± $0.75B 毛利率：约 81% Non-GAAP EPS：$19.15 ± $0.40 这意味着 Q3 单季收入指引已经超过 Micron 截至 FY2024 之前任何一个完整财年的收入规模。这个信号很硬。业务驱动 Q2 按业务单元看： Cloud Memory：$7.75B，毛利率 74% Core Data Center：$5.69B，毛利率 74% Mobile & Client：$7.71B，毛利率 79% Automotive & Embedded：$2.71B，毛利率 68% Cloud + Core Data Center 合计约 $13.44B，占 Q2 收入约 56%。这说明 MU 的故事已经从 PC/手机存储周期，变成 AI server memory cycle。公司也明确说
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基本面速览 结论先放前面：Micron 当前基本面非常强，核心不是“传统存储周期修复”，而是 AI 数据中心把 DRAM/NAND/HBM 拉进了一个供需极紧的上行周期。收入、毛利率、EPS、自由现金流都在急剧重估。但股价也已经大幅反映预期，后续最关键的问题是：高毛利和供给纪律能持续多久，而不是 Q2 是否好。 最新业绩 Micron FY2026 Q2 截至 2026-02-26： 收入：$23.86B，同比从 $8.05B 大幅增长 毛利：$17.76B，GAAP 毛利率约 74.4% 营业利润：$16.14B，营业利润率约 67.6% 净利润：$13.79B GAAP diluted EPS：$12.07 Non-GAAP diluted EPS：$12.20 FY2026 上半年经营现金流：$20.31B FY2026 上半年 capex：$11.78B 上半年 FCF 约：$8.54B FY2026 Q3 指引更夸张： 收入：$33.5B ± $0.75B 毛利率：约 81% Non-GAAP EPS：$19.15 ± $0.40 这意味着 Q3 单季收入指引已经超过 Micron 截至 FY2024 之前任何一个完整财年的收入规模。这个信号很硬。 业务驱动 Q2 按业务单元看： Cloud Memory：$7.75B，毛利率 74% Core Data Center：$5.69B，毛利率 74% Mobile &amp; Client：$7.71B，毛利率 79% Automotive &amp; Embedded：$2.71B，毛利率 68% Cloud + Core Data Center 合计约 $13.44B，占 Q2 收入约 56%。这说明 MU 的故事已经从 PC/手机存储周期，变成 AI server memory cycle。公司也明确说","listText":"MU 基本面速览 结论先放前面：Micron 当前基本面非常强，核心不是“传统存储周期修复”，而是 AI 数据中心把 DRAM/NAND/HBM 拉进了一个供需极紧的上行周期。收入、毛利率、EPS、自由现金流都在急剧重估。但股价也已经大幅反映预期，后续最关键的问题是：高毛利和供给纪律能持续多久，而不是 Q2 是否好。 最新业绩 Micron FY2026 Q2 截至 2026-02-26： 收入：$23.86B，同比从 $8.05B 大幅增长 毛利：$17.76B，GAAP 毛利率约 74.4% 营业利润：$16.14B，营业利润率约 67.6% 净利润：$13.79B GAAP diluted EPS：$12.07 Non-GAAP diluted EPS：$12.20 FY2026 上半年经营现金流：$20.31B FY2026 上半年 capex：$11.78B 上半年 FCF 约：$8.54B FY2026 Q3 指引更夸张： 收入：$33.5B ± $0.75B 毛利率：约 81% Non-GAAP EPS：$19.15 ± $0.40 这意味着 Q3 单季收入指引已经超过 Micron 截至 FY2024 之前任何一个完整财年的收入规模。这个信号很硬。 业务驱动 Q2 按业务单元看： Cloud Memory：$7.75B，毛利率 74% Core Data Center：$5.69B，毛利率 74% Mobile &amp; Client：$7.71B，毛利率 79% Automotive &amp; Embedded：$2.71B，毛利率 68% Cloud + Core Data Center 合计约 $13.44B，占 Q2 收入约 56%。这说明 MU 的故事已经从 PC/手机存储周期，变成 AI server memory cycle。公司也明确说","text":"MU 基本面速览 结论先放前面：Micron 当前基本面非常强，核心不是“传统存储周期修复”，而是 AI 数据中心把 DRAM/NAND/HBM 拉进了一个供需极紧的上行周期。收入、毛利率、EPS、自由现金流都在急剧重估。但股价也已经大幅反映预期，后续最关键的问题是：高毛利和供给纪律能持续多久，而不是 Q2 是否好。 最新业绩 Micron FY2026 Q2 截至 2026-02-26： 收入：$23.86B，同比从 $8.05B 大幅增长 毛利：$17.76B，GAAP 毛利率约 74.4% 营业利润：$16.14B，营业利润率约 67.6% 净利润：$13.79B GAAP diluted EPS：$12.07 Non-GAAP diluted EPS：$12.20 FY2026 上半年经营现金流：$20.31B FY2026 上半年 capex：$11.78B 上半年 FCF 约：$8.54B FY2026 Q3 指引更夸张： 收入：$33.5B ± $0.75B 毛利率：约 81% Non-GAAP EPS：$19.15 ± $0.40 这意味着 Q3 单季收入指引已经超过 Micron 截至 FY2024 之前任何一个完整财年的收入规模。这个信号很硬。 业务驱动 Q2 按业务单元看： Cloud Memory：$7.75B，毛利率 74% Core Data Center：$5.69B，毛利率 74% Mobile & Client：$7.71B，毛利率 79% Automotive & Embedded：$2.71B，毛利率 68% Cloud + Core Data Center 合计约 $13.44B，占 Q2 收入约 56%。这说明 MU 的故事已经从 PC/手机存储周期，变成 AI server memory cycle。公司也明确说","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/565752486470280","isVote":1,"tweetType":1,"viewCount":1305,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[{"author":{"id":"3574609203076960","authorId":"3574609203076960","name":"目光之后","avatar":"https://static.tigerbbs.com/2516d9fcad49f5c5a9d0f19b33ab3b62","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3574609203076960","idStr":"3574609203076960"},"content":"同意。美光毕竟没有独家垄断地位。一旦扩产后存储供需出现反转，周期性就会显现出来。","text":"同意。美光毕竟没有独家垄断地位。一旦扩产后存储供需出现反转，周期性就会显现出来。","html":"同意。美光毕竟没有独家垄断地位。一旦扩产后存储供需出现反转，周期性就会显现出来。"},{"author":{"id":"3537879207876251","authorId":"3537879207876251","name":"好难起昵称","avatar":"https://static.tigerbbs.com/9bdc30f5a4dc7784c566e14913548cf6","crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3537879207876251","idStr":"3537879207876251"},"content":"所以存储原厂想要持续赚钱，就要学台积电，每次释放一点产能，而不是大干快上的扩大产能，只有这样才能细水长流！","text":"所以存储原厂想要持续赚钱，就要学台积电，每次释放一点产能，而不是大干快上的扩大产能，只有这样才能细水长流！","html":"所以存储原厂想要持续赚钱，就要学台积电，每次释放一点产能，而不是大干快上的扩大产能，只有这样才能细水长流！"}],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}