现在还保留着美光三年_老虎社区_美港股上老虎 - 老虎社区

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专薅羊毛融
10-12

现在还保留着美光三年前的分时图及K线走势图[笑哭] [笑哭]

如今美光赚得比苹果还多！苹果急需芯片，美光掌握定价权

美光科技第四财季净利润达377亿美元，超过苹果同期的298亿美元，成为当季盈利更高的公司。内存短缺赋予美光强大定价权，其CEO直言“无法满足客户需求”，下季度营收指引高达615亿美元。苹果毛利率因内存成本持续承压，已从49.3%降至46.5%指引区间。

如今美光赚得比苹果还多！苹果急需芯片，美光掌握定价权

# 华尔街见闻

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[笑哭]","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/617470559200008","repostId":2674812435,"repostType":2,"repost":{"id":"2674812435","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1791712743,"share":"https://www.laohunote.com/m/news/2674812435?lang=zh_CN&edition=full","pubTime":"2026-10-11 17:59","market":"sg","language":"zh","title":"如今美光赚得比苹果还多！苹果急需芯片，美光掌握定价权","url":"https://stock-news.laohu8.com/highlight/detail?id=2674812435","media":"华尔街见闻","summary":"美光科技第四财季净利润达377亿美元，超过苹果同期的298亿美元，成为当季盈利更高的公司。内存短缺赋予美光强大定价权，其CEO直言“无法满足客户需求”，下季度营收指引高达615亿美元。苹果毛利率因内存成本持续承压，已从49.3%降至46.5%指引区间。","content":"<html><head></head><body><p style=\"text-align: left;\">内存短缺正在重新分配科技行业的利润版图。美光科技在截至9月30日的第四财季录得净利润377亿美元，而苹果同期净利润为298亿美元——美光单季多赚了约80亿美元。</p><p style=\"text-align: left;\">这一反转并非偶然。市场策略师Charlie Bilello在X平台上用三句话概括了这一逻辑：<strong>“苹果需要芯片。美光有芯片。美光定价格。”</strong></p><p style=\"text-align: left;\">他补充道，美光净利润“在短短两年内飙升42倍至380亿美元——比苹果上季度的盈利还多80亿美元”，并直言：“我们从未见过这样的定价权。”</p><p style=\"text-align: left;\">科技投资分析师Beth Kindig也在X平台上指出：“美光现在产生的营业利润已经超过苹果。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe297cf07236a957e02745c61c8ad142\" data-align=\"center\" tg-width=\"1024\" tg-height=\"695\"/><span></span></p><h2 style=\"text-align: left;\">美光的数字：从亏损边缘到碾压苹果</h2><p style=\"text-align: left;\">美光的盈利反转速度令人咋舌。</p><p style=\"text-align: left;\">2024财年，美光每股标准化盈利仅为1.30美元。到2026财年，这一数字跳升至75.52美元。覆盖2027财年的35位分析师预计，届时每股盈利将达176.15美元——意味着盈利将在一年内再度翻倍以上。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4bde5c4cc7bda867a93dd6afa483998f\" data-align=\"center\" tg-width=\"1024\" tg-height=\"682\"/><span></span></p><p style=\"text-align: left;\">Ritholtz Wealth Management首席执行官Josh Brown公开评价美光的业绩指引时说：“不仅没有被压低，实际上还在不断上调。”</p><p style=\"text-align: left;\">美光预计2027财年第一季度营收将达615亿美元，高于刚刚报告的542亿美元。CEO Sanjay Mehrotra在接受CNBC采访时更直接表示：“事实上，我们根本无法满足客户的需求。”</p><h2 style=\"text-align: left;\">苹果的代价：毛利率连续承压</h2><p style=\"text-align: left;\">美光的定价权，直接体现在客户的账单上。</p><p style=\"text-align: left;\">苹果此前凭借持续扩张的毛利率积累了充足缓冲——毛利率从2021财年的41.8%逐年攀升至2025财年的46.9%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3669703c022207155b39c5c49e1911da\" data-align=\"center\" tg-width=\"1024\" tg-height=\"682\"/><span></span></p><p style=\"text-align: left;\">但这一缓冲正在被消耗。剔除关税退款影响后，苹果毛利率从3月季度的49.3%降至6月季度的48.1%，并指引9月季度进一步降至约46.5%。苹果管理层明确表示，内存成本是6月季度毛利率下滑的主要原因，也是9月季度继续承压的驱动因素，且此前囤积库存带来的缓冲效应将在9月之后逐步消退。</p><p style=\"text-align: left;\">苹果前任CEO Tim Cook在7月财报电话会上将内存价格上涨形容为“百年一遇的洪水”。</p><p style=\"text-align: left;\">苹果并非唯一受压的大买家。Egerton Capital联合创始人John Armitage在播客节目《In Good Company》中点名英伟达：“英伟达面临的一大问题是内存成本通胀及其对物料成本的影响。”不过他也指出，英伟达拥有75%的毛利率，吸收冲击的空间远大于苹果。</p><h2 style=\"text-align: left;\">估值：市场仍在打折</h2><p style=\"text-align: left;\">尽管盈利能力大幅跃升，美光的估值却依然低迷。</p><p style=\"text-align: left;\">当前美光远期市盈率为5.9倍，远低于三年均值10.5倍。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2909c7acf23cee3a5a53dcfc7f04a307\" data-align=\"center\" tg-width=\"1024\" tg-height=\"682\"/><span></span></p><p style=\"text-align: left;\">市场的折价，反映的是对这一超级周期能否持续的疑虑。但据TIKR分析，只要需求持续超过供给，美光的定价权就不会消失。苹果下一份财报预计将于10月下旬发布，届时内存成本是否仍在攀升，将成为市场关注的关键信号。</p><p style=\"text-align: left;\">美光的定价权能持续多久，市场存在疑问。</p><p style=\"text-align: left;\">据路透社报道，美光中国台湾桃园工厂工会中有1994名成员（占投票人数的99%）授权发动罢工，起因是奖金纠纷。台湾省是美光DRAM和HBM的重要生产基地。</p><p style=\"text-align: left;\">不过，授权投票并不意味着立即罢工——工会表示，具体时间和细节仍在讨论中。而且，即便工人真的停工，也只会进一步收紧本已短缺的供给，对苹果的内存账单而言并非利好。</p><p style=\"text-align: left;\">苹果方面，10月23日将发布首款折叠屏手机iPhone Duo，售价1999美元。这或许能帮助苹果向消费者转嫁部分成本压力——但目前苹果自身的指引显示，它仍在自行消化这笔开支。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>如今美光赚得比苹果还多！苹果急需芯片，美光掌握定价权</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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*/\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n如今美光赚得比苹果还多！苹果急需芯片，美光掌握定价权\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-10-11 17:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">内存短缺正在重新分配科技行业的利润版图。美光科技在截至9月30日的第四财季录得净利润377亿美元，而苹果同期净利润为298亿美元——美光单季多赚了约80亿美元。</p><p style=\"text-align: left;\">这一反转并非偶然。市场策略师Charlie Bilello在X平台上用三句话概括了这一逻辑：<strong>“苹果需要芯片。美光有芯片。美光定价格。”</strong></p><p style=\"text-align: left;\">他补充道，美光净利润“在短短两年内飙升42倍至380亿美元——比苹果上季度的盈利还多80亿美元”，并直言：“我们从未见过这样的定价权。”</p><p style=\"text-align: left;\">科技投资分析师Beth Kindig也在X平台上指出：“美光现在产生的营业利润已经超过苹果。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe297cf07236a957e02745c61c8ad142\" data-align=\"center\" tg-width=\"1024\" tg-height=\"695\"/><span></span></p><h2 style=\"text-align: left;\">美光的数字：从亏损边缘到碾压苹果</h2><p style=\"text-align: left;\">美光的盈利反转速度令人咋舌。</p><p style=\"text-align: left;\">2024财年，美光每股标准化盈利仅为1.30美元。到2026财年，这一数字跳升至75.52美元。覆盖2027财年的35位分析师预计，届时每股盈利将达176.15美元——意味着盈利将在一年内再度翻倍以上。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4bde5c4cc7bda867a93dd6afa483998f\" data-align=\"center\" tg-width=\"1024\" tg-height=\"682\"/><span></span></p><p style=\"text-align: left;\">Ritholtz Wealth Management首席执行官Josh Brown公开评价美光的业绩指引时说：“不仅没有被压低，实际上还在不断上调。”</p><p style=\"text-align: left;\">美光预计2027财年第一季度营收将达615亿美元，高于刚刚报告的542亿美元。CEO Sanjay Mehrotra在接受CNBC采访时更直接表示：“事实上，我们根本无法满足客户的需求。”</p><h2 style=\"text-align: left;\">苹果的代价：毛利率连续承压</h2><p style=\"text-align: left;\">美光的定价权，直接体现在客户的账单上。</p><p style=\"text-align: left;\">苹果此前凭借持续扩张的毛利率积累了充足缓冲——毛利率从2021财年的41.8%逐年攀升至2025财年的46.9%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3669703c022207155b39c5c49e1911da\" data-align=\"center\" tg-width=\"1024\" tg-height=\"682\"/><span></span></p><p style=\"text-align: left;\">但这一缓冲正在被消耗。剔除关税退款影响后，苹果毛利率从3月季度的49.3%降至6月季度的48.1%，并指引9月季度进一步降至约46.5%。苹果管理层明确表示，内存成本是6月季度毛利率下滑的主要原因，也是9月季度继续承压的驱动因素，且此前囤积库存带来的缓冲效应将在9月之后逐步消退。</p><p style=\"text-align: left;\">苹果前任CEO Tim Cook在7月财报电话会上将内存价格上涨形容为“百年一遇的洪水”。</p><p style=\"text-align: left;\">苹果并非唯一受压的大买家。Egerton Capital联合创始人John Armitage在播客节目《In Good Company》中点名英伟达：“英伟达面临的一大问题是内存成本通胀及其对物料成本的影响。”不过他也指出，英伟达拥有75%的毛利率，吸收冲击的空间远大于苹果。</p><h2 style=\"text-align: left;\">估值：市场仍在打折</h2><p style=\"text-align: left;\">尽管盈利能力大幅跃升，美光的估值却依然低迷。</p><p style=\"text-align: left;\">当前美光远期市盈率为5.9倍，远低于三年均值10.5倍。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2909c7acf23cee3a5a53dcfc7f04a307\" data-align=\"center\" tg-width=\"1024\" tg-height=\"682\"/><span></span></p><p style=\"text-align: left;\">市场的折价，反映的是对这一超级周期能否持续的疑虑。但据TIKR分析，只要需求持续超过供给，美光的定价权就不会消失。苹果下一份财报预计将于10月下旬发布，届时内存成本是否仍在攀升，将成为市场关注的关键信号。</p><p style=\"text-align: left;\">美光的定价权能持续多久，市场存在疑问。</p><p style=\"text-align: left;\">据路透社报道，美光中国台湾桃园工厂工会中有1994名成员（占投票人数的99%）授权发动罢工，起因是奖金纠纷。台湾省是美光DRAM和HBM的重要生产基地。</p><p style=\"text-align: left;\">不过，授权投票并不意味着立即罢工——工会表示，具体时间和细节仍在讨论中。而且，即便工人真的停工，也只会进一步收紧本已短缺的供给，对苹果的内存账单而言并非利好。</p><p style=\"text-align: left;\">苹果方面，10月23日将发布首款折叠屏手机iPhone Duo，售价1999美元。这或许能帮助苹果向消费者转嫁部分成本压力——但目前苹果自身的指引显示，它仍在自行消化这笔开支。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","AIFD":"TCW Artificial Intelligence ETF","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" 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