Western Digital Analyst Re-Rates As Weak NAND Pricing Weigh On Micron's 2Q Due To Demand-Supply Imbalance; Expects Some Respite In 2H23
Western Digital Analyst Re-Rates As Weak NAND Pricing Weigh On Micron's 2Q Due To Demand-Supply Imbalance; Expects Some Respite In 2H23
西方數據分析師重新評價，因為 NAND 定價疲軟，由於需求供應不平衡而影響美光的 2Q；預計 2H23 有些喘息
- Benchmark analyst Mark Miller reiterated a Hold rating on Western Digital Corp (NASDAQ:WDC).
- Due to industry oversupply, Micron Technology, Inc (NASDAQ:MU) NAND ASPs fell by mid-20% sequentially, resulting in negative margins.
- NAND pricing is below cash cost. Also impacting margins was a $1.43 billion inventory write-down. Before the write-down, inventories had swelled to record levels. The free cash flow was an outflow of $1.8 billion.
- The firm guided to a more significant than expected loss for 3Q.
- Customer inventories are down in several end markets. As a result, Micron expects an improving supply-demand balance in the months ahead with higher bit shipments.
- However, 2023 will be a challenging year for industry profitability. DRAM and NAND demand growth in 2023 will likely be below the long-term CAGRs.
- Data Center inventories will likely be healthy by the end of 2023.
- Micron believes its Data Center revenues have bottomed and sees sales growth in 3Q.
- Micron sees PC unit sales declining by a mid-single-digit percent in 2023 versus a high teen percent decline in 2022.
- Although still elevated, PC customer inventories have improved meaningfully.
- After falling 10% last year, Mobile demand in 2023 will likely be slightly down.
- NAND bit demand will likely grow by low teens in 2023. DRAM bit demand will likely grow 5% in 2023.
- Micron's reported 2Q sales of $3.69 billion were $10 million below consensus expectations. The non-GAAP net loss was ($1.91) per diluted share. The inventory write-down impacted earnings by $1.34/share.
- Non-GAAP gross margins were a negative 31.4% versus 21.9% reported in the prior quarter and 47.2% in 2Q22.
- Under-utilization charges will likely be $0.9 billion in FY23, with almost half of these charges will be in 3Q.
- Micron's non-GAAP 3Q EPS guidance for a net loss range of ($1.51) to ($1.65) per diluted share was below investor expectations of ($0.90) per diluted share, while the F3Q23 sales guidance range of $3.50 billion to $3.9 billion compared to investors' sales expectation of $3.70 billion.
- Price Action: WDC shares traded higher by 5.04% at $36.35 on the last check Wednesday.
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- 基準 分析師 馬克·米勒重申了持有評級 西部數據 (納斯達克:WDC).
- 由於行業供過於求， 美光科技股份有限公司 (納斯達克:MU) NAND 自然原料較前順序下降了中間 -20%，導致負利潤率。
- NAND 定價低於現金成本。同樣影響利潤也是 1.43 億美元的庫存減少。在寫下之前，庫存已經膨脹到創紀錄的水平。自由現金流為 18 億美元的流出。
- 該公司引導了超過預期的 3Q 損失。
- 客戶庫存在數個終端市場中下降。因此，美光預計未來幾個月的供應需求平衡會改善，位元出貨量增加。
- 但是，2023 年對於行業盈利能力來說將是充滿挑戰的一年。2023 年的 DRAM 和 NAND 需求增長可能會低於長期的複合增長率。
- 到 2023 年底，資料中心庫存可能會保持良好狀態。
- 美光相信其資料中心的收入已經觸底，並在第三季度看到銷售成長。
- 美光看到 2023 年，個人電腦單位銷售額下降了中位數百分比，而 2022 年的青少年則下降了很高的百分比。
- 儘管 PC 客戶庫存仍然有所提高，但已經有所改善。
- 在去年下降 10％ 之後，2023 年的移動需求可能會略有下降。
- 在 2023 年，低青少年的 NAND 位需求可能會增長。在 2023 年，DRAM 位元需求可能會增長 5%。
- 美光公司報告的第二季度銷售額為 36.9 億美元，低於共識預期的 1000 萬美元。非公認會計準則淨虧損為稀釋每股淨虧損 (1.91 美元)。庫存降低影響了 1.34 美元/股的收益。
- 非公認會計準則毛利率為負 31.4%，而上一季度則為 21.9%，而 22 年第二季則為 47.2%。
- 在 23 財年，使用率不足的費用可能為 0.9 億美元，其中幾乎一半的費用將在第三季度。
- 美光針對稀釋每股淨虧損範圍 (1.51 美元) 至 (1.65 美元) 的非公認會計準則每股盈利指引低於投資者預期的稀釋每股 (0.90 美元)，而 F3Q23 的銷售指引範圍則為 35,000 億美元至 39 億美元，相較於投資者的銷售預期為 37.0 億美元。
- 價格行動： WDC 股票在上次檢查周三上漲 5.04％，報 36.35 美元。
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譯文內容由第三人軟體翻譯。
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