美光科技(MU)盘前涨1.15% 机构指业务强劲韧性依旧凸显

金吾财讯
Oct 02

金吾财讯 | 美光科技(MU)盘前走高,暂报1110.00美元,涨幅1.15%。摩根士丹利发布最新研报指出,美光科技最新一季业绩基本符合此前预期,环比改善幅度虽有所放缓,但业务的强劲韧性依旧凸显。更关键的是,公司将其定性供需指引延伸至2028年,并预计2027年和2028年内存供需关系将比今年更为紧张。该行认为,这一信号短期内未必被投资者充分定价,但与其对AI需求强度将重塑内存行业的判断一致。摩根士丹利维持美光“增持”评级,目标价为1200美元。高盛表示,美光录得强劲季度业绩及指引,并签订新客户协议及上调资本开支以支持供应增加。该行将目标价由1,100美元上调至1,250美元,评级维持“中性”。该行预期,在季度业绩及指引远超市场预期下,股价或温和造好,惟毛利率略逊,且投资者入季前预期已偏高,或构成部分抵销。与同业相若,美光持续看到DRAM及NAND供需紧张情况将延续至2027年及2028年。公司已再签10份长期协议,合共约占至2030财年预期收入约35%,其中约75%包含结构化定价框架。该行继续认为这些协议对股价属正面,有助提高投资者愿意为“高峰”盈利支付的估值倍数。同时,行业持续加快供应增加以满足客户需求,惟该行相信最早至2028年才会出现有意义的市场宽松。该行表示,若见到行业至2028年及以后持续维持供应增长纪律,或会考虑更积极看法。

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