Operator
Thank you for standing by, and welcome to Micron's Second Quarter 2024 Financial Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.
感谢您的等待，欢迎您参加美光科技第二季度2024年财务电话会议。目前，所有参会者处于仅听模式。在演讲者展示结束后，将有问答环节。[操作员指示]请记住，今天的会议将被录音。
And now I'd like to introduce your host for today's program, Satya Kumar, Corporate Vice President, Investor Relations and Treasurer. Please go ahead, sir.
下面请 satya kumar 先生, 企业副总裁，投资者关系和财务总监致词, 有请。
Satya Kumar
Satya Kumar
Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2024 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our President and CEO; and Mark Murphy, our CFO.
谢谢大家，欢迎参加 Micron Technology 财年第二季度 2024 年财务分析师电话会议。今天与我一起的有我们的总裁兼首席执行官 Sanjay Mehrotra，以及我们的首席财务官 Mark Murphy。
Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call.
今天的电话会议将通过我们在investors.micron.com上的投资者关系网站进行网络广播，包括音频和幻灯片。此外，我们已经在网站上发布了关于我们季度业绩的新闻稿，以及本次电话会议的备忘录。
Today's discussion of financial results is being presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on X at MicronTech.
如果没有特别说明，今天我们将以非GAAP财务数据的形式讨论财务业绩。您可以在我们的网站上找到GAAP与非GAAP财务指标的调整表。我们鼓励您整季访问我们的网站micron.com，获取公司最新的信息，包括我们可能参加的财务会议详情。您还可以在X关注我们的MicronTech频道。
As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, market and pricing trends and drivers, our technology, product ramp plans and market position, our expected results and guidance, and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today.
我想提醒大家，我们今天讨论的内容包括关于市场供求、市场和定价走势及驱动力的前瞻性表述，关于我们的技术、产品推广计划、市场定位、预期业绩和指导，以及其他事项。这些前瞻性表述可能受到各种风险和不确定性的重大影响，导致实际结果与今天所作的表述存在重大差异。
We refer you to the documents we filed with the SEC, including our most recent Form 10-Q and upcoming 10-Q, for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.
我们请您参阅向美国证券交易委员会(SEC)提交的文件，包括最近的10-Q季度报告及即将发布的10-Q季度报告，以了解可能影响我们未来业绩的风险。尽管我们相信前瞻性陈述所反映的预期是合理的，但我们无法对未来的业绩、活动水平、表现或成就作出保证。我们没有义务更新任何前瞻性陈述，以使其符合实际结果。
I will now turn the call over to Sanjay.
现在我把电话转给Sanjay。
Sanjay Mehrotra
Sanjay Mehrotra
Thank you, Satya. Good afternoon, everyone. I am pleased to report that Micron delivered fiscal Q2 revenue, gross margin, and EPS well above the high end of guidance. Micron has returned to profitability and delivered positive operating margin a quarter ahead of expectation. I would like to thank all our Micron global team members for their dedication and excellent execution that made this result possible.
谢谢萨提亚。各位，下午好。我很高兴地宣布，美光第二财季营收、毛利率和每股收益均超出此前指引的高端。美光重新实现盈利，并比预期提前一个季度实现了正运营利润率。我要感谢全球美光团队成员的付出和卓越执行力，使得这一切成为可能。
Micron drove robust price increases as the supply-demand balance tightened. This improvement in market conditions was due to a confluence of factors, including strong AI server demand, a healthier demand environment in most end markets, and supply reductions across the industry. AI server demand is driving rapid growth in HBM, DDR5, and data center SSDs, which is tightening leading-edge supply availability for DRAM and NAND.
随着供需平衡趋紧，美光带动了强劲的价格上涨。市场状况的改善归因于多种因素，包括强劲的人工智能服务器需求、各终端市场的更健康需求环境以及整个行业的供应减少。人工智能服务器需求推动了HBM、DDR5和数据中心SSD的快速增长，从而收紧了DRAM和NAND的尖端供应。
This is resulting in a positive ripple effect on pricing across all memory and storage end markets. We expect DRAM and NAND pricing levels to increase further throughout calendar year 2024 and expect record revenue and much improved profitability now in fiscal year 2025.
这带来了整个内存和存储市场定价的积极涟漪效应。我们预计，DRAM和 NAND 的价格水平将在 2024 全年继续上涨，并预计在 2025 财年我们将实现创纪录的收入和显著提高的盈利能力。
Micron is at the forefront of ramping the industry's most advanced technology nodes in both DRAM and NAND. Reinforcing our leadership position, over three-quarters of our DRAM bits are now on leading-edge 1-alpha and 1-beta nodes, and over 90% of our NAND bits are on 176-layer and 232-layer nodes. We expect fiscal 2024 front-end cost reductions, excluding the impact of HBM, to track in line with our long-term expectations of mid to high single digits in DRAM and low teens in NAND, supported by the continued volume ramp of 1-beta DRAM and 232-layer NAND.
美光在DRAM和NAND的最先进的工艺节点上处于行业翘楚地位。我们领先的技术体现在，DRAM有超过四分之三的一号和二号alpha、beta节点，NAND则有超过90%的一百七十六层和二百三十二层。我们预计，2024财年，扣除HBM影响的前端成本降幅，将在DRAM维持中单位数至高单位数，NAND维持个位数，得益于一号beta DRAM和二百三十二层NAND的产线稳步提升。
We continue to mature our production capability with extreme ultraviolet lithography and have achieved equivalent yield and quality on our 1-alpha as well as 1-beta nodes between EUV and non-EUV flows. We have begun 1-gamma DRAM pilot production using EUV and are on track for volume production in calendar 2025. The development of our next-generation NAND node is on track, with volume production planned for calendar 2025. We expect to maintain our technology leadership in NAND.
在极紫外光刻工艺方面，我们继续提升产能，并在1 Alpha和1 Beta节点上实现了与非极紫外光刻工艺相当的产出和质量。我们已经开始使用极紫外光刻技术进行1 Gamma DRAM的小规模试产，并计划于2025财年实现大规模量产。下一代 NAND 节点的开发进展顺利，计划于2025财年投入量产。我们预计在 NAND 技术领域保持领先地位。
Now turning to our end markets. Inventories for memory and storage have improved significantly in the data center, and we continue to expect normalization in the first half of calendar 2024. In PC and smartphone, there were some strategic purchases in calendar Q4 in anticipation of a return to unit growth. Inventories remain near normal levels for auto, industrial, and other markets.
转向我们的终端市场。数据中心的内存和存储库存有了显著改善，我们预计2024年上半会实现正常化。在PC和智能手机市场，由于预计会出现单位出货量的增长，第四季度进行了一些战略性采购。汽车、工业和其他市场的库存仍然接近正常水平。
We are in the very early innings of a multiyear growth phase driven by AI as this disruptive technology will transform every aspect of business and society. The race is on to create artificial general intelligence, or AGI, which will require ever-increasing model sizes with trillions of parameters.
人工智能驱动的长期增长周期才刚刚开始，这一颠覆性的技术将改变商业和社会的方方面面。打造人工智能的通用型（AGI）竞赛正在激烈进行，这需要数以万亿计参数的庞大数据模型。
On the other end of the spectrum, there is considerable progress being made on improving AI models, so that they can run on edge devices, like PCs and smartphones, and create new and compelling capabilities. As AI training workloads remain a driver of technology and innovation, inference growth is also rapidly accelerating.
另一方面，人工智能模型的改进正在取得长足进展，使其能够在台式机和智能手机等边缘设备上运行，并创造出新的、引人注目的功能。鉴于人工智能训练工作负载继续驱动技术和创新，推断（inference）的增长也在不断加速。
Memory and storage technologies are key enablers of AI in both training and inference workloads, and Micron is well-positioned to capitalize on these trends in both the data center and the edge. We view Micron as one of the biggest beneficiaries in the semiconductor industry of this multiyear growth opportunity driven by AI.
内存和存储技术是人工智能训练和推理工作负载的关键推动者，美光科技在数据中心和边缘计算领域都处于有利地位，能够抓住这一由人工智能驱动的多年增长机遇，我们预计美光科技将是半导体行业这一增长机会的最大受益者之一。
In data center, total industry server unit shipments are expected to grow mid to high single digits in calendar 2024, driven by strong growth for AI servers and a return to modest growth for traditional servers. Micron is well positioned with our portfolio of HBM, D5, LP5, high-capacity DIMM, CXL, and data center SSD products.
数据中心行业服务器出货量预计在2024年将以中高个位数增长，主要驱动因素是人工智能服务器的强劲增长以及传统服务器的温和复苏。美光凭借其HBM、D5、LP5高容量DIMM、CXL和数据中心SSD产品组合占据了有利地位。
Delivering improved memory bandwidth, power consumption, and overall performance is critical to enable cost-efficient scaling of AI workloads inside modern GPU or ASIC-accelerated AI servers. Our customers are driving an aggressive AI roadmap on their GPU and ASIC-based server platforms that require significantly higher content and higher-performance memory and storage solutions.
提供增强的内存带宽、功耗和整体性能对于在现代GPU或ASIC加速的人工智能服务器中实现AI负载的经济高效扩展至关重要。我们的客户正在他们基于GPU和ASIC的服务器平台上推动激进的人工智能路线图，这需要显著更高容量和更高性能的内存和存储解决方案。
For example, earlier this week, Nvidia announced its next-generation Blackwell GPU architecture-based AI systems, which provides a 33% increase in the HBM3E content, continuing a trend of steadily increasing HBM content per GPU. Micron's industry-leading high-bandwidth memory HBM3E solution provides more than 20 times the memory bandwidth compared to standard D5-based DIMM server module.
例如，就在本周，Nvidia 宣布了基于下一代 Blackwell GPU 架构的人工智能系统，后者提供了33% 的 HBM3E 内容增长，延续了 GPU 每单位性能上 HBM 内容稳步增长的趋势。美光的业界领先 HBM3E 高带宽内存解决方案可提供比基于 D5 的DIMM 服务器模块高出 20 多倍的内存带宽。
We are executing well on our HBM product ramp plans and have made significant progress in ramping our capacity, yields, and quality. We commenced volume production and recognized our first revenue from HBM3E in fiscal Q2 and now have begun high-volume shipments of our HBM3E product.
我们正在顺利执行HBM产品推广计划,在产能提升、良品率和产量方面都取得了显著进展。我们在第二财季开始批量生产HBM3E并实现收入,现在已经开始大量出货HBM3E产品。
Customers continue to give strong feedback that our HBM3E solution has a 30% lower power consumption compared to competitors' solutions. This benefit is contributing to strong demand. Our HBM3E product will be a part of Nvidia's H200 Tensor Core GPUs, and we are making progress on additional platform qualifications with multiple customers.
客户继续积极反馈，称我们的HBM3E解决方案的功耗较竞争对手解决方案低30%。这一优势推动了强劲需求。我们的HBM3E产品将成为英伟达H200张量核心GPU的一部分，我们正在与多家客户就更多平台认证取得进展。
We are on track to generate several hundred million dollars of revenue from HBM in fiscal 2024 and expect HBM revenues to be accretive to our DRAM and overall gross margins starting in the fiscal third quarter. Our HBM is sold out for calendar 2024, and the overwhelming majority of our 2025 supply has already been allocated.
我们预计在2024财年，HBM将带来数亿美元的收入，并预计从2024财年第三季度开始，HBM业务将对我们的DRAM和总体毛利率产生增厚效应。我们2024年的HBM已全部售罄，2025年大部分供应已被预留。
We continue to expect HBM bit share equivalent to our overall DRAM bit share some time in calendar 2025. Earlier this month, we sampled our 12-high HBM3E product, which provides 50% increased capacity of DRAM per cube to 36 gigabyte. This increase in capacity allows our customers to pack more memory per GPU, enabling more powerful AI training and inference solutions.
我们预计，到2025年某个时候，HBM位占比将与我们的整体DRAM位占比相当。本月早些时候，我们对12层的HBM3E产品进行了样片测试，单个芯片的DRAM容量提高了50%，达到36GB。更大的容量使得我们的客户能够为GPU配备更多的内存，从而提供更强大的AI训练和推理解决方案。
We expect 12-high HBM3E will start ramping in high-volume production and increase in mix throughout 2025. We have a robust roadmap and we are confident we will maintain our technology leadership with HBM4, the next generation of HBM, which will provide further performance and capacity enhancements compared to HBM3E.
我们预计,12-nm 高性能 HBM3E 产品将在 2025 年开始大批量生产,并提高在整个产品系列中的采用率。我们拥有强大的路线图,并且对下一代 HBM——性能和容量将进一步超越 HBM3E 的 HBM4 技术保持领先地位充满信心。
We are making strong progress on our suite of high-capacity server DIMM products. During the quarter, we completed validation of the industry's first mono-die-based 128 gigabyte server DRAM module. This new product provides the industry's highest-bandwidth D5 capability, with greater than 20% better energy efficiency and over 15% improved latency performance compared to competitors' 3D TSV-based solutions.
我们正强力推进高容量服务器DIMM产品套件的研发。当季，我们完成了首颗单晶粒128GB服务器DRAM模块的验证。这款新品提供业内领先的D5带宽，比基于3D TSV的竞争对手解决方案，能效提升超20%，时延性能改善超15%。
We see strong customer pull and expect a robust volume ramp for our 128 gigabyte product, with several hundred million dollars of revenue in the second half of fiscal 2024. Additionally, we also started sampling our 256 gigabyte MCRDIMM module, which further enhances performance and increases DRAM content per server.
我们看到强劲的市场需求，预计128GB产品在2024财年第二季度将实现可观的出货量增长，届时收入将达到数亿美元。此外，我们已经开始样品测试256GB MCRDIMM模块，这将进一步提升性能，并提升每台服务器的DRAM容量。
We achieved record revenue share in the data center SSD market in calendar 2023. During the quarter, we grew our revenue by over 50% sequentially for our 232-layer-based 6500 30 terabytes SSDs, which offer best-in-class performance, reliability, and endurance for AI data lake applications.
我们在2023年的数据中心SSD市场实现了创纪录的收入份额。期间，我们基于232层的6500系列30TB SSD的季度收入增长超过50%，这款产品为AI数据湖应用提供了顶级的性能、可靠性和耐久度。
In PC, after two years of double-digit declines, unit volumes are expected to grow modestly in the low single-digit range for calendar 2024. We are encouraged by the strong ecosystem momentum to develop next-generation AI PCs, which feature high-performance Neural Processing Unit chipsets and 40% to 80% more DRAM content versus today's average PCs. We expect next-generation AI PC units to grow and become a meaningful portion of total PC units in calendar 2025.
在个人电脑方面，经过两年的双位数下滑后，预计2024年全年销量将温和增长个位数。我们对下一代人工智能 PC 的强大生态系统势头感到鼓舞，这些 PC 配备了高性能神经处理单元芯片组，内存内容比目前平均 PC 多出 40% 到 80%。我们预计到2025年，下一代人工智能 PC 的销量将增长，并成为个人电脑总销量的有意义组成部分。
At CES, the consumer electronics show in Las Vegas, Micron launched the industry's first low-power compression-attached memory module, or LPCAMM2, for PC applications. LPCAMM2 brings a modular form factor, with a maximum capacity point of 64 gigabyte for PC module and 128 gigabyte for server module, along with a number of benefits such as higher bandwidth, lower power, and smaller form factor.
在拉斯维加斯消费电子展上，美光推出了面向PC应用的业内首款低功耗压缩连接内存模块（LPCAMM2）。LPCAMM2采用模块化设计，PC应用内存模块的最大容量点为64GB，服务器应用模块的最大容量点为128GB，同时具备带宽更高、功耗更低和更小的封装形式等优势。
During the quarter, we launched our 232-layer-based Crucial T705 Gen 5 consumer SSD, which won several editor choice awards and was recognized by a leading publisher as the fastest M.2 SSD ever. We increased our client SSD QLC bit shipments to record levels, with QLC representing nearly two-thirds of our client SSD shipments, firmly establishing Micron as the leader in client QLC SSDs.
在本季度，我们推出了基于232层的Crucial T705第五代消费级SSD，它获得了多项编辑选择奖，并被一家领先出版商评为有史以来最快的M.2 SSD。QLC在我们的客户端SSD出货量中占比接近三分之二，创下了历史新高，这进一步巩固了美光在客户端QLC SSD市场的领导地位。
Turning to mobile. Smartphone unit volumes in calendar 2024 remain on track to grow low to mid-single digits. Smartphones offer tremendous potential for personalized AI capabilities that offer greater security and responsiveness when executed on device. Enabling these on-device AI capabilities is driving increased memory and storage capacity needs and increasing demand for new value-add solutions. For example, we expect AI phones to carry 50% to 100% greater DRAM content compared to non-AI flagship phones today.
转向移动领域。我们预计，到2024年，智能手机出货量将保持个位数的低增长。智能手机为个性化的人工智能能力提供了巨大潜力，如果在设备上执行，可以提供更大的安全性和响应速度。在设备上启用这些人工智能功能正在推动对更大内存和存储容量的需求，并增加对新价值附加解决方案的需求。例如，我们预计，与当今非人工智能旗舰手机相比，人工智能手机将携带50%至100%的更大容量DRAM。
Micron's leading mobile solutions provide the critical high performance and power efficiency needed to unlock an unprecedented level of AI capability. In DRAM, we are now sampling our second-generation, 1-beta LPDRAM LP5X product, which delivers the industry's highest performance at improved power for flagship smartphones.
美光在移动领域的创新解决方案，为AI释放前所未有的潜能提供了关键的高能效表现。在动态随机存取内存（DRAM）方面，我们已开始向客户供货第二代1-Beta LPDDR5X产品，为旗舰智能手机提供业界领先的性能和能效提升。
And in NAND, we announced our second generation of 232-layer NAND UFS 4.0 devices, featuring the industry's smallest package and breakthrough features that enable greater reliability and significantly higher real-world performance for complex workloads.
在NAND闪存方面，我们发布了第二代232层NAND UFS 4.0产品，拥有业界最小的封装，并具备突破性功能，能够显著提升复杂工作负载的可靠性和实际性能。
Our mobile DRAM and NAND solutions are now widely adopted in industry-leading flagship smartphones, with two examples being Samsung's Galaxy S24 and the Honor Magic 6 Pro announced this year. The Samsung Galaxy S24 can provide two-way, real-time voice and text translations during live phone calls. The Honor Magic 6 Pro features the Magic LM, a seven-billion parameter large language model, which can intelligently understand a user's intent based on language, image, eye movement, and gestures and proactively offer services to enhance and simplify the user experience.
我们移动DRAM和NAND解决方案如今已广泛应用在行业领先的旗舰智能手机中，今年的三星Galaxy S24和荣耀Magic 6 Pro是其中的两个代表例。三星Galaxy S24可以实现电话通话时的双向实时语音和文本翻译。荣耀Magic 6 Pro搭载了拥有700亿参数的超大规模语言模型Magic LM，能够根据语言、图像、眼球运动和手势智能理解用户意图，并主动提供服务，从而提升和简化用户体验。
Turning to auto and industrial. The automotive sector continues to experience robust demand for memory and storage as non-memory semiconductor supply constraints have eased and as new vehicle platforms are launched. In the past quarter, we experienced strong growth with partners who are driving the most advanced capabilities within the automobile's increasingly intelligent and connected digital cockpits. In addition, adoption of Level 2+ ADAS capabilities continues to gain momentum, further expanding content per vehicle.
转向汽车和工业领域。随着非记忆半导体供应紧张状况的缓解，以及新车型平台的推出，汽车行业对内存和存储的需求持续强劲。过去一个季度，我们在推动汽车日益智能化和连接的数字驾驶舱中最先进功能的合作伙伴那里看到了强劲增长。此外，Level 2+高级驾驶辅助系统（ADAS）的功能采纳正加速，进一步增加了每辆车的容量。
The industrial market fundamentals for memory are also healthy, with improving distributor inventory, book-to-bill, and demand visibility improvements, as well as pricing benefits from the tight supply for products, especially those built on leading-edge nodes.
内存的工业市场基本面也保持强劲，分销商库存改善，订货量与发货量比上升，需求可见度提高，而且得益于产品供应紧张，特别是采用先进制程的产品，价格颇具吸引力。
Now, turning to our market outlook. Calendar 2023 DRAM bit demand growth was in the low double-digit percentage range, and NAND bit demand growth was in the low-20s percentage range, both a few percentage points higher than previous expectations. We forecast calendar 2024 bit demand growth for the industry to be near the long-term CAGR for DRAM and around the mid-teens for NAND.
现在，我们来看看市场展望。2023年DRAM位需求增长预计为个位数的低双位数，而NAND位需求增长预计为个位数的低二十几，两者都比之前的预期高出了几个百分点。我们预计2024年行业位需求增长将接近DRAM的长期复合年增长率，而NAND的增长将在十位数的中段。
Given the higher baseline of 2023 demand, these expectations of 2024 bit growth have driven an increase in the absolute level of 2024 bit demand in our model for DRAM and NAND versus our prior expectations. The industry supply-demand balance is tight for DRAM and NAND, and our outlook for pricing has increased for calendar 2024. Over the medium term, we expect bit demand growth CAGRs of mid-teens in DRAM and low-20s percentage range in NAND.
鉴于2023年需求的较高基数，我们对2024年位元增长的预期推动了DRAM和NAND在我们模型中的2024年位元需求的绝对水平提升。DRAM和NAND的供需形势紧张，我们对2024年全年的定价前景持乐观态度。从中期来看，我们预计DRAM的位元需求增长将以两位数中段的速度增长，而NAND的增长率将在低20%的范围内。
Turning to supply. The supply outlook remains roughly the same as last quarter. We expect calendar 2024 industry supply to be below demand for both DRAM and NAND. Micron's bit supply growth in fiscal 2024 remains below our demand growth for both DRAM and NAND, and we expect to decrease our days of inventory in fiscal year 2024.
转向供应面。我们预计2024年的行业供应量将继续低于DRAM和NAND的需求。2024财年，美光的位供应增长将低于DRAM和NAND的需求增长，我们预计2024财年的库存天数将有所减少。