美光科技 (MU) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to Micron's Fourth Quarter 2024 Financial Call.

感謝您的耐心等待，歡迎參加美光科技 2024 年第四季財務電話會議。

(Operator Instructions) As a reminder, today's program is being recorded.

（操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，投資者關係部門的 Satya Kumar。請繼續，先生。

Thank you, and welcome to Micron Technology's fiscal fourth quarter 2024 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our President and CEO; and Mark Murphy, our CFO. 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.

謝謝，歡迎參加美光科技 2024 年第四季財務電話會議。今天與我通話的是我們的總裁兼執行長 Sanjay Mehrotra；和我們的財務長馬克·墨菲。今天的電話會議透過我們的投資者關係網站 Investors.micron.com 進行網路直播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿以及為本次電話會議準備的發言稿已發佈在網站上。

Today's discussion of financial results is 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 MicronTech.

除非另有說明，今天對財務表現的討論是在非公認會計準則財務基礎上進行的。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表。我們鼓勵您在整個季度訪問我們的網站 micron.com，以獲取有關公司的最新信息，包括我們可能參加的財務會議的信息。您也可以在 X MicronTech 上關注我們。

As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, market and pricing trends and drivers, the impact of developing technologies such as AI, product ramp plans and market position, expected capabilities of our future products, 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.

提醒一下，我們今天討論的事項包括有關市場需求和供應、市場和定價趨勢和驅動因素、人工智慧等開發技術的影響、產品提升計劃和市場地位、我們未來產品的預期能力的前瞻性陳述、我們的預期結果和指導以及其他事項。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天的陳述有重大差異。

We refer you to the documents we filed with the SEC, including our Form 10-K, Forms 10-Q and other reports and filings 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.

我們請您參閱我們向 SEC 提交的文件，包括我們的 10-K 表、10-Q 表以及其他報告和文件，以討論可能影響我們未來業績的風險。儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水準、績效或成就。我們沒有義務更新任何前瞻性陳述以使這些陳述符合實際結果。

I'll now turn the call over to Sanjay.

我現在將把電話轉給 Sanjay。

Thank you, Satya. Good afternoon, everyone. Micron delivered a strong finish to fiscal year 2024 with fiscal Q4 revenue at the high end of our guidance range and gross margins and EPS above the high end of our guidance ranges.

謝謝你，薩蒂亞。大家下午好。美光科技在 2024 財年取得了強勁的成績，第四財季收入位於我們指導範圍的高端，毛利率和每股收益高於我們指導範圍的高端。

In fiscal Q4, we achieved record high revenues in NAND and in our storage business unit. Micron's fiscal 2024 revenue grew over 60%. We expanded company gross margins by over 30 percentage points and achieved revenue records in data center and in automotive. I'm thankful to all our Micron team members for their focus and execution, which made these results possible.

在第四財季，我們的 NAND 和儲存業務部門實現了創紀錄的高收入。美光 2024 財年營收成長超過 60%。我們將公司毛利率提高了 30 個百分點以上，並在資料中心和汽車領域創下了收入記錄。我感謝所有美光團隊成員的專注和執行力，讓這些結果成為可能。

We are entering fiscal 2025 with the strongest competitive positioning in Micron's history. We have leadership 1-beta DRAM and G8 and G9 NAND process technology and leadership products across our end markets. Robust data center demand is exceeding our leading-edge node supply and is driving overall healthy supply, demand dynamics.

我們正以美光史上最強的競爭地位進入 2025 財年。我們在終端市場擁有領先的 1-beta DRAM 以及 G8 和 G9 NAND 製程技術和領先產品。強勁的資料中心需求正在超過我們領先的節點供應，並正在推動整體健康的供應和需求動態。

As we move through calendar 2025, we expect a broadening of demand drivers, complementing strong demand in the data center. We are making investments to support AI-driven demand, and our manufacturing network is well positioned to execute on these opportunities.

隨著 2025 年的到來，我們預期需求驅動因素將會擴大，補充資料中心的強勁需求。我們正在進行投資來支持人工智慧驅動的需求，而我們的製造網路已做好充分準備來抓住這些機會。

We look forward to delivering a substantial revenue record with significantly improved profitability in fiscal 2025, beginning with our guidance for record quarterly revenue in fiscal Q1. Micron is ramping production of the industry's most advanced technology nodes in both DRAM and NAND. Our 1-beta DRAM and G8 and G9 NAND nodes are ramping in high-volume and will become an increasing portion of our mix through fiscal 2025.

我們期待在 2025 財年實現可觀的收入記錄，並顯著提高盈利能力，首先是我們對第一財季創紀錄的季度收入的指導。美光正在提高 DRAM 和 NAND 領域業界最先進技術節點的產量。我們的 1-beta DRAM 以及 G8 和 G9 NAND 節點正在大量增加，並將在 2025 財年成為我們產品組合中越來越大的一部分。

As a reminder, our G8 NAND node refers to our 232-layer NAND technology node. Our 1 gamma DRAM pilot production using extreme ultraviolet lithography is progressing well, and we are on track for volume production in calendar 2025. We delivered fiscal 2024 DRAM front-end cost reductions at the high end of the outlook provided at the beginning of the year and NAND cost reductions were consistent with our forecast.

提醒一下，我們的 G8 NAND 節點是指我們的 232 層 NAND 技術節點。我們使用極紫外光刻技術的 1 伽馬 DRAM 試生產進展順利，我們預計在 2025 年實現量產。一致。

We expect fiscal 2025 DRAM front-end cost reductions, excluding HBM, to be in the mid- to high single-digit percentage range. We expect fiscal 2025 NAND cost reductions to be in the low to mid-teens percentage range.

我們預計 2025 財年 DRAM 前端成本下降（不包括 HBM）將在中高個位數百分比範圍內。我們預計 2025 財年 NAND 成本下降幅度將在百分之十到百分之十之間。

We continue to make progress on the construction for our new fab in Idaho and are working with state and federal agencies on the permitting process for our New York site. Construction is underway on our India assembly and test facility as well as our China Xian back-end expansion. We are continuously assessing opportunities to manage our manufacturing footprint in a capital-efficient manner. Consistent with this strategy, we announced the acquisition of an LCD factory in Taiwan, that will be converted to enable DRAM production testing.

我們在愛達荷州新工廠的建設上繼續取得進展，並正在與州和聯邦機構合作，辦理紐約工廠的許可程序。我們的印度組裝和測試工廠以及中國西安後端擴建工程正在進行中。我們不斷評估以資本高效的方式管理我們的製造足跡的機會。根據這項策略，我們宣布收購台灣的一家 LCD 工廠，該工廠將改建為 DRAM 生產測試。

Micron's proprietary and vertically integrated testing capabilities provide competitive differentiation and enable us to provide high-quality products to our customers.

美光專有的垂直整合測試能力提供了競爭優勢，使我們能夠為客戶提供高品質的產品。

Now turning to our end markets. Memory is essential to extend the frontier of AI capability. Multiple vectors will drive AI memory demand over the coming years, growing model sizes and input token requirements, multi-modality, multi-agent solutions, continuous training and the proliferation of inference workloads from cloud to the edge.

現在轉向我們的終端市場。記憶體對於擴展人工智慧能力的前沿至關重要。未來幾年，多個向量將推動人工智慧記憶體需求、不斷增長的模型大小和輸入令牌要求、多模態、多代理解決方案、持續訓練以及從雲端到邊緣的推理工作負載的激增。

Micron is focused on translating the opportunities from AI demand into value capture for all our stakeholders. Demand from data center customers continues to be strong and customer inventory levels are healthy. Industry server unit shipments are expected to grow in the mid- to high single-digit percentage range in calendar 2024, driven by strong growth for AI servers as well as low single-digit percentage range growth for traditional servers.

美光致力於將人工智慧需求的機會轉化為所有利害關係人的價值獲取。資料中心客戶的需求持續強勁，客戶庫存水準保持健康。受人工智慧伺服器強勁成長以及傳統伺服器低個位數百分比成長的推動，預計 2024 年產業伺服器出貨量將在中高個位數百分比範圍內成長。

We expect additional server demand to benefit from a refresh cycle as a single latest generation traditional server can replace multiple older generation servers to provide valuable space, power and performance improvements to improve data center efficiency. We see increasing DRAM and NAND content both in traditional as well as AI servers.

我們預計額外的伺服器需求將受益於更新周期，因為單一最新一代傳統伺服器可以取代多個舊一代伺服器，以提供寶貴的空間、功率和效能改進，從而提高資料中心效率。我們看到傳統伺服器和人工智慧伺服器中的 DRAM 和 NAND 含量都在增加。

Our mix of data center revenue reached a record level in fiscal 2024 and we expect will grow significantly from here in fiscal 2025. Micron is well positioned in the data center with our portfolio of HBM, high-capacity D5 and LP5 solutions and data center SSD products.

我們的資料中心收入組合在2024 財年達到了創紀錄的水平，我們預計到2025 財年將大幅增長。領域處於有利地位產品。

We expect each of these three product categories to deliver multiple billions of dollars in revenue in fiscal 2025. In HBM, we are making excellent progress on our yield and output capability. In fiscal Q4, we delivered on our expected volumes and achieved our objective of several hundred millions of dollars in revenue from HBM in fiscal year 2024.

我們預計這三個產品類別將在 2025 財年實現數十億美元的收入。在第四財季，我們實現了預期銷量，並實現了 2024 財年 HBM 收入數億美元的目標。

Even as our DRAM gross margins improved, our fiscal Q4 HBM gross margins were accretive to both company and DRAM gross margins indicative of our solid HBM yield ramp. We expect to achieve HBM market share commensurate with our overall DRAM market share sometime in calendar 2025.

即使我們的 DRAM 毛利率有所改善，我們第四財季的 HBM 毛利率仍對公司和 DRAM 毛利率有所增加，這表明我們的 HBM 產量穩定成長。我們預計 HBM 市場份額將在 2025 年某個時候達到與我們整體 DRAM 市場份額相稱的水平。

We expect the HBM TAM to grow from approximately $4 billion in calendar 2023 to over $25 billion in calendar 2025. As a percent of overall industry DRAM base, we expect HBM to grow from 1.5% in calendar 2023 to around 6% in calendar 2025.

我們預計 HBM TAM 將從 2023 年的約 40 億美元增長到 2025 年的超過 250 億美元。

We have a robust road map for HBM and are confident we will maintain our time-to-market, technology and power efficiency leadership with HBM4 and HBM4E. During the quarter, Micron started shipments of production-capable HBM3E, 12 high 36 gigabyte units to key industry partners to enable qualifications across the AI ecosystem.

我們擁有強大的 HBM 路線圖，並且有信心透過 HBM4 和 HBM4E 來維持我們在上市時間、技術和能源效率方面的領先地位。本季度，美光開始向主要產業合作夥伴交付可量產的 HBM3E（12 個高 36 GB 單元），以實現整個 AI 生態系統的資格認證。

Remarkably, Micron's HBM3E 12 high, 36 gigabyte delivers 20% lower power consumption than our competitors, HBM3E, 8-high 24 gigabyte solutions while providing 50% higher DRAM capacity. We expect to ramp our HBM3E 12 high output in early calendar 2025, and increase the 12 high mix in our shipments throughout 2025.

值得注意的是，美光的 HBM3E 12 高 36 GB 的功耗比我們的競爭對手 HBM3E、8 高 24 GB 解決方案低 20%，同時提供高出 50% 的 DRAM 容量。我們預計將在 2025 年初提高 HBM3E 12 High 產量，並在 2025 年全年增加 12 High 出貨量。

As we have said before, our HBM is sold out for calendar 2024 and 2025 with pricing already determined for this time frame. In calendar 2025 and 2026, we will have a more diversified HBM revenue profile as we have won business across a broad range of HBM customers with our industry-leading HBM3E solution.

正如我們之前所說，我們的 HBM 2024 年和 2025 年已售罄，且該時段的定價已確定。到 2025 年和 2026 年，我們將擁有更多元化的 HBM 收入狀況，因為我們憑藉業界領先的 HBM3E 解決方案贏得了廣泛的 HBM 客戶的業務。

We see strong demand for our high-capacity D5 and LP5 solutions. We are seeing increasing adoption of our high-capacity mono die-base, 128 gigabyte D5 DIM products. We are leveraging our innovative industry-leading LP5 solutions to pioneer the adoption of low-power DRAM for servers in the data center.

我們看到對我們的高容量 D5 和 LP5 解決方案的強勁需求。我們看到越來越多的人採用我們的高容量單晶片、128 GB D5 DIM 產品。我們正在利用業界領先的創新 LP5 解決方案，率先在資料中心的伺服器中採用低功耗 DRAM。

Micron's LP5 is specifically designed with data center and AI applications in mind, offering unique features for enhanced reliability, availability and serviceability, or RAF, in a server platform. We are focused on LPDDR design innovation to optimize the capacity, power and system reliability requirements of AI server infrastructure.

美光的 LP5 專為資料中心和人工智慧應用而設計，提供獨特的功能以增強伺服器平台的可靠性、可用性和可服務性 (RAF)。我們專注於LPDDR設計創新，以優化AI伺服器基礎設施的容量、功耗和系統可靠性要求。

Data center SSD demand continues to be driven by strong growth in AI as well as a recovery in traditional compute and storage. Our strategy to use greater levels of vertical integration, including Micron design controllers and firmware has resulted in a data center SSD portfolio that addresses customer requirements for a robust set of features and functionality, competitive total cost of ownership and industry-leading performance and quality.

人工智慧的強勁成長以及傳統運算和儲存的復甦繼續推動資料中心 SSD 需求。我們採用更高水準的垂直整合（包括美光設計控制器和韌體）的策略產生了資料中心SSD 產品組合，可滿足客戶對一組強大特性和功能、具有競爭力的總擁有成本以及行業領先的性能和品質的需求。

We have gained substantial share in data center SSDs as a result. We achieved a quarterly revenue record with over $1 billion in revenue and data center SSDs in fiscal Q4 and our fiscal 2024 data center SSD revenues more than tripled from a year ago.

因此，我們在資料中心 SSD 領域獲得了可觀的份額。我們在第四財季的資料中心 SSD 營收超過 10 億美元，創下了季度營收記錄，2024 財年資料中心 SSD 營收比一年前成長了兩倍多。

Turning to PC. As discussed in our last earnings call, PC customers have built inventories due to the rising memory price trajectory, anticipated growth in AI PCs as well as an expectation of tight supply caused by an increasing portion of production output being dedicated to meeting the growing data center demand. As sell-through of PCs continues at a steady pace with a seasonal increase in second half of calendar 2024, we expect healthier inventories at PC OEMs by spring 2025.

轉向電腦。正如我們在上次財報電話會議中所討論的，由於內存價格軌跡不斷上漲、人工智能PC 的預期增長，以及由於越來越多的產量致力於滿足不斷增長的數據中心而導致供應緊張的預期， PC 客戶已經建立了庫存要求。隨著 PC 銷售在 2024 年下半年持續保持穩定成長並出現季節性成長，我們預計到 2025 年春季 PC OEM 的庫存將更加健康。

PC unit volumes remain on track to grow in the low single-digit range for calendar 2024. We expect unit growth to continue in 2025 and accelerate into the second half of calendar 2025 as the PC replacement cycle gathers momentum with the rollout of next-gen AI PCs, end of support for Windows 10 and the launch of Windows 12.

到2024 年，PC 銷售仍將在低個位數範圍內成長。 。

The PC market is in the early stages of our transformation, and we expect a significant shift towards AI-driven functionalities that promise to enhance user experiences and productivity.

PC 市場正處於轉型的早期階段，我們預計將出現向人工智慧驅動的功能的重大轉變，這些功能有望增強用戶體驗和生產力。

AI PC require a higher capacity of memory and storage. As an example, leading PC OEMs have recently announced AI-enabled PCs with a minimum of 16 gigabytes of DRAM for the value segment and between 32 to 64 gigabyte for the mid- and premium segments versus an average content across all PCs of around 12 gigabyte last year.

AI PC需要更高容量的記憶體和儲存。例如，領先的 PC OEM 最近宣布推出支援 AI 的 PC，低階市場配備至少 16 GB DRAM，中高階市場配備 32 至 64 GB，而所有 PC 的平均內容約為 12 GB去年。

Micron is well positioned to support the growth of AI PCs with our portfolio of clients LPDRAM, DRAM and SSD products. Our low-power compression attached memory module, or LPCAMM2 product has had multiple design wins at leading PC OEMs. These modules offer all the benefits of low-power DRAM in an upgradable form factor.

美光憑藉我們的客戶 LPDRAM、DRAM 和 SSD 產品組合，已做好充分準備，支援 AI PC 的發展。我們的低功耗壓縮附加記憶體模組或 LPCAMM2 產品已贏得領先 PC OEM 的多項設計勝利。這些模組以可升級的外形尺寸提供低功耗 DRAM 的所有優點。

Compared to the alternative modular D5 based solutions, LPCAMM2 provides up to 60% lower power and up to 70% better performance along with 60% space savings. Our 3,500 client SSD is qualified at all the major PC OEMs and provides the power performance enhancements needed for AI workloads.

與基於 D5 的替代模組化解決方案相比，LPCAMM2 的功耗降低了 60%，效能提高了 70%，同時節省了 60% 的空間。我們的 3,500 個客戶端 SSD 已通過所有主要 PC OEM 的認證，並提供 AI 工作負載所需的電源效能增強。

Turning to mobile. Smartphone customer inventory dynamics are evolving in a manner somewhat similar to that of PC customers. Smartphone unit volumes in calendar 2024 are on track to grow in the low to mid-single-digit percentage range, and we expect unit growth to continue in 2025. Smartphone OEMs are seeking to differentiate their devices by incorporating more AI features such as personalized recommendations, improved camera functionalities and smarter voice assistance.

轉向移動。智慧型手機客戶的庫存動態變化方式與個人電腦客戶的變化方式有些相似。 2024 年智慧型手機銷量預計將在低至中個位數百分比範圍內增長，我們預計2025 年銷量將繼續增長。差異化、改進的相機功能和更聰明的語音幫助。

Recently, leading Android smartphone OEMs have announced AI-enabled smartphones with 12 to 16 gigabyte of DRAM versus an average of 8 gigabyte in flagship phones last year.

最近，領先的 Android 智慧型手機 OEM 廠商宣布推出配備 12 至 16 GB DRAM 的 AI 智慧型手機，而去年旗艦手機的平均 DRAM 為 8 GB。

Micron is well positioned to support the growth of AI smartphones with our leading-edge memory and storage products. During the quarter, we extended our product leadership with the first customer qualification of our second-generation 1 beta-based LP5X DRAM and second generation of G8 NAND UFS 4.0 products.

美光科技已做好充分準備，憑藉我們領先的記憶體和儲存產品來支援人工智慧智慧型手機的發展。本季度，我們透過第二代 1 beta 版 LP5X DRAM 和第二代 G8 NAND UFS 4.0 產品的首次客戶認證，擴大了我們的產品領先地位。

In the automotive market, infotainment and ADAS are driving long-term memory and storage content growth. For the fourth consecutive year, Micron achieved a fiscal year record for automotive revenue in 2024. Micron has built an industry-leading portfolio of automotive grade DRAM and NAND products that provide best-in-class solutions for these high-growth applications, leveraging our technology and product leadership, top quality rankings and close customer collaborations.

在汽車市場，資訊娛樂和 ADAS 正在推動長期記憶體和儲存內容的成長。美光科技在 2024 年連續第四年創下汽車營收新紀錄。領先地位、一流的品質排名以及密切的客戶合作。

During the quarter, we achieved qualification of our 1-beta base, 16-gigabit LP5 with 9.6 gigabit per second speed for the automotive market, which will support the increased performance requirements driven by AI, both in the digital cockpit and ADAS.

本季度，我們獲得了適用於汽車市場的 1-beta 版 16GB LP5 認證，速度為每秒 9.6GB，這將支援人工智慧驅動的數位駕駛艙和 ADAS 中不斷增長的性能要求。

The automotive industry continues to adjust the mix of EV, hybrid and traditional vehicles to meet evolving customer demands. As auto customer inventories adjust to this new mix, we expect a resumption in our automotive growth in the second half of fiscal 2025.

汽車產業不斷調整電動車、混合動力車和傳統汽車的組合，以滿足不斷變化的客戶需求。隨著汽車客戶庫存適應這種新的組合，我們預計汽車產業的成長將在 2025 財年下半年恢復。

Now turning to our market outlook. Calendar 2024 DRAM industry demand outlook has improved, driven by strength in data center servers and growth in the other market segments have performed consistent with our prior market commentary. Hence, we have upgraded our expectation for calendar 2024 industry DRAM bit demand growth to now be in the high-teens percentage range. Our expectation for calendar 2024 industry NAND bit demand growth remains in the mid-teens percentage range.

現在轉向我們的市場前景。受資料中心伺服器實力的推動，2024 年 DRAM 產業需求前景有所改善，而其他細分市場的成長表現與我們先前的市場評論一致。因此，我們將 2024 年產業 DRAM 位需求成長的預期上調至高雙位數百分比範圍。我們對 2024 年行業 NAND 位需求成長的預期仍保持在中位數百分比範圍內。

In calendar 2025, we expect both DRAM and NAND industry bit demand growth to be around the mid-teens percentage range.

到 2025 年，我們預計 DRAM 和 NAND 產業位元需求成長將在中位數百分比範圍內。

Turning to supply. Constructive industry conditions will help drive the considerable improvements in profitability and ROI that are needed to enable the investments required to support future growth. Due to CapEx and supply reduction actions taken across the industry in 2023, we expect industry wafer capacity in both DRAM and NAND in 2024 to be below 2022 peak levels, and for NAND, meaningfully so. This factor, combined with the increasing mix of HBM wafers is reducing DRAM supply allocated to traditional products and contributing to the healthy industry supply-demand environment that we expect for DRAM in calendar 2025.

轉向供應。建設性的行業條件將有助於推動獲利能力和投資回報率的大幅提高，這是支持未來成長所需的投資所必需的。由於 2023 年全行業採取的資本支出和供應減少行動，我們預計 2024 年 DRAM 和 NAND 的行業晶圓產能將低於 2022 年的峰值水平，對於 NAND 來說，這一點意義重大。這一因素，加上 HBM 晶圓組合的不斷增加，正在減少分配給傳統產品的 DRAM 供應，並有助於我們預計 2025 年 DRAM 的健康產業供需環境。

Given the significant reduction in the industry wafer capacity in NAND and the ongoing low NAND CapEx environment, we also expect a healthy industry supply-demand environment for NAND in calendar 2025. NAND technology transitions generally provide more growth in annualized bits per wafer compared to the NAND bit demand CAGR expectation of high teens. Consequently, we anticipate longer periods between industry technology transitions and moderating capital investment over time to align industry supply with demand. This can reduce both R&D expense growth and capital intensity in NAND over time, which can contribute to the improved financial health of the NAND industry.

鑑於NAND 產業晶圓產能大幅下降以及NAND 資本支出持續較低的環境，我們也預期2025 年NAND 的產業供需環境將呈現健康發展。年化位數的更多成長。因此，我們預計隨著時間的推移，產業技術轉型和資本投資放緩之間的時間間隔會更長，以使產業供應與需求保持一致。隨著時間的推移，這可以減少 NAND 的研發費用成長和資本密集度，從而有助於改善 NAND 產業的財務狀況。

Micron invested $8.1 billion in CapEx in fiscal 2024. We expect fiscal 2025 CapEx to be meaningfully higher and at around mid-30s percentage range of revenue based on our current CapEx and revenue expectations. The growth in both greenfield fab construction and HBM CapEx investments is projected to make up the overwhelming majority of the year-over-year CapEx increase. As a reminder, our investments in facility and construction in Idaho and New York will support our long-term demand outlook for DRAM and will not contribute to bit supply in fiscal 2025 and 2026.

美光在 2024 財年的資本支出投資了 81 億美元。預計綠地晶圓廠建設和 HBM 資本支出投資的成長將佔資本支出年增率的絕大多數。需要提醒的是，我們在愛達荷州和紐約的設施和建設投資將支持我們對 DRAM 的長期需求前景，但不會對 2025 財年和 2026 財年的比特供應做出貢獻。

Micron will continue to exercise supply and CapEx discipline and focus on improving profitability, including walking away from less profitable business while still maintaining our overall bit market share for DRAM and NAND.

美光將繼續遵守供應和資本支出紀律，並專注於提高盈利能力，包括放棄利潤較低的業務，同時仍保持 DRAM 和 NAND 的整體位市場份額。

I will now turn it over to Mark for our financial results and outlook.

我現在將把我們的財務表現和前景轉交給馬克。

Thank you, Sanjay, and good afternoon, everyone. In fiscal Q4, Micron delivered revenue at the high end of the guidance range and gross margin and EPS above the high end of the guidance ranges. We are exiting the fiscal year with excellent momentum having expanded our industry-leading product portfolio, executed well on pricing and improved our financial performance significantly from the start of the year. Total fiscal Q4 revenue was approximately $7.8 billion, up 14% sequentially and up 93% year-over-year.

謝謝桑傑，大家下午好。在第四財季，美光科技的營收處於指引範圍的高端，毛利率和每股盈餘高於指引範圍的高端。我們將以良好的勢頭結束本財年，擴大了行業領先的產品組合，定價執行良好，並從年初開始顯著改善了我們的財務業績。第四財季總營收約 78 億美元，季增 14%，年增 93%。

Fiscal 2024 total revenue was $25.1 billion, up 62% year-over-year. Fiscal Q4 DRAM revenue was $5.3 billion, up 93% year-over-year and represented 69% of total revenue. Sequentially, DRAM revenue increased 14% with flattish bit shipments and prices increasing in the mid-teens percentage range.

2024 財年總營收為 251 億美元，年增 62%。第四財季 DRAM 營收為 53 億美元，年增 93%，佔總營收的 69%。隨後，DRAM 收入成長了 14%，位出貨量持平，價格上漲在百分之十左右。

For the fiscal year, DRAM revenue increased 60% year-over-year to $17.6 billion, representing 70% of total revenue. Fiscal Q4 NAND revenue was $2.4 billion, up 96% year-over-year and represented 31% of Micron's total revenue.

本財年，DRAM營收年增60%，達176億美元，佔總營收的70%。第四財季 NAND 營收為 24 億美元，年增 96%，佔美光總營收的 31%。

NAND revenue increased 15% sequentially, with bit shipments increasing in the high single-digit percentage range and prices increasing in the high single-digit percentage range. Fiscal Q4 NAND revenue was a new quarterly record for Micron. For the fiscal year, NAND revenue increased 72% year-over-year to $7.2 billion, representing 29% of total revenue.

NAND 營收季增 15%，位元出貨量在高個位數百分比範圍內成長，價格也在高個位數百分比範圍內上漲。美光第四季 NAND 營收創下季度新紀錄。本財年，NAND營收年增72%，達72億美元，佔總營收的29%。

Now turning to revenue by business unit. Compute and Networking business unit revenue was $3 billion, up 17% sequentially. Data center server DRAM achieved a quarterly revenue record in fiscal Q4 driven by strong demand for high-capacity solutions as well as our continued ramp of HBM. Revenue for the mobile business unit was $1.9 billion, up 18% sequentially, driven by seasonal product ramps.

現在轉向按業務部門劃分的收入。計算和網路業務部門營收為 30 億美元，比上一季成長 17%。由於對大容量解決方案的強勁需求以及 HBM 的持續成長，資料中心伺服器 DRAM 在第四財季創下了季度營收記錄。在季節性產品成長的推動下，行動業務部門的營收為 19 億美元，較上季成長 18%。

Revenue for the Storage Business Unit was $1.7 billion, up 24% sequentially and led by data center SSD, which reached a quarterly revenue record. We achieved record high revenue for fiscal year 2024 for our NAND storage business. Embedded business unit revenue was $1.2 billion, down 9% sequentially. In fiscal 2024, the Automotive segment achieved a new fiscal year revenue record for the fourth consecutive year.

儲存業務部門的營收為 17 億美元，季增 24%，其中資料中心 SSD 領先，創下季度營收紀錄。 2024 財年，我們的 NAND 儲存業務收入創下歷史新高。嵌入式業務部門營收為 12 億美元，比上一季下降 9%。 2024財年，汽車業務連續第四年創下財年收入新紀錄。

The consolidated gross margin for fiscal Q4 was 36.5%, improving over 8 percentage points sequentially. Higher pricing and improved product mix were the key drivers of the stronger profitability. For the fiscal year, consolidated gross margin was 23.7%, up over 31 percentage points year-over-year.

第四財季綜合毛利率為 36.5%，比上一季提高了 8 個百分點以上。更高的定價和改進的產品組合是獲利能力增強的關鍵驅動因素。本財年，綜合毛利率為23.7%，較去年成長超過31個百分點。

Operating expenses in fiscal Q4 were $1.081 billion, up $105 million sequentially due to an increase in R&D program expenses. For the fiscal year, operating expenses were $4 billion, up 11% year-over-year.

由於研發項目費用增加，第四財季營運費用為 10.81 億美元，季增 1.05 億美元。本財年，營運費用為 40 億美元，年增 11%。

The increase in fiscal 2024 operating expenses was primarily driven by an increase in R&D investments and reinstatement of short-term incentive compensation. We generated operating income of $1.7 billion in fiscal Q4, resulting in an operating margin of approximately 23%, which was up 9 percentage points sequentially and up 53 percentage points from a year ago quarter.

2024財年營運費用的增加主要是由於研發投資的增加和短期激勵薪酬的恢復所致。第四財季我們實現了 17 億美元的營業收入，營業利潤率約 23%，比上一季成長 9 個百分點，比去年同期成長 53 個百分點。

Fiscal 2024 operating income was $1.9 billion, resulting in an operating margin of approximately 8%, which was up 39 percentage points year-over-year. Fiscal Q4 adjusted EBITDA was $3.7 billion, resulting in an EBITDA margin of 48%, up 5 percentage points sequentially and up 30 percentage points from the year ago quarter. Fiscal 2024 EBITDA was $9.7 billion, resulting in an EBITDA margin of over 38%, which was up 20 percentage points year-over-year.

2024財年營業收入為19億美元，營業利潤率約8%，較去年同期成長39個百分點。第四財季調整後 EBITDA 為 37 億美元，EBITDA 利潤率為 48%，比上一季成長 5 個百分點，比去年同期成長 30 個百分點。 2024財年EBITDA為97億美元，EBITDA利潤率超過38%，較去年同期成長20個百分點。

Fiscal Q4 taxes were $387 million and higher than our guide, largely due to a shift in the jurisdictional mix of earnings. Fiscal 2024 taxes were $379 million or approximately 20% of pretax income. Non-GAAP diluted earnings per share in fiscal Q4 was $1.18 compared to $0.62 per share in the prior quarter and a loss per share of $1.07 in the year ago quarter. Fiscal Q4 non-GAAP EPS exceeded the high end of our guidance range, driven by better pricing and profitability. Fiscal 2024 non-GAAP EPS was $1.30.

第四季財政稅為 3.87 億美元，高於我們的指導，這主要是由於管轄區收入結構的變化。 2024 財年稅收為 3.79 億美元，約佔稅前收入的 20%。第四財季的非公認會計準則攤薄後每股收益為 1.18 美元，而上一季每股攤薄收益為 0.62 美元，去年同期每股虧損為 1.07 美元。在更好的定價和獲利能力的推動下，第四財季非公認會計準則每股收益超出了我們指導範圍的上限。 2024 財年非 GAAP 每股盈餘為 1.30 美元。

Turning to cash flows and capital spending. Our operating cash flows were $3.4 billion in fiscal Q4, representing 44% of revenue. For the fiscal year, we generated $8.5 billion of operating cash flows, representing 34% of revenue. Capital expenditures were $3.1 billion during the quarter. CapEx totaled $8.1 billion for the fiscal year, up from $7 billion in fiscal 2023. We generated $323 million of free cash flow for the quarter and $386 million for the fiscal year.

轉向現金流和資本支出。第四財季我們的營運現金流為 34 億美元，佔營收的 44%。本財年，我們產生了 85 億美元的營運現金流，佔營收的 34%。本季資本支出為 31 億美元。本財年的資本支出總額為 81 億美元，高於 2023 財年的 70 億美元。

As announced in early August, we determined that share repurchase may resume in light of improved additions. As such, with our return to free cash flow, reduced leverage and long-term positive outlook, we saw an opportunity to repurchase shares in the quarter. In fiscal Q4, we repurchased $300 million or 3.2 million shares at an average price of $93.07 per share.

正如八月初所宣布的那樣，我們確定鑑於增發情況有所改善，可能會恢復股票回購。因此，隨著我們恢復自由現金流、降低槓桿率和長期積極的前景，我們看到了本季回購股票的機會。在第四財季，我們以每股 93.07 美元的平均價格回購了 3 億美元或 320 萬股股票。

Micron's fiscal Q4 ending inventory was $8.9 billion or 158 days, up 3 days from the prior quarter. Micron continues to exercise pricing discipline and expect a healthy supply an environment in the industry in fiscal 2025. We intend to draw down our inventory to support our revenue growth in fiscal 2025.

美光第四財季期末庫存為 89 億美元，即 158 天，比上一季增加 3 天。美光繼續實行定價紀律，並預計 2025 財年產業的供應環境將保持健康。

On the balance sheet, we held $9.2 billion of cash and investments at quarter end and maintained near $11.7 billion of liquidity when including our untapped credit facility. We ended the quarter with $13.4 billion in total debt, low net leverage and a weighted average maturity on our debt of 2031. We are committed to further strengthening our balance sheet and sustaining our investment-grade credit rating.

在資產負債表上，截至季末，我們持有 92 億美元的現金和投資，如果包括我們未動用的信貸額度，則保持近 117 億美元的流動性。截至本季末，我們的債務總額為 134 億美元，淨槓桿率較低，債務加權平均到期日為 2031 年。

Now turning to our outlook for the fiscal first quarter. Fiscal Q1 gross margin is projected to improve sequentially, primarily on better pricing and portfolio mix. Recall that in fiscal Q4, HBM remained accretive to both DRAM and overall company gross margins. We project changes in our portfolio mix to continue to be an important and favorable contributor to gross margins over time.

現在轉向我們對第一財季的展望。第一財季毛利率預計將環比改善，主要得益於更好的定價和投資組合。回想一下，在第四財季，HBM 仍然增加了 DRAM 和公司整體毛利率。我們預計，隨著時間的推移，我們的投資組合組合的變化將繼續成為毛利率的重要且有利的貢獻者。

We forecast operating expenses to be flat to slightly up in the fiscal first quarter compared to fiscal fourth quarter levels. For the full fiscal year 2025, we see operating expenses growing by a mid-teens percentage versus fiscal 2024. Growth in operating expenses is planned to be second half weighted as we ramp necessary R&D program investments, including for HBM to capture the substantial growth opportunity ahead.

我們預計第一財季的營運支出將與第四財季的水平持平或略有上升。與2024 財年相比，我們預計2025 財年的營運支出將成長百分之十左右。進行加權前面。

For fiscal Q1 and fiscal 2025, we estimate our non-GAAP tax rate to be in the mid-teens percent range. We project days of inventory outstanding to decline in fiscal 2025 and for DIO to approach our target by the end of fiscal 2025. In fiscal Q1, we forecast capital expenditures to increase sequentially to approximately $3.5 billion. As Sanjay mentioned, we expect fiscal 2025 CapEx to be around mid-30s percentage range of revenue based on our current CapEx and revenue expectations.

對於第一財季和 2025 財年，我們估計我們的非 GAAP 稅率將在百分之十左右。我們預計 2025 財年的未清庫存天數將下降，DIO 將在 2025 財年末接近我們的目標。正如 Sanjay 所提到的，根據我們目前的資本支出和收入預期，我們預計 2025 財年的資本支出將佔收入的 30% 左右。

We remain circumspect with all capital spending and disciplined with WFE investments in order to grow bit supply in line with industry demand. With all these factors in mind, our non-GAAP guidance for fiscal Q1 is as follows we expect revenue to be $8.7 billion, plus or minus $200 million; gross margin to be in the range of 39.5%, plus or minus 100 basis points; and operating expenses to be approximately $1.085 billion, plus or minus $15 million. As mentioned, we expect the fiscal Q1 tax rate to be in the mid-teens percent range.

我們對所有資本支出保持謹慎，並嚴格遵守 WFE 投資，以便根據行業需求增加比特供應。考慮到所有這些因素，我們對第一財季的非 GAAP 指引如下：我們預計營收為 87 億美元，上下浮動 2 億美元；毛利率在39.5%左右，上下浮動100個基點；營運費用約 10.85 億美元，上下浮動 1,500 萬美元。如前所述，我們預計第一季財政稅率將在百分之十左右。

Based on a share count of approximately 1.14 billion shares, we expect EPS to be $1.74 per share, plus or minus $0.08.

基於約 11.4 億股的股數，我們預計每股收益為 1.74 美元，上下浮動 0.08 美元。

In closing, we remain focused on investing in a disciplined manner to support our growth and maintain stable bit share in DRAM and NAND. Micron is well positioned to deliver record revenue as well as significantly improve profitability and free cash flow in fiscal 2025. I will now turn it back over to Sanjay.

最後，我們仍然專注於以嚴格的方式進行投資，以支持我們的成長並維持 DRAM 和 NAND 的穩定份額。美光處於有利位置，可以在 2025 財年實現創紀錄的收入，並顯著提高盈利能力和自由現金流。

Thank you, Mark. Fiscal 2024 was a year of many records, as we discussed earlier, and I expect fiscal 2025 to be even better. With the advent of AI, we are in the most exciting period that I have seen for memory and storage in my career. Micron's memory and storage innovations are enabling tremendous breakthroughs transforming how the world uses information to enrich life for all.

謝謝你，馬克。正如我們之前討論的那樣，2024 財年是創下多項紀錄的一年，我預計 2025 財年會更好。隨著人工智慧的出現，我們正處於我職業生涯中記憶和儲存領域最令人興奮的時期。美光的記憶體和儲存創新正在實現巨大突破，改變世界如何利用資訊來豐富所有人的生活。

Micron has sustained multiple generations of technology leadership in DRAM and NAND. Our unique culture and our industry-leading product portfolio, combined with our world-class manufacturing execution and quality are enabling us to deliver differentiated, high-value solutions across end markets.

美光在 DRAM 和 NAND 領域保持了多代技術領先地位。我們獨特的文化和領先業界的產品組合，再加上世界一流的製造執行力和質量，使我們能夠在終端市場提供差異化的高價值解決方案。

This has made us the partner of choice for our customers as they plan their long-term road maps and our momentum lays the foundation for an exciting fiscal 2025. Thank you for joining us today. We will now open for questions.

這使我們成為客戶規劃長期路線圖時的首選合作夥伴，我們的勢頭為令人興奮的 2025 財年奠定了基礎。我們現在開始提問。

Timothy Arcuri from UBS.

瑞銀集團的提摩西·阿庫裡。

Mark, I guess my first question is, some of the assumptions in guidance. I think you've been saying kind of on the conference circuit that bits would be pretty flat in fiscal Q1 for both DRAM and NAND. Is that what you're still assuming so that most of the increase in the revenue is basically pricing? Is that correct?

馬克，我想我的第一個問題是指導中的一些假設。我認為您在巡迴會議上曾說過，第一財季 DRAM 和 NAND 的銷售將相當持平。您是否仍然假設收入的大部分增長基本上來自於定價？這是正確的嗎？

Tim, what we see now and we had provided a slight update in August, but we now see that DRAM bits, we expect to be up somewhat higher than what we had said before. We had said before they were going to be flat and then we revised that to flat to slightly up, and in this latest guide, we now view DRAM to be up somewhat higher from that. NAND bits, we expect to be sequentially flattish.

提姆，我們現在看到的是，我們在 8 月提供了輕微的更新，但我們現在看到 DRAM 位，我們預計會比我們之前所說的有所上升。我們之前說過它們會持平，然後我們將其修改為持平至小幅上漲，在最新的指南中，我們現在認為 DRAM 的漲幅會稍高一些。 NAND 位，我們預計將繼續持平。

Keep in mind that our guide also contemplates a healthy supply-demand environment and an increasingly favorable mix in the business with HBM, high-capacity DIMMs, LP, data center SSD. So we see stronger data center demand, and we had indicated that it was robust, and that's been favorable. And then we're just executing well on our product road maps, our product execution, our overall manufacturing execution.

請記住，我們的指南還考慮了健康的供需環境以及 HBM、高容量 DIMM、LP、資料中心 SSD 業務中日益有利的組合。因此，我們看到資料中心的需求更加強勁，而且我們已經表明這種需求很強勁，這是有利的。然後我們在產品路線圖、產品執行和整體製造執行方面表現良好。

And then just one last thing. You had said that HBM revenue last quarter in May was a little over $100 million. Can you give us the number in August? Was it looks like it was $300 million to $350 million, something like that. Is that about right for your HBM revenue in fiscal Q4?

最後一件事。您曾說過 HBM 5 月份上個季度的營收略高於 1 億美元。可以給我們8月的電話號碼嗎？看起來是 3 億到 3.5 億美元之類的嗎？這對於您第四財季的 HBM 收入來說合適嗎？

So we are not disclosing a specific revenue for F Q4. We have said earlier that we will have several hundred million dollars of revenue in fiscal year '24 and we achieved that objective. And really, very proud of all the execution from our team in terms of putting in place the capacity, managing the yield ramp successfully to our goals, and of course, continue to deliver a strong product to our customer base.

因此，我們沒有透露第四季度的具體收入。我們之前說過，我們將在 24 財年實現數億美元的收入，並且我們實現了這一目標。確實，我們團隊在產能到位、成功管理產量成長以實現我們的目標方面的所有執行力感到非常自豪，當然，還要繼續向我們的客戶群提供強大的產品。

So not providing we're not going to be providing specifics on a quarter-by-quarter basis. But keep in mind, yes, we delivered several hundred million dollars of revenue in fiscal year '24, and we look forward to delivering multiple billions of dollars of revenue of HBM in fiscal year '25.

因此，如果不提供，我們將不會按季度提供具體資訊。但請記住，是的，我們在 24 財年實現了數億美元的收入，我們期待在 25 財年實現 HBM 數十億美元的收入。

C.J. Muse from Cantor Fitzgerald.

康托·菲茨杰拉德 (Cantor Fitzgerald) 的 C.J. 繆斯 (C.J. Muse)。

I guess first question on gross margins. You guided up a robust 300 basis points. I was hoping you could spend a little bit of time kind of walking us through what's driving that? How much is from like-for-like DRAM ASP increases, mix, HBM yield improvements and cost downs. And I guess, as you kind of walk through that, can you give us a flavor of how to think about those drivers beyond the November quarter?

我想第一個問題是關於毛利率的。您引導了強勁的 300 個基點。我希望您能花一點時間向我們介紹是什麼推動了這一趨勢？其中多少來自同類 DRAM 平均售價的增加、混合、HBM 產量的提高和成本的下降。我想，當您回顧這一點時，您能否讓我們了解如何思考 11 月季度之後的這些驅動因素？

So C.J., in the fourth or first quarter, as we look at that margin expansion, it's similar to the themes we've talked about before. The supply, demand environment is healthy. So we're seeing that play through in pricing. We're also seeing the execution of our product road map and the ramp of the higher-value products, and that's contributing.

因此，C.J.，在第四季度或第一季度，當我們看到利潤率擴張時，它與我們之前討論過的主題類似。供需環境健康。所以我們看到了定價的影響。我們也看到產品路線圖的執行和高價值產品的增加，這正在做出貢獻。

On costs, we are doing well on cost downs. However, in the first quarter because of the mix with HBM, we are going to see DRAM costs go up slightly. And that's so as we look forward into the first quarter, things are coming together as we had hoped, tied at the leading edge, good supply demand, favorable pricing environment and certainly favorable mix and that becoming a more important part of the business and good cost execution.

在成本方面，我們在成本降低方面做得很好。然而，在第一季度，由於與 HBM 的混合，我們將看到 DRAM 成本略有上升。因此，當我們展望第一季時，一切都如我們所希望的那樣發展，處於領先優勢，良好的供應需求，有利的定價環境以及當然有利的組合，並且成為業務和良好的更重要的組成部分成本執行。

Very helpful. And then I guess maybe as a follow-up, you've reiterated your CapEx outlook, but obviously, the end market environment has changed a bit in the last 3 months. So curious if you've changed your prioritization of CapEx at all? Obviously, you talked about a focus on shelves and HBM. Any other change in terms of your spending?

非常有幫助。然後我想也許作為後續行動，您重申了您的資本支出前景，但顯然，終端市場環境在過去 3 個月中發生了一些變化。很好奇您是否改變了資本支出的優先順序？顯然，您談到了對貨架和 HBM 的關注。您的支出還有其他變化嗎？

Not really. We don't have any other change. I mean again, continuing to focus our CapEx on HBM investment, which as you know, is a high-value solution and product tends to be accretive to the margins. And of course, long-term construction CapEx, and that is the construction CapEx that is targeted for longer term bit growth for the second latter part of this decade.

並不真地。我們沒有任何其他改變。我的意思是，繼續將我們的資本支出重點放在 HBM 投資上，如您所知，這是一個高價值的解決方案，產品往往會增加利潤。當然，還有長期建設資本支出，即旨在實現本十年後半段長期成長的建設資本支出。

Krish Sankar from TD Cowen.

來自 TD Cowen 的 Krish Sankar。

I have two questions. One, Sanjay, your AI GPU customers are moving to a 1-year cadence of your products. And it looks like the HBM road map is also moving to that 12 months from a prior 18-month cadence. Do you think that this puts you and your peers at a yield disadvantage, i.e., in other words, as HBM3E yield and gross margin improves, you have to migrate to HBM4, and that new node might come at a lower yield. So I'm just kind of curious how to think about that cadence of HBM progression and how that impacts yield and gross margin? And then I had a quick follow-up.

我有兩個問題。第一，Sanjay，您的 AI GPU 客戶正在轉向您的產品的 1 年周期。看起來 HBM 路線圖也從之前的 18 個月節奏轉向了這 12 個月。您是否認為這會讓您和您的同行處於良率劣勢，換句話說，隨著 HBM3E 良率和毛利率的提高，您必須遷移到 HBM4，而新節點的良率可能會更低。所以我只是有點好奇如何思考 HBM 進展的節奏以及它如何影響產量和毛利率？然後我進行了快速跟進。

As we mentioned, we are doing well with respect to our goals on HBM3E yields with 8 high. And in '25, of course, we will be increased beginning our output in early 2025 with 12 high. And of course, 12 high will be going through its own yield ramp and 12 high will be ramping through our calendar year '25, and HBM4 will be a 2026 product. And like any other new product, of course, there are in the early stages, always ramp-up of yield involved.

正如我們所提到的，我們在 HBM3E 收益率目標方面做得很好，達到 8 高。當然，在 25 年，我們將從 2025 年初開始增加產量，達到 12 個高點。當然，12 high 將經歷自己的產量成長，12 high 將在我們的日曆年 '25 中不斷增長，HBM4 將成為 2026 年的產品。當然，與任何其他新產品一樣，在早期階段，總是涉及產量的增加。

But we are very pleased with the technical expertise that we have, manufacturing expertise and doing really quite well in terms of continuing to ramp up the yield and the quality of our products.

但我們對我們擁有的技術專長、製造專長以及在持續提高產品產量和品質方面做得非常好感到非常滿意。

And at the end of the day, you know that cadence of our customers' cadence moving faster only benefits those who have the best product and technology because they are the ones who are able to work with the customers at the pace that they need.

歸根結底，您知道，客戶的節奏加快只會使那些擁有最好的產品和技術的人受益，因為他們能夠按照客戶所需的節奏與客戶合作。

And we are with our HBM3E, which has demonstrated clear leadership in performance, in power and overall product feature set for our customers, we absolutely plan to maintain that leadership going forward with our road map from 8 high to 12 high of HBM3E and HBM4 and 4E in the future years. Along with our expertise in manufacturing, that should play to our strength in the time frame ahead.

我們的HBM3E 在性能、功耗和為客戶提供的整體產品功能集方面表現出了明顯的領先地位，我們絕對計劃在我們的路線圖上保持這種領先地位，從HBM3E 和HBM4 的8 高到12高， 4E 在未來幾年。加上我們在製造方面的專業知識，這應該會在未來的時間內發揮我們的優勢。

And we work very closely with our customers we work very, very closely with our customers to understand their cadence, to understand their requirements and make sure that our road map, both from technology, product and manufacturing capabilities is aligned well with their requirements.

我們與客戶密切合作，我們與客戶非常非常密切地合作，了解他們的節奏，了解他們的要求，並確保我們的路線圖，無論是技術、產品還是製造能力，都與他們的要求保持良好一致。

Got it. Super helpful color. And a quick follow-up for Mark on inventory. I understand you're going to draw that down in FY '25. But just in the last quarter, it went up, any color on where that inventory level is going up? Is that within PCs? Is it mobile DRAM? Any color there would be helpful.

知道了。超有用的顏色。馬克也對庫存進行了快速跟進。我知道您將在 25 財年將其減少。但就在上個季度，庫存水準上升，有什麼跡象顯示庫存水準會上升嗎？那是在個人電腦內嗎？是行動DRAM嗎？任何顏色都會有幫助。

Sure. We were clear about this in the August conferences that we were seeing while we were seeing robust data center demand, we were seeing some customers had were buying ahead in anticipation of price increases, the rollout of AI-related devices and just surety of supply, given that leading edge is tight. So we did see some inventory build and we communicated that inventories would remain elevated going into FY '25. So as what you see, so our days did go up.

當然。我們在八月份的會議上清楚地意識到這一點，當我們看到強勁的資料中心需求時，我們看到一些客戶因預期價格上漲、人工智慧相關設備的推出以及供應的保證而提前購買，鑑於領先優勢很緊。因此，我們確實看到了一些庫存增加，我們表示，進入 25 財年庫存將保持在較高水準。正如你所看到的，我們的日子確實在進步。

We continue to be prudent with our supply and walking away from less profitable business. We do expect the environment supply-demand environment to be constructive for improved profitability in '25. And given the tight leading-edge nodes and our outlook, we're going to need these inventories to bridge us to when our production on tech node transitions ramps. So that's why we've given an outlook that our inventories by the end of the fiscal year, we expect to be approaching our target inventory levels.

我們繼續對供應保持謹慎態度，並放棄利潤較低的業務。我們確實預期環境供需環境將有利於 25 年獲利能力的提升。考慮到前沿節點的緊張和我們的前景，我們將需要這些庫存來幫助我們適應技術節點過渡的生產。因此，我們預計到本財政年度結束時我們的庫存將接近我們的目標庫存水準。

Now our volumes happen to be a bit more second half weighted of the fiscal year. So we'll see a bit shallower improvement at the first half of the fiscal year, and then that improvement in DIO will steepen as we move through the second half. But we're confident in our inventory outlook and definitely need these leading-edge inventories to supply the market.

現在，我們的銷售量恰好在本財年下半年有所增加。因此，我們將在本財年上半年看到較淺的改善，然後隨著下半年的進行，DIO 的改善將變得更加陡峭。但我們對庫存前景充滿信心，並且肯定需要這些領先的庫存來供應市場。

Joseph Moore from Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

In terms of your target for getting to HBM market share that's more in line with your overall market share, can you kind of characterize how you get there? Do you anticipate that it's still a supply-constrained environment for everybody? Or are we sort of more a little bit more balanced in the quality of the Micron product drives us through? Just what's the determinant of that market share that gets you to that level?

就您獲得與您的整體市佔率更相符的 HBM 市場佔有率的目標而言，您能否描述一下您是如何實現這一目標的？您是否預計這對每個人來說仍然是一個供應受限的環境？或者我們在美光產品的品質方面是否更加平衡？使您達到這一水平的市場份額的決定因素是什麼？

Well, certainly, I mean we are being responsible in the planned in terms of managing our market share. We have industry's best HBM3E product, and it's the best product with 30% lower power with 8-high. And in fact, when you go to 12-high, we are 20% lower power despite 50% increase in capacity versus others, 8 high products.

嗯，當然，我的意思是我們正在按計劃負責管理我們的市場份額。我們擁有業界最好的HBM3E產品，而且是8高功耗降低30%的最佳產品。事實上，當您使用 12 高時，儘管與其他 8 高產品相比，容量增加了 50%，但我們的功率卻降低了 20%。

So we are well positioned with our product, with its performance, with this power. And that's what is really putting us in the strong position of being product being sold out for our '24 and '25 time frame. And when we look at HBM, we have talked about that next year, we project a TAM of $25 billion, consuming about 6%, over 6% of the industry base, in fact, a TAM of greater than $25 billion in 2025.

因此，我們的產品、性能和能力處於有利地位。這才是真正讓我們處於有利地位的原因，我們的產品在 24 和 25 的時間範圍內都被售空。當我們看 HBM 時，我們談到明年的 TAM 為 250 億美元，約佔行業基礎的 6%，超過 6%，事實上，到 2025 年 TAM 將超過 250 億美元。

And we are pretty confident that with our product, with our yield ramp, and with the agreement that we have in place with our customers, we will deliver sometime in 2025, get to our share to be in line with our industry share.

我們非常有信心，憑藉我們的產品、產量提升以及我們與客戶達成的協議，我們將在 2025 年的某個時候交付產品，使我們的份額與我們的行業份額保持一致。

So of course, it's limited at this point by our production ramp, but we are really on a very good trajectory there. So we feel very confident with our product and with the production ramp and with share opportunities. And frankly, our HBM3E product is getting premium in the industry as well versus other products. So it just puts us on a good trajectory ahead as well.

當然，目前我們的產量成長受到限制，但我們確實處於一個非常好的軌道上。因此，我們對我們的產品、產量成長以及分享機會非常有信心。坦白說，與其他產品相比，我們的 HBM3E 產品在業界越來越優質。因此，這也讓我們走上了良好的前進道路。

Vivek Arya from Bank of America Securities.

來自美國銀行證券公司的 Vivek Arya。

I have two as well. Sanjay, on that same topic of HBM, there is some concern about the potential for HBM oversupply in '25, let's say, there are 3 suppliers instead of the 2 that are right now. Is that something you see that there is any potential for oversupply?

我也有兩個。 Sanjay，關於 HBM 的同一主題，人們對 25 年 HBM 供應過剩的可能性存在一些擔憂，比方說，有 3 家供應商，而不是現在的 2 家。您是否認為有供應過剩的可能性？

And let's say, if you take the other scenario where there continue to be only 2 suppliers of NextGen HBM, do you think the third supplier could flood the market with additional DRAM, just sort of the reverse of this trade ratio argument? So just curious to hear how you think about the supply-demand dynamics for both traditional DRAM and HBM4 next year.

假設，如果您考慮另一種情況，即 NextGen HBM 仍然只有 2 家供應商，您是否認為第三家供應商可能會用更多 DRAM 充斥市場，這與貿易比率論點相反？因此，我很想知道您如何看待明年傳統 DRAM 和 HBM4 的供需動態。

So we certainly assume that the third supplier will ultimately succeed in having HBM3E product as well, and we'll have some share in the marketplace as well. And again, as I pointed out earlier, with the solid product that we have, our product has sold out through 2025 time frame, and we are really well positioned with this product. I think the part that you have to keep in mind is that leading-edge supply, as we have mentioned here, is tight.

因此，我們當然假設第三家供應商最終也將成功擁有 HBM3E 產品，並且我們也將在市場上佔有一些份額。再次，正如我之前指出的，憑藉我們擁有的可靠產品，我們的產品在 2025 年的時間範圍內已售罄，我們在該產品方面確實處於有利地位。我認為你必須記住的一點是，正如我們在這裡提到的，前沿供應很緊張。

Leading-edge supply is tight because industry in '22, '23 time frame with reductions in CapEx and CapEx-efficient industry-wide transitions to the newer technology nodes, the wafer capacity has come down from the peak levels in meaningful ways. So the lower wafer capacity compared to the peak of 2022, as well as the HBM 3:1 trade ratio, these are the ones that are overall keeping the industry in a tight supply. And tight supply, not just for HBM, but also for non-HBM part of the market.

前沿供應緊張，因為在 22、23 年時間範圍內，隨著資本支出的減少和資本支出高效的全行業向更新技術節點的過渡，晶圓產能已從峰值水平顯著下降。因此，與 2022 年高峰相比，晶圓產能較低，以及 HBM 3:1 貿易比，這些因素總體上使行業供應緊張。而且供應緊張，不僅對於 HBM，而且對於非 HBM 部分市場也是如此。

So we, of course, feel very good about our own plans with HBM. And of course, we always stay completely focused on managing the mix of our business between non-HBM and HBM and remaining extremely disciplined about CapEx, about our share objectives. We have shared those share objectives about HBM here. Overall, we have said we maintain our DRAM as well as NAND supply share to be stable. And this is how we look at the overall market.

因此，我們當然對自己與 HBM 的計劃感到非常滿意。當然，我們始終完全專注於管理非 HBM 和 HBM 之間的業務組合，並對資本支出和我們的份額目標保持嚴格的紀律。我們在此分享了這些有關 HBM 的共同目標。總體而言，我們表示我們保持 DRAM 和 NAND 供應份額穩定。這就是我們對整個市場的看法。

But when you look at the market trends, it's not just about demand trend on HBM, which is, of course, growing substantially becoming more than $25 billion market in 2025. It's also about past spring, we see that demand for memory in smartphones and PCs as AI-enabled smartphones become bigger and bigger part of the market in the quarters and the years to come.

但當你觀察市場趨勢時，你會發現，這不僅僅是關於HBM 的需求趨勢，當然，HBM 的需求趨勢正在大幅增長，到2025 年將成為超過250 億美元的市場。春天，我們看到智慧型手機和記憶體中對記憶體的需求個人電腦作為人工智慧智慧型手機，在未來幾季和未來幾年將在市場中佔據越來越大的份額。

And of course, customer inventories by spring time frame in smartphone and PCs for memory get to earlier levels, we see that to be a driver of demand as well to complement the strong data center demand.

當然，到春季時，智慧型手機和個人電腦的記憶體客戶庫存已達到較早的水平，我們認為這也將成為需求的驅動因素，並補充強勁的數據中心需求。

And we are looking at strong momentum, not just with HBM. We have talked about multiple billions of dollars of revenue that we target to generate in our fiscal year 2025 from high-capacity DRAM modules as well as LP memory in data center, so these are all the elements that point to strong demand trends and demand trends driven by AI in data center as well as in smartphone and PCs where more and more content is required in an environment where the leading-edge supply is today tight.

我們看到了強勁的勢頭，而不僅僅是 HBM。我們已經談到，我們的目標是在 2025 財年從資料中心的大容量 DRAM 模組以及 LP 記憶體中產生數十億美元的收入，因此這些都是指向強勁需求趨勢和需求趨勢的要素由資料中心以及智慧型手機和個人電腦中的人工智慧驅動，在當今前沿供應緊張的環境中，需要越來越多的內容。

So I think the opportunity is tremendous, and we see healthy demand supply balance and a constructive environment for our financial performance in fiscal 2025. And that's why we say with confidence that we'll deliver a substantial revenue record in fiscal year 2025, the significant improvement in our profitability as well.

因此，我認為機會是巨大的，我們看到健康的供需平衡和對我們 2025 財年財務業績的建設性環境。我們的獲利能力也得到改善。

Very helpful. And maybe a quick follow-up for Mark. Mark, on the Q3 call, I think you were a little more explicit about both industry pricing and your gross margins expanding through fiscal '25, is that still a useful construct from where you see from what you see today? Or do you think there is a scenario where gross margins or your pricing start to flatten out or even go in the other direction through fiscal '25. What is the operating assumption for fiscal '25 as you see it right now?

非常有幫助。也許是馬克的快速跟進。馬克，在第三季的電話會議上，我認為您對行業定價和整個 25 財年毛利率的擴張都更加明確，從您今天看到的情況來看，這仍然是一個有用的結構嗎？或者您認為在 25 財年期間，毛利率或定價會開始趨於平緩，甚至朝另一個方向發展。您現在認為 25 財年的營運假設是什麼？

Maybe just following up here to draw on Sanjay's comments. I mean we see a very positive setup in fiscal '25, and so had said substantial revenue record significantly improved profitability. The supply-demand setup is quite good. The market's leading edge is very tight. As we've talked about, the industry wafer capacity has come down, and so in HBM, of course, is creating supply constraints in the marketplace as share bits increase.

也許只是在這裡跟進以藉鑑 Sanjay 的評論。我的意思是，我們在 25 財年看到了非常積極的情況，因此我們說過，可觀的收入記錄顯著提高了盈利能力。供需格局相當好。市場領先優勢非常緊張。正如我們所討論的，行業晶圓產能已經下降，因此在 HBM 中，隨著份額的增加，當然會在市場上造成供應限制。

So we still see that the supply the band environment is healthy through the year. We also are constructive for the year. We also see the trend we've talked about that our volume is increasingly moving to support higher-value ad products with our differentiated portfolio. So HBM, high-capacity DIMMs, more LP and then our NAND SSD for data center portfolio products.

因此，我們仍然看到全年的供應環境是健康的。我們今年也具有建設性。我們也看到了我們所討論的趨勢，即我們的銷售量越來越多地轉向透過我們的差異化產品組合來支援更高價值的廣告產品。因此，HBM、高容量 DIMM、更多 LP，然後是我們用於資料中心產品組合的 NAND SSD。

So I think the margin expansion through the year supported by those elements and continued good cost performance gives us confidence on a very good year.

因此，我認為，在這些因素的支持下，全年利潤率的擴張以及持續良好的成本效益讓我們對今年非常好的一年充滿信心。

Toshiya Hari from Goldman Sachs.

來自高盛的 Toshiya Hari。

I had a 2-part question on the HBM business. Sanjay, you talked about you all being sold out through calendar '25. I'm curious if there's an opportunity for Micron to present upside or deliver upside to what the plan is currently for '25 or are equipment lead times such that you're essentially capped vis-a-vis what your expectations are today for HBM specifically.

我有一個關於 HBM 業務的問題，分為兩個部分。 Sanjay，你談到你們在日曆 '25 期間都被賣完了。我很好奇美光是否有機會展示或實現目前 25 年計畫的上行空間，或者設備交付週期是否足以滿足您今天對 HBM 的期望。

And then my second part is on gross margin for HBM. We all understand that the business is accretive to both the corporate average and also relative to DRAM. As you look forward into calendar '25, with volumes locked in and pricing locked in.

我的第二部分是關於 HBM 的毛利率。我們都知道，該業務對企業平均水平以及相對 DRAM 都有增值作用。當您展望 25 年時，銷量和價格都已鎖定。

I would assume you've got decent visibility on gross margin. Should we expect HBM gross margins to stay kind of where they are? Or could they move further up as long as you execute on the yield side?

我假設你對毛利率有很好的了解。我們是否應該預期 HBM 毛利率維持在現有水準？或者只要你在收益率方面執行，它們就可以進一步上漲嗎？

So regarding your part of your question on the upside for HBM in 2025. So again, let me emphasize that we are extremely focused on delivering our goals of getting to our share in HBM to be in line with DRAM share sometime in 2025, extremely focused on continuing to ramp up our production capacity and yield ramp, which are going well according to our plan. I'm very pleased with that.

因此，關於您問題中關於2025 年HBM 上漲的部分。非常專注繼續提高我們的產能和產量，並按照我們的計劃進展順利。我對此非常滿意。

So remaining focused on that. And of course, if there are opportunities to be opportunistic, with any upside, of course, we will be capturing those. And those upsides always remain. And yields, we expect to get to mature yields on our HBM in fiscal year '25.

所以仍然專注於這一點。當然，如果有機會主義的機會，有任何好處，我們當然會抓住這些機會。這些優點始終存在。至於殖利率，我們預期 HBM 的殖利率將在 25 財年達到成熟。

Yields are always an upside opportunity, productivity of the equipment always can be an opportunity as well. So we'll manage our business responsibly and with total focus on delivering to our goals and maintaining our focus on keeping our HBM commitments to our customers coming through successfully.

產量始終是一個上升的機會，設備的生產率也始終是一個機會。因此，我們將負責任地管理我們的業務，並完全專注於實現我們的目標，並繼續致力於成功履行我們對客戶的 HBM 承諾。

Now regarding your questions on gross margin being accretive, yes, we would expect our HBM business to be accretive for our fiscal year 2025. Beyond that, really not providing any further details. And yes, you are right that our volume and pricing for HBM is locked up for 2024 as well as for 2025 time frame, calendar year 2024 and calendar year 2025.

現在，關於您關於毛利率增值的問題，是的，我們預計我們的 HBM 業務將在 2025 財年實現增值。是的，您說得對，我們的 HBM 銷售和定價已鎖定在 2024 年以及 2025 年時間範圍、2024 年和 2025 年。

Great. And then as a quick follow-up on DRAM industry bit growth. I think you raised your '24 outlook to high teens and you gave a preliminary '25 outlook of mid-teens. I'm curious what's driving the decel from '24 to '25. Is the '25 number a supply-constrained number. From a demand perspective, Sanjay, you sounded pretty constructive on PCs and smartphones and obviously, the content opportunity, and you remain pretty positive on data centers. So I'm just curious what's driving the expected decel in '25.

偉大的。然後作為 DRAM 行業位成長的快速跟進。我認為您將“24 歲”的展望提高到了十幾歲，並將“25 歲”的初步展望提高到了十幾歲。我很好奇是什麼導致了 24 年到 25 年的減速。 '25 號碼是供應受限號碼嗎？從需求的角度來看，桑傑，您對個人電腦和智慧型手機以及內容機會聽起來相當有建設性，而且您對資料中心仍然非常樂觀。所以我只是好奇是什麼推動了 25 年預期的減速。

Just point I mean by way, we have, in the past, talked about DRAM CAGR being mid-teens. At 2024, we have increased the outlook to high teens based on the strength in the data center. And 2025, as we look at it, just keep, in fact mind two factors one is we are now comparing it to the higher base of 2024, which has gone to high teens.

我想說的是，我們過去曾討論過 DRAM 複合年增長率為十幾歲左右。到了 2024 年，我們根據資料中心的實力將前景提高到十幾歲。當我們展望 2025 年時，請記住，事實上，請記住兩個因素，一是我們現在將其與 2024 年的較高基數進行比較，後者已達到高位青少年。

So that, of course, impacts the percentage of the '25. And second piece is that, as we have noted, that smartphone and PC, which at the end market level are continuing to do fine.

因此，這當然會影響「25 歲」的比例。第二點是，正如我們所指出的，智慧型手機和個人電腦在終端市場層面持續表現良好。

But given for the 3 factors that we have mentioned in our earnings call script that the customers built some inventory. The sell-in is somewhat less than their sellout in terms of memory, and we have said that by spring of 2025, we expect in PCs customer inventory levels to get to healthier levels versus now, and these will continue to improve.

但考慮到我們在財報電話會議腳本中提到的三個因素，客戶建立了一些庫存。就內存而言，售入量略低於售出量，我們已經說過，到 2025 年春季，我們預計 PC 客戶庫存水平將達到比現在更健康的水平，並且這些將繼續改善。

So that too plays a factor. And of course, I would just like to remind you that we have pointed out that overall smartphone and PC, unit growth will be occurring in 2025 and of course, increasing penetration of AI phones and second half, that acceleration, that growth will be obviously stronger than the first half. So all of these factors are included in our current outlook of 2025 DRAM growth being in mid-teens.

所以這也是一個因素。當然，我想提醒大家，我們已經指出，智慧型手機和個人電腦的整體銷售量將在2025 年出現成長，當然，人工智慧手機的滲透率也會不斷提高，下半年，這種加速、成長將明顯。因此，所有這些因素都包含在我們目前對 2025 年 DRAM 成長率的展望中。

And let me just point out that previously we have said that HBM, we would expect it to be greater than $20 billion opportunity in 2025. We have now said HBM is more than $25 billion opportunity in 2025. So as you know, HBM has a trade ratio of 3:1, it takes 3 times as many wafers to produce the same bit as standard products in the technology nodes. So obviously, the growth of HBM also impacts the total bit growth year-over-year in aggregate.

讓我指出，之前我們曾說過，HBM 預計到2025 年將有超過200 億美元的機會。有一個貿易比為3:1，在技術節點上生產相同位元的標準產品需要3倍的晶圓。顯然，HBM 的成長也會影響總比特數的年成長。

And this does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

問答環節和今天的節目到此結束。謝謝女士們先生們的參與。您現在可以斷開連線。再會。