半導(dǎo)體行業(yè)半導(dǎo)體觀察系列二十一：MicronQ1財(cái)季超預(yù)期指引下一財(cái)季業(yè)績(jī)觸底

1、Micron 季度財(cái)務(wù)數(shù)據(jù)一覽表 1：Micron 2018年初至今關(guān)鍵性季度財(cái)務(wù)數(shù)據(jù)項(xiàng)目1Q182Q183Q184Q181Q192Q193Q194Q191Q20一致預(yù)期單位：百萬(wàn)美元Ended 17/11/30 Ended 18/3/1 Ended 18/5/31 Ended 18/8/30 Ended 19/11/29 Ended 19/2/28 Ended 19/5/30 Ended 19/8/29 Ended 19/11/28利潤(rùn)表收入6,8037,3517,7978,4407,9135,8354,7884,8705,1445,003YoY71%58%40%38%16%-21%-39%

2、-42%-35%QoQ11%8%6%8%-6%-26%-18%2%6%毛利3,7474,2704,7235,1514,6152,8641,8281,3951,3661,343YoY271%151%81%66%23%-33%-61%-73%-70%QoQ20%14%11%9%-10%-38%-36%-24%-2%毛利率55%58%61%61%58%49%38%29%27%27%運(yùn)營(yíng)利潤(rùn)3,0973,5673,9534,3773,7591,9571,010650518562YoY763%242%101%75%21%-45%-74%-85%-86%QoQ24%15%11%11%-14%-48%-48

3、%-36%-20%運(yùn)營(yíng)利潤(rùn)率46%49%51%52%48%34%21%13%10%歸母凈利潤(rùn)2,6783,3093,8234,3253,2931,619840561491442YoY1388%270%132%83%23%-51%-78%-87%-85%QoQ13%24%16%13%-24%-51%-48%-33%-12%凈利率39%45%49%51%42%28%18%12%10%經(jīng)調(diào)整后歸母凈利潤(rùn)（ Non GAAP）2,9943,4953,8984,3133,5081,9711,198637548538YoY794%239%106%81%17%-44%-69%-85%-84%QoQ25%17

4、%12%11%-19%-44%-39%-47%-14%經(jīng)調(diào)整后凈利率44%48%50%51%44%34%25%13%11%資產(chǎn)負(fù)債表總資產(chǎn)37,19141,26341,84543,37644,59547,48746,28848,88749,649YoY34%28%26%23%20%15%11%13%11%QoQ5%11%1%4%3%6%-3%6%2%凈資產(chǎn)23,39326,56629,51833,16434,73935,43036,19036,77036,598YoY78%76%73%70%49%33%23%11%5%QoQ20%14%11%12%5%2%2%2%0%資產(chǎn)負(fù)債率37%36%29

5、%24%22%25%22%25%26%存貨3,1603,1843,3693,5953,8764,3904,9055,1184,943YoY15%6%10%15%23%38%46%42%28%QoQ1%1%6%7%8%13%12%4%-3%現(xiàn)金流量表經(jīng)營(yíng)性凈現(xiàn)金流3,6364,3484,2615,1554,8103,4352,7112,2332,011YoY220%209%77%61%32%-21%-36%-57%-58%QoQ14%20%-2%21%-7%-29%-21%-18%-10%資本開(kāi)支-2,089-2,281-2,428-2,287-2,720-2,666-2,420-2,049-1

6、,932-1,931YoY62%94%91%50%30%17%0%-10%-29%QoQ37%9%6%-6%19%-2%-9%-15%-6%數(shù)據(jù)來(lái)源：Micron 官網(wǎng)及公告， Ended 17/11/30 Ended 18/3/1 Ended 18/5/31 Ended 18/8/30 Ended 18/11/29 Ended 19/2/28 Ended 19/5/30 Ended 19/8/29 Ended 19/11/281Q204Q193Q192Q191Q194Q183Q182Q181Q18Segment單位：百萬(wàn)美元表 2：Micron 2018年初至今分市場(chǎng)Segment季度數(shù)據(jù)按

7、下游拆分： 收入3,2123,69139884,3613,6042,3822,0791,9031,979YoY119%93%67%53%12%-35%-48%-56%-45%QoQ13%15%8%9%-17%-34%-13%-8%4%運(yùn)營(yíng)利潤(rùn)1,9142,32926152,9152,2111,160800474401YoY838%216%115%83%16%-50%-69%-84%-82%QoQ20%22%12%11%-24%-48%-31%-41%-15%MBU(Mobile Business Unit)收入1,3651,5661,7531,8952,2121,6111,1741,4061,

8、457YoY59%45%55%40%62%3%-33%-26%-34%QoQ1%15%12%8%17%-27%-27%20%4%運(yùn)營(yíng)利潤(rùn)5056898609791,203707331365295YoY-1222%305%183%97%138%3%-62%-63%-75%QoQ1%36%25%14%23%-41%-53%10%-19%SBU(Storage Business Unit)收入1,3831,2541,1431,2421,1431,022813848968YoY34%20%-13%10%-17%-19%-29%-32%-15%QoQ23%-9%-9%9%-8%-11%-20%4%14%

9、運(yùn)營(yíng)利潤(rùn)40025115615780-20-198-248-217YoY349%254%-43%35%-80%-108%-227%-258%-371%QoQ245%-37%-38%1%-49%-125%890%25%-13%EBU(Embedded Business Unit)收入830829897923933799700705734YoY44%41%28%12%12%-4%-22%-24%-21%QoQ0%0%8%3%1%-14%-12%1%4%運(yùn)營(yíng)利潤(rùn)342363386382387262173101113YoY92%88%51%10%13%-28%-55%-74%-71%QoQ-2%6%6

10、%-1%1%-32%-34%-42%12%All Other收入1311161921212286YoY-57%-39%-50%-227%62%91%38%-58%-71%QoQ-187%-15%45%19%11%0%5%-64%-25%運(yùn)營(yíng)利潤(rùn)-4-20661422YoY-133%-129%-100%-150%-250%-150%N/A-67%-67%QoQ-67%-50%-100%N/A0%-83%300%-50%0%總收入6,8037,3517,7978,4407,9135,8354,7884,8705,144CNBU(Compute and Networking Business Uni

11、t)數(shù)據(jù)來(lái)源：Micron 官網(wǎng)及公告， Ended 17/11/30 Ended 18/3/1 Ended 18/5/31 Ended 18/8/30 Ended 18/11/29 Ended 19/2/28 Ended 19/5/30 Ended 19/8/29 Ended 19/11/281Q204Q193Q192Q191Q194Q183Q182Q181Q18Segment單位：百萬(wàn)美元表 3：Micron 2018年初至今分產(chǎn)品Segment季度數(shù)據(jù)按產(chǎn)品類型拆分： DRAM收入占比67%71%71%70%68%64%64%63%67%收入QoQincreased upperup 14

12、%up 6%up 7%down 9%down 30%down 19%up 1%up 2%收入YoYincreased lowerup 76%up 56%up 47%up 18%down 28%down 45%down 48%down 41%single digit %20% rangeASPs（ Q/Q）increased midup low double-up mid-to- upper single-relatively flatdown high down low-20% single digitsapproacheddown approximatelydown upper- singl

13、e digitBit Shipment（ Q/Q）Non-GAAP Grosssingle digit %-digit percentup mid-single digit percentrangedigit percentrange relatively flatup mid-to- upper single digit percentpercent rangeflatrangedown low double-digit percent rangedown 20%relatively flat20%up approximately30%percent rangeup approximatel

14、y10%Margin62%66%69%71%-NAND收入占比27%25%25%26%28%30%31%31%28%increased mid收入QoQ收入YoYsingle digit %down 3%up 8%up 15%down 2%down 18%down 18%up 5%up 18%increased upperup 28%up 14%up 21%up 17%down 2%down 25%down 32%down 14%40% rangeup mid-to-down mid-down low to down mid-20%down upper-up low-single-ASPs（

15、Q/Q）declined low single digit %down mid- teens percentupper single- digit percentrangeteens percentrangemid-teens percent rangerange down mid-teenspercent rangesingle-digit percent rangedigit percentrangeBit Shipment（ Q/Q）up low double-digit percent rangerelatively flatup mid-30spercent rangeup low to mid- teens percentrangeincreased upper single- digit percentrangedown mid- single-digit percent rangeup low-to-mid teens percentrangeup mid-teen percent rangeNon-GAAP Gross Margin49%47%47%48%-數(shù)據(jù)來(lái)源：Micron 官網(wǎng)及公告， Micron FY2020 Q1 Earning Call Slides 摘 錄圖 1：Micron本季在制程迭代和新品開(kāi)發(fā)方面的成果數(shù)據(jù)來(lái)源：Mi