Western Digital Analyst Highlights Growth in Nearline Drive and NAND Market Recovery, Upgrades Stock
Western Digital Analyst Highlights Growth in Nearline Drive and NAND Market Recovery, Upgrades Stock
Benchmark analyst Mark Miller upgraded Western Digital Corp (NASDAQ:WDC) from Hold to Buy and a $85 price target.
基准分析师马克·米勒将西部数据公司（纳斯达克股票代码：WDC）从持有上调至买入，目标股价为85美元。
Miller said Western Digital produced significant upside results, driven by improving flash pricing and nearline drive sales.
米勒说，在闪购定价改善和近线推动销售的推动下，西部数据取得了显著的上行业绩。
He noted continued improvements in NAND pricing and Nearline sales as 2024 progresses.
他指出，随着2024年的推进，NAND的定价和近线的销售持续改善。
Also Read: Western Digital Poised For Breakout, Analyst Sees 10% Estimate Beat And Powerful NAND Recovery
另请阅读： 西部数据有望迎来突破，分析师预计超过10％的预期，NAND的强劲复苏
Miller now projects fiscal 2025 adjusted EPS of $6.84 on sales of $16.5 billion.
米勒现在预计，2025财年调整后的每股收益为6.84美元，销售额为165亿美元。
Western Digital's third-quarter adjusted EPS of $0.63 was an upside to investor expectations by $0.58, while sales of $3.46 billion were $100 million above investor expectations, the analyst stated.
该分析师表示，西部数据第三季度调整后的每股收益为0.63美元，比投资者的预期高出0.58美元，而34.6亿美元的销售额比投资者的预期高出1亿美元。
HDD sales were up 28.2% sequentially and 17.1% year over year to $1.75 billion. Improving nearline sales aided results driven by hyperscale customers. Shipments of 24 TB and 28 TB SMR drives represented 50% of Nearline shipments, he noted.
硬盘销售额连续增长28.2％，同比增长17.1％，达到17.5亿美元。近线销售的改善促进了超大规模客户推动的业绩。他指出，24 TB 和 28 TB SMR 驱动器的出货量占近线出货量的50％。
Driven by higher ASPs, flash sales grew by 2.4% sequentially to $1.71 billion and were up by 30.5% year over year. Miller added that NAND ASPs sequentially increased by 18% on both a like-for-like and blended basis.
在ASP上涨的推动下，闪购销售额连续增长2.4％，达到17.1亿美元，同比增长30.5％。米勒补充说，无论是同比还是混合计算，NAND ASP均连续增长了18％。
Cloud sales were up 43.1% year over year and 27.2% year over year to $1.53 billion, representing 44% of total sales. HDD ASPs increased by $23 sequentially to $145. Miller said the sequential growth was attributed to higher Nearline shipments and better pricing.
云销售额同比增长43.1％，同比增长27.2％，达到15.3亿美元，占总销售额的44％。HDD ASP 连续上涨了 23 美元，至 145 美元。米勒说，连续增长归因于Nearline出货量的增加和更高的价格。
Client sales grew by 4.6% year over year to $1.17 billion and by 20.4% sequentially, representing 34% of March quarter sales. An increase in flash ASPs was more than offset by a decline in flash shipments.
客户销售额同比增长4.6％，达到11.7亿美元，环比增长20.4％，占3月季度销售额的34％。闪存出货量的下降足以抵消闪存ASP的增长。
Miller said the Y/Y increase was driven by growth in both flash and HDD ASPs and flash bit shipments.
米勒说，同比增长是由闪存和硬盘ASP的增长以及闪存位出货量的增长推动的。
Consumer sales fell 13% sequentially to $0.73 billion but were up 17.2% year over year. Flash and HDD were down by approximately similar rates and in line with seasonality. Miller added that the year-over-year increase was driven by growth in flash bit shipments and ASPs.
消费者销售额连续下降13％，至7.3亿美元，但同比增长17.2％。闪存和硬盘的下降速度大致相似，并且与季节性相符。米勒补充说，同比增长是由闪存位出货量和ASP的增长推动的。
March quarter adjusted gross margins were 29.3% versus 15.5% in the December quarter. HDD adjusted gross margins sequentially improved from 24.8% to 31.1%, while Flash adjusted gross margins sequentially improved from 7.9% to 27.4%.
3月季度调整后的毛利率为29.3％，而12月季度的毛利率为15.5％。HDD调整后的毛利率从24.8％连续增长至31.1％，而Flash调整后的毛利率从7.9％连续提高到27.4％。
Miller projected fourth-quarter revenue and EPS of $3.75 billion and $1.17.
米勒预计第四季度收入和每股收益为37.5亿美元和1.17美元。
Western Digital stock gained over 113% in the last 12 months. Investors can gain exposure to the stock via IShares Future Cloud 5G And Tech ETF (NYSE:IDAT) and Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:SEMI).
在过去的12个月中，西部数据的股票上涨了113％以上。投资者可以通过iShares Future Cloud 5G和科技ETF（纽约证券交易所代码：IDAT）和哥伦比亚ETF信托I哥伦比亚塞利格曼半导体与科技ETF（纽约证券交易所代码：SEMI）获得股票敞口。
Price Actions: WDC shares traded higher by 1.87% at $70.74 on the last check Friday.
价格走势：在周五的最后一次支票中，WDC股价上涨1.87％，至70.74美元。
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