Micron Technology, Inc. MU

Q1 FY2025 10-Q 投资简报
2024-12-19 · ASTRO RESEARCH

01 · 损益表

10-Q 季报仅提供 GAAP 数据

季度指标

指标 Q1 FY2025 Q4 FY2024 Q/Q Q1 FY2024 Y/Y
营收 Revenue $8,709M $7,750M +12% $4,726M +84%
毛利率 Gross Margin 38.4% 35.3% +3.1 ppt -0.7% +39.1 ppt
研发费用 R&D $888M $903M -2% $845M +5%
销售及管理 SG&A $288M $295M -2% $263M +10%
折旧摊销 D&A $2,030M N/A $1,915M +6%
股权激励 SBC $220M $213M +3% $188M +17%
营业利润 Operating Income $2,174M $1,522M +43% -$1,128M +293%
利息费用 Interest Expense $118M $136M -13%
净利润 Net Income $1,870M $887M +111% -$1,234M +252%

补充指标

指标 Q1 FY2025 Q4 FY2024 Q/Q Q1 FY2024 Y/Y
每股收益 EPS $1.67 $0.79 +111% -$1.12 +249%
稀释股数 Diluted Shares 1,122M 1,125M -0% 1,100M +2%
实际税率 Effective Tax Rate 13.2% 41.3% -28.1 ppt

technology

板块 收入 占比 QoQ YoY
DRAM $6,400M 73.5%
NAND $2,241M 25.7%
Other $68M 0.8%

end_market

板块 收入 占比 QoQ YoY
Data Center $4,790M 55.0%
Mobile $1,742M 20.0%
PC Graphics and Other $1,306M 15.0%
Automotive Industrial and Consumer $871M 10.0%

Estimated from pct of total revenue (rounded to nearest 5%): DC 55%, Mobile 20%, PC/Graphics/Other 15%, Auto/Industrial/Consumer 10%

geography

Not disclosed in 10-Q. Risk factors mention ~50% revenue from non-US HQ customers and >80% shipped outside US (FY2024 annual figures).

customer

板块 收入 占比 QoQ YoY
Top 1 Customer $0M 0.0%

One customer was 13% of total revenue (primarily CNBU). No customer >= 10% in Q1 FY2024.

02 · 资产负债表

现金及等价物
Cash & Equivalents
$8,744M
总债务
Total Debt
$13,785M
股东权益
Shareholders' Equity
$46,797M

03 · 现金流量表

本季度数据

经营现金流
Operating Cash Flow
$3,244M
资本开支
CapEx
$3,206M
自由现金流
Free Cash Flow
$38M
股票回购
Share Buyback
$0M
债务偿还
Debt Repayments
$84M

04 · 动态指标

指标 Q1 FY2025 Q4 FY2024 变化
暂无动态指标配置

05 · 管理层讨论

以下观点摘自 10-Q MD&A 管理层讨论章节

"前沿DRAM需求持续紧张,受行业HBM产能爬坡驱动。"
"我们正采取迅速果断的行动,削减NAND晶圆投入和NAND资本支出,以使供应与行业需求趋势一致。"
"2024年12月9日,我们与美国商务部签署了高达61亿美元的CHIPS法案直接资助协议。"

06 · 其他补充数据

指标数值备注
customer_prepayments $614M 客户预付款和其他合同负债余额,较上季$907M大幅下降
chips_act_funding $6.1B 2024年12月签署的CHIPS法案直接资助协议金额
stock_repurchase_remaining $2.81B 已授权$10B回购中剩余额度(已回购$7.19B)
hbm_revenue_concentration 13% 单一客户(主要在CNBU)占总收入13%