金吾财讯 | 高盛近日研报指出，美光科技公司(MU)在高带宽存储器（HBM）市场份额的提升将有助于其业绩增长，因此重申对美光的“买入”评级。尽管美光在2025财年第二季度的收入和盈利预期低于市场预期，但高盛认为，HBM市场的强劲需求和公司在服务器DRAM市场的韧性将抵消传统DRAM和NAND市场的疲软。高盛在研报中表示，随着人工智能和数据中心对高性能存储需求的不断增长，HBM市场前景广阔。美光在HBM领域的技术优势和市场份额的提升，将使其在未来的市场竞争中占据有利地位。此外，高盛还指出，整个半导体行业在资本支出和产能控制方面的自律性增强，将有助于改善DRAM和NAND的供需平衡，从而为行业带来更好的盈利前景。高盛预计，美光在2025财年的收入将达到370.15亿美元，较此前预期的403.62亿美元有所下调，主要反映了对NAND市场疲软的预期。尽管如此，高盛仍然看好美光在HBM和企业固态硬盘（eSSD）市场的增长潜力，并预计其在这些高利润市场的份额将继续提升。基于此，高盛维持对美光的“买入”评级，并将12个月目标价定为128美元（此前为145美元）。
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