公司评级与目标价 - 美银证券分析师Wamsi Mohan首次覆盖SanDisk，给予买入评级，目标价61美元 [1] 行业供需与定价 - NAND闪存行业短期供需平衡(第一季度出现供应缩减)，未来几个季度定价环境将逐步改善 [1] - 行业相对分散(6家以上厂商)，但长期前景向好，存在整合可能性 [2] - 公司计划在资本密集型行业中推行更严格的定价策略，该行业历史上回报率较低 [2] - 中国市场的价格竞争可能影响行业定价趋势正常化 [3] 公司竞争优势 - SanDisk是NAND闪存技术数据存储设备的领先开发商和制造商 [1] - 公司与Kioxia的合资企业可共享资本支出，近年来行业资本支出高达300亿美元 [3] - 运营利润率在经济低迷时期更具韧性，得益于产能管理和客户结构 [4] - 即使扩大eSSD业务，2024年下半年该业务仅占销售额的15% [4] - 预计未来几年公司周期内营业利润将优于其他NAND闪存企业 [4] 财务预测与市场表现 - 预计2025财年收入72.9亿美元，每股收益2.75美元 [5] - 公司股价周三上涨6.04%，报46.76美元 [5] 行业与公司亮点 - 内存定价改善，供需关系转好 [6] - 定价趋势和经营杠杆带来利润率上升空间 [6] - 终端市场结构使周期内经济性优于同行 [6] - 合资结构创造独特的共享资本支出模式 [6] - 估值仍具吸引力 [6]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Sandisk (SNDK) 2025 Conference June 11, 2025 11:15 AM ET Speaker0 Everybody, thank you for joining us on day two of the Mizuho Tech Conference. Joining me today I'm Vijay Rakesh, senior semis analyst at Mizuho, and joining me today is David Geklev. David is chairman and CEO of Sandisk Corporation. With over twenty five years of transformational leadership across semis, global networking, enterprise software, David has established himself as one of the industry's most visionary executives. David is also inst ...

公司业绩 - Sandisk Corporation公布第三季度财报 [1] 行业背景 - 分析师此前覆盖Western Digital公司 该公司与Sandisk存在分拆关系 [1] 投资策略 - 投资组合应包含成长股 价值股和分红股 [1] - 投资策略倾向于价值投资 [1] - 投资期限通常为5-10年 [1]

纪要涉及的公司和行业 - 公司：SanDisk（闪迪） - 行业：NAND闪存行业 纪要提到的核心观点和论据 公司现状与前景 - 公司已完成拆分，成为独立公司，团队状态良好，业务处于有利位置，首季度业绩不错，对2026年也持乐观态度 [3][4][5] - 公司企业级SSD业务增长迅速，预计2024 - 2025财年收入增长3倍，且产品已获大型超大规模数据中心客户认证，还有创新产品推出 [14][15][16] 市场趋势与机会 - NAND市场规模到本十年末将达100亿美元，未来几年TAM将增长近50%，有很多创造价值的机会，公司将聚焦业务盈利能力、回报和供需平衡 [6] - AI、边缘计算和物联网等推动NAND需求增长，企业级SSD业务去年增长超100%，AI带来新的用例和创新，未来AI向边缘发展将进一步推动市场增长 [11][12][13] - 中期到长期，NAND需求将保持低至中个位数的持续增长，各细分市场都在增长，如PC和智能手机的单位和内容增长，数据中心市场资本支出增加，且过去两三年资本支出低迷，预计到2026年底市场供应不足 [18][19][20] 公司战略与举措 - 公司通过优化产品组合、推动创新、平衡供需来实现盈利增长，利用产能利用率微调市场，当利润率下降时减少供应 [7][9][28] - 公司企业级SSD业务将通过推出更多产品满足不同客户需求，扩大市场份额，同时利用多元化的产品组合实现最佳盈利 [38][39][40] - 公司谨慎推进Bix8节点技术，确保不造成市场供应过剩，该节点性能高、功耗低，已应用于部分产品，未来将扩展到企业级SSD [46][47] 财务与资本配置 - 公司现金流量受资本支出和收款时间影响，2026财年资本支出将因向Bix8节点过渡而略有增加 [51][52] - 公司长期目标是实现35%的毛利率，通过平衡供需和提高价格来实现这一目标，目前正在取得进展 [71] 合资企业优势 - 公司与Kioxia的合资企业提供了规模优势，使其能够在研发上投入更多，积累了丰富的专业知识，在资本效率上比行业平均水平高1/3 [62][63][65] - 合资企业在研发和制造方面都具有优势，Bix8节点是其成功的范例，通过晶圆键合技术提高了产品性能和未来创新的可选性 [67][69] 其他重要但是可能被忽略的内容 - 关税对公司业务影响较小，仅影响运往美国的产品，且来自中国的产品占比仅5%，有27.5%的关税，公司有多种选择来管理后端生产，以应对关税变化 [32][33] - 公司在管理NAND层数过渡时需谨慎规划，确保产能输出与产品组合匹配，必要时利用产能利用率进行微调 [55][56] - 公司难以预测不同收入水平下自由现金流利润率的具体进展，需考虑节点过渡等多种变量，但理论上接近10亿美元收入时应朝着两位数自由现金流利润率迈进 [59][60][61]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended March 28, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42420 Sandisk Corporation (Exact name of registrant as specified in its charter) As of the close of business on May 5, 2025, 14 ...

Sandisk (SNDK) Q3 2025 Earnings Call May 07, 2025 04:30 PM ET Company Participants Ivan Donaldson - VP - IRDavid Goeckeler - Chairman & CEOLuis Visoso - EVP & CFOJoseph Moore - Managing DirectorKarl Ackerman - Managing Director - Equity ResearchVijay Rakesh - Managing DirectorSteven Fox - Founder & CEO Conference Call Participants CJ Muse - AnalystAaron Rakers - Managing Director & Technology AnalystNam Hyung Kim - Senior Analyst Operator Hi there. Good day and welcome to the SanDisk Technologies Third Quar ...

Sandisk (SNDK) Q3 2025 Earnings Call May 07, 2025 04:30 PM ET Speaker0 Hi there. Good day and welcome to the SanDisk Technologies Third Quarter Fiscal twenty twenty five Earnings Conference Call. On the call today, we have David Gekler, CEO Luis Visoso, CFO and Ivan Donaldson, Investor Relations VP. All participants will be in listen only mode. By pressing the star key followed by zero. After today's presentation, there'll be an opportunity to ask questions. To ask a question, you may press star then one on ...

Fiscal Third Quarter 2025 Financial Results Quarter ended March 28, 2025 Wednesday, May 7, 2025 Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws, including, but not limited to, statements regarding expectations for: Sandisk Corporation's (the "Company") business outlook and operational and financial performance for the fiscal third quarter of 2025 and beyond; demand and market conditions for our products; growth opport ...

Sandisk Reports Fiscal Third Quarter 2025 Financial Results News Summary MILPITAS, Calif. — May 7, 2025 — Sandisk Corporation (Nasdaq: SNDK) today reported fiscal third quarter financial results. "I'm pleased with our team's execution in the first quarter as a standalone company. Sandisk's innovation was reinforced, with a strong early ramp of BiCS 8, our latest technology engineered to deliver industry-leading performance, power efficiency, and density," said David Goeckeler, Sandisk CEO. "We have taken ac ...