公司 * 公司名称： Western Digital Corporation (NASDAQ:WDC) * 参与人员： David Goeckeler - CEO, Wissam Jabre - EVP and CFO * 会议主题： 公司业务分离、财务状况、市场趋势和未来展望 * 会议时间： 2024年12月12日 12:15 PM ET * 会议地点： Barclays 22nd Annual Global Technology Conference 核心观点和论据 * 业务分离： 公司正在推进将业务分为两个独立公司，其中闪存业务将通过融资独立运营。这一过程预计将在2025年完成。 * 财务状况： 公司预计2025年将面临一些波动，但长期来看对业务前景持乐观态度。 * 市场趋势： 公司认为，NAND市场需要更加注重实际需求，而不是过度依赖弹性。公司正在采取措施提高盈利能力，包括优化产品组合、提高研发投入和加强品牌建设。 * 技术发展： 公司在NAND和HDD领域都取得了技术突破，包括NAND的wafer bonding技术和HDD的ePMR和UltraSMR技术。 * 竞争： 公司认为自己在NAND和HDD市场都拥有强大的竞争力，并正在积极应对来自竞争对手的挑战。 其他重要内容 * NAND市场： 公司预计NAND市场将在2025年实现高个位数增长，并认为自己在企业级SSD市场拥有良好的增长潜力。 * HDD市场： 公司认为HDD市场将继续增长，并预计HDD和SSD将在AI应用中发挥互补作用。 * 成本控制： 公司正在采取措施降低成本，包括优化供应链管理和提高生产效率。 * 投资者关系： 公司将定期与投资者沟通，并分享公司的最新进展。 引用原文 * [序号1]： "Western Digital Corporation (NASDAQ:WDC) Barclays 22nd Annual Global Technology Conference" * [序号2]： "We're happy to be here." * [序号3]： "The Form-10 finally is out." * [序号4]： "To read all of it." * [序号5]： "I had some people to help me out there. I think that the most interesting thing that people paid attention to in advance and kind of now have a little more clarity to is the operating profit of the two businesses." * [序号6]： "I think that's a good way to start." * [序号7]： "We'll be making forward looking statements in today's discussion based on management's current assumptions and expectations..." * [序号8]： "Please refer to our most recent financial report on Form 10-K and our other filings with the SEC for more information on the risk and uncertainties that could cause actual results to differ materially from expectations." * [序号9]： "Now we can get into it. Did you have any questions?" * [序号10]： "Revenue split relatively evenly between the two businesses as we've known, but profitability, you get a view of the flash business in general. Can you talk about efforts that can be made on the flash side over the course of the next year, where you can see that increasing profitability?" * [序号11]： "We announced this back on October 30 last year. We were kind of putting a pin in the end of this calendar year, and to be ready to go through this separation." * [序号12]： "We feel really good about where it's at. We've gotten a lot of questions on, is this going to be timed of where we are in the cycle or where the market's at? That's not what we're doing. This is like long-term strategy." * [序号13]： "We've been executing as two separate companies. It's gone quite well, very smooth." * [序号14]： "We've been executing smoothly. We're basically doing a dry run for our systems, our processes, the ability to sort of operate two separate companies under one umbrella." * [序号15]： "We're expecting a few choppy quarters here. We're kind of in a mid cycle point in the business." * [序号16]： "We're not done yet. We'll see how it all adds up in the end." * [序号17]： "We think the business needs to be managed differently. I mean, this idea that there is perpetual 30% growth that we're all supplying into is not realistic." * [序号18]： "We were a big believer that this idea of the layers race is over, like let's build the largest stacks, most expensive CapEx intensity NAND we can and just put that in the market. Let the market absorb it." * [序号19]： "We've got, we believe as a business we've got scale where it really matters." * [序号20]： "We have scale of R&D as the largest provider in the market. That means we can invest more engineers, as many engineers as anybody in the market to build the best core product." * [序号21]： "We're very optimistic on the setup of the business as we go through '25." * [序号22]： "We have a positive bias on PC is coming back. We have a positive bias on smartphones coming back. We think the data center eSSD has legs throughout the year." * [序号23]： "If we see two, three quarter of this and we're going to see this kind of choppy, more headwinds than we expected, then we'll look at the production side of the business." * [序号24]： "So this concept of utilization is very complex, right, because there's a nodal mix and how fast you move the nodal mix forward..." * [序号25]： "We're excited about the portfolio. We've been working on this for a while." * [序号26]： "We've been making progress on that. We entered the year thinking that we would have about 10% of our bit shipments by the end of the fiscal year being an enterprise SSD." * [序号27]： "The vast majority of what you'll call bulk storage of what gets stored, of what we all produce on a daily basis of content is going to be stored on HDDs, right?" * [序号28]： "And when you store a tremendous amount of data, it is worth you going through that arbitrage to figure out what I should store on HDD and what I should store on flash, right?" * [序号29]： "And as the world produces more data and more and data becomes more valuable, like I'm seeing a lot more now just in the last month about people are running out of data to train their large language models." * [序号30]： "And so this -- it's a virtuous cycle we put out another piece of work, the AI data cycle that kind of decomposes this." * [序号31]： "So I realized I didn't answer the second part of your question. Is the enterprise SSD demand coming from returning enterprise or AI?" * [序号32]： "We've been stating our approach, our strategy for quite some time now that we do intend to continue to build our road map on ePMR and UltraSMR out in the high 30s terabyte." * [序号33]： "And we have line of sight to continue to develop that technology and their road map into the high 30s until we get to that sort of 40-terabyte point, where we think the intersection with HAMR from a technology and from, more importantly, from an economics perspective, starts making sense." * [序号34]： "And we have managed to continue to drive better margins because we're manufacturing on technology that's very well proven, that can be manufactured at very high scale, that is very highly reliable and where we understand the cost structure really, really well." * [序号35]： "And I think that was a really smart strategy. I think it's worked very well." * [序号36]： "And I think that was a really smart strategy. 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