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Western Digital Gross Margins Vulnerable To Pricing, Minimal Cost-Down, Analyst Says

Western Digital Gross Margins Vulnerable To Pricing, Minimal Cost-Down, Analyst Says

分析师表示，西部数据毛利率易受定价影响，成本下降幅度最小
Benzinga Real-time News ·  2023/02/01 14:28
  • Mizuho analyst Vijay Rakesh maintained Western Digital Corp (NASDAQ:WDC) with a Neutral and lowered the price target from $38 to $35. WDC reported in-line December quarter.
  • Cloud (~39% of revenue) was down 33% Q/Q, with softer capacity enterprise drives, while Client and Consumer segments were down 11%/ up 17% Q/Q, respectively, with weaker flash pricing. However, consumers saw an uptick in HDD and flash volumes but also saw challenging Y/Y pricing.
  • WDC inventory was down 2% Q/Q and up 3% Y/Y.
  • WDC guided March quarter revenue below consensus, with the gross margin down further to ~10% (consensus ~20.0%), reflecting a modest Q/Q rebound in HDD with nearline but significant declines in NAND, with WDC cutting NAND Capex.
  • Underutilization at PC and Cloud challenged NAND (53% of revenue).
  • HDD (47% of revenue) bottomed in the December quarter (down 34% Y/Y) with possible recovery in the March quarter. WDC noted reductions in capacity and production line idling to offset demand softness.
  • WDC is lowering Gross Capex expectations to $2.3B and Cash Capex spending to $900M due to underutilization.
  • WDC noted March quarter gross margins expected to be ~10%, down ~700bps Q/Q with $250M in underutilization charges (~75% NAND/25% HDD), as it expects NAND gross margins to be negative, and the analyst saw the potential for further challenges into the June quarter from pricing pressure and minimal cost-downs.
  • WDC maneuvered a challenging NAND environment with an aggressive Samsung Electronics Co, Ltd (OTC:SSNLF) driving NAND supply.
  • Near-term, the analyst lowered March quarter estimates.
  • WDC faces NAND GM headwinds with underutilization and oversupply, though new strategic options expected could provide upside to shares.
  • Price Action: WDC shares traded lower by 3.48% at $42.43 on the last check Wednesday.
  • 瑞穗分析师Vijay Rakesh坚持认为西部数据公司(纳斯达克：WDC)持中性立场，并将目标价从38美元下调至35美元。WDC报告了与12月季度一致的情况。
  • 云(约占收入的39%)季度比下降33%，企业硬盘容量疲软，而客户端和消费者部门季度比分别下降11%/上升17%，闪存定价较弱。然而，消费者看到了硬盘和闪存量的上升，但也看到了具有挑战性的Y/Y定价。
  • WDC库存环比下降2%，同比增长3%。
  • WDC引导3月份季度收入低于共识，毛利率进一步降至~10%(共识~20.0%)，反映出HDD的Q/Q小幅反弹，NAND出现近线但显著下降，WDC削减了NAND资本支出。
  • PC和云的利用不足对NAND构成了挑战(占收入的53%)。
  • 硬盘(占收入的47%)在12月的季度触底(同比下降34%)，3月份的季度可能会回升。WDC指出，产能减少和生产线闲置抵消了需求疲软的影响。
  • 由于利用不足，WDC将总资本支出预期下调至23亿美元，将现金资本支出预期下调至9亿美元。
  • WDC指出，3月份季度的毛利率预计为~10%，季度/季度下降~700个基点，加上2.5亿美元的未充分利用费用(~75%的NAND/25%的硬盘)，因为它预计NAND的毛利率将为负，该分析师认为，定价压力和最低限度的成本下降可能会给6月份的季度带来进一步的挑战。
  • WDC通过积极的策略应对具有挑战性的NAND环境三星电子股份有限公司(场外交易：SSNLF)推动NAND供应。
  • 近期，该分析师下调了对3月份季度的预期。
  • WDC面临NAND GM利用率不足和供应过剩的逆风，尽管预计新的战略选择可能会给股价带来上行空间。
  • 价格行动：周三尾盘，WDC股价下跌3.48%，至42.43美元。
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