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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

分析師稱，西部數字毛利率容易受到定價影響，成本下降最小
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.
  • 瑞穗分析師Vijay Rakesh堅持認為西部數據公司(納斯達克：WDC)持中性立場，並將目標價從38美元下調至35美元。WDC報告了與12月季度一致的情況。
  • 雲(約佔收入的39%)季度比下降33%，企業硬碟容量疲軟，而客戶端和消費者部門季度比分別下降11%/上升17%，閃存定價較弱。然而，消費者看到了硬碟和閃存量的上升，但也看到了具有挑戰性的Y/Y定價。
  • WDC庫存環比下降2%，同比增長3%。
  • WDC引導3月份季度收入低於共識，毛利率進一步降至~10%(共識~20.0%)，反映出HDD的Q/Q小幅反彈，NAND出現近線但顯著下降，WDC削減了NAND資本支出。
  • PC和雲的利用不足對NAND構成了挑戰(佔收入的53%)。
  • 硬碟(佔收入的47%)在12月的季度觸底(同比下降34%)，3月份的季度可能會回升。WDC指出，產能減少和生產線閒置抵消了需求疲軟的影響。
  • 由於利用不足，WDC將總資本支出預期下調至23億美元，將現金資本支出預期下調至9億美元。
  • WDC指出，3月份季度的毛利率預計為~10%，季度/季度下降~700個基點，加上2.5億美元的未充分利用費用(~75%的NAND/25%的硬碟)，因為它預計NAND的毛利率將為負，該分析師認為，定價壓力和最低限度的成本下降可能會給6月份的季度帶來進一步的挑戰。
  • WDC通過積極的策略應對具有挑戰性的NAND環境三星電子股份有限公司(場外交易：SSNLF)推動NAND供應。
  • 近期，該分析師下調了對3月份季度的預期。
  • WDC面臨NAND GM利用率不足和供應過剩的逆風，儘管預計新的戰略選擇可能會給股價帶來上行空間。
  • 價格行動：週三尾盤，WDC股價下跌3.48%，至42.43美元。
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