MU 被低估，值得买入；当前的低估值（5.86 倍远期市盈率）提供了上行空间，尽管市场对其利润率的可持续性存有疑虑。

Micron's quarterly financial results compared to the stock price reaction are a prime example of why ordinary people are confused about the stock market, wondering in amazement, "What's going on in the world here?"

The reason I say this is that Micron reported revenues of $54.2 billion in its recently ended quarter, which is almost five times the revenue in the same quarter last year when it reported $11 billion.

So, revenues and sales have increased almost fivefold compared to the same period last year.

Even more alarming, profits, or rather operating cash flow, rose to $44 billion compared to $5.73 billion in the same quarter last year. So, sales and profits are skyrocketing.

You will be surprised, or even shocked, to discover that Micron's stock price is completely flat in after-hours trading. It actually fell by 0.01% after achieving these results, and I have been following the market for over 10 years, and have followed hundreds of companies and thousands of financial statements across all these different quarters and sectors.

I have never seen a company achieve the quality of results that Micron has delivered for two consecutive quarters now. However, the share price remained stable. I also want to update you on my rating of Micron, what I believe to be the fair value of this stock, and how I will be adjusting my fair value estimate after these figures are released.

It is interesting to note that the revenue figure of $54 billion not only increased fivefold from the same period last year, but also rose by about $13 billion from just 3 months ago.

This was about $4 billion more than the management team had projected for the next quarter.

When the management team presented this forecast, investors were stunned. The number was so huge that they wondered: Is it realistic for them to reach this number? They exceeded the figure by approximately 4.23 billion, which is more than 8% above expectations.

The management said that 2026 was not only a record year for Micron, but they expect 2027 to be even stronger. Even stronger. 2026 was an exceptional year by all measures for Micron, and as I mentioned, the last two quarters were the best for any company in any field that I have seen in over a decade in financial data evaluation.

Revenues are rising, and profit margins are reaching levels I have never seen before in any other company in any sector. The management team says we are increasing our investments in technology products and manufacturing to help drive superintelligence (SI) forward.

Superintelligence is now the new term we will use instead of artificial intelligence.

This appears to be the policy of the current administration, which is encouraging everyone to use SI instead of AI. Micron also says that their strategic customer agreements are long-term arrangements with their customers.

This is new. This is new. It has only been a few quarters since Micron began announcing long-term agreements with customers.

This did not happen 6 months or 12 months ago. This is a new development because the industry is suffering from a shortage of supplies, and customers are so urgently seeking to secure their needs that they are signing long-term agreements.

It has become an urgent need. This gives the company confidence in the sustainability of its financial performance, which means financial performance is sustainable because they can see further ahead.

They can see what the situation will look like two or four years from now. They were unable to see that before because their clients did not disclose that information. They were not communicating with them about their plans for two or four years beyond.

This dynamic is changing, and this is in Micron's favor. I mentioned figures that I have never seen before, and here they are before you. The operating profit margin for the last quarter ended was 80.7%.

I had never seen a company report more than 80% until Micron did it last quarter, at 80.4%.

So for two consecutive quarters, Micron reported operating profit margins exceeding 80%. I have never seen that before in any of the companies I follow, and you know I follow hundreds of companies and have been doing so for over a decade.

Thousands of financial statements during that period. I have never seen a company achieve this level.

Thus, at 80.7%, this is about 10 percentage points higher than I have ever seen before. The results here from Micron are exceptional, and that's why I think many investors will be asking, "What's going on here?"

Why doesn't the stock price rise significantly in light of this type of development?

I wanted to elaborate on that a little, to offer my opinion, thoughts and experience on this matter.

The main reason is that the stock market and valuations are forward-looking, meaning that a stock is valued today based on what investors expect from the company over the next many years, or even decades.

What happens during the next two quarters represents only a small percentage of the company's total value in the very long term.

And investors are not changing their view of what they believe Micron's operating profit margins will be like over that very long period. And I agree with that. These margins are unsustainable, not for a company like Micron.

This is not a software company. This is not an asset-light business model. This is a capital-intensive industry, requiring tens of billions of dollars in capital expenditures annually.

Isn't that so? They sell physical products. These levels of margins are difficult to achieve when selling physical products because every additional dollar of sales is matched by a cost of goods associated with that dollar.

Something is being taken out of stock in order to get that dollar from sales. The reason Micron is achieving such profitable margins now is that the dynamics of supply and demand have led to a meteoric rise in the prices of the products it sells.

Therefore, its cost is still tied to each unit of the items it sells.

However, the price has risen enormously, by triple digits for the same product you sell, without any gradual increase in cost to offset that increase in selling price. So, it wasn't as if Micron had upgraded the product so significantly that it was now selling it at a higher price.

Therefore, profit margins do not rise to the same extent because costs also rise. This is not true. It's basically the same product. Simply put, the demand for this product has risen dramatically and suddenly, and the supply in this industry is not elastic, which means that when demand rises, it takes a long time for the supply to increase.

It's not like selling a "burrito" sandwich, for example, which is relatively easy to manufacture, is it? These are highly sophisticated semiconductors that require a long period of time to provide the manufacturing capacity needed to meet this increase in supply.

Therefore, for a short period of time, and sometimes that period may be longer, you can impose higher selling prices for your products. When the supply begins to become available in the market, the price level adjusts slightly to return to reality and keep pace with the new supply and demand situation.

This is why the stock price is not reacting strongly to these results, partly because they were highly anticipated and already priced into Micron's stock price.

Micron's stock has already risen by triple digits this year. Therefore, investors had already bought the stock in anticipation of what they expected to happen soon. correct? They had already bought the stock in anticipation of that.

Good? Sometimes it happens sooner than expected. For this reason, when you see results like these, sometimes the stock price does not react unless there is a surprise, unless something unexpected appears suddenly, then you will see a significant reaction in the stock price.

But since much of this was already anticipated, we are not seeing a significant reaction in the stock price. I hope this clarifies a little more the difference between stock price interactions and company performance.

Looking ahead, the management team expects good times to continue, right? They are forecasting revenues of $61.5 billion and gross profit margins of approximately 86%. Once again, Micron is expected to achieve another record quarter in the coming period.

So, once again, Micron investors and stock market investors in general are saying: "So what?" correct? This is simply the reaction. so what?

The share price is relatively stable, and Micron continues to sell at a very cheap valuation compared to its actual performance. It is trading at a forward price-to-earnings ratio of 5.86.

Again, this is due to investors expecting an increase in the supply of these products over the next two years, which will bring prices back to their historical levels, thus reducing Micron's profitability.

This reduces Micron's earnings per share to levels similar to those before this recovery resulting from higher average selling prices.

In other words, the cyclical nature of this industry is the reason why Micron trades at such a relatively cheap valuation. They are not achieving the high valuation that many investors hope Micron will reach.

This change in valuation could occur if Micron continues to secure long-term agreements with customers and its business becomes more stable across economic cycles without experiencing major booms and busts.

At that point, investors might want to raise the company's valuation and pay a higher market multiple, which could drive Micron's stock up sharply. To date, I have not included these recent developments in my estimate of the company's fair value.

Prior to the announcement of these results, the company was valued at approximately $1,403 per share. Compared to the market price of $1065, I would rate Micron as a buying opportunity.

My opinion was, and still is, that the stock is undervalued. As a result of these figures, I am likely to expect higher free cash flow over the next few years. I am also likely to lower my estimate of the risks associated with the company over the coming years, which will likely lead to a higher estimate of fair value.

Initially, I am looking forward to the type of calculations I will be doing, and I can see the direction things are going in. Although I do not know exactly where it will settle because I have not yet calculated the numbers, I see that the trend is upward.

I also haven't read the conference call transcripts yet, and that will play an important role in my evaluation of the company. I will also conduct an in-depth analysis of that in the coming days.

Overall, this was another exceptional quarter for Micron, and the results are truly unprecedented, at least within the scope of companies I have been following for a decade or more.

So, a shout-out to the management team. A salute to everyone involved in the company for being able to deliver this kind of performance.

Truly unprecedented results from what I have seen. I will reaffirm my "buy" rating for Micron stock. I have stated that I am optimistic about the company throughout the year.

I have classified it as a buying opportunity with complete conviction and a very high level of confidence. So, I am very pleased to see the performance so far since the start of 2026.

But I believe there are more gains to come in the future, so I will reiterate my buy rating with a high level of confidence once again.