WDC 基本面强劲（营收超预期12.4亿美元，同比增长138%；需求、定价能力和利润率均在改善；上调指引），但股价却在下跌，原因是市场预期（尤其是对每股收益和利润率的预期）过高；股价较高点下跌10-20%后买家是否会入场，尚不清楚。
逐段跳播
尤其是西部数据，它刚刚发布了季报。按照你的观点，在科技股交易中，仅仅“好”似乎还不够。能否请你进一步说明一下你的部分结论？
In particular, Western Digital, which released its quarterly report. Based on your point, it seems that " good" is not enough in the technology trade specifically. Could you please clarify some of your conclusions?
是的，我们看到这家公司在利润和营收两方面都表现突出。营收达到12.4亿美元，而市场预期约为10.6亿美元，同比增长约138%。所以，需求显然是存在的。他们在硬盘领域似乎也有相当强的定价能力，毛利率为33.8%，并且把2026财年的非GAAP毛利率指引上调至34%。
需求依然非常强劲。他们的CEO指出，购买其产品的不只是大公司，其他行业也开始采用这些产品，这也解释了营收的增长。他们对这一趋势将会延续持乐观态度。不过，遗憾的是，我们现在又一次看到股价下跌，但仍高于昨天见到的低点。
因此，预期似乎一直非常高。市场大概率希望看到稍微更大的惊喜，尤其是从每股收益和利润率来看，而目前并没有出现这种情况。不过，这丝毫没有削弱这家公司强劲的基本面。
Yes, we have seen the company excel in both profits and revenues . Revenues reached $1.24 billion. While market expectations were around $1.06 billion . This represents an increase of approximately 138% year-on-year.
So, the demand is definitely there. They also appear to have considerable pricing power in the hard drive space, with gross margins of 33.8%, and are raising their guidance for fiscal year 2026 to 34% for non-GAAP gross margins .
But demand remains very strong. Their CEO points out that it's not just large companies that are buying into their products, but other industries are also starting to adopt them, which also explains this revenue growth.
They are optimistic that this trend will indeed continue. Now, once again, unfortunately, we are seeing a decline in price, but it is still higher than the low levels we saw yesterday.
Therefore, expectations seem to have been very high. The market probably wants to see a slightly bigger surprise, especially when you look at earnings per share and margins , which is not happening at the moment.
However, nothing diminishes the strong fundamentals of this company.
好，我们回到西部数据，为观众更新最新进展。营收同比增长55%，达到44亿美元。他还向我们展示了其他一些数据。是的，我们看到西部数据的非GAAP利润率为58.1%，营业利润率为49.1%。
所以总体来看，这里的数据非常不错。我们还看到本季度净利润为17.8亿美元。他们将股息上调17%，至每股17.5美分，对未来营收的预测约为51亿美元，上下浮动1亿美元。至于第二季度的非GAAP每股收益，为5.80美元，上下浮动0.20美元，他们预计毛利率将在60%至61%之间。
与上一季度相比，这是非常好的改善。他们再次看到需求增加。这一趋势对他们来说依然存在，但我认为这些股票的预期太高了，至少目前是这样。而且你今天又看到股价下跌；我们来看看，在这些股票中有不少已从高点下跌10%、15%甚至20%之后，是否真的会有买家进场。
Okay, let's go back to Western Digital to update viewers on the latest developments. Revenues have increased by 55% year-on-year, reaching $4.4 billion. He showed us some other figures.
Yes, we see that Western Digital's non-GAAP profit margins were 58.1%, while its operating margins were 49.1%. So, overall we are looking at very good numbers here. We also saw a net income of $1.78 billion for the current quarter.
They have raised their dividend by 17% to 17.5 cents per share, and their forecast for future revenue is around $5.1 billion plus or minus $100 million . As for non-GAAP earnings per share for the second quarter, they are at $5.80 plus or minus $0.20, and they expect gross profit margins to be between 60 and 61%.
That's a very good improvement compared to the previous quarter. They continue to see increased demand again. This trend still exists for them, but I think the expectations for these stocks are too high, at least for the time being.
And you see a decline again today; Let's see if we will actually see buyers enter after many of these stocks have seen a drop of 10, 15 or even 20% from their highs .
这个频道对 $WDC 的历次判断
Schwab Network 在这只股票上共 5 条判断，这里只列相邻的几条。