마이크론은 자동차와 클라우드부문이 장기적인 성장 동력(2022.05.12)

2022.05.12

Micron Sees Long-Term Growth Driven by Cars and the Cloud | Barron's (barrons.com)

마이크론은 자동차와 클라우드부문이 장기적인 성장 동력이다.

 

 

Micron MU +1.12%  Technology expects long-term revenue percentage growth in the high single digits,

and above the overall semiconductor industry, the memory chip company said Thursday.

마이크론은 장기적으로 연율 한자릿수 후반대의 매출 성장이 있을 것이고,

이는 전반적인  반도체 산업의 성장을 웃돌 것이라고 말하였다.

 

Micron (ticker: MU) told investors and analysts at a San Francisco meeting that it sees strong growth for both DRAM and NAND memory chips in the years ahead. Growth will be driven in particular by rising demand from the automotive, data center, and industrial end markets, reducing Micron’s reliance on the PC and smartphone market.

 

마이크론은 샌프란시스코에서 열린 미팅에서 투자자와 애널리스트에게 앞선 향후 디램과 낸드의 강한 성장을 본다고

말했다. 성장은 특히 자동차,데이터센터와 산업 최종 시장등에서 수요가 증가하는 것으로 견인될 것이고,

PC와 스마트폰 시장에 대한 의존도는 감소할 것이다.

 

Micron CEO Sanjay Mehrotra said in a presentation that the company expects bit growth in the mid-to-high teens for DRAM, and in the high 20s for NAND on an annual basis through 2025.

The overall memory industry should reach $330 billion by 2030, from $161 billion 2021, he said.

The CEO added that memory chips are now 30% of the chip industry, up from 10% at the turn of the century.

 

마이크론 사장은 2025년까지 디램은 연율 한자리수 중후반대, 낸드는 연율 20%대 후반 정도의 빗그로스를

예상했다.

전체적인 메모리 시장의 매출은 2021년 1610억달러에서 2030년 3300억달러에 달할 것이다.

메모리 매출은 전체 반도체 매출의 30%를 차지하고 있으나 지난 세기에는 10%정도였다.

 

Micron also announced a 15% dividend increase to 11.5 cents a share quarterly. That’s Micron’s first-ever dividend hike—the company established a dividend policy for the first time in August 2021.

 

마이크론은 또한 분기별 배당금을 15% 인상하여 주당 11.5센트로 발표했습니다.

이것은 Micron의 첫 배당금 인상입니다. 회사는 2021년 8월에 처음으로 배당 정책을 수립했습니다.

 

Micron noted it continues to aggressively repurchase shares, including $700 million for the current quarter,

which goes through May. The company has about $5 billion remaining on its current stock repurchase authorization, and expects to continue to buy back stock at current levels.

 

마이크론은 5월을 포함하여 이번 분기에 7억 달러를 포함해 공격적으로 자사주를 계속 매입하고 있다고 밝혔습니다.

회사는 현재 주식 환매 승인에 약 50억 달러가 남아 있으며 현재 수준에서 계속해서 자사주를 매입할 것으로 예상합니다.

 

The company’s newly unveiled long-term financial model calls for operating margins in the 30% range; Ebitda (earnings before interest, taxes, depreciation, and amortization) margins in the low 50s range;

capital expenditures in the mid- 30s as a percentage of sales; and free cash flow margin above 10%.

회사가 새로 공개한 장기 재무 모델은 30% 범위의 영업 마진을 요구합니다.

50%대 초반 범위의 Ebitda(이자, 세금, 감가상각 및 상각 전 수익) 마진;

매출 대비 30%대 중반의 자본 지출; 10% 이상의 잉여 현금 흐름 마진.

 

Those target ranges are across business cycles, with some variation over time. Micron noted that this is the first time in its more than 40-year history that it has provided investors with a model for how the company can grow across business cycles. 

 

Micron also said it intends to return 100% of free cash flow to investors in the form of dividends and stock buybacks. That’s a change from its previous policy, which targeted a return of 50% of free cash flow to holders.

“Our ambition is to seize the growth in front of this company, in a way that balances with return on capital and cash returns,” said Mark Murphy, who joined the company as chief financial officer just a few weeks ago.

 

In the meeting, Micron made the case that it has a technology leadership position in both NAND and DRAM—while noting that demand is robust and diversifying.

Micron is a clear winner in the broader technology sector’s adoption of cloud computing. Micron said the data center market for memory was $50 billion in calendar year 2021. The company sees 28% annualized bit growth for DRAM used in data center applications through 2025, with 33% growth in NAND demand. 

The automotive market was smaller last year, at $4 billion, but the company projects 40% growth in automotive DRAM bit demand through 2025, with 49% growth in NAND demand. The company notes that memory demand increases dramatically as cars add more autonomy—fully autonomous cars are expected to require 30 times the DRAM content and 100 times the NAND content as a driver-only vehicle. Micron expects sharp growth in the NAND and DRAM used in connection with each data center server as well.

Micron’s chief business officer, Sumit Sadana, said at the meeting that the company’s reduced reliance on the PC and mobile phone markets should result in higher growth and more stable financial performance. He expects the PC and mobile sector to account for 38% of overall revenue in fiscal year 2025, down from 55% in fiscal year 2021. Meanwhile the reliance on data center jumps to 42% from 30%, and the automotive, industrial, and networking markets together will hit 20% of revenue, up from 15%.

 

Micron also is experimenting with signing forward pricing agreements with customers—Sadana sees benefits for both Micron and for customers: “Customers get guaranteed supply and preferential allocation when supply is tight, and guaranteed price reductions following the cost curve down.” Micron said it has signed its first forward pricing agreement with a top-10 customer, with a more than three-year agreement worth more than $500 million a year.

Amid continued widespread pressure on technology stocks, Micron shares on Thursday rose 1.1% to $67.71. The stock is down 27% year to date.

Write to Eric J. Savitz at eric.savitz@barrons.com