· 个股论点
“美国制造”是美光($MU)和英特尔($INTC)拥有的最强大护城河(Moat)。 以下是美光的最新动态： 继25日NAND和DRAM涨价预期上调后： $MU的前向市盈率(Forward P/E)可能在~8.2-8.5倍左右，同时毛利率(Gross Margins)维持在75-77%。 随后是特朗普和卢特尼克的新评论： - “任何想建设存储芯片的企业只有两个选择：要么支付100%的关税，要么在美国本土建厂”——卢特尼克（在美光存储芯片工厂，1月17日） - “特朗普将对韩国进口商品关税提高至25%”——（1月27日） 这是一个非常有趣的动态，因为美光作为美国的冠军企业，仍能通过海外扩张获得税收优惠。而三星或SK海力士的类似扩张则被视为面临关税风险。 此外，今天的新消息显示美光正在新加坡以240亿美元的投资加速NAND生产。 所以大家都在问，为什么$MU的估值高于其他存储芯片制造商？ 我们正亲眼目睹美国“美国制造”护城河与“存储超级周期(Memory Supercycle)”中无休止的涨价改善利润表共同发挥作用。 白宫正在尽其所能确保其本土领导者取得成功。
"Made in America" is the greatest moat $MU and $INTC have. Here's the recent developments with Micron: From NAND + DRAM hike est. on the 25th: $MU forward P/E would likely be ~8.2-8.5 with gross margins sitting at 75-77%. This is followed by new comments from Trump and Lutnick: - “Everyone who wants to build memory has two choices: They can pay a 100 per cent tariff, or they can build in America" - Lutnick (Micron Technology memory chip plant, Jan 17) - "Trump raises US tariffs on South Korea imports to 25%" - (Jan 27th) It's a fascinating dynamic as Micron still gets tax benefits through overseas expansion as America's champion. Whereas similar expansions by Samsung or SK Hynix are viewed through the lens of tariff risk. This is coupled with new news today that Micron was ramping up NAND production in Singapore with $24B. So everyone was wondering, why $MU was valued higher than other memory makers? We're seeing the the USA "Made in America" moat live in action together with "The Memory Supercycle" of endless price hikes improving bottom lines. The White House is doing everything it can to make its domestic leaders succeed.