-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：WDC公佈了強勁的2026財年第三季業績，營收達33.4億美元（年增45%，環比成長11%），略高於市場普遍預期的32.5億美元；非GAAP每股收益為2.72美元（年比成長100%，環比成長28%），比前14% 成長100%，環比成長28%），較14%。非GAAP毛利率達到50.5%（年成長1040個基點，季增440個基點），營業利潤率達38.6%（年成長1260個基點，季增480個基點），主要得益於向客戶推出的高容量硬碟。雲端業務依然佔據主導地位，貢獻了89%的營收。快閃記憶體出貨量年增34%至222 EB，最新一代ePMR固態硬碟出貨量超過410萬塊（上季為350萬塊），支撐了平均售價的穩健成長。第四季業績指引表現亮眼，營收中位數為36.5億美元（年增40%），超出市場預期5%；非GAAP每股收益約3.25美元（年成長96%），超出市場預期18%。不過，這些業績指引略低於主要競爭對手STX本週稍早的預期（營收成長9%/每股盈餘成長26%）。我們認為，持續的NAND快閃記憶體短缺將繼續帶來利好，延長WDC的定價空間，並在未來幾季支撐利潤率的提升。
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