Western Digital-西部数据：FY24Q4业绩点评及法说会纪要：FY24Q4业绩增长稳健，传统需求不振FY25Q1指引稍显疲软

Investment Rating - The report provides a positive outlook for Western Digital Corporation (WDC), indicating a strong performance in FY24Q4 with revenue exceeding guidance and significant year-over-year growth [1][4][19]. Core Insights - The company achieved revenue of $3.764 billion in FY24Q4, representing a 41% year-over-year increase and a 9% quarter-over-quarter increase. Non-GAAP gross margin improved to 36.3%, up 32.4 percentage points year-over-year [1][4][19]. - The report highlights the successful diversification and innovation in product offerings, benefiting from a broad recovery in end markets, leading to structural improvements in profitability for both Flash and HDD segments [1][4][19]. - The company anticipates Q3 FY2025 revenue guidance of$ 4.0 to $4.2 billion, with a non-GAAP gross margin forecast of 37% to 39% [19][28]. Summary by Relevant Sections Overall Performance - In FY24Q2, the company reported revenue of$ 3.764 billion, exceeding guidance, with a non-GAAP gross margin of 36.3%, significantly higher than previous periods [1][4][19]. - Non-GAAP net income reached $504 million, a substantial recovery from a loss of$ 640 million in the same quarter last year [1][4][19]. Inventory - The inventory turnover days increased to 126 days, with total inventory valued at $3.3 billion, reflecting a balance between declining HDD inventory and increasing Flash inventory [8][28]. Capital Expenditure (CAPEX) - Cash capital expenditures for FY24Q2 were$ 84 million, with total capital expenditures for the fiscal year amounting to $244 million, a 69% decrease year-over-year [9][28]. Revenue by End Market - Cloud services generated$ 1.882 billion, accounting for 50% of total revenue, with a 21% quarter-over-quarter increase and an 89% year-over-year increase [10][13]. - Client business revenue was $1.204 billion, representing 32% of total revenue, with a 3% quarter-over-quarter increase and a 16% year-over-year increase [11][13]. - Consumer business revenue was$ 678 million, making up 18% of total revenue, with a 7% quarter-over-quarter decrease but a 5% year-over-year increase [12][13]. Revenue by Product - Flash product revenue was approximately $1.761 billion, showing a 3.28% quarter-over-quarter increase and a 27.88% year-over-year increase [14][15]. - Hard drive product revenue was approximately$ 2.003 billion, reflecting a 14.33% quarter-over-quarter increase and a 54.67% year-over-year increase [15][17]. Business Progress - The SSD business saw a 50% increase in EB growth for new QLC-based client SSD products, with significant performance improvements over previous generations [18][24]. - The HDD segment benefited from strong nearline demand and improved pricing, with the company maintaining a leadership position in SMR technology [18][24]. Q3 Performance Guidance - The company expects Q3 FY2025 revenue to be between $4.0 billion and$ 4.2 billion, with a non-GAAP gross margin of 37% to 39% and non-GAAP EPS guidance of $1.55 to$ 1.85 [19][28].