FY2024Q3业绩点评及法说会纪要：存储市场复苏业绩超预期，AI释放长期发展动能

Investment Rating - The report indicates a positive outlook for Western Digital, with a Non-GAAP revenue guidance for Q2 FY2024 set between $3.6 billion and$3.8 billion, reflecting a QoQ increase of 7% and YoY increase of 32% [18][22]. Core Insights - The storage market is recovering, with Western Digital's Q1 FY2024 performance exceeding expectations, driven by growth in cloud services and improved pricing strategies [1][2]. - The company reported a Non-GAAP revenue of $3.457 billion for Q1 FY2024, representing a 23$3.457 billion, with all major end markets showing YoY growth. Cloud services revenue was $1.553 billion, accounting for 45$1.147 billion, representing 34% of total revenue, with a 5% QoQ increase and a 20% YoY increase [13][22]. - Consumer business revenue was $730 million, accounting for 21$1.705 billion, with a 2.4% QoQ increase and a 30.5% YoY increase, driven by an 18% increase in average selling price (ASP) [15][22]. - HDD business revenue reached approximately $1.752 billion, reflecting a 28.2$3.2 billion. HDD inventory decreased while flash inventory increased [12][22]. Q2 Company Performance Guidance - For Q2 FY2024, the company expects Non-GAAP revenue to be in the range of $3.6 billion to$3.8 billion, with a gross margin guidance of 32% to 34% [18][22].