{"id":375,"date":"2026-10-30T07:36:52","date_gmt":"2026-10-29T22:36:52","guid":{"rendered":"https:\/\/www.arphile.net\/?p=375"},"modified":"2026-10-30T09:45:35","modified_gmt":"2026-10-30T00:45:35","slug":"261029-sandisk-fy27-q1-%ec%96%b4%eb%8b%9d%ec%bd%9c-%ec%a0%95%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=375","title":{"rendered":"[261030] SanDisk FY27 Q1 \uc5b4\ub2dd\ucf5c \uc815\ub9ac"},"content":{"rendered":"\n
\n

\ucc38\uace0\uc0ac\ud56d : \uc0cc\ub514\uc2a4\ud06c\ub294 \ud68c\uacc4\uc5f0\ub3c4\uac00 7\uc6d4\uc5d0 \uc2dc\uc791\ud568. FY27 Q1 = 2026\ub144 7~9\uc6d4<\/p>\n<\/blockquote>\n\n\n\n

1. \uc2e4\uc801 \uc694\uc57d<\/h3>\n\n\n\n
\ud56d\ubaa9<\/th>\uae08\uc561<\/th><\/tr><\/thead>
\ub9e4\ucd9c<\/td>$110\uc5b5<\/strong> (\uc804 \ubd84\uae30 \ub300\ube44 +23%, \uc804\ub144 \ub300\ube44 +378%)<\/td><\/tr>
\ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 (Non-GAAP)<\/td>85.1%<\/strong> (\uc804 \ubd84\uae30 84.6%)<\/td><\/tr>
\uc601\uc5c5\uc774\uc775\ub960 (Non-GAAP)<\/td>80.4% (\uc804 \ubd84\uae30 79.2%)<\/td><\/tr>
EPS (Non-GAAP)<\/td>$49.51<\/strong> (\uc804 \ubd84\uae30 $39.25, \uc804\ub144 \ub3d9\uae30 $1.22)<\/td><\/tr>
\uc870\uc815 \uc789\uc5ec\ud604\uae08\ud750\ub984(FCF)<\/td>$57\uc5b5 (FCF \ub9c8\uc9c4 \uc57d 52%)<\/td><\/tr>
\uc790\uc0ac\uc8fc \ub9e4\uc785<\/td>$50\uc5b5 (\uc57d 320\ub9cc \uc8fc)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
    \n
  • \ub9e4\ucd9c, \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960, EPS \ubaa8\ub450 \uac00\uc774\ub358\uc2a4\ub97c \ub118\uc5c8\uc74c (\uac00\uc774\ub358\uc2a4: \ub9e4\ucd9c $103~108\uc5b5, \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 83~85%, EPS $44~46)<\/li>\n\n\n\n
  • \ub9e4\ucd9c \uc99d\uac00\ubd84\uc758 \uc57d 60%\ub294 \ucd9c\ud558\ub7c9 \uc99d\uac00, 40%\ub294 \uac00\uaca9 \uc0c1\uc2b9 \ub355\ubd84\uc774\uc5c8\uc74c<\/li>\n\n\n\n
  • 8\ub300 1 \uc8fc\uc2dd \ubd84\ud560 \ubc1c\ud45c<\/strong>: 11\uc6d4 19\uc77c \uc2e0\uc8fc \ubc30\uc815, 11\uc6d4 20\uc77c\ubd80\ud130 \ubd84\ud560 \uac00\uaca9\uc73c\ub85c \uac70\ub798<\/li>\n<\/ul>\n\n\n\n

    2. CEO \ubc1c\ud45c: AI \ucd94\ub860\uc774 NAND \uc218\uc694\ub97c \uad6c\uc870\uc801\uc73c\ub85c \ud0a4\uc6c0<\/h3>\n\n\n\n
      \n
    • \ub370\uc774\ube44\ub4dc \uace0\ud074\ub7ec(CEO)\ub294 \uac15\uc810 3\uac00\uc9c0\ub85c \uae30\uc220 \ub9ac\ub354\uc2ed, \uae4a\uc740 \uace0\uac1d \ud30c\ud2b8\ub108\uc2ed, \uc7ac\ubb34 \uaddc\uc728\uc744 \uaf3d\uc74c<\/li>\n\n\n\n
    • AI\uc640 NAND<\/strong>\n
        \n
      • AI \ucd94\ub860 \ub54c \ubaa8\ub378\uc758 “\uc791\uc5c5 \uae30\uc5b5”\uc778 KV \uce90\uc2dc\uac00 \uacc4\uc18d \ucee4\uc9c0\uace0 \uc788\uc74c<\/li>\n\n\n\n
      • HBM\u00b7DRAM\uc774 \ucd5c\uace0 \uc131\ub2a5 \uad6c\uac04\uc744 \ub9e1\uace0, \ud50c\ub798\uc2dc(NAND)\ub294 \ub113\uc740 \ucee8\ud14d\uc2a4\ud2b8\ub97c \uc2f8\uac8c \ubcf4\uad00\ud574 \ube44\uc2fc \uc7ac\uacc4\uc0b0\uc744 \ud53c\ud558\uac8c \ud574 \uc900\ub2e4\uace0 \uc124\uba85\ud568<\/li>\n\n\n\n
      • \ud22c\uc790\uc790\uc758 \ub0a0 \ube44\uad50 \uc2e4\ud5d8\uc5d0\uc11c, SSD\ub97c \uc4f4 \uc2dc\uc2a4\ud15c\uc774 \ud718\ubc1c\uc131 \uba54\ubaa8\ub9ac\ub9cc \uc4f4 \uc2dc\uc2a4\ud15c\ubcf4\ub2e4 \ud1a0\ud070 \ucc98\ub9ac\ub7c9 \uc57d 3\ubc30, \uc804\ub825 \uc57d 75% \uc808\uac10\uc774\uc5c8\uc74c<\/li>\n\n\n\n
      • 2030\ub144 \ub9d0\uae4c\uc9c0 KV \uce90\uc2dc\uac00 AI \ub370\uc774\ud130\uc13c\ud130 \ud50c\ub798\uc2dc \uc2dc\uc7a5\uc758 \uc57d 1\/3<\/strong>\uc744 \ucc28\uc9c0\ud558\uace0, AI \ub370\uc774\ud130\uc13c\ud130 \uc2dc\uc7a5\uc774 \uc9c0\uae08 NAND \uc0b0\uc5c5 \uc804\uccb4 \uaddc\ubaa8\uc5d0 \uac00\uae4c\uc6cc\uc9c8 \uac83\uc73c\ub85c \ubd04<\/li>\n<\/ul>\n<\/li>\n\n\n\n
      • \ub370\uc774\ud130\uc13c\ud130 \ube44\uc911<\/strong>: \uc5c5\uacc4 NAND \ube44\ud2b8\uc5d0\uc11c \ub370\uc774\ud130\uc13c\ud130 \ube44\uc911\uc774 2020\ub144\ub300 \ucd08 \uc57d 20%\uc5d0\uc11c \uc9c0\uae08 \uc57d \uc808\ubc18\uc73c\ub85c \ucee4\uc84c\uc74c<\/li>\n\n\n\n
      • \uae30\uc220 \ub85c\ub4dc\ub9f5 (BiCS)<\/strong>\n
          \n
        • BiCS8\uc774 \uc9c0\uae08 \uc8fc\ub825\uc774\uace0, TLC\u00b7QLC \ubaa8\ub450 \uc5c5\uacc4 \uae30\uc900 \uc131\ub2a5\u00b7\ubc00\ub3c4\ub77c\uace0 \ud568<\/li>\n\n\n\n
        • BiCS9\ub294 BiCS8 \uc140\uc5d0 \ucc28\uc138\ub300 CMOS\ub97c \ubd99\uc5ec \uc778\ud130\ud398\uc774\uc2a4 \uc18d\ub3c4\ub97c \ud06c\uac8c \ub192\uc784<\/li>\n\n\n\n
        • BiCS10\uc740 1Tb TLC, 2Tb QLC \ub2e4\uc774\ub85c BiCS8 \ub300\ube44 \uc77d\uae30\u00b7\uc4f0\uae30 \ub300\uc5ed\ud3ed 2\ubc30<\/li>\n<\/ul>\n<\/li>\n\n\n\n
        • HBF(High Bandwidth Flash)<\/strong>\n
            \n
          • \uccab HBF \uba54\ubaa8\ub9ac \ub2e4\uc774 \ud14c\uc774\ud504\uc544\uc6c3 \uc644\ub8cc, \uc9c0\uae08 \uc0dd\uc0b0 \uc911<\/li>\n\n\n\n
          • HBM\uae09 \uc77d\uae30 \ub300\uc5ed\ud3ed\uc5d0 \ud6e8\uc52c \ud070 \uc6a9\ub7c9\uc744 \ubaa9\ud45c\ub85c \ud558\ub294 \ucd94\ub860\uc6a9 \uc0c8 \uba54\ubaa8\ub9ac \uad6c\uc870\uc784. HBM\uc744 \ub300\uccb4\ud558\ub294 \uac8c \uc544\ub2c8\ub77c \ubcf4\uc644\ud558\ub294 \uac1c\ub150<\/li>\n\n\n\n
          • \ub0b4\ub144(2027\ub144)\uc5d0 \uccab HBF \uc81c\ud488 \uc0d8\ud50c \uacf5\uae09 \uc608\uc815<\/strong><\/li>\n\n\n\n
          • HBF\ub294 \ud22c\uc790\uc790\uc758 \ub0a0\uc5d0 \ub0b4\ub193\uc740 \uc7a5\uae30 \uc7ac\ubb34 \ubaa8\ub378\uc5d0 \uc544\uc9c1 \ud3ec\ud568\ud558\uc9c0 \uc54a\uc558\ub2e4\uace0 \ud568<\/li>\n<\/ul>\n<\/li>\n\n\n\n
          • \uc5e3\uc9c0(\uc2a4\ub9c8\ud2b8\ud3f0\u00b7PC\u00b7\uc790\ub3d9\ucc28 \ub4f1)\uc5d0\uc11c\ub294 \uc790\ub3d9\ucc28\uac00 \uc5e3\uc9c0 \uc911 \uac00\uc7a5 \ud070 \uc2dc\uc7a5\uc774 \ub420 \uc218 \uc788\ub2e4\uace0 \ubd04<\/li>\n<\/ul>\n\n\n\n

            3. \ubd80\ubb38\ubcc4 \uc2e4\uc801 \uc138\ubd80<\/h3>\n\n\n\n
            \ubd80\ubb38<\/th>\ub9e4\ucd9c<\/th>\uc131\uc7a5\ub960<\/th><\/tr><\/thead>
            \ub370\uc774\ud130\uc13c\ud130<\/strong><\/td>$48\uc5b5<\/strong><\/td>\uc804 \ubd84\uae30 \ub300\ube44 +61%, \uc804\ub144 \ub300\ube44 \uc57d 17\ubc30<\/td><\/tr>
            \uc5e3\uc9c0<\/td>$58\uc5b5<\/td>\uc804 \ubd84\uae30 \ub300\ube44 +7%<\/td><\/tr>
            \uc18c\ube44\uc790<\/td>$4.0\uc5b5<\/td>\uc804 \ubd84\uae30 \ub300\ube44 -29%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
              \n
            • \ub370\uc774\ud130\uc13c\ud130<\/strong>: \uc2dc\uc7a5 \uc131\uc7a5\ub960\ubcf4\ub2e4 \ube68\ub9ac \ucef8\uc74c. \ubbf8\uad6d \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec 3\uacf3\uc744 \ud3ec\ud568\ud55c \uace0\uac1d \ud30c\ud2b8\ub108\uc2ed\uc774 \ubc1b\uccd0 \uc92c\ub2e4\uace0 \ud568\n
                \n
              • \ub370\uc774\ud130\uc13c\ud130 \uc218\uc694\uc5d0 \ub9de\ucdb0 \uacf5\uae09\uc744 \ub354 \ubc30\uc815\ud588\uc74c<\/li>\n\n\n\n
              • QLC \uc81c\ud488(\ub0b4\ubd80\uba85 “Stargate”) \uc778\uc99d \ub2e8\uacc4\ub97c \ubaa8\ub450 \ub05d\ub0c8\uace0, \uace0\uac1d\ub4e4\uc774 \ubb3c\ub7c9\uc744 \ub298\ub9ac\ub294 \uc911<\/li>\n\n\n\n
              • TLC\uc640 QLC \ube44\uc728\uc740 70\ub300 30 \uc218\uc900 \uc720\uc9c0<\/li>\n<\/ul>\n<\/li>\n\n\n\n
              • \uc5e3\uc9c0<\/strong>: \uace0\uac00\u00b7\uc911\uac00 \uc81c\ud488\uc740 \ud0c4\ud0c4\ud588\uc9c0\ub9cc \uc800\uac00 \uc2dc\uc7a5\uc774 \uc904\uc5c8\uc74c. \uc790\ub3d9\ucc28\u00b7IoT\ub294 \uac15\ud558\uac8c \uc131\uc7a5<\/li>\n\n\n\n
              • \uc18c\ube44\uc790<\/strong>: \uac00\uaca9\uc774 \uc624\ub974\uba74\uc11c \uc2dc\uc7a5\uc774 \uc801\uc751\ud558\ub294 \uc911\uc774\ub77c \uc904\uc5c8\uc74c<\/li>\n\n\n\n
              • \uc601\uc5c5\ube44\uc6a9 $5.1\uc5b5(\ub9e4\ucd9c\uc758 4.7%)<\/li>\n<\/ul>\n\n\n\n

                4. FY27 Q2 \uac00\uc774\ub358\uc2a4\uc640 \uc804\ub9dd<\/h3>\n\n\n\n
                  \n
                • \ub9e4\ucd9c $122~126\uc5b5<\/strong><\/li>\n\n\n\n
                • \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 84.5~85.5% (\uac19\uc740 \uc81c\ud488 \uae30\uc900 \uc18c\ud3ed \uac00\uaca9 \uc778\uc0c1 \ubc18\uc601)<\/li>\n\n\n\n
                • EPS $55~57<\/strong> (\ubd84\ud560 \uc804, 1.51\uc5b5 \uc8fc \uae30\uc900) \u2192 \ubd84\ud560 \ud6c4 \uae30\uc900 $6.88~7.13 (\uc57d 12.08\uc5b5 \uc8fc)<\/li>\n\n\n\n
                • \uac00\uaca9\uc740 1\ub144 \ub0b4\ub0b4 \uc18c\ud3ed \uc624\ub97c \uac83\uc774\ub77c\uace0 \ud568<\/li>\n\n\n\n
                • 2027\ub144 \uc2dc\uc7a5 \uc804\ub9dd<\/strong>\n
                    \n
                  • \ub370\uc774\ud130\uc13c\ud130\uac00 \ub2e4\uc2dc \uc131\uc7a5 \uc5d4\uc9c4\uc774 \ub418\uace0 \uc2dc\uc7a5\uc758 55% \ub118\uac8c \ucc28\uc9c0\ud560 \uac83<\/li>\n\n\n\n
                  • \ub370\uc774\ud130\uc13c\ud130 \ube44\ud2b8 \uc218\uc694\ub294 2026\ub144 2\ubc30 \ub118\uac8c \ub298\uc5b4\ub09c \ub370 \uc774\uc5b4 2027\ub144 \uc57d 40% \uc99d\uac00<\/strong><\/li>\n\n\n\n
                  • PC \ucd9c\ud558\ub7c9\uc740 \ub0b4\ub144\uc5d0\ub3c4 \uc18c\ud3ed(\ud55c \uc790\ub9bf\uc218 \ucd08\ubc18%) \uc904\uaca0\uc9c0\ub9cc, PC\u00b7\uc2a4\ub9c8\ud2b8\ud3f0\u00b7\ub370\uc774\ud130\uc13c\ud130 \ubaa8\ub450 \uae30\uae30\ub2f9 \ud0d1\uc7ac\ub7c9\uc774 \ub298\uc5b4 \ubaa8\ub4e0 \ubd80\ubb38\uc758 NAND \uc218\uc694(\uc5d1\uc0ac\ubc14\uc774\ud2b8)\uac00 \ub0b4\ub144\uc5d0 \uc131\uc7a5<\/strong>\ud560 \uac83\uc73c\ub85c \ubd04<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                  • FY27 Q3(1~3\uc6d4)\ub294 \ubcf4\uc218\uc801\uc73c\ub85c \ubcf4\ub77c\uace0 \ud568<\/strong>: \uacc4\uc808\uc801\uc73c\ub85c \uac00\uc7a5 \uc57d\ud55c \ubd84\uae30\uc774\uace0, \uc791\ub144\uc5d0\ub294 \ube44\ud2b8 \ucd9c\ud558\uac00 \uc804 \ubd84\uae30 \ub300\ube44 -19%\uc600\uc74c<\/li>\n\n\n\n
                  • \ube44\ud2b8 \uacf5\uae09 \uc99d\uac00\uc728\uc740 \uae30\uc874 \uacc4\ud68d\ub300\ub85c 10%\ub300 \uc911\ud6c4\ubc18 \uc720\uc9c0. \uacf5\uc815 \uc804\ud658\uc744 \uc55e\ub2f9\uae38 \uacc4\ud68d\uc740 \uc5c6\ub2e4\uace0 \ud568<\/li>\n<\/ul>\n\n\n\n

                    5. \uc7a5\uae30\uacc4\uc57d(NBM)\uacfc \uc218\uc694<\/h3>\n\n\n\n
                      \n
                    • NBM(New Business Model)<\/strong>: \uace0\uac1d\uc774 \uc7a5\uae30 \uc218\uc694 \uc608\uce21\uacfc \uc7ac\ubb34\uc801 \uc57d\uc18d(\ubcf4\uc99d\uae08\u00b7\uc120\uae09\uae08)\uc744 \uc8fc\ub294 \uc7a5\uae30 \ud30c\ud2b8\ub108\uc2ed \uacc4\uc57d\uc784<\/li>\n\n\n\n
                    • 1\ubd84\uae30\uc5d0 NBM 2\uac74\uc744 \uccb4\uacb0\ud588\uc74c (\uc9c0\ub09c \uc2e4\uc801 \ubc1c\ud45c \ub54c \uc774\ubbf8 \uacf5\uac1c\ud568)<\/li>\n\n\n\n
                    • \ube44\ud2b8 \ubb3c\ub7c9 \uc911 NBM \ube44\uc911: FY27 \uc57d 50%, FY28 \uc57d 2\/3<\/strong>. \uc55e\uc73c\ub85c 2\/3\ubcf4\ub2e4 \ub354 \ub192\uc544\uc9c8 \uac83\uc774\ub77c\uace0 \ud568<\/li>\n\n\n\n
                    • NBM \ud6c4\ubcf4 \uace0\uac1d(\ud30c\uc774\ud504\ub77c\uc778)\uc774 2030\ub144 \ub9d0\uae4c\uc9c0\uc758 \uacf5\uae09\ub7c9\uc744 \ub118\uc5b4\uc130\uc74c<\/strong><\/li>\n\n\n\n
                    • NBM \uace0\uac1d\uc758 95%\uac00 \ud22c\uc790\ub4f1\uae09 \uae30\uc5c5\uc774\uace0, \uc774\ub4e4\uc758 \uc601\uc5c5\ud604\uae08\ud750\ub984 \ud569\uacc4\uac00 \uc57d $1,300\uc5b5\uc774\ub77c\uace0 \ud568<\/li>\n\n\n\n
                    • \uac00\uc7a5 \ud070 \uace0\uac1d\uacfc\ub294 \uc774\ubbf8 \ub450 \ubc88\uc9f8 NBM\uc744 \uccb4\uacb0<\/strong>\ud588\uace0, \ub2e4\ub978 \uace0\uac1d\ub4e4\uacfc\ub3c4 \ucd94\uac00 \uacc4\uc57d\uc744 \ub17c\uc758 \uc911\n
                        \n
                      • \uace0\uac1d\ub4e4\uc774 “\uc778\ud504\ub77c \uc6b4\uc601\uc5d0 \ud544\uc694\ud55c NAND \uc591\uc744 \uacfc\uc18c\ud3c9\uac00\ud588\ub2e4”\uace0 \ub9d0\ud558\uace0 \uc788\ub2e4\uace0 \ud568<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                      • \ub124\uc624\ud074\ub77c\uc6b0\ub4dc \uc2e0\uc6a9 \uc6b0\ub824\uc5d0 \ub300\ud574\uc120 “\uc804\ud600 \uc601\ud5a5\uc774 \uc5c6\uace0, \uc218\uc694\ub294 \uc624\ud788\ub824 \ud55c \ubd84\uae30 \uc804\ubcf4\ub2e4 \uac15\ud574\uc84c\ub2e4”\uace0 \ud568<\/li>\n\n\n\n
                      • SLC \uc218\uc694 \ub4f1\uc7a5<\/strong>: \uc5d0\uc774\uc804\ud2b8 AI \uc6cc\ud06c\ub85c\ub4dc\uc5d0\uc11c \ub0b4\uad6c\uc131\uc774 \ud544\uc694\ud574 SLC\ub97c \ucc3e\ub294 \uace0\uac1d\uc774 \uc0dd\uacbc\uc74c\n
                          \n
                        • \uc544\uc9c1 \ud310\ub9e4\uac00 \uc544\ub2c8\ub77c \uc124\uacc4 \ub17c\uc758 \ub2e8\uacc4\uc784<\/li>\n\n\n\n
                        • DRAM \ub300\uc2e0 NAND\ub97c \uc4f8 \uc218 \uc788\ub290\ub0d0\ub294 \ub17c\uc758\uc774\uace0, DRAM\uc774 NAND\ubcf4\ub2e4 20~40\ubc30 \ube44\uc2f8\uc11c \ud55c \ubc88 \ubc14\uafb8\uba74 \uacc4\uc18d \uc4f8 \uac83\uc774\ub77c\uace0 \ubd04<\/li>\n\n\n\n
                        • SLC\ub294 \uac19\uc740 \uc6e8\uc774\ud37c\ub85c TLC\u00b7QLC\ubcf4\ub2e4 \ube44\ud2b8\ub97c 3~4\ubc30 \uc801\uac8c \ub9cc\ub4e4\uae30 \ub54c\ubb38\uc5d0 \uc2dc\uc7a5 \uacf5\uae09\uc744 \ub354 \ube61\ube61\ud558\uac8c \ud560 \uc218 \uc788\uc74c<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

                          6. \uc8fc\uc8fc\ud658\uc6d0 \/ \uc7ac\ubb34<\/h3>\n\n\n\n
                            \n
                          • 1\ubd84\uae30 \uc790\uc0ac\uc8fc \uc57d 320\ub9cc \uc8fc\ub97c $50\uc5b5\uc5d0 \ub9e4\uc785. \ucd5c\uadfc 2\uac1c \ubd84\uae30 \ud569\uacc4 600\ub9cc \uc8fc, \ubc1c\ud589 \uc8fc\uc2dd\uc758 \uc57d 4%<\/li>\n\n\n\n
                          • \ub0a8\ub294 \ud604\uae08(excess cash)\uc740 100% \uc8fc\uc8fc\uc5d0\uac8c \ub3cc\ub824\uc900\ub2e4<\/strong>\ub294 \uc6d0\uce59\uc744 \uc720\uc9c0\ud568<\/li>\n\n\n\n
                          • \uc601\uc5c5\ud604\uae08\ud750\ub984 $64\uc5b5, CAPEX $3.8\uc5b5(\ub9e4\ucd9c\uc758 3.4%)\n
                              \n
                            • FY27 CAPEX\ub294 \ub9e4\ucd9c\uc758 \ud55c \uc790\ub9bf\uc218 \uc911\ubc18% \uc608\uc0c1 (\uc560\ub110\ub9ac\uc2a4\ud2b8 \uacc4\uc0b0\uc73c\ub85c \uc57d $25~30\uc5b5)<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                            • \ud604\uae08 $51\uc5b5, \ubd80\ucc44 \uc5c6\uc74c\n
                                \n
                              • \ubb34\ucc28\uc785 \uc815\ucc45 \uc720\uc9c0. \ub808\ubc84\ub9ac\uc9c0\ub97c \uc368\uc11c \ud658\uc6d0\uc744 \ub298\ub9b4 \uacc4\ud68d\uc740 \ub2f9\ubd84\uac04 \uc5c6\ub2e4\uace0 \ud568<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                              • NBM \ubcf4\uc99d\uae08\uc740 \ub300\ubd80\ubd84 \uc81c3\uc790 \uae08\uc735\uae30\uad00\uc774 \ubcf4\uad00\ud558\ub294 \uae08\uc735 \ubcf4\uc99d\uc774\ub77c \uc7ac\ubb34\uc81c\ud45c\uc5d0 \uc7a1\ud788\uc9c0 \uc54a\uc74c. \uc120\uae09\uae08\ub9cc \uc7a1\ud788\uace0 \uaddc\ubaa8\ub294 \uc791\uc74c<\/li>\n\n\n\n
                              • \uc9c0\ubd84 \ud22c\uc790 \ud3c9\uac00\uc774\uc775 $5.1\uc5b5\uc774 GAAP \uc2e4\uc801\uc5d0 \ubc18\uc601\ub410\uc74c<\/li>\n<\/ul>\n\n\n\n

                                7. \uc9c8\uc758\uc751\ub2f5 \ud575\uc2ec<\/h3>\n\n\n\n
                                \uc9c8\ubb38\uc790<\/th>\uc9c8\ubb38<\/th>\ub2f5\ubcc0 \uc694\uc57d<\/th><\/tr><\/thead>
                                \uba5c\ub9ac\uc5b4\uc2a4<\/td>NBM \ub354 \ub298\uc5b4\ub098\ub098?
                                \uc778\ud154\uc774 PC \ub54c\ubb38\uc5d0 \uac00\uc774\ub358\uc2a4\ub97c \ub0ae\ucdc4\ub294\ub370 PC \uc5c5\uccb4\ub3c4 NBM\uc744 \uc6d0\ud558\ub098?<\/td>                                		NBM \ube44\uc911\uc740 FY27 50%, FY28 2\/3\uc774\uace0 \ub354 \uc624\ub97c \uac83.
                                \ub2e4\uc2dc \ucc3e\uc544\uc624\ub294 \uace0\uac1d\uacfc \uc2e0\uaddc \uace0\uac1d \uc0ac\uc774\uc5d0\uc11c \ubc30\ubd84\uc744 \uc870\uc728 \uc911.
                                PC \uc5c5\uccb4\ub3c4 NBM \uac00\ub2a5.
                                PC \ucd9c\ud558\ub7c9\uc740 \uc9c0\uae08\uc774 \uc804\ub144 \ub300\ube44 \ubc14\ub2e5\uc774\uace0, \ub0b4\ub144\uc5d0\ub294 PC \ud0d1\uc7ac\ub7c9 \uc99d\uac00\ub85c \uc131\uc7a5<\/td><\/tr>
                                \ubaa8\uac74\uc2a4\ud0e0\ub9ac<\/td>\ub370\uc774\ud130\uc13c\ud130\uac00 \uc804\ub144 \ub300\ube44 \uc57d 20\ubc30, \ube44\uacb0\uc740?<\/td>BiCS8 \uae30\uc220\ub825, \ub9de\ub294 \uc2dc\uae30\uc5d0 \ub098\uc628 TLC\u00b7QLC \uc81c\ud488, AI \ucd94\ub860 \uad6c\uc870\uac00 \uc138\ubd84\ud654\ub418\uba74\uc11c NAND\ub97c \uc4f0\ub294 \uacf3\uc774 \ub298\uc5c8\uc74c.
                                \ub370\uc774\ud130\uc13c\ud130 \ube44\uc911\uc744 \uc5c5\uacc4 \uc218\uc900(\uc808\ubc18)\uae4c\uc9c0 \uc62c\ub9ac\ub294 \uc911<\/td><\/tr>
                                \ubc88\uc2a4\ud0c0\uc778<\/td>\uac00\uaca9\uacfc \ucd9c\ud558\ub7c9 \uae30\uc5ec\ub294? HBF \uc9c4\ud589\uc740?<\/td>2\ubd84\uae30\uc5d0\ub3c4 \ub458 \ub2e4 \uae30\uc5ec\ud558\uace0 \uac00\uaca9\uc740 \uc18c\ud3ed \uc0c1\uc2b9.
                                HBF\ub294 \uace0\uac1d \ub17c\uc758\uac00 \ud65c\ubc1c\ud558\uace0, \uc0d8\ud50c\uc744 \uc918\uc57c \ubcf8\uaca9\uc801\uc778 \ub300\ud654\uac00 \uc2dc\uc791\ub428<\/td><\/tr>
                                MST \ud30c\uc774\ub0b8\uc15c<\/td>\uacf5\uc815 \uc804\ud658\uc744 \uc55e\ub2f9\uaca8 \ube44\ud2b8\ub97c \ub298\ub9b4 \uc218 \uc788\ub098?<\/td>\uc544\ub2d8.
                                10%\ub300 \uc911\ud6c4\ubc18 \ube44\ud2b8 \uc99d\uac00 \uacc4\ud68d \uc720\uc9c0.
                                \uc6e8\uc774\ud37c \uc0dd\uc0b0\uc5d0 \uc57d 120\uc77c\uc774 \uac78\ub824\uc11c \ub2e8\uae30 \uc870\uc815\uc740 \uac70\uc758 \ubd88\uac00\ub2a5<\/td><\/tr>
                                \uce94\ud130 \ud53c\uce20\uc81c\ub7f4\ub4dc<\/td>NBM \ud30c\uc774\ud504\ub77c\uc778\uc774 \uacf5\uae09\uc744 \ub118\ub294\ub370 CAPEX\ub294?
                                NBM \ubcf4\uc99d\uae08\uc744 \uc790\uc0ac\uc8fc \ub9e4\uc785\uc5d0 \uc4f8 \uc218 \uc788\ub098?<\/td>                                		NBM\uc774 \uc218\uc694\ub97c \ubbf8\ub9ac \ubcf4\uc5ec \uc8fc\uc9c0\ub9cc \uacf5\uae09 \ud655\ub300 \uacb0\uc815\uae4c\uc9c0\ub294 \uc544\uc9c1 \uc544\ub2d8.
                                \ubcf4\uc99d\uae08 \ub300\ubd80\ubd84\uc740 \uc81c3\uc790 \uae08\uc735 \ubcf4\uc99d\uc774\ub77c \uc7ac\ubb34\uc81c\ud45c \ubc16\uc5d0 \uc788\uc74c<\/td><\/tr>
                                BNP \ud30c\ub9ac\ubc14<\/td>2027\ub144 \uc11c\ubc84\ub2f9 SSD \ud0d1\uc7ac\ub7c9\uc740?<\/td>\ucd94\ub860\u00b7\uc5d0\uc774\uc804\ud2b8 \uc11c\ubc84\ub294 CPU 1\uac1c\ub2f9 \uc57d 60~90GB NAND\uac00 \ud544\uc694\ud568.
                                \uc2dc\uc7a5 \uc810\uc720\uc728 \ubaa9\ud45c\ub294 \uacf5\uac1c\ud558\uc9c0 \uc54a\uc74c<\/td><\/tr>
                                \ubbf8\uc988\ud638<\/td>BiCS \uc804\ud658\uc774 \ube44\ud2b8 \uacf5\uae09\uc744 \ub298\ub9ac\ub098?
                                SLC\ub294?<\/td>                                		BiCS9 \uc77c\ubd80\ub294 \ub298\ub9ac\uc9c0\ub9cc BiCS10\uc740 \uc544\uc9c1 \uba40\uc5c8\uc74c.
                                SLC\ub294 \ud310\ub2e8\ud558\uae30 \uc774\ub974\uc9c0\ub9cc \ube44\ud2b8\ub97c 3~4\ubc30 \uc18c\ubaa8\ud574\uc11c \uacf5\uae09\uc5d0 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\uc74c<\/td><\/tr>
                                \uace8\ub4dc\ub9cc\uc0ad\uc2a4<\/td>FY27 Q3(1~3\uc6d4) \ubc29\ud5a5\uc740?
                                \uc790\uc0ac\uc8fc \ub9e4\uc785 \ud55c\ub3c4\ub294?<\/td>                                		Q3\ub294 \uacc4\uc808\uc801\uc73c\ub85c \uac00\uc7a5 \uc57d\ud55c \ubd84\uae30\ub77c \ubcf4\uc218\uc801\uc73c\ub85c \ubcf4\ub77c\uace0 \ud568.
                                \ub0a8\ub294 \ud604\uae08 100% \ud658\uc6d0 \uc6d0\uce59 \uc720\uc9c0<\/td><\/tr>
                                TD \ucf54\uc6ec<\/td>TLC\uc640 QLC \ube44\uc728 \ubcc0\ud654\ub294?
                                \ubaa8\ubc14\uc77c \ube44\ud2b8\ub294 \uc131\uc7a5\ud558\ub098?<\/td>                                		70\ub300 30 \uc720\uc9c0, QLC \uc218\uc694\uac00 \ub2e4\uc2dc \ube68\ub77c\uc9c0\ub294 \uc870\uc9d0\uc774 \uc788\uc74c.
                                \ubaa8\ubc14\uc77c\uc740 \ucd9c\ud558\ub7c9\uc774 \uc904\uc5b4\ub3c4 \uae30\uae30\ub2f9 \ud0d1\uc7ac\ub7c9\uc774 \ub298\uc5b4 \uc5d1\uc0ac\ubc14\uc774\ud2b8\ub294 \uc131\uc7a5<\/td><\/tr>
                                BofA<\/td>“\uc120\ub3c4 AI \uae30\uc5c5”\uc740 AI \ub7a9\uc778\uac00?
                                \ub124\uc624\ud074\ub77c\uc6b0\ub4dc \uc2e0\uc6a9 \uc6b0\ub824\ub294?<\/td>                                		\ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec, \ubaa8\ub378 \uc5c5\uccb4 \ub4f1 \ubaa8\ub450\uc5d0\uac8c \ud31c.
                                \uc2e0\uc6a9 \ubb38\uc81c \uc601\ud5a5\uc740 \uc5c6\uace0 \uc218\uc694\ub294 \ub354 \uac15\ud574\uc84c\uc74c<\/td><\/tr>
                                \uc5d0\ubc84\ucf54\uc5b4<\/td>\ub35c \uacbd\uae30\uc21c\ud658\uc801\uc778 \uc0ac\uc5c5\uc774 \ub418\uba74 \ub808\ubc84\ub9ac\uc9c0\ub97c \uc368\uc11c \ud658\uc6d0\uc744 \ub298\ub9b4 \uc218 \uc788\ub098?<\/td>\ubb34\ucc28\uc785 \uc720\uc9c0.
                                HBF\u00b73D \ub9e4\ud2b8\ub9ad\uc2a4 \uba54\ubaa8\ub9ac \ub4f1\uc5d0 \ud22c\uc790\ud55c \ub4a4 \ub0a8\ub294 \ud604\uae08\uc744 100% \ud658\uc6d0\ud558\ub294 \uacc4\ud68d \uadf8\ub300\ub85c<\/td><\/tr>
                                SIG<\/td>SLC\uac00 TLC \uc218\uc694\ub97c \uc7a0\uc2dd\ud558\ub098?
                                SLC \uc0dd\uc0b0\ub2a5\ub825 \ucd94\uac00\ub294?<\/td>                                		\uc7a0\uc2dd\uc774 \uc544\ub2c8\ub77c \uc2dc\uc7a5 \ud655\ub300\uc784.
                                \uac19\uc740 \uc140\uc744 SLC\u00b7TLC \ub4f1 \uc5b4\ub5a4 \ubaa8\ub4dc\ub85c\ub3c4 \ub3cc\ub9b4 \uc218 \uc788\uc5b4\uc11c \ubcc4\ub3c4 \uc0dd\uc0b0\ub2a5\ub825\uc774 \ud544\uc694 \uc5c6\uc74c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                                <\/p>\n","protected":false},"excerpt":{"rendered":"

                                \ucc38\uace0\uc0ac\ud56d : \uc0cc\ub514\uc2a4\ud06c\ub294 \ud68c\uacc4\uc5f0\ub3c4\uac00 7\uc6d4\uc5d0 \uc2dc\uc791\ud568. FY27 Q1 = 2026\ub144 7~9\uc6d4 1. \uc2e4\uc801 \uc694\uc57d \ud56d\ubaa9 \uae08\uc561 \ub9e4\ucd9c $110\uc5b5 (\uc804 \ubd84\uae30 \ub300\ube44 +23%, \uc804\ub144 \ub300\ube44 +378%) \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 (Non-GAAP) 85.1% (\uc804 \ubd84\uae30 84.6%) \uc601\uc5c5\uc774\uc775\ub960 (Non-GAAP) 80.4% (\uc804 \ubd84\uae30 79.2%) EPS (Non-GAAP) $49.51 (\uc804 \ubd84\uae30 $39.25, \uc804\ub144 \ub3d9\uae30 $1.22) \uc870\uc815 \uc789\uc5ec\ud604\uae08\ud750\ub984(FCF) $57\uc5b5 (FCF \ub9c8\uc9c4 \uc57d 52%) \uc790\uc0ac\uc8fc \ub9e4\uc785 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[38],"tags":[94,100,105],"class_list":["post-375","post","type-post","status-publish","format-standard","hentry","category-38","tag-94","tag-100","tag-sandisk"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"blogsy-small":false,"blogsy-small-tall":false,"blogsy-small-square":false,"blogsy-small-masonry":false,"blogsy-medium":false,"blogsy-medium-masonry":false,"blogsy-large":false,"blogsy-wide":false},"uagb_author_info":{"display_name":"Arphile","author_link":"https:\/\/www.arphile.net\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"\ucc38\uace0\uc0ac\ud56d : \uc0cc\ub514\uc2a4\ud06c\ub294 \ud68c\uacc4\uc5f0\ub3c4\uac00 7\uc6d4\uc5d0 \uc2dc\uc791\ud568. FY27 Q1 = 2026\ub144 7~9\uc6d4 1. \uc2e4\uc801 \uc694\uc57d \ud56d\ubaa9 \uae08\uc561 \ub9e4\ucd9c $110\uc5b5 (\uc804 \ubd84\uae30 \ub300\ube44 +23%, \uc804\ub144 \ub300\ube44 +378%) \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 (Non-GAAP) 85.1% (\uc804 \ubd84\uae30 84.6%) \uc601\uc5c5\uc774\uc775\ub960 (Non-GAAP) 80.4% (\uc804 \ubd84\uae30 79.2%) EPS (Non-GAAP) $49.51 (\uc804 \ubd84\uae30 $39.25, \uc804\ub144 \ub3d9\uae30 $1.22) \uc870\uc815 \uc789\uc5ec\ud604\uae08\ud750\ub984(FCF) $57\uc5b5 (FCF \ub9c8\uc9c4 \uc57d 52%) \uc790\uc0ac\uc8fc \ub9e4\uc785…","_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=375"}],"version-history":[{"count":2,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/375\/revisions"}],"predecessor-version":[{"id":381,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/375\/revisions\/381"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}