摩根士丹利闪迪SNDK投资者关系主管参与非交易路演，强调AI需求驱动及利润率韧性提升。

Sandisk NDR with head ofinvestor relations emphasizes AIdemand drivers and enhanced Equity AnalystJoseph.Moore@morganstanley.com+1 212 761-7516 Mason WayneResearch AssociateMason.Wayne@morganstanley.com+1 212 761-6012 Shane BrettEquity AnalystShane.Brett@morganstanley.com+1 212 761-1022 Ella TulchinskyResearch AssociateElla.Tulchinsky@morganstanley.com+1 212 761-2222 Donaldson for a number of investor meetings across Europe.The company remains upbeat on the outlook for the NANDindustry and Sandisk specific drivers, with no line of sight to abalance in industry supply/demand. Key Takeaways end market for NAND now much less price sensitive than PC/Mobile customersAI demand is creating a strong pull for NAND technology to move upward in the memory hierarchy. KV cache storage being an exampleSandisk has >1/3 of FY 27 bits allocated under NBM (New Business Model) ** = Based on consensus methodology§ = Consensus data is provided by Refinitiv Estimatese = Morgan Stanley Research estimates agreements, which the company views as adding a new level of durability to thebusiness The NDR reinforced the view that NAND is undergoing a fundamental repricingconviction in the opportunity. Remain OW as the market becomes more directly tied to AI inference demand.At a high level,the demand for inference is creating strong pull for NAND technologies to move upin the memory hierarchy, as growing LLM KV cache and context window storageneeds can't all be met by DRAM. That's a very different value proposition in thedatacenter than pure cost/bit reductions that were thought by some to drivereplacement vs HDD (although Sandisk has always had the view that the two arecomplementary technologies). And with cloud to become the largest end market forNAND later this year, its transforming overall industry dynamics, as cloud customers'demand is much less a function of NAND pricing than PC/mobile. In Sandisk's Q1, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision.For analyst certification and other important disclosures, margin levels that reflect fair value for the company’s technology; second,sustaining those margins through longer term customer engagements; and third, report. M growing the business. Management believes step one — achieving high margins —has largely been accomplished. The second phase, sustainability, is still in progress On NBMs, Sandisk has already locked in more than one-third of FY27 bits underthese agreements,with that percentage to grow over time. In terms of duration,the largest agreements are generally 3–5 years, but some are shorter. Theseagreements include both fixed-price or cap-and-floor structures, with fixed pricingassociated with the shortest duration. Every deal is different in terms of product mix NBMs, but management said 70–80% is probably the practical upper bound givencustomer concentration considerations and the fact that not all end markets orcustomers fit that model. Data center could, in theory, be largely covered by NBMs,but consumer, auto, and industrial markets are less likely to fit. Management alsonoted that not all customers have the balance sheet to support these commitments. very different from commitments in the past;the deals are approved at the CFOand board level by customers, and have significant and intentionally back endweighted financial penalties if customers decommit (~$11bn disclosed at earnings) ,which helps preserve their durability. Management also noted that some customershave already come back asking to add to existing deals, which is evidence that deal In a scenario where the market is soft enough that guarantees had to be triggered(meaning customers believe it's in their best interest to pay penalties rather thanfulfill the remainder of their contracts) Sandisk is of the mindset that there wouldbe clues in the market in advance, and they would support the market byproactively reducing output. While that would mean taking underutilization charges, acknowledged that consumer markets are still going through price discovery.PCand mobile are both seeing pressure from unit declines, especially at the lowend,and, in some cases, shrinking content this year, . However, mix shift towardhigher-end devices continues to support content, though it is difficult to know howlarge the PC and mobile markets will be at these NAND prices. At present, The big picture view around demand destruction is that Sandisk believes somelegacy business models may need to adjust to a new normal around higher NANDpricing, particularly where customers were marking up NAND 5-10x as normal The company continues to invest for mid- to high-teens bit growth, achievedprimarily through technology transitions.That's a forecast the company has hadfor some time, and while they do acknowledge that the growth o