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Guojin Securities' research report believes that Micron Technology is advancing in the long-term agreement to address the supply-demand gap. Micron Technology has already completed 16 Strategic Customer Agreements (SCAs) with customers downstream covering data centers, consumer electronics, and the automotive market. The duration of the SCAs with automotive customers is three years, while with other customers it is basically five years. The 16 SCA agreements already account for 20% of Micron Technology's DRAM shipment and 1/3 of its NAND shipment. The price range of the SCAs signed by Micron Technology can also bring profitability surpassing that of previous cyclical peaks. Micron Technology expects the DRAM and NAND supply to remain tight until 2027. Guojin Securities believes that the supply of the storage industry is expected to remain tight, and Micron Technology is expected to maintain high profitability continuously. Micron Technology's advancement in long-term agreements with downstream customers is expected to reduce the cyclical fluctuations in the company's product shipment prices and improve its performance.