03/15/2025, 04:15 PM UTC
超级微电脑：为什么它仍然值得你投资组合中保留Super Micro Computer: Why It's Still Worth Having In Your Portfolio
1. 近期季度显示强劲的RPO增长，增强了SMCI对26财年400亿美元收入展望的信心；2. 股票预期反映了利润率下降的担忧，但认为这是积极信号，因为坏消息已被定价；3. 估值大幅下降，鉴于未来的高增长潜力，股票看起来很有吸引力；4. 与标普500指数相比，该股票的表现预示着潜在的alpha生成机会；5. 结果惊喜低于共识的趋势并不理想，但市场预期并不过高；6. 净营运资本强度上升，尤其是由于关键相关方的应付账款天数低，是一个需要监控的风险。1. Recent quarters show strong RPO growth, bolstering confidence in SMCI's $40 billion revenue outlook for FY26; 2. Stock expectations reflect margin erosion concerns, but this is seen as a positive sign due to bad news being priced in; 3. Valuations have dropped significantly, making the stock attractive with high growth potential; 4. The stock's performance against the SPX500 suggests potential for alpha generation; 5. A trend of result surprises below consensus is not ideal, but market expectations are not excessive; 6. Elevated net working capital intensity, particularly due to low payable days, is a risk to monitor.
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