03/28/2025, 07:33 AM UTC
尘埃落定，Super Micro即将反弹（评级上调）Super Micro: The Dust Has Settled And A Comeback Is Coming (Rating Upgrade)
1、历史会计问题和OEM竞争存在，但AI的顺风、中端服务器的采用和成本优化支持一个50-60美元的目标的适度买入立场；2、垂直整合制造、可定制GPU和全球扩张预示着强劲的营收前景，但不确定的供应商关系和潜在的股份商品化是担忧；3、尽管在AI领域不是排名最前的，但适度的利润率、规模化的运营和持续的高性能计算采用意味着在假设稳定的EPS增长和有限的会计风险的情况下，有25-37%的上涨空间。1. Historical accounting issues and OEM competition are present, but AI tailwinds, mid-range server adoption, and cost optimization support a Moderate Buy stance with a $50-$60 target; 2. Vertically integrated manufacturing, customizable GPUs, and global expansion signal robust top-line prospects, but uncertain supplier ties and potential share commoditization are concerns; 3. Despite not ranking top among AI plays, moderate margins, scaling operations, and ongoing HPC adoption imply a 25-37% upside, assuming stable EPS growth and limited accounting risks.---
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