[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio6850a2df":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio6850a2df","超微电脑(SMCI)-营收指引上调-27%-高盛(GS)仍看空：AI-需求旺但估值已透支","\u002Fdoc\u002Fdcio6850a2df","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>据 Woofun AI 消息，Super Micro Computer (SMCI) 一季度业绩大幅超预期与高盛(GS) (Goldman Sachs) 维持卖出评级之间形成强烈反差，尽管公司基本面显著改善，高盛仍将目标价设定为 34 美元，认为当前股价上行空间极为有限。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在财务数据层面，SMCI 展现出的增长动能远超市场预期。公司预公告显示，其一季度营收指引区间为 185 亿到 195 亿美元，这一数字的中值比此前原指引中值高出约 27%，同时也大幅超越了高盛和 FactSet 一致预期的 150 亿美元（原指引区间为 145 亿到 155 亿美元）。毛利率方面同样表现亮眼，新指引区间为 12% 到 12.5%，较原指引中值（10.4% 到 10.8%）高出 165 个基点。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Woofun AI 整理数据显示，这种营收与毛利率的双重超预期，主要得益于 AI 平台需求的强劲爆发以及有利的客户产品结构优化。值得注意的是，SMCI 并未更新 2027 财年总营收指引，此前设定的 650 亿到 720 亿美元区间依然有效，完整的财务细节及每股收益指引需等待 11 月 3 日的财报电话会进一步披露。高盛分析指出，营收中值 190 亿美元比一致预期高出 27% 的幅度在硬件行业中极为罕见，这直接印证了 AI 服务器需求并未放缓，且覆盖范围从超大规模厂商延伸至新云厂商、企业及政府机构，训练与推理需求的全面增长推动了这一业绩爆发。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>行业外溢效应与潜在风险并存，构成了市场关注的另一焦点。SMCI 的强劲表现为竞争对手戴尔科技 (DELL) 带来了正面传导效应。高盛认为，SMCI 在 9 月季度 AI 平台需求的旺盛表明整个 AI 服务器市场容量巨大，戴尔科技 2027 财年（截至 2027 年 1 月）设定的 740 亿美元 AI 服务器销售目标可能偏保守，存在上修空间。基于此逻辑，高盛维持戴尔买入评级，目标价定为 461.56 美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>尽管 SMCI 与戴尔在市场竞争，但前者客户偏向新云厂商和企业，后者偏向企业和政府，需求扩散使得双方订单同步增加。然而，SMCI 自身面临严峻的流动性挑战。上季度数据显示其现金转换周期长达 149 天，随着营收规模突破 800 亿美元，巨大的营运资金需求意味着公司极可能需要依赖外部融资。高盛强调，需求强劲与融资能力之间的张力是决定 SMCI 能走多远的关键变量，11 月 3 日的财报电话会将重点观察其融资安排是否到位。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>估值逻辑的制约是维持看空态度的核心原因。截至 10 月 20 日，SMCI 收盘价为 32.47 美元，而高盛给出的 12 个月目标价 34 美元仅比现价高 4.7%，这意味着股价上行空间已被极度压缩。该目标价基于 7.5 倍未来 12 个月加 1 年每股收益计算，虽然核心运营利润率改善、市场份额提升及客户多元化构成潜在上行风险，但当前估值已充分反映多数乐观预期。高盛指出，若 SMCI 无法在营收超过 800 亿美元前解决外部融资问题，其股价突破目标价的可能性将大幅降低。这是继多家硬件厂商因高估值回调后，市场对 AI 基础设施领域'高增长、高估值、高资金消耗'模式的又一次理性审视。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]