Key TakeawaysSuper Micro Technology stock posted solid gains on Monday, clawing back some of the losses posted after last week's earnings report.Declining margins contributed to the pressure on the stock, but Supermicro said it sees a path to margin improvement through manufacturing efficiencies.A report published over the weekend highlighted the potential of Supermicro's direct liquid cooling technology. Super Micro Computer (SMCI) shares jumped more than 6% on Monday, recovering a portion of the steep los ...

After last week's post-earnings sell-off, news around liquid cooling demand is helping the stock to bounce back strongly today.Shares of artificial intelligence (AI) server specialist Super Micro Computer (SMCI 6.28%) were rallying in Monday trading, up 7.2% as of 12:04 p.m. ET.The server maker plunged last week after the company's fiscal fourth-quarter earnings report, which showed booming revenue growth but also a decline in margins. But after last week's drubbing, along with the recent sell-off in AI-rel ...

After reporting earnings last week, investors in Super Micro Computer (NASDAQ:SMCI) certainly appear to be questioning the company’s gross margins and what this could mean for the company long-term. Indeed, SMCI stock remains well off its pre-report levels, still trading roughly 12% below pre-report levels.That said, SMCI stock is making a comeback today, with Super Micro investors appearing to digest recent commentary around demand for the company’s direct liquid cooling technology. Shares of the server an ...

公司投资评级 - 维持"增持"评级 [10] 报告的核心观点 - 组件短缺影响FY24Q4业绩表现，展望25财年盈利能力稳步回升 [1] - AI产品矩阵持续拓宽，液冷产品交付能力稳步提升 [6] - AI业务动能持续释放，展望25财年盈利能力稳步回升 [7] 财务指标 - 营业收入：FY2023A为7,123百万美元，FY2024A为14,943百万美元，FY2025E为28,000百万美元，FY2026E为36,653百万美元，FY2027E为42,315百万美元 [2] - 营业收入增长率：FY2023A为37.1%，FY2024A为109.8%，FY2025E为87.4%，FY2026E为30.9%，FY2027E为15.5% [2] - 归母净利润：FY2023A为640百万美元，FY2024A为1,208百万美元，FY2025E为1,998百万美元，FY2026E为2,950百万美元，FY2027E为4,130百万美元 [2] - 归母净利润增长率：FY2023A为124.4%，FY2024A为88.8%，FY2025E为65.4%，FY2026E为47.6%，FY2027E为40.0% [2] - ROE：FY2023A为32.5%，FY2024A为22.1%，FY2025E为26.8%，FY2026E为28.3%，FY2027E为28.4% [2] - EPS最新摊薄：FY2023A为10.64美元，FY2024A为20.09美元，FY2025E为33.23美元，FY2026E为49.05美元，FY2027E为68.68美元 [2] - P/E：FY2023A为47.9倍，FY2024A为25.4倍，FY2025E为15.3倍，FY2026E为10.4倍，FY2027E为7.4倍 [2] - P/B：FY2023A为15.6倍，FY2024A为5.6倍，FY2025E为4.1倍，FY2026E为2.9倍，FY2027E为2.1倍 [2] 业绩表现 - FY2024财年Q4实现营收53.08亿美元，同比增长142.95%，环比增长37.87%；实现净利润3.53亿美元，同比增长82.22%，环比下降12.36% [4] - FY2024财年全年，实现营收149.43亿美元，同比增长109.77%；实现净利润12.08亿美元，同比增长88.77% [4] 盈利能力 - FY2024财年Q4，公司毛利率为11.23%，同比-5.78pcts；净利率为6.64%，同比-2.21pcts [5] - 研发/销售/管理费用率分别为2.39%/1.05%/1.33%，同比变动分别为-1.49/-0.41/+0.03pcts [5] 展望 - 展望2025财年Q1，预计营收将落于60-70亿美元，预计毛利率环比有所改善，使得稀释每股收益（GAAP）落于5.97-7.66美元/股 [9] - 展望2025财年全年，营收预计落于260-300亿美元，随着公司DLC液冷机架及DCBBS开始大批量出货，短期利润率压力将有所缓解，并在2025财年结束前恢复到正常范围 [9]

7 August 2024 | 3:15AM EDT _ Super Micro Computer Inc. (SMCI): F4Q24 review: Gross margin weakness offsets better revenue outlook SMCI's F4Q24 EPS missed ($6.25 v. $7.62-$8.42 guidance) as in-line revenue of $5.3 bn (v. $5.1-$5.5 bn guidance) was more than offset by a gross margin miss at 11.3% (v. consensus 14.2%). Weaker than expected gross margins of 11.3% were impacted by SMCI's focus on strategic new design wins with competitive pricing to win market share, customer mix (e.g., emerging hyperscalers) an ...

This fast-growing company could turn out to be a solid long-term investment thanks to a huge end-market opportunity.Super Micro Computer (SMCI -0.23%) has been one of the hottest stocks on the market this year, clocking tremendous gains of 73% as of this writing, but a closer look at the stock's more recent performance tells us that its bull run has come to an end. In fact, shares of Supermicro (as the company is known) are down 58% since hitting a 52-week high on March 8.However, the company, which manufac ...

Super Micro Computer TodaySMCISuper Micro Computer$508.76 -1.18 (-0.23%) 52-Week Range$226.59▼$1,229.00P/E Ratio28.52Price Target$911.85Add to WatchlistSuper Micro Computer NASDAQ: SMCI has been an extremely hot stock in 2024, with a total return of nearly 80%. The technology company has vastly outperformed the market and its sector. The Technology Select Sector SPDR Fund NYSEARCA: XLK has returned only 7%.The company made the news recently when it announced a 10-for-1 stock split, which will greatly reduce ...

核心观点 - 液冷技术正在迅速发展，Supermicro似乎处于领先地位[1][4][6] 行业背景 - 大型公司继续在AI领域进行大量投资，但AI服务器的高能耗需求成为一个问题，尤其是随着更高功率的AI芯片即将推出，这一问题将加剧[2] - 为了缓解AI的高能耗需求，数据中心运营商开始采用直接液冷（DLC）技术，取代传统的风冷技术[3] 市场现状 - 液冷数据中心目前仅占市场的1%，但预计将迅速增长，可能对快速增长的AI服务器行业产生重大影响[4] - 液冷技术在过去仅占数据中心市场的1%，主要因为部署时间长、成本高以及泄漏可能导致组件故障，且需要不同于风冷系统的管理专业知识[5] 公司动态 - Supermicro可能在液冷技术的大规模部署方面取得了突破，这可能是一个重大进展[6] - 尽管上季度Supermicro的毛利率下降，但由于其新的液冷解决方案，公司看到了超出预期的需求，导致需要支付更昂贵的加急运输费用，从而影响了毛利率[7] - Supermicro在6月和7月已经出货了约1000个液冷机架，占全球新数据中心部署的15%以上，预计未来12个月内，25%到30%的新数据中心部署将使用DLC解决方案，其中大部分来自Supermicro[8] - Supermicro在传统服务器市场的份额相对较低，约为5%，但在过去几个月中，其DLC服务器的出货量占至少70%到80%[9] - Supermicro正在投资以维持其在DLC市场的领先地位，预计未来12个月的收入将达到260亿至300亿美元，几乎是过去12个月收入的两倍[11] 技术优势 - 液冷技术的优势包括最多可降低40%的能耗、更好的计算性能、更快的上线时间，同时降低数据中心的碳足迹[12] 公司策略 - Supermicro选择通过低价格和高销量来颠覆行业，至少在液冷技术发展的早期阶段是这样[14] - 保持低价格可能是一个长期的明智策略，因为它可能为Supermicro带来更多的市场份额，并促使客户在AI服务器上增加总体支出[15] - Supermicro计划在今年晚些时候部署新的数据中心构建块解决方案（DCBBS），这可能为公司带来更多的重复性维护和软件收入[16] - Supermicro的成本预计将在明年随着马来西亚新制造工厂的投产而大幅降低，这可能进一步增强其竞争力[17] 长期展望 - Supermicro在液冷技术方面的重大投资可能证明是一个改变游戏规则的因素，尽管许多投资者希望公司现在就能获得更多利润[18]

gorodenkoff Introduction Super Micro Computer (NASDAQ:SMCI) recently reported FY24 numbers that were met quite negatively by the investing community, which drove its share price 20% on the announcement. I believe the report wasn’t as bad as everyone thought. The community got hung up on the margin deterioration, which was not unsurprising, therefore, this report allowed me to start a position for the long run. The company’s share price tumbled over 46% since the last time I covered it and gave it a hold ...

Super Micro Computer (NASDAQ: SMCI) recently faced a challenging quarter, with its gross margins dropping to 11.2% in the fourth quarter (Q4) of fiscal 2024 (FY2024) from 17% a year ago. This sharp decline has raised concerns among investors, particularly as the company grapples with supply chain challenges that have impacted the availability of key components for its advanced platforms.Despite these hurdles, several factors suggest that SMCI’s stock remains a compelling buy, driven by strong valuation metr ...