小心“增收不增利”陷阱!高盛下调超微电脑至“卖出”:利润率才是硬伤

智通财经
Jan 14

高盛超微电脑(SMCI.US)的股票评级下调至“卖出”。该行分析师发出警告,超微电脑持续的利润率下滑态势,可能会抵消人工智能服务器需求强劲增长所带来的积极影响。高盛分析师凯瑟琳·墨菲将该股票12个月的目标价从每股34美元下调至26美元,并指出在过去三年里,超微电脑的利润率已大幅缩水,降至9.5%。她进一步补充道,鉴于公司当前正在寻求一些大型但会摊薄利润率的交易,其未来盈利能力仍存在较大不确定性。

高盛分析指出,超微电脑在人工智能服务器市场依旧占据着领先地位,特别是在二级云服务细分领域表现突出。然而,由于其供应商集中度过高,公司正面临着结构性压力,目前仅其中一家供应商的采购占比就高达64%。

墨菲对超微电脑借助其数据中心构建模块平台(Data Center Building Blocks platform)推行扩张策略的可行性提出了质疑。她指出,目前软件业务在超微电脑整体营收中的占比尚不足2%,而且其销售团队的规模相较于竞争对手而言,仍存在明显差距。

高盛给出的超微电脑每股收益预测数据,相较于市场普遍预期仍低了10%。与此同时,高盛还发出警示:即便超微电脑营收增长态势能够持续保持强劲,其利润率仍存在进一步下滑的可能性。

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