金吾财讯 | Nebius(NBIS)逆市震荡扬升2.58%，报226.00美元，成交额20.15亿美元。消息面上，花旗新近研究指，Nebius公布的营收和利润均超出预期，表现非常出色。同时，其在宾夕法尼亚州新建的1.2GW工厂将合同产能提高了1GW，已经达到4GW以上。该行认为，Nebius已经传递出三个关键信号。首先，市场需求明显增强，GPU价格上涨，新老芯片的产能持续售罄，管理层指出，每新增一个GPU，就有四个以上的客户在竞相争取。其次，尽管运营业绩超出预期且产能提升，但公司仍维持营收和利润率预期不变，该行认为这是公司有意采取的保守策略，为第二季度至第四季度的业绩上调奠定了基础。第三，Nebius的融资模式仍然比同行更为宽松，90%的资本支出已通过现金和合同承诺得到保障。基于此，花旗重申对Nebius的买入评级，并将目标价从169美元上调至287美元。
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