Tiger Brokers

CoreWeave（CRWV）盘前下跌6.45% 汇丰建议审慎看待Q3业绩超预期并提示下行风险

金吾财讯
3 hours ago

金吾财讯 | CoreWeave（CRWV）盘前股价回调，截至发稿，最新报56.85美元，下跌6.45%。该股11日收盘因超预期季度业绩收涨24.71%，收盘价报60.77美元。消息面上，汇丰发布研报指出，该机构认为CoreWeave 3Q26业绩大超预期但看涨定价言论需审慎评估，仍维持减持评级及39美元目标价，基于DCF估值（股权成本11.5%、beta1.80、无风险利率4.25%、市场风险溢价4.0%、长期税前债务成本10%、WACC9.7%），隐含20%下行空间。该机构指，3Q26收入36.61亿美元、Non-GAAP营业利润率10.4%，显著高于汇丰预测、一致预期和指引，但不宜过度解读：公司长期Non-GAAP营业利润率指引为25%，过去十二个月被压低至约5.5%，此前平均约16%，汇丰长期预期其回归相近水平，自身与一致预期的3Q26预测均受过于保守的公司指引影响。该机构还提到，CoreWeave向短期合同转型证据尚不清晰，3Q26总剩余履约义务升至1325亿美元，但未来24个月完成比例从41%降至36%，订单更多偏向长期。且估值上，2030eNon-GAAPEV/EBIT（扣除SBC后）为11.7倍，远高于Oracle的6.6倍，也高于亚马逊9.2倍、微软10.5倍和Meta10.3倍，尽管后者业务可持续性和多元化明显更强。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10