Super Micro Computer(US:SMCI) 智通财经网·2026-01-14 06:40Core Viewpoint - Goldman Sachs downgraded the stock rating of Super Micro Computer (SMCI.US) to "Sell" due to declining profit margins potentially offsetting the strong demand growth for AI servers [1] Group 1: Stock Rating and Price Target - Goldman Sachs analysts lowered the 12-month price target for Super Micro Computer from $34 to $26 per share [1] - The earnings per share forecast from Goldman Sachs is 10% lower than the market consensus [2] Group 2: Profit Margin Concerns - Super Micro Computer's profit margin has significantly decreased over the past three years, now standing at 9.5% [1] - There is a warning that even if revenue growth remains strong, profit margins may continue to decline [2] Group 3: Market Position and Structural Challenges - Super Micro Computer maintains a leading position in the AI server market, particularly in the secondary cloud services segment [1] - The company faces structural pressures due to high supplier concentration, with one supplier accounting for 64% of its procurement [1] Group 4: Expansion Strategy and Software Revenue - Concerns were raised regarding the feasibility of Super Micro Computer's expansion strategy through its Data Center Building Blocks platform [1] - The software business currently contributes less than 2% to Super Micro Computer's overall revenue, and its sales team is significantly smaller compared to competitors [1]