Super Micro Computer(US:SMCI) 美股研究社·2026-02-04 11:21Core Viewpoint - Supermicro (SMCI) reported strong Q2 results for fiscal year 2026, exceeding market expectations and driving stock price rebound to approximately $32, despite overall bearish sentiment in the AI sector [2][3]. Financial Performance - The company achieved actual revenue of $12.68 billion, surpassing market consensus by 22.6% [3]. - Adjusted earnings per share (EPS) exceeded expectations by approximately 41%, with a significant quarterly performance that restored investor confidence [3]. - Revenue growth was impressive, with a sequential increase of over 100% and a year-over-year increase of 123% [4]. Business Segments and Growth Drivers - The Data Center Building Block Solutions (DCBBS) segment is gaining market acceptance and is expected to contribute double-digit profits by the end of fiscal year 2026 [4]. - Management's focus on customer diversification is anticipated to reduce revenue concentration risk in the coming quarters [4]. Innovation and Operational Efficiency - The company continues to invest in innovation, developing products compatible with NVIDIA and AMD architectures, while also enhancing operational efficiency through automation and streamlined processes [5]. - Analysts believe that these fundamentals will enable the company to meet high performance targets for Q3 and the full fiscal year 2026 [5]. Valuation and Market Position - Despite a 7% stock price increase post-earnings, the valuation remains attractive, with a projected revenue of $40 billion for fiscal year 2026 and a current market cap of under $20 billion, resulting in a forward price-to-sales ratio below 0.5 [5]. - Historical forward price-to-sales ratio suggests a reasonable market cap should be around $44 billion, indicating a significant undervaluation [5].