Super Micro Computer, Inc. (SMCI) stock encountered controversies over the past year, including accounting violations and a non-compliance letter from Nasdaq. Although Supermicro avoided de-listing, its reputation declined, further aggravated by the issuance of weak guidance. However, Raymond James analysts have recently shown optimism for Supermicro stock. Is this a good time to buy? Let’s find out. Raymond James Remains Bullish on SMCI Stock Raymond James initiated Supermicro stock coverage, rating it “ou ...

Fiscal Q3 2025 Results May 6, 2025 Better Faster Greener © 2025 Supermicro DISCLOSURES Cautionary Statement Regarding Forward Looking Statements Statements contained in this press release that are not historical fact may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "co ...

Core Viewpoint - Super Micro Computer (SMCI) reported disappointing Q3 results for FY2025, with earnings per share of $0.31 and sales of $4.6 billion, falling short of market expectations [1][2] - The company anticipates Q4 sales between $5.6 billion and $6.4 billion, with earnings per share projected at $0.40 to $0.50, while analysts expected $6.59 billion in sales and $0.64 in earnings per share [1][2] Group 1 - The poor performance and forecasts have raised concerns among investors, attributed to customers delaying procurement plans [1] - CEO Charles Liang expressed confidence in achieving long-term goals despite short-term impacts from economic uncertainty and tariffs [1] - The gross margin for Q3 decreased by 220 basis points compared to the previous quarter, primarily due to increased inventory reserves from older products and costs associated with accelerating new product launches [1] Group 2 - Analysts suggest that some customers may delay purchases until Super Micro's products are equipped with NVIDIA's new Blackwell chips, with uncertainties related to tariffs and macroeconomic issues potentially impacting near-term demand [2] - Super Micro had previously been optimistic about long-term revenue, projecting sales of $40 billion for FY2026, nearly double the current fiscal year's expectations, driven by strong demand for AI servers [2] - The company faced risks of delisting due to late submission of its FY2024 annual report, with its auditor resigning over concerns about governance and transparency [2] Group 3 - Following the earnings report, Super Micro's stock fell by 5.7% in after-hours trading [3]

液冷服务器板块震荡走高，川润股份（002272）涨停，欧陆通（300870）涨超9%，申菱环境 （301018）、光环新网（300383）、英维克（002837）跟涨。 暗盘资金正涌入这些股票，点击速看>>> ...

登录新浪财经APP 搜索【信披】查看更多考评等级 长江商报消息 ●长江商报记者 潘瑞冬 "国产服务器一哥"浪潮信息（000977.SZ）业绩持续高增。 根据最新披露的一季报，2025年1—3月，浪潮信息实现营业总收入468.58亿元，同比增长165.31%；归 母净利润4.63亿元，同比增长52.78%。对于业绩增长，公司表示受益于AI驱动算力需求增长，带来客户 需求增加，服务器销售增长所致。 今年一季度，公司预售客户货款增幅明显。截至2025年3月末，公司的合同负债为161.96亿元，较年初 的113.1亿元增加了43.21%。 与此同时，浪潮信息的造血能力改善明显。一季报显示，今年前3个月，公司的经营活动现金净流入 58.03亿元，而去年同期为净流出38.45亿元。 服务器需求大涨业绩高增 浪潮信息是全球领先的IT基础架构产品、方案及服务提供商，业务覆盖计算、存储、网络三大关键领 域。 业绩面上，浪潮信息连续多年业绩稳健增长，2023年受供应链压力影响，公司服务器及部件营收减少， 当年营收及净利出现双降。随着供应链压力缓解，服务器需求大涨，浪潮信息业绩企稳回升。年报显 示，2024年，公司实现营业收入11 ...

作者 | Henrik Alex 编译 | 华尔街大事件 大约三个月前，在 Super Micro（NASDAQ： SMCI ） 提供的 2025 财年第三季度业绩指引远低于预期并大幅下调全年预测后，分析师 重申了 对超微电脑股票的 " 卖出"评级。 近几个月来，对贸易紧张局势升级和人工智能图形芯片新出口限制 的影响的担忧 给 Super Micro的股价带来了压力。 此外，该公司还面临着来自戴尔科技和惠普企业等行业领导者的激烈竞争，这些公司最近也受到了审查： 周二收盘后，该公司 发布了 令人失望的第三季度初步业绩： | | Original | Guidance | Updated | Preliminary | | --- | --- | --- | --- | --- | | | Consensus | | Consensus | Results | | Net Sales | 5.95 | 5.0-6.0 | 5.41 | 4.5-4.6 | | Non-GAAP Gross Margin | n/a | n/a | n/a | 9.7% | | Non-GAAP EPS (S) | 0.66 | 0 ...

Super Micro shares fell as much as 19% on Tuesday after the server maker announced preliminary results for the fiscal third quarter that were lower than analysts had projected.Here's how the company's preliminary numbers compare with the LSEG consensus:Earnings per share: 29 to 31 cents per share adjusted vs. 54 cents expectedRevenue: $4.5 billion to $4.6 billion vs. $5.50 billion expectedSuper Micro lowered the ranges from earlier guidance for the quarter, which ended on March 31, according to a statement. ...

Summary of Conference Call Notes Industry Overview - The conference call focuses on the **technology sector** in China, specifically regarding **China Telecom (CT)** and its server tender results. Key Points and Arguments Server Tender Results - CT's server tender results indicate a **28% year-over-year growth** to **Rmb17 billion** [1] - The **localization rate** for CPUs in the tender increased from approximately **37% to 68%** [1] - CT has guided for a **22% growth** in computing capital expenditures (capex) for 2025 [1][2] Market Share Dynamics - Significant shifts in market share were observed, with **Lenovo, Power Leader, and ZTE** gaining the most, while **H3C, xFusion, and Inspur** saw substantial declines [4] - Inspur's decline is attributed to its recent inclusion in the **US Entity List**, which may further impact its market share [4] - xFusion is also considered vulnerable due to its ties with US sanctions [4] Localization Trends - The localization rate for the 2024-25 server tender reached **67.5%**, with **49%** of that attributed to **Huawei's Kupeng** [3] - The demand for locally developed cloud and AI technology is expected to drive further increases in localization rates among state-owned enterprises and government entities [3] Future Projections - CT's upcoming server tender for 2024-25 will involve **156,000 servers** [3] - The **cloud capex** for both CT and China Unicom (CU) is projected to grow over **20% year-over-year**, while China Mobile's (CM) capex is expected to remain flat [2] - Accelerating AI development in China may necessitate an upward revision of CM's cloud capex guidance in the second half of 2025 [2] Financial Performance and Risks - ZTE reported over **40% growth** in server revenue in the second half of 2024, but faces challenges due to lower margins (3-5%) compared to telecom equipment (40%+) [4] - The potential for an earnings miss at ZTE is highlighted, maintaining a rating of **Underperform (UNPF)** [4] Competitive Landscape - The top winners of CT's 2024-2025 server tender include: - **1. xFusion**: 17.9% - **2. Huakun Zhenyu**: 13.6% - **3. Power Leader**: 12.8% - **4. ZTE**: 10.3% - **5. Fiberhome**: 9.3% - **6. Inspur**: 7.2% - **7. H3C**: 7.0% [5] Historical Comparison - Comparison with the previous year's tender shows a decline in market share for xFusion, Inspur, and H3C, which were the top three players in 2023 [5] Additional Important Insights - The localization rate has nearly doubled from the previous tender, indicating a significant shift towards domestic suppliers [3][9] - The competitive pricing strategies of companies like Lenovo, which offered prices **13% below** the average of other winners, are influencing market dynamics [4] This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of the technology sector in China, particularly in relation to server tenders and market share shifts.

Core Viewpoint - Super Micro Computer (SMCI) is positioned for a significant resurgence despite recent challenges, including allegations of accounting manipulation and concerns over AI infrastructure investment [1][2][3]. Financial and Audit Developments - Super Micro's new auditor, BDO, has verified the company's revenue and profit for 2022, 2023, and 2024 as accurate, despite previous issues with Ernst & Young resigning [4][7]. - The company is upgrading its IT and accounting systems and is in the process of hiring a new CFO to improve its financial controls [7][8]. - The abrupt resignation of Ernst & Young may have been influenced by its own scandals, which could have led to a cautious approach regarding Super Micro [6]. AI Market Outlook - Despite fears of an AI infrastructure slowdown, investment in AI is expected to continue unless a severe global recession occurs [9][10]. - IDC forecasts a 42% compound annual growth rate for AI servers through 2028, aligning with Super Micro's CEO's expectation of 40% annual revenue growth [11]. Gross Margin Analysis - Super Micro's gross margin has decreased from over 18% at the end of 2022 to 11.8% recently, attributed to increased competition [14][16]. - Management maintains a long-term gross margin target of 14% to 17%, indicating potential for recovery as new technologies are introduced [19]. Valuation and Growth Potential - Super Micro's stock is trading at a low valuation of 13.7 times trailing earnings and eight times earnings estimates for fiscal 2026, suggesting significant upside potential [20]. - If the company achieves $40 billion in revenue by 2026 with a gross margin of 15%, it could yield a net profit of approximately $3.7 billion, translating to about $5.65 per share [22][23]. - A conservative multiple of 14 times earnings could elevate the share price to $80, representing over 150% upside from current levels [24].

Investment Ratings - The report initiates coverage on Huaqin and Lingyi with a Buy rating, and Inspur is rated Neutral [1][54]. Core Insights - The China AI servers supply chain is expected to be driven by increasing demand from the domestic market, with China Cloud capital expenditures projected to grow at 26% year-over-year in 2025 and maintain a similar high level in 2026 [1][27]. - Huaqin's net income is anticipated to grow at a CAGR of 22% from 2025 to 2027, while Inspur and Lingyi are expected to see net income growth of 17% and 31% CAGR, respectively, during the same period [2][54]. - The report highlights the competitive landscape, noting that Huaqin's strengths include extensive experience in smartphone ODM, strong R&D capabilities, and a highly automated production process [27][51]. Summary by Sections Huaqin - Huaqin is positioned as an ODM company with a diverse product range, including smartphones, PCs, and AI servers. The company is expected to benefit from increased Capex spending on AI servers and market share gains in legacy businesses [23][51]. - The 12-month price target for Huaqin is set at Rmb79.8, reflecting a target P/E multiple of 20x based on 2025E EPS estimates [26][52]. - Revenue is projected to grow significantly, with contributions from servers and wearables expected to rise to 29% and 7% by 2028, respectively [23][40]. Inspur - Inspur is recognized as a leading supplier of AI servers, with a focus on serving Chinese clients. The company is expected to experience net income growth at a CAGR of 17% from 2025 to 2027 [54]. - The 12-month price target for Inspur is set at Rmb53, with a current trading P/E of 21x for 2025 [54]. - Inspur's strong R&D capabilities and experience in the server market are highlighted as key advantages in capitalizing on the growing demand for AI servers [54]. Lingyi - Lingyi is expected to benefit from the rising demand for AI devices and changes in smartphone form factors, with a projected net income growth of 31% CAGR from 2025 to 2027 [2][54]. - The report initiates coverage on Lingyi with a Buy rating and a price target of Rmb9.4, indicating a 30% upside [1][54]. Market Dynamics - The report discusses the competitive dynamics within the AI server supply chain, emphasizing the importance of local foundation models and the potential for market share gains as local peers exit the market [27][51]. - The valuation of Huaqin, Inspur, and Lingyi is compared to the Taiwan AI servers supply chain, with Huaqin and Lingyi trading at higher multiples due to their growth prospects [3][19].