Industry Overview - The global server market is projected to grow at a CAGR of 9.8% from 2024 to 2030, driven by strong adoption across various industries including healthcare, retail, BFSI, and education [1] Super Micro Computer (SMCI) - SMCI's growth is primarily fueled by the increasing demand for AI workloads, with a rise in data centers and the expansion of existing ones [3] - The company's liquid-cooled and modular servers are popular among cloud service providers and enterprises, particularly for handling AI at scale [4] - SMCI is facing near-term challenges such as delayed purchasing decisions from customers evaluating next-generation AI platforms [5] - Margin contraction is occurring due to price competition and a one-time inventory write-down on older-generation GPUs, affecting overall profitability [6] - SMCI revised its revenue guidance for fiscal 2025 from $23.5-$25.0 billion to $21.8-$22.6 billion, with a Zacks Consensus Estimate of $22.07 billion indicating a growth of 47.7% [7] Hewlett Packard Enterprise (HPE) - HPE's server segment sales increased by 29% year-over-year in Q1 2025, driven by strong demand for AI servers [9] - The server segment accounted for 53% of HPE's fiscal 2024 revenues, with a focus on high-margin enterprise-class server markets [10] - HPE's GreenLake platform is gaining traction, with a customer base growth of 5.1% year-over-year, contributing to a revenue run rate of over $1.9 billion [11] - HPE forecasts a year-over-year revenue growth of 7-11% in constant currency, with a Zacks Consensus Estimate for 2025 revenues at $32.6 billion, indicating an 8.2% growth [12] Stock Performance and Valuation - Over the past year, SMCI and HPE stocks have declined by 51.3% and 1.5%, respectively [14] - SMCI is trading at a forward 12-month ratio of 0.92X, while HPE is at 0.70X, making HPE's valuation more attractive [15] Conclusion - HPE is considered a stronger investment option due to its deep server portfolio and GreenLake offerings, while SMCI faces challenges from delayed purchasing decisions and margin pressures [17]

Core Viewpoint - The supply-side risks have been largely eliminated, and the focus now shifts to demand dynamics, particularly in the context of AI capital expenditures by major internet companies [1][2]. Group 1: Company Performance and Revenue Growth - Inspur Information's revenue has experienced two significant growth phases: from 12.668 billion to 46.941 billion from 2016 to 2018, and from 65.867 billion to 114.767 billion from 2023 to 2024, driven by surges in cloud demand and capital expenditures from internet giants [4][6]. - In Q1 2025, Inspur reported a revenue increase of 165.31% and a net profit growth of 78.03%, yet the stock price only rebounded by about 6%, reflecting market concerns over trade uncertainties and future performance [2][21]. - The company's domestic revenue for 2024 was 80.686 billion, up 43.26%, while overseas revenue surged by 256.98% to 34.081 billion, increasing its share of total revenue to nearly 30% [7][8]. Group 2: Customer Structure and Capital Expenditure - In 2024, the top five customers accounted for nearly 75% of Inspur's revenue, indicating a high customer concentration that has historically correlated with revenue spikes during periods of increased capital expenditure from major clients [8][9]. - Capital expenditures from major cloud providers like Microsoft, Amazon, Google, and Meta are projected to exceed previous guidance, with a year-on-year growth rate of over 60% for 2024, which is a key driver for Inspur's overseas revenue growth [11][12]. Group 3: Sales Channels and Profitability - Inspur's sales channels are divided into industry (direct sales) and regional (distribution) channels, with industry sales accounting for 84.29% of revenue in 2024, but with a significantly lower gross margin of 5.04% compared to 16.07% for regional sales [15][17]. - The company's overall gross margin for 2024 was 6.85%, with a notable decline in profitability attributed to the increasing share of low-margin industry customers [20][21]. Group 4: Financial Management and Inventory - As of 2024, Inspur's total assets reached 71.191 billion, with inventory constituting 57.08% of total assets, reflecting a strategy to mitigate supply chain risks by maintaining high inventory levels [28][30]. - The company has three main sources of funding: customer deposits, extended payment terms, and debt financing, which collectively provide approximately 359.02 billion in funding, closely matching its inventory levels [30][31]. Group 5: Market Outlook and Investment Considerations - The primary factor suppressing Inspur's stock price is the impact of trade conditions on chip imports and product exports, despite strong growth in overseas revenue [33][36]. - The company is expected to maintain high growth in Q2 2025, supported by a record high contract liability of 113.07 billion, which is anticipated to convert into revenue [33][34]. - Long-term growth will depend on the ability to secure sufficient chip supply and the resilience of domestic demand to offset potential declines in overseas revenue [35][36].

根据TrendForce集邦咨询最新研究， AII 服务器需求带动北美四大CSP加速自研ASIC芯片，平均1~2年 就会推出升级版本。中国 AI服务器市场预计外购 英伟达、 AMD等芯片比例会从2024年约63%下降至 2025年约42%，而中国本土芯片供应商在国有AI芯片政策支持下，预期2025年占比将提升至40%，几乎 与外购芯片比例平分秋色。 ...

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 ...

Financial Performance - Supermicro's Q3 FY25 revenue reached $4600 million, a 19% decrease QoQ but a 19% increase YoY[33] - The non-GAAP gross margin for Q3 FY25 was 9.7%, a decrease of 220 bps QoQ and 590 bps YoY[33] - Non-GAAP earnings per share for Q3 FY25 were $0.31, down $0.28 QoQ and $0.35 YoY[33] - Cash flow from operations in Q3 FY25 was $627 million[33] Revenue Breakdown - Server and storage systems contributed $4459 million to the Q3 FY25 revenue, a 19% decrease QoQ but a 21% increase YoY[33] - Subsystems and accessories generated $141 million in revenue, a 26% decrease QoQ and a 7% decrease YoY[33] Future Outlook - The company projects Q4 FY25 revenue to be between $5600 million and $6400 million[35] - Full year FY25 revenue is projected to be between $21800 million and $22600 million[35] - The outlook for Q4 of fiscal year 2025 GAAP diluted net income per common share includes approximately $63 million in expected stock-based compensation expense, net of the related tax effects of $18 million, which are excluded from non-GAAP diluted net income per common share[36] Strategic Initiatives - Supermicro is targeting over 30% of new data center deployments to use liquid cooling solutions in the next 12 months[10] - The company's manufacturing capacity is expanding, including a third campus in Silicon Valley, and new facilities in Mexico, Taiwan, and Malaysia[10, 32] - Supermicro's rack production capacity has reached 5,000 racks per month, including over 2,000 DLC racks[24]

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. ...