超微电脑在上周表示，第三财季的毛利率比上一季度低220个基点，"主要是因为老一代产品导致库存储 备增加"，以及"加快新产品上市时间"的成本增加。 Bloomberg Intelligence分析师Woo Jin Ho表示，虽然一些客户可能会等到超微电脑产品配备英伟达的新 款 Blackwell芯片后再购买服务器，但"与关税和宏观经济问题相关的不确定性也可能对近期需求造成压 力。" 因搭载高性能显卡的人工智能(AI)服务器需求激增，超微电脑曾一度成为市场的宠儿。由于对人工智能 产品的强劲需求，超微电脑在2月份发布了乐观的长期营收指引，预计截至2026年6月的财年销售额将达 到400亿美元，几乎是分析师对当前财年预期的两倍。 智通财经APP获悉，周二美股盘后，超微电脑(SMCI.US)公布了截至2025年3月31日的2025财年第三财季 业绩。数据显示，该公司Q3不包括部分项目的每股收益为0.31美元;销售额为46亿美元，不及市场预 期，而部分分析师在该公司上周发布初步业绩后已经下调了预期。 超微电脑还预计，截至6月份的第四财季销售额将达到56亿至64亿美元，不包括部分项目的每股收益为 0.4至0.5美元。分析师 ...

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. ...

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].

中国云计算资本支出持续强劲，AI服务器需求上升高盛预计中国云计算相关资本开支将在2025年同比增长 26%，并于2026年维持高位。这为AI服务器供应链带来持续增长动力，尤其是本地基础模型优化将进一步推动 生成式AI设备和应用落地。 覆盖三家中国关键公司，分别给予不同评级 高盛首次覆盖华勤(603296.SS)、领益(002600.SZ)与浪潮信息（000977）(000977.SZ)。华勤和领益因营收增长与 估值匹配，被给予"买入"评级;浪潮因估值已合理，暂维持"中性"评级。目标价分别为:华勒RMB79.8；领益 RMB9.4；浪潮RMB53.0。 个股亮点拆解 (1)华勤将从传统智能手机/PC ODM转向AI服务器与智能穿戴设备，预计2025-27年净利润CAGR达22%，AI相关 营收占比快速提升。 (2)领益在折手机、XR/AI眼镜、散热/供电模块等组件领域多元化布局,预计2025-27年营收CAGR达20%. (3)浪潮作为AI服务器龙头，将受益于中国本地GPU/ASIC替代进程，2025-27年净利润CAGR达17%。 估值对比与敏感性分析 高盛认为三家公司2025年P/E(华勒20x,浪潮25x ...

Core Insights - The AI infrastructure market is expected to exceed $200 billion in spending by 2028, with both Dell Technologies and Hewlett Packard Enterprise well-positioned to benefit from this growth opportunity [2] Dell Technologies - Dell Technologies is experiencing strong demand for its AI-optimized servers, particularly the PowerEdge XE9680L, driven by digital transformation and interest in generative AI applications [3] - In Q4 of fiscal 2025, Dell's AI-optimized server orders increased by $1.7 billion, with shipments totaling $2.1 billion and a backlog of $4.1 billion [5] - Dell's partnership with companies like NVIDIA and Microsoft is expanding, enhancing its AI capabilities and enterprise AI adoption [6] - Dell's shares are trading at a forward Price/Sales ratio of 0.5X, indicating a relatively low valuation [13] - The Zacks Consensus Estimate for Dell's fiscal 2026 earnings is $9.34 per share, reflecting a 14.74% year-over-year increase [15] Hewlett Packard Enterprise - Hewlett Packard is also benefiting from strong demand for its AI-optimized servers, with its server business growing 30% year-over-year to $4.3 billion in Q1 of fiscal 2025 [7] - The launch of HPE's ProLiant Gen 12 server platform is expected to improve performance and energy efficiency, potentially replacing multiple older server generations and reducing power consumption by at least 65% [8] - HPE's GreenLake cloud product has achieved significant growth, with annual recurring revenue surpassing $2 billion, a 46% increase year-over-year [9] - HPE's shares are trading at a forward Price/Sales ratio of 0.52X, slightly higher than Dell's [13] - The Zacks Consensus Estimate for HPE's fiscal 2025 earnings is $1.94 per share, indicating a 2.51% decline year-over-year [15] Stock Performance - Year-to-date, Dell's shares have decreased by 34.9%, while HPE's shares have dropped by 37.6%, largely due to broader market weaknesses and rising trade tensions [10] - Dell holds a Zacks Rank of 3 (Hold), making it a stronger pick compared to HPE, which has a Zacks Rank of 4 (Sell) [17]

Core Viewpoint - The recent inclusion of 54 Chinese entities, including major server companies, on the U.S. Entity List is expected to impact the AI infrastructure and server market in China, potentially leading to increased prices and supply chain challenges [2][4][7]. Group 1: Impact of U.S. Entity List Inclusion - The U.S. Department of Commerce has added 54 Chinese entities to its Entity List, affecting companies in high-performance computing and quantum technology [2]. - Notable companies affected include Inspur Group and its subsidiaries, which may face restrictions in acquiring critical AI chips from U.S. suppliers [4][5]. - Following the announcement, Inspur's stock price fell by 2.89%, indicating a relatively calm market reaction, as companies had anticipated this outcome [3]. Group 2: Market Dynamics and Responses - The inclusion on the Entity List is expected to compel affected companies to seek alternative solutions, potentially fostering domestic innovation in server technology [7]. - Despite the challenges, some industry experts believe that there are still channels to acquire AI servers, although costs are likely to rise due to reduced supply options [8]. - The server market share data indicates that Inspur ranks second globally and first in China, while Ningchang also holds a top position domestically, highlighting their significance in the AI server market [7]. Group 3: Future Implications - The restrictions on U.S. chip purchases will likely increase operational costs for domestic companies relying on NVIDIA GPUs, which are already in high demand [8]. - There are concerns that the potential ban on NVIDIA's H20 GPU in China could further escalate costs and hinder the development of AI infrastructure [8].