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海外业绩要点 - SMCI US

AlphaConnect投研

2024-01-30

导读：格局了

持续更新，关注脚部自媒体

投资不易，不构成任何建议

业绩前瞻内容在星球半导体 & 硬件业绩前瞻 20240129 感兴趣的朋友可以加，不怕打脸，也欢迎打脸，一起学习

SMCI US

Key Takeaways:

1. 业绩和前瞻的内容差不多，AI服务器需求旺盛供不应求，业绩不会差；唯一挑刺的地方就是感觉毛利率不是太好

2. FY2024的revenue和EPS见下图，如前瞻中所说CY24 EPS轻松算到 $25-30，甚至30以上

3. 比较值得关注的是GPU的供给情况改善，公司对液冷的需求展望积极，以及公司正在准备量产新GPU平台

4. 和昨天说的一样，目标价能看多少完全看格局，如果市场愿意给20x (以前15x是顶) 是可以看到600+的；不过话说回来，如果20% GM不到的SMCI可以给20x，那NVDA又可以给多少呢，昨天写过投资少做难题，对比下来感觉NVDA这题是不是稍微简单点？

投资少做难题

Earnings Details:

Q2 2024: Revenue: $3.66 billion (103% YoY, 73% QoQ)

Non-GAAP EPS: $5.59 (Above guidance $4.40 - $4.88)

Q3 FY 2024 Outlook: Revenue $3.7bn - $4.1bn; non-GAAP EPS $5.20 - $6.01

Implied Q4 FY2024 Revenue: $4.8bn,

FY 2024: Revenue $14.3bn - $14.7bn (Raised from $10bn - $11bn)

Gross Margin Pressure: Competitive pricing for market-share gain; Increased ASPs due to product and customer mix

Increased Operating Expenses: Primarily due to higher compensation and headcount

Entering an accelerating demand phase with more customer wins. Increasing capacity for liquid cooling systems in response to demand, expecting to grow this segment further.

The company mentioned an improvement in the supply of GPUs and related key system components. The company is also preparing for high-volume production for upcoming Nvidia GPUs, and for AMD and Intel.

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AlphaConnect投研

星球AlphaConnect投研官方号，全球大类资产投研；海外知名对冲基金背景，CFA持证人

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AlphaConnect投研星球AlphaConnect投研官方号，全球大类资产投研；海外知名对冲基金背景，CFA持证人

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