近日,超微电脑(SMCI)顺利向纳斯达克交易所提交了2023财年的季度和年度财报,消除了此前市场对其财务数据准确性的担忧。这意味着该公司短期内不太可能面临退市风险,激发了投资者重新关注其股票。但仔细分析超微的财务数据,我们仍发现一些值得警惕的地方。
首先,超微的收入增长虽然仍在快速推进,但增速已经明显放缓。2023财年第四季度,其销售额同比增长55%,尽管增幅不菲,但已大幅低于此前多个季度超过一倍的高速增长水平。公司也下调了2025财年销售额预期,从此前的260-300亿美元调整至235-250亿美元,这意味着未来的增长速度或将进一步放缓。
其次,超微的利润率仍然偏低。虽然公司在过去四个季度实现了盈利,但毛利率一直低于12%,远低于行业平均水平。这意味着公司面临较小的利润缓冲空间,一旦成本上升,利润空间将受到挤压。
综合来看,尽管超微已重返合规状态,但其增长放缓和利润率偏低的问题仍未完全解决。这种情况下,如果宏观经济环境或其他因素进一步恶化,公司的盈利能力恐怕难以保持稳定。因此,投资者在当前时点买入该股或许并非上策,不妨先观望该公司下一步的业务表现与财务表现。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.