巴克莱:超微电脑AI服务器业务“能见度有限”,予“中性”评级

智通财经
Feb 28

智通财经APP获悉,周四,巴克莱银行恢复了对超微电脑(SMCI.US)的评级,并对这家人工智能服务器公司表示谨慎,理由是人工智能服务器业务构建的“能见度有限”,特别是与英伟达(NVDA.US)的Blackwell产品有关。巴克莱分析师George Wang对该股的评级为中性,目标价为59美元。

Wang在给客户的一份报告中写道:“虽然我们认识到(超微电脑)在人工智能服务器和直接液体冷却领域的领导地位,我们预计它将是第一批在今年3月交付B200 HGX服务器的公司之一,但我们认为,它的竞争优势正在缩小,其曲折的过去可能会限制投资者愿意为其股票支付的市盈率。”

他补充说,鉴于利润率较低的人工智能服务器业务,投资者似乎不希望提供“有意义的市盈率扩张”。还有一些根本性的担忧与Charles liang领导的公司有关,包括前面提到的随着竞争对手赶上人工智能服务器,护城河正在缩小;还有人担心与英伟达NVL72 GB200/300机架相关的利润率压力。

Wang称:“最初的Blackwell周期也应该有一些上升成本,陡峭的学习曲线和有限的高利润拉动(存储/服务),这可能会拖累利润率;因此,我们认为(超级电脑)要在短期内达到14-17%的毛利率目标将是困难的。”

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