金吾财讯 | 高盛发研报指，超微电脑(SMCI)相较于戴尔(DELL)等同业9倍的市盈率，超微电脑当前12倍的估值溢价将随时间推移而收窄。他们表示：“鉴于AI服务器产品差异化不足及客户/供应商集中度风险，该行预计其估值溢价难以持续。”。该行表示，该股当前交易于16倍2025财年预期市盈率，考虑到估值下行风险、竞争压力及毛利率问题，该行认为风险回报比已转向负面。首先，AI服务器市场竞争日趋白热化。高盛写道：“随着竞争对手加大研发投入导致产品差异化减弱，加之市场机遇巨大，超微电脑在AI服务器领域的先发市场份额优势可能受到挤压。”该行续指，由于营收预期下修和利润率承压，高盛将2025-2027财年EPS预测调整为2.57/3.26/3.70美元，显着低于市场预期的2.63/3.73/4.71美元。将超微电脑评级从“中性”下调至“卖出”，将12个月目标价从40美元下调至32美元。
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