退市風險下降 超微電腦股價飆漲

不斷成長的市場：Super Micro Computer (SMCI) 成立於 1993 年，設計、開發和銷售高效能伺服器和儲存技術。

Artificial intelligence (AI) server maker Super Micro Computer (SMCI) has seen its stock price soar 31% in Tuesday's trading session. The company unveiled a compliance plan submitted to the SEC in an attempt to avoid delisting.

人工智慧 (AI) 伺服器製造商超微電腦 (SMCI) 的股價在周二交易時段飆升 31%。該公司公佈了向美國證券交易委員會提交的合規計劃，試圖避免下市。

Crucially, Super Micro also announced the immediate appointment of BDO USA as its independent auditor - although BDO has been battling quality issues itself, with 86% of audits at the firm last year found to contain deficiencies, per an industry oversight board.

至關重要的是，超微也宣布立即任命 BDO USA 為其獨立審計師——儘管 BDO 本身一直在與品質問題作鬥爭，根據行業監督委員會的數據，去年該公司 86% 的審計發現存在缺陷。

After surging about 78% in a wildly volatile week of trading, Super Micro Computer stock is certainly giving the short sellers a convincing squeeze - but is the AI server stock a solid investment right now? Let's take a closer look.

在經歷了劇烈波動的一周交易中飆升約 78% 後，超微電腦股票無疑給賣空者帶來了令人信服的擠壓——但人工智慧伺服器股票現在是一項可靠的投資嗎？讓我們仔細看看。

SMCI is a Cheap AI Stock: The Bull Case

SMCI 是一隻廉價的人工智慧股票：牛市案例

Growing Market: Established in 1993, Super Micro Computer (SMCI) designs, develops, and markets high-performance server and storage technology. Its solutions cater to data centers, cloud, enterprise IT, scientific computing, and embedded markets, positioning the San Jose-based firm as one of the largest producers of such systems.

不斷成長的市場：Super Micro Computer (SMCI) 成立於 1993 年，設計、開發和銷售高效能伺服器和儲存技術。其解決方案面向資料中心、雲端、企業 IT、科學運算和嵌入式市場，使這家總部位於聖荷西的公司成為此類系統的最大生產商之一。

Industry projections signal robust growth ahead, presenting a lucrative opportunity for SMCI. The AI server market is anticipated to grow at a CAGR of 18%, reaching $177.4 billion by 2032. Simultaneously, IDC forecasts data center storage capacity to rise from 10.1 ZB in 2023 to 21.0 ZB in 2027, driven largely by AI developments.

產業預測預示著未來的強勁成長，為 SMCI 提供了利潤豐厚的機會。人工智慧伺服器市場預計將以18% 的複合年增長率成長，到2032 年將達到1,774 億美元。到2027 年的21.0 ZB。

Competitive Advantage: Super Micro's competitive edge lies in its modular design approach, allowing the company to create bespoke server configurations quickly and efficiently. This ability to deliver tailored solutions under tight timeframes sets the firm apart in a market where customization is often complex.

競爭優勢：Super Micro 的競爭優勢在於其模組化設計方法，使該公司能夠快速且有效率地創建客製化伺服器配置。這種在緊迫的時間範圍內提供客製化解決方案的能力使該公司在客製化通常很複雜的市場中脫穎而出。

Recent operational milestones underscore its market leadership. The company reported shipping over 100,000 GPUs per quarter and delivering 2,000 liquid-cooled racks since June 2024. Its pioneering adoption of liquid cooling for servers aligns with its commitment to sustainability, offering energy efficiency and reduced physical space requirements. This innovation lowers capital expenditures for data center operators, particularly those managing their facilities.

最近的營運里程碑凸顯了其市場領導地位。該公司報告稱，自2024 年6 月以來，每季GPU 出貨量超過100,000 個，並交付2,000 個液冷機架。提供能源效率並減少實體空間需求。這項創新降低了資料中心營運商的資本支出，特別是那些管理其設施的營運商。

Moreover, SMCI’s partnerships with key industry players remain intact, a critical factor for maintaining its competitive position. During the recent earnings call, Michael Staiger, Senior Vice President of Corporate Development, reassured investors of the company’s robust relationship with Nvidia (NVDA) - which Nvidia CEO Jensen Huang seemed to confirm on his company's own earnings call this past week by calling out Super Micro as a partner. Staiger noted that Nvidia confirmed there have been no changes to allocation agreements, dispelling speculation about order redirection to other vendors. This confirmation underscores the stability of their collaboration, which is vital given Nvidia's dominance in the AI hardware space and its importance to SMCI's growth strategy.

此外，SMCI 與主要產業參與者的合作關係保持完好，這是維持其競爭地位的關鍵因素。在最近的財報電話會議上，企業發展高級副總裁Michael Staiger 向投資者保證了該公司與Nvidia (NVDA) 的牢固關係，Nvidia 首席執行官黃仁勳(Jensen Huang) 似乎在上周公司自己的財報電話會議上通過稱讚Super 來證實了這一點。斯泰格指出，英偉達確認分配協議沒有變化，消除了有關訂單轉向其他供應商的猜測。這項確認強調了雙方合作的穩定性，鑑於 Nvidia 在 AI 硬體領域的主導地位及其對 SMCI 成長策略的重要性，這一點至關重要。

Bargain Valuation: SMCI stock has underperformed significantly since its fiscal Q4 earnings report, and is now trading at a forward price/earnings (P/E) ratio of 10.52x and 0.70x forward sales. While these metrics suggest the stock is deeply undervalued for an AI growth company, the uncertainties surrounding its governance and regulatory scrutiny explain the discounted valuation.

便宜估值：自第四季度財報發布以來，SMCI 股票的表現明顯落後，目前的預期本益比 (P/E) 為 10.52 倍，遠期銷售額為 0.70 倍。雖然這些指標表明，對於一家人工智慧成長型公司來說，該股的估值被嚴重低估，但圍繞其治理和監管審查的不確定性解釋了估值的折扣。

SMCI Has Serious Issues: The Bear Case

SMCI 有嚴重問題：熊市案例

Q1 Results Delay: The delay in releasing audited financial results for Q1 2025 does not help matters. Moreover, the preliminary Q1 numbers were a disappointment, as well with the company now expecting net sales in the quarter to be in the range of $5.9 billion to $6.0 billion, which is lower than its previous guidance range of $6.0 billion to $7.0 billion.

第一季業績延遲：延遲發布 2025 年第一季經審計的財務業績無濟於事。此外，第一季的初步數據令人失望，該公司目前預計該季度的淨銷售額將在 59 億美元至 60 億美元之間，低於先前 60 億美元至 70 億美元的指導範圍。

Further, management's guidance range for EPS has narrowed to $0.75 to $0.76, down from its previous range of $0.67 to $0.83.

此外，管理層對每股收益的指導範圍已縮小至 0.75 美元至 0.76 美元，低於先前的 0.67 美元至 0.83 美元。

DOJ Scrutiny: Governance concerns have intensified following the resignation of auditor Ernst & Young and reports of the U.S. Department of Justice investigating Super Micro's accounting practices. Key issues include related-party transactions with suppliers Ablecom and Compuware, controlled by CEO Charles Liang’s brothers, which totaled nearly $983 million over three years. Additionally, Charles Liang and his wife hold ownership stakes in Ablecom, raising questions about the independence of these relationships.

美國司法部審查：在審計師安永會計師事務所辭職以及美國司法部調查超微會計實務的報告之後，治理問題加劇。關鍵問題包括與供應商 Ablecom 和 Compuware 的關聯交易，這兩家公司由執行長梁朝偉的兄弟控制，三年來交易總額接近 9.83 億美元。此外，梁朝陽和他的妻子持有 Ablecom 的所有權股份，這引發了人們對這些關係的獨立性的質疑。

The company’s history of management turnover and regulatory challenges compounds these concerns. Former CFO Howard Hideshima departed amid SEC charges in 2018, and later joined a related party owned by Liang's brother. While a well-regarded CFO helped stabilize the company through its Nasdaq re-listing, his abrupt resignation in 2021 and subsequent allegations of being pushed out suggest underlying management instability.

該公司的管理層變動歷史和監管挑戰加劇了這些擔憂。前財務長 Howard Hideshima 於 2018 年因 SEC 指控而離職，後來加入了樑的兄弟擁有的關聯方。雖然一位備受尊敬的財務長幫助公司透過納斯達克重新上市穩定了公司，但他在 2021 年的突然辭職以及隨後被驅逐的指控表明了潛在的​​管理層不穩定。

Increased Competition: Regulatory and governance issues have created openings for competitors

競爭加劇：監管和治理問題為競爭對手創造了機會