退市风险下降 超微电脑股价飙升

不断增长的市场：Super Micro Computer (SMCI) 成立于 1993 年，设计、开发和销售高性能服务器和存储技术。

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.

人工智能 (AI) 服务器制造商超微电脑 (SMCI) 的股价在周二交易时段飙升 31%。该公司公布了向美国证券交易委员会提交的合规计划，试图避免退市。

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.

至关重要的是，超微还宣布立即任命 BDO USA 作为其独立审计师——尽管 BDO 本身一直在与质量问题作斗争，根据行业监督委员会的数据，去年该公司 86% 的审计发现存在缺陷。

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.

在经历了剧烈波动的一周交易中飙升约 78% 后，超微计算机股票无疑给卖空者带来了令人信服的挤压——但人工智能服务器股票现在是一项可靠的投资吗？让我们仔细看看。

SMCI is a Cheap AI Stock: The Bull Case

SMCI 是一只廉价的人工智能股票：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.

不断增长的市场：Super Micro Computer (SMCI) 成立于 1993 年，设计、开发和销售高性能服务器和存储技术。其解决方案面向数据中心、云、企业 IT、科学计算和嵌入式市场，使这家总部位于圣何塞的公司成为此类系统的最大生产商之一。

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.

行业预测预示着未来的强劲增长，为 SMCI 提供了利润丰厚的机会。人工智能服务器市场预计将以 18% 的复合年增长率增长，到 2032 年将达到 1774 亿美元。同时，IDC 预测，在人工智能发展的推动下，数据中心存储容量将从 2023 年的 10.1 ZB 增加到 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.

竞争优势：Super Micro 的竞争优势在于其模块化设计方法，使该公司能够快速高效地创建定制服务器配置。这种在紧迫的时间范围内提供定制解决方案的能力使该公司在定制通常很复杂的市场中脱颖而出。

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.

最近的运营里程碑凸显了其市场领导地位。该公司报告称，自 2024 年 6 月以来，每季度 GPU 出货量超过 100,000 个，并交付 2,000 个液冷机架。其在服务器中率先采用液冷技术，符合其对可持续发展的承诺，提供能源效率并减少物理空间需求。这项创新降低了数据中心运营商的资本支出，特别是那些管理其设施的运营商。

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 与主要行业参与者的合作关系保持完好，这是保持其竞争地位的关键因素。在最近的财报电话会议上，企业发展高级副总裁 Michael Staiger 向投资者保证了该公司与 Nvidia (NVDA) 的牢固关系，Nvidia 首席执行官黄仁勋 (Jensen Huang) 似乎在上周公司自己的财报电话会议上通过称赞 Super 来证实了这一点。微为合作伙伴。斯泰格指出，英伟达确认分配协议没有变化，消除了有关订单转向其他供应商的猜测。这一确认强调了双方合作的稳定性，鉴于 Nvidia 在 AI 硬件领域的主导地位及其对 SMCI 增长战略的重要性，这一点至关重要。

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：自第四季度财报发布以来，SMCI 股票的表现明显落后，目前的预期市盈率 (P/E) 为 10.52 倍，远期销售额为 0.70 倍。虽然这些指标表明，对于一家人工智能成长型公司来说，该股的估值被严重低估，但围绕其治理和监管审查的不确定性解释了估值的折扣。

SMCI Has Serious Issues: The Bear Case

SMCI 存在严重问题：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.

第一季度业绩延迟：延迟发布 2025 年第一季度经审计的财务业绩无济于事。此外，第一季度的初步数据令人失望，该公司目前预计该季度的净销售额将在 59 亿美元至 60 亿美元之间，低于之前 60 亿美元至 70 亿美元的指导范围。

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，管理层对每股收益的指导范围已缩小至 0.75 美元至 0.76 美元，低于之前的 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.

美国司法部审查：在审计师安永会计师事务所辞职以及美国司法部调查超微会计实践的报告之后，治理问题加剧。关键问题包括与供应商 Ablecom 和 Compuware 的关联交易，这两家公司由首席执行官梁朝伟的兄弟控制，三年来交易总额接近 9.83 亿美元。此外，梁朝阳和他的妻子持有 Ablecom 的所有权股份，这引发了人们对这些关系的独立性的质疑。

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.

该公司的管理层变动历史和监管挑战加剧了这些担忧。前首席财务官 Howard Hideshima 于 2018 年因 SEC 指控而离职，后来加入了梁的兄弟拥有的关联方。虽然一位备受尊敬的首席财务官帮助公司通过纳斯达克重新上市稳定了公司，但他在 2021 年的突然辞职以及随后被驱逐的指控表明了潜在的管理层不稳定。

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

竞争加剧：监管和治理问题为竞争对手创造了机会