<p>谈到 <strong>超微电脑（</strong> <strong>NASDAQ:SMCI</strong> <strong>)</strong>，事情从来不会无聊。从稳步攀升到人工智能竞赛的中心开始，已经演变为华尔街上更不可预测的旅程，过去 18 个月带来了比许多投资者预期的更多情节反转。</p>
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<p>在 10 月 23 日，公司报告 2026 财年第一季度业绩的几周前，管理层警告称季度收入将低于早前的 60 亿至 70 亿美元的预期。原因是什么？最近的设计胜利将一部分销售推迟到了下一个季度。为了减轻冲击，管理层重申了对全年至少 330 亿美元指导的信心。</p>
<p>然而，过去的教训让市场这次并不宽容。SMCI 的股价在 2025 年大部分时间里一直在上涨，自从消息公布后急剧下跌。总的来说，自 10 月底公司更新以来，SMCI 的价值损失了 353%。</p>
<p>然而，从长远来看，情况并非完全悲观。该公司仍然是英伟达的长期合作伙伴，并最近确认了与英伟达下一代 Vera Rubin 架构相关的扩展合作。</p>
<p>这能帮助 SMCI 在未来一年恢复势头吗？顶级投资者 Will Ebiefung 并不这么认为，他并没有过于兴奋。</p>
<p>&#34;在一个巨大的数据中心繁荣期中，作为数据中心设备提供商却未能增长，实在很难对其长期潜力感到兴奋，&#34;这位 5 星投资者表示，他是 TipRanks 覆盖的前 3% 股票专家之一。</p>
<p>Ebiefung 对 SMCI 的营收和净利润增长表示担忧，指出该公司上个季度的净销售额为 50.2 亿美元，同比下降了 15%。此外，该公司的利润率也在缩小，从一年前的 13.1% 降至 9.3%。</p>
<p>利润率的下降让 Ebiefung 感到特别担忧，他将其归咎于服务器市场的竞争。一个主要原因是台湾公司，其中一些甚至以低单价的毛利出售服务器。</p>
<p>Ebiefung 也对约 17 倍的前瞻市盈率不感兴趣，SMCI 的股价在经历了历史上糟糕的一个半月后交易。尽管这比标准普尔 500 的平均市盈率 22 倍便宜，但投资者认为 SMCI 值得这个折扣估值。</p>
<p>&#34;未来五年将充满挑战，股票很可能会大幅跑输市场，&#34;Ebiefung 总结道。（要查看 Will Ebiefung 的业绩记录，请点击这里）</p>
<p>与此同时，华尔街分析师的情绪则显得更加矛盾。SMCI 的评级为 5 个买入、5 个持有和 2 个卖出，整体共识为中性（即持有）。然而，平均 12 个月的目标价为 46.82 美元，暗示从当前水平有约 34% 的上涨潜力。（见 <strong>SMCI 股票预测</strong>）</p>

超微电脑

<p>顶级投资者 Will Ebiefung 对 SMCI 的长期潜力表示怀疑，指出在数据中心繁荣的背景下，销售和利润率正在下降。尽管 SMCI 与 Nvidia 建立了合作关系，Ebiefung 仍对竞争表示担忧，并认为 SMCI 的股票在未来五年可能表现不佳。华尔街分析师意见不一，普遍持中立态度，12 个月的目标价格暗示潜在收益</p>

<p>It's never dull when it comes to <strong>Super Micro Computer (</strong> <strong>NASDAQ:SMCI</strong> <strong>)</strong>. What began as a steady climb into the center of the AI race has evolved into one of Wall Street's more unpredictable rides, with the past 18 months delivering more plot twists than many investors expected.</p>
<div class="lb-trans"><p>谈到 <strong>超微电脑（</strong> <strong>NASDAQ:SMCI</strong> <strong>)</strong>，事情从来不会无聊。从稳步攀升到人工智能竞赛的中心开始，已经演变为华尔街上更不可预测的旅程，过去 18 个月带来了比许多投资者预期的更多情节反转。</p>
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<li>享受 TipRanks Premium 60% 的折扣，获取数据支持的洞察和研究工具，让您自信投资。</li>
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</div><p>Back on October 23, weeks before the company reported Q1 Fiscal Year 2026 results, management warned that quarterly revenue would come in below its earlier $6–$7 billion outlook. The reason? Recent design wins had pushed a meaningful portion of sales into the following quarter. To soften the blow, executives reiterated confidence in their full-year guidance of at least $33 billion.</p>
<div class="lb-trans"><p>在 10 月 23 日，公司报告 2026 财年第一季度业绩的几周前，管理层警告称季度收入将低于早前的 60 亿至 70 亿美元的预期。原因是什么？最近的设计胜利将一部分销售推迟到了下一个季度。为了减轻冲击，管理层重申了对全年至少 330 亿美元指导的信心。</p>
</div><p>Having been burned in the past, however, the market wasn't so forgiving this time around. SMCI's share price, which had been moving upward for the bulk of 2025, has dropped precipitously since the news broke. All told, SMCI has lost 353% of its value since the late October company update.</p>
<div class="lb-trans"><p>然而，过去的教训让市场这次并不宽容。SMCI 的股价在 2025 年大部分时间里一直在上涨，自从消息公布后急剧下跌。总的来说，自 10 月底公司更新以来，SMCI 的价值损失了 353%。</p>
</div><p>However, the longer-term picture isn't entirely grim. The company remains a long-standing Nvidia partner and has recently confirmed an expanded collaboration tied to Nvidia's next-gen Vera Rubin architecture.</p>
<div class="lb-trans"><p>然而，从长远来看，情况并非完全悲观。该公司仍然是英伟达的长期合作伙伴，并最近确认了与英伟达下一代 Vera Rubin 架构相关的扩展合作。</p>
</div><p>Could this help SMCI regain its momentum in the year ahead? Not according to top investor Will Ebiefung, who isn't getting carried away.</p>
<div class="lb-trans"><p>这能帮助 SMCI 在未来一年恢复势头吗？顶级投资者 Will Ebiefung 并不这么认为，他并没有过于兴奋。</p>
</div><p>&#34;It's hard to get excited about the long-term potential of a data center equipment provider that is failing to grow during a massive data center boom,&#34; says the 5-star investor, who is among the top 3% of stock pros covered by TipRanks.</p>
<div class="lb-trans"><p>&#34;在一个巨大的数据中心繁荣期中，作为数据中心设备提供商却未能增长，实在很难对其长期潜力感到兴奋，&#34;这位 5 星投资者表示，他是 TipRanks 覆盖的前 3% 股票专家之一。</p>
</div><p>Ebiefung is concerned about SMCI's top- and bottom-line growth, noting that the company's net sales of $5.02 billion in the last quarter represent a 15% decline from the previous year. In addition, the company's margins are also shrinking, slumping from 13.1% to 9.3% in just one year.</p>
<div class="lb-trans"><p>Ebiefung 对 SMCI 的营收和净利润增长表示担忧，指出该公司上个季度的净销售额为 50.2 亿美元，同比下降了 15%。此外，该公司的利润率也在缩小，从一年前的 13.1% 降至 9.3%。</p>
</div><p>The falling margin is an acute concern for Ebiefung, and he blames competition in the server market. A big culprit is Taiwanese firms, some of whom are even selling servers at gross margins in the low single digits.</p>
<div class="lb-trans"><p>利润率的下降让 Ebiefung 感到特别担忧，他将其归咎于服务器市场的竞争。一个主要原因是台湾公司，其中一些甚至以低单价的毛利出售服务器。</p>
</div><p>Ebiefung also isn't tempted by a forward price-to-earnings multiple of ~17x, where SMCI's share price is trading after a historically bad month and a half. Though this is cheaper than the S&amp;P 500 average of 22x, the investor believes that SMCI has earned this discounted valuation.</p>
<div class="lb-trans"><p>Ebiefung 也对约 17 倍的前瞻市盈率不感兴趣，SMCI 的股价在经历了历史上糟糕的一个半月后交易。尽管这比标准普尔 500 的平均市盈率 22 倍便宜，但投资者认为 SMCI 值得这个折扣估值。</p>
</div><p>&#34;The next five years will be challenging, and shares have a very high likelihood of underperforming the market,&#34; concludes Ebiefung. (To watch Will Ebiefung's track record, click here)</p>
<div class="lb-trans"><p>&#34;未来五年将充满挑战，股票很可能会大幅跑输市场，&#34;Ebiefung 总结道。（要查看 Will Ebiefung 的业绩记录，请点击这里）</p>
</div><p>Meanwhile, sentiment among Wall Street analysts leans more conflicted. With 5 Buys, 5 Holds, and 2 Sells, SMCI lands at a Neutral (i.e., Hold) consensus. Yet, the average 12-month price target sits at $46.82, suggesting the potential for ~34% gains from current levels. (See <strong>SMCI stock forecast</strong>)</p>
<div class="lb-trans"><p>与此同时，华尔街分析师的情绪则显得更加矛盾。SMCI 的评级为 5 个买入、5 个持有和 2 个卖出，整体共识为中性（即持有）。然而，平均 12 个月的目标价为 46.82 美元，暗示从当前水平有约 34% 的上涨潜力。（见 <strong>SMCI 股票预测</strong>）</p>
</div>

'It's Hard to Get Excited,' Says Top Investor About SMCI Stock

- Super Micro Computer (SMCI) 近期面临业绩下滑，股价大幅下跌 353%。  
- 管理层预计季度收入低于预期，尽管全年目标维持在 33 亿美元以上。  
- 分析师对 SMCI 持中立态度，未来 12 个月目标价为 46.82 美元。  

顶级投资者表示，很难对超微电脑的股票感到兴奋