Needham analyst Quinn Bolton initiated coverage on Super Micro Computer Inc (NASDAQ:SMCI) with a Buy rating and a price target of $600.
Bolton noted Super Micro as a "show me" story on its margin recovery, justifying its multiple being at a slight premium to its hardware rivals.
The analyst noted that the stock price reflects most of the risk associated with the Board's review of internal controls.
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Bolton noted Super Micro as a significant beneficiary of growing investment in AI infrastructure and forecasts a revenue CAGR of over 55% from fiscal 2021 to fiscal 2026.
The analyst said Super Micro is currently involved in deploying some of the world's most significant AI clusters and entered fiscal 2025 with a record-high backlog.
Bolton noted the bear case gross margin trending towards the single digits is too pessimistic despite his conservative margin trajectory, citing pricing competitiveness for larger liquid-cooled AI deals.
The analyst flagged that Super Micro, a first mover in rack-level liquid cooling solutions, has already shipped liquid-cooled racks to a handful of customers and is experiencing a rapid acceleration in customer requests for liquid-cooled solutions.
He noted liquid cooling as an opportunity for the company to increase its market share further.
Super Micro has been actively expanding its manufacturing capabilities. It will start production at its Malaysia campus in November, which will double manufacturing capacity in the long term, Bolton highlighted.
As per the analyst, these capacity expansion efforts and growth at emerging CSPs and sovereigns should drive fiscal 2025 revenue to $26 billion-$30 billion (+87% Y/Y).
Super Micro stock is up 80% in the last 12 months despite losing 30% in the previous 30 days due to the Hindenberg short report.
Investors can gain exposure to Super Micro through iShares Future AI & Tech ETF (NYSE:ARTY) and iShares U.S. Digital Infrastructure and Real Estate ETF (NYSE:IDGT).
尼德姆分析師奎因·博爾頓開始對超級微電腦公司（納斯達克股票代碼：SMCI）進行報道，評級爲買入，目標股價爲600美元。
博爾頓指出，Super Micro是關於其利潤回升的 「給我看」 的故事，這證明其倍數略高於硬件競爭對手。
該分析師指出，股票價格反映了與董事會審查內部控制相關的大部分風險。
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博爾頓指出，超級微是人工智能基礎設施投資不斷增長的重要受益者，並預測從2021財年到2026財年的收入複合年增長率將超過55％。
這位分析師表示，Super Micro目前參與部署一些世界上最重要的人工智能集群，並以創紀錄的積壓量進入2025財年。
博爾頓指出，儘管他的利潤率走勢保守，但熊市毛利率趨於個位數，但過於悲觀，理由是更大規模的液冷式人工智能交易具有定價競爭力。
該分析師表示，機架級液體冷卻解決方案的先行者Super Micro已經向少數客戶交付了液冷機架，並且客戶對液冷解決方案的需求迅速加速。
他指出，液體冷卻是公司進一步增加其市場份額的機會。
Super Micro一直在積極擴大其製造能力。博爾頓強調說，它將於11月在馬來西亞園區開始生產，從長遠來看，這將使產能翻一番。
根據分析師的說法，這些產能擴張努力以及新興CSP和主權國家的增長將使2025財年的收入達到260億至300億美元（同比增長+87％）。
儘管由於興登伯格的空頭報告，在過去的30天內下跌了30％，但超級微型股價在過去12個月中仍上漲了80％。
投資者可以通過iShares Future AI & Tech ETF（紐約證券交易所代碼：ARTY）和iShares美國數字基礎設施和房地產ETF（紐約證券交易所代碼：IDGT）獲得超級微型的投資機會。
