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Super Micro Computer, Inc. (SMCI) 财务分析 | 估值·财报 | 100Baggers.club

Super Micro Computer, Inc.

SMCI

Super Micro Computer, Inc., together with its subsidiaries, develops and manufactures high performance server and storage solutions based on modular and open architecture in the United States, Europe, Asia, and internationally. Its solutions range from complete server, storage systems, modular blade servers, blades, workstations, full racks, networking devices, server sub-systems, server management software, and security software. The company provides application-optimized server solutions, rackmount and blade servers, storage, and subsystems and accessories; and server software management solutions, such as Server Management Suite, including Supermicro Server Manager, Supermicro Power Management software, Supermicro Update Manager, SuperCloud Composer, and SuperDoctor 5. In addition, it offers server subsystems and accessories comprising server boards, chassis, power supplies, and other accessories. Further, the company provides server and storage system integration, configuration, and software upgrade and update services; and technical documentation services, as well as identifies service requirements, creates and executes project plans, and conducts verification testing and technical documentation, and training services. Additionally, it offers help desk and on-site product support services for its server and storage systems; and customer support services, including ongoing maintenance and technical support for its products. The company provides its products to enterprise data centers, cloud computing, artificial intelligence, and 5G and edge computing markets. It sells its products through direct and indirect sales force, distributors, value-added resellers, system integrators, and original equipment manufacturers. The company was incorporated in 1993 and is headquartered in San Jose, California.

深度研究阅读完整报告

超微电脑(SMCI)股票深度分析 — 收入翻了六倍，股东亏了一半

营收暴涨6倍，股价却腰斩，这并非增长陷阱，而是对AI硬件「组装厂」的典型误判——市场因短期毛利率错杀，却忽视了其深度绑定上游GPU、快速交付拿下AI时代「入场券」的真正壁垒。

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利润瀑布图分析

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现金流瀑布图

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流入

流出

小计

起止点

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

6.30%

毛利润 = $0.80B

营业收入 = $12.68B

Operating Profit Margini营业利润率

3.74%

营业利润 = $0.47B

营业收入 = $12.68B

EBITDA MarginiEBITDA利润率

4.25%

EBITDA = $0.54B

营业收入 = $12.68B

EBIT MarginiEBIT利润率

4.14%

EBIT = $0.50B

营业收入 = $12.68B

Net Profit Margini净利率

3.16%

净利润 = $0.40B

营业收入 = $12.68B

Pretax Profit Margini税前利润率

3.94%

税前利润 = $0.50B

营业收入 = $12.68B

E

运营效率指标

Interest Coveragei利息保障倍数

13.17x

EBIT (TTM) = $1.13B

利息费用 (TTM) = $0.09B

47.8x

32.9x

21.3x

14.7x

13.2x

SG&A / Revenuei销管费率

1.13%

销售及管理费用 = $0.14B

营业收入 = $12.68B

R&D / Revenuei研发占比

1.43%

研发费用 = $0.18B

营业收入 = $12.68B

R

回报率指标 (TTM)

ROAi总资产回报率

4.63%

净利润 = $0.87B

平均总资产 = $18.86B

ROEi净资产收益率

13.19%

净利润 = $0.87B

平均股东权益 = $6.62B

ROICi投入资本回报率

12.05%

NOPAT (TTM) = $0.87B

平均投入资本 = $7.21B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

123.36%

当期营收 = $12.68B

去年同期营收 = $5.68B

+54.9%

+19.5%

+7.5%

-15.5%

+123.4%

Operating Cash Flow/Sharei每股经营现金流

$0.81

经营现金流 = $0.55B

流通股数 = 0.67B

$-3.12

$0.25

$2.66

$0.50

$0.81

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+123.4%	$12.68B	↑
毛利	+19.2%	$0.80B, 6.30%	↑
营业利润	+28.7%	$0.47B, 3.74%	↑
EBITDA	+35.8%	$0.54B, 4.25%	↑
税前利润	+32.4%	$0.50B, 3.94%	↑
净利润	+24.9%	$0.40B, 3.16%	↑
稀释每股收益	+20.0%	0.60	↑

L

流动性指标

Current Ratioi流动比率

1.70

正常

流动资产 = $26.12B

流动负债 = $15.40B

Quick Ratioi速动比率

1.01

健康

速动资产 = $15.53B

流动负债 = $15.40B

Cash Ratioi现金比率

0.27

正常

现金及等价物 = $4.09B

流动负债 = $15.40B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.70

正常

总债务 = $4.91B

总权益 = $6.99B

Liabilities to Assetsi资产负债率 (总负债)

75.0%

关注

总负债 = $21.01B

总资产 = $28.00B

Equity Multiplieri权益乘数

4.00

关注

总资产 = $28.00B

总权益 = $6.99B

E

效率指标

Asset Turnoveri总资产周转率

1.49

健康

营收 (TTM) = $28.06B

平均总资产 = $18.86B

Inventory Turnoveri存货周转率

3.16

关注

营业成本 (TTM) = $25.81B

平均存货 = $8.16B

Receivables Turnoveri应收账款周转率

4.15

正常

营收 (TTM) = $28.06B

平均应收账款 = $6.76B

S

偿债能力

Interest Coveragei利息保障倍数

13.17

健康

EBIT (TTM) = $1.13B

利息费用 (TTM) = $0.09B

Net Debt to EBITDAi净债务/EBITDA

0.68

健康

净债务 = $0.82B

EBITDA (TTM) = $1.20B

Debt Service Coveragei偿债覆盖率

2.22

健康

经营现金流 (TTM) = $0.55B

债务偿付 = $0.25B

V

价值指标

Goodwill %i商誉占比

0.0%

健康

商誉 = $0.00B

总资产 = $28.00B

Working Capital Ratioi营运资本比率

0.38

健康

营运资本 = $10.73B

总资产 = $28.00B

C

现金流指标

经营现金流 TTMi

$0.55B

自由现金流 TTMi

$0.44B

FCF = OCF - CapEx

经营现金流 (TTM) = $0.55B

资本支出 (TTM) = $-0.11B

自由现金流收益率i

2.16%

关注

FCF (TTM) = $0.44B

市值 = $20.33B

经营现金流/销售比i

1.96%

关注

经营现金流 (TTM) = $0.55B

营业收入 (TTM) = $28.06B

Q

质量与覆盖指标

收益质量i

0.63x

关注

经营现金流 (TTM) = $0.55B

净利润 (TTM) = $0.87B

现金流/债务比i

0.11x

关注

经营现金流 (TTM) = $0.55B

总负债 = $4.91B

短期覆盖率i

0.04x

关注

经营现金流 (TTM) = $0.55B

流动负债 = $15.40B

资本支出覆盖率i

5.04x

健康

经营现金流 (TTM) = $0.55B

资本支出 (TTM) = $0.11B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

80.17%

健康

自由现金流 (TTM) = $0.44B

经营现金流 (TTM) = $0.55B

资本支出/营收比i

0.39%

健康

资本支出 (TTM) = $0.11B

营业收入 (TTM) = $28.06B

净债务/EBITDAi

0.68

健康

净债务 = $0.82B

EBITDA (TTM) = $1.20B

G

增长指标

经营现金流增长率i

90.03%

健康

当期OCF (TTM) = $-0.02B

上期OCF = $-0.24B

股东盈余i

$0.83B

健康

净利润 (TTM) = $0.87B

+ 折旧摊销 (TTM) = $0.06B

- 资本支出 (TTM) = $-0.11B