辉瑞制药公司 (PFE.US) 2025年第二季度业绩电话会
文章语言：
简
繁
EN
Share
Minutes
原文
会议摘要
Supermicro reported a 47% revenue growth to $22 billion, driven by AI and green computing solutions. The company introduced the data center building block solution (DCBBS) to streamline data center deployment and enhance profitability, expecting it to represent 20-30% of total revenue by the September quarter. Strategic partnerships and investments in the enterprise and IoT markets aim to diversify revenue streams and improve margins. Supermicro guided for a 33% revenue growth in fiscal 2026, focusing on expanding its customer base and leveraging new technologies. The transition to new platform technologies impacts operating margin leverage, but gross margins are expected to stabilize and improve due to better inventory management and customer data center construction. The company also discussed its position on export licenses for Nvidia and AMD, the competitive landscape with the B300 launch, and revenue expectations from data center wins.
会议速览
Supermicro Computer Inc Q4 FY25财务业绩及2026财年展望This conference call reviewed the financial performance of Supermicro Computer Inc in the fourth quarter of the 2025 fiscal year, and disclosed the expectations for the first quarter and full year of the 2026 fiscal year. The meeting emphasized discussion of non-GAAP financial metrics, and pointed out that investors should consider the differences between GAAP and non-GAAP metrics. Additionally, the meeting mentioned the company's forward-looking views on market trends, as well as the risks and uncertainties that may be faced in the future.
Review of the financial performance in the fiscal year 2025 and strategic outlook for the fiscal year 2026.In the company's fiscal year 2025, there was a 47% year-on-year growth, reaching a revenue of $22 billion, mainly driven by strong demand for AI and green computing solutions. Despite facing capital constraints, production scale limitations, and revenue recognition delays due to changes in major customer specifications, the company continued to focus on optimizing solutions and expanding market share. The number of large customers grew from two in fiscal year 2024 to four in fiscal year 2025, demonstrating sustained growth potential. For fiscal year 2026, the company expects total revenue to be at least $73 billion, benefiting from the continued growth momentum of AI, TCPP, software, and services business, as well as the full launch of PC PBS solutions. Additionally, the company is committed to the enterprise IoT and Eco markets to achieve long-term sustainable profit growth.
2025 fiscal year fourth quarter financial report and 2026 fiscal year first quarter performance outlookIn the fourth quarter of the 2025 fiscal year, the company achieved a revenue of 5.8 billion U.S. dollars, with a year-on-year growth of 8% and a quarter-on-quarter growth of 25%, exceeding expectations. The revenue mainly comes from next-generation AI platforms and liquid cooling technology, accounting for over 70% of total revenue. Enterprise channel revenue accounts for 36%, with a year-on-year growth of 7% and a quarter-on-quarter growth of 6%; OEM and large data center revenue account for 63%, with a year-on-year growth of 2% and a quarter-on-quarter growth of 40%. The annual revenue for the 2025 fiscal year is 22 billion U.S. dollars, with a year-on-year growth of 47%. It is expected that the revenue for the first quarter of the 2026 fiscal year will be between 6 billion and 6.5 billion U.S. dollars, with a GAAP diluted earnings per share of 30 cents to 42 cents, and a non-GAAP diluted earnings per share of 40 cents to 52 cents.
Company annual revenue expectations and analysis of chip supply bottlenecks.In this discussion, the company's annual revenue expectation is 33 billion yuan, with expected quarterly revenue exceeding 8 billion yuan. However, the actual performance shows a back-loaded trend, especially with the expectation of reaching 6.7 billion yuan in September. It was mentioned in the discussion that business growth is constrained by various factors, including chip supply (such as Nvidia's resources) and the wait for new technologies such as AP 300 GP 3, which have affected the linear growth of the company's business and the realization of expectations. The company believes that with improvements in chip supply and the launch of new products, business growth in 2026 will exceed that of the previous year.
Discussion on the competition strategy in the AI server market and cooperation with sovereign national data centersThe conversation revolves around how to balance revenue growth and profit expansion in the AI server market, emphasizing the importance of providing comprehensive data center solutions to achieve rapid market expansion and profit increase. In addition, opportunities for cooperation with sovereign countries, especially in Europe, the Middle East, and Asia, are discussed. By designing and constructing AI infrastructure, significant potential for revenue and profit growth is expected.
Dynamic analysis of NVIDIA products and data center customer needs.Discussed NVIDIA's market deployment strategy for new products such as P3 and GP3, as well as its close collaboration with partners to ensure the ability of customers to quickly acquire products. At the same time, analyzed the lengthening of the procurement decision cycle of data center customers, especially large AI cloud service providers, emphasizing NVIDIA's ability to support different scale data centers, including optimized PCBP technology. In addition, mentioned NVIDIA's preparation for sustained strong demand from large data center customers, as well as the company's current strong cash flow position, indicating its ability to support more large data center projects.
The impact of modular solutions for data centers and enterprise-level opportunities on profit margins.Discussed the sales cycle, customer interest, and expected revenue timeline of modular solutions for data centers, as well as the potential impact of enterprise and IoT opportunities on gross margins, with the goal of returning to the long-term gross margin target of 14%-17%.
The company discusses customer revenue exposure and outlook on future gross profit margins.In the conversation, the income exposure situation of four main clients (coded as A, B, C, D) was discussed, with specific percentages mentioned being 11%, 3%, 11%, and 21%. In addition, for the full-year gross margin outlook for 2026, although the company did not provide specific annual guidance, confidence was expressed in the data center building block solution (DC BBS) and rapid market response capability as the best opportunities to improve profit margins. Specifically, improvements in TCP protocol performance and customer interest in shortening time to market services were mentioned.
Discussion on Data Center Solutions and Revenue Growth ForecastThe conversation revolved around data center solutions and their role in driving revenue growth, discussing the operational marginal stability caused by the learning curve of introducing new platform technologies in the early stages of production, as well as the characteristics of data center solutions as holistic solutions rather than individual services, emphasizing their importance for rapid deployment and enhancing customer experience. In addition, it also predicted that the proportion of data center solutions in future revenue will significantly increase.
Analyzing the impact of inventory levels and tariffs on gross profit margins and future outlooks.Discussed the performance of gross profit margin for the quarter, noting that inventory reserves affected the gross profit margin, but it is expected to stabilize in the future. Mentioned that optimizing PC PPS and service capabilities will help reduce product backlog and price cuts, thus increasing gross profit margin. At the same time, emphasized the need to monitor the tariff environment and stated that reactions will be made based on the latest developments, but the specific impact cannot be predicted at the moment.
Discussion on the impact of revenue share and export permits on the deployment of data center solutions.Discussed the recent export licenses for NVIDIA and AMD and the potential support for deployment, it is clear that there will not be a large-scale sale of related products in the short term. At the same time, it was mentioned that the data center infrastructure solution is expected to account for 20% to 30% of total revenue in the next quarter and will gradually increase.
Data center building module solutions and the strategic and expected launch of B300 products.Discussed the profit margin of the data center building modules solutions and their contribution to the company's overall profit, as well as the competitive advantages in pricing and supply after the launch of the B300 product. At the same time, emphasized the close collaboration with suppliers to ensure a favorable market position can be quickly established with the introduction of new products.
Data center and AI factory component supply plan and market expansion strategy.Discussed the revenue target of 33 billion for the next fiscal year, with a special focus on the growth potential of data-intensive businesses in Europe and the Middle East, as well as the expansion plans for the data center product line. Emphasized the strategy of supporting customers in building AI factories by providing one-stop solutions, including optimizing efficiency, quality, and cost. Also mentioned the upcoming launch schedule of new products such as NVL 72 WAC and related components, as well as the company's optimistic expectations for the Middle East PV market.
要点回答
Q：What are the financial results and strategic direction highlighted in the speech?
A：The financial results for the fourth quarter and full year fiscal 2025 show a 47% year-on-year revenue growth to $22 billion, driven by continued strong demand for AI and green computing solutions. The company grew its number of large-scale customers and remains focused on strategic priorities such as optimizing solutions and capturing market share. The company's strategic direction includes capitalizing on AI platforms and infrastructure, with a comprehensive portfolio and leadership in AI technologies. Additionally, the company is focused on the enterprise IoT market and has introduced advanced server and storage systems for edge computing workloads.
Q：What specific challenges impacted the company's performance in the recent quarter?
A：In the recent quarter, challenges that impacted the company's performance included a capital constraint that limited the ability to rapidly scale production and specification changes from a major new customer leading to revenue recognition issues. However, these challenges were addressed as the fiscal year 2024 10K was filed, and large customer orders allowed for revenue recognition in the September and December quarters following close collaboration to align with the customer's update feature requirements.
Q：How has the company's approach to AI data center infrastructure deployment changed with the introduction of its data center building block solution?
A：With the introduction of its data center building block solution, the company has made it possible for customers to build a liquid-cooled AI data center in just 18 months instead of 2 to 3 years when converting an existing data center or warehouse. This solution also enables customers to transform their data centers into high-density, direct deep cooling data centers in three to six months instead of 12 or 18 months. The solution aims to reduce total cost of ownership and environmental impact while offering optimal quality, efficiency, and ease of maintenance.
Q：What is the significance of the data center building block solution (PCPV) for the company?
A：The data center building block solution (PCPV) is significant for the company as it provides a proven system building block advantage to customers, allowing them to quickly adapt to evolving market demands, especially in response to complex AI product cycles. It offers faster customization, streamlined production, and reduced time to delivery and time to online, while also ensuring optimal quality, efficiency, and ease of maintenance. This solution is expected to help customers reduce capital and operational expenses and offers a quicker path to transforming their data centers.
Q：What investment has the company made to optimize its solutions for enterprise customers?
A：The company has made significant investments to optimize its solutions for enterprise customers. This includes the introduction of advanced server and storage systems tailored for hyper cloud AI applications and edge computing workloads. The enterprise focus strategy is a central part of the company's long-term strategy and is expected to improve growth and net margins over time. Additionally, Super has launched an enhanced Enterprise Service program that provides 24/7 global support for high-density, high-performance data centers based on optimized right-scale architecture.
Q：What are the key components of the speaker's IoT portfolio and strategic partnerships?
A：The speaker's IoT portfolio includes embedded systems and services and is gaining momentum across various sectors such as manufacturing, hair care, smart cities, and AIoT applications. They have announced strategic partnerships to accelerate innovation in AI and IOT telecom solutions, with a focus on expanding into higher-margin segments to diversify revenue streams and drive long-term profitability.
Q：What is the expected revenue range for the upcoming Q1 fiscal year 2026?
A：For the upcoming Q1 fiscal year 2026, the expected revenue range is between 6 billion and 7 billion dollars, driven by continuous momentum across AI, private 5G, software, and services offerings.
Q：What were the revenues for Q4 fiscal year 2025 and how do they compare to the previous year?
A：Q4 fiscal year 2025 revenues were 5.8 billion dollars, up 8% year over year and up 25% quarter over quarter compared to the guidance. The growth was attributed to demand for next-generation AI and liquid platforms.
Q：What market segments experienced revenue growth in Q4 and what were their respective shares of total revenue?
A：In Q4, enterprise channel revenues grew 36% to represent 39% of total revenue. The OEM appliance and large data center segment revenues grew 50% and represented 60% of total revenue. The 5G Telco Edge IoT segment represented 1% of total revenues.
Q：What were the non-GAAP gross margin and operating margin for Q4, and how do they compare to Q3?
A：The Q4 non-GAAP gross margin was 9.6%, versus 9.7% in Q3. The Q4 non-GAAP operating margin was 5.3%, versus 5% in Q3.
Q：What is the company's long-standing goal and how does it plan to achieve improved gross margins?
A：The company's long-standing goal is to gradually improve gross margins by providing complete data center building block solutions and focusing on enterprise, IoT, and telco markets. They also expect benefits from economies of scale, higher revenues, cost-effective global facilities, including the new Malaysia manufacturing plant, and customer diversification.
Q：How did GAAP diluted EPS and non-GAAP diluted EPS compare between Q4 and the previous year?
A：The Q4 GAAP diluted EPS was 31 cents compared to 30 to 40 cents guidance and non-GAAP diluted EPS was 41 cents versus 40 to 50 cents guidance. GAAP diluted EPS was 1 dollar 68 for fiscal year 25 compared to 1 dollar 92 for fiscal year 24, while non-GAAP diluted EPS was 2 dollars 6 cents versus 2 dollars 12 cents in fiscal year 24.
Q：What is the expected range for net sales and GAAP diluted net income per share for Q1 fiscal year 2026?
A：For Q1 fiscal year 2026, the expected range for net sales is between 6 billion and 7 billion dollars. The expected range for GAAP diluted net income per share is 30 cents to 42 cents, and for non-GAAP diluted net income per share, it is 40 cents to 52 cents.
Q：What are the constraints the company is facing that are affecting their growth?
A：The company is facing constraints due to the availability of certain chips like the blackwells DD 200, which have led to a more back-end load in revenue. The new introduction of the TC PPS is expected to help in making cloud environments ready much quicker but has not been able to provide more upside in the current quarter.
Q：Is there a potential bottleneck due to customers waiting for GB 300?
A：Yes, some customers are always waiting for upcoming technology such as GB 300. However, the company believes that the availability will be much better compared to last year and that the impact of customer waiting on GB 300 is not a significant factor at this time.
Q：What is the company's strategy for competing in the AI server market and how do they plan to grow revenues and profitability?
A：The company's strategy involves focusing on growing revenue market share and profitability. They are leveraging their data center infrastructure and total solutions, including services like on-site agreements, networking, and cabling, to support customers in building data centers quickly and reliably. The company's belief is that they can grow revenue, market share, and profitability, especially through their data center end-to-end software and solutions.
Q：Can you provide your thoughts on the expected rollout of the MOU with Data Wall and the margin uplift from sovereign customers?
A：The company has an MOU with Data Wall and expects a significant opportunity for rollout, especially in countries that need to build AI. They see a very good demand and a big room for growth in that area. On the gross margin side, they are optimistic about selling more complete data center solutions to sovereigns, although they don't have enough experience to forecast specific gross margins. They believe there is upside potential.
Q：Are customer decision-making cycles normalized, and how does that affect the organic demand backdrop?
A：The company is not yet at normalized customer decision-making cycles. Elongated purchase cycles were experienced in the first six months of the calendar year due to industry and specific situations like HPC and B2B decisions. The company works closely with Nvidia to ensure that once new products are available in volume, they can service customers quickly. However, the exact normalization of cycles and the impact on the organic demand backdrop are not clear from the transcript.
Q：What type of customers are expanding their data centers, and do large scale AI CSPs continue to have a strong demand?
A：The customers expanding their data centers are expected to be large scale AI CSPs that continue to have a strong demand. The company is prepared to support these customers and is also ready to support more large scale data centers due to their strong cash flow.
Q：What are the characteristics of the data center building block solutions and when are they expected to start generating material revenue?
A：The data center building block solutions include various products designed to facilitate the building of AI factory infrastructure. These solutions include AI computing power, transition from liquid to air cooling, and various data center infrastructure supports. The solutions are ready to ship, with revenue expected to start in the September quarter and increase significantly in December. Further growth is expected in the following March and June quarters.
Q：What is the typical sales cycle for the data center building block solutions and have there been any indications from larger data center customers regarding interest in these solutions?
A：The speaker indicates that the data center building block solutions are expected to start generating material revenue in the September quarter, which suggests that the typical sales cycle may be around this timeframe. There is no specific mention of larger data center customers showing interest in these solutions.
Q：How do the data center building block solutions contribute to customers' infrastructure, and what is the company's outlook on the profitability of this segment?
A：The data center building block solutions are designed to help customers build AI factory infrastructure more quickly and efficiently, using energy-saving methods and reducing costs. The company is excited about these solutions, indicating a positive outlook on their profitability.
Q：Are the new investments in enterprise and edge opportunities likely to scale back to the long-term gross margin targets of 14 to 17%, and what is the company's position on this?
A：The company believes that investments in enterprise and IoT solutions, as well as the data center building block solutions, have the potential to improve profitability. However, it is acknowledged that these new opportunities may not necessarily scale back to the previously set long-term gross margin targets of 14 to 17%. The company's position suggests a need for investors to potentially adjust their expectations for future gross margin rates.
Q：What was the revenue contribution from the top four customers for fiscal 25%, and can the company provide an indication of how the full year's gross margins will be affected by the guidance given?
A：The revenue contributions from the top four customers for fiscal 25% were not specifically detailed in the transcript. However, the company mentioned that they are very optimistic about data center building block solutions and their potential to improve margins. Despite not providing a forecast for annual gross margins, the focus on these solutions and the fast time to market is considered a strong chance for margin improvement.
Q：What are the reasons for guiding to no operating income growth in the September quarter despite expecting a revenue uptick?
A：The revenue uptick in the September quarter is attributed to customers building out deployments with products such as the 355x and GB 300, which are expected to ramp in the first quarter. However, the guidance to no operating income growth is likely due to the production learning curve associated with the transition to new platform technologies, which can cause a temporary ramp and impact operating margins.
Q：What are the characteristics of the AI solutions mentioned in the speech?
A：The AI solutions mentioned are supported by scale of data centers and are generative AI solutions, designed to be easy to implement and quickly operationalized online. The company has pre-defined and validated these solutions, which include computing power, deep cooling, and power systems.
Q：What factors are considered critical for data centers and cloud solutions?
A：For data centers and cloud solutions, the time to delivery and time to online are critical factors because customers have stakeholders waiting for these solutions.
Q：How does the company's product line compare to competitors in terms of computing power and data center solutions?
A：The company aims to provide not just computing power but total data center or cloud solutions, offering a broader solution package that competitors may not provide.
Q：What is the impact of inventory reserves on the company's gross margins?
A：The company mentioned that the impact of inventory reserves on gross margins was as expected last quarter. However, they anticipate a stabilization of gross margins going forward due to actions like ensuring a more globalized customer base which should reduce slow-moving product write-downs.
Q：What is the company's position on tariffs and how are they handling the situation?
A：The company is actively monitoring the tariffs environment and acknowledges the dynamic nature of the situation. They will provide updates if there are any significant developments.
Q：How does the company view its position in relation to competitors for the export licenses of Nvidia and AMD?
A：The company does not anticipate selling those products at any quantities, indicating a different approach to high volume sales compared to competitors.
Q：What is the growth margin profile of the data center building block solutions compared to the corporate average?
A：The data center building block solutions are expected to have much better profit margins compared to commodity products. The solutions are positioned to offer more value to customers, resulting in improved gross profit margins.
Q：What is the expected pricing and allocation strategy for the B300 launch?
A：The company is working closely with its vendors and anticipates a strong position in the market for the B300 launch. They expect to promote the product quickly once available from their vendors.
Q：What is the revenue forecast for the data center solutions mentioned in the fiscal 2026 guidance?
A：The company has a growing customer base in Europe and the Middle East and believes that data centers and cloud solutions will contribute significantly to Super Micro's business growth.
Q：What will be included in the full range of 72 WAC power supplies and when will they be available?
A：The full range of 72 WAC power supplies includes products like air sidecar, which are currently being shipped, and CP, which has been in shipping for a while. CDU and BB are also ready to be shipped in the current quarter. Other components will be ready in the following months or quarters, aiming to support a broad offering for customers to build their AI factories efficiently and cost-effectively.
Pfizer Inc.
Follow
