慧与科技(HPE.US)业绩引发华尔街意见分歧：大摩担忧利润承压，Evercore与小摩维持看涨

智通财经网2025-12-05

周五，慧与科技(HPE.US)因公布喜忧参半的第四季度业绩与指引，再度成为市场焦点。智通财经APP获悉，摩根士丹利分析师Erik Woodring指出，大宗商品成本上升仍是主要隐忧。尽管管理层表示有信心将成本上涨转嫁给客户，他强调这极具挑战性。他在研报中写道，HPE虽已锁定内存供应，但尚未锁定价格，因此需求弹性仍需“观察”。Woodring表示：“在我们看来，硬件厂商很难在保持利润率的同时顺利转嫁...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2589813901?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-05 22:28","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2589813901","market":"hk","top_or_hot":-1,"title":"慧与科技(HPE.US)业绩引发华尔街意见分歧：大摩担忧利润承压，Evercore与小摩维持看涨","media":"智通财经网","content":"<div>\n<p>周五，慧与科技(HPE.US)因公布喜忧参半的第四季度业绩与指引，再度成为市场焦点。智通财经APP获悉，摩根士丹利分析师Erik Woodring指出，大宗商品成本上升仍是主要隐忧。尽管管理层表示有信心将成本上涨转嫁给客户，他强调这极具挑战性。他在研报中写道，HPE虽已锁定内存供应，但尚未锁定价格，因此需求弹性仍需“观察”。Woodring表示：“在我们看来，硬件厂商很难在保持利润率的同时顺利转嫁...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1378416.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>慧与科技(HPE.US)业绩引发华尔街意见分歧：大摩担忧利润承压，Evercore与小摩维持看涨</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n慧与科技(HPE.US)业绩引发华尔街意见分歧：大摩担忧利润承压，Evercore与小摩维持看涨\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-05 22:28 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1378416.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>周五，慧与科技(HPE.US)因公布喜忧参半的第四季度业绩与指引，再度成为市场焦点。智通财经APP获悉，摩根士丹利分析师Erik Woodring指出，大宗商品成本上升仍是主要隐忧。尽管管理层表示有信心将成本上涨转嫁给客户，他强调这极具挑战性。他在研报中写道，HPE虽已锁定内存供应，但尚未锁定价格，因此需求弹性仍需“观察”。Woodring表示：“在我们看来，硬件厂商很难在保持利润率的同时顺利转嫁...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1378416.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2106854487.HKD","symbol_name":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1378416.html","article_id":"2589813901","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2589813901","pubTimestamp":1764944915,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"周五，慧与科技因公布喜忧参半的第四季度业绩与指引，再度成为市场焦点。他预计2026财年公司利润率将承受更多压力。HPE本季度服务器业务不及预期，主要来自AI服务器交付延迟以及美国政府订单疲软影响。HPE预计这些延迟将转化为下一财季的收入，但同时公司仍给出一个更依赖下半年拉动的全年指引，并暗示部分主权及企业客户的AI建设需求可能延后至2027财年。Chatterjee维持“跑赢大市”评级，并给予30美元目标价。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","HPE":"慧与科技","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1032466523.USD":"高盛全球多资产收益组合Acc","BK4588":"碎股","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","EVR":"Evercore","LU0985481810.HKD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" (HKD) INC M","LU0225284248.USD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0528227936.USD":"富达环球人口趋势基金A-ACC","BK4585":"ETF&股票定投概念","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","BK4534":"瑞士信贷持仓","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0006061336.USD":"Blackrock US Small and MidCap Opportunities A2 USD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1548497426.USD":"安联环球人工智能AT Acc","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD"},"translate_title":"HPE (HPE.US) results spark differences on Wall Street: Morgan Stanley worries about profit pressure, Evercore and JPMorgan remain bullish","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HPE":1.5,"EVR":1.5},"content_text":"周五，慧与科技(HPE.US)因公布喜忧参半的第四季度业绩与指引，再度成为市场焦点。智通财经APP获悉，摩根士丹利分析师Erik Woodring指出，大宗商品成本上升仍是主要隐忧。尽管管理层表示有信心将成本上涨转嫁给客户，他强调这极具挑战性。他在研报中写道，HPE虽已锁定内存供应，但尚未锁定价格，因此需求弹性仍需“观察”。Woodring表示：“在我们看来，硬件厂商很难在保持利润率的同时顺利转嫁涨价，并且不对需求造成影响。”他预计2026财年公司利润率将承受更多压力。他还提到，公司AI服务器业务的节奏将比市场此前预期“更不均衡”。HPE本季度服务器业务不及预期，主要来自AI服务器交付延迟以及美国政府订单疲软影响。其中，三分之二来自AI服务器延后、三分之一来自联邦业务疲软。HPE预计这些延迟将转化为下一财季的收入，但同时公司仍给出一个更依赖下半年拉动的全年指引，并暗示部分主权及企业客户的AI建设需求可能延后至2027财年。相比之下，Evercore ISI分析师Amit Daryanani态度更为乐观，他维持“跑赢大市”评级与28美元目标价，认为投资者应“忽略短期噪音”。他指出，尽管营收未达预期，但其对HPE未来几年的预测几乎未受影响。AI服务器推迟、第三方存储业务承压等因素制造了波动，但他强调，公司网络业务贡献了约50%的息税前利润，将在本轮周期中为HPE提供更强的盈利稳定性，不过供应能否持续仍需关注。摩根大通分析师Samik Chatterjee也表达了类似观点。他认为，尽管AI服务器业务节奏显得波动，公司在网络业务上的进展可能被市场低估。他肯定了管理层对指引的执行能力，并指出，尽管多个产品线价格大幅上涨，但公司仍维持此前的2026财年收入预期，这意味着HPE假设更高的平均售价将抵消部分出货量下降。他写道，这与过去供应紧张周期(如新冠疫情期间)中客户行为有所不同，显示管理层对网络业务带来的盈利提升具备信心。Chatterjee维持“跑赢大市”评级，并给予30美元目标价。他认为，在利润率承压、AI订单转化速度放缓的背景下，公司依然上调盈利和现金流展望，是管理层信心的积极信号。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2589813901","isCrawlerRequest":true}