$戴尔(DELL)$ 上周五的美股，AI相关产业链以大比例超涨指数，整体原因是因为AI产业链的最下游服务器生产商，Dell也是接近beat预期，AI server的订单十分的强劲，虽然净利润率被压缩，但是AI下游再一次证明了整个产业链的强劲。同时如果发挥一些想象力，下一代AI PC和AI phone依然箭在弦上。分享一个外资券商对Dell的业绩评价：Dell narrowly beat F4Q revenue with ISG offsetting softer PC. Dell also offered a largely in-line outlook for FY25, but F1Q25 EPS guided below the Street with declining GMs. All the focus will be on AI servers, which were 3.6% of revenues in the quarter and estimated to be 6% in FY25. We don’t see success here as enough.微信翻译：戴尔第四季度营收勉强超过上年同期，ISG抵消了PC营收疲软的影响。戴尔也提供了25财年基本一致的前景，但F1Q25每股收益指引低于华尔街，通用汽车下降。所有的重点都将放在人工智能服务器上，这部分收入占本季度收入的3.6%，预计在25财年将达到6%。我们认为成功还不够。
$戴尔(DELL)$ 上周五的美股，AI相关产业链以大比例超涨指数，整体原因是因为AI产业链的最下游服务器生产商，Dell也是接近beat预期，AI server的订单十分的强劲，虽然净利润率被压缩，但是AI下游再一次证明了整个产业链的强劲。同时如果发挥一些想象力，下一代AI PC和AI phone依然箭在弦上。分享一个外资券商对Dell的业绩评价：Dell narrowly beat F4Q revenue with ISG offsetting softer PC. Dell also offered a largely in-line outlook for FY25, but F1Q25 EPS guided below the Street with declining GMs. All the focus will be on AI servers, which were 3.6% of revenues in the quarter and estimated to be 6% in FY25. We don’t see success here as enough.微信翻译：戴尔第四季度营收勉强超过上年同期，ISG抵消了PC营收疲软的影响。戴尔也提供了25财年基本一致的前景，但F1Q25每股收益指引低于华尔街，通用汽车下降。所有的重点都将放在人工智能服务器上，这部分收入占本季度收入的3.6%，预计在25财年将达到6%。我们认为成功还不够。