[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio0de8bdfe":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio0de8bdfe","美股DELL财报深度分析","\u002Fdoc\u002Fdcio0de8bdfe","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>\u003Cspan>美股投资网研究团队获悉，\u003C\u002Fspan>AI\u003Cspan>基础设施需求爆发叠加企业\u003C\u002Fspan>IT\u003Cspan>硬件新一轮换机周期，正在成为推动戴尔增长加速的“双引擎”。戴尔\u003C\u002Fspan>2027\u003Cspan>财年第二季度（\u003C\u002Fspan>F2Q27\u003Cspan>）业绩全面超出市场预期，盈利与营收均创出强劲表现。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本季度公司\u003C\u002Fspan>Non-GAAP\u003Cspan>每股收益达到\u003C\u002Fspan>7.04\u003Cspan>美元，远高于高盛预期的\u003C\u002Fspan>4.96\u003Cspan>美元、市场一致预期的\u003C\u002Fspan>4.92\u003Cspan>美元，也明显超过公司此前给出的\u003C\u002Fspan>4.70\u003Cspan>至\u003C\u002Fspan>4.90\u003Cspan>美元指引区间。季度营收则达到\u003C\u002Fspan>470\u003Cspan>亿美元，同样大幅高于高盛预期的\u003C\u002Fspan>448\u003Cspan>亿美元，并突破公司此前\u003C\u002Fspan>450\u003Cspan>亿美元的指引上限。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>更值得关注的是，戴尔不仅交出了一份超预期的季度成绩单，同时大幅上调全年增长预期。其中，\u003C\u002Fspan>FY27\u003Cspan>传统服务器收入增速指引由此前的“超过\u003C\u002Fspan>60%\u003Cspan>”直接提升至“超过\u003C\u002Fspan>100%\u003Cspan>”，意味着服务器业务有望实现翻倍以上增长；与此同时，存储业务收入增速预期也由此前的中低个位数上调至中双位数。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>从业绩指引的明显上调来看，戴尔正在从传统\u003C\u002Fspan>PC\u003Cspan>和企业\u003C\u002Fspan>IT\u003Cspan>硬件供应商，进一步受益于\u003C\u002Fspan>AI\u003Cspan>数据中心资本开支周期。\u003C\u002Fspan>AI\u003Cspan>服务器需求的持续增长，加上企业\u003C\u002Fspan>IT\u003Cspan>基础设施进入更新换代阶段，有望共同推动公司未来几个季度的收入、利润和现金流继续保持较快增长。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>今日美股盘初，\u003C\u002Fspan>\u003Cspan>戴尔科技\u003C\u002Fspan> ( DELL ) \u003Cspan>劲升逾\u003C\u002Fspan>8%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>高盛评论认为，企业\u003C\u002Fspan>IT\u003Cspan>硬件的持续换机需求与\u003C\u002Fspan>AI\u003Cspan>相关基础设施投入的叠加，为戴尔提供了差异化的长期增长支撑。分析师维持戴尔买入评级，并将\u003C\u002Fspan>12\u003Cspan>个月目标价从\u003C\u002Fspan>510\u003Cspan>美元上调至\u003C\u002Fspan>570\u003Cspan>美元，同时将\u003C\u002Fspan>FY27\u003Cspan>至\u003C\u002Fspan>FY29\u003Cspan>三年平均每股收益预测上调\u003C\u002Fspan>38%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>业绩全面超预期，利润率表现尤为突出\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>F2Q27\u003Cspan>季度收入同比增长\u003C\u002Fspan>58%\u003Cspan>，增速远超此前预期。其中，基础设施解决方案集团（\u003C\u002Fspan>ISG\u003Cspan>）收入达\u003C\u002Fspan>318\u003Cspan>亿美元，同比增长\u003C\u002Fspan>89%\u003Cspan>，大幅超出公司指引的\u003C\u002Fspan>75%\u003Cspan>增速。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>利润率表现是本季度最大亮点。\u003C\u002Fspan>ISG EBIT\u003Cspan>利润率达\u003C\u002Fspan>15.0%\u003Cspan>，显著高于高盛预估的\u003C\u002Fspan>11.7%\u003Cspan>；客户解决方案集团（\u003C\u002Fspan>CSG\u003Cspan>）\u003C\u002Fspan>EBIT\u003Cspan>利润率达\u003C\u002Fspan>7.6%\u003Cspan>，同样超出高盛预估的\u003C\u002Fspan>6.0%\u003Cspan>。毛利率为\u003C\u002Fspan>21.1%\u003Cspan>，环比上季度的\u003C\u002Fspan>18.1%\u003Cspan>大幅提升，高于市场共识的\u003C\u002Fspan>17.2%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>高盛指出，利润率超预期主要来自三方面：规模效应摊薄固定成本、产品结构优化（自研\u003C\u002Fspan>IP\u003Cspan>存储产品及商用高端\u003C\u002Fspan>PC\u003Cspan>占比提升），以及严格的运营管控。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>展望下一季度（\u003C\u002Fspan>F3Q27\u003Cspan>），公司指引收入约\u003C\u002Fspan>490\u003Cspan>亿美元（市场共识此前为\u003C\u002Fspan>414\u003Cspan>亿美元），\u003C\u002Fspan>Non-GAAP\u003Cspan>每股收益约\u003C\u002Fspan>6.50\u003Cspan>美元（市场共识为\u003C\u002Fspan>4.47\u003Cspan>美元），均大幅超出市场预期。\u003C\u002Fspan>ISG\u003Cspan>利润率预计同比提升逾\u003C\u002Fspan>1\u003Cspan>个百分点（约\u003C\u002Fspan>13.4%\u003Cspan>），\u003C\u002Fspan>CSG\u003Cspan>利润率指引约\u003C\u002Fspan>6%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>传统服务器换机潮：\u003C\u002Fspan>AI\u003Cspan>倒逼企业加速更新基础设施\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>高盛强调，戴尔此轮传统服务器业务的爆发并非短期现象，而是由两股结构性力量共同驱动。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>第一，企业客户存量设备老化催生替换需求。戴尔现有安装基础中仍有约\u003C\u002Fspan>120\u003Cspan>万台第\u003C\u002Fspan>14\u003Cspan>代或更早代际的服务器尚未更新。企业加速换机，一方面是为了提升运营效率，另一方面是为了防范日益增长的\u003C\u002Fspan>AI\u003Cspan>相关安全漏洞。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>第二，智能体\u003C\u002Fspan>AI\u003Cspan>（\u003C\u002Fspan>Agentic AI\u003Cspan>）的推理工作负载带来净新增的数据中心基础设施需求。企业客户在更新存量设备的同时，还需新增算力以支撑\u003C\u002Fspan>AI\u003Cspan>推理场景，形成叠加效应。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>供给端，传统服务器需求目前仍明显超过供给。高盛指出，戴尔已决策将部分内存资源从\u003C\u002Fspan>PC\u003Cspan>产品线向传统服务器产品线重新调配，有望推动公司在\u003C\u002Fspan>FY27\u003Cspan>下半年持续扩大传统服务器市场份额。此外，单台服务器内容量提升、向戴尔自研\u003C\u002Fspan>IP\u003Cspan>产品结构转移，以及成本传导定价等因素，也为收入及利润率提供了额外支撑。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI\u003Cspan>服务器订单爆发，需求加速势头明确\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI\u003Cspan>服务器业务的增长势头同样在本季度显著加速。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>F2Q27\u003Cspan>单季度\u003C\u002Fspan>AI\u003Cspan>服务器订单额达\u003C\u002Fspan>609\u003Cspan>亿美元，相比上季度的\u003C\u002Fspan>240\u003Cspan>亿美元大幅攀升；积压订单（\u003C\u002Fspan>backlog\u003Cspan>）升至\u003C\u002Fspan>950\u003Cspan>亿美元，未来五个季度的管道订单（\u003C\u002Fspan>pipeline\u003Cspan>）为积压订单规模的数倍。\u003C\u002Fspan>AI\u003Cspan>服务器客户总数已超过\u003C\u002Fspan>6500\u003Cspan>家，覆盖多个垂直行业与地区，需求呈现广泛分布。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本季度\u003C\u002Fspan>AI\u003Cspan>服务器实际收入为\u003C\u002Fspan>164\u003Cspan>亿美元，超出高盛预估的\u003C\u002Fspan>155\u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>公司同步上调\u003C\u002Fspan>FY27\u003Cspan>全年\u003C\u002Fspan>AI\u003Cspan>服务器出货量预测，从\u003C\u002Fspan>600\u003Cspan>亿美元提升至约\u003C\u002Fspan>740\u003Cspan>亿美元；全年\u003C\u002Fspan>ISG\u003Cspan>收入增速指引从\u003C\u002Fspan>80%\u003Cspan>上调至\u003C\u002Fspan>120%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>高盛认为，戴尔在\u003C\u002Fspan>AI\u003Cspan>服务器部署规模与交付复杂度方面的能力，有助于其在\u003C\u002Fspan>AI\u003Cspan>服务器市场维持并巩固竞争优势。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>高盛上调目标价，长期逻辑获强化\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>综合业绩表现与前景展望，高盛将戴尔\u003C\u002Fspan>FY27\u003Cspan>至\u003C\u002Fspan>FY29\u003Cspan>三年\u003C\u002Fspan>Non-GAAP\u003Cspan>每股收益预测平均上调\u003C\u002Fspan>38%\u003Cspan>，驱动因素主要为\u003C\u002Fspan>AI\u003Cspan>及传统服务器收入约\u003C\u002Fspan>12%\u003Cspan>的上调，以及\u003C\u002Fspan>ISG\u003Cspan>利润率的改善。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>目标价从\u003C\u002Fspan>510\u003Cspan>美元上调至\u003C\u002Fspan>570\u003Cspan>美元，基于\u003C\u002Fspan>18\u003Cspan>倍（前值\u003C\u002Fspan>22\u003Cspan>倍）\u003C\u002Fspan>NTM+1\u003Cspan>年每股收益估算。高盛下调估值倍数，以反映戴尔业务结构中企业存储等成熟硬件品类占比的提升。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FD\u002FDELL\u002FDELL.jpg","2026-09-02T17:57:23","2026.09.02","2026\u002F09\u002F02",59447,[22],"DELL","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" rel=\"noopener noreferrer\">\u003Cimg src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]