[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio7e1375a0":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},"dcio7e1375a0","CRWV亏损超预期，股价却大涨6%！财报引爆利好！","\u002Fdoc\u002Fdcio7e1375a0","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>CRWV\u003Cspan>周二盘后发布\u003C\u002Fspan>Q3\u003Cspan>财报。市场共识预期营收\u003C\u002Fspan>35.4\u003Cspan>亿美元，同比增长约\u003C\u002Fspan>160%\u003Cspan>；调整后每股亏损约\u003C\u002Fspan>1.21\u003Cspan>—\u003C\u002Fspan>1.54\u003Cspan>美元，净亏损显著大于去年同期的\u003C\u002Fspan>1.10\u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>财报公布后，盘后股价大涨超\u003C\u002Fspan>6%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这\u003C\u002Fspan>6%\u003Cspan>的涨幅，是资金在听完财报电话会后给出的直接投票。尽管亏损幅度高于预期，但市场完全被其极其强劲的需求端和\u003C\u002Fspan>CEO\u003Cspan>的乐观表态打动了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>管理层在电话会上甩出了一连串堪称“炸裂”的数据：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>产能直接卖爆：公司表示产能“已基本售罄至\u003C\u002Fspan>2027\u003Cspan>年”，甚至迄今提供的所有\u003C\u002Fspan>2028\u003Cspan>年产能也已被售出。更夸张的是，合格需求是\u003C\u002Fspan>2027\u003Cspan>年可用产能的\u003C\u002Fspan>10\u003Cspan>倍，\u003C\u002Fspan>2028\u003Cspan>年的需求也达到了供应的数倍。公司认为\u003C\u002Fspan>2027\u003Cspan>年的交付不存在重大风险。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>指引大幅上调：基于部署的容量和积压订单，\u003C\u002Fspan>CRWV\u003Cspan>直接上调了\u003C\u002Fspan>ARR\u003Cspan>（年度经常性收入）指导，预计到\u003C\u002Fspan>2026\u003Cspan>年底，年化运行率收入将达到\u003C\u002Fspan>200\u003Cspan>亿至\u003C\u002Fspan>210\u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>客户质量极高：到\u003C\u002Fspan>2027\u003Cspan>年，其已承诺的资本支出中超\u003C\u002Fspan>75%\u003Cspan>与投资级和企业客户关联，只有约\u003C\u002Fspan>25%\u003Cspan>与\u003C\u002Fspan>AI\u003Cspan>实验室和\u003C\u002Fspan>AI\u003Cspan>原生公司相关。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>议价与现金流能力：今年\u003C\u002Fspan>70%\u003Cspan>的交易收了预付款，部分客户甚至预付了合同价值的\u003C\u002Fspan>100%\u003Cspan>。更牛的是，它正在以“显著溢价”重新签订现有基础设施的合同。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>债务成本下降：其加权平均债务成本在\u003C\u002Fspan>Q3\u003Cspan>末降至\u003C\u002Fspan>7.9%\u003Cspan>，同比下降了\u003C\u002Fspan>250\u003Cspan>个基点。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这就是多头在盘后疯狂扫货的理由：算力供不应求，客户抢着打钱，而且给的都是长约和高额预付款。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>但话说回来，这\u003C\u002Fspan>6%\u003Cspan>的盘后涨幅，依然无法掩盖\u003C\u002Fspan>CRWV\u003Cspan>商业模式底层的核心矛盾——它终究是一个用巨额借贷支撑重资产建设的游戏。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本季度利息费用预计在\u003C\u002Fspan>8.6\u003Cspan>亿至\u003C\u002Fspan>9.4\u003Cspan>亿美元区间，而调整后营业利润指引仅为\u003C\u002Fspan>2.0\u003Cspan>亿—\u003C\u002Fspan>2.6\u003Cspan>亿美元。付给债权人的钱，依然是经营所赚的三倍以上。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>尽管\u003C\u002Fspan>Q3\u003Cspan>债务成本有所下降，但中期选举后，\u003C\u002Fspan>CRWV\u003Cspan>部分存量债券收益率依然突破了\u003C\u002Fspan>15%\u003Cspan>，在债券市场，这依然被视为“困境”级别的定价。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>此外，比财报数字更棘手的是政治变量。中期选举后，得克萨斯州候任州长已公开呼吁暂停数据中心项目审批，而\u003C\u002Fspan>CRWV\u003Cspan>的整个增长故事，都建立在持续获批、持续开工、持续上电的前提上。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>还有一层敞口：英伟达既是它的关键供应商，也是投资方。当英伟达\u003C\u002Fspan>CEO\u003Cspan>面临国会审查时，“靠山晃动”就会变成新云信用的一部分被重新定价。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$CRWV 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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],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","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"]