{"fileID":732482,"siteID":1,"title":"美股Credo飙升背后","linkTitle":"","catalogs":"","subTitle":"","isExclusive":1,"articleWordCount":1088,"leadTitle":"","source":"国际金融报","sourceID":0,"editor":"王哲希","modifyTime":"2025-12-03 00:00:50","note":"","author":"周秭沫","authorID":1615,"liability":"张力","abstract":"","publishTime":"2025-06-05 15:50:05","articleType":0,"keywords":"","countRatio":1,"countClick":199,"countDiscuss":0,"countPraise":0,"countShare":0,"countShareClick":0,"pic3":"","pic2":"","pic1":"https://image.ifnews.com/data/1/images/2025/0605/17491098029151596_600x338.jpg","bigPic":0,"tag":"","shortTitle":"","content":"<p style=\"text-indent: 2em; text-align: justify;\">6月3日，美半导体公司Credo Technology公布财季收益超出预期，华尔街机构纷纷上调目标价，促使该公司股价大幅拉升，至6月5日股价仍在上涨，目前为76.46美元，引起投资者注意。</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0605/17491066882601978_1399x1216.jpg\" class=\"app-image\"/></p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0605/17491066883651343_1438x1006.jpg\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\">Credo的光学器件以高性能、低功耗而闻名，为超大规模的数据中心、AI、5G 、电信等业务提供一系列解决方案。该公司是目前高速互连领域的领先企业之一，也是人工智能浪潮中的弄潮儿，与英伟达、英特尔等行业代表合作推动高速率的光电互联技术发展。</p><p style=\"text-indent: 2em; text-align: justify;\">上一财季，Credo收入为1.70亿美元，环比增长25.9%，同比增长179.7%。消息公布后，投资者信心得到提振。根据市场信息平台Fact&nbsp;Set的数据，华尔街9名分析师调整了对Credo的买入评级，其中8名分析师上调了目标价。这一成绩很大程度上源于Credo不断扩大的客户群，该公司表示，将在2026财年继续开发大客户。</p><p style=\"text-indent: 2em; text-align: justify;\">公司新闻稿显得信心满满：“为支持先进的AI服务，超大规模客户对我们解决方案的需求将不断增长，我们相信这一趋势将在可预见的未来持续下去。”</p><p style=\"text-indent: 2em; text-align: justify;\">从历史业绩来看，Credo客户集中度较高，如Meta占其2023年营收的30%。最新披露显示，亚马逊在上季度占Credo季度收入的61%，低于此前的86%；微软和马斯克的xAI分别占到12%和11%。</p><p style=\"text-indent: 2em; text-align: justify;\">目前，资产管理公司Needham将该股目标价从80美元上调至85美元，并维持买入评级，认为Credo将成为未来三年“半导体领域收入增长最快的代表之一”。</p><p style=\"text-indent: 2em; text-align: justify;\">其他机构，例如Stifel分析师重申了对Credo股票的买入评级，并将目标价从69美元上调至80美元，称该公司是“未来AI/数据中心的领导者”。</p><p style=\"text-indent: 2em; text-align: justify;\">Susquehanna分析师维持对Credo的正面评价，并将目标价从60美元上调至90美元，称Credo将继续实现“健康”增长，理由是该公司的客户基础非常坚实。</p><p style=\"text-indent: 2em; text-align: justify;\">瑞穗证券交易部门在一份客户报告中表示，Credo的买入点让人振奋，这类公司和股票并不经常出现。瑞穗将Credo的目标价从70美元上调至81美元，维持跑赢大盘的评级，并指出该公司客户群的增长、市场对数字信号处理器、有源电缆的持续需求都是极大的利好点。</p><p style=\"text-indent: 2em; text-align: justify;\">Credo股价在过去一年中涨超180%，中途也曾大幅回落，如果它继续以目前的盈利速度增长，将是一只不错的成长型股票。</p><p style=\"text-indent: 2em; text-align: justify;\">不过，一片溢美之词中，该公司也面临一些挑战，从外部环境来看，半导体行业周期性波动较高，该公司高度依赖少数大客户的特点其实是把双刃剑。只有AI需求持续爆发，Credo才有望保持高增长，而在变幻莫测的市场中想要保持这一点是很难的。目前，Credo的主要竞争对手还包括博通、思科等。</p>","extField":{"att":[],"isShareIcon":0,"images":2,"reviewUserIds":"","firstSendAuditUser":"周秭沫","sendAuditUserId":36,"sendAuditUser":"程慧","videos":0,"catalogName":"","copyInfo":["选用自：稿件编审-总值班库[89]"],"shareIcon":"","sendAuditTime":"2025-06-05 15:25:06","audits":[],"postAuditUserId":102,"articleExt":[]},"isHide":0,"columnID":281,"columnName":"国际","columnStyle":0,"discussClosed":0,"countClickInit":0,"fullColumn":"国际","articleUrl":"","specialId":0,"linkID":0,"articleExt":[],"ipCity":"","activityStatus":0,"att":[],"shareIcon":"","images":[{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0605/17491066882601978_1399x1216.jpg","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0605/17491066883651343_1438x1006.jpg","imageUrl":"","imgDesc":"","placeholder":"##########"}],"videos":[],"videoExif":{},"htmlAbstract":"","relArticle":[],"auditUsers":["王哲希","程慧"],"countCollect":0}