美超微公司在2019年被IDC列為全球第三大伺服器品牌，同年開始擴充美國與台灣生產基地，除了在自有品牌繼續耕耘，另一方面亦調整策略布局伺服器代工。美超微公司究竟有哪些關鍵因素能為企業價值加分，並使自身能與台灣伺服器代工的企業競爭。本研究運用實務上常見的企業評價方法對美超微公司進行個案研究與分析，試圖了解美超微公司的商業模式是否得到投入資本所預期的報酬。企業評價可作為企業瞭解投資人所重視的企業價值，提供企業長期經營方向之參考。研究資料運用次級資料與深度訪談兩種資料來源，以取得伺服器代工產業發展情形與美超微公司營運情形。研究範圍以2011-2020年資料為主，透過對營運結果進行超額報酬率分析、盈餘品質分析與本益比法分析的討論得到結論，伺服器產業未來發展仍處於穩定成長階段，針對美超微公司，運用上述企業評價方法發現企業價值在2019年呈現高峰後，進入2020年的結果並非繼續成長趨勢，探討原因受2019年COVID-19疫情與重要零組件CPU延遲上市的影響，使銷貨收入推遲到2021年。本研究建議美超微公司持續降低生產成本與營運費用並設法增加營收，建立起規模經濟的營運模式以提高投資報酬率。美超微公司其彈性模組化優勢預期能繼續帶來營收成長，透過營收成長亦能增強對供應商的議價能力。美超微公司在伺服器發展技術上的領先，其經營階層有充分的信心能繼續在研發上突破與創新，就像他們發展出兜積木的模組概念一樣，同樣運用在商業經營與營運上的彈性調整，提高顧客滿意度與增強客戶關係，本研究發現美超微正在朝這樣的規畫實踐中，雖然在評價上尚未發酵，本研究受限於研究期間有限，如能持續關注美超微公司的發展，預期這些競爭優勢在不久的未來，其企業價值可以被更多投資人看見。;Super Micro Corp.(SMCI) was listed in IDC 2019 report as the third largest server brand supplier. In 2021, SMCI has been expending its manufacturing and operation base in San Jose head quarter and Taiwan site. SMCI not only keeps growing its existing branding business, but also has been largely penetrating into ODM/OTS business and market. What elements make SMCI be able to compete with those companies which have been focusing on ODM/ OTS business models for years become interests of this study. This essay used easy methods of business valuation, such as EVA analysis, quality of earnings analysis, P/E ratio, trying to figure out these important values of SMCI. After going through a series of calculations, it is found 2019 is the year SMCI had the best operation performance over the past 10 years and the business result of year 2020 was not as good as what the company expected. The main causes would be impact of COVID-19 pandemic and launch schedule delay of CPU in 2019, and the sales revenue will be postponed to 2021. It’s suggested that SMCI continues decreasing the manufacturing cost and operation expenses, likes its continuous investment in Taiwan to enhance its cost structure. It’s also expected that SMCI will gain more business due to more flexible business models which help increase the sales revenue and bring a more competitive bargaining power from a larger economics of scale. SMCI is a technology leading and driven company, and its top management team has aimed at future ambitious business goal by deepening their strength of R&D innovation, like the building block designs, and will offer business and operating flexibilities in order to win more customer satisfactions and stronger customer relationships. From the analysis of this study, SMCI is on the right direction and is expected to have a better business and operation results in the near future.
