[SMCI] 힌덴버그 공매도 리포트

수퍼마이크로. 그러나 주가는 공매도 리포트 무시하고 가는 중. 누가 맞을까?

 

 

Here's a summary of the key points from the investigation into Super Micro Computer Inc.:

1. Financial irregularities:
   • Super Micro was temporarily delisted from Nasdaq in 2018 for failing to file financial statements.
   • The SEC charged the company with "widespread accounting violations" in 2020, resulting in a $17.5 million settlement.
   • Former employees allege that improper revenue recognition practices resumed shortly after the SEC settlement.
2. Related party concerns:
   • Disclosed related party suppliers (Ablecom and Compuware) have been paid $983 million in the last 3 years.
   • Evidence of undisclosed related party transactions with companies owned by the CEO's family members.
   • Unusual $600 million contract with customer Lambda Labs, in which Super Micro had recently invested.
3. Export control and sanctions issues:
   • Despite claiming to halt sales to Russia after the Ukraine invasion, exports of Super Micro components to Russia have reportedly increased.
   • Some exports appear to violate U.S. sanctions and export bans.
   • Continued business with a Chinese joint venture partner involved in human rights abuses, despite U.S. government warnings.
4. Customer and quality concerns:
   • Major customers like Tesla and CoreWeave have reportedly shifted business to competitors like Dell.
   • Multiple customers reported reliability issues and high malfunction rates with Super Micro products.
   • After-sales service described as a significant weakness by former employees and partners.
5. Corporate culture:
   • Rehiring of executives involved in previous accounting scandals.
   • Persistent pressure on sales teams to meet quotas, potentially leading to improper practices.

The investigation concludes that Super Micro faces significant accounting, governance, and compliance issues, and is losing ground to more credible competitors due to product and service quality concerns.