汇丰：CoreWeave（CRWV.US）-美股公司研究：首予减持评级；聚焦 GPU 的云服务渐趋商品化-250717（英文版）（32页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank Middle East Ltd,DIFC View HSBC Global Research at:https:/ HSBCGlobalInvestmentResearchPodcasts|Lis

2、tentoourinsightsFindout more CoreWeaves GPU-focused cloud is purpose-built for AI;its software stack offers c6%better“goodput”than industry Revenue comes mainly from hi-tech customers who use their own software,which dilutes CRWVs value proposition Our 2027-30e EPS c45%below consensus;expect weak FC

3、F,high capex;initiate at Reduce,Street-low USD32 TP GPU clouds increasingly commoditized,relatively low returns:CoreWeaves core GPU(graphics processing unit)cloud market has lower entry barriers than the general purpose market,as GPU clouds are operationally and technologically less complicated and

4、Nvidia is boosting competition by offering investments(including a 7%stake in CRWV),favorable GPU allocation,and publicity to neoclouds.This is reflected in(1)CoreWeaves low asset turnover(revenue/fixed assets)of c32%in 1Q25 vs hyperscalers superior metrics(e.g.,76%at Amazon AWS)and(2)the decline in

5、 hyperscalers asset turnover after they started offering more GPU cloud services(we estimate AWSs dipped from 93.1%in 2Q23 as every dollar of capex since has resulted in only USD0.37 of incremental annualized revenue).Difficult journey to differentiation:Selling more value-added services driven by t

6、he software stack,as is done by general purpose clouds,may be key to achieving stronger returns.But CoreWeave would first need to successfully shift to a general purpose cloud offering and diversify away from Microsoft and Open AI(which together accounted for more than 72%of its revenue and most of