You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大行評級|交銀國際:下調AMD目標價至197美元 第四季指引或受遊戲業務影響
格隆匯 11-01 14:20

交銀國際發表報吿,指AMD第三季業績符合預期,末季指引公司略低於市場預期。公司第三季收入68.2億美元,毛利率53.6%,均符合該行和市場預期。公司指引末季收入介乎72億至78億美元,中位數低於該行預期的79.2億和市場預期的76.8億美元,該行認為這或主要由於遊戲等數據中心以外業務承壓。

報吿稱,AMD的GPU業務推進順利,傳統數據中心業務持續復甦。第三季數據中心業務總體收入達到破紀錄的35.5億美元,按年上升122%。AMD上調2024年數據中心GPU收入預測,從45億美元上調到50億美元以上。交銀國際則上調數據中心GPU今年收入預測至52億美元。該行上調2025全年數據中心GPU收入預測,從90億美元上調至97億美元。考慮到上游升價與MI325X、MI350(預計明年第三季推出)等新品市場拓展的進程,該行認為毛利率提升節奏或慢於該行之前的預期。

交銀國際維持予AMD“買入”評級,目標價由原先200美元降至197美元,並指由於遊戲業務需求或將在末季之後持續疲軟,該行下調末季收入預期至77.4億美元,略微下調2024及25各年收入至259億及332億美元。考慮到毛利率提升需時,下調2025年調整後每股盈測至5.32美元。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account