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《大行》花旗:博通公司(AVGO.US)AI業務表現強勁 上調目標價至276美元 重申「買入」評級
花旗發表研究報告,半導體供應商博通公司(AVGO.US)將於6月5日,在市場收市後發布2025財年第二財季業績。該行預期博通的業績將高於市場共識,主要受惠於持續的人工智能(AI)業務強勁表現(佔2025財年預測銷售的30%)。其非AI半導體業務(佔2025財年預測銷售額的27%)較高峰期下降約40%,認為該業務應能從當前水平復甦,並抵消AI業務對毛利率的大部分稀釋影響。該行上調對博通表現的預測,重申「買入」評級,並將目標價從210美元上調至276美元,相當於預測2027財年市盈率38倍。 該行預期博通2025財年次季的銷售額將超過市場共識及該行預估的150億美元(按季增長1%),主要受惠於AI銷售額的提升。並預計公司將報告的毛利率(含股票薪酬成本)為77.5%,略低於市場共識的77.9%,原因在於產品組合影響;同時每股盈利預測(EPS)為1.36美元,略高於市場共識的1.33美元,這得益於較低的稅負。 同時,該行預期博通對2025財年第三財季度的銷售指引將高於該行預估的155億美元(按季增長3%)及市場共識的157億美元(按季增長5%),主要得益於AI業務的持續強勢。預計2025財年第三季度毛利率(含股票薪酬成本)為77.5%,高於市場共識的77.2%,原因在於產品組合影響。 花旗預期,博通的AI業務在2025年將持續超預期表現,主要受惠於谷歌和Meta的業務增長。預估2025財年AI銷售額將年增48%,達到約181億美元。目前博通有三家客戶已實現量產出貨,另外兩家客戶預計將於2026年開始出貨。
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