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《大行》匯豐研究降AMD(AMD.US)目標價至185美元 下半年AI發展存不確定性
阿思達克 09-09 10:31
匯豐研究發表研究報告指,AMD(AMD.US)管理層在業績電話會議中透露多個MI308出口中國許可證正在審覈中,但中國政府對使用美國晶片的抵制,令對華出口不確定性增加。目前預期AMD下半年或將無法向中國出口MI308產品,相應將全年AMD AI圖形處理器收入預測從83億美元降至73億美元。 該行繼續認爲AMD今年下半年表現將超出預期,調整後AI圖形處理器收入預測仍較市場普遍預測的68億美元高出7%。基於產品平均售價預測調整,匯豐研究將AMD 2026年AI圖形處理器收入預測從151億美元下調至139億美元,仍較市場預期高20%。 該行預期AMD將繼續在傳統伺服器市場中取得更多份額,料明年整體傳統伺服器付運按年增4%。因MI308出口受阻,下調2025年每股盈利預測4%,目標價從200美元下調至185美元。維持「買入」評級,憧憬定價溢價被低估且MI400系列2026年推出或可帶來盈利上行空間。
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