20250609-招银国际-Solid_2Q_results_for_Broadcom__eyes_on_the_development_of_AI_inference_2页_561kb

报告摘要

Broadcom 2QFY25 Results Summary

Core Content

Broadcom reported strong financial performance in the second quarter of fiscal year 2025 (2QFY25), with revenue reaching US$15 billion, surpassing both the Bloomberg consensus and management's guidance. The company's results reflect continued growth in its AI semiconductor and infrastructure software segments, which are key drivers of its business expansion.

Main Points

Financial Performance

Revenue: US$15 billion, up 20.2% YoY and flat QoQ.
Gross Margin: 79.4%, 0.51ppt above the Bloomberg consensus.
Q3 Revenue Guidance: US$15.8 billion, implying 21% YoY growth.
Segment Growth:
- Semiconductor: Forecasted to grow 25% YoY to US$9.1 billion.
- Software (VMware): Expected to grow 16% YoY to US$6.7 billion.

AI Business Growth

AI Segment Revenue: US$8.4 billion in Q2, up 17% YoY and 11% QoQ.
AI Revenue Breakdown:
- Al-related Revenue: US$4.4 billion, up 46% YoY (29.3% of total revenue).
- Q3 Forecast: US$5.1 billion, indicating 60% YoY and 16% QoY growth.
Networking Demand: Grew 170% YoY, contributing 40% of AI revenue.
Tomahawk 6 Switch: Offers 102.4Tbps capacity, enabling hyperscalers to deploy 100k+ accelerator clusters in two tiers.
Hyperscaler Projections: Management forecasts that the three major hyperscalers will each deploy 1 million accelerator clusters by 2027.
Serviceable Addressable Market (SAM): Estimated at US$60-90 billion for AI accelerators.

VMware's Role in AI Adoption

Revenue: US$6.6 billion in Q2, up 25% YoY and flat QoQ.
Gross Profit Margin (GPM): Rose to 93%, up from 88% in the previous year.
Private AI Foundation: A joint project with Nvidia, allowing enterprises to securely run AI workloads on-premises.
VCF Sales: Strong performance over the past 18 months since acquisition, driving double-digit growth in annual recurring revenue.

Key Information

Non-AI Semiconductor Sales: Guided to remain stable at US$4 billion in Q3, close to a bottom but slow to recover.
Investment Recommendations:
- Innolight (300308 CH): Maintain BUY with a target price of RMB151.
- Shengyi Tech (600183 CH): Maintain BUY with a target price of RMB34.5.
- SCC (002916 CH): Maintain BUY with a target price of RMB146.81.

Industry Outlook

Networking Demand: Surging due to the rapid growth of inference workloads, creating significant opportunities for the supply chain.
Supply Chain Impact: The AI supply chain, including ASICs, optical transceivers, and PCBs, is expected to benefit from this trend.

Analyst Notes

Analyst: Lily Yang, Ph.D., Kevin Zhang, Jiahao Jiang.
CMBIG Ratings:
- BUY: Potential return of over 15% in 12 months.
- OUTPERFORM: Industry expected to outperform the relevant broad market benchmark.

Disclosures

The report is prepared by CMB International Global Markets Limited (CMBIGM), a subsidiary of China Merchants Bank.
Risks: Investment in securities involves risk; past performance does not guarantee future results.
Conflicts of Interest: CMBIGM may have investment banking relationships with the companies discussed, which could affect the objectivity of the report.

Distribution Restrictions

United Kingdom: Only for persons falling within Article 19(5) or 49(2) of the Financial Promotion Order.
United States: Intended solely for major US institutional investors.
Singapore: Distributed by CMBI (Singapore) Pte. Limited (CMBISG), an Exempt Financial Adviser.