行业周报 | 电子 证券研究报告 | 2026 年 03 月 08 日 | 报告日期 | | --- | --- | | 行业评级 推荐（维持） | | 相关研究 【兴证电子】周报：英伟达业绩超预 期，看好算力需求、存储设备和端侧 AI 硬件创新浪潮-2026.03.01 【兴证电子】晶圆代工专题 2：存储代工 需求放量叠加产能转移，大陆本土逻辑 代工景气度上行-2026.02.27 【兴证电子】周报：英伟达将在 GTC 大 会上发布全新芯片，看好算力需求、存 储设备和端侧 AI 硬件创新浪潮- 2026.02.23 分析师：姚康 S0190520080007 yaokang@xyzq.com.cn 分析师：仇文妍 S0190520050001 qiuwenyan@xyzq.com.cn 分析师：张元默 S0190523020002 zhangyuanmo@xyzq.com.cn 分析师：胡园园 S0190525010001 huyuanyuan1@xyzq.com.cn 分析师：王恬恬 S0190524040002 wangtiantian22@xyzq.com.cn 请阅读最后评级说明和重要声明 1/9 ...

扫码获取更多服务 ASIC 需求强劲，关注霍尔木兹海峡封锁影响。博通披露 FY26Q1（25.12~26.2）业绩，实现营收 193 亿美元，同 比+29%，GAAP/Non-GAAP 净利润分别为 73.49、101.85 亿美元，分别同比+34%、+30%。FY26Q1 半导体、软件营收 分别为 125.1、67.96 亿美元，分别同比+52%、+1%。FY26Q1 公司 AI 收入达到 84 亿美元，同比+106%，预计 Q2 达 到 107 亿美元，同比+140%。Q1 AI 收入当中 AI 网络产品收入占比约 1/3，同比+60%，Q2 预计 AI 网络产品占 AI 收入比例将达到 40%。指引 FY26Q2 营收为 220 亿美元，同比增长 47%。公司 AI 芯片客户进展顺利。目前公司已 经获得六家客户的定制芯片业务。谷歌第七代 TPU Ironwood 将在 2026 年继续增长，27 年产品及后续世代产品 预计将有更强大需求。Anthropic 预计将在 2026 年部署 1GW 的 TPU 产品，2027 年预计将部署超 3GW。Meta 的 ASIC 已经开始出货，预计下一代产品将在 2 ...

Core Viewpoint - The equity and bond markets are experiencing a downturn, reflecting a sentiment that war brings no benefits to the financial landscape [1]. Group 1 - The author has 28 years of experience as a professional trader, analyst, and portfolio manager, previously running the equity trading desk at Northern Trust Co. in Chicago [1]. - The author is now a private investor and the founder of a nonprofit investor advocacy firm, with an average annual return of 17.2% since January 2009 [1]. - The author publishes stock picks in a newsletter format, providing updates on market outlook and model portfolios to subscribers on a weekly basis [1].

Core Insights - Broadcom reported strong AI revenue growth, with total AI revenue increasing by 106% year over year to $8.4 billion in fiscal Q1 2026, exceeding expectations [3][4] - The stock has seen a lift from the news but remains down year to date [1] Group 1: AI Revenue Growth - Broadcom's custom AI ASIC business revenue surged by 140%, while AI networking revenue increased by 60% [3] - For fiscal Q2, Broadcom anticipates AI revenue to rise by 76% to $14.8 billion, with significant progress from its five largest custom AI chip customers [4] Group 2: Overall Financial Performance - Total revenue for the quarter increased by 29% year over year to $19.31 billion, with adjusted earnings per share (EPS) climbing 28% to $2.05, surpassing analyst expectations [5] - Adjusted EBITDA rose by 30% year over year to $13.1 billion [5] Group 3: Semiconductor Solutions and Software Revenue - Total semiconductor solutions revenue increased by 52% year over year to $12.5 billion, while non-AI chip revenue grew only 4% [6] - Infrastructure software revenue edged up by 1% to $6.8 billion, driven by a 13% increase in VMware revenue [6] Group 4: Future Guidance and Share Repurchase - Broadcom guided for fiscal Q2 revenue growth of 47% to $22 billion, with semiconductor revenue expected to climb 76% to $14.8 billion [9] - The company announced a $10 billion share repurchase program through the end of 2026 [9] Group 5: Market Position and Valuation - Broadcom is positioned for significant growth in the AI infrastructure space, with a forecast of over $100 billion in AI chip revenue by fiscal 2027 [10] - The stock trades at a forward price-to-earnings (P/E) ratio of about 32 times this year's fiscal estimates, making it an attractive buy given the growth prospects [11]

Core Insights - Broadcom has seen a significant increase of 524% since January 2023, driven by $8.4 billion in quarterly AI revenue, while Marvell has increased by 152% during the same period, with Q3 revenue of $2.07 billion and a 38% year-over-year growth in data center revenue to $1.52 billion [1] Company Performance - Broadcom's AI revenue is four times larger than Marvell's total revenue, highlighting the scale difference between the two companies [1] - Marvell experienced a decline of over 50% in stock price after a disappointing quarter in March but has since rebounded with strong quarterly performances [1] - Marvell's data center revenue now constitutes 73% of its total revenue, indicating a strong focus on this segment [1] Valuation Metrics - Broadcom trades at approximately 69x trailing earnings and 32x forward PE, with a target price of $467, while Marvell trades at about 27x trailing earnings and 23x forward PE, with a consensus target of $118 against a current price of $89.57 [1] - Marvell's higher beta of nearly 2.0 suggests it is more volatile compared to Broadcom, which has earned its premium through scale and execution [1] Market Dynamics - Both companies are positioned in the custom silicon market, catering to hyperscalers who seek tailored chips for their workloads, with Broadcom serving Google and Marvell serving Amazon Web Services [1] - Analysts will closely monitor Marvell's data center momentum, custom silicon pipeline, and relationship with Amazon to assess whether the performance gap with Broadcom narrows in the future [1]

Market Overview - The stock market experienced significant volatility and losses due to the Iran war, with oil prices surging and raising global economic concerns [1] - The Dow Jones Industrial Average fell 3% last week, marking its worst performance in 11 months, while the small-cap Russell 2000 dropped 2.33% to a two-month low [1] - The S&P 500 index decreased by 2% and the Nasdaq composite by 1.2%, with the Nasdaq closing at its lowest level of 2026 [1] Oil Market Impact - U.S. crude oil futures surged 35.6% to $90.90 per barrel, the highest weekly gain since 1983, while U.S. natural gas futures increased by 11.4% [1] - European natural gas prices skyrocketed by 67%, significantly impacting fertilizer production [1] - U.S. gasoline futures rose by 20.2%, indicating a forthcoming increase in pump prices [1] Key Stocks and ETFs - Palantir Technologies stock rose 15.6% to 157.16, benefiting from a rebound in software and defense sectors [2] - General Dynamics stock increased by 1.8% to 363.49, approaching a buy point of 369.70 [2] - Broadcom stock gained 3.4% to 330.45, rebounding above its 200-day moving average [2] - The iShares Expanded Tech-Software Sector ETF (IGV) increased by 7.75%, while the VanEck Vectors Semiconductor ETF (SMH) fell by 6.35% [1] Sector Performance - Defense and energy stocks generally performed well, while airlines suffered due to disrupted flights and rising fuel costs [1] - The software sector continued to rebound, supported by positive earnings reports [1] - The CBOE Volatility Index (VIX) rose significantly, indicating increased market uncertainty [1]

There was no shortage of setbacks for stocks last week. Surprising economic data, another batch of earnings, and an intensifying conflict in the Middle East all combined to move the market, mostly downward. The S & P 500 closed out Friday with a weekly loss of 2% as the broad-market index flipped between the positive and negative sessions over the past five trading days. The Nasdaq fell 1.2% over the same period, while the Dow Jones Industrial Average dropped 3%. It was the second consecutive week of losses ...

4 March 2026 | 9:45PM EST Equity Research Broadcom Inc. (AVGO): Very strong guidance and commentary on key debates should drive stock higher - Buy Key stock takeaways: We expect the stock to trade meaningfully higher following guidance that came in well above the Street, as well as management commentary that we believe should address several key investor debates on the stock. First, Broadcom's incremental business visibility has led the company to guide FY27 AI semiconductor revenue significantly in excess ...

March 5, 2026 11:32 AM GMT Broadcom Inc. | North America AI Momentum Builds; Visibility and Margins Improve | What's Changed | | | | --- | --- | --- | | Broadcom Inc. (AVGO.O) | From | To | | Price Target | $462.00 | $470.00 | Reaction to earnings Strengthens our thesis Modest upside Meaningful revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Semiconductors | United States of America The quarter was ...

on 05-Mar-2026 FUTURE OF TECH 4 March 2026 Asia Tech Hardware Future of Tech - Mapping the CPO value chain Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com This ...