博通(AVGO.US)2025财年Q2电话会：2026年AI收入将延续60%的增速

Core Insights - Broadcom reported Q2 FY 2025 semiconductor revenue of $8.4 billion, accounting for 56% of total revenue, with a year-over-year increase of 17%, driven by AI semiconductor revenue [1] - Infrastructure software revenue reached $6.6 billion, representing 44% of total revenue, with a year-over-year increase of 25%, exceeding guidance of $6.5 billion [1] - The company plans to increase spending to support cutting-edge AI semiconductor development and has implemented strict cost controls, resulting in a 16% year-over-year increase in software operating profit margin [1] Financial Performance - Q2 FY 2025 semiconductor revenue: $8.4 billion, 56% of total revenue, +17% YoY [1] - Q2 FY 2025 infrastructure software revenue: $6.6 billion, 44% of total revenue, +25% YoY [1] - Q3 FY 2025 revenue guidance: $15.8 billion, +21% YoY; adjusted EBITDA margin at least 66%; gross margin expected to decline by 1.3% due to increased XPU share in AI business [1] AI Business Outlook - Company executives confirmed that AI revenue is expected to maintain a 60% annual growth rate through FY 2026, based on current visibility [1][6] - The growth confidence in AI business is primarily driven by significant increases in XPU deployments and corresponding network demand [2] - AI network revenue maintained a 40% share, contrary to expectations of a decline, due to structural changes in customer deployment strategies [3] Technology and Market Trends - The new generation Tomahawk switch, with a capacity of 102 Tb/s, is experiencing strong market demand, although large-scale shipments have not yet begun [4] - The transition to Ethernet technology for scale-up architectures is accelerating, particularly among hyperscale customers [5] - The shift from copper to optical interconnects is anticipated to occur within 1-2 years, driven by the needs of large-scale customers [9] Profitability and Capital Allocation - The gross margin decreased by 130 basis points quarter-over-quarter, primarily due to the increased share of XPU business, which traditionally has lower margins [10] - The company has established a capital allocation strategy prioritizing fixed dividends, debt reduction, and opportunistic stock buybacks [11] M&A Strategy - The company is focused on significant and substantial transactions, maintaining a strict standard for potential acquisitions [12] - Current debt reduction efforts are aimed at preserving borrowing capacity for future large-scale acquisitions [12]