Broadcom(US:AVGO) Zhong Guo Neng Yuan Wang·2025-09-12 01:24Market Overview - The Shenwan Electronics Industry Index fell by 4.57% from September 1 to September 5, ranking 28th among 31 industries, underperforming the CSI 300 Index by 3.76% [2] Company Performance - Broadcom reported a revenue of $15.95 billion for the third fiscal quarter of 2025, a year-on-year increase of 22%, exceeding company guidance [3] - AI semiconductor revenue grew by 63% year-on-year to $5.2 billion, surpassing market expectations and previous quarter growth rates [3] - The company expects fourth-quarter revenue growth to accelerate to nearly 24% year-on-year, with AI semiconductor revenue projected to reach $6.2 billion, a 66% year-on-year increase [3] Industry Trends - Advanced packaging technology is expected to drive strong growth in the backend equipment market, benefiting from increased demand for AI and high-performance computing [4] - The total revenue for backend equipment is projected to reach approximately $6.9 billion by 2025 and grow to $9.2 billion by 2030, with a compound annual growth rate (CAGR) of 5.8% [4] Equipment Market Insights - The revenue from TCB bonding machines is expected to grow from $542 million in 2025 to $936 million by 2030, with a CAGR of 11.6% [5] - The global semiconductor equipment revenue reached $33.07 billion in Q2 2025, a year-on-year increase of 24% [5] - China contributed over 60% of global semiconductor equipment revenue in the first half of 2025, amounting to $21.62 billion [5] Investment Strategy - Companies to watch in the domestic AI industry chain include Cambricon, Haiguang Information, and ZTE Corporation [6] - Suggested focus on semiconductor equipment and advanced process foundries such as SMIC and Hua Hong Semiconductor [6]