博通：并购之王，构建全新AI格局

Investment Rating - The report initiates coverage with a "Cautious Buy" rating and a target price of $1728 [5][7]. Core Insights - The AI wave is driving organic growth, with network business expected to achieve rapid growth and wireless business likely to accelerate following Apple's upgrade cycle. The successful integration of VMware is continuously releasing profits and injecting vitality into the company's external development [4][5]. Financial Summary - Projected revenues for fiscal years 2024 and 2025 are $53 billion and $61.7 billion, respectively, representing year-on-year growth of 48% and 17%. Non-GAAP net profits are expected to be $24.6 billion and $29.5 billion, with year-on-year growth of 34% and 20%. The current price corresponds to a PE ratio of 33x and 27x for the respective years [5][11]. Business Overview - The company operates in two main segments: semiconductor solutions and infrastructure software. In FY2023, semiconductor solutions and software contributed $28.2 billion and $7.6 billion in revenue, accounting for 79% and 21% of total revenue, respectively. Following the VMware acquisition, the software revenue share has significantly increased, reaching 40% in FY2024H1 [34][36]. Semiconductor Solutions - The semiconductor business is segmented into network, wireless, server storage connectivity, broadband, and industrial sectors. The network and wireless segments combined contributed 64% and 72% of the semiconductor business revenue in FY2023 and FY2024H1, respectively [36][34]. AI-Driven Growth - The company expects AI-related revenue to grow significantly, with projected AI revenue reaching $11 billion in fiscal year 2024, accounting for 22% of the revenue target of $51 billion [5][11]. VMware Integration - The integration of VMware is expected to enhance profit margins and improve operational efficiency. VMware's revenue is projected to grow to $10.9 billion and $13.6 billion in fiscal years 2024 and 2025, respectively, driven by market demand for virtualization software [13][34]. Market Position - The company is a leading player in the communication chip sector, with a strong market share in various product categories, including switching and routing chips, Wi-Fi chips, and RF components [32][34].