Broadcom-博通：Q4 AI收入同比增长150%，ASIC芯片需求强劲

Investment Rating - The report assigns a positive investment rating to Broadcom (AVGO) based on strong revenue growth and profitability metrics [3][4]. Core Insights - Broadcom's Q4 revenue reached $14.05 billion, a year-over-year increase of 51.2%, slightly exceeding company guidance and Bloomberg consensus [3]. - AI revenue grew significantly, with a 150% year-over-year increase, contributing$ 3.7 billion in Q4 [4]. - The company anticipates a record annual revenue of $51.6 billion for FY2024, representing a 44% year-over-year growth [3]. Financial Performance Summary - Total revenue for FY2023 was$ 35.8 billion, with a projected increase to $51.6 billion in FY2024 [8]. - Non-GAAP net profit is expected to rise from$ 18.4 billion in FY2023 to $23.7 billion in FY2024 [8]. - Non-GAAP diluted EPS is projected to increase from$ 4.20 in FY2023 to $4.90 in FY2024 [8]. Future Performance Guidance - Revenue for Q1 FY2025 is expected to grow by 21.7% year-over-year to$ 14.6 billion, aligning with Bloomberg consensus [6]. - Adjusted EBITDA margin is projected to increase by 6.2 percentage points to 66% for Q1 FY2025 [6]. - The company plans to increase its cash dividend by 11% to $0.59 in the next quarter [6].