Workflow
博通发布 FY24Q4 财报：业绩符合指引，AI 业务展望积极，定制 ASIC 大势所趋
2024-12-19 08:45

Investment Rating - The report suggests a positive outlook for Broadcom, particularly in the custom ASIC and Ethernet solutions sectors, indicating potential growth opportunities [4][13]. Core Insights - Broadcom's Q4 2024 revenue reached $14.05 billion, a year-over-year increase of 51.20%, with a GAAP net profit of $4.32 billion, reflecting a 22.70% increase year-over-year [2][9]. - The company achieved record annual revenue of $51.57 billion for FY2024, up 44% year-over-year, driven by significant growth in AI and infrastructure software segments [9][11]. - AI revenue surged to $12.20 billion, marking a 220% increase year-over-year, primarily due to the demand for AI XPU and Ethernet products [9][12]. Summary by Sections Financial Performance - Q4 2024 saw infrastructure software revenue of $5.82 billion, up 196% year-over-year, with a gross profit margin of 91% [10]. - Semiconductor solutions revenue was $8.23 billion, a 12% increase year-over-year, with AI revenue contributing $3.70 billion, up 150% year-over-year [10][11]. - The networking segment reported $4.50 billion in revenue, a 45% increase year-over-year, with AI networking revenue comprising 76% of this, reflecting a 158% growth [10][12]. Future Guidance - For FY25Q1, Broadcom expects total revenue of $14.60 billion, with semiconductor solutions revenue projected at $8.10 billion, a 10% year-over-year increase [11]. - AI revenue is anticipated to grow 65% year-over-year to $3.80 billion, while infrastructure software revenue is expected to reach $6.50 billion, up 41% year-over-year [11]. Market Opportunities - The demand for custom AI chips is robust, with three hyperscale customers planning to deploy 1 million XPU clusters each by 2027, potentially expanding the serviceable market to $60-90 billion [12][13]. - Investment recommendations include focusing on companies involved in ASICs, Ethernet switches, high-speed copper cables, and cooling solutions, indicating a broad range of potential investment opportunities in the sector [4][13].