Investment Rating - The report assigns a "Buy" rating for Advanced Micro Devices (AMD US) [5][11][16] Core Insights - The report indicates that while the data center business revenue fell short of expectations, the stock remains attractive. The target price has been adjusted down to $141, reflecting a potential upside of 25.9% from the current price of $112.01 [5][11][16] - The company reported 4Q24 revenue of $7.658 billion, exceeding both the report's and market's expectations of $7.5 billion. The adjusted EPS for 4Q24 was $1.09, aligning with expectations [5][6] - Management guidance for 1Q25 revenue is set at $7.1 billion, which is consistent with market expectations. The company anticipates strong double-digit growth for the full year of 2025 [5][6] Financial Overview - Revenue projections for AMD are as follows: - 2023: $22.68 billion - 2024: $25.785 billion - 2025E: $31.433 billion - 2026E: $38.368 billion - 2027E: $40.651 billion - Year-over-year growth rates are projected at -3.9% for 2023, 13.7% for 2024, and 21.9% for 2025 [4][13] - Net profit estimates are: - 2023: $4.302 billion - 2024: $5.420 billion - 2025E: $7.477 billion - 2026E: $9.975 billion - 2027E: $13.126 billion - The report highlights a decrease in the expected EPS for 2025 from $4.94 to $4.55, reflecting an adjustment of -8% [4][5][6] Market Performance - AMD's stock has seen a year-to-date change of -7.27% and has a market capitalization of approximately $181.77 billion [3][4] - The stock's 52-week high was $211.38, while the low was $112.01 [3][4] Product and Business Insights - The report notes that the data center revenue for 4Q24 was $3.9 billion, slightly below the expected $4.1 billion. However, management expects data center GPU revenue to exceed $5 billion for the full year of 2024 [5][6] - The MI325 product has been shipped to customers, and there is strong enthusiasm for the upcoming MI350 product, which is expected to launch earlier than initially planned [5][6] - The report emphasizes AMD's leadership in Chiplet technology, which may enhance product diversity and flexibility compared to competitors [5][6]
超威半导体：数据中心业务收入不及预期，但股价依然有吸引力