半导体：博通2Q24业绩回顾：AI热潮和VMware业务推动营收增长

Investment Rating - The semiconductor industry is rated as "Outperforming the Market" for the next 12 months, indicating expected performance that will exceed market benchmarks [10]. Core Insights - Broadcom reported strong Q2 2024 results with revenues and non-GAAP net profits reaching $12.5 billion and $5.4 billion, respectively, surpassing Bloomberg consensus estimates by 4% and 2% [1]. - AI revenue for Broadcom exceeded $3.1 billion in Q2 2024, showing a year-over-year growth of 280% and a quarter-over-quarter increase of 35%, accounting for 25% of total sales and 43% of semiconductor segment sales [1][5]. - The company raised its fiscal 2024 revenue guidance by $1 billion to $51 billion, driven primarily by AI revenue growth, and increased its EBITDA margin forecast from 60% to 61% [1]. - The network connectivity segment saw a 44% year-over-year revenue increase, with AI revenue contributing significantly to offset declines in traditional data center and enterprise network revenues [1][8]. - Broadcom's software business, bolstered by VMware's contributions, reported a 175% year-over-year revenue growth, reaching $5.3 billion in Q2 2024 [1][8]. Summary by Sections Financial Performance - Broadcom's Q2 2024 revenue was $12.5 billion, a 43% increase year-over-year, while non-GAAP net profit was $5.4 billion, reflecting a 20% increase [7][8]. - The semiconductor solutions segment generated $7.2 billion in revenue, with a year-over-year growth of 5.6% [8]. AI Revenue Growth - AI revenue reached $3.1 billion, marking a 280% increase year-over-year and a 35% increase quarter-over-quarter [1][5]. - The company anticipates AI revenue for the full year to reach $11 billion, with expectations of further growth in subsequent quarters [1]. Business Segments - The network segment's revenue was $3.8 billion, up 46.2% year-over-year, while the wireless segment saw a decline to $1.6 billion [8]. - Infrastructure software revenue surged to $5.3 billion, driven by VMware's performance, which contributed $2.7 billion [1][8]. Market Outlook - The report maintains a positive outlook on the AI supply chain, particularly for Ethernet solution providers, with Broadcom's solutions being utilized in seven of the world's largest AI clusters [1].