【招商电子】博通（AVGO.O）25Q2跟踪报告：营收创单季历史新高，指引25Q3 AI收入同比持续高增

Core Viewpoint - Broadcom reported record revenue of $15.004 billion for FY2025 Q2, reflecting a year-over-year increase of 20% and a quarter-over-quarter increase of 1%, driven by strong AI semiconductor business and VMware growth [1][11] Group 1: Financial Performance - FY2025 Q2 revenue reached a historical high of $15.004 billion, exceeding previous guidance of approximately $14.9 billion, with a gross margin of 79.4%, surpassing the guidance of 78.9% [1][11] - Semiconductor revenue was $8.4 billion, accounting for 56% of total revenue, with a year-over-year growth of 17% and a gross margin of approximately 69% [2][16] - Infrastructure software revenue was $6.6 billion, representing 44% of total revenue, with a year-over-year increase of 25% and a gross margin of 93% [15][16] Group 2: AI Business Growth - AI semiconductor revenue exceeded $4.4 billion, showing a year-over-year growth of 46%, continuing a strong growth trend for nine consecutive quarters [2][12] - The company expects AI revenue to grow by 60% year-over-year in FY2025 Q3, with projected revenue of $5.1 billion [3][18] - The demand for custom AI accelerators is expected to accelerate in the second half of FY2026, driven by training and inference needs [4][13] Group 3: Future Guidance - FY2025 Q3 revenue guidance is approximately $15.8 billion, reflecting a year-over-year increase of 21% and a quarter-over-quarter increase of 5% [3][18] - The company anticipates a gross margin decline of about 130 basis points in Q3, primarily due to a higher proportion of AI revenue from XPUs [3][18] - Non-AI semiconductor revenue is expected to remain around $4 billion, with a slow recovery anticipated [14] Group 4: Product Innovations - The newly launched Tomahawk6 switch chip offers Ethernet switching capacity of 102.4 Tbps, designed to meet the demands of AI processor clusters [4][12] - The company is making significant progress in supporting major clients in deploying custom AI accelerators, with expectations of substantial deployments by 2027 [4][13] Group 5: Operational Efficiency - Adjusted EBITDA for Q2 was $10 billion, representing a year-over-year increase of 35% and exceeding the guidance of 66% [11][17] - Free cash flow for the quarter was $6.4 billion, accounting for 43% of revenue, impacted by increased debt interest expenses related to the VMware acquisition [17][18]