高盛-联发科 高盛上调联发科目标价至新台币 2100 元。 过去三月联发科股价跑赢台股大盘。 2 月 4 日法人说明会后，因资金转向商品股，股价呈现盘整态势。 基本面方面，受内存涨价影响，预计 2026 年手机业务营收同比下滑。 但公司将持续发力旗舰SoC，并协助客户锁定长生命周期 LPDDR4 料件。 高盛-联发科 高盛上调联发科目标价至新台币 2100 元。 过去三月联发科股价跑赢台股大盘。 预计 2026/2027 年 ASIC 营收分别达到18 亿美元 / 96 亿美元。 EPS 贡献分别为7.1 元新台币 / 37.6 元新台币。 基本面方面，受内存涨价影响，预计 2026 年手机业务营收同比下滑。 但公司将持续发力旗舰SoC，并协助客户锁定长生命周期 LPDDR4 料件。 智能边缘业务（WiFi连接）有望实现增长，部分抵消手机业务的疲软表现。 电视业务预计维持持平状态。 数据中心ASIC为市场核心看点。 v8x/Zebrafish量产进度符合预期。 2027 下半年将推出高规格、高单价的 v8e/Humufish产品。 基于更高ASP假设，源头信息加微ss62897高盛上调 2026/2027 年 ...

Core Insights - Major international companies are investing heavily in self-developed AI chip technology, creating new business opportunities. MediaTek is leveraging its years of R&D strength to enter the ASIC design service market, targeting high-end orders and capitalizing on AI opportunities in cloud data centers [1] Group 1: Company Developments - MediaTek's previous product focus was primarily on edge devices, with three main product lines: mobile chips, smart device platforms, and power management ICs. The company is now making significant strides into the data center AI accelerator ASIC market, marking a major step into cloud business [1] - Although MediaTek has not disclosed its AI accelerator ASIC client list, speculation about its business expansion continues. After securing its first client, the company mentioned that it is working on more complex follow-up projects, expected to contribute to revenue starting in 2028 [1] - MediaTek is actively engaging with a second large-scale data center operator to discuss new ASIC projects, expressing confidence in the rapid growth of related business in the future [1] Group 2: Market Potential - MediaTek has revised its total addressable market (TAM) estimate for data center ASICs, increasing it from $40 billion two years ago to $50 billion, in line with the upward adjustment of capital expenditure outlooks from cloud service providers [1] - The CEO of MediaTek, Cai Lixing, revealed that the company's goal is to achieve approximately 10% to 15% market share within the next two years. Analysts believe that as the data center ASIC market expands, even maintaining a stable market share will contribute to overall performance growth [2]