高盛表示，博通第四财季业绩强劲、AI收入大增，但因未上调2026财年全年指引，短期或承压。该行仍坚持"买入"，认为其在定制芯片领域 地位稳固，AI业务增速被低估，预计中长期持续跑赢。订单积压达730亿美元，新客户与大额订单强化增长动能。 尽管博通未能如部分投资者预期那样上调2026财年的全年业绩指引，并在短期内可能面临股价回调压力，但高盛依然重申了对该公司 的"买入"评级。这家华尔街大行认为，博通在定制芯片领域的统治地位正在增强，其AI业务的基本面从未如此稳固。 博通公布了一份表现强劲的第四财季业绩，其营收录得180亿美元，超出市场预期的175亿美元。更为关键的是，公司给出的2026财 年第一季度营收指引达到191亿美元，同样显著高于分析师预期的183亿美元。这一增长主要得益于AI半导体收入的激增，该板块在 第四财季实现了74%的同比增长。 然而，市场对这份财报的反应可能夹杂着失望情绪。高盛分析师James Schneider团队在最新发布的研报中指出，尽管业绩强劲且第 一季度展望乐观，但管理层并未更新或上调其此前发布的2026财年全年AI营收增长指引。考虑到投资者在财报发布前已持乐观看涨的 仓位，且AI业务 ...

Core Viewpoint - Despite not raising the full-year guidance for fiscal year 2026 as some investors expected, Goldman Sachs reaffirmed a "Buy" rating for Broadcom, citing the company's strengthening dominance in the custom chip sector and robust fundamentals in its AI business [1][2]. Financial Performance - Broadcom reported a strong fourth-quarter revenue of $18 billion, exceeding market expectations of $17.5 billion. The guidance for the first quarter of fiscal year 2026 is set at $19.1 billion, significantly above the analyst forecast of $18.3 billion. This growth is primarily driven by a 74% year-over-year increase in AI semiconductor revenue [1][5]. - The AI semiconductor revenue reached $6.5 billion, surpassing the expected $6.2 billion, while total semiconductor solutions revenue was $11.1 billion, above the anticipated $10.7 billion. Infrastructure software revenue was $6.9 billion, slightly exceeding expectations [5]. Market Reaction and Guidance - The market's reaction to the earnings report may be mixed, as there is disappointment over the lack of an updated full-year guidance for fiscal year 2026. Analysts noted that the absence of an upward revision could lead to short-term stock price pressure [1][3]. - Goldman Sachs' analysts predict that Broadcom's AI revenue growth for fiscal year 2026 will actually exceed 100%, despite management's conservative stance not reflecting the actual business momentum [3]. Customer Expansion and Orders - Broadcom has made significant progress in customer expansion, maintaining strong momentum with its largest client, Google, and announcing a new major customer. The company has secured a fifth XPU customer and received an additional $11 billion order from Anthropic for fiscal year 2026 [4]. - The backlog of AI orders has reached $73 billion for the next 18 months, indicating strong demand, with additional orders expected to increase this figure [4]. Profitability Trends - Broadcom's gross margin for the fourth quarter was 77.9%, slightly above market expectations. The adjusted EBITDA margin guidance for the first quarter of fiscal year 2026 is set at 67% [5]. - Goldman Sachs noted that as Broadcom begins delivering full-rack solutions to Anthropic and potentially OpenAI in the second half of fiscal year 2026, there may be some dilution in gross and operating margins due to a higher proportion of direct components in these solutions [5]. Valuation Logic - Goldman Sachs raised Broadcom's 12-month price target from $435 to $450, based on an increase in AI revenue expectations and improved visibility into industry cycles. The estimated EPS was adjusted from $11.50 to $12.00, maintaining a 38x P/E multiple [2][7].