未知机构：广发电子ASIC产业链持续超预期博通指引25年AI150200亿美金营-20241213

Summary of Conference Call Notes Company and Industry Involved - The conference call primarily discusses Broadcom and the ASIC (Application-Specific Integrated Circuit) industry. Core Points and Arguments - Broadcom Q4 Performance: - Non-GAAP revenue reached $14.05 billion, a year-over-year increase of 51% - Earnings per share (EPS) was $1.42, slightly above market expectations of $1.39 [1] - Q1 Guidance: - The company guided for Q1 revenue of $14.6 billion, which is in line with expectations [1] - FY24 AI Revenue: - Projected AI revenue for FY24 is $12.2 billion, slightly above the previous guidance of $12 billion [1] - AI ASIC Projections: - AI ASIC revenue is expected to be approximately $9 billion [1] - 2025 AI Sales Guidance: - Broadcom anticipates AI sales to reach between $15 billion and $20 billion, representing a year-over-year growth of 23% to 64%, exceeding market expectations [1] - Client Base: - Broadcom has secured AI ASIC orders from major clients including Google, Meta, Bytedance, OpenAI, and Apple, indicating a strong market share in the AI ASIC sector [1] Additional Important Content - Future Market Potential: - By FY2027, the Serviceable Available Market (SAM) from three clients is expected to reach between $60 billion and $90 billion, driven by the explosive demand for ASICs and Ethernet [2] - CSP's Role: - Continued growth in ASIC business is supported by Cloud Service Providers (CSPs), with significant demand for AI inference [2] - Investment Recommendations: - It is suggested to monitor the ASIC segment and related interconnect demands such as retimers and AECs - Domestic CSP manufacturers are actively engaging in ASIC and inference business, with a focus on companies like ByteDance and Alibaba [2] - Collaboration with Tech Giants: - HuaQin Technology has established close collaborations with Tencent, Alibaba, and ByteDance in areas such as H cards, domestic cards, and switches [2] - Investor Day Announcement: - Broadcom plans to hold an investor open day to showcase more data center solutions, highlighting future AI ODM core players like HuaQin Technology [2]