博通AI芯片业务增长超预期，第三季度营收创新高 - 老虎社区

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09-06

分析师称在美国市场产品面临困境的情况下露露乐蒙（Lululemon）股价可能仍将承压。

分析师称在美国市场产品面临困境的情况下露露乐蒙（Lululemon）股价可能仍将承压。

09-05

瑞银将露露乐蒙（lululemon）的目标股价从每股240.00美元下调至185.00美元。

瑞银将露露乐蒙（lululemon）的目标股价从每股240.00美元下调至185.00美元。

09-05

Lululemon Athletica：美银全球研究将评级从买入下调至中性，目标价从300美元下调至210美元

Lululemon Athletica：美银全球研究将评级从买入下调至中性，目标价从300美元下调至210美元

用户讨论

09-05

连续几次都是财报出来波澜不惊，都是发布会出来才大涨，说明了什么

博通Q3 AI芯片收入超预期增63%，神秘新客户下单百亿，料下财年AI前景“大幅”改善

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06:52","market":"us","language":"zh","title":"博通Q3 AI芯片收入超预期增63%，神秘新客户下单百亿，料下财年AI前景“大幅”改善","url":"https://stock-news.laohu8.com/highlight/detail?id=1123770804","media":"华尔街见闻","summary":"陈福阳称，博通正在与潜在客户合作开发AI加速器。陈福阳称，三季度博通的AI半导体营收同比增长63%至52亿美元，这也高于分析师预期的51.1亿美元。博通第二财季的AI芯片业务收入同比增长46%。陈福阳称，博通预计，四季度AI半导体营收增至62亿美元。博通2024财年的总营收将近516亿美元。博通2023年以610亿美元收购VMware，该业务现已成为其基础设施软件部门的核心，占前一财季销售额的44%。","content":"<html><head></head><body><blockquote><p>第三财季<a href=\"https://laohu8.com/S/AVGO\">博通</a>营收创同期新高、同比增22%；四财季营收指引同比增近24%强于预期，AI芯片收入料环比加速增19%至62亿美元、较分析师预期高6%以上。CEO称，上季度，一家AI加速器的潜在客户向<a href=\"https://laohu8.com/S/600455\">博通</a>发出生产订单、价值100亿美元，博通现在预计，2026财年AI收入前景较上季度预测大幅改善，从2026年起出货将很强劲。博通股价盘后涨近4%。</p></blockquote><p style=\"text-align: justify;\">博通上个财季保持了两位数的收入劲增势头，比本已较高的华尔街预期水平更强劲，并预计本财季的人工智能（AI）芯片业务继续提速。</p><p style=\"text-align: justify;\">博通CEO陈福阳点评业绩称，博通第三财季营收创同期历史新高，得益于定制AI加速器、网络和VMware业务的持续强劲增长，并预计，由于客户的持续强劲投资，AI芯片本财季的营收将加速增长至62亿美元，实现连续11个季度增长。</p><p style=\"text-align: justify;\">业绩电话会上，陈福阳释放了定制AI芯片需求强劲的利好。陈福阳称，博通正在与潜在客户合作开发AI加速器。这意味着博通在开发<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>称霸的市场。而后他说，“上个季度，其中一家潜在客户向博通发出了生产订单”，未透露具体客户名称。</p><p style=\"text-align: justify;\">据陈福阳所说，上述未公开的第四位“神秘”客户给博通带来价值100亿美元的订单，他称因此该客户被定性为博通定制AI加速器XPU的合格客户。</p><p style=\"text-align: justify;\">接着陈福阳说，博通“现在预计，2026财年的AI收入前景将较上个季度的预测大幅改善”，还说“从2026年开始，我们的出货量将非常强劲。” 评论认为，这些言论有助于缓解投资者对AI业务放缓的担忧。</p><p style=\"text-align: justify;\">财报公布后，本周四收涨逾1.2%的博通盘后股价震荡，先曾跳涨约2%，后一度转跌超1%，业绩电话会期间摆脱跌势，盘后涨近4%。</p><p style=\"text-align: justify;\">截至本周三收盘，博通股价过去一年几乎翻倍大涨，成为涨幅第三高的纳斯达克100指数成分股，市值同期增加约7300亿美元。但鉴于英伟达等AI芯片股最近发布财报后表现疲软，一些市场人士此前担心，即使博通的业绩亮眼，也可能面临“买消息、卖事实”的抛售风险。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39c5ad8af9cc38812b1e3d99812d7276\" tg-width=\"912\" tg-height=\"567\"/></p><p style=\"text-align: justify;\">美东时间9月4日周四，博通公布截至2025年8月3日的公司2025财年第三财季（下称“三季度”）财务数据，并提供第四财季（“四季度”）的业绩指引。</p><p style=\"text-align: justify;\"><strong>1）主要财务数据</strong>：</p><blockquote><p style=\"text-align: justify;\"><strong>营收</strong>：三季度营业收入159.5亿美元，同比增长22%，分析师预期158.4亿美元，公司指引158亿美元，前一季度同比增长20%。</p><p style=\"text-align: justify;\"><strong>净利润</strong>：非GAAP口径下调整后三季度净利润为84.04亿美元，同比增长37.3%，前一季度同比增长44%。</p><p style=\"text-align: justify;\"><strong>EBITDA</strong>：调整后三季度税息折旧及摊销前利润（EBITDA）为107.02亿美元，同比增长30.1%，分析师预期约105亿美元，利润率67.1%，前一季度同比增长34.6%、利润率66.7%。</p><p style=\"text-align: justify;\"><strong>EPS</strong>：调整后每股收益（EPS）三季度为1.69美元，同比增长36.3%，分析师预期1.66美元，前一季度同比增长43.6%。</p></blockquote><p style=\"text-align: justify;\"><strong>2）细分业务数据</strong>：</p><blockquote><p style=\"text-align: justify;\"><strong>半导体解决方案</strong>，包括ASIC在内的半导体解决方案业务收入为91.66亿美元，同比增长26%，占总营收的57%，分析师预期91亿美元，前一季度同比增长16.7%、占总营收的56%。</p><p style=\"text-align: justify;\"><strong>基础设施软件</strong>：包括VMware在内的基础设施软件业务收入为67.86亿美元，同比增长17%，占总营收的43%，前一季度同比增长24.8%、占总营收的44%。</p></blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ace6ef26938dc019de7f1c36719c9908\" tg-width=\"2560\" tg-height=\"1439\"/></p><p style=\"text-align: justify;\"><strong>3）业绩指引</strong>：</p><blockquote><p style=\"text-align: justify;\"><strong>营收</strong>：四季度营收预计约为174亿美元，同比增长23.8%，分析师预期170.5亿美元。</p><p style=\"text-align: justify;\"><strong>EBITDA</strong>：四季度EBITDA利润率预计约67%，分析师预期66%。</p></blockquote><h2 id=\"id_829186562\">营收创三季度最高纪录 AI芯片营收四季度料增至62亿美元</h2><p style=\"text-align: justify;\">财报显示，三季度博通的营收和利润端增长比华尔街预期的强劲。当季营收创公司史上第三财季最高纪录，同比增速由前一季的20%提升至22%，分析师预期增长约21%。</p><p style=\"text-align: justify;\">三季度博通的EPS同比增速由前一季的将近44%放缓至约36%，但还强于分析师预计不足34%的增速。</p><p style=\"text-align: justify;\">陈福阳称，三季度博通的AI半导体营收同比增长63%至52亿美元，这也高于分析师预期的51.1亿美元。而且增速高于前一季度。博通第二财季的AI芯片业务收入同比增长46%。</p><p style=\"text-align: justify;\">业绩指引方面，博通预计四季度营收增长将进一步加快至将近24%，强于分析师预计的约21%增速。</p><p style=\"text-align: justify;\">陈福阳称，博通预计，四季度AI半导体营收增至62亿美元。这一指引较分析师预期的58.2亿美元高6.5%，相当于环比增长19%，环比增速也超过三季度的约18%。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/SMMT\">Summit</a> Insights的分析师 Kinngai Chan评论称，博通的AI相关的半导体需求持续亮眼。三季度业绩增长主要得益于AI互联互通以及定制ASIC业务。</p><h2 id=\"id_2366803111\">ASIC在内半导体解决方案收入增26% </h2><p style=\"text-align: justify;\">分业务看，三季度包括ASIC在内的半导体解决方案收入也提速，从前一季度的不到17%提高至26%。</p><p style=\"text-align: justify;\">ASIC是专为特定领域或功能量身定制的集成电路。此前评论认为，去年博通之所以能让市值突破1万亿美元，是因为讲述了AI专用芯片ASIC的超大叙事，预计三年后ASIC与GPU至少平分天下，甚至取而代之。</p><p style=\"text-align: justify;\">陈福阳去年12月预测，到2027年财年，市场的ASIC需求将达600亿至900亿美元。分析称，若这一预测准确，未来三年博通ASIC相关的AI业务有望实现每年翻倍增长。</p><p style=\"text-align: justify;\">分析师预计，博通的定制芯片业务2026年可带来收入250亿至300亿美元，2027年有望超过400亿美元。那将占博通收入的一大半。博通2024财年的总营收将近516亿美元。</p><p style=\"text-align: justify;\">博通2023年以610亿美元收购VMware，该业务现已成为其基础设施软件部门的核心，占前一财季销售额的44%。VMware业务的增长情况也是投资者关注的一个要点。</p><p style=\"text-align: justify;\">三季度，包括VMware在内的基础设施软件业务收入增长有所放缓，同比增速由前一季的将近25%放缓至17%，在总营收中保持超过40%的比重。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/C\">花旗</a>分析师最近指出，博通的非AI半导体业务已较峰值下降约40%，该业务占本财年预期销售额的27%，其复苏应能抵消AI业务带来的毛利率稀释效应。</p></body></html>","source":"lsy1700700604709","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>博通Q3 AI芯片收入超预期增63%，神秘新客户下单百亿，料下财年AI前景“大幅”改善</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n博通Q3 AI芯片收入超预期增63%，神秘新客户下单百亿，料下财年AI前景“大幅”改善\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-05 06:52 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3754969><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>第三财季博通营收创同期新高、同比增22%；四财季营收指引同比增近24%强于预期，AI芯片收入料环比加速增19%至62亿美元、较分析师预期高6%以上。CEO称，上季度，一家AI加速器的潜在客户向博通发出生产订单、价值100亿美元，博通现在预计，2026财年AI收入前景较上季度预测大幅改善，从2026年起出货将很强劲。博通股价盘后涨近4%。博通上个财季保持了两位数的收入劲增势头，比本已较高的华尔街预期...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3754969\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/05ac5664b8d2d8af314c2fe1951c78e0","relate_stocks":{"IE00BDGV0183.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","AVGO":"博通","BK4575":"芯片概念","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4612":"AI芯片","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","BK4598":"佩洛西持仓","BK4551":"寇图资本持仓","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","L":"洛斯公司","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC"},"source_url":"https://wallstreetcn.com/articles/3754969","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123770804","content_text":"第三财季博通营收创同期新高、同比增22%；四财季营收指引同比增近24%强于预期，AI芯片收入料环比加速增19%至62亿美元、较分析师预期高6%以上。CEO称，上季度，一家AI加速器的潜在客户向博通发出生产订单、价值100亿美元，博通现在预计，2026财年AI收入前景较上季度预测大幅改善，从2026年起出货将很强劲。博通股价盘后涨近4%。博通上个财季保持了两位数的收入劲增势头，比本已较高的华尔街预期水平更强劲，并预计本财季的人工智能（AI）芯片业务继续提速。博通CEO陈福阳点评业绩称，博通第三财季营收创同期历史新高，得益于定制AI加速器、网络和VMware业务的持续强劲增长，并预计，由于客户的持续强劲投资，AI芯片本财季的营收将加速增长至62亿美元，实现连续11个季度增长。业绩电话会上，陈福阳释放了定制AI芯片需求强劲的利好。陈福阳称，博通正在与潜在客户合作开发AI加速器。这意味着博通在开发英伟达称霸的市场。而后他说，“上个季度，其中一家潜在客户向博通发出了生产订单”，未透露具体客户名称。据陈福阳所说，上述未公开的第四位“神秘”客户给博通带来价值100亿美元的订单，他称因此该客户被定性为博通定制AI加速器XPU的合格客户。接着陈福阳说，博通“现在预计，2026财年的AI收入前景将较上个季度的预测大幅改善”，还说“从2026年开始，我们的出货量将非常强劲。” 评论认为，这些言论有助于缓解投资者对AI业务放缓的担忧。财报公布后，本周四收涨逾1.2%的博通盘后股价震荡，先曾跳涨约2%，后一度转跌超1%，业绩电话会期间摆脱跌势，盘后涨近4%。截至本周三收盘，博通股价过去一年几乎翻倍大涨，成为涨幅第三高的纳斯达克100指数成分股，市值同期增加约7300亿美元。但鉴于英伟达等AI芯片股最近发布财报后表现疲软，一些市场人士此前担心，即使博通的业绩亮眼，也可能面临“买消息、卖事实”的抛售风险。美东时间9月4日周四，博通公布截至2025年8月3日的公司2025财年第三财季（下称“三季度”）财务数据，并提供第四财季（“四季度”）的业绩指引。1）主要财务数据：营收：三季度营业收入159.5亿美元，同比增长22%，分析师预期158.4亿美元，公司指引158亿美元，前一季度同比增长20%。净利润：非GAAP口径下调整后三季度净利润为84.04亿美元，同比增长37.3%，前一季度同比增长44%。EBITDA：调整后三季度税息折旧及摊销前利润（EBITDA）为107.02亿美元，同比增长30.1%，分析师预期约105亿美元，利润率67.1%，前一季度同比增长34.6%、利润率66.7%。EPS：调整后每股收益（EPS）三季度为1.69美元，同比增长36.3%，分析师预期1.66美元，前一季度同比增长43.6%。2）细分业务数据：半导体解决方案，包括ASIC在内的半导体解决方案业务收入为91.66亿美元，同比增长26%，占总营收的57%，分析师预期91亿美元，前一季度同比增长16.7%、占总营收的56%。基础设施软件：包括VMware在内的基础设施软件业务收入为67.86亿美元，同比增长17%，占总营收的43%，前一季度同比增长24.8%、占总营收的44%。3）业绩指引：营收：四季度营收预计约为174亿美元，同比增长23.8%，分析师预期170.5亿美元。EBITDA：四季度EBITDA利润率预计约67%，分析师预期66%。营收创三季度最高纪录 AI芯片营收四季度料增至62亿美元财报显示，三季度博通的营收和利润端增长比华尔街预期的强劲。当季营收创公司史上第三财季最高纪录，同比增速由前一季的20%提升至22%，分析师预期增长约21%。三季度博通的EPS同比增速由前一季的将近44%放缓至约36%，但还强于分析师预计不足34%的增速。陈福阳称，三季度博通的AI半导体营收同比增长63%至52亿美元，这也高于分析师预期的51.1亿美元。而且增速高于前一季度。博通第二财季的AI芯片业务收入同比增长46%。业绩指引方面，博通预计四季度营收增长将进一步加快至将近24%，强于分析师预计的约21%增速。陈福阳称，博通预计，四季度AI半导体营收增至62亿美元。这一指引较分析师预期的58.2亿美元高6.5%，相当于环比增长19%，环比增速也超过三季度的约18%。Summit Insights的分析师 Kinngai Chan评论称，博通的AI相关的半导体需求持续亮眼。三季度业绩增长主要得益于AI互联互通以及定制ASIC业务。ASIC在内半导体解决方案收入增26% 分业务看，三季度包括ASIC在内的半导体解决方案收入也提速，从前一季度的不到17%提高至26%。ASIC是专为特定领域或功能量身定制的集成电路。此前评论认为，去年博通之所以能让市值突破1万亿美元，是因为讲述了AI专用芯片ASIC的超大叙事，预计三年后ASIC与GPU至少平分天下，甚至取而代之。陈福阳去年12月预测，到2027年财年，市场的ASIC需求将达600亿至900亿美元。分析称，若这一预测准确，未来三年博通ASIC相关的AI业务有望实现每年翻倍增长。分析师预计，博通的定制芯片业务2026年可带来收入250亿至300亿美元，2027年有望超过400亿美元。那将占博通收入的一大半。博通2024财年的总营收将近516亿美元。博通2023年以610亿美元收购VMware，该业务现已成为其基础设施软件部门的核心，占前一财季销售额的44%。VMware业务的增长情况也是投资者关注的一个要点。三季度，包括VMware在内的基础设施软件业务收入增长有所放缓，同比增速由前一季的将近25%放缓至17%，在总营收中保持超过40%的比重。花旗分析师最近指出，博通的非AI半导体业务已较峰值下降约40%，该业务占本财年预期销售额的27%，其复苏应能抵消AI业务带来的毛利率稀释效应。","news_type":1,"symbols_score_info":{"AVGO":1,"L":0.6}},"isVote":1,"tweetType":1,"viewCount":25,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}]}