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Financial report preview | Is it a good opportunity to buy Broadcom before the release of its performance?

$博通 (AVGO.US)$将于6月12日盘后公布2024财年第二季度财报。Zacks一致预期显示，预计Q2营收将达到120.4亿美元，同比增长37.88%。此外，第二财季业绩水平预计将受益于博通不断扩大的生成式人工智能(GenAI)产品组合。在过去30天内，该公司盈利一致预期增长了0.8%，达到每股10.79美元，同比增长4.55%。在过去的四个季度中，博通利润均超出Zacks一致预期，平均盈利超2.81%。

此外，Zacks一致预期显示，预计第二财季半导体解决方案收入为71.4亿美元，同比增长4.8%。

VMware持续强劲的预订量预计将推动营收增长。博通预计，在本财年余下的时间里，该业务将实现两位数的连续增长。

强劲AI产品组合助力发展前景

基于市场对人工智能基础设施日益增长的需求以及对生成式人工智能(GenAI)产品组合的强劲部署，博通的长期前景有望受益。博通的解决方案可满足节节攀升的人工智能工作量需求以及数据中心对快速网络的需求。

博通的第三代RoCE管道、低延迟拥塞控制和创新的遥测功能使其最新的400GPCIeGen5.0以太网适配器成为人工智能基础设施典型的高带宽、高压力环境的理想选择。

博通的Bailly是全球首屈一指的51.2Tbps协同封装光学以太网交换机。该产品集成了尖端的硅光子技术和博通公司的Strata XGS Tomahawk5交换芯片。Tomahawk5为人工智能和机器学习基础设施提供了重大的性能提升。

稳固的产品组合有助于扩大客户群，其中包括Alphabet(GOOGL.US)和Meta Platforms(META.US)等公司。博通包括微软(MSFT.US)在内的强大的合作伙伴基础也同样值得一提。

Alphabet是博通特定应用集成芯片(ASIC)的大客户之一。这些芯片旨在支持人工智能和机器学习，并提升任务效率。Meta Platforms也已成为其重要客户，该公司正使用博通的ASIC以开发Metaverse硬件。

拓展与谷歌的关系

今年4月，博通与谷歌宣布将扩大合作关系，着重于利用谷歌云的VMware工作负载功能，以增强用户体验，并通过GenAI简化操作。此后，博通与谷歌关系得到进一步拓展。

博通和微软近期也扩大了长期合作关系，计划在Azure VMware解决方案上支持VMware Cloud Foundation订阅。这为Azure VMware解决方案提供了额外的购买选择，Azure VMware自2019年以来一直由微软销售和运营。

2024财年第一季度，人工智能收入同比翻了两番，达到23亿美元。博通目前预计2024财年人工智能收入约为100亿美元，高于此前75亿美元的指导目标，占半导体收入的35%，该占比也高于此前25%的指导目标。

与此同时，受网络连接的加速部署和超级计算机中人工智能加速器的扩展推动，网络业务收入预计将同比增长35%。

主要不利因素：宽带和服务器存储发展缓慢

值得注意的是，虽然GenAI的快速应用预示着博通的长期前景良好，但预计企业和电信终端市场仍将持续低迷。电信公司乏力的支出阻碍了宽带的增长，服务器存储连接解决方案的需求疲软也令人担忧。

叠加充满挑战的宏观经济环境，这些因素预计将在短期内损害博通的营收增长。

此外，Zacks评定博通的价值分数为F，代表当前估值水平较为紧张，博通目前的Zacks排序为3，意为“中性”，因此，投资者应等待更好的入市时机。

编辑/new

$Broadcom (AVGO.US)$The financial report for the second quarter of the 2024 fiscal year will be released after the market closes on June 12th. Zacks consensus expectations show that it is expected Q2 revenue will reach 12.04 billion dollars, a year-on-year increase of 37.88%. In addition, the performance of the second fiscal quarter is expected to benefit from Broadcom's expanding portfolio of generative artificial intelligence (AI) products. In the past 30 days, the company's earnings expectations have increased by 0.8% to $10.79 per share, a year-on-year increase of 4.55%. In the past four quarters, Broadcom's profits have consistently exceeded Zacks consensus expectations, with an average profit of over 2.81%.

Furthermore, Zacks forecasts that second-quarter semiconductor solution revenue will be $7.14 billion, a year-on-year increase of 4.8%.

VMware's continued strong bookings are expected to drive revenue growth for Broadcom. The company expects double-digit consecutive growth in this segment for the remainder of the fiscal year.

Strong GenAI product portfolio supports development prospects.

Based on the increasing demand for artificial intelligence infrastructure and the strong deployment of the GenAI product portfolio, Broadcom's long-term prospects are promising. Broadcom's solutions can meet the increasing demand for artificial intelligence workloads and fast networks in datacenters.

Broadcom's third-generation RoCE pipeline, low-latency congestion control, and innovative telemetry capabilities make its latest 400G PCIe Gen5.0 Ethernet adapter an ideal choice for high-bandwidth, high-pressure environments typical of artificial intelligence infrastructure.

Broadcom's Bailly is the world's leading 51.2Tbps co-packaged optical Ethernet switch. The product integrates cutting-edge silicon photonics technology and Broadcom's Strata XGS Tomahawk5 switch chip. Tomahawk5 provides significant performance improvements for artificial intelligence and machine learning infrastructure.

A solid product portfolio helps expand its customer base, including companies such as Alphabet (GOOGL.US) and Meta Platforms (META.US). Broadcom's strong partner foundation, including Microsoft (MSFT.US), is also noteworthy.

Alphabet is one of Broadcom's major customers for specific application integrated circuits (ASICs) designed to support artificial intelligence and machine learning and improve task efficiency. Meta Platforms is also an important customer, using Broadcom's ASICs to develop Metaverse hardware.

Expanding its relationship with Google.

In April of this year, Broadcom announced an expansion of its partnership with Google, focusing on leveraging Google Cloud's VMware workload capabilities to enhance the user experience and simplify operations through GenAI. Since then, Broadcom's relationship with Google has expanded further.

Recently, Broadcom expanded its long-term partnership with Microsoft to support VMware Cloud Foundation subscriptions on Azure VMware Solutions. This provides additional purchasing options for Azure VMware Solutions, which has been sold and operated by Microsoft since 2019.

In the first quarter of FY2024, AI revenue doubled year-on-year to reach $2.3 billion. Broadcom currently expects AI revenue in FY2024 to be around $10 billion, higher than the previous guidance of $7.5 billion, accounting for 35% of semiconductor revenue, which is also higher than the previous guidance of 25%.

In addition, driven by the accelerated deployment of network connections and the expansion of AI accelerators in supercomputers, network business revenue is expected to increase by 35% year-on-year.

Major adverse factors: slow development of broadband and server storage.

It is worth noting that, although the rapid application of GenAI indicates Broadcom's good long-term prospects, the enterprise and telecom terminal markets are expected to remain weak. Telecoms' weak spending is hindering broadband growth, and the sluggish demand for server storage connection solutions is also a cause for concern. In addition, these factors, combined with a challenging macroeconomic environment, are expected to harm Broadcom's revenue growth in the short term.

Additionally, Zacks rates Broadcom's value score as F, representing a currently tight valuation level. Broadcom's current Zacks rank is 3, meaning "neutral," so investors should wait for a better entry point.

In addition, Zacks rates Broadcom's value score as F, indicating a relatively tense current valuation level. Broadcom's current Zacks ranking is 3, meaning 'neutral', so investors should wait for a better entry point.

Editor/new

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