【招银国际】Solid 2Q results for Broadcom; eyes on the development of AI inference-250609（2页）.pdf

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1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 9 Jun 2025 CMB International Global Markets|Equity Research|Sector Update Semiconductors Solid 2Q results for Broadcom;eyes on the development of AI inference Broadcom(A

2、VGO,NR)delivered another record-setting quarter in 2QFY25,with revenue reaching US$15bn,up 20.2%YoY/flat QoQ and 0.3%/0.7%above Bloomberg consensus and mgmt.s guidance.Gross margin was 79.4%for the quarter(vs.79.1%/76.2%in 1QFY25/2QFY24),0.51ppt higher than Bloomberg consensus.The companys revenue c

3、ontinued to be powered by strength in AI semiconductor and infrastructure software segments during the quarter.Mgmt.guides Q3 revenue at US$15.8bn,implying a 21%YoY growth,with semiconductor segment forecasted to grow by 25%to US$9.1bn,and software segment to grow by 16%YoY to US$6.7bn.Mgmt.guided A

4、I revenue this year to see 60%YoY growth and expected such trajectory to sustain into FY26,driven by accelerating demand for XPUs and networking.Broadcoms solid earnings confirm that inference workloads are growing significantly,benefitting the infrastructure supply chain.The companys AI business re

5、mains the central growth engine for the semiconductor segment.The segment revenue grew by 17%YoY/11%QoQ to US$8.4bn in Q2,of which mgmt.saw US$4.4bn was AI-related(29.3%of total revenue),up 46%YoY,and forecasted US$5.1bn in Q3,implying another 60%YoY/16%QoQ growth.The company saw strong demand acros

6、s both custom XPUs and AI networking,with networking expanding 170%+YoY and accounting for 40%of AI revenue during the quarter,sustained by a growing shift towards inference workloads supplementing the already robust training demand.In addition,Broadcom announced the Tomahawk 6 switch recently,offer