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Figure 8： Hyperscalers' ASIC projects and our expectations for 2026E

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Figure 8： Hyperscalers' ASIC projects and our expectations for 2026E_第1页

<table>
    <thead>
        <tr>
            ```html
<th>Company</th>
            <th>Amazon</th>
            <th>Amazon</th>
            <th>Amazon</th>
            <th>Amazon</th>
            <th>Amazon</th>
            <th>Amazon</th>
            <th>Alphabet</th>
            <th>Alphabet</th>
            <th>Alphabet</th>
            <th>Alphabet</th>
            <th>Alphabet</th>
            <th>Microsoft</th>
            <th>Microsoft</th>
            <th>Microsoft</th>
            <th>Meta</th>
            <th>OpenAI</th>
            <th>Intel/Habana</th>
            <th>Tesla</th>
            <th>Tesla</th>
        </tr>
    </thead>
    <tbody>
        <tr>
            <td>High performance computing ASICs</td>
            <td>Graviton 3</td>
            <td>Inferentia1</td>
            <td>Trainium1/Inferentia2</td>
            <td>Trainium2/Inferentia3</td>
            <td>Trainium 2.5/Inferentia 3.5</td>
            <td>Trainium3/Inferentia4</td>
            <td>TPU v5p/v6p</td>
            <td>TPU v5e</td>
            <td>TPU v6e (Trillium)</td>
            <td>TPU v7p</td>
            <td>TPU v7e</td>
            <td>Cobalt 100</td>
            <td>Maia 100</td>
            <td>Maia 200</td>
            <td>MTIA3</td>
            <td>Titan</td>
            <td>Gaudi 3</td>
            <td>Dojo</td>
            <td>Dojo 2</td>
        </tr>
        <tr>
            <td>Function</td>
            <td>Data center CPU</td>
            <td>AI inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>Data center CPU</td>
            <td>AI inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
            <td>AI training & inference</td>
        </tr>
        <tr>
            <td>Design</td>
            <td>2021</td>
            <td>2018</td>
            <td>2020</td>
            <td>2022</td>
            <td>2025</td>
            <td>2023</td>
            <td>2022</td>
            <td>2023</td>
            <td>2024</td>
            <td>2024</td>
            <td>2024</td>
            <td>2022</td>
            <td>2022</td>
            <td>2023</td>
            <td>2024</td>
            <td>2024</td>
            <td>2022</td>
            <td>2023</td>
            <td>2024</td>
        </tr>
        <tr>
            <td>Production</td>
            <td>2022</td>
            <td>2021</td>
            <td>2022</td>
            <td>2024</td>
            <td>2026</td>
            <td>2026</td>
            <td>2023</td>
            <td>2023</td>
            <td>2025</td>
            <td>2026</td>
            <td>2026</td>
            <td>2024</td>
            <td>2024</td>
            <td>2025</td>
            <td>2026</td>
            <td>2026</td>
            <td>2024</td>
            <td>2023</td>
            <td>2026</td>
        </tr>
        <tr>
            <td>Foundry</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
            <td>TSMC</td>
        </tr>
        <tr>
            <td>Process node</td>
            <td>5nm</td>
            <td>16nm</td>
            <td>7nm</td>
            <td>5nm</td>
            <td>3nm</td>
            <td>3nm</td>
            <td>5nm</td>
            <td>5nm</td>
            <td>4nm</td>
            <td>3nm</td>
            <td>3nm</td>
            <td>5nm</td>
            <td>5nm</td>
            <td>3nm</td>
            <td>3nm</td>
            <td>3nm</td>
            <td>3nm</td>
            <td>5nm</td>
            <td>5nm</td>
        </tr>
        <tr>
            <td>Dies per wafer</td>
            <td>180</td>
            <td>50</td>
            <td>39</td>
            <td>35</td>
            <td>39</td>
            <td>32</td>
            <td>26</td>
            <td>81</td>
            <td>73</td>
            <td>14</td>
            <td>26</td>
            <td>64</td>
            <td>36</td>
            <td>32</td>
            <td>16</td>
            <td>17</td>
            <td>17</td>
            <td>45</td>
            <td>36</td>
        </tr>
        <tr>
            <td>Foundry wafer pricing (US$)</td>
            <td>$15,000</td>
            <td>$8,000</td>
            <td>$11,500</td>
            <td>$15,000</td>
            <td>$20,000</td>
            <td>$22,000</td>
            <td>$15,000</td>
            <td>$15,500</td>
            <td>$16,000</td>
            <td>$22,000</td>
            <td>$22,000</td>
            <td>$15,000</td>
            <td>$20,000</td>
            <td>$20,000</td>
            <td>$20,000</td>
            <td>$20,000</td>
            <td>$20,000</td>
            <td>$11,500</td>
            <td>$17,000</td>
        </tr>
        <tr>
            <td>Front-end manufacturing cost per die</td>
            <td>$83</td>
            <td>$159</td>
            <td>$294</td>
            <td>$426</td>
            <td>$512</td>
            <td>$692</td>
            <td>$585</td>
            <td>$185</td>
            <td>$225</td>
            <td>$1,557</td>
            <td>$834</td>
            <td>$233</td>
            <td>$420</td>
            <td>$621</td>
            <td>$1,279</td>
            <td>$1,194</td>
            <td>$422</td>
            <td>$253</td>
            <td>$475</td>
        </tr>
        <tr>
            <td>Back-end cost per die</td>
            <td>$21</td>
            <td>$40</td>
            <td>$177</td>
            <td>$256</td>
            <td>$307</td>
            <td>$415</td>
            <td>$403</td>
            <td>$120</td>
            <td>$146</td>
            <td>$1,074</td>
            <td>$584</td>
            <td>$58</td>
            <td>$252</td>
            <td>$373</td>
            <td>$320</td>
            <td>$298</td>
            <td>$253</td>
            <td>$152</td>
            <td>$285</td>
        </tr>
        <tr>
            <td>Total cost per die (US$)</td>
            <td>$104</td>
            <td>$199</td>
            <td>$471</td>
            <td>$682</td>
            <td>$819</td>
            <td>$1,107</td>
            <td>$988</td>
            <td>$305</td>
            <td>$371</td>
            <td>$2,631</td>
            <td>$1,418</td>
            <td>$291</td>
            <td>$672</td>
            <td>$994</td>
            <td>$1,599</td>
            <td>$1,492</td>
            <td>$675</td>
            <td>$405</td>
            <td>$761</td>
        </tr>
        <tr>
            <td>IC design margins</td>
            <td>NA</td>
            <td>18%</td>
            <td>13%</td>
            <td>38%</td>
            <td>38%</td>
            <td>15%</td>
            <td>65%</td>
            <td>65%</td>
            <td>65%</td>
            <td>65%</td>
            <td>30%</td>
            <td>8%</td>
            <td>8%</td>
            <td>8%</td>
            <td>65%</td>
            <td>65%</td>
            <td>18%</td>
            <td>18%</td>
            <td>18%</td>
        </tr>
        <tr>
            <td>IC design turnkey content per die (US$)</td>
            <td>NA</td>
            <td>$318</td>
            <td>$850</td>
            <td>$941</td>
            <td>$1,130</td>
            <td>$1,273</td>
            <td>$5,212</td>
            <td>$1,273</td>
            <td>$1,866</td>
            <td>$12,345</td>
            <td>$2,026</td>
            <td>$315</td>
            <td>$1,333</td>
            <td>$1,986</td>
            <td>$11,809</td>
            <td>$9,694</td>
            <td>$797</td>
            <td>$810</td>
            <td>$810</td>
        </tr>
        <tr>
            <td>IC design turnkey TAM - guidance/UBSe (US$mn)</td>
            <td>NA</td>
            <td>$0</td>
            <td>$0</td>
            <td>$475</td>
            <td>$1,000</td>
            <td>$2,000</td>
            <td>$0</td>
            <td>$0</td>
            <td>$1,385</td>
            <td>$25,332</td>
            <td>$500</td>
            <td>$15</td>
            <td>$0</td>
            <td>$65</td>
            <td>$5,100</td>
            <td>$4,845</td>
            <td>$85</td>
            <td>$50</td>
            <td>$50</td>
        </tr>
        <tr>
            <td>Implied IC design service turnkey volume (units)</td>
            <td>NA</td>
            <td>0</td>
            <td>0</td>
            <td>504,597</td>
            <td>885,258</td>
            <td>1,570,776</td>
            <td>0</td>
            <td>0</td>
            <td>742,087</td>
            <td>2,051,983</td>
            <td>246,834</td>
            <td>47,661</td>
            <td>0</td>
            <td>32,724</td>
            <td>431,874</td>
            <td>499,784</td>
            <td>106,667</td>
            <td>61,734</td>
            <td>61,734</td>
        </tr>
        <tr>
            <td>Implied '26 wafer demand (k wafers per annum)</td>
            <td>NA</td>
            <td>0</td>
            <td>0</td>
            <td>18</td>
            <td>28</td>
            <td>62</td>
            <td>0</td>
            <td>0</td>
            <td>13</td>
            <td>182</td>
            <td>12</td>
            <td>1</td>
            <td>0</td>
            <td>1</td>
            <td>35</td>
            <td>37</td>
            <td>4</td>
            <td>2</td>
            <td>2</td>
        </tr>
        <tr>
            <td>IC design service / supply chain management partner</td>
            <td>N/A</td>
            <td>Alchip</td>
            <td>Alchip</td>
            <td>Marvell</td>
            <td>Marvell</td>
            <td>Alchip</td>
            <td>Broadcom</td>
            <td>Broadcom</td>
            <td>Broadcom</td>
            <td>Broadcom</td>
            <td>Mediatek</td>
            <td>GUC</td>
            <td>GUC</td>
            <td>GUC</td>
            <td>Broadcom</td>
            <td>Broadcom</td>
            <td>Alchip</td>
            <td>Alchip</td>
            <td>GUC</td>
        </tr>
    </tbody>
</table>

Source: Company data, UBS estimates.
```

Figure 8： Hyperscalers' ASIC projects and our expectations for 2026E_第2页

Figure 8： Hyperscalers' ASIC projects and our expectations for 2026E_第3页

### 数据表格

#### 估值
| 指标                     | 01/24   | 01/25   | 01/26   | 01/27E  | 01/28E  | 01/29E  | 01/30E  | 01/31E  |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| 市盈率（当地GAAP，摊薄） | 无数据  | 无数据  | 25.1    | 39.2    | 22.0    | 13.6    | 10.5    | 9.6     |
| 市盈率（瑞银，摊薄）     | 35.2    | 50.4    | 27.2    | 19.6    | 14.0    | 10.1    | 8.2     | 7.5     |
| P/CEPS                   | 28.4    | 40.8    | 23.6    | 17.4    | 12.7    | 9.3     | 7.6     | 7.0     |
| 权益自由现金流（瑞银）收益率 % | 2.2     | 2.0     | 2.1     | 3.3     | 5.2     | 8.3     | 11.3    | 12.5    |
| 红利收益率(净) %         | 0.5     | 0.3     | 0.3     | 0.3     | 0.3     | 0.3     | 0.3     | 0.3     |
| 市净率                   | 3.1     | 5.1     | 4.6     | 3.7     | 3.5     | 2.9     | 2.4     | 1.9     |
| EV/收入（核心）          | 9.0     | NM      | 8.6     | 6.1     | 4.6     | 3.5     | 3.0     | 2.8     |
| EV/EBITDA（瑞银核心）    | NM      | NM      | 42.0    | 26.7    | 16.5    | 10.9    | 8.9     | 8.2     |
| EV/EBIT（核心）          | NM      | NM      | 53.1    | 31.4    | 18.2    | 11.7    | 9.5     | 8.7     |
| EV/OpFCF（核心）         | NM      | NM      | 44.4    | 27.5    | 17.0    | 11.2    | 9.2     | 8.5     |
| 企业价值/投资资本        | 2.7     | 4.2     | 4.3     | 3.6     | 3.2     | 3.0     | 2.9     | 2.8     |

#### 企业价值（百万美元）
| 指标           | 01/24   | 01/25   | 01/26   | 01/27E  | 01/28E  | 01/29E  | 01/30E  | 01/31E  |
|----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| 市值           | 45,730  | 68,590  | 66,498  | 64,222  | 64,222  | 64,222  | 64,222  | 64,222  |
| 净债务（现金） | 3,758   | 3,758   | 3,758   | 2,371   | 2,371   | 2,371   | 3,322   | 3,322   |
| 收购少数股东   | 0       | 0       | 0       | 0       | 0       | 0       | 0       | 0       |
| 养老金准备/其他 | 0       | 0       | 0       | 0       | 0       | 0       | 0       | 0       |
| 企业总价值     | 49,487  | 72,347  | 70,256  | 66,593  | 66,593  | 66,593  | 67,544  | 67,544  |
| 非核心资产     | 0       | 0       | 0       | 0       | 0       | 0       | 0       | 0       |
| 核心企业价值   | 49,487  | 72,347  | 70,256  | 66,593  | 66,593  | 66,593  | 67,544  | 67,544  |

#### 增长 (%)
| 指标               | 01/24   | 01/25   | 01/26   | 01/27E  | 01/28E  | 01/29E  | 01/30E  | 01/31E  |
|--------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| 收入               | (7.0)   | 4.7     | 42.1    | 33.1    | 33.3    | 29.2    | 18.1    | 9.0     |
| EBITDA（瑞银）     | -       | (55.3)  | -       | 49.0    | 62.0    | 51.0    | 24.0    | 8.5     |
| 息税前利润（瑞银） | -       | (26.9)  | -       | 60.1    | 72.3    | 55.7    | 25.2    | 8.5     |
| 每股收益（UBS，稀释后） | (28.9)  | 4.2     | 81.1    | 35.5    | 40.2    | 38.6    | 23.5    | 9.7     |
| 净DPS              | 0.0     | 0.0     | 0.0     | 0.0     | 0.0     | 0.0     | 0.0     | 0.0     |

#### 利润率和盈利能力 (%)
| 指标                 | 01/24   | 01/25   | 01/26   | 01/27E  | 01/28E  | 01/29E  | 01/30E  | 01/31E  |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| 毛利率               | 41.6    | 41.3    | 51.0    | 52.3    | 53.8    | 55.4    | 55.9    | 55.5    |
| EBITDA利润率         | NM      | NM      | 20.4    | 22.8    | 27.7    | 32.4    | 34.0    | 33.9    |
| EBIT（瑞银）利润率   | (10.3)  | (12.5)  | 16.1    | 19.4    | 25.1    | 30.2    | 32.1    | 31.9    |
| 净收益（瑞银）利润率 | 23.8    | 23.9    | 30.1    | 31.0    | 32.3    | 34.3    | 35.5    | 35.5    |
| 税后投资回报率(EBIT) | NM      | NM      | 8.1     | 11.6    | 17.4    | 25.9    | 31.0    | 32.4    |
| 税后投资回报率       | NM      | NM      | 6.6     | 11.6    | 17.4    | 25.9    | 31.0    | 32.4    |
| ROE（瑞银）          | 8.6     | 9.7     | 17.8    | 21.2    | 26.0    | 31.9    | 32.5    | 29.1    |

#### 资本结构与覆盖率 (x)
| 指标                         | 01/24   | 01/25   | 01/26   | 01/27E  | 01/28E  | 01/29E  | 01/30E  | 01/31E  |
|------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| 净债务 / EBITDA               | (12.0)  | (7.5)   | 1.1     | 1.2     | 0.7     | 0.1     | (0.4)   | (1.0)   |
| 净债务 / 总权益%              | 21.7    | 23.2    | 12.8    | 16.6    | 14.6    | 3.8     | (12.3)  | (25.2)  |
| 净负债 / (净负债 + 股东权益总额)% | 17.8    | 18.8    | 11.3    | 14.2    | 12.8    | 3.7     | (14.0)  | (33.7)  |
| 净债务/企业价值百分比         | 6.9     | 4.4     | 3.5     | 3.6     | 4.2     | 2.7     | (1.8)   | (8.5)   |
| 资本支出 / 折旧百分比         | 112.2   | 93.5    | 101.6   | 102.4   | 132.4   | 138.7   | 152.3   | 153.3   |
| 资本支出 / 收入%              | 6.1     | 4.9     | 4.3     | 3.5     | 3.5     | 3.0     | 3.0     | 3.0     |
| 息税前利润 / 净利息           | -       | -       | -       | 9.9     | 16.8    | 31.8    | NM      | NM      |
| 股息保障率（瑞银）            | 6.3     | 6.6     | 12.0    | 16.3    | 22.9    | NM      | NM      | NM      |
| 分红支付比率（瑞银）%         | 15.8    | 15.1    | 8.3     | 6.1     | 4.4     | 3.2     | 2.6     | 2.3     |

#### 按部门收入 (百万美元)
| 指标 | 01/24   | 01/25   | 01/26   | 01/27E  | 01/28E  | 01/29E  | 01/30E  | 01/31E  |
|------|---------|---------|---------|---------|---------|---------|---------|---------|
| 其他 | 5,508   | 5,767   | 8,195   | 10,910  | 14,546  | 18,800  | 22,198  | 24,189  |
| 总计 | 5,508   | 5,767   | 8,195   | 10,910  | 14,546  | 18,800  | 22,198  | 24,189  |

#### 按部门划分的EBIT (UBS) （百万美元）
| 指标 | 01/24   | 01/25   | 01/26   | 01/27E  | 01/28E  | 01/29E  | 01/30E  | 01/31E  |
|------|---------|---------|---------|---------|---------|---------|---------|---------|
| 其他 | (568)   | (720)   | 1,323   | 2,118   | 3,650   | 5,684   | 7,117   | 7,722   |
| 总计 | (568)   | (720)   | 1,323   | 2,118   | 3,650   | 5,684   | 7,117   | 7,722   |


### 资料来源  
来源：公司账户，瑞银估计。（瑞银）指标使用的报告数据经瑞银分析师调整。

Figure 8： Hyperscalers' ASIC projects and our expectations for 2026E_第4页

### 利润表（百万美元）
| 项目                     | 01/24   | 01/25   | 01/26   | 01/27E  | %变动  | 01/28E  | %变动  | 01/29E  | 01/30E  | 01/31E  |
|--------------------------|---------|---------|---------|---------|--------|---------|--------|---------|---------|---------|
| 总收入                   | 5,508   | 5,767   | 8,195   | 10,910  | 33.1   | 14,546  | 33.3   | 18,800  | 22,198  | 24,189  |
| 毛利                     | 2,294   | 2,382   | 4,181   | 5,701   | 36.4   | 7,825   | 37.2   | 10,422  | 12,418  | 13,435  |
| 息税折旧摊销前利润 (UBS) | (268)   | (416)   | 1,672   | 2,491   | 49.0   | 4,035   | 62.0   | 6,091   | 7,554   | 8,195   |
| 折旧与摊销               | (300)   | (304)   | (349)   | (373)   | -7.0   | (385)   | -3.1   | (407)   | (437)   | (473)   |
| 息税前利润 (UBS)         | (568)   | (720)   | 1,323   | 2,118   | 60.1   | 3,650   | 72.3   | 5,684   | 7,117   | 7,722   |
| 联合与投资收入           | 0       | 0       | 0       | 0       | -      | 0       | -      | 0       | 0       | 0       |
| 其他非经营收入           | 0       | 0       | 0       | 0       | -      | 0       | -      | 0       | 0       | 0       |
| 净利息                   | (191)   | (174)   | 1,724   | (214)   | -      | (217)   | -1.5   | (179)   | (87)    | (58)    |
| 例外项 (包括商誉)        | 0       | 0       | 0       | 0       | -      | 0       | -      | 0       | 0       | 0       |
| 税前利润                 | (759)   | (895)   | 3,047   | 1,905   | -37.5  | 3,433   | 80.3   | 5,505   | 7,030   | 7,664   |
| 税                       | (175)   | 10      | (377)   | (210)   | 44.4   | (446)   | -113.0 | (716)   | (914)   | (996)   |
| 税后利润                 | (933)   | (885)   | 2,670   | 1,695   | -36.5  | 2,987   | 76.2   | 4,790   | 6,116   | 6,667   |
| 优先股息                 | 0       | 0       | 0       | 0       | -      | 0       | -      | 0       | 0       | 0       |
| 少数民族                 | 0       | 0       | 0       | 0       | -      | 0       | -      | 0       | 0       | 0       |
| 非凡项目                 | 0       | 0       | 0       | 0       | -      | 0       | -      | 0       | 0       | 0       |
| 净收益 (当地公认会计原则)| (933)   | (885)   | 2,670   | 1,695   | -36.5  | 2,987   | 76.2   | 4,790   | 6,116   | 6,667   |
| 净收益 (瑞银)            | 1,310   | 1,377   | 2,466   | 3,382   | 37.2   | 4,702   | 39.0   | 6,444   | 7,871   | 8,579   |
| 税率 (%)                 | 0.0     | 0.0     | 12.4    | 0.0     | -      | 0.0     | -      | 0.0     | 0.0     | 0.0     |


### 每股（美元）
| 项目                         | 01/24  | 01/25  | 01/26  | 01/27E | %变化  | 01/28E | %变化  | 01/29E | 01/30E | 01/31E |
|------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 每股收益 (UBS, 稀释)         | 1.51   | 1.57   | 2.85   | 3.86   | 35.5   | 5.41   | 40.2   | 7.49   | 9.25   | 10.15  |
| 每股收益 (地方 GAAP, 稀释)   | (1.07) | (1.01) | 3.08   | 1.93   | -37.3  | 3.43   | 77.7   | 5.57   | 7.19   | 7.89   |
| 每股收益 (UBS, 基本)         | 1.52   | 1.59   | 2.87   | 3.92   | 36.4   | 5.49   | 40.2   | 7.62   | 9.40   | 10.32  |
| 净DPS (美元)                 | 0.24   | 0.24   | 0.24   | 0.24   | 0.0    | 0.24   | 0.0    | 0.24   | 0.24   | 0.24   |
| 现金每股收益 (UBS, 稀释后) 1 | 1.85   | 1.92   | 3.25   | 4.28   | 31.8   | 5.85   | 36.6   | 7.97   | 9.77   | 10.71  |
| 每股账面价值                 | 17.18  | 15.52  | 16.86  | 20.33  | 20.6   | 21.91  | 7.8    | 25.83  | 31.88  | 38.93  |
| 平均稀释股份                 | 869    | 877    | 866    | 877    | 1.2    | 870    | -0.8   | 860    | 851    | 845    |


### 资产负债表（百万美元）
| 项目                     | 01/24  | 01/25  | 01/26  | 01/27E | %变化  | 01/28E | %变化  | 01/29E  | 01/30E  | 01/31E  |
|--------------------------|--------|--------|--------|--------|--------|--------|--------|---------|---------|---------|
| 现金及等价物             | 951    | 948    | 2,639  | 1,061  | -59.8  | 1,240  | 16.8   | 1,892   | 4,994   | 9,120   |
| 其他流动资产             | 2,112  | 2,172  | 3,822  | 5,146  | 34.7   | 6,666  | 29.5   | 7,866   | 8,561   | 9,195   |
| 总流动资产               | 3,063  | 3,120  | 6,461  | 6,208  | -3.9   | 7,906  | 27.4   | 9,758   | 13,555  | 18,315  |
| 净有形固定资产           | 756    | 791    |935    | 1,144  | 22.3   | 1,268  | 10.9   | 1,426   | 1,654   | 1,906   |
| 净无形固定资产           | 15,591 | 14,298 | 12,817 | 15,546 | 21.3   | 14,903 | -4.1   | 14,714  | 14,714  | 14,714  |
| 投资 / 其他资产          | 1,819  | 1,996  | 2,073  | 2,073  | 0.0    | 2,073  | 0.0    | 2,073   | 2,073   | 2,073   |
| 总资产                   | 21,229 | 20,205 | 22,285 | 24,970 | 12.0   | 26,151 | 4.7    | 27,970  | 31,996  | 37,008  |
| 应付账款及其他短期负债   | 1,707  | 1,897  | 2,721  | 2,673  | -1.8   | 2,726  | 2.0    | 2,730   | 2,807   | 2,887   |
| 短期债务                 | 107    | 130    | 500    | 500    | 0.0    | 500    | 0.0    | 500     | 0       | 0       |
| 流动负债总计             | 1,814  | 2,027  | 3,221  | 3,172  | -1.5   | 3,226  | 1.7    | 3,230   | 2,807   | 2,887   |
| 长期债务                 | 4,059  | 3,934  | 3,971  | 3,471  | -12.6  | 3,471  | 0.0    | 2,221   | 1,721   | 971     |
| 其他长期负债             | 524    | 816    | 786    | 786    | 0.0    | 786    | 0.0    | 786     | 786     | 786     |
| 优先股                   | 0      | 0      | 0      | 0      | -      | 0      | -      | 0       | 0       | 0       |
| 总负债 (包括优先股)      | 6,397  | 6,777  | 7,977  | 7,429  | -6.9   | 7,482  | 0.7    | 6,237   | 5,313   | 4,643   |
| 普通股权                 | 14,831 | 13,427 | 14,308 | 17,541 | 22.6   | 18,669 | 6.4    | 21,734  | 26,683  | 32,365  |
| 少数股东权益             | 0      | 0      | 0      | 0      | -      | 0      | -      | 0       | 0       | 0       |
| 总负债与权益             | 21,228 | 20,205 | 22,285 | 24,970 | 12.0   | 26,151 | 4.7    | 27,970  | 31,996  | 37,008  |


### 现金流（百万美元）
| 项目                     | 01/24  | 01/25  | 01/26  | 01/27E | %变化  | 01/28E | %变化  | 01/29E  | 01/30E  | 01/31E  |
|--------------------------|--------|--------|--------|--------|--------|--------|--------|---------|---------|---------|
| 净收入 (优先股分红前)     | (933)  | (885)  | 2,670  | 1,695  | -36.5  | 2,987  | 76.2   | 4,790   | 6,116   | 6,667   |
| 折旧和摊销               | 300    | 304    | 349    | 373    | 7.0    | 385    | 3.1    | 407     | 437     | 473     |
| 营运资本的净变化         | 1,156  | 1,182  | (166)  | (511)  | -207.5 | (824)  | -61.2  | (1,006) | (619)   | (554)   |
| 其他运营                 | 848    | 1,080  | (1,102) | 958    | -      | 1,309  | 36.7   | 1,692   | 1,998   | 2,177   |
| 运营现金流               | 1,371  | 1,681  | 1,751  | 2,515  | 43.6   | 3,857  | 53.4   | 5,883   | 7,932   | 8,764   |
| 有形资本支出             | (336)  | (285)  | (354)  | (382)  | -7.8   | (509)  | -33.3  | (564)   | (666)   | (726)   |
| 无形资本支出             | (14)   | (7)    | (5)    | 0      | -      | 0      | -      | 0       | 0       | 0       |
| 净 (收购) 与处置         | (6)    | (10)   | 2,479  | (3,790) | -      | 0      | -      | 0       | 0       | 0       |
| 其他投资                 | 0      | 1      | (22)   | 0      | -      | 0      | -      | 0       | 0       | 0       |
| 投资现金流               | (356)  | (301)  | 2,098  | (4,172) | -      | (509)  | 87.8   | (564)   | (666)   | (726)   |
| 支付的股息               | (207)  | (208)  | (205)  | (210)  | -2.5   | (209)  | 0.7    | (206)   | (204)   | (203)   |
| 股票回购 / (回购)        | (150)  | (725)  | (2,040) | 790    | -      | (2,960) | -      | (3,210) | (2,960) | (2,960) |
| 其他融资                 | (291)  | (341)  | (321)  | 0      | -      | 0      | -      | 0       | 0       | 0       |
| 债务和优先股的变化       | (327)  | (109)  | 408    | (500)  | -      | 0      | -      | (1,250) | (1,000) | (750)   |
| 融资现金流               | (975)  | (1,383) | (2,158) | 80     | -      | (3,169) | -      | (4,666) | (4,164) | (3,913) |
| 现金流/(减少)现金         | 40     | (3)    | 1,691  | (1,577) | -      | 179    | -      | 652     | 3,102   | 4,125   |
| FX / 非现金项目         | 0      | 0      | 0      | 0      | -      | 0      | -      | 0       | 0       | 0       |
| 资产负债表现金的增加 (减少) | 40     | (3)    | 1,691  | (1,577) | -      | 179    | -      | 652     | 3,102   | 4,125   |


### 资料来源
来源：公司账目，瑞银估算。（瑞银）指标使用的报告数字已由瑞银分析师进行了调整。1现金每股收益（瑞银，稀释后）是通过瑞银净收入加回折旧和摊销来计算的