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GoogleTPU发展历程,博通参与TPU全生态建设,积累ASIC部署经验
GoogleTPU发展历程,博通参与TPU全生态建设,积累ASIC部署经验
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<|begin_of_box|>### 利润表（百万元美元）
| 项目                     | 2023    | 2024     | 2025E   | 2026E    | 2027E    |
|--------------------------|---------|----------|---------|----------|----------|
| 营业收入                 | 35,819  | 51,574   | 63,348  | 89,879   | 117,073  |
| 营业成本                 | (11,129)| (19,065) | (20,543)| (30,377) | (41,121) |
| 毛利                     | 24,690  | 32,509   | 42,805  | 59,502   | 75,952   |
| 销售及管理费用           | (1,592) | (4,959)  | (4,216) | (5,154)  | (6,146)  |
| 研发费                   | (5,253) | (9,310)  | (11,142)| (15,916) | (20,048) |
| 其他经营性收入/费用      | (1,638) | (4,777)  | (2,249) | 97       | 1,528    |
| 经营利润                 | 16,207  | 13,463   | 25,200  | 38,529   | 51,286   |
| Non-GAAP标准下的经营利润 | 22,125  | 30,736   | 41,330  | 55,179   | 68,706   |
| 财务成本净额             | (1,622) | (3,953)  | (3,119) | (1,940)  | (1,245)  |
| 其他非经营性收入/费用    | 512     | 406      | 433     | 400      | 400      |
| 税前利润                 | 15,097  | 9,916    | 22,513  | 36,990   | 50,441   |
| 税费                     | (1,015) | (3,748)  | (2,252) | (4,000)  | (4,000)  |
| 净利润                   | 14,082  | 6,168    | 20,261  | 32,990   | 46,441   |
| 非年收益计算的净利润     | 14,082  | 6,168    | 20,261  | 32,990   | 46,441   |
| Non-GAAP标准下的净利润   | 18,378  | 23,733   | 33,264  | 46,218   | 58,327   |


### 现金流量表（百万元美元）
| 项目                     | 2023    | 2024     | 2025E   | 2026E    | 2027E    |
|--------------------------|---------|----------|---------|----------|----------|
| 年结11月03日             |         |          |         |          |          |
| 净利润                   | 14,082  | 5,895    | 20,261  | 32,990   | 46,441   |
| 折旧及摊销               | 3,835   | 10,010   | 8,729   | 9,238    | 9,608    |
| 营运资本变动             | (1,643) | (4,637)  | (6,097) | 404      | 821      |
| 其他经营活动现金流       | 1,811   | 8,694    | 6,639   | 7,200    | 7,600    |
| 经营活动现金流           | 18,085  | 19,962   | 29,533  | 49,832   | 64,470   |
| 资本支出                 | (452)   | (548)    | (536)   | (600)    | (600)    |
| 投资活动                 | (118)   | (19)     | (164)   | (200)    | (200)    |
| 其他投资活动现金流       | (119)   | (22,503) | 287     | 0        | 0        |
| 投资活动现金流           | (689)   | (23,070) | (413)   | (800)    | (800)    |
| 负债净变动               | (403)   | 20,346   | (6,045) | (17,600) | (17,600) |
| 权益净变动               | (7,563) | (12,202) | (10,750)| (12,582) | (15,132) |
| 股息                     | (7,645) | (9,814)  | (11,131)| (16,000) | (16,000) |
| 其他融资活动现金流       | (12)    | (63)     | 431     | 0        | 0        |
| 融资活动现金流           | (15,623)| (1,733)  | (27,495)| (46,182) | (48,732) |
| 年初现金                 | 12,416  | 14,189   | 9,348   | 10,973   | 13,822   |
| 年末现金                 | 14,189  | 9,348    | 10,973  | 13,822   | 28,761   |


### 资产负债表（百万元美元）
| 项目                     | 2023    | 2024     | 2025E   | 2026E    | 2027E    |
|--------------------------|---------|----------|---------|----------|----------|
| 截至11月03日             |         |          |         |          |          |
| 现金及现金等价物         | 14,189  | 9,348    | 10,973  | 13,822   | 28,761   |
| 应收账款及票据           | 3,154   | 4,416    | 6,819   | 8,288    | 10,074   |
| 存货                     | 1,898   | 1,760    | 2,245   | 2,527    | 2,844    |
| 其他流动资产             | 1,606   | 4,071    | 5,662   | 5,892    | 6,131    |
| 总流动资产               | 20,847  | 19,595   | 25,699  | 30,530   | 47,810   |
| 物业、厂房及设备         | 2,154   | 2,521    | 2,449   | 2,481    | 2,513    |
| 无形资产                 | 3,867   | 40,583   | 32,309  | 23,639   | 14,599   |
| 合营企业/联营公司投资   | 43,653  | 97,873   | 97,851  | 98,051   | 98,251   |
| 其他长期资产             | 2,340   | 5,073    | 6,087   | 6,334    | 6,592    |
| 总之期资产               | 52,014  | 146,050  | 138,696 | 130,505  | 121,955  |
| 总资产                   | 72,861  | 165,645  | 164,395 | 161,035  | 169,765  |
| 短期贷款                 | 1,608   | 1,271    | 1,399   | 1,399    | 1,399    |
| 应付账款                 | 1,210   | 1,662    | 1,575   | 2,306    | 3,377    |
| 其他短期负债             | 4,587   | 13,764   | 14,166  | 15,542   | 17,346   |
| 总流动负债               | 7,405   | 16,697   | 17,141  | 19,248   | 22,122   |
| 长期贷款                 | 37,621  | 66,295   | 60,930  | 43,330   | 25,730   |
| 其他长期负债             | 3,847   | 14,975   | 12,938  | 13,463   | 14,010   |
| 总之期负债               | 41,468  | 81,270   | 73,868  | 56,793   | 39,740   |
| 总负债                   | 48,873  | 97,967   | 91,009  | 76,041   | 61,862   |
| 股本                     | 21,099  | 67,471   | 69,016  | 69,016   | 69,016   |
| 储备及其他资本项目       | 2,889   | 207      | 4,370   | 15,978   | 38,887   |
| 股东权益                 | 23,988  | 67,678   | 73,386  | 84,994   | 107,903  |
| 总权益                   | 23,988  | 67,678   | 73,386  | 84,994   | 107,903  |


### 财务比率
| 项目                     | 2023    | 2024     | 2025E   | 2026E    | 2027E    |
|--------------------------|---------|----------|---------|----------|----------|
| 年结10月31日             |         |          |         |          |          |
| 年股指标(美元)           |         |          |         |          |          |
| 核心每股收益             | 4.222   | 4.866    | 6.844   | 9.510    | 12.002   |
| 全面摊薄每股收益         | 4.222   | 4.866    | 6.844   | 9.510    | 12.002   |
| Non-GAAP标准下每股收益   | 4.222   | 4.866    | 6.844   | 9.510    | 12.002   |
| 每股账面值               | 5.615   | 14.165   | 15.100  | 17.488   | 22.202   |
| 利润率分析(%)            |         |          |         |          |          |
| 毛利率                   | 68.9    | 63.0     | 67.6    | 66.2     | 64.9     |
| 净利率                   | 39.3    | 12.0     | 32.0    | 36.7     | 39.7     |
| 利润率分析(%)-Non-GAAP标准 |         |          |         |          |          |
| 经营利润率               | 61.8    | 59.6     | 65.2    | 61.4     | 58.7     |
| 净利率                   | 51.3    | 46.0     | 52.5    | 51.4     | 49.8     |
| 其他                     |         |          |         |          |          |
| 净负债权益比(%)          | 104.4   | 86.0     | 70.0    | 36.4     | 注现金   |
| 流动比率                 | 2.8     | 1.2      | 1.5     | 1.6      | 2.2      |


### 资料来源
公司资料，交银国际预测<|end_of_box|>
所属报告:
【交银国际证券】AI叙事或将继续,首予买入-251117(61页).pdf
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2026-03-24
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图7:超大规模企业当前正在推进的ASIC项目计划至2025年
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图8:超大规模企业的ASIC项目及我们对2026年的预测
| 公司   | 高性能计算ASICs       | 功能             | 设计 | 生产 | 代工 | 工艺节点 | 每片晶圆的费用 | 铸造晶圆价格(美元) | 每个芯片的前端制造成本 | 每颗芯片的后端成本 | 每个散子的总成本(美元) | IC设计幅度 | 每个散子的1C设计交钥匙内容(美元) | IC设计交钥匙市场指导/URSe(百万美元) | 隐含IC设计服务交钥匙项目数量(单位) | 暗示的'26硅片需求(千硅片每年) | IC设计服务/供应链管理合作伙伴 |
|--------|------------------------|------------------|------|------|------|----------|----------------|--------------------|------------------------|--------------------|-------------------------|------------|------------------------------------|-------------------------------------|-----------------------------------|-------------------------------|------------------------------|
| 亚马逊 | 引子力3                | 数据中心CPU      | 2021 | 2022 | 台积电 | 5纳米    | 180            | $15,000            | $83                    | $21                | $104                    | 无         | NA                                 | 无                                  | NA                                | 无                            | 不适用                       |
| 亚马逊 | Inferential            | 人工智能推理     | 2018 | 2021 | 台积电 | 16纳米   | 50             | $8,000             | $159                   | $40                | $199                    | 18%        | $318                               | $0                                  | 0                                 | 0                             | 阿尔奇普                     |
| 亚马逊 | 训练单元1/推理器2      | 人工智能训练与推理 | 2020 | 2022 | 台积电 | 7纳米    | 35             | $11,500            | $294                   | $177               | $471                    | 13%        | $850                               | $475                                | 504,597                           | 0                             | 阿尔奇普                     |
| 亚马逊 | 训练单元2/推理器3      | 人工智能训练与推理 | 2022 | 2024 | 台积电 | 5纳米    | 15             | $15,000            | $426                   | $256               | $682                    | 38%        | $941                               | $1,000                              | 885,258                           | 18                            | 马维尔                        |
| 亚马逊 | 训练单元3/推理器4      | 人工智能训练与推理 | 2025 | 2026 | 台积电 | 3纳米    | 39             | $20,000            | $512                   | $307               | $819                    | 38%        | $1,130                             | $2,000                              | 1,570,776                         | 28                            | 马维尔                        |
| 字母表 | TPU v5p/v4p            | 人工智能训练与推理 | 2023 | 2026 | 台积电 | 3纳米    | 32             | $22,000            | $692                   | $415               | $1,107                  | 15%        | $1,273                             |                                     |                                   | 62                            | 阿尔奇普                     |
| 字母表 | TPU v5e                | 人工智能训练与推理 | 2022 | 2023 | 台积电 | 5纳米    | 81             | $26                | $585                   | $403               | $988                    | 65%        | $5,212                             | $0                                  | 0                                 | 0                             | 博通                         |
| 字母表 | TPU v6e (三叶草)       | 人工智能训练与推理 | 2023 | 2025 | 台积电 | 5纳米    | 53             | $16,500            | $185                   | $120               | $305                    | 65%        | $1,866                             | $0                                  | 0                                 | 0                             | 博通                         |
| 字母表 | TPU v7p                | 人工智能训练与推理 | 2024 | 2026 | 台积电 | 4纳米    | 14             | $16,500            | $225                   | $146               | $371                    | 65%        | $1,866                             | $1,385                              | 742,087                           | 13                            | 博通                         |
| 字母表 | TPU v7e                | 人工智能训练与推理 | 2026 | 2026 | 台积电 | 3纳米    | 26             | $22,000            | $1,557                 | $1,074             | $2,631                  | 65%        | $25,345                            | $25,332                             | 2,051,983                         | 182                           | 博通                         |
| 微软   | 钻100                  | 数据中心CPU      | 2024 | 2024 | 台积电 | 3纳米    | 22             | $22,000            | $834                   | $584               | $1,418                  | 30%        | $2,026                             | $500                                | 246,834                           | 12                            | 联发科技                     |
| 微软   | Maia 100               | 人工智能训练与推理 | 2022 | 2024 | 台积电 | 5纳米    | 64             | $15,000            | $233                   | $58                | $291                    | 8%         | $315                               | $15                                 | 47,661                            | 1                             | GUC                          |
| 微软   | Maia 200               | 人工智能训练与推理 | 2024 | 2025 | 台积电 | 3纳米    | 36             | $20,000            | $420                   | $252               | $672                    | 8%         | $1,333                             | $0                                  | 0                                 | 0                             | GUC                          |
| 元宇宙 | MTIA3                  | 人工智能训练与推理 | 2024 | 2025 | 台积电 | 3纳米    | 32             | $20,000            | $621                   | $373               | $994                    | 8%         | $1,986                             | $65                                 | 32,724                            | 1                             | GUC                          |
| 开放AI | 泰坦                   | 人工智能训练与推理 | 2024 | 2026 | 台积电 | 3纳米    | 16             | $20,000            | $1,279                 | $320               | $1,599                  | 65%        | $11,809                            | $5,100                              | 431,874                           | 35                            | 博通                         |
| 英伟达 | 高迪3                  | 人工智能训练与推理 | 2022 | 2024 | 台积电 | 3纳米    | 17             | $20,000            | $1,194                 | $298               | $1,492                  | 65%        | $9,694                             | $4,845                              | 499,784                           | 37                            | 博通                         |
| 特斯拉 | 道场                   | 人工智能训练与推理 | 2022 | 2023 | 台积电 | 5纳米    | 45             | $15,000            | $422                   | $253               | $675                    | 18%        | $797                               | $85                                 | 106,667                           | 4                             | 阿尔奇普                     |
| 特斯拉 | 道场2                  | 人工智能训练与推理 | 2024 | 2026 | 台积电 | 7纳米    | 36             | $11,500            | $253                   | $152               | $405                    | 18%        | $1,562                             | $100                                | 61,734                            | 2                             | 阿尔奇普                     |

来源: 公司数据, 瑞士银行估计
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2026-03-11
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Figure 7: Hyperscalers' currently ramping ASIC projects through 2025
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2026-03-11
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Figure 8: Hyperscalers' ASIC projects and our expectations for 2026E
<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.
```
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【交银国际证券】AI叙事或将继续,首予买入-251117(61页).pdf
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