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美光、英特尔、小马智行、超微电脑投资摘要以及与M7估值对比
美光、英特尔、小马智行、超微电脑投资摘要以及与M7估值对比
行业数据
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图片属性
图片格式:PNG
图片大小:494KB
图片尺寸:2292*1898
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所属报告:
科技行业:美股四朵小花(MIPS)黎明将至?-250223(24页).pdf
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fCDku7fmoLzljLrpl7QgICAgICAgfCDplIDph4/lkIzmr5QgfAp8LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfAp8IDAtMTk5OeWFgyAgICAgICB8IC0zMCUgICAgIHwKfCAyMDAwLTM5OTnlhYMgICAgfCAxJSAgICAgICB8CnwgNDAwMC01OTk55YWDICAgIHwgLTQlICAgICAgfAp8IDYwMDAtNzk5OeWFgyAgICB8IDQ4JSAgICAgIHwKfCA4MDAwLTk5OTnlhYMgICAgfCAxMDElICAgICB8CnwgMTAwMDDlhYPku6XkuIogICAgfCA0OCUgICAgICB8CgrotYTmlpnmnaXmupDvvJrmnKrmmI7noa7mj5Dlj4o=
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2026-03-05
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为什么是现在?我们认为主要逻辑为:1)财务修复与估值重塑的困境反转,我们认为四家 公司均处 于财务模型的关键转折期,如美光面临存储价 格周期上扬,叠加 HBM 渗透率有望大幅提升;英特尔拆分进程受市场密切关注,或成估值关键;小马智行打开 L4 级自动驾驶商业化估值空间;超微电脑会计合规整改后,在 2/11 的 FY24Q2 业绩会表示有信心在 2/25 SEC 最后限期前发出此前滞留的财报,为公司重振旗鼓并重建投资者信心的关键拐点; 2)技术扩散周期的投资范式转变,AI 发展正从利好 Mag 7 的模型训练投入期转向推理应用爆发期,MIPS 对应的定制 ASIC 需求(美光)、应用落地(小马智行)等环节将进入加速阶段;3)地缘博弈下的产业保护红利,英特尔在 2024 年 11 月已获批 78.6 亿美元联邦补贴,用于在美国建设半导体设施,其中 22 亿美元已落实,分别于 2024 年底和 2025 年 1 月各到位 11 亿美元;美国政府芯片法案或将对美光提供最高 61.65 亿美元补助;小马智行在广 州启动自 动驾驶示范运营专线,在北京大兴机场和北京 南站等重要交通枢纽部署自动驾驶应用;政策催化使 MIPS 在本土产业链保护趋势中占据先机。
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科技行业:美股四朵小花(MIPS)黎明将至?-250223(24页).pdf
2026年美股科技行业报告:HBM需求激增,自动驾驶商业化趋势与前景分析
全球HBM市场规模及占DRAM总规模比重(十亿美元,%)
全球HBM位元出货量及占DRAM出货量比重(MGB,%)
美光科技Non-GAAP毛利率、营业利润率和净利率(FY,%)
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