股 票 研 究 [Table_Market] 海 外 公 司 （ 美 国 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 VMware 整合顺利，AI 指引再次上调 博通(AVGO.O) [Table_Industry] 海外信息科技 [Table_Invest] 评级： 谨慎增持 ——FY24Q3 业绩点评 [table_Authors] 秦和平(分析师) 0755-23976666 qinheping027734@gtjas.com 登记编号 S0880523110003 本报告导读： AI 收入指引再次上调，非 AI 半导体业务短期承压，有望在 Q3 触底后回升。VMware 整合顺利，利润有望逐季释放。 投资要点： [Table_Summary] 盈利预测与估值：随着 AI 应用不断创新和渗透，算力基建需求持续 加大，我们认为公司的 AI ASIC、以太网交换芯片及其他互联产品 需求将充分受益。软件业务方面，原有软件业务经营稳健，VMware 整合顺利，协同效应带来利润释放。我们调整 2024- ...

Cash Flow and Dividends - Broadcom generated $4,963 million in cash from operations during the fiscal quarter ended August 4, 2024[96] - The company paid $2,452 million in cash dividends during the same period[96] - Dividends to common stockholders increased to $7,330 million for the three fiscal quarters ended August 4, 2024, compared to $5,741 million in the prior year period[123] - Net cash provided by operating activities increased by $1,101 million to $14,358 million, primarily due to contributions from VMware[125] Acquisitions and Divestitures - Broadcom sold its end-user computing (EUC) business to KKR & Co. Inc. for $3.5 billion[97] - The company acquired VMware for approximately $30,788 million in cash and 544 million shares of Broadcom common stock valued at $53,398 million[98] - Broadcom acquired Seagate's SoC operations for $600 million to strengthen its SoC product portfolio[99] - Net cash used in investing activities increased by $22,373 million to $22,938 million, driven by $25,961 million in cash used for acquisitions, including the VMware Merger and Seagate's SoC operations, partially offset by $3,485 million from the sale of the EUC business[126] Financial Performance - Net revenue for the fiscal quarter ended August 4, 2024 was $13,072 million, with products contributing $7,439 million (57%) and subscriptions/services contributing $5,633 million (43%)[103] - Gross margin for the fiscal quarter ended August 4, 2024 was $8,356 million (64% of net revenue)[103] - Operating income for the fiscal quarter ended August 4, 2024 was $3,788 million (29% of net revenue)[103] - Net revenue from the semiconductor solutions segment increased by $333 million (5%) in the fiscal quarter and $1,010 million (5%) in the three fiscal quarters ended August 4, 2024, driven by strong demand for AI networking products[106] - Infrastructure software segment revenue surged by $3,863 million (200%) in the fiscal quarter and $9,986 million (176%) in the three fiscal quarters ended August 4, 2024, primarily due to contributions from VMware[106] - Total net revenue grew by $4,196 million (47%) in the fiscal quarter and $10,996 million (41%) in the three fiscal quarters ended August 4, 2024[106] - Gross margin increased to $8,356 million (64% of net revenue) in the fiscal quarter and $23,507 million (63% of net revenue) in the three fiscal quarters ended August 4, 2024, driven by VMware contributions[107] - Operating income from the infrastructure software segment increased by $2,462 million (170%) in the fiscal quarter and $5,626 million (135%) in the three fiscal quarters ended August 4, 2024, due to VMware contributions[115][116] Expenses and Charges - Research and development expenses rose by $995 million (73%) in the fiscal quarter and $3,211 million (83%) in the three fiscal quarters ended August 4, 2024, due to higher compensation and headcount from the VMware Merger[108][109] - Selling, general, and administrative expenses increased by $712 million (184%) in the fiscal quarter and $2,775 million (236%) in the three fiscal quarters ended August 4, 2024, primarily due to higher compensation and stock-based compensation from the VMware Merger[110] - Amortization of acquisition-related intangible assets increased by $462 million (132%) in the fiscal quarter and $1,385 million (132%) in the three fiscal quarters ended August 4, 2024, due to the VMware Merger[111] - Restructuring and other charges were $303 million in the fiscal quarter and $1,215 million in the three fiscal quarters ended August 4, 2024, primarily due to employee termination costs from the VMware Merger[112] - Stock-based compensation expense increased to $1,381 million in the fiscal quarter and $4,356 million in the three fiscal quarters ended August 4, 2024, driven by equity awards from the VMware Merger[113] Debt and Financing - The company issued $5.0 billion of senior unsecured notes and used the proceeds, along with the EUC sale proceeds, to repay $9,195 million of its unsecured term A-2 facility[97] - Net cash provided by financing activities increased by $17,396 million to $4,343 million, primarily due to $34,985 million in net proceeds from borrowings, partially offset by increased debt repayments and higher dividend payments[127] - The company had $53.1 billion in fixed-rate senior notes outstanding as of August 4, 2024, with a fair value of $49.2 billion. A hypothetical 50 basis point change in interest rates would impact the fair value by approximately $1.6 billion[129] - The company had $19.2 billion in floating-rate 2023 Term Loans outstanding as of August 4, 2024. A hypothetical 1% change in interest rates would impact interest expense by approximately $194 million over the next 12 months[129] Stock and Equity - Broadcom completed a ten-for-one forward stock split of its common stock[97] - Cash and cash equivalents decreased by $10,879 million, primarily due to $32,058 million paid for the VMware Merger, $7,330 million in dividend payments, $7,176 million in stock repurchases, and $4,012 million in employee withholding tax payments, partially offset by $22,849 million in net proceeds from borrowings and $14,358 million in net cash from operating activities[121] Assets and Liabilities - Trade accounts receivable decreased by $2,060 million, driven by strong collections and additional receivables sold through factoring arrangements[121] - Other current assets decreased by $4,133 million, primarily due to the sale of the EUC business, partially offset by an increase in contract assets[121]

These stocks boosted payouts by a compound annual growth rate of more than 18% over the past decade.A dividend yield offers some insight into how a stock will perform. However, investors who rely solely on the yield to determine a stock's worthiness for investment can miss out on some great dividend growth stocks that might have better long-term potential to generate returns. Lower-yield stocks that aggressively increase their payouts year after year offer opportunities as well. That's why closer looks are ...

Broadcom has been one of the hottest AI stocks. Is its pullback an opportunity?Broadcom (AVGO 5.25%) has emerged as a key player in the artificial intelligence races, perhaps second only to Nvidia in terms of the benefit and uplift from the AI infrastructure buildout.But like Nvidia, the stock also sold off mightily after its recent third quarter earnings report. While revenue and earnings per share beat expectations, Broadcom's guidance was on the lighter side compared with high analyst expectations.With t ...

BlackJack3D I wrote about Broadcom Inc. (NASDAQ:AVGO) stock before earnings. Broadcom reported better-than-expected earnings results but failed to deliver the desired guidance. This "sell-the-news" dynamic became a familiar theme this past earnings season. NVIDIA Corporation (NVDA) and other market-leading stocks have declined post-earnings, many after providing better than anticipated earnings and solid guidance, like Broadcom. While we may see a mild, transitory slowdown in the AI enterprise market, it is ...

Early investors in this stellar semiconductor stock have seen their investments soar in value.You don't have to study stock charts daily to know that artificial intelligence (AI) stocks have been all the rage for the past couple of years. The market's voracious appetite for semiconductor stocks, in particular, has resulted in shares of leading manufacturers like Broadcom (AVGO 2.19%) soaring in value.But exactly how much have early investors in Broadcom benefited from the growing enthusiasm for AI stock? A ...

Group 1: Company Overview - Broadcom Inc. is a significant player in the semiconductor industry, particularly in the AI upcycle, with strong ties to hyperscalers and cloud data center customers [1][2] - The integration with VMware has improved Broadcom's enterprise software and cybersecurity capabilities, enhancing its infrastructure software revenue segment [1] - Despite recent stock underperformance compared to the S&P 500, Broadcom's growth drivers remain intact, presenting a buying opportunity for investors [1] Group 2: Financial Performance - In the third fiscal quarter, Broadcom reported AI revenue of $3.1 billion and guided for $3.5 billion in AI revenue for the fourth quarter, with a full-year AI revenue outlook of $12 billion, up from $11 billion [2][3] - Non-AI bookings increased by 20% year-over-year, indicating management's confidence that cyclical revenue segments have passed their lowest point [3] Group 3: Market Sentiment and Valuation - The market reacted negatively to Broadcom's tepid guidance, leading to a reassessment of growth momentum in AI [2][3] - Broadcom's stock is still considered priced for growth, with a forward adjusted PEG ratio of 1.46, nearly 20% below the sector median, suggesting relative undervaluation [4] - Despite concerns about the AI upcycle potentially nearing its peak, Broadcom's best-in-class profitability supports a buy-the-dip opportunity [4]

Cloud giants are increasingly looking to free themselves from Nvidia.There's no doubt Nvidia (NVDA 3.54%) has been the big winner of the first stage of the AI revolution. In the wake of OpenAI's ChatGPT debut in November 2022, virtually all businesses and cloud giants have clamored for its market-leading GPUs to fuel generative AI.Of course, as the outright leader, Nvidia was able to charge a pretty penny for its chips, as evidenced by its skyrocketing revenue and margins over the past 18 months.But as a re ...

                  Leading-Edge Wi-Fi 7 RF FEMs based on Tower’s Advanced 300mm RFSOI Technology Deliver Enhanced Mobile Connectivity Performance and Efficiency MIGDAL HAEMEK, Israel, Sept 10, 2024 – Tower Semiconductor (NASDAQ/TASE: TSEM), a leading foundry of high-value analog semiconductor solutions, today announced the production of Wi-Fi 7 RF front-end module (FEM) devices based on its advanced 300mm RFSOI technology. Partnering with Broadcom Inc. (NASDAQ: AVGO), Tower has enabled fully integrated Wi-Fi ...

Broadcom stock looks attractive after its recent earnings-report-related price pullback.Broadcom (AVGO 2.79%) shares are taking a hit after investors were disappointed by the chipmaker's fiscal fourth-quarter guidance. Expectations going into the quarter were quite high, but the reported results led to a 10% drop in share price.Despite the drop, the stock is still up about 62% over the past year as many investors remain excited about the tech stock's potential. Let's dive into the company's most recent quar ...