Investment Rating - The industry investment rating is "Outperform the Market" [11][16]. Core Insights - The development of AI applications is not meeting expectations, leading to lower capital expenditures from downstream customers and intensified industry competition [1]. - ASIC (Application Specific Integrated Circuit) is expected to become a key focus for computational power investment, particularly in the transition from the pre-training era to the inference era in AI [9]. - The ASIC market is projected to grow significantly, with Broadcom's AI business revenue expected to increase by 220% year-on-year to 6.6 billion in 2023 to $42.9 billion by 2028, with a CAGR of 45% [9]. Summary by Sections ASIC Market Potential - ASICs are tailored for specific applications, offering advantages in performance, power consumption, and size, making them more cost-effective than GPUs in large-scale deployments [9]. - The demand for ASICs is expected to rise, with companies like Broadcom and Marvell leading the market [9]. Beneficiaries of ASIC Growth - Three main lines of companies are likely to benefit from the rising demand for ASICs: 1. Companies directly related to Broadcom's supply chain [9]. 2. Domestic companies with ASIC technology, such as CloudWalk Technology and Cambrian [9]. 3. Companies in the ASIC-related supply chain, including those involved in active cables and PCB manufacturing [9]. Investment Recommendations - It is recommended to focus on companies directly related to Broadcom's supply chain, domestic ASIC technology firms, and ASIC-related supply chain companies [9].
计算机行业事件点评：博通业绩亮眼，ASIC有望迎来“GPU时刻”
中银证券·2024-12-20 06:01