AI GPU潜力可期，PC拐点或至
请务必阅读正文后的重要声明部分西 南证券研究院[Table_Author]分析师：王湘杰执业证号：S1250521120002电话：0755-26671517邮箱：wxj@swsc.com.cn分析师：杨镇宇执业证号：S1250517090003电话：023-67563924邮箱：yzyu@swsc.com.cn[Table_QuotePic]相 对指数表现数据来源：Wind基 础数据[Table_BaseData]52周区间(美元)3个月平均成交量(百万)流通股数(亿)市值(亿美元)相 关研究[Table_Report]有望为公司贡献更多业绩弹性。增长态势，年复合增速19%左右。持3%左右的复合增长。期；AI进展或不及预期；竞争加剧的风险。2023A2024A2027E22680.0025785.0043943.52-3.90%13.69%15.11%GAAP净利润(百万美元)854.001641.007394.16-35.30%92.15%33.68%0.531.014.56Non-GAAP净利润(百万美元)4302.005420.0011430.00-21.84%25.99%19.85%1.53%2.85%10.01%301.17155.1334.4359.1846.9722.27数据来源：公司公告，西南证券 投资要点[Table_Summary]指标/年度营业收入(百万美元)增长率增长率每股收益EPS增长率净资产收益率PE（GAAP）PE（Non-GAAP） 78.21-172.80 46.6016.212509 目录1全球计算芯片领先企业，数据中心业务增长亮眼.............................................................................................................................12数据中心GPU潜力可期，CPU份额不断提升.....................................................................................................................................22.1数据中心业务快速增长，打造AI全栈产品组合.........................................................................................................................22.2 AI GPU产品线迎来升级，潜力可期.................................................................................................................................................32.3数据中心CPU竞争力大幅提升，市场份额突破40%.................................................................................................................63PC行业周期边际上行，相关业务或重回增长轨道.............................................................................................................................84盈利预测与投资建议...................................................................................................................................................................................9 请务必阅读正文后的重要声明部分 图目录图1：AMD营收（亿美元）及增速.............................................................................................................................................................1图2：AMD净利润（亿美元）及增速........................................................................................................................................................1图3：AMD业务结构（年度）......................................................................................................................................................................2图4：AMD业务结构（季度）......................................................................................................................................................................2图5：AMD数据中心业务年度表现（亿美元）......................................................................................................................................2图6：AMD数据中心业务季度表现（亿美元）......................................................................................................................................2图7：AMD数据中心产品组合......................................................................................................................................................................3图8：AMD主要云合作伙伴..........................................................................................................................................................................3图9：AMD MI 350系列性能表现.................................................................................................................................................................4图10：AMD MI350系列集成机架解决方案（液冷和风冷方案）......................................................................................................4图11：AMD MI系列GPU规格及与英伟达产品对标.............................................................................................................................5图12：AMD GPU产品Roadmap...................................................................................................................................................................5图13：ROCm7.0框架和最新功能...............................................................................................................................................................6图14：AMD ROCm代际间性能提升显著...................................................................................................................................................6图15：AMD EPYC（霄龙）处理器系列......................................................................................................................................................6图16：AMDEPYC（霄龙）产品性能对比..................................................................................................................................................7图17：AMD在数据中心CPU的市占率已达40%...................................................................................................................................7图18：AMD与Intel数据中心业务收入对比（亿美元）.....................................................................................................................7图19：全球PC当季出货量.....................................................................................................................................................................
