Broadcom Inc（AVGO.O）管理层电话会议纪要
Management Callback Notes WespokewithAVGOmanagementpostearningsandsummarizekey highlights This is used for Scale out. As the industry moves to scale up, they are adoptingethernetwhichisalsotheTomahawkplatform.AVGObelievesyouwill seemoreTomahawk in scaleup.Jericho is used for scaleacross.Arista,HPE, Nokia are someOEMs that offerAVGO technology.Networking is hard to forecast as it goes to twoenvironments:onethat doesn't use AVGOXPUs and onethatdoes. Supply. Supply is more than just having the chips, wafers, memory or othercomponents,it ishavingall of themat the righttimeand thepower shell readyforthem tosit it in.Power is also a constraint,powershells havea notorious factor ofbeing delayed. +1-415-951-1892atif.malik@citi.com KelseyChia,CFA+1-415-951-1791kelsey.chia@citi.com Agentic Al.The industry is more nuanced now than just training versus inference.Customersareadding embeddedCPUs likeARMnexttoSRAMand otherGPUstocreateagenticworkflows.AVGOisdesigningthiswithafewXPUcustomers. James Bowlin+1-415-951-1790james.bowlin@citi.com F27Aloutlook.With+$100B,AvGObelievesyoushouldbe carefulandmeasured.The F27Alestimate is more than $100B.Even if they did reiterate the estimate, thatdoesn'tmeanthenumberhasn'tchanged. Packaging and cowos. New chips will be 10-15X the reticle size, so packagingbecomes super critical.To scale this, AVGO is using a substrate factory in Singaporeto scale advanced packaging. Manufacturing in Singapore will start in August of thisyear,ahead of its originalDecember2026schedule. Softwaregrowthoutlook.AVGOsellsVMWarebycorecountandbyconsumption.Ifmorecorecounts.Thenumberof core counts areexplodingand pricing is doingwellwhich is good for VMWare. F28outlook.AVGOwill have Metaramp in2H27and 2028 iswheremore of theirdemandshowsup.AVGOisdoinglargerchipsthatareaddingAlagentsorchestration 04June2026 stone into whatF28 will look like customerswithinarackarealldirectattachedcopper. do.AVGObelievesthatmaybeMediatekcan doalow end chip.Theproducts AVGO does areverycomplicated. semiconductors.To supportgrowth inAl revenue,opex is barely increasing soAvGO has alot of operating leverage.AvGO HBM pricing. AVGO locks in HBM very early on, and what they don't lock in will get passed on to their customers as memorypriceincreases. LTAs.Customers wanttolockin supplyassurances withAVGO.LLMcompanies arealsoaskingforthis.OutsideofChina,thereareonly5companieswhoarecreatingLLMs at scale,andthatdoesn't includeMicrosoft andAmazon.These5customersarethetruedemand.In2O28,these5customerswillusemoreXPUsthanGPUs BroadcomlIncValuation OurPTof$500,or20XF28EPS,isatthelowend of recenttradingrangeof20-40Xtoreflectintensifying competition Weseethefollowingkeyriskstoourtargetprice: indemandforGoogle'sproductscouldresult inupside/downsidetoourestimatesandratingforBroadcom. among semipeers.However,if Broadcom isunableto reach its SG&Atarget, it couldresult in downsideto our estimates andratingforBroadcom ourestimates. If the impact on the company from any of these factors proves to begreater than we anticipate,the stock will likely havedifficultyachieving ourtarget price.However,should they beless than anticipated,the stock could tradeabove ourtarget price. ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 AppendixA-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblockor(ii)listedinboldalongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoa specificissuerwhichare attributabletoanotherAC certifying analystidentified inthepricecharts orratinghistorytablesforthatissuershownbelow.Eachoftheseanalysts certify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroup GlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothespecificrecommendations orviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES BroadcomInc (AVGO)Ratings and Target Price HistoryFundamental Research Withinthepast12months, CitigroupGlobal MarketsInc.orits affiliates hasactedasmanagerorco-managerofanofferingofsecurities of Broadcom Inc. past12monthsfromBroadcomInc.CitigroupGlobal MarketsInc.orits affiliates receivedcompensationforproductsandservicesotherthaninvestmentbanking servicesfromBroadcomIncinthepast12months. CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingas investmentbanking client(s):BroadcomInc. CitigroupGlobal Markets Inc.and/orits affiliates has a significant financial