AVGO是一只高增长股息股，受强劲财务、相对板块偏低的估值以及AI需求推动的自由现金流增长预期支撑；在首选股中排名第三。
逐段跳播
这里的这只股票是半导体板块的另一项投资。这是一只华尔街因其在人工智能方面的增长而痴迷的股票，但和其他股票一样，关于它们也支付不断增长的股息这一事实，讨论得还不够。这只股票是Broadcom，这家定制芯片和企业基础设施巨头，股票代码（AVGO），BlackRock在上个季度又向其中注入了42亿美元，使其在该公司的总持股达到约1500亿美元。
This stock here is another investment in the semiconductor sector. It's a stock that Wall Street is obsessed with because of its growth in artificial intelligence, but like others, not enough is being talked about the fact that they also pay growing dividends.
This stock is Broadcom, the giant custom chip and enterprise infrastructure company, ticker symbol (AVGO), into which BlackRock injected another $4.2 billion in the last quarter, bringing their total stake in the company to about $150 billion.
顺便说一句，和其他公司一样，我们在这里谈论的是一家非常主导且蓬勃发展的企业，它简直主导着定制芯片市场，为Google、Meta、OpenAI、Anthropic等科技巨头开发芯片。
一旦这些巨头基于Broadcom定制芯片建成数十亿美元的数据中心，迁移成本就会变得非常高，从而为他们带来大量经常性收入，其中还包括大量软件服务收入、大量AI网络、企业软件、网络安全——这对他们来说也是一个巨大的领域——以及更多。
因此，Broadcom在其自身专业领域内也非常多元化。
Incidentally, just like the others, we are talking here about a very dominant and thriving business, one that simply dominates the market for custom chips, developing them for tech giants such as Google, Meta, OpenAI, Anthropic, and many more.
Once these giants build multibillion- dollar data centers based on custom Broadcom chips, the costs of migration become very high, resulting in a huge influx of recurring revenue for them, which also includes a lot of software services revenue, a lot of AI networking, enterprise software, cybersecurity, which is also a huge area for them, and much more .
Therefore, Broadcom is very well diversified within its own area of expertise as well.
例如，在上个季度，总收入同比增长86%，而营业收入同比增长更高，达到92%，自由现金流大约是他们总收入的一半。所以，财务业绩令人惊叹，利润率强劲，这正是真正让他们能够支付不断增长的股息的原因，而在我看来，这些股息也在很大程度上被忽视。
For example, in the last quarter, total revenue rose by 86% year-on-year , while operating income rose by an even greater 92% year-on-year, and free cash flow was roughly half of their total revenue.
So, the financial results are amazing and the profit margins are strong, and that's what has really allowed them to pay out growing dividends, which in my opinion are also being largely ignored.
事实上，当Broadcom最初开始分配股息时，我相信那是在2010年，当时名为Avago，经股票拆分调整后，它支付的相当于每股不到一美分。但如今，这一分配已达到每年2.60美元，意味着他们分配的利润在过去十五年中增长了90倍以上。
所以，今天回报率低于1%的唯一原因，仅仅是股价也大幅飙升。但早期投资者从所有这些分配中获得了巨额利润，我们可以回头参考我们的百分比计算器，看看那可能是什么样子。
In fact, when Broadcom first started distributing dividends, I believe it was in 2010 under the name Avago, it was paying the equivalent of less than one penny per share after adjusting for the stock split.
But today, that distribution has reached $2.60 annually, meaning their distributed profits have grown more than 90 times over the past fifteen years. So, the only reason the return is less than 1% today is simply that the stock price has also skyrocketed.
But early investors were reaping huge profits from all those distributions, which we can refer back to our percentage calculator to see what that might look like.
即使我们只看过去十年，把时间范围缩小，我们还可以进一步往前推，比率会高得多。但对Broadcom来说，十年前，股价大约为17美元。以2.60美元的股息计算，对于仅仅十年前、也就是2016年买入该股票的投资者来说，现在的回报率超过15%。
Even if we only look at the last ten years, where we narrow down the time range, we can go further and the ratio will be much higher. But for Broadcom , 10 years ago, the share price was around $17 .
With a dividend of $2.60, you're now talking about a return of over 15% for investors who bought the stock just 10 years ago, in 2016.
现在，这些分配的利润继续增长，不仅因为派息率非常低，只有26%，而且分析师还预计，由于人工智能带来的需求不断增加，他们的自由现金流在未来两年将几乎增长两倍。因此，如果管理层像过去那样继续致力于这些股息支付——我们可以清楚地看到这一点，而且我看不出他们未来有什么理由不继续这样做——那么这只股票当然也很容易成为一只高增长的股息股。
我认为数字证明了这一点，而且这里的估值也非常好，这要归功于近期股价下跌加上净利润的巨大增长。他们的市盈率相对盈利增长比率（PEG）比行业平均水平低50%以上，这确实非同寻常。
Now, those distributed profits continue to grow, not only because the payout ratio is very low at 26%, but analysts also expect their free cash flow to nearly triple over the next two years thanks to the increasing demand from artificial intelligence.
Therefore, if management remains committed to those dividend payouts as they have been in the past, which we can clearly see, and I see no reason why they shouldn't continue to do so in the future, then this stock can certainly easily become a high- growth dividend stock as well.
I think the numbers prove it, and even the valuation is very good here, thanks to the recent price drop coupled with the huge growth in net profits. Their price-to-earnings-to-growth (PEG) ratio is more than 50% lower than the sector average, which is truly remarkable.
现在，我认为我不能仅仅因为这些公司享有的庞大规模和主导地位就把它们排在Nvidia或微软之上。但这看起来像是一场非常接近的三方竞争，正如你在这里看到的。但Broadcom在我们的排名中勉强排在第三，因此我不得不把KLA推到第四。
Now, I don't think I can rank them above Nvidia or Microsoft just because of the sheer size and dominance those companies enjoy. But this looks like a very close three-way race, as you can see here.
But Broadcom will barely come in third in our rankings, and I'll have to push KLA to fourth because of that.
现在，我非常喜欢Lily，会优先选择它而不是KLA，但我不能把它排在像Nvidia、微软或Broadcom这样的公司同一水平上，我对这些公司更信任一些，它们也在我的投资组合中。
Now, I like Lily a lot and would give it preference over KLA, but I can't rank it on the same level as companies like Nvidia, Microsoft, or Broadcom, which I trust a little more and which are in my portfolio.
这个频道对 $AVGO 的历次判断
Ale's World of Stocks 在这只股票上共 4 条判断，这里只列相邻的几条。