$AVGO · Dividend Data · 2026-11-05
博通值得买入：它是第二大定制AI数据中心芯片制造商，半导体营收增长127%，预计增长至少还能持续一到两年；按2027财年每股收益19.32美元（增长65%）计算，其远期市盈率为15.5，颇具吸引力，每股内在价值403美元意味着35.1%的上行空间。
逐段跳播
以及Broadcom，下跌了8.79%。
and Broadcom, which fell 8.79%.
我今天要分享的第二只股票是Broadcom，股票代码是AVGO。这只股票今天也下跌了7.84%。过去5天里下跌了13%。上个月下跌了18.35%，年初至今下跌了14.86%。
The second stock I will share today is Broadcom, whose ticker symbol is AVGO. This stock also fell 7.84% today. It has decreased by 13% in the last 5 days. It fell 18.35% last month and is down 14.86% year-to-date.
Broadcom股票在过去一年下跌了17.55%。和Nvidia一样，它在过去5年也表现良好，增长了429%。其复合年增长率为39.57%。
Broadcom stock has fallen 17.55% in the past year. Like Nvidia, it has also performed well in the last 5 years, growing by 429%. Its compound annual growth rate is 39.57%.
Broadcom股票的每股收益在过去5年增长了248%。然而，这一增长最近显著加速。过去3年增长了199%。在最新一个季度，每股收益同比增长了94.45%。
Broadcom stock's earnings per share have increased by 248% over the past 5 years. However, this growth has accelerated significantly recently. It has grown by 199% in the last 3 years.
In the latest quarter, earnings per share increased by 94.45% compared to the previous year.
与Nvidia类似，这是一种轻资本的商业模式。他们的芯片由台积电制造。
Similar to Nvidia, this is a capital light business model. They get their chips made by TSMC.
最近一个季度的自由现金流为136.7亿美元，同比增长94.55%。他们上个季度表现非常出色。一切都表明这一趋势将会延续。
Free cash flow in the latest quarter was $13.67 billion, up 94.55% year-over-year. And they performed great last quarter. Everything indicates that this trend will continue.
过去几年Broadcom的增长之所以不如Nvidia那么显著，是因为他们此前对数据中心业务或AI半导体的关注度没那么高，但这块业务现在正成为他们业务中非常重要的一部分。
The reason why Broadcom's growth has not been as significant as Nvidia's in the past few years is that they were not as focused on the data center business or AI semiconductors before, but it is now becoming a very important part of their business.
最近一个季度，半导体解决方案占其营收的70.4%，而AI相关半导体正成为该板块中最大的业务分部。它是仅次于Nvidia的、面向规模化AI数据中心的第二大芯片制造商。
Semiconductor solutions accounted for 70.4% of their revenue in the latest quarter, and AI-related semiconductors are becoming the largest business segment within that sector. It is the second largest chip maker for scale-based AI data centers after Nvidia.
Broadcom基本上是与整个行业合作来设计芯片。Amazon的Trenium芯片、OpenAI的新芯片Halapenio——你可能听说过
Broadcom essentially partners with the entire industry to design their chips. Amazon's Trenium chip, OpenAI's new chip Halapenio—which you may have heard of
再看他们最近一个季度的半导体业务，营收为208.4亿美元，同比增长127%。而且预计这一增长将会延续。说实话，提到Broadcom，我主要想到的是Google TPU业务。如果你看Google上个季度的云业务增长，会发现很大一部分来自这个TPU，他们现在已经开始向外部客户销售了。
所以，Google内部有一部分Nvidia的业务。Google正在快速增加资本支出（CapEx）。他们在尽可能多地生产TPU。这只会对Broadcom有利。
And looking at their semiconductor business in the latest quarter, it saw revenue of $20.84 billion, up 127% year-over-year. And it is expected that this growth will continue. To be honest, when I think of Broadcom, I mainly think of the Google TPU business.
If you look at Google's cloud growth in the last quarter, you'll see a big part of it coming from this TPU, which they've now started selling to external customers. So, Google has some part of Nvidia's business inside it.
Google is rapidly increasing its capital expenditure (CapEx). They are trying to make as much TPU as possible. This will only be helpful for Broadcom.
Broadcom的股票现在看起来相当便宜。其2027财年的每股收益（EPS）预计为19.32美元。这比今年增长65%。这意味着前瞻市盈率为15.5。
Broadcom stock looks pretty cheap right now. Their earnings per share (EPS) for fiscal year 2027 is expected to be $19.32. This is a 65% increase compared to this year. This implies a forward-looking P/E ratio of 15.5.
Broadcom基于过去12个月盈利的市盈率目前处于第42百分位的中段。但请记住，过去12个月是回顾性的，而这轮快速增长大部分发生在最近几个季度。所以在我看来，对于这类快速增长的公司，尤其是预计高增长还将持续的公司，应该展示前瞻性或面向未来的会计数据。所以，15.39是前瞻市盈率。
Broadcom's P/E ratio based on trailing 12-month earnings is currently in the mid-42nd percentile. But remember, the last 12 months are retrospective, and most of this rapid growth has occurred in the last few quarters.
So in my opinion, forward-looking or future-oriented accounting should be shown for such fast-growing companies, especially where high growth is expected to continue. So, 15.39 is the forward-looking P/E ratio.
看Broadcom的公允价值图，基于过去5年过去12个月的每股收益，其交易价格接近公允价值。中位倍数为31.2。这家公司曾经以低得多的倍数交易。它现在的增长速度比之前快得多。
Looking at Broadcom's fair value graph, it is trading close to its fair value based on trailing 12-month earnings per share for the last 5 years. The median multiple was 31.2. This company was once traded at a much lower multiple.
It is now growing at a much faster pace than before.
Broadcom曾经是一家股息增长型大公司，股价非常低。我当时在买入这只股票。说实话，我卖得太早了，因为我没想到他们的数据中心业务会有如此巨大的增长。
Broadcom was once a big dividend growth company and traded at a very low price. I was buying this stock at the time. To be honest, I sold it too early because I didn't expect such huge growth in their data center business.
Broadcom的业务增长在过去3年显著加速。因此，过去12个月的倍数为41.36。如果存在快速增长，你就会要求以高倍数交易。
Broadcom's business growth has accelerated significantly in the last 3 years. Therefore, the multiple for the trailing 12 months was 41.36. If there is rapid growth, you demand a transaction at a high multiple.
低于公允价值的25%。每股内在价值403美元。这比今天的价格高出35.1%。而如果我们按前瞻每股收益来看，就更令人惊讶了，因为Broadcom的增长势不可挡。它还会进一步加速。
它将继续增长壮大，至少在未来一两年内。所以它的交易价格远低于公允价值。
Below 25% of fair value. 403 Intrinsic value per share. This is 35.1% more than today's price. And if we look at it on a forward earnings per share basis, it's even more surprising, because Broadcom's growth is unstoppable.
It will be further accelerated. It will continue to grow bigger, at least in the next year or two. There it is trading well below fair value.
再看看分析师对Broadcom每股收益增长的预期。说实话，2029-2030年的目标令人难以置信。按今天的价格计算，我们说的是六倍盈利。
And look at analysts' expectations for Broadcom's earnings per share growth. Honestly, the targets for 2029-2030 are incredible. Based on today's prices, we are talking about six times earnings.
Broadcom的客户包括一些全球最大的公司，例如Alphabet和Meta。此外，由于与Google和Google Cloud的合作，Anthropic技术栈的很大一部分建立在Google TPU之上。
Anthropic目前是全球领先的AI公司之一。而Broadcom主要通过TSMC制造其芯片。
Broadcom's customers include some of the world's largest companies, such as Alphabet and Meta. Additionally, a large part of Anthropic's tech stack is built on Google TPU due to its partnership with Google and Google Cloud.
Anthropic is currently one of the world's leading AI companies. And Broadcom mainly manufactures its chips through TSMC.
如果你不了解Broadcom，要知道他们通过与其他公司合作来制造自己的定制AI芯片。他们合作时间最长的伙伴是Google，Google使用的是其Google TPU。它是仅次于Nvidia的、面向规模化AI数据中心的第二大芯片制造商。
If you don't know about Broadcom, know that they make their own custom AI chips through partnerships with other companies. Their longest-term partner is Google, who uses their Google TPUs.
It is the second largest chip maker for scale-based AI data centers after Nvidia.
这个频道对 $AVGO 的历次判断
Dividend Data 在这只股票上共 2 条判断，这里只列相邻的几条。