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研報掘金|華泰證券:下調AMD目標價至180美元 MI300的優勢或面臨英偉達挑戰

華泰證券發表報吿指,AMD首季營收54.73億美元,按年增加2%,並超過市場預期的54.49億美元;non-GAAP每股盈利62美仙,按年增加3%,略超市場預期的61.4美仙;non-GAAP毛利率52%,按季提升2個百分點。第二季指引方面,報吿指,公司預計總營收54億至60億美元,中值略低於市場預期57.18億美元。公司將AI加速器的全年營收指引由35億上調至40億美元,但公司盤後仍跌逾9%。

該行將公司2024至2026年營收預測調整為270億、341億及419美億元。同時認為英偉達推出性價比較高的Blackwell架構芯片後,MI300的優勢或面臨挑戰,以預測2025年市銷率約8.5倍為估值基礎,目標價從226美元下調至180美元,評級“買入”。

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