【招银国际】Marvell FY1Q25 earnings: Harnessing the AI revenue.pdf

Impressive 1Q23 earnings; Higher earnings forecast & TP; More catalysts ahead

–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver

–Solid 2Q23 earnings quality; Eyes on upmarket

PHEVs key to FY24; Earnings likely still resilient

Fair valuation despite FY22 high earnings quality

Attractive valuation with likely resilient earnings

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

US Equity Strategy _Earnings Brief 2Q24 August 26_ Golub-110017681

Big surprise on 2023E earnings; TP raised

Semiconductors:Broadcom 2Q24 earnings surged on AI power and VMware integration