Broadcom AVGO 股票估值过高，价值评分为 D。就远期 12 个月市盈率 (P/E) 而言，AVGO 的交易价格为 23.8 倍，高于更广泛的 Zacks 计算机和技术行业的 21.53 倍。与 NVIDIA 的 NVDA 19.91X 相比，Broadcom 的交易价格较高，但与 Marvell Technology 的 MRVL 41.5X 和 Advanced Micro Devices 的 AMD 41.61X 相比则有折扣。
AVGO 股价被高估
Broadcom 股票交易高于 50 日和 200 日移动平均线 (SMA)，表明看涨趋势。
AVGO 股票交易高于 50 日和 200 日移动平均线
以目前的价格来说AVGO值得购买吗？让我们深入挖掘来找出答案。
AVGO前景遭遇多重挑战
今年迄今为止（年初至今）博通的股价表现落后于 Marvell 和 AMD，但跑赢了 NVIDIA。 AVGO 股价上涨了 20.2%，而 NVIDIA、Marvell 和 AMD 则分别上涨了 16.6%、121.5% 和 149.9%。
AVGO 股票的价格表现
博通的股价因近期指引令人失望以及 AVGO 的长期人工智能前景缺乏有意义的增长而受到影响。该公司将 2026 财年 AI 半导体营收预期上调至 560 亿美元，并重申 2027 财年 AI 营收超过 1000 亿美元的预期。博通还预计，由于利润率较低的 AI 半导体营收出现更多增长，2026 财年第三季度的毛利率将从第二财季的 77.1% 降至 74%，这引发了人们对盈利能力可能无法像营收一样迅速扩大的担忧。 Broadcom 的 AI 增长故事主要围绕大约六家大客户，包括 Google、OpenAI、Anthropic 和 Meta Platform。管理层反复将这少数客户视为未来需求的主要驱动力。该公司还面临着人工智能期望提高的问题。人工智能部署计划的任何滞后、电力可用性限制、客户支出节制或供应链问题都可能导致投资者严重失望。虽然人工智能半导体收入以三位数增长，但基础设施软件在 2026 财年第二季度仅同比增长 9%。该公司越来越依赖人工智能半导体作为主要增长引擎，这对投资者来说是一个阻力。
AVGO 强劲的 AI 增长提升竞争力
Broadcom's prospects are expected to benefit from surging demand for AI semiconductors, expanding custom accelerator programs, strength in AI networking, improving non-AI semiconductor demand and accelerating infrastructure software growth. AI semiconductor momentum remains the most significant growth driver. Broadcom is witnessing robust demand for custom AI accelerators (XPUs) and networking products as hyperscalers and frontier AI model developers expand compute infrastructure. AI semiconductor revenues surged 143% year over year to $10.8 billion in the second quarter of fiscal 2026, while quarterly AI semiconductor bookings exceeded $30 billion. The company expects AI semiconductor revenues to reach $16 billion in the third quarter, representing growth of more than 200% year over year, and approximately $56 billion for fiscal 2026. Moreover, Broadcom expects AI semiconductor revenues to exceed $100 billion in fiscal 2027 and continue growing in fiscal 2028. Expanding engagements with major AI customers should provide substantial long-term revenue visibility. Broadcom has a long-term agreement with Google to develop and supply multiple generations of TPUs and AI networking products. The company is also expanding its relationship with Anthropic, which is expected to gain access to an additional 5 gigawatts of next-generation TPU-based compute beginning in 2027. Broadcom has delivered silicon for OpenAI and expects production to begin in late 2026, with a contractual commitment for 1.3 gigawatts of deployment in 2027 as part of a larger 10-gigawatt agreement through 2029. Meanwhile, the Meta partnership is expected to deploy 3 gigawatts through 2028, with initial deliveries beginning in the second half of 2027. Two additional customers are expected to begin shipments in late 2026 and ramp in 2027, supported by $6 billion of purchase orders received to date. Broadcom's leadership in AI networking is another key catalyst. Increasing deployment of large XPU and GPU clusters requires substantial networking content, positioning it to benefit from AI infrastructure spending beyond custom accelerators.其产品组合涵盖高速 SerDes、以太网和 PCI Express 交换机、光学组件和数据中心结构。 The company has been shipping its 100-terabit Tomahawk 6 Ethernet switch for more than a year and is taping out its next-generation 200-terabit switch, while its Jericho3 and Jericho4 solutions support large hyperscale deployments. VMware and private-cloud adoption should strengthen the infrastructure software business. Infrastructure software revenues increased 9% year over year to $7.2 billion in the second quarter, accompanied by 17% growth in annual recurring revenue. Broadcom 预计软件收入将加速至约 8.9 美元第三季度实现亿元人民币，同比增长31%。 VMware Cloud Foundation 9.1 旨在提高基础架构效率和安全性，同时支持企业 AI 推理。强劲的全球服务器需求以及 VCF 9.1 在本地云计算中的采用正在推动部署，而对 AMD、Intel 和 NVIDIA 架构的支持使企业能够在通用私有云平台上运行 AI、Kubernetes 和传统虚拟化工作负载。
AVGO第三季度盈利预测修正显示稳定趋势
Zacks 对 2026 财年第三季度收益的一致预期为每股 3.22 美元，过去 60 天保持不变，较去年同期报告的数字增长 90.53%。
Broadcom Inc. Price and Consensus
Broadcom Inc. price-consensus-chart |博通公司报价
Zacks 对 2026 财年收益的一致预期为每股 11.74 美元，在过去 60 天里上涨了 1 美分，比 2025 财年报告的数字增长了 72.14%。
结论
博通人工智能半导体的强劲增长、不断扩大的定制加速器计划以及在人工智能网络领域的领先地位，使该公司能够很好地利用加速人工智能基础设施投资。与 Google、OpenAI、Anthropic 和 Meta 的合作不断增加，加上 VMware 前景的改善，进一步增强了其长期增长前景。这些因素证明了 AVGO 的溢价估值是合理的。博通目前的 Zacks 排名第二（买入），这意味着投资者应该立即开始积累股票。您可以在此处查看今日 Zacks 排名第一（强力买入）股票的完整列表。
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Broadcom Inc. (AVGO)：免费股票分析报告
Advanced Micro Devices, Inc. (AMD)：免费股票分析报告
NVIDIA Corporation (NVDA)：免费股票分析报告
Marvell Technology, Inc. (MRVL)：免费股票分析报告
本文最初发表于 Zacks Investment Research (zacks.com)。