[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciocdbbab1d":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciocdbbab1d","大摩财报前突然上调MRVL目标价，但为什么仍然只给“标配”？","\u002Fdoc\u002Fdciocdbbab1d","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>Marvell\u003Cspan>财报前，华尔街开始重新给这家公司算账了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>大摩最新一份\u003C\u002Fspan>8\u003Cspan>月\u003C\u002Fspan>24\u003Cspan>日发布的半导体周报里，直接把\u003C\u002Fspan>MRVL\u003Cspan>目标价从\u003C\u002Fspan>195\u003Cspan>美元上调到\u003C\u002Fspan>224\u003Cspan>美元，同时预计这次财报很可能会交出一份“\u003C\u002Fspan>beat and raise\u003Cspan>”，也就是业绩超预期，同时上调指引。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>但最有意思的是，大摩虽然上调了目标价，却依然只给\u003C\u002Fspan>MRVL\u003Cspan>“标配”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>为什么？\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>先看基本面。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>大摩认为，\u003C\u002Fspan>MRVL\u003Cspan>短期最大的上行来源依然是\u003C\u002Fspan>Networking\u003Cspan>，也就是\u003C\u002Fspan>AI\u003Cspan>数据中心里的网络互联业务。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>它预计本季度数据中心收入环比增长大约\u003C\u002Fspan>16%\u003Cspan>，下一季度指引还有约\u003C\u002Fspan>14%\u003Cspan>的环比增长空间。更重要的是，大摩现在预计\u003C\u002Fspan>MRVL\u003Cspan>的\u003C\u002Fspan>AI\u003Cspan>相关业务，\u003C\u002Fspan>FY27\u003Cspan>增长约\u003C\u002Fspan>60%\u003Cspan>，\u003C\u002Fspan>FY28\u003Cspan>增长约\u003C\u002Fspan>70%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>而真正让市场兴奋的，是\u003C\u002Fspan>MRVL\u003Cspan>正在从“做一颗定制芯片”，慢慢走向更完整的\u003C\u002Fspan>AI\u003Cspan>基础设施供应商。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>大摩特别提到，未来几年\u003C\u002Fspan>Scale-up Networking\u003Cspan>会成为\u003C\u002Fspan>AI\u003Cspan>基础设施里最重要的投资方向之一，而随着内存瓶颈越来越明显，\u003C\u002Fspan>Memory Controller\u003Cspan>的重要性也会继续提升。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>另外，\u003C\u002Fspan>Google TPU\u003Cspan>合作被大摩直接定义为一次非常重要的胜利。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>报告认为，\u003C\u002Fspan>Google\u003Cspan>这套认股权框架意味着长期机会非常大，而且市场目前对\u003C\u002Fspan>2027\u003Cspan>年\u003C\u002Fspan>ASIC\u003Cspan>和\u003C\u002Fspan>XPU\u003Cspan>附加业务增长超过\u003C\u002Fspan>100%\u003Cspan>的预期，甚至可能还是偏保守，因为后面还有\u003C\u002Fspan>Microsoft Maia\u003Cspan>、\u003C\u002Fspan>Google TPU attach\u003Cspan>以及其他项目继续放量。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>所以\u003C\u002Fspan>MRVL\u003Cspan>现在的逻辑已经不再只是“能不能拿到一个大客户”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>它正在从单一大项目，转向更多中小型定制项目和\u003C\u002Fspan>XPU\u003Cspan>附加业务。单个项目没那么炸裂，但客户更多、更分散，收入来源更稳定，利润率也可能更好。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>但问题也正出在这里。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>美股投资网获悉，\u003C\u002Fspan>MRVL\u003Cspan>当前估值已经超过博通和英伟达的两倍以上。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>即使把\u003C\u002Fspan>CY27\u003Cspan>估值倍数从\u003C\u002Fspan>40\u003Cspan>倍上调到\u003C\u002Fspan>45\u003Cspan>倍，用来反映\u003C\u002Fspan>Google\u003Cspan>带来的新机会，算出来的目标价也只有\u003C\u002Fspan>224\u003Cspan>美元，而报告采用的\u003C\u002Fspan>MRVL\u003Cspan>股价已经在\u003C\u002Fspan>237\u003Cspan>美元附近。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>MRVL\u003Cspan>现在不是没有增长，而是市场已经提前把很多增长算进去了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>所以接下来真正决定股价的，是财报能不能证明：收入、利润和指引，真的能继续快到足以消化现在这么高的估值。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这才是\u003C\u002Fspan>MRVL\u003Cspan>这次财报最值得盯的地方。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$MRVL\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$NVDA\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$AVGO\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$GOOGL\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$META\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>#\u003Cspan>美股\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002F","2026-08-26T05:08:55","2026.08.26","2026\u002F08\u002F26",55333,[22],"RVL","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" rel=\"noopener noreferrer\">\u003Cimg src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca rel=\"noopener noreferrer\" 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]