PDF 原檔：報告_廣發香港_AMD_3Q26預覽_20261027_original.pdf
原始內容
Earnings Preview, Leaning Into 2027 CPU Upside
Raise earnings and up TP slightly to $720: AMD is expected to hold earnings call on Nov 3, and we expect inline results but shy in current quarter guidance. We also note that investor expectation on AMD is high. Nevertheless, driven by the trend of agentic AI, we expect the company to reiterate the bullish outlook for its datacenter business in 2027 of well over 100% YoY. We remain bullish, backed by robust server CPU TAM, AMD's strong server CPU product cycle, recent wafer supply increase and MI450/MI455X re-acceleration. By factoring in our earnings preview, higher CPU shipments/ASPs, we revise EPS estimates by -5%/+15% in 2026E/2027E and slightly raise our TP from $700 to $720, now based on 40x 2027E EPS, implying 28x 2028E EPS.
Earnings call preview: AMD is scheduled to hold earnings call on Nov 3. For 3Q26, we expect its revenue to be $13.3bn, vs. guidance of mid-point $13bn, Bloomberg consensus $13.1bn, buy-side consensus $13.3bn, and this includes one-month shipments of MI450. For 4Q26, we forecast its revenue to be $17.6bn, vs. Bloomberg consensus $16.3bn or buy-side consensus $18-18.5bn. We believe that the Helios rack shipment has started but the volume ramp will likely be in 1Q27, suggesting limited contribution by end of 2026.
Higher capacity and yields for server CPUs: Driven by server TAM expansion and AMD's strong roadmap, we forecast server CPU revenue growth of 100% YoY in 2027E and 50% YoY in 2028E. We believe AMD's 2nm wafer allocation has increased for 2027 as Intel shifts more demand back to 18A. For packaging, we continue to view ASE (3711 TT, Buy) as AMD's primary partner. Our supply chain research suggest the CoWoS yields for Venice exceed 99% on the main line and are nearing 99% on a secondary line. Backed by 2nm, higher memory per core, and threading, we expect Venice to be AMD's strongest server CPU product. We forecast shipments of >5mn units in 2027, supporting a higher blended ASP.
Await MI455X ramp-up: We believe the MI450/MI455X remains on schedule, but Helios rack shipments are expected to stay limited by end-2026 due to weight and switching constraints, with a ramp likely in 1Q27 once these issues are resolved and the custom MI455 for Anthropic is ready. We continue to forecast >20k racks in 2027, supported by multi-GW agreements. For MI500, we now expect the mainstream to adopt dual-die/12-Hi HBM, with a high-end quad-die/8-Hi version launching in late 2027. Further details will follow in our following reports.
Risks: 1) AI demand slowdown; 2) new product delay; 3) peer competition.
Profit forecast
| 2024 | 2025 | 2026E | 2027E | 2028E | |
|---|---|---|---|---|---|
| Revenue (m) | 25,785 | 34,639 | 52,707 | 103,153 | 144,531 |
| Revenue YoY (%) | 13.7 | 34.3 | 52.2 | 95.7 | 40.1 |
| Net profit (m) | 5,420 | 6,831 | 13,236 | 30,384 | 44,502 |
| Net profit YoY (%) | 26.0 | 26.0 | 93.8 | 129.6 | 46.5 |
| EPS ($) | 3.3 | 4.2 | 8.0 | 18.1 | 25.7 |
| P/E | 160.5 | 127.2 | 66.6 | 29.4 | 20.7 |
| ROE (%) | 9.4 | 10.8 | 17.9 | 30.3 | 32.4 |
Source: Company data, GF Securities (Hong Kong) Brokerage.
Please be sure to read the disclosures at the end of this report carefully.
数据来源：公司财务报表，广发证券发展研究中心
Maintained Buy
Target price $720
Jeff Pu, CFA SFC CE No. BNO719 jeffpu@gfgroup.com.hk
Henry Huang
SFC CE No. BYA749 henryhuang@gfgroup.com.hk
Earnings Forecast
Figure 1: AMD's AI GPU roadmap
| MI350X | MI355X | MI450 | MI455X | MI500 | MI550X | |
|---|---|---|---|---|---|---|
| Launch | 3Q25 | 3Q25 | 3Q26 | 3Q26 | 4Q27 | 4Q27 |
| Architecture | CDNA4 | CDNA4 | CDNA5 | CDNA5 | CDNA6 | CDNA6 |
| Compute (XCD, MID) | 8*N3 | 8*N3 | 4N2, 1N3 | 8N2, 2N3 | 4N2, 2N3 | 8N2, 4N3 |
| I/O (AID) | 2*N6 | 2*N6 | 2*N3 | 4*N3 | 4*N3 | |
| Transistor (bn) | 185 | 185 | 320 | |||
| Memory (per Package) | 288GB HBM3E | 288GB HBM3E | 144GB HBM4 8-Hi | 432GB HBM4 12-Hi | 384GB HBM4E 12-Hi | 512GB HBM4E 8-Hi |
| HBM Stacks | 8 | 8 | 8 | 12 | 8 | 16 |
| Memory Bandwidth | 8.0TB/s | 8.0TB/s | 12TB/s | 23.3TB/s | 33TB/s | 65TB/s |
| Packaging | CoWoS-S | CoWoS-S | CoWoS-L | CoWoS-L | CoWoS-L | CoWoS-L |
| SerDes speed (Gb/s uni-di) | 38G | 38G | 200G | 200G | 200G | 200G |
| Scale Up (Gb/s uni-di) | 64G | 76.8G | 1800G | 1800G | ||
| Scale Up Domain | 8 | 8 | 72 | 72 | 72 | 16*32 (Ethernet) |
| TDP (W) | 1000 | 1000 | 2,500 | 4500 | 8000 |
Sources: Company data, GF Securities (Hong Kong) Brokerage
Figure 2: AMD's server CPU and GPU revenue (USD bn)
Sources: Company data, GF Securities (Hong Kong) Brokerage
Earnings revision
By factoring in our earnings preview, higher CPU shipments/ASPs, we revise EPS estimates by - 5%/+15% in 2026E/2027E.
Figure 3: Earnings revision
| USD m | 2025 | 2026E - Old | 2026E - New | 2027E - Old | 2027E - New | Change (%) - 2026E | Change (%) - 2027E |
|---|---|---|---|---|---|---|---|
| Net sales | 34,639 | 54,279 | 52,707 | 88,384 | 103,153 | -3% | 17% |
| Gross profit | 18,165 | 30,448 | 29,451 | 50,867 | 57,204 | -3% | 12% |
| Operating profit | 7,768 | 15,759 | 14,962 | 30,267 | 34,704 | -5% | 15% |
| Pre-tax Income | 6,663 | 14,509 | 13,712 | 30,487 | 34,924 | -5% | 15% |
| Net profit | 6,831 | 13,929 | 13,236 | 26,523 | 30,384 | -5% | 15% |
| EPS ($) | 4.17 | 8.40 | 7.98 | 15.74 | 18.07 | -5% | 15% |
| Key ratios (%) | |||||||
| Gross margin | 52.4% | 56.1% | 55.9% | 57.6% | 55.5% | ||
| Operating margin | 22.4% | 29.0% | 28.4% | 34.2% | 33.6% | ||
| Pre-tax margin | 19.2% | 26.7% | 26.0% | 34.5% | 33.9% | ||
| Net profit margin | 19.7% | 25.7% | 25.1% | 30.0% | 29.5% |
Sources: Company data, GF Securities (Hong Kong) Brokerage
Figure 4: AMD's P&L forecast
| (USD m) | 2025 | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 2026E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2027E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34,639 | 10,253 | 11,536 | 13,327 | 17,591 | 52,707 | 22,471 | 24,454 | 25,922 | 30,306 | 103,153 |
| COGS | 16,474 | 4,568 | 5,048 | 5,855 | 7,785 | 23,256 | 10,136 | 10,847 | 11,429 | 13,538 | 45,949 |
| Gross profit | 18,165 | 5,685 | 6,488 | 7,472 | 9,806 | 29,451 | 12,335 | 13,607 | 14,494 | 16,768 | 57,204 |
| opex | 10,397 | 3,145 | 3,394 | 3,650 | 4,300 | 14,489 | 4,900 | 5,400 | 5,700 | 6,500 | 22,500 |
| Operating profit | 7,768 | 2,540 | 3,094 | 3,822 | 5,506 | 14,962 | 7,435 | 8,207 | 8,794 | 10,268 | 34,704 |
| Non-operating profit | -1,105 | -613 | -747 | 55 | 55 | -1,250 | 55 | 55 | 55 | 55 | 220 |
| Pre-tax profit | 6,663 | 1,927 | 2,347 | 3,877 | 5,561 | 13,712 | 7,490 | 8,262 | 8,849 | 10,323 | 34,924 |
| Income tax | -168 | -338 | -413 | 504 | 723 | 476 | 974 | 1074 | 1150 | 1342 | 4,540 |
| Non-GAAP Net Income | 6,831 | 2,265 | 2,760 | 3,373 | 4,838 | 13,236 | 6,516 | 7,188 | 7,698 | 8,981 | 30,384 |
| Non-GAAP EPS ($) | 4.17 | 1.37 | 1.66 | 2.03 | 2.90 | 7.98 | 3.90 | 4.28 | 4.57 | 5.31 | 18.07 |
| Diluted shares | 1,637 | 1,650 | 1,659 | 1,661 | 1,666 | 1,659 | 1,671 | 1,678 | 1,685 | 1,692 | 1,682 |
| Margin analysis | |||||||||||
| Gross margin | 52.4% | 55.4% | 56.2% | 56.1% | 55.7% | 55.9% | 54.9% | 55.6% | 55.9% | 55.3% | 55.5% |
| Operating margin | 22.4% | 24.8% | 26.8% | 28.7% | 31.3% | 28.4% | 33.1% | 33.6% | 33.9% | 33.9% | 33.6% |
| Pre-tax margin | 19.2% | 18.8% | 20.3% | 29.1% | 31.6% | 26.0% | 33.3% | 33.8% | 34.1% | 34.1% | 33.9% |
| Effective tax rate | -2.5% | -17.5% | -17.6% | 13.0% | 13.0% | 3.5% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% |
| Growth (% YoY) | |||||||||||
| Sales | 34% | 38% | 50% | 44% | 71% | 52% | 119% | 112% | 95% | 72% | 96% |
| Operating profit | 28% | 43% | 245% | 71% | 93% | 93% | 193% | 165% | 130% | 86% | 132% |
| Net income | 26% | 45% | 253% | 72% | 92% | 94% | 188% | 160% | 128% | 86% | 130% |
| EPS | 26% | 43% | 247% | 70% | 90% | 91% | 184% | 157% | 125% | 83% | 126% |
| Product mix (%) | |||||||||||
| Data Center | 52% | 56% | 58% | 63% | 75% | 65% | 79% | 79% | 80% | 84% | 81% |
| Client | 30% | 28% | 27% | 23% | 15% | 22% | 13% | 13% | 12% | 9% | 12% |
| Gaming | 8% | 7% | 7% | 5% | 3% | 5% | 3% | 4% | 3% | 2% | 3% |
| Embedded | 9% | 9% | 8% | 9% | 7% | 8% | 5% | 5% | 5% | 4% | 5% |
Sources: Company data, GF Securities (Hong Kong) Brokerage
Valuation and Recommendation
Maintain Buy with TP up to $720
We rate AMD (AMD US) Buy and set our TP at $720, which is based on 40x our 2027E EPS, or 28x 2028E EPS estimate, to reflect its >50% earnings CAGR and enhanced competitive positioning into MI455 and agentic AI product cycle. However, this is lower than the 45x we assigned earlier, due to market's conservatism on the broad AI outlook. We adopt P/E methodology as we believe the market will be mainly focused on the company's earnings outlook, and we usually apply P/E method to fabless firms.
AMD's P/E traded at an average of 36x since 2017 and 38x since 4Q22, when the AI cycle started. Our target price multiple is slightly higher than the average level of its AI cycle, despite the fact that the average P/E was distorted by the overly optimistic sentiment of its MI300 cycle in 4Q23-1H24. Further upside or downside to valuation remains the margin trends and how the company executes the MI455 including the rack solution.
Figure 5: AMD's 12-month forward P/E
Sources: Company data, GF Securities (Hong Kong) Brokerage
Risks
- 1) AI demand slowdown; 2) new product delay; 3) peer competition.
| Balance Sheet | [Table_FinanceDetail] | [Table_FinanceDetail] | [Table_FinanceDetail] | [Table_FinanceDetail] | USD mn |
| 2024 | 2025 | 2026E | 2027E | 2028E | |
| Current assets | 19,049 | 26,947 | 34,559 | 58,519 | 84,928 |
| Cash and cash equivalents | 5,132 | 10,552 | 10,483 | 11,191 | 19,182 |
| Inventory | 5,734 | 7,920 | 11,181 | 22,090 | 30,383 |
| Accounts Receivable | 6,192 | 6,315 | 9,609 | 18,806 | 26,349 |
| Other current assets | 1,991 | 2,160 | 3,287 | 6,432 | 9,013 |
| Non-current assets | 50,177 | 49,979 | 64,791 | 77,291 | 89,791 |
| Long-term equity investment | 149 | - | 11,000 | 22,000 | 33,000 |
| Fixed assets | 2,425 | 2,312 | 6,124 | 7,624 | 9,124 |
| Other long-term assets | 47,603 | 47,667 | 47,667 | 47,667 | 47,667 |
| Total assets | 69,226 | 76,926 | 99,350 | 135,810 | 174,719 |
| Current liabilities | 7,281 | 9,455 | 16,161 | 27,989 | 35,544 |
| Accounts Payable | 2,466 | 2,929 | 4,135 | 8,170 | 11,236 |
| Short-term borrowings | - | 874 | 3,426 | 2,989 | 724 |
| Other current liabilities | 4,815 | 5,652 | 8,600 | 16,831 | 23,583 |
| Non-current liabilities | 4,377 | 4,472 | 9,056 | 7,504 | 1,956 |
| Long-term Debt | 1,721 | 2,348 | 7,994 | 6,973 | 1,690 |
| Other non-current liabilities | 2,656 | 2,124 | 1,062 | 531 | 266 |
| Total liabilities | 11,658 | 13,927 | 25,217 | 35,494 | 37,499 |
| Total Equity | 57,568 | 62,999 | 74,133 | 100,317 | 137,219 |
| Share Capital | 61,379 | 63,382 | 62,280 | 61,080 | 59,481 |
| Additional Paid-in Capital | -6,106 | -7,079 | -8,079 | -11,079 | -17,080 |
| Retained earnings | 2,295 | 6,696 | 19,932 | 50,316 | 94,818 |
| Minority interests | - | - | - | - | - |
| Total Liabilities & Equity | 69,226 | 76,926 | 99,350 | 135,810 | 174,719 |
| Cash | Flow Statement | Flow Statement | Flow Statement | Flow Statement | USD mn |
| 2024 | 2025 | 2026E | 2027E | 2028E | |
| Operating cash flow | 3,041 | 7,709 | 12,830 | 22,637 | 39,623 |
| Profit for the year | 5,420 | 6,831 | 13,236 | 30,384 | 44,502 |
| Depreciation & amortization | 3,064 | 3,004 | 3,121 | 3,240 | 3,718 |
| Change in working capital | -685 | -3,882 | -3,527 | -10,986 | -8,598 |
| Others | -4,758 | 1,756 | - | - | - |
| Investing cash flow | -1,101 | -5,533 | -17,933 | -15,740 | -16,218 |
| Capex | -3,267 | -2,891 | -6,933 | -4,740 | -5,218 |
| Change in investment | -50 | 149 | -11,000 | -11,000 | -11,000 |
| Others | 2,216 | -2,791 | - | - | - |
| Free cash flow | 1,940 | 2,176 | -5,103 | 6,897 | 23,404 |
| Financing cash flow | -2,062 | -431 | 5,034 | -6,189 | -15,413 |
| Change in Capital | -3,744 | -1,400 | -2,102 | -4,200 | -7,600 |
| Net Change in Debt | -1,282 | 1,501 | 8,198 | -1,458 | -7,548 |
| Others | 2,964 | -532 | -1,062 | -531 | -266 |
| Exchange influence | - | - | - | - | - |
| Net increase in cash | -122 | 1,745 | -69 | 708 | 7,992 |
USD mn Cash Flow Statement
19,049 26,947 34,559 58,519 84,928 Operating cash flow
1,991 2,160 3,287 6,432 9,013 Others
47,603 47,667 47,667 47,667 47,667 Others
4,815 5,652 8,600 16,831 23,583 Others
69,226 76,926 99,350 135,810 174,719 Key Financial Ratios
476 4,540 6,650 Gross debt/equity
5,420 6,831 13,236 30,384 44,502 Quick Ratio
| Income Statement | USD mn | ||||
|---|---|---|---|---|---|
| Revenue | 2024 25,785 | 2025 34,639 | 2026E 52,707 | 2027E 103,153 | 2028E 144,531 |
| Cost of sales | 12,026 | 16,474 | 23,256 | 45,949 | 63,199 |
| Gross profit | 13,759 | 18,165 | 29,451 | 57,204 | 81,332 |
| Operating Expense | 7,621 | 10,397 | 14,489 | 22,500 | 30,400 |
| Operating profit | 6,138 | 7,768 | 14,962 | 34,704 | 50,932 |
| Interest Income | - | - | - | - | - |
| Interest Expense | 92 | 36 | -114 | -80 | -80 |
| Net other Non-op. Income/(Loss) | -1,436 | -1,069 | -1,364 | 140 | 140 |
| Pre-tax profit | 4,610 | 6,663 | 13,712 | 34,924 | 51,152 |
| Income tax | -810 | -168 | 476 | 4,540 | 6,650 |
| Profit for the year | 5,420 | 6,831 | 13,236 | 30,384 | 44,502 |
| Minority interest | - | - | - | - | - |
| Net profit to ord. equity | 5,420 | 6,831 | 13,236 | 30,384 | 44,502 |
| EPS ($) | 3.3 | 4.2 | 8.0 | 18.1 | 25.7 |
| Key Financial Ratios | |||||
|---|---|---|---|---|---|
| Growth (%) | 2024 | 2025 | 2026E | 2027E | 2028E |
| Revenue growth | 13.7 | 34.3 | 52.2 | 95.7 | 40.1 |
| Operating profit growth | 26.5 | 26.6 | 92.6 | 131.9 | 46.8 |
| Net profit growth | 26.0 | 26.0 | 93.8 | 129.6 | 46.5 |
| Profitability (%) | |||||
| Gross profit margin | 53.4 | 52.4 | 55.9 | 55.5 | 56.3 |
| Operating Profit Margin | 23.8 | 22.4 | 28.4 | 33.6 | 35.2 |
| Net profit margin | 21.0 | 19.7 | 25.1 | 29.5 | 30.8 |
| Key Ratio (%) | |||||
| ROA | 7.9 | 9.3 | 15.0 | 25.8 | 28.7 |
| ROE | 9.4 | 10.8 | 17.9 | 30.3 | 32.4 |
| Stability | |||||
| Gross debt/equity | 3.0 | 5.1 | 15.4 | 9.9 | 1.8 |
| Interest Coverage | 51.1 | 186.1 | - | - | - |
| Current Ratio | 2.6 | 2.9 | 2.1 | 2.1 | 2.4 |
| Quick Ratio | 1.8 | 2.0 | 1.4 | 1.3 | 1.5 |
| Net debt/equity | Net cash | Net cash | 1.3 | Net cash | Net cash |
Rating definitions Benchmark: Hang Seng Index (Hong Kong)
Company ratings Buy
Hold Stock expected to outperform benchmark by more than 10%
Expected stock relative performance ranges between -10% and 10%
Underperform Stock expected to underperform benchmark by more than 10%
Sector ratings Positive
Neutral Sector expected to outperform benchmark by more than 10%
Expected sector relative performance ranges between -10% and 10%
Cautious Sector expected to underperform benchmark by more than 10%
Hong Kong Company
Address GF Securities (Hong Kong) Brokerage Limited
27/F, GF Tower, 81 Lockhart Road, Wan Chai, Hong Kong
Telephone
(852) 37191111
Email evanlee@gfgroup.com.hk
Disclaimer
This report has been prepared by GF Securities (Hong Kong) Brokerage Limited ('GF Securities (Hong Kong) Brokerage'). According to the laws, regulations and regulatory requirements in different countries and regions, this report is distributed by GF Securities (Hong Kong) Brokerage with relevant legal and compliant operation qualifications in these countries and regions.
GF Securities (Hong Kong) Brokerage is licensed by the Securities and Futures Commission of Hong Kong ('SFC') to conduct Type 4 Regulated Activity 'Advising on Securities'. It is regulated by the SFC, and is responsible for the distribution of this report in Hong Kong. Information about the qualifications of the research analyst(s) who is(are) the author(s) of this report as licensed by the SFC are disclosed in the section where research analyst names are shown.
The research analyst(s) primarily responsible for the content of this report, in whole or in part, certifies that with respect to the company or relevant securities that the analyst(s) covered in this report: 1) all of the views expressed accurately reflect his or her personal views on the company or relevant securities mentioned herein; and 2) no part of his or her remuneration was, is, or will be, directly or indirectly, in connection with his or her specific recommendations or views expressed in this report.
This report is published solely for information purpose and does not constitute an offer to buy or sell any securities or a solicitation of an offer to buy, or recommendation for investment in, any securities.
The securities mentioned in this report may not be allowed to be sold in certain jurisdictions. No action has been taken to permit the distribution of the research report to any person in any jurisdiction that the circulation or distribution of such research report is unlawful. This report is distributed solely to clients or designated institutions authorized by GF Securities (Hong Kong) Brokerage, and is not distributed publicly. It is distributed to certain clients based on the conclusion that they are able to assess investment risks independently, execute investment decisions independently and assume corresponding risks independently.
This report has been issued and based on information obtained from sources generally available to the public and believed by the research analyst(s) to be reliable but which has not been independently verified. No representation or warranty, either express or implied, is made by GF Securities (Hong Kong) Brokerage as to their accuracy and completeness of the information contained in this report. GF Securities (Hong Kong) Brokerage accepts no liability for all loss arising from the use of the materials presented in this report, unless is excluded by applicable laws or regulations. Please be aware of the fact that investments involve risks and the price of securities may be fluctuated and therefore return may be varied, past results do not guarantee future performance. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any individuals. This report is not to be taken in substitution for the exercise of judgment by respective recipients of this report, where necessary, recipients should obtain professional advice before making investment decisions.
GF Securities (Hong Kong) Brokerage may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information presented in the research report. The points of view, opinions and analytical methods adopted in the research report are solely expressed by the analysts but not that of GF Securities (Hong Kong) Brokerage or its affiliates. The information, opinions and forecasts presented in the research report are the current opinions of the analysts as of the date appearing on this material only which may subject to change at any time without notice. The salesperson, dealer or other professionals of GF Securities (Hong Kong) Brokerage may deliver opposite points of view to their clients and the proprietary trading division with respect to market commentary or dealing strategy either in writing or verbally. The proprietary trading division of GF Securities (Hong Kong) Brokerage may have different investment decision which may be contrary to the opinions expressed in the research report. GF Securities (Hong Kong) Brokerage or its affiliates or respective directors, officers, analysts and employees related to research report business may have rights and interests in securities mentioned in the research report. Recipients should be aware of relevant disclosure of interest (if any) when reading this report.
GF Securities (Hong Kong) Brokerage and its affiliates may be seeking or building business relationships with company(ies) mentioned in this report. Therefore, investors should consider the impact on the independence of this report by GF Securities (Hong Kong) Brokerage and its affiliates due to potential conflicts of interests. Investors should not make any investment decisions based solely on the contents of this report. Investors should make their own investment decisions and bear their own risk. No written or verbal commitment of sharing gains or losses from securities investments in any form shall be effective.
This report may contain and/or describe/present factual historical information on prices of Futures contracts (the 'information'). Please note that this information is solely for the purpose of forming part of the argument/grounds/evidence in our research methodology/analysis to support our conclusion on our view of the relevant industry/company mentioned. It does not, by any means (express or implied) to be associated with or constituted as SFC Type 5 Regulated Activity (Advising on futures contracts).
Disclosure of Interests
1) The research analyst(s) and his/her associate has not served as an officer of the company(ies) mentioned in this report, and does not have any financial interests in the company(ies) mentioned in this report.
2) GF Securities (Hong Kong) Brokerage and/or its affiliates does not have any financial interests and has not invested in interests aggregate to an amount equal to or more than (i) 1% of the market capitalization; or (ii) 1% of the issued share capital, or issued units, in the company(ies) mentioned in this report.
3) GF Securities (Hong Kong) Brokerage and/or its affiliates does not have any market making activities, and has not employed any individual(s) serving as officer(s) of the company(ies) mentioned in this report.
4) GF Securities (Hong Kong) Brokerage and/or its affiliates does not have any investment banking relationship in Hong Kong with the company(ies) mentioned in this report in the past 12 months.
Copyright © GF Securities (Hong Kong) Brokerage
Without the prior written consent obtained from GF Securities (Hong Kong) Brokerage, any part of the materials contained herein should not (i) in any forms be copied or reproduced or (ii) be re-disseminated.
圖片清單（已驗證 2026-10-27）
| 檔名 | 分類 | 親眼所見內容 |
|---|---|---|
| 報告_廣發香港_AMD_3Q26預覽_20261027_001.png | 真資料圖（財務圖，不嵌 lib） | Figure 2 直條圖，圖例 AI GPU／Server CPU／Total（US$bn）：2024 為 5／8／26；2025 為 7／10／35；2026E 為 16／18／53；2027E 為 46／37／103；2028E 為 67／57／145 |
| 報告_廣發香港_AMD_3Q26預覽_20261027_002.png | 真資料圖（股價估值圖，不嵌 lib） | Figure 5 折線圖，AMD 12 個月遠期 P/E（PER）與平均線，橫軸 Jul-17 至 Jul-26，平均線標示 Avg. = 36x；2018 年中高點約 80x、2024 年中低點約 12x、2026 年近期約 35-50x |