Arm Holdings(ARM)涨逾7% 小摩维持增持评级指看好3nm AGI等业务放量

金吾财讯
Oct 02

金吾财讯 | Arm Holdings(ARM)盘中股价涨逾7%,最新报312.92美元,涨幅7.04%,成交额5.2亿美元。消息面上,摩根大通发布研报,维持Arm“增持”评级。该行研究指,数据中心/云端/AI业务需求强劲,英伟达、AWS、微软、Google等授权/版税客户正推进新一代ARM架构运算平台;云端/AI版税组合(上个财政年度占总版税收入14%)继续按年增长2倍,其中Arm服务器CPU版税料于本财政年度(2027财年)带动超过10%总版税。Arm的merchant 3纳米CPU方案(Arm AGI)仍按计划于明年3月底止第四财季初步放量,收入逾1亿美元。同时,该行表示,对取得额外3纳米AGI CPU供应、以带动2027至28财年超过10亿美元AGI CPU收入更有信心(已有承诺订单及供应),需求规模仍逾20亿美元,主要客户为Meta;惟若成功取得额外供应,或因晶圆、基板、封装等成本较高,毛利率或略低于目标(高30%水平)。下一代2纳米AGI CPU设计进展良好,仍按计划于2027年下半年初步部署。嵌入式(工业/汽车/物联网)市场对Arm Ethos NPU的AI/机器学习加速渗透持续强劲,中长期或进一步带动嵌入式版税增长。

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