金吾财讯 | 瑞穗研报表示，AI智能体应用场景持续扩容，将显著拉动服务器CPU需求，并带动DRAM、NAND及相关服务器设备市场增长。分析师Vijay Rakesh预测，2030年AI智能体专用CPU市场规模可达800亿美元，未来四年复合增速123%；头节点CPU市场规模680亿美元，复合增速61%；传统CPU市场600亿美元，复合增速仅2%。整体服务器CPU潜在市场规模（TAM）2030年将达到2090亿美元，复合增速32%，该预估低于AMD（AMD）预期的2200亿美元以上。竞争格局上，瑞穗预计AMD服务器CPU收入将从去年120亿美元增长至2028年440亿美元；英特尔（INTC）由170亿美元增至410亿美元；英伟达（NVDA）从70亿美元大幅攀升至600亿美元，有望在2027年实现反超，依托Vera独立机架与CPU产品抢占更多市场份额。评级与目标价方面，维持英伟达目标价325美元；AMD目标价由580美元上调至705美元，戴尔科技（DELL）由600美元上调至650美元，英特尔目标价由92美元上调至114美元，闪迪（SNDK）由1875美元上调至2050美元，超微电脑（SMCI）由35美元上调至43美元。除超微电脑为“中性”评级，其余标的维持“跑赢大盘”。存储板块，瑞穗重申美光科技（MU）“跑赢大盘”评级与1400美元目标价，看好AI智能体带来的存储芯片需求增量。
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