20240505_招商证券_电子行业：Q1业绩符合预期上修24年数据中心GPU营收预期至40亿美元_15页.pdf

|2024 05 05 AMD 24Q1 TMT/AMD 24Q1 Q1 55+2%/-11%52%+2.3pcts/+1pct 1 24Q1 24Q1 55 51-57+2%/-11%AMD Instinct GPU 24Q1 52%52%+2.3pcts/+1pct 24Q1 11 21%2 24Q1 1 23+80%/+2%10 40%AMD Instinct GPU Zen 4 2 14+85%/-6%Ryzen 8000 3 9.22-48%/-33%Radeon GPU 4 8.46-46%/-20%3 24Q2+6%/+4%24Q2 57 3+6%/+4%53%+3pcts/+1pct 1 GPU 2 3&4 2024 GPU 40 1 GPU MI300X GPU TCO H100 GPU 35 40 40 2 24H2 Turin 24Q1%493 9.7 6860.5 8.8 5618.0 8.1%1m 6m 12m-1.5-17.4-16.5-3.4-18.3-5.9 1 AMD 23Q4 Q1 24 GPU 20 2024-01-31 2 AMD 23Q3 24 GPU PC 2023-11-03 3 AMD 23Q2 23Q4 H2 2023-08-02 S1090511060002-40-30-20-1001020May/23 Aug/23 Dec/23 Apr/24(%)电子 沪深300Q1 24 GPU 40 2 1 AMD 2 AMD AMD AMD 3 AMD 24Q1 AMD 4 AMD 24Q2 AMD 2024Q1-40%-20%0%20%40%60%80%100%120%010203040506070 YoY0%10%20%30%40%50%60%YWBYwPsPnOmNtNpMtOsNqRbR9RaQsQmMsQsOkPrRrMeRmMyR6MmMzRvPsOrNMYpNsR 3 AMD 2024Q1 2024 4 30 Mitch Haws-Lisa Su-CEO Jean Hu-CFO 24Q1 55 80%+80%/+2%23 AMD Instinct MI300X GPU CPU CPU EPYC EPYC 900 AMD EPYC 45%40%EPYC CPU SD Micro EPYC CPU AMD ERP Oracle Exadata Fortune 100 76 EPYC Zen EPYC Turin Turin Turin EPYC Turin 30%SAM Turin 4 GPU MI300 AMD 10 MI300X Meta Oracle Super Micro MI300 100 MI300X AI OpenAI Triton AMD AMD ROCm VLLM JAX FP8 MI300 MI300X GPU TCO H100 H100 MI300X LLM token Ultra Ethernet Consortium 2024 GPU 40 1 35 GPU 14+85%/-6%Ryzen Ryzen 碁 Acer Asus HP Lenovo Ryzen 8040 Ryzen CPU Ryzen CPU Ryzen Pro 8000 PC Ryzen Pro 8040 CPU Ryzen Pro 8000 CPU Ryzen CPU-48%/-33%9.22 SoC Wl89B6vs8CPaBlqVsLoAuJKvZxvDHl7CnYBIQwX/6MNvfve8iKNyAFcSS08CxHui 5 Radeon RX 7900 GRE Radeon 7000 AMD-46%/-20%8.46 Spartan UltraScale+FPGA IO Versal SoC SoC 3 10 Versal SoC Subaru versal AI Edge EyeSight ADAS FPGA CPU GPU SoC Instinct EPYC Ryzen Instinct GPU EPYC Zen 5 PC AMD 2024Q1 55+2%/-11%AMD Instinct GPU 52%+2.3pcts 17+10%11 21%6 1.2 0.62+3%DataCenter 23+80%/+2%10 40%AMD Instinct GPU Zen 4 AMD Instinct GPU 2%CPU 5.41 23%1.48 11%266%Client 14+85%/-6%Ryzen 8000 8600 6%1.72 Gaming 9.22-48%/-33%Radeon GPU 1.51 16%3.14 18%Embedded 8.46-46%/-20%3.42 41%7.98 51%5.21 3.79 3.01 47 60 7.5 6 2024Q2 1 GPU 2 3 4 57 3 GAAP 53%GAAP 18 7 GAAP 13%16.4 2024Q1 Q&A Q MI300 35 40 5 HBM CoWos A 1 MI300 90 MI300 MI300 35 40 100 2 Chiplets CoWos 3D HBM Q GPU 25 26 MI300 A MI300 chiplet MI300X 2025 8 Q CPU 2024 GPU CPU A EPYC Genoa 1 2 Turin Q AIPC ASP A AI PC M&C ASP ASP AIPC Strix AIPC 2025 Q ASIC ASIC A TAM 2027 TAM 4 1 2 GPU CPU GPU 9 EPYC Q 2 200 MI300 A Q MI300 40 40 A 35 40 Q CPU 2024 A AI cloud first-party AMD 2024 Q 40 40 40 GPU 15 MI A 40 AMD 2024 10 AI AI Q 100 A 1 2 Q GPU MI300 A Pensando Arista AI GPU Q CPU CPU CPU 30%A CPU GPU 11 Q MI300 A MI300 Q Turin Genoa Turin A Turin Genoa Turin Turin SAM Turin Milan Genoa Q MI300 10 6 2.25 MI300 A GPU 2.07 Q A 30%Q 19%2%GPU CPU GPU CPU A GPU GPU 12 Q GPU GPU ROCm AI A ROCm AI 2024 Q PC GPU CPU 5%6%A Q CPU ASP A CPU ASP TCO TCO Q Open Ethernet A 13 Q GPU 10 100 A AI AMD AMD Q 4 MI300 EPYC 9 MI300 A 14 6-12 A 300 500 20%5-20%5%5%15