迈威尔科技2025年AI基础设施网络研讨会摘要：研发投入进一步提升

华兴证券2025-07-03

美满电子预计公司有望充分受益于美国云服务厂商资本开支增长。公司持续在先进制程研发上进行投入。维持"买入"评级，目标价110.42 美元。美满电子于2025 年6 月举办 2025 年AI 基础设施网络研讨会。会议上CEO Matt Murphy表示：1）美国云服务厂商资本开支持续增长为美满电子提供了发展空间，其中美国四大云服务商资本开支2024 年增长至2,000 亿美元，公司预计2025 年有望...

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年的技术路线配套协议，使美满电子能够满足当前客户的生产需求。CEO Matt Murphy 表示，在750 亿美元的定制芯片潜在市场当中，XPU 市场规模约400 亿美元，XPU Attach（配套组件）达150 亿美元。XPU Attach 产品由于更高IP 含量和专业特性，公司预计该业务有望贡献更高的利润率。随着美满电子多个重要项目在2027年进入量产，公司预计收入增长将显著加速。我们认为虽然持续的研发投入可能影响公司短期利润表现，但技术领先优势有望助力提升长期竞争力。维持\"买入\"评级，目标价110.42 美元。我们的估值基于公司在数据中心定制芯片市场的领先地位和增长潜力，并且我们看好公司2025-2026 年的收入和利润增长潜力。风险提示：半导体行业周期波动可能影响资本开支节奏；先进制程研发进度存在不确定性；行业竞争加剧可能导致定价压力上升。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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