Marvell股票单日下跌7%。其业务所依赖的AI支出仍在增长

Wiltone Asuncion7 分钟读数
评论者: David Hanson
最后更新 Jul 26, 2026

@RyanKing999 via Canva, @RyanKing999 via Canva

Marvell 股票关键数据

  • 当前价格: $194.23
  • 目标价(中值): ~$660
  • 华尔街目标价: ~$257
  • 潜在总回报率: ~242%
  • 年化IRR: ~31% / 年
  • 最大回撤: 40.49% (2026年7月16日)

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发生了什么?

Marvell Technology (MRVL) 股价在7月24日下跌7.21%,收于$194.23,而当天标普500指数和道琼斯指数均收高。 费城半导体指数下跌4.3%,英特尔尽管季度业绩超出预期仍下跌近8%,Marvell的跌幅约为芯片指数的1.7倍。此次下跌并无公司特定消息伴随,且报道该交易时段的各方对单一原因意见不一,提及了中东局势、日常资金流动以及对AI支出的担忧。

值得关注的是时机。两天前,Alphabet将其2026年资本支出指引从1800-1900亿美元上调至1950-2050亿美元,但其股价仍下跌了约5%。投资者并非在定价数据中心支出的减少。他们是在质疑这些支出能带来什么回报,这与Marvell营收实际依赖的风险不同。

估值倍数减半,而预算却在增加

重新定价的速度很快。截至6月30日,Marvell的交易价格约为未来十二个月 NTM 企业价值/息税折旧摊销前利润的52倍。到7月24日,该倍数已压缩至约34倍,同期远期 市盈率从约66倍降至约43倍。股价收盘价较6月初接近$316的收盘峰值下跌了约39%。

分析师们则朝着相反方向调整。TIKR的华尔街数据显示,40份预估的平均目标价从6月底的约$249升至约$257,区间从$126的低点到$400的高点,在追踪的评级中,有30个"买入"和7个"跑赢大盘"。KeyBanc的John Vinh于7月14日将其目标价从$385上调至$400,理由是定制芯片的势头和亚马逊Trainium 3的加速推进。Erste Group在同一天将该股评级下调至"持有",这是一份Marvell未予置评的单家机构报告。

无论如何解读,Marvell都不便宜,但它已不再是拥有AI连接性的最昂贵方式。Astera Labs的交易价格约为NTM EV/EBITDA的71倍,AMD约为49倍,两者都远高于Marvell。博通的交易价格接近20倍,因此溢价完全取决于你接受哪种比较。

Marvell NTM EV/EBITDA (TIKR)

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Murphy 假设资本支出将放缓,并探讨了如果不放缓会怎样

董事长兼首席执行官 Matthew Murphy 在6月3日的美国银行全球科技会议上阐述了他2028财年目标背后的假设。"在我们达到165亿美元目标的模型中,我们确实假设资本支出会放缓,"他说。"我们不认为它会崩溃,但我们为明年设定了一个大约30%的插值。"他补充说,如果资本支出高于这个水平,"我们可能会做得更好。"

他没有具体说明这30%所基于的基数,因此应将其解读为放缓的假设,而非精确的增长率。重要的是方向。Alphabet在7月22日的指引朝着相反方向调整,这使得Marvell的目标至少在一个主要客户的实际预算面前显得保守。

这与Murphy在定制芯片预估超出预期后处理预期的方式相符。他有意进行了重置:"我现在要非常明确。我不想让任何人感到困惑。"他指引2027财年定制芯片增长超过20%,2028财年增长超过一倍,并在会议上引导投资者下调而非上调预期。部分营收完全不在指引范围内,包括规模扩展光学业务,该业务今年从零开始,明年将达到3亿美元,比六个月前Marvell收购Celestial AI时预估的1.5亿美元翻了一番。

2028财年的目标营收约为165亿美元,增长约45%,在5月的财报电话会议上上调了约15亿美元。2027财年营收预计接近115亿美元,截至5月2日的季度,根据公司投资者关系材料,营收创下24.18亿美元的纪录,运营现金流也创下纪录。

Marvell 华尔街目标价 (TIKR)

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TIKR 高级模型分析

  • 当前价格: $194.23
  • 目标价(中值): ~$660
  • 潜在总回报率: ~242%
  • 年化IRR: ~31% / 年
Marvell 高级估值模型 (TIKR)

查看分析师对 Marvell 股票的增长预测和价格目标(免费!) >>>

中值情景值得分析,因为问题在于普通的执行表现是否能支撑当前价格。该情景指向到2031年1月31日,目标价接近$660,这意味着从$194.23起,总回报率约为242%,年化IRR约为31%。这是一个基于既定假设的建模结果,而非预测。

  • 营收驱动力一: 互连业务,指引2027财年增长超过70%
  • 营收驱动力二: 定制芯片业务,指引2027财年增长超过20%,2028财年增长超过一倍
  • 利润率驱动力: 净利润率维持在32%附近,因为数据中心业务组合挤占了传统业务营收
  • 主要风险: 毛利率侵蚀

激进的输入是估值倍数,而非增长。中值情景假设市盈率在十年期内从已经较高的起点每年扩张约4%,而其十年历史均值约为2%。对照盈利来看,华尔街模型对2031财年每股收益$17.40的$660目标价,对应的市盈率约为38倍,这仍然要求市场为五年后的增长支付溢价。

利润率值得比目前更多的关注。共识预期毛利率将从2026财年的59.5%逐年下降,到2029财年降至约57%,而Marvell在截至5月2日的季度报告的非公认会计准则毛利率为58.9%,去年同期为59.8%。定制芯片既是增长引擎,也是稀释因素。上行空间在于,如果规模扩展营收转化而指引持续上调;下行风险在于,Marvell 成长为一个利润率较低的业务,市场为其支付较低的估值倍数。

结论

微软和Meta将于7月29日发布财报,亚马逊和苹果将于7月30日发布。它们的资本支出指引是Murphy的2028财年目标所依赖的输入,而Alphabet已经通过上调而非削减指引定下了基调。预算维持或再次上调,使得165亿美元的目标数字看起来保守,而7月24日的价格是对从未变动过的数字打了折扣。

更困难的情况是预算维持不变,而市场继续惩罚支出者。在这种情况下,Marvell的营收保持完整,但其估值倍数无论如何继续压缩,而8月20日的财报也无法解决这个问题。

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调出Marvell,您将看到多年的历史财务数据、华尔街分析师对未来几个季度营收和盈利的预期、估值倍数随时间的变化,以及价格目标是呈上升还是下降趋势。

您可以建立一个免费的观察列表,以跟踪Marvell以及您关注的所有其他股票。无需信用卡。只需您自己做决定所需的数据。

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7 分钟读数

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Astera Labs股价在7月24日下跌10.82%,而标普500指数当日收高,且公司未发布任何公告解释此次波动。其远期EBITDA倍数已从6月底的约119倍降至约71倍。
Wiltone AsuncionJul 26, 2026

全球成千上万的投资者使用 TIKR提高他们的投资分析能力。

免费注册无需信用卡