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Author: Admin | 2025-04-28
Of 5G infrastructure, related investments have also decreased, and the company's traditional business will remain relatively stable.For the company's traditional business, Dolphin expects ① Enterprise Network and Carrier Infrastructure Business: to maintain single-digit growth after recovering from the bottom; ② Consumer Business: mainly including home broadband routers, will also maintain single-digit growth; ③ Automotive and Industrial Business: driven by demand from the Internet of Vehicles, will grow faster than the first two, with an expected double-digit compound growth rate.Combining the data center and traditional businesses, Dolphin expects Marvell's operating revenue to grow to $15.9 billion by 2028 (the company's fiscal year 2029), with a CAGR close to 30%. Driven by demand from AI and other sectors, the company's data center business share will grow to over 95%, and the company's business structure will achieve a complete transformation. 3. Marvell's Operational Performance OutlookIn addition to breaking down revenue expectations, it is also necessary to forecast the company's gross margin and operating expenses to infer the specific performance of the company. After adjusting Marvell's financial data, we can clearly see the current operational gross margin and expense ratio of the company.Dolphin 君 mainly makes assumptions about the company's future gross margin, R&D expense ratio, sales and management expense ratio, and tax rate.1) Gross Margin: After adjusting the financial data, it can be seen that the company's overall operational gross margin has remained above 60%. However, due to the relatively low gross margin of ASICs, the growth of related businesses will impact the company's overall gross margin. Currently, the proportion of ASIC business has increased to 70%, and the company maintains around 60%. With the subsequent growth of the data center business, the gross margin is expected to fall back to the range of 55%-60%.2) R&D Expense Ratio and Sales Management Expense Ratio:
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