【招银国际】Marvell FY1Q25 earnings: Harnessing the AI revenue.pdf

–Earnings cut and de-rating may end here

3Q24 earnings below expectations due to margin contraction

1Q25 Earnings Rebound Notably, Games/Films Shine

Solid 1H24 earnings, better NEV outlook

Impressive earnings recovery in 1Q23; Reiterate BUY

–3Q23 earnings beat on strong operating leverage and business innovation

Expect solid 2023E earnings; Higher free float to boost valuation

Earnings risk not yet priced in

–3Q23 earnings beat on better product mix and record-high GPM

Solid cloud rev growth with improved earnings growth outlook for e-commerce business