AMD · 深度研究报告· In-Depth Research Report

Q4营收$103亿同比增长34%创季度历史纪录、全年营收$346亿同比增长34%创全年历史纪录、数据中心Q4营收$54亿同比增长39%、非GAAP EPS $1.53超预期16%、自由现金流Q4翻倍至$21亿创历史纪录、数据中心长期年增速目标超60%、管理层承诺2027年AI业务「数十亿美元」年度营收、OpenAI 6GW多年期合作协议进入执行阶段——今天约$190：Q1季节性环比下降引发的情绪抛售，正在为AI算力格局中最重要的第二平台提供一个在MI450量产与Helios机架爆发前以折价建仓的历史性窗口

Q4 revenue of $10.3 billion grew 34% year-over-year and set an all-time quarterly record; full-year revenue of $34.6 billion grew 34% year-over-year and set an all-time annual record; data center Q4 revenue of $5.4 billion grew 39% year-over-year; non-GAAP EPS of $1.53 beat expectations by 16%; Q4 free cash flow doubled to $2.1 billion, setting an all-time record; data center long-term annual growth target above 60%; management committed to "multi-billion dollar" annual AI business revenue in 2027; OpenAI 6GW multi-year partnership agreement entering execution phase — stock at approximately $190 today: the sentiment selling triggered by Q1 seasonal sequential decline is providing a historic discounted entry window into the most important second platform in the AI compute landscape before the MI450 production ramp and Helios rack explosion

2026年2月3日。AMD发布Q4 2025财报。营收$103亿，同比增长34%，创公司季度历史纪录，超华尔街共识预期$96.9亿约6%。非GAAP EPS $1.53，超共识预期$1.32约16%。数据中心营收$54亿，同比增长39%，连续三季度加速。自由现金流$21亿，同比翻倍，创历史纪录。全年2025营收$346亿，同比增长34%，全年非GAAP EPS $4.17，均创历史最高。CEO丽莎苏在财报电话会上宣布：「AMD数据中心AI业务将在2027年实现数十亿美元年度营收，我们对这一路径有清晰的可见度。」

On February 3, 2026, AMD released its Q4 2025 earnings report. Revenue of $10.3 billion grew 34% year-over-year, setting an all-time company quarterly record and beating Wall Street consensus expectations of $9.69 billion by approximately 6%. Non-GAAP EPS of $1.53 beat consensus expectations of $1.32 by approximately 16%. Data center revenue of $5.4 billion grew 39% year-over-year, accelerating for three consecutive quarters. Free cash flow of $2.1 billion doubled year-over-year, setting an all-time record. Full-year 2025 revenue of $34.6 billion grew 34% year-over-year, and full-year non-GAAP EPS of $4.17, both setting all-time highs. CEO Lisa Su announced on the earnings call: "AMD's data center AI business will achieve multi-billion dollar annual revenue in 2027, and we have clear visibility into that path."

然后，股价重挫约8%。Q1 2026营收指引$98亿，环比下降约5%——部分分析师原本期望$100亿以上。科技板块整体避险情绪叠加，将一份各项核心指标全线超越预期、全年营收与盈利双创历史纪录的财报，变成了一次深度错杀。今天约$190的股价，比财报前约$210低了约10%，比2025年高点更是大幅回落——然而Q4数据中心营收$54亿、OpenAI 6GW协议进入执行阶段、MI450与Helios H2量产时间节点全部未变。

Then the stock plunged approximately 8%. Q1 2026 revenue guidance of $9.8 billion, declining approximately 5% sequentially — some analysts had originally expected above $10 billion. The overall technology sector risk-off sentiment combined with this to turn a report in which every core metric exceeded expectations and both full-year revenue and earnings set all-time records into a deep mispricing. Today's stock price of approximately $190 is approximately 10% below the pre-earnings price of approximately $210, and significantly below the 2025 highs — yet Q4 data center revenue of $5.4 billion, the OpenAI 6GW agreement entering execution phase, and the MI450 and Helios H2 production timing nodes are all unchanged.

33位华尔街分析师覆盖AMD，41%强力买入、38%买入、21%持有、0%卖出——无一建议卖出。财报后平均目标价约$261，最高目标价$358，对应今天约$190的股价潜在升幅分别约+37%与+89%。HSBC于财报日将目标价从$300上调至$335，引用AI代理工作负载驱动的服务器CPU结构性加速。在无任何分析师建议卖出、数据中心连续三季度增速加速、OpenAI多年期合作协议已签约的背景下，今天约$190的股价，与华尔街分析师共识之间约37%的差距，是市场情绪超调给出的价差——而不是对AMD基本面的理性判断。

33 Wall Street analysts cover AMD, with 41% Strong Buy, 38% Buy, 21% Hold, and 0% Sell — not a single recommendation to sell. The post-earnings average target price is approximately $261, with the highest target price of $358, implying approximately +37% and +89% upside from today's stock price of approximately $190 respectively. HSBC raised its target price from $300 to $335 on earnings day, citing structural acceleration in server CPU demand driven by AI agent workloads. Against the backdrop of no analyst recommending a Sell, three consecutive quarters of accelerating data center growth, and an already signed OpenAI multi-year partnership agreement, today's stock price of approximately $190 and the approximately 37% gap with Wall Street analyst consensus is the price gap created by market sentiment overshoot — not a rational judgment on AMD's fundamentals.

本报告将深入拆解AMD的四大核心投资逻辑、关键催化剂时间节点、华尔街多空双方最新目标价对比，以及我们独立得出的12至24个月目标价区间——数字或许会让你意外。

This report will break down AMD's four core investment pillars, key catalyst timelines, the latest Wall Street bull and bear target price comparisons, and our independently derived 12- to 24-month target price range — and the numbers may surprise you.