本报告导读：AI 带动数据中心业务高增，其他终端市场逐步复苏，费用摊薄后，盈利进一步释放投资要点：首次覆盖，给 予“增持”评级，目标价89 美元。我们预计MarvellFY2025、FY2026 的营业收入分别为53 亿美元、72 亿美元，同比-3%、+35%。Non-GAAP 归母净利润分别为13 亿美元、22 亿美元，同比-4%、+75%，当前股价对应PE 为56x、32x。考虑到公司成长性强...
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