CICC has reaffirmed its 'Outperform Industry' rating for Broadcom (AVGO.O), setting a target price of $475. This decision is grounded in the company's stellar FY25Q4 financial results and AI order volumes that surpassed market expectations. Broadcom demonstrated robust performance in its AI ASIC (Application-Specific Integrated Circuit) revenue stream, coupled with an impressive order backlog that has soared to $73 billion. This substantial backlog ensures high revenue predictability for the company over the next 18 months. Leveraging the burgeoning demand in AI computing and networking sectors, CICC has upwardly revised its earnings projections for Broadcom for both FY26 and FY27. Additionally, the valuation of Broadcom's AI business has witnessed an uptick, with the target price now reflecting a 44 times P/E (Price-to-Earnings) ratio for FY26, suggesting a promising upside potential of 16.9%.