Core Insights - Navitas Semiconductor (NVTS) and Analog Devices (ADI) are experiencing growth due to increasing semiconductor sales, projected to grow in double digits by 2025, driven by AI server and EV demand [1][6] - Year-to-date, Navitas shares have surged by 80.2%, while ADI has increased by 18.7%. However, in the past month, ADI outperformed with a 9.2% rise compared to Navitas' 24.9% decline [2] Navitas Semiconductor (NVTS) - Navitas focuses on power semiconductor solutions, particularly gallium nitride (GaN) and silicon carbide (SiC) technologies, with a significant market opportunity of $2.6 billion in AI data centers [5][6] - The company has established partnerships with major players like NVIDIA and Powerchip, enhancing its market position and efficiency in production [6][8] - Despite the growth potential, NVTS reported third-quarter 2025 revenues of $10 million, impacted by China tariff risks and a strategic shift away from lower-margin businesses [9][19] Analog Devices (ADI) - ADI is well-positioned in high-performance analog markets, particularly benefiting from the automotive sector, which constitutes 30% of its revenues, and is expected to achieve record automotive revenues in 2025 [10][11] - The industrial segment, accounting for 44% of ADI's third-quarter revenues, is projected to see double-digit growth, driven by a robust industrial automation business [12] - ADI maintains strong liquidity with a cash balance of $2.32 billion and free cash flow of $1.09 billion in the third quarter of fiscal 2025 [13] Earnings Estimates and Valuation - The Zacks Consensus Estimate for ADI's fiscal 2025 earnings is $7.69 per share, reflecting a 20.5% increase from fiscal 2024 [14] - In contrast, Navitas' loss estimate for 2025 has widened to 22 cents per share, indicating challenges ahead [15] - Valuation metrics show that ADI is trading at a forward Price/Sales ratio of 10.5X, while Navitas is at 22X, suggesting that ADI may be a more attractive investment [16] Investment Outlook - ADI is favored over Navitas due to its broad-based recovery, margin resilience, and strong free cash flow generation, supported by growth in automation, AI infrastructure, and automotive electrification [20] - Navitas faces near-term challenges from sluggish demand in solar, EV, and industrial markets, along with tariff impacts and the removal of tax credits [19]

会议纪要 证 券 研 究 报 告 1. 业绩总览：FY25Q3 实现营收 28.80 亿美元（YoY+24.57%，QoQ+9%），高 于指引上限，公司四大业务部门均实现双位数增长。FY25Q3 调整后毛利率为 69.2%（YoY+1.3pct，QoQ-0.2pct），调整后 EPS 2.05 美元（YoY+29.75%， QoQ+10.81%），高于指引区间上限。 2. 业务拆分：（1）工业，收入为 12.85 亿美元（YoY+22.94%，QoQ+10.97%）， 占营收 45%，工业业务持续复苏，所有子行业及地区均实现环比增长。主要应 用领域全部实现同比增长，其中自动测试设备业务表现尤为突出，主要得益于 人工智能领域投资的增加。此外，航空航天与国防业务也创下了季度新高。（2） 汽车，收入为 8.51 亿美元（YoY+22.45%，QoQ+0.12%），占营收 30%，主要 系领先的互联互通和功能安全电源解决方案继续推动着实现两位数的同比增 长。（3）通信，收入为 3.72 亿美元（YoY+40.38%,QoQ+18.10%），占营收 13%， 有线和数据中心业务约占通信业务总收入的三分之二，随着人工智能 ...

点击招商研究小程序查看PDF报告原文 事件： ADI（亚德诺）近日发布FY25Q3季报，FY25Q3营收28.8亿美元，同比+25%/环比+9%；毛利率 69.2%，同比+1.3pcts/-0.2pct。综合财报及交流会议信息，总结要点如下： 评论： 1、FY25Q3营收超指引上限，渠道库存周数略下降。 FY25Q3营 收28.8亿美元，同比+25%/环比+9%，超指引上限；毛利率69.2 %，同比 +1.3pcts/-0.2pct，环比下降主要系产能利用率下降；营业利润率42.2%，库存环比增加7200万 美元，DOI减少至160天，渠道库存周数略有下降。 2、工业各细分领域全面复苏，通讯业务同环比高增。 1）工业： 营收占比45%，同比+23%/环比+12%，各子行业及地区全面复苏，ATE领涨，航空航 天/国防创单季新高； 2）汽车： 营收占比30%，同比+22%/环比-1%，领先连接方案和功能安 全电源需求主导增长； 3）通讯： 营收占比13%，同比+40%/环比+18%，有线和数据中心约占 通信业务总量2/3，AI需求驱动该业务同比/环比均实现双位数增长，无线收入同比/环比亦实现双 位数增长； 4）消 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 模拟 芯片 大厂 ADI 于 当地时间 8 月 2 0 日 公布 2025财年第三季度 （ 截至 2025 年8月2日 ） 财务业绩， 收入为 28.8 亿美元， 环比增长 9%，同比增长 25% ， 所有终端市场均实现两位 数同比增长。 "尽管面临地缘政治挑战，ADI第三季度的收入和每股收益仍超出了我们预期的高端 。 "首席执行官兼董事长Vincent Roche表示。 Vincent Roche 还表示， "尽管关税和贸易波动正在造成市场不确定性，但对ADI产品的需求仍 然强劲。公司对尖端创新的不懈关注使我们能够利用智能物理边缘的增长。此外，我们多元化且有 弹性的商业模式使ADI能够驾驭各种市场条件，并持续为股东创造长期价值。 " 接下来，让我们具体看看ADI在各业务领域的表现，以及其对未来市场的展望。 01 工业复苏加速 汽车环比下滑 先 看 工业 —— ADI最赚钱的业务 ，每个季度 收入 都在环比增长 ， 第三季度 的 增长 还 加速 了 。 ...

姚书桥 Barney Yao 吕小潼 Xiaotong Lyu [Table_Title] Research Report 21 Aug 2025 中国电子 China (Overseas) Technology 全球科技业绩快报：Analog Devices FY3Q25 Record Performance Fueled by Industrial Recovery and AI, Positive Outlook Despite Automotive barney.sq.yao@htisec.com xt.lyu@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 Analog Devices FY3Q25 业绩表现： FY2025Q3，公司实现营收 28.80 亿美元，同比增长 25%，环比增长 9%，调整后 每股收益（EPS）达 2.05 美元，均超出市场一致预期；非 GAAP 口径下毛利率为 69.2%，经营利润率为 42.2%。按 GAAP ...

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

Core Insights - Analog Devices (ADI) reported third-quarter fiscal 2025 non-GAAP earnings of $2.05 per share, exceeding the Zacks Consensus Estimate by 6.2% and up from $1.58 per share in the same quarter last year [1][9] - The company has consistently beaten earnings estimates over the past four quarters, with an average surprise of 5.6% [1] Revenue Performance - For the second quarter of fiscal 2025, Analog Devices generated revenues of $2.88 billion, surpassing the Zacks Consensus Estimate by 4.45% and increasing from $2.31 billion in the year-ago quarter [2][9] - In the third quarter, revenue breakdown by segment included: - Industrial: $1.29 billion (45% of total revenue), a 23% year-over-year increase [3] - Automotive: $850.6 million (30% of total revenue), up 22% year-over-year [3] - Consumer: $372.2 million (13% of total revenue), marking a 21% increase year-over-year [3] - Communications: $372.5 million (13% of total revenue), rising 40% year-over-year [3] Profitability Metrics - The adjusted gross margin improved by 130 basis points to 69.2%, while the adjusted operating margin increased by 100 basis points to 42.2% year-over-year [4] Financial Position - As of August 2, 2025, cash and cash equivalents stood at $2.32 billion, down from $2.38 billion as of May 3, 2025 [5] - The company held $1.15 billion in short-term investments and reported long-term debt of $8.14 billion, up from $6.65 billion in the previous quarter [5] - Operating cash flow for the third quarter was $1.17 billion, with free cash flow at $1.09 billion [5] Shareholder Returns - Analog Devices returned $1.57 billion to shareholders, which included $490 million in dividends and $1.08 billion in share repurchases [6] Future Guidance - For the fourth quarter of fiscal 2025, management anticipates revenues of $3.0 billion (+/- $100 million), compared to the Zacks Consensus Estimate of $2.79 billion, indicating a year-over-year growth of 14% [7] - Projected reported operating margin is approximately 30.5% (+/-150 bps), with an adjusted operating margin of about 43.5% (+/-100 bps) [7] - Expected reported earnings are $1.53 (+/-$0.10) per share, while adjusted earnings are projected at $2.22 (+/-$0.10) per share, above the consensus estimate of $1.98 per share [7]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $2,880,000,000, exceeding expectations, up 9% sequentially and 25% year over year [15] - Gross margin was 69.2% and operating margin was 42.2%, both up 100 basis points sequentially and year over year [18] - EPS was $2.5, above the high end of the guided range and up 30% year over year [18] Business Line Data and Key Metrics Changes - Industrial represented 45% of revenue, up 12% sequentially and 23% year over year, with double-digit growth across all subsectors [15] - Automotive accounted for 30% of revenue, down 1% sequentially but up 22% year over year [16] - Communications made up 13% of revenue, up 18% sequentially and 40% year over year [16] - Consumer also represented 13% of revenue, up 16% sequentially and 21% year over year, marking the fourth consecutive quarter of double-digit year-over-year growth [17] Market Data and Key Metrics Changes - The industrial business is experiencing a recovery, particularly in aerospace, defense, and automation sectors, driven by increased spending in defense and AI infrastructure [6][15] - The automotive market is seeing a decline in sequential revenue due to unwinding of prior pull-ins, particularly in China [47][50] Company Strategy and Development Direction - The company is focusing on innovation-driven growth, particularly in the industrial automation and robotics sectors, with expectations of long-term expansion [6][11] - Partnerships are being formed to enhance product offerings and customer collaborations, particularly in robotics and automation [9][12] - The company is investing in application-specific solutions to capture growth opportunities in advanced robotics [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating geopolitical and macroeconomic uncertainties, citing a diversified business model as a strength [6][21] - The outlook for the industrial market remains strong, with expectations for continued growth despite seasonal trends [25][42] - Management is monitoring the impacts of tariffs and other external factors closely [21] Other Important Information - Cash and short-term investments totaled $3,500,000,000, with a net leverage ratio of 1.1 [18][19] - Free cash flow over the trailing twelve months was $3,700,000,000, representing 35% of revenue [20] Q&A Session Summary Question: Industrial growth outlook and inventory levels - Management indicated that industrial growth has been strong, with expectations for continued growth in Q4, despite being in a cyclical upturn [24][25] Question: Gross margin expectations and utilization rates - Management acknowledged lower gross margins due to unexpected lower utilization but expects to return to 70% margins in Q4 [29][30] Question: Automation revenue growth potential - Management expressed optimism about the automation business potentially doubling in size by 2029 due to strong R&D and market demand [35][37] Question: Automotive market trends and pull-ins - Management noted that automotive revenue is expected to decline in Q4 due to unwinding of prior pull-ins, particularly in China [46][50] Question: Supply constraints in aerospace and defense - Management confirmed strong demand in aerospace and defense, leading to supply constraints, but is actively increasing capacity to meet demand [68][69]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $2.88 billion, exceeding expectations, up 9% sequentially and 25% year over year [15][21] - Gross margin was 69.2% and operating margin was 42.2%, both up 100 basis points sequentially and year over year [18] - EPS was $2.50, above the high end of the guided range, and up 30% year over year [18] Business Line Data and Key Metrics Changes - Industrial represented 45% of revenue, up 12% sequentially and 23% year over year, with growth across all subsectors and regions [15][16] - Automotive accounted for 30% of revenue, down 1% sequentially but up 22% year over year [16] - Communications made up 13% of revenue, up 18% sequentially and 40% year over year [16] - Consumer also represented 13% of revenue, up 16% sequentially and 21% year over year, marking the fourth consecutive quarter of double-digit year-over-year growth [17] Market Data and Key Metrics Changes - The industrial automation business is expected to see long-term expansion driven by economic and demographic pressures [6][11] - The robotics market is predicted to experience robust double-digit growth due to AI-enabled technology factors [7][11] Company Strategy and Development Direction - The company is focused on innovation and building ecosystem partnerships to enhance customer collaborations [8][12] - Investments are being made in application-specific solutions that integrate multiple sensing modalities [12] - The strategy emphasizes tackling innovation challenges at the intelligent physical edge [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating geopolitical and macroeconomic uncertainties due to a diversified business model [5][21] - The outlook for continued growth, especially in the industrial market, is strong, with expectations for fiscal 2025 to close as a recovery year [21] Other Important Information - Cash and short-term investments totaled $3.5 billion, with a net leverage ratio of 1.1 [18][19] - Free cash flow over the trailing twelve months was $3.7 billion, or 35% of revenue [20] Q&A Session Summary Question: Industrial growth and inventory levels - Management indicated that industrial growth has been strong and is expected to continue, with channel inventories remaining lean and end demand still below consumption [25][26] Question: Gross margin expectations - Management acknowledged lower gross margins due to unexpected lower utilization but expects to return to 70% margins in Q4 [30][31] Question: Automation revenue growth - The automation business is projected to double in size by 2029, driven by R&D and new modalities [36] Question: Automotive market performance - Automotive revenue is expected to decline in Q4 due to unwinding of pull-ins, but overall performance remains strong [46][48] Question: Supply constraints in aerospace and defense - Management noted surging demand in aerospace and defense, leading to supply limitations, but is actively increasing capacity [66][68]

Core Insights - Analog Devices (ADI) reported revenue of $2.88 billion for the quarter ended July 2025, marking a year-over-year increase of 24.6% and exceeding the Zacks Consensus Estimate of $2.76 billion by 4.45% [1] - The company achieved an EPS of $2.05, up from $1.58 a year ago, surpassing the consensus EPS estimate of $1.93 by 6.22% [1] Revenue Performance by End Market - Consumer revenue reached $372.2 million, exceeding the estimated $352.36 million, reflecting a year-over-year increase of 17.6% [4] - Communications revenue was reported at $372.49 million, significantly above the estimated $321.99 million, with a year-over-year growth of 39.7% [4] - Automotive revenue totaled $850.62 million, surpassing the estimated $798.62 million, representing a year-over-year increase of 26.9% [4] - Industrial revenue was $1.29 billion, slightly above the estimated $1.28 billion, showing a year-over-year growth of 21.4% [4] Stock Performance - Shares of Analog Devices have returned -2.2% over the past month, contrasting with the Zacks S&P 500 composite's +2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]