【招商电子】AMD 24Q3跟踪报告：本季各下游业务表现分化，持续上修数据中心GPU营收指引

Financial Performance - AMD reported Q3 2024 revenue of $6.8 billion, up 18% YoY and 17% QoQ, driven by strong growth in Data Center and Client segments [1] - Gross margin reached 53.6%, up 2.54 ppts YoY and 0.5 ppts QoQ, primarily due to Data Center revenue growth [1] - Operating income was $1.7 billion with an operating margin of 25% [1] - EPS was $0.92, up 31% YoY and 33% QoQ [1] Segment Performance - Data Center revenue hit a record $3.5 billion, up 122% YoY and 25% QoQ, accounting for 52% of total revenue [2] - Client segment revenue grew 29% YoY to $1.9 billion, driven by strong demand for Zen 5 AMD Ryzen processors [2] - Gaming revenue declined 69% YoY to $462 million due to reduced semi-custom revenue [2] - Embedded revenue decreased 25% YoY to $927 million as customers continued to adjust inventory levels [2] Data Center Growth - Data Center GPU revenue guidance for 2024 was raised to over $5 billion, up from $4.5 billion in July and $2 billion at the start of the year [3] - MI300X GPU adoption expanded among cloud and AI customers, with Microsoft and Meta increasing usage [4] - MI325X GPU launched in October, offering 20% better inference performance than H200 [4] - MI350 series expected in H2 2025, promising significant AI performance improvements [4] Product Roadmap - MI325X GPU began shipping in Q3 2024, with broad system availability expected in Q1 2025 [4] - MI350 series based on CDNA Next architecture planned for H2 2025 [4] - MI400 series under development, targeting 2026 launch [4] Strategic Moves - AMD announced acquisition of ZT Systems to enhance AI system capabilities [13] - ZT Systems provides rack and cluster-level solutions, complementing AMD's silicon and software expertise [13] - Acquisition expected to close in H1 2025, with ZT's US data center infrastructure manufacturing business to be divested [13] Market Outlook - AMD expects Q4 2024 revenue of $7.5 billion (±$300 million), up 22% YoY and 10% QoQ [3] - Data Center AI accelerator TAM expected to grow at over 60% CAGR, reaching $500 billion by 2028 [18] - Client segment growth driven by Ryzen 9000 series and Ryzen AI 300 series processors [15] - Embedded business showing signs of recovery, with Versal adaptive SoC demand growing [17] Competitive Landscape - AMD narrowed the gap with competitors in GPU performance through accelerated roadmap execution [32] - MI325 competes with H200, while MI350 series will compete with Blackwell [32] - AMD's product portfolio gaining traction in both inference and training workloads [31]