迈威尔Q3财报一览：明后年指引乐观，光电互联是基本盘，XPU attach芯片待放量

Core Viewpoint - The company reported strong financial results for FY26 Q3, with significant year-over-year growth in revenue and profits, driven by its data center business and upcoming acquisitions, particularly in photonic interconnect technology [3][16]. Financial Performance - Revenue for FY26 Q3 reached $2.075 billion, a 37% increase year-over-year and a 3% increase quarter-over-quarter; Q4 revenue is projected at $2.2 billion, a 21% year-over-year increase [3]. - GAAP gross margin was 51.6%, up 28.6 percentage points year-over-year; Non-GAAP gross margin was 59.7%, down 0.8 percentage points year-over-year but up 0.5 percentage points quarter-over-quarter [3]. - Non-GAAP operating profit was $753 million, a 67% increase year-over-year, with an operating margin of 36.3%; Q4 Non-GAAP operating profit is expected to be $794 million, a 30% year-over-year increase [3]. - Non-GAAP net profit was $655 million, a 76% increase year-over-year, with a net profit margin of 31.6%; Q4 Non-GAAP net profit is projected at $677 million, a 27% year-over-year increase [3]. Business Segments - Data center revenue was $1.52 billion, a 38% year-over-year increase and 2% quarter-over-quarter; it accounted for 73% of total revenue, primarily driven by growth in photonic interconnect business [4]. - The company's ASIC business, which includes customized XPU products, is expected to see significant revenue contributions from upcoming projects, with over 15 design wins anticipated to generate more than $2 billion in revenue by FY29 [7]. - The enterprise networking segment generated $240 million, a 57% year-over-year increase, while the communications segment saw revenue of $170 million, up 98% year-over-year [11]. Future Outlook - Q4 data center revenue is expected to grow by 20% year-over-year, driven by a rebound in custom ASIC business and continued growth in interconnect, switching, and storage [13]. - The company announced a $3.25 billion acquisition of Celestial AI, expected to enhance its photonic interconnect capabilities and contribute significantly to future revenue [13]. - For FY27, the company anticipates revenue exceeding $10 billion, with data center revenue projected to grow by 25% [13][16]. - Management expects data center revenue growth to exceed 25% in FY28, with ASIC custom business revenue potentially doubling [13][16].