格芯第三季度业绩超预期，汽车与通信业务增长强劲

Core Viewpoint - The company reported strong Q3 2025 earnings, exceeding market expectations in revenue and profit, driven by robust growth in core automotive and communication sectors, with optimistic guidance for Q4 performance [1] Financial Performance - Q3 revenue reached $1.688 billion, a year-over-year decline of 2.9%, but surpassed Wall Street expectations by approximately $10 million [2] - Non-GAAP earnings per share were $0.41, exceeding market expectations by $0.03; net profit was $248 million, reflecting a year-over-year increase of 40.1% [2] - Adjusted gross margin improved to 26%, showing growth both year-over-year and quarter-over-quarter, primarily due to product mix optimization and an increase in high-value orders [2] Business Development - Automotive business revenue accounted for 18% of total revenue, growing by 20% year-over-year [3] - Revenue from communication infrastructure and data center business increased by 32% year-over-year [3] - Significant growth in silicon photonics is expected, with 2025 revenue projected to double, potentially becoming a business exceeding $1 billion in scale; demand for the FDX platform remains strong [3] Financial Condition - Cash, cash equivalents, and marketable securities totaled $4.2 billion at the end of the period [4] - Operating cash flow was $595 million, with free cash flow at $406 million, indicating robust operational efficiency [4] Project Advancements - The company plans to invest €1.1 billion to expand its Dresden, Germany facility, aiming for an annual production capacity exceeding 1 million wafers by the end of 2028 [5] - An investment of $575 million is planned for building an advanced packaging and photonics center in New York State [5] - Through the "China for China" strategy, the company has reached agreements with local wafer fabs to focus on automotive-grade CMOS technology to meet local customer demands [5] Future Outlook - Management projects Q4 revenue to be $1.8 billion (±$250 million), with adjusted earnings per share of $0.47 (±$0.05), and gross margin expected to rise to 28.5% [6] - This guidance aligns with or slightly exceeds market expectations [6]