Credo Technology Group Holding Ltd：AEC有望迎来加速增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2]. Core Insights - The company reported a revenue of $59.71 million for FY25Q1, representing a 70% year-over-year increase. The GAAP gross margin was 62.4%, up 3.2 percentage points year-over-year but down 3.4 percentage points quarter-over-quarter. The GAAP net loss was $9.54 million, while the Non-GAAP gross margin was 62.9%, also showing a year-over-year increase of 3.1 percentage points [1]. - For FY25Q2, the company guides revenue between $65 million and $68 million, with GAAP gross margins expected to be between 61.3% and 63.3% [1]. - The company anticipates accelerated quarter-over-quarter growth in the second half of FY25 [1]. Revenue and Client Analysis - The AEC product line is experiencing significant growth, with two major clients contributing over 10% to revenue. The first large cloud vendor client accounts for 10% of revenue, while the second accounts for 52%. The company expects substantial demand growth from these clients in FY25 [2]. - The company is also set to introduce a new client in FY25Q2, which is expected to exceed a 10% revenue contribution [2]. - Revenue from Microsoft has returned to historical levels, and Amazon is projected to be a key driver of revenue growth moving forward [2]. Product Development and Market Position - The optical module DSP business is progressing steadily, with the 1.6T DSP set to tape out soon. The company expects this segment to contribute at least 10% to FY25 revenue [2]. - The company plans to enter the 64G PAM4 PCIe 6.0 market this year, offering retimer and AEC solutions [2]. - The long-term guidance for IP revenue is maintained at 10% to 15% [2]. Financial Projections - Revenue projections for FY25 to FY27 are $321 million, $439 million, and $565 million, respectively. GAAP net profits are projected to be -$16.83 million, -$8.60 million, and $5.01 million for the same periods [2]. - The current stock price corresponds to price-to-sales (P/S) ratios of 18, 13, and 10 for FY25 to FY27 [2].