【中泰电子】AI全视角-科技大厂财报专题|AMD24Q3点评：数据中心拉动公司增长

Investment Rating - The report provides a positive investment rating for the semiconductor industry, particularly highlighting AMD's strong performance in the data center segment [1]. Core Insights - AMD's Q3 2024 performance exceeded market expectations, driven by significant growth in the data center business, which saw a year-over-year increase of 122% [4][17]. - The company is experiencing robust demand for its AI chips, with projected annual revenue exceeding $5 billion, up from a previous estimate of $4.5 billion [5][29]. - AMD's new product launches, including the MI325X GPU and the fifth-generation EPYC processors, are expected to enhance its competitive position in the market [44][48]. Summary by Sections 1. Q3 2024 Financial Performance - AMD reported Q3 2024 revenue of $6.819 billion, a year-over-year increase of 18% and a quarter-over-quarter increase of 17%, surpassing market expectations of $6.71 billion [2][8]. - The data center business generated $3.549 billion, marking a 122% year-over-year growth and a 25% quarter-over-quarter increase [17][29]. - Net profit for the quarter was $771 million, reflecting a 158% year-over-year increase, with a gross margin of 50% [2][4]. 2. Business Segment Performance - Data Center Business: Revenue reached $3.549 billion, accounting for 52% of total revenue, with a year-over-year growth of 122% [17][29]. - Client Business: Revenue was $1.881 billion, up 29% year-over-year, driven by strong demand for both new and legacy processors [31][34]. - Gaming Business: Revenue fell to $462 million, down 69% year-over-year, primarily due to weak demand for semi-custom products [34][37]. - Embedded Business: Revenue was $927 million, down 25% year-over-year but up 8% quarter-over-quarter, indicating a recovery in terminal market demand [37][39]. 3. Business Developments - AMD is accelerating the deployment of its MI300X AI chips, with significant adoption by major cloud service providers like Microsoft and Meta [5][29]. - The company has acquired ZT Systems, enhancing its capabilities in AI infrastructure [5][29]. - Upcoming product launches include the MI325X GPU and the fifth-generation EPYC processors, which are expected to outperform competitors in terms of performance and efficiency [44][48].