【中泰电子】AI全视角-科技大厂财报专题｜Skyworks&Qorvo CY24Q3点评：表现符合预期，后续展望分化

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - Skyworks FY24Q4 revenue exceeded guidance midpoint, with non-mobile business showing three consecutive quarters of sequential growth [3] - Qorvo FY25Q2 revenue and profit saw significant sequential increases, with revenue approaching the upper end of guidance [15] - Downstream demand is driven by WiFi 7, increasing RF demand [36] - The outlook indicates a mixed performance as the peak season ends [42] Summary by Sections Skyworks FY24Q4 Performance - Revenue reached $1.025 billion, down 15.9% year-over-year but up 13.2% quarter-over-quarter, slightly above the previous guidance midpoint of $1.02 billion [3] - Mobile business revenue was $670 million, accounting for approximately 65% of total revenue, down 16% year-over-year but up 21% quarter-over-quarter; non-mobile business revenue was $360 million, up 16% year-over-year and 2% quarter-over-quarter [3] - Non-GAAP net profit was $250 million, down 29.2% year-over-year but up 28.1% quarter-over-quarter; non-GAAP gross margin was 46.5%, in line with guidance [8] - Inventory decreased to $785 million, down 4.6% quarter-over-quarter, with inventory turnover days at 140 days, a decrease of 1 day [11] Qorvo FY25Q2 Performance - Revenue was $1.047 billion, down 5.2% year-over-year but up 18.0% quarter-over-quarter, nearing the upper end of the guidance range [15] - ACG (Advanced Cellular Modules) revenue was $751 million, down 11.6% year-over-year but up 17.0% quarter-over-quarter, accounting for 71.8% of total revenue [18] - Non-GAAP net profit was $180 million, down 23.6% year-over-year but up 115.3% quarter-over-quarter; non-GAAP gross margin was 47.0%, at the upper end of guidance [32] - Inventory decreased to $694 million, down 4.4% quarter-over-quarter, with inventory turnover days at 109 days, a decrease of 8 days [35] Downstream Demand - Skyworks anticipates continued sequential growth in mobile market business driven by major customers, with expected revenue growth of 5-10% from the largest customer [36] - Qorvo notes a contraction in the mid-range Android market, with the share of 5G Android devices dropping from half to less than a third [40] Outlook - Skyworks projects FY25Q1 revenue of $1.065 billion, down 11.4% year-over-year but up 3.9% quarter-over-quarter, with mobile business expected to grow in the mid-single digits [42] - Qorvo anticipates FY25Q3 revenue of $900 million, down 16.2% year-over-year and 14% quarter-over-quarter, with a challenging outlook for the second half of FY25 [43]