迈威尔科技：数据中心高景气，ASIC业务稳步推进

Investment Rating - The report maintains a "Buy" rating for Marvell Technology (MRVL NASDAQ) [4] Core Views - Marvell's data center business is the primary growth driver, with FY25Q3 revenue reaching $1 101 billion, up 98% YoY and 25% QoQ [3] - The company has entered a five-year agreement with Amazon, focusing on customized chips, optical module DSPs, AEC DSPs, and PCIe retimers [3] - Marvell has launched the industry's first 3nm single-channel 200G 1 6T optical module DSP chip [3] - The company expects data center business revenue to grow 20-25% QoQ in FY25Q4 [3] - Marvell maintains its AI revenue guidance for FY25 and FY26 at $1 5 billion and $2 5 billion respectively, with customized AI chips contributing $500 million and $1 billion [3] Financial Performance - FY25Q3 revenue reached $1 516 billion, up 6 9% YoY and 19 1% QoQ [2] - GAAP gross margin for FY25Q3 was 23 0%, while Non-GAAP gross margin stood at 60 5% [2] - FY25Q3 GAAP net loss was $676 million, with Non-GAAP net profit of $373 million [2] - FY25Q4 revenue guidance is $1 8 billion (±5%), representing 26 1% YoY growth and 18 7% QoQ growth [2] - FY25Q4 GAAP gross margin is expected to be 50%, with Non-GAAP gross margin projected at 60% [2] Business Segments - Enterprise networking revenue was $151 million, down 44% YoY and flat QoQ [3] - Carrier infrastructure revenue reached $85 million, down 73% YoY but up 12% QoQ [3] - Consumer revenue was $97 million, down 43% YoY but up 9% QoQ [3] - Automotive/Industrial revenue stood at $83 million, down 22% YoY but up 9% QoQ [3] Financial Projections - FY25-FY27 revenue is projected at $5 547 billion, $7 780 billion, and $8 869 billion respectively [4] - GAAP net profit is expected to be -$221 million, $145 million, and $314 million for FY25-FY27 [4] - Current stock price implies PS ratios of 15x, 11x, and 9x for FY25-FY27 revenue [4] Competitive Advantages - Marvell demonstrates strong competitiveness in optical module DSP and customized chip businesses [4] - The company's Ethernet switch chip products are expected to gain market traction [4] - Marvell is well-positioned to benefit from increasing demand for customized chips and AI Ethernet networking trends [4]