电子：Credo Technology FY25Q2财报简评：受益AEC下游大客户需求强劲，收入规模快速扩张

Industry Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Viewpoints - Credo Technology's FY25Q2 revenue reached $72 million, a 63.58% YoY increase, driven by strong demand from AEC downstream major clients [1] - The company's product sales revenue grew by 88% YoY in Q2, with AEC product line revenue hitting a record high [1] - The company's optical module business achieved record revenue in Q2, supported by significant growth in 50G and 100G DSP solutions [1] - Credo Technology has completed the tape-out of its 3nm 200G product, indicating progress in its optical module business [1] - The company provided a high-growth guidance for FY25Q3, with expected revenue between $115 million and $125 million, representing a 67% sequential growth at the midpoint [1] Business Segment Analysis - Product sales revenue in FY25Q2 was $64.44 million, up 88.17% YoY and 19.70% QoQ [1] - Service revenue in FY25Q2 was $4.63 million, up 90.46% YoY and 32.87% QoQ [1] - IP revenue in FY25Q2 was $2.96 million, down 59.76% YoY but up 23.86% QoQ [1] Financial Performance - GAAP gross margin for FY25Q2 was 63.2%, while non-GAAP gross margin was 63.6% [1] - GAAP operating expenses were $54 million, and non-GAAP operating expenses were $38 million [1] - GAAP net loss was $4.2 million, while non-GAAP net income was $12.3 million [1] - GAAP EPS was -$0.03, and non-GAAP EPS was $0.07 [1] Future Outlook - For FY25Q3, the company expects GAAP gross margin to be between 60.6% and 62.6%, and non-GAAP gross margin between 61.0% and 63.0% [1] - GAAP operating expenses are projected to be between $59 million and $61 million, while non-GAAP operating expenses are expected to be between $42 million and $44 million [1]