电子行业安费诺24Q4跟踪报告：营收及利润率创纪录，预计25Q1 AI需求驱动IT数通环比持续增长

Investment Rating - The report maintains a "No Rating" stance for the industry [3] Core Insights - The report highlights record revenue and profit margins driven by AI demand, with Q4 2024 revenue reaching $4.318 billion, a 30% year-over-year increase and a 7% quarter-over-quarter increase [1][13] - The adjusted operating profit margin for Q4 2024 was 22.4%, up 1.2 percentage points year-over-year and 0.5 percentage points quarter-over-quarter [1][13] - The total order amount for Q4 2024 reached a record $5.14 billion, reflecting a 58% year-over-year increase and a 14% quarter-over-quarter increase, primarily driven by AI-related data center demand [1][13] Summary by Sections Financial Performance - Q4 2024 revenue was $4.318 billion, exceeding previous guidance, with significant contributions from IT data communication, commercial aviation, mobile devices, broadband, and defense markets [1][13] - For the full year 2024, total revenue was $15.223 billion, surpassing guidance with a 21% year-over-year increase [18] - Adjusted EPS for 2024 was $1.89, exceeding guidance and reflecting a 25% year-over-year increase [18] Market Segmentation - IT data communication revenue in Q4 2024 grew 76% year-over-year, driven by AI application demand [2][15] - The commercial aviation market saw a 137% year-over-year revenue increase, while the industrial market grew by 26% [2][15] - The automotive market experienced a 3% year-over-year decline, primarily due to decreased demand from European customers [2][15] Future Outlook - For Q1 2025, the company expects sales to reach $4.0 to $4.1 billion, representing a year-over-year increase of 23% to 26% [23] - The IT data communication market is anticipated to see mid-single-digit quarter-over-quarter growth, benefiting from ongoing AI-related investments [25] - The communication network market, which combines broadband and mobile networks, is expected to decline by approximately 15% quarter-over-quarter [26]