赛默飞25Q1利润稳健增长，经调整EPS指引略有下调

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - In Q1 2025, the company reported revenue of $10.364 billion, a year-on-year increase of 0.18%, and a net profit of $1.507 billion, reflecting a 13.48% growth compared to the previous year [4][8]. - The adjusted EPS for Q1 2025 was $5.15, down from $6.10 in Q4 2024, indicating a cautious outlook due to macroeconomic uncertainties [8]. - The adjusted gross margin was 41.7%, with SG&A expenses accounting for 16.5% of revenue, and total R&D expenditure was $342 million, representing 7.5% of manufacturing revenue [8]. - The company maintains its full-year revenue guidance of $43.3 billion to $44.2 billion, with an internal revenue growth forecast of 1% to 3% [8]. Summary by Sections Financial Performance - The company achieved a revenue of $10.364 billion in Q1 2025, with a year-on-year growth of 0.18% and a quarter-on-quarter decline of 9.12% [4][8]. - The free cash flow was $370 million, and operating cash flow was $720 million, with capital expenditures of $350 million [8]. Earnings Guidance - The adjusted EPS guidance for 2025 is set at $21.76 to $22.84, with a median decrease of $1.00 from previous guidance due to changes in tariffs and policies between China and the U.S. [8]. - The management's outlook has shifted from confident optimism in Q4 2024 to a more cautious stance in Q1 2025, reflecting the impact of macroeconomic uncertainties [8].