MarvellFY26Q1跟踪报告：与NV达成ASIC合作，汽车以太网业务出售给英飞凌

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5]. Core Insights - Marvell reported record revenue of $1.895 billion for FY26Q1, representing a year-over-year increase of 63% and a quarter-over-quarter increase of 4%, driven by strong demand in the data center market [14][25]. - The company announced the sale of its automotive Ethernet business to Infineon for $2.5 billion in cash, expected to be completed in 2025, which will provide greater flexibility for capital allocation [4][28]. - The data center segment achieved record revenue of $1.44 billion, up 76% year-over-year and 5% quarter-over-quarter, fueled by the rapid ramp-up of custom AI chip projects [2][16]. - The guidance for FY26Q2 indicates expected revenue of $2 billion, a 57% year-over-year increase, with a non-GAAP gross margin forecast of 59.5% [3][27]. Summary by Sections Financial Performance - FY26Q1 revenue reached $1.895 billion, exceeding guidance, with a gross margin of 59.8% [14][25]. - Operating cash flow was $333 million, and the company repurchased $340 million in stock during the quarter, reflecting strong shareholder returns [26][28]. Market Segments - Data Center: Revenue of $1.44 billion, with expectations for continued growth in FY26Q2 [2][16]. - Automotive and Industrial: Revenue of $76 million, with automotive growth offset by declines in industrial [22]. - Consumer: Revenue of $63 million, expected to increase by approximately 50% in FY26Q2 due to seasonal and gaming demand [21]. Strategic Developments - The partnership with NVIDIA to integrate NVLink Fusion technology into Marvell's custom platform enhances flexibility for next-generation AI infrastructure [4][18]. - The introduction of a new multi-chip packaging platform aims to improve chip interconnect efficiency and reduce power consumption by 30% [4][18]. Future Outlook - The company anticipates continued strong performance in the data center segment, with AI-related revenue expected to become a significant portion of total revenue in the coming years [24][38]. - The automotive Ethernet business sale is expected to enhance capital allocation strategies and provide substantial returns to shareholders [4][28].