全球科技业绩快报：AsteraLabs2Q25

Investment Rating - The report provides a strong investment rating for Astera Labs, indicating an outperform expectation over the next 12-18 months [18]. Core Insights - Astera Labs achieved significant revenue growth in FY2Q25, with revenue reaching $191.9 million, a 150% year-over-year increase and a 20% quarter-over-quarter increase, driven by robust demand in AI infrastructure connectivity [6][1]. - The company's strategic focus on AI infrastructure and high-speed connectivity solutions is effectively materializing, with notable performance from its core product lines, particularly the Scorpio PCD switch series and PCIe 6.0 solutions [7][2]. - Astera Labs is positioned to capture a nearly $5 billion market opportunity in scale-up connectivity for AI infrastructure by 2030, supported by deep collaborations with industry giants like NVIDIA and AMD [8][3]. Summary by Sections Earnings Performance - In FY2Q25, Astera Labs reported a gross margin of 75.8% under GAAP, with operating income of $39.8 million and net income of $51.2 million, leading to a diluted EPS of $0.29. On a Non-GAAP basis, gross margin improved to 76.0%, with operating income rising to $75.2 million and net income reaching $78.0 million, resulting in a diluted EPS of $0.44 [6][1]. Product Lines and Strategic Positioning - The Scorpio PCD switch series has shown strong growth due to increasing demand for higher bandwidth and lower latency in data centers. Astera Labs has successfully leveraged its first-mover advantage in PCIe 6.0 solutions, becoming a significant player in the market [7][2]. - The company's integrated connectivity platform, combining chip, hardware, and software, effectively meets the stringent requirements of AI and machine learning workloads [8][3]. Future Outlook - For Q3 2025, Astera Labs projects revenue between $203 million and $210 million, indicating a sequential growth of 6% to 9%. The core growth drivers are expected to be the Scorpio X series and UA Link solutions, benefiting from the long-term trend of AI infrastructure development [9][4].