ADI（ADI）FY25Q3跟踪报告：工业增长动能延续至FY25Q4，汽车市场预计环比下降

Investment Rating - The industry rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and expected outperformance of the industry index against the benchmark index [6]. Core Insights - The report highlights that ADI's FY25Q3 revenue reached $2.88 billion, exceeding guidance with a year-on-year growth of 25% and a quarter-on-quarter growth of 9% [20][21]. - The industrial sector shows strong recovery across all sub-sectors, with significant contributions from aerospace, defense, and automation [15][20]. - The automotive market is expected to see a quarter-on-quarter decline in FY25Q4 due to the fading effects of order front-loading and potential tariff pressures, despite long-term growth prospects driven by increased vehicle value [4][28]. - The communication sector is experiencing robust growth, driven by AI demand, with a year-on-year increase of 40% and a quarter-on-quarter increase of 18% [2][20]. - The consumer electronics segment continues to show strong performance, maintaining double-digit year-on-year growth for four consecutive quarters [2][20]. Summary by Sections Financial Performance - FY25Q3 revenue was $2.88 billion, with a gross margin of 69.2% and an operating profit margin of 42.2% [20][21]. - The company expects FY25Q4 revenue guidance of $2.9 to $3.1 billion, with a midpoint year-on-year growth of 23% and a quarter-on-quarter growth of 4% [3][22]. Sector Performance - Industrial sector revenue accounted for 45% of total revenue, with a year-on-year growth of 23% and a quarter-on-quarter growth of 12% [2][20]. - Automotive sector revenue accounted for 30% of total revenue, with a year-on-year growth of 22% but a slight quarter-on-quarter decline of 1% [2][20]. - Communication sector revenue accounted for 13% of total revenue, showing a year-on-year growth of 40% and a quarter-on-quarter growth of 18% [2][20]. - Consumer electronics also accounted for 13% of total revenue, with a year-on-year growth of 21% and a quarter-on-quarter growth of 16% [2][20]. Market Outlook - The industrial sector is expected to continue its growth momentum into FY25Q4, with guidance indicating a quarter-on-quarter growth of 13% to 15% [4][22]. - The automotive market is projected to decline in FY25Q4, influenced by the expiration of EV subsidies and tariff pressures, although long-term growth remains positive [4][28]. - AI and robotics sectors are anticipated to maintain double-digit growth, driven by advancements in signal processing and edge computing technologies [4][16][17].