英飞凌：FY26Q1 业绩点评及业绩说明会纪要：收购 ams OSRAM 强化传感器版图，提前投入 5 亿欧元 Capex 扩产全面加码 AI

Investment Rating - The report assigns a positive outlook for Infineon Technologies, indicating a potential for growth in the upcoming quarters, particularly driven by AI-related applications and strategic investments [4][30]. Core Insights - Infineon reported a revenue of €3.662 billion for CY25Q4, reflecting a 7% decrease quarter-over-quarter but a 7% increase year-over-year, aligning with seasonal trends and reaching the upper limit of guidance [2][8]. - The adjusted gross margin improved to 43.0%, up 2.3 percentage points from the previous quarter and 1.9 percentage points year-over-year, indicating operational efficiency [2][9]. - The company has a backlog of orders amounting to approximately €21 billion, showing a continuous improvement trend over the past six months [2][9]. Summary by Sections Overall Performance - Infineon achieved a revenue of €3.662 billion in CY25Q4, with a quarter-over-quarter decline of 7% and a year-over-year growth of 7%, which is close to 14% when adjusted for fixed exchange rates [2][8]. - The adjusted gross margin was reported at 43.0%, reflecting a quarter-over-quarter increase of 2.3 percentage points and a year-over-year increase of 1.9 percentage points [2][9]. - The segment result was €655 million, with a segment margin of 17.9%, remaining stable compared to the previous quarter [2][10]. Departmental Performance 1. Automotive Segment (ATV): Revenue of €1.821 billion, down 5% quarter-over-quarter but up 4% year-over-year, with a segment margin of 22.1% [3][12]. 2. Green Industrial Power Segment (GIP): Revenue of €349 million, down 21% quarter-over-quarter, with a segment margin of 8.9% [3][18]. 3. Power and Sensor Systems Segment (PSS): Revenue of €1.171 billion, down 3% quarter-over-quarter, with a segment margin of 17.4% [3][22]. 4. Connected Secure Systems Segment (CSS): Revenue of €321 million, down 13% quarter-over-quarter, with a segment margin of 7.2% [3][24]. Performance Guidance - For CY26Q1, Infineon expects revenue of approximately €3.8 billion, with a projected segment margin in the mid to high double-digit percentage range (15%-19%) [4][27]. - For FY2026, the company anticipates revenue growth compared to FY2025, with an adjusted gross margin expected to be slightly above 40% [4][28]. - The company plans to invest €500 million in AI-related capital expenditures to support the rapid growth of AI power business, with total capital expenditures expected to be around €2.7 billion for FY26 [4][30].