Marvell1Q25业绩回顾：AI热潮驱动相关收入持续增长

Investment Rating - The report maintains a "Buy" rating for Marvell and expresses optimism for the AI industry chain, indicating potential benefits for related companies [2][8]. Core Insights - Marvell's Q1 2025 performance shows a revenue of $1.16 billion, a year-over-year decline of 12.2% and a quarter-over-quarter decline of 18.6%, aligning with company guidance [1]. - The company anticipates an 8% revenue growth in Q2 2025, driven by strong demand in the data center/AI segment, with expectations for non-GAAP gross margins around 62% [1]. - Data center revenue accounted for 70% of total revenue, with a year-over-year increase of 87.3% and a quarter-over-quarter increase of 6.7% [1][6]. - AI revenue is projected to exceed $1.5 billion in FY2025, representing a year-over-year growth rate of over 170% [1][2]. Summary by Sections Q1 2025 Performance - Marvell's Q1 2025 revenue was $1.16 billion, down 12.2% year-over-year and 18.6% quarter-over-quarter [1][6]. - Non-GAAP gross margin was 62.4%, a decrease from the previous quarter [1]. - Adjusted EPS was $0.24, reflecting a decline of 22.6% year-over-year and 47.8% quarter-over-quarter [1]. Business Segment Analysis - Data Center: Revenue grew 87.3% year-over-year and 6.7% quarter-over-quarter, driven by Cloud AI applications [1][6]. - Enterprise and Carrier: Revenue declined 58.0% and 75.2% year-over-year, with expectations of stabilization in Q2 [1][6]. - Consumer: Revenue fell 70.4% year-over-year, but is expected to double in Q2 [1][6]. - Automotive and Industrial: Revenue is expected to remain stable as inventory adjustments continue [1]. Future Outlook - Marvell expects AI revenue to surpass previous estimates of $1.5 billion for FY2025, with annual incremental revenue of at least $1 billion [1][2]. - The data center market is projected to grow at a CAGR of 29% from 2023 to 2028, with customized chip market growth expected to reach 45% [1][2].