迈威尔科技：FY2025Q1业绩点评及法说会纪要：营收符合预期，ASIC业务展望乐观

Investment Rating - The report assigns a positive outlook for Marvell Technology, Inc. with expectations of revenue growth in the upcoming quarters, particularly driven by the data center market and AI-related products [2][3][15]. Core Insights - Marvell Technology, Inc. reported FY2025Q1 revenue of $1.161 billion, which was a 12.2% year-over-year decline and an 18.6% quarter-over-quarter decline, but exceeded the guidance midpoint of $1.15 billion [2][3]. - The data center market showed strong performance, with revenue of $816 million, representing a 87.3% year-over-year increase and a 6.7% quarter-over-quarter increase, driven by AI demand [3][9][15]. - The company expects FY2025Q2 revenue to be between $1.18875 billion and $1.3125 billion, indicating a quarter-over-quarter growth of 7.7% and a year-over-year decline of 6.8% [11][12]. Summary by Sections Overall Revenue Situation - FY2025Q1 revenue was $1.161 billion, exceeding guidance [2][8]. - Non-GAAP gross margin was 62.4%, slightly below the previous quarter but above the year-ago period [3][8]. - Operating expenses for FY2025Q1 were $680 million GAAP and $454 million Non-GAAP, reflecting successful cost-cutting measures [8][16]. Revenue Breakdown by End Market - Data center market revenue was $816 million, accounting for 70% of total revenue [9][10]. - Enterprise networking market revenue was $153 million, a significant decline due to inventory adjustments [9][10]. - Carrier infrastructure market revenue was $72 million, also reflecting a decline [9][10]. - Consumer market revenue was $42 million, down significantly due to the end of product life cycles [9][10]. - Automotive and industrial market revenue was $78 million, showing a slight decline [9][10]. Company Guidance - For FY2025Q2, the company anticipates revenue of $1.18875 billion to $1.3125 billion, with a Non-GAAP gross margin of 62% [11][12]. - The data center segment is expected to continue its growth trajectory, driven by custom projects and AI demand [12][15]. - The company is optimistic about revenue recovery in the second half of FY2025, particularly in Ethernet and new model production [11][12][15].