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【招商电子】Marvell FY25Q4跟踪报告:下季营收预计环比微增,数据中心业务指引表现分化
Marvell TechnologyMarvell Technology(US:MRVL) 招商电子·2025-03-09 10:49

Core Viewpoint - Marvell Technology reported strong financial results for FY2025 Q4, with revenue of $1.817 billion, reflecting a year-over-year increase of 27% and a quarter-over-quarter increase of 20, driven primarily by the data center market and AI demand [1][5][6] Group 1: Financial Performance - FY25 Q4 revenue reached a record $1.817 billion, exceeding guidance midpoint, with a gross margin of 60.1%, slightly above previous guidance [1][17] - The company achieved a non-GAAP EPS of $0.60, a 40% increase quarter-over-quarter, highlighting strong operational leverage [5][16] - For FY25, total revenue was $5.767 billion, with a significant increase in cash flow and shareholder returns totaling $933 million [6][16] Group 2: Market Segments - Data center revenue hit a record $1.37 billion in FY25 Q4, up 78% year-over-year and 24% quarter-over-quarter, driven by AI chip production [2][7] - The enterprise networking and carrier infrastructure segments showed recovery, with combined revenue of $2.77 million in FY25 Q4, reflecting an 18% quarter-over-quarter increase [2][12] - Automotive and industrial revenue was $86 million, showing a 3% quarter-over-quarter increase, while consumer revenue declined by 8% to $89 million [2][13] Group 3: Future Guidance - For FY26 Q1, revenue guidance is set at $1.875 billion, reflecting a 61% year-over-year increase and a 3% quarter-over-quarter increase [3][19] - The data center segment is expected to see double-digit growth in cloud and AI revenue, while local deployment may experience seasonal declines [12][36] - AI business revenue is projected to exceed $2.5 billion in FY26, with custom AI processors entering mass production [4][15] Group 4: AI and Custom Chip Development - The AI business generated over $1.5 billion in FY25, with expectations to significantly surpass $2.5 billion in FY26 [4][6] - Two custom AI projects have entered mass production, including ARM-based CPUs and AI accelerators, which are expected to drive future growth [4][7] - The company is investing in advanced technologies, including 2nm silicon IP, to support next-generation AI and cloud infrastructure [8][10] Group 5: Operational Efficiency and Strategy - The company aims to enhance operational leverage and achieve long-term non-GAAP operating margins of 38% to 40% [20] - A strategic shift has been made to focus investments on the data center market, consolidating teams to better serve large-scale customers [14][15] - The company is closely monitoring market trends and customer needs to mitigate risks and capitalize on growth opportunities [35][36]