AMD（纪要）：AI GPU 全年将实现两位数增长

Core Viewpoint - AMD reported a record revenue of $7.4 billion for Q1 2025, exceeding guidance and showing a year-over-year increase of 36% [2][3]. Financial Performance - Total revenue reached $7.4 billion, with a gross margin of 54%, up 1.4 percentage points year-over-year [2]. - Operating expenses were $2.2 billion, a 28% increase year-over-year, leading to an operating profit of $1.8 billion and an operating margin of 24% [2][4]. - Diluted earnings per share were $0.96, reflecting a 55% year-over-year increase [2]. Business Segments - Data Center: Revenue of $3.7 billion, a 57% year-over-year increase, driven by market share gains in server CPUs and growth in Instinct GPUs [3][9]. Operating profit was $932 million with a margin of 25% [3]. - Client and Gaming: Revenue of $2.9 billion, up 28% year-over-year, benefiting from strong demand for Ryzen processors [3][14]. Client revenue was $2.3 billion, a 68% increase, with over half of the growth attributed to high-end product price increases [3]. - Embedded: Revenue of $823 million, down 3% year-over-year, with an operating profit of $328 million and a margin of 41% [4]. Financial Position - Free cash flow was $727 million, with $749 million returned to shareholders through stock buybacks [4]. - Cash reserves at the end of the quarter stood at $7.3 billion, with total debt reaching $1.5 billion [4]. Outlook - For Q2, AMD expects revenue between $7.4 billion ± $300 million, with a non-GAAP gross margin forecast of 43% [5][6]. - The company anticipates a revenue impact of approximately $1.5 billion due to export license requirements for the year [6]. - Client and gaming segments are expected to see double-digit percentage growth, while data center revenue may decline due to the absence of MI308 revenue [7]. Executive Commentary - AMD's Q1 performance was strong despite regulatory challenges, with significant growth across data center, client, and gaming segments [8]. - The company highlighted robust demand for its EPYC processors and successful partnerships with major enterprises [9][10]. - The introduction of new AI solutions and the acquisition of ZT Systems are expected to enhance AMD's capabilities in the AI market [13].