【招商电子】AMD（AMD.O）25Q1跟踪报告：出口新规影响25Q2收入指引，预计全年影响约15亿美元

Core Viewpoint - AMD's Q1 2025 financial performance shows strong revenue growth driven by data center and client segments, despite challenges in the embedded sector and new export regulations impacting margins [1][3][24]. Financial Performance - Q1 2025 revenue reached $7.4 billion, a 36% year-over-year increase, but a 3% decline quarter-over-quarter, with a gross margin of 54% [1][19]. - Operating income was $1.8 billion, with an operating margin of 24%, and diluted EPS was $0.96, reflecting a 55% year-over-year increase [19][24]. Segment Performance Data Center - Data center revenue was $3.7 billion, up 57% year-over-year but down 5% quarter-over-quarter, driven by strong sales of AMD Instinct GPUs and EPYC CPUs [2][20]. - The segment's operating income was $932 million, accounting for 25% of total revenue, indicating a significant market share increase [20]. Client and Gaming - Client and gaming revenue totaled $2.9 billion, a 28% year-over-year increase, with client revenue at $2.3 billion, up 68% year-over-year [2][20]. - The strong demand for the latest Zen 5 architecture and high-end Ryzen processors contributed to this growth, although gaming revenue declined by 30% due to a drop in semi-custom product sales [2][14]. Embedded - Embedded revenue was $823 million, down 3% year-over-year and 11% quarter-over-quarter, with slow recovery in terminal market demand [2][17]. Guidance and Future Outlook - For Q2 2025, AMD expects revenue between $7.1 billion and $7.7 billion, with a midpoint representing a 27% year-over-year increase, but gross margin is projected to decline to 43% due to new export regulations [3][23]. - The company anticipates a strong rebound in data center GPU sales in the second half of 2025, driven by the launch of the MI355 series [3][29]. Strategic Developments - AMD has completed the acquisition of ZT Systems, enhancing its capabilities in AI and data center solutions [11][24]. - The company plans to accelerate the production of the next-generation EPYC processors and MI400 series, with significant customer interest in the MI350 series [3][12][13]. Market Trends - The demand for AI infrastructure is expected to grow, with AMD's products positioned to capitalize on this trend, particularly in the data center and embedded markets [24][34]. - The company is focusing on optimizing its product mix and expanding its market share in the client segment, particularly in high-end desktop and commercial PCs [14][15].