【招商电子】恩智浦（NXPI.O）25Q1跟踪报告：分销渠道积压订单改善，指引中国汽车业务订单显著增长

Core Viewpoint - NXP's Q1 2025 revenue was $2.835 billion, down 9.3% year-over-year and 8.9% quarter-over-quarter, slightly exceeding guidance midpoint [1][11] - The company expects improved revenue and gross margin in Q2 2025, driven by significant growth in automotive orders from China and Japan [2][3] Financial Performance - Q1 2025 revenue was $2.835 billion, with a gross margin of 56.1%, slightly below guidance [1][11] - Non-GAAP operating profit margin was 31.9%, down 260 basis points year-over-year but above guidance [11] - Q1 2025 operating cash flow was $565 million, resulting in a non-GAAP free cash flow of $427 million, representing 15% of revenue [13] Business Segments - Automotive revenue in Q1 2025 was $1.67 billion, accounting for 59% of total revenue, down 7.2% year-over-year [2] - Industrial and IoT revenue was $510 million, down 11.5% year-over-year, while mobile revenue was $340 million, down 3.2% year-over-year [2] - Communication infrastructure and other businesses generated $320 million, down 21.1% year-over-year [2] Q2 2025 Guidance - Q2 2025 revenue is expected to be between $2.8 billion and $3 billion, with a midpoint indicating a 7.3% year-over-year decline but a 2.3% quarter-over-quarter increase [3][14] - Gross margin is projected to be between 55.8% and 56.8% [3][14] - The company anticipates stable inventory levels and a capacity utilization rate above 70% [3] Market Dynamics - The industry cycle is showing signs of improvement, with backlog orders from distribution channels improving and direct orders stabilizing [2][4] - The automotive market is expected to remain flat year-over-year, with a slight increase of 1%-3% quarter-over-quarter [3][9] - The company is focusing on its "China-for-China" strategy, with 30% of its capacity dedicated to serving the Chinese market [4][21] Strategic Acquisitions - NXP announced plans to acquire Kinara for $307 million, enhancing its capabilities in AI-driven edge systems [10] - The acquisition is expected to add value to the company's financial model by 2028 and strengthen its position in the industrial and IoT markets [10] Inventory and Supply Chain - Q1 2025 Days of Inventory (DOI) was 169 days, an increase of 18 days quarter-over-quarter, with distribution channel inventory at 9 weeks [1][11] - The company has not observed any significant changes in customer ordering patterns due to tariffs, maintaining a focus on future demand and potential bottlenecks [4][18]