【招商电子】恩智浦（NXPI.O）25Q2跟踪报告：下游市场增长符合预期，25Q3营收预计环比增长8%

Core Viewpoint - NXP Semiconductors reported Q2 2025 revenue of $2.926 billion, a year-over-year decline of 6.4% but a quarter-over-quarter increase of 3.2%, exceeding the midpoint of guidance [1][10] - The company anticipates a recovery in the automotive and industrial IoT sectors, with a projected revenue growth of 8%-12% CAGR from 2025 to 2027 [4][37] Financial Performance - Q2 2025 revenue was $2.926 billion, with a gross margin of 56.5%, slightly below the previous year but close to the upper limit of guidance [1][13] - Non-GAAP operating profit margin for Q2 2025 was 32%, down 230 basis points year-over-year but above guidance [10][13] - Q3 2025 revenue guidance is set between $3.05 billion and $3.25 billion, with a midpoint indicating a 3% year-over-year decline but an 8% quarter-over-quarter increase [3][16] Business Segments - Automotive segment revenue for Q2 2025 was $1.729 billion, accounting for 59% of total revenue, with a year-over-year increase of 0.1% and a quarter-over-quarter increase of 3.3% [2][12] - Industrial and IoT revenue was $546 million, down 11.4% year-over-year but up 7.5% quarter-over-quarter, exceeding expectations [2][12] - Mobile business revenue was $331 million, down 4.1% year-over-year and 2.1% quarter-over-quarter, also exceeding expectations [2][12] Market Trends - The automotive market in China is showing strong growth, driven by OEMs pushing for innovations in autonomous driving [4][36] - The overall industrial market is recovering, with growth shifting from consumer electronics to core industrial sectors [4][37] - The company expects to see a continued increase in demand for radar products due to the rising levels of ADAS [4][36] Inventory and Capacity - Inventory days decreased to 158 days in Q2 2025, down 11 days from the previous quarter, with distribution channel inventory remaining at 9 weeks [1][13] - The company aims to increase capacity utilization to nearly 80% in the future, with a long-term goal of reaching 85% [3][29] Strategic Outlook - NXP is focusing on enhancing its competitive product portfolio through recent acquisitions, including TTTech Auto, Kinara, and Aviva Links [11][15] - The company is managing its resources to maintain robust profitability and revenue, with a focus on optimizing operational efficiency [11][15] - The long-term gross margin target is set between 57% and 63%, with various factors influencing this range, including capacity utilization and product mix [29][30]