模拟芯片大厂ADI，业绩爆发

Core Viewpoint - ADI reported strong financial performance for Q3 FY2025, with revenue of $2.88 billion, reflecting a 9% quarter-over-quarter growth and a 25% year-over-year increase, driven by robust demand across all end markets despite geopolitical challenges [3][9][14]. Group 1: Financial Performance - ADI's Q3 FY2025 revenue reached $2.88 billion, with a gross margin of 62.1%, an increase of 540 basis points year-over-year [11]. - The operating income for the quarter was $818 million, representing a 67% increase compared to the previous year, with an operating margin of 28.4% [11][13]. - Diluted earnings per share were $2.05, up 30% year-over-year, exceeding the company's guidance [13]. Group 2: Business Segment Performance - The industrial segment generated approximately $1.285 billion in revenue, accounting for 45% of total revenue, with a 12% quarter-over-quarter growth and a 23% year-over-year increase [5][6]. - Automotive revenue was $850 million, making up 30% of total revenue, with a slight quarter-over-quarter decline of 1% but a year-over-year growth of 22% [6]. - Communication segment revenue was $372 million, reflecting a 40% year-over-year increase, driven by strong demand in wired and data center businesses [6][7]. - Consumer segment revenue was $372 million, with a 21% year-over-year increase, marking the fourth consecutive quarter of double-digit growth [7]. Group 3: Market Outlook - ADI anticipates Q4 FY2025 revenue to reach approximately $3 billion, with continued growth expected in industrial, communication, and consumer segments, while automotive revenue may decline [14]. - The company remains optimistic about the Chinese market, viewing it as a key driver for recovery over the next 3 to 5 years [14][15]. - Both ADI and Texas Instruments (TI) are experiencing a resurgence in the analog chip industry, indicating a new growth cycle driven by industrial demand recovery [15].