Amphenol(US:APH) 招商电子·2026-01-30 11:47Core Viewpoint - Amphenol (APH) reported record revenue and profit margins for Q4 2025, driven by strong demand in AI applications, defense, and commercial aviation, with a significant increase in orders and earnings per share [4][10][17]. Financial Performance - Q4 2025 revenue reached $6.439 billion, up 49% year-over-year and 4% quarter-over-quarter, exceeding previous guidance [4][10]. - Adjusted operating profit margin was 27.5%, a record high, reflecting strong operational leverage offsetting dilution from acquisitions [4][10]. - Adjusted EPS was $0.97, a 76% increase year-over-year, with record orders of $8.431 billion, up 68% year-over-year [4][10]. Segment Performance - All three major segments achieved double-digit growth: - Communication Solutions: $3.423 billion, +78% YoY, +60% organic [5][11]. - Harsh Environment Solutions: $1.653 billion, +31% YoY, +21% organic [5][11]. - Interconnect and Sensor Systems: $1.364 billion, +21% YoY, +16% organic [5][11]. - IT Data Communication market revenue grew 110% YoY, driven by AI demand [5][15]. Future Guidance - For Q1 2026, revenue is expected to be between $6.9 billion and $7.0 billion, representing a 43% to 45% increase YoY, including contributions from the acquisition of CommScope (CCS) [6][18]. - Adjusted EPS for Q1 2026 is projected to be between $0.91 and $0.93, a 44% to 48% increase YoY [6][18]. Acquisition Impact - The acquisition of CommScope (CCS) is expected to contribute approximately $900 million in revenue and $0.02 in EPS for Q1 2026 [6][18]. - The integration of CCS is anticipated to enhance Amphenol's product offerings in AI infrastructure and connectivity solutions [22][27]. Operational Highlights - Q4 2025 operating cash flow reached a record $1.725 billion, representing 144% of net income, with free cash flow of $1.5 billion [11]. - The company returned nearly $1.5 billion to shareholders through stock buybacks and dividends in 2025 [11]. Market Trends - The defense market saw a 29% organic revenue increase YoY, benefiting from acquisitions and increased government spending [15][25]. - The commercial aviation market experienced a 19% organic revenue increase YoY, driven by strong demand from aircraft manufacturers [15][25]. - The industrial market also showed growth, with a 10% organic increase YoY, particularly strong in Europe [15][25].