Amphenol (APH) Q2 2025 Earnings Call July 23, 2025 01:00 PM ET Company ParticipantsCraig Lampo - SVP & CFOR. Adam Norwitt - President & CEOSteven Fox - Founder & CEOAmit Daryanani - Senior MD - Equity ResearchJoseph Giordano - Managing DirectorMark Delaney - US Autos & Industrial TechJoseph Spak - Managing DirectorAsiya Merchant - Technology Equity ResearchAndrew Buscaglia - Executive Director, Equity Research - U.S. Industrial TechnologySaree Boroditsky - SVP - Multi-IndustrialsConference Call Participants ...

Financial Data and Key Metrics Changes - The company reported record sales of $5,650,000,000 for the second quarter of 2025, representing a 57% increase in U.S. dollars and a 41% organic growth compared to the same quarter in 2024 [3][4] - GAAP diluted EPS reached a record $0.86, up 110% year-over-year, while adjusted diluted EPS increased 84% to $0.81 [8][12] - Operating cash flow was a record $1,417,000,000, or 130% of net income, and free cash flow was $1,122,000,000, or 103% of net income [8][14] Business Segment Data and Key Metrics Changes - Communication Solutions segment sales were $2,910,000,000, up 101% in U.S. dollars and 78% organically, with an operating margin of 30.6% [6][7] - Harsh Environment Solutions segment sales increased by 38% in U.S. dollars to $1,445,000,000, with an operating margin of 25.2% [7] - IT Datacom market represented 36% of sales, growing by 133% in U.S. dollars, driven by demand for AI-related products [28][29] Market Data and Key Metrics Changes - The defense market accounted for 9% of sales, growing 25% in U.S. dollars and 18% organically [16][17] - The commercial aerospace market represented 5% of sales, with a 50% increase in U.S. dollars [18][19] - The automotive market represented 14% of sales, growing 10% in U.S. dollars and 8% organically [22][23] Company Strategy and Development Direction - The company is focused on expanding its presence in RF interconnect and active RF components through acquisitions, including the recent acquisition of Narda Mitek [14][15] - The diversification of end markets allows the company to mitigate risks associated with market volatility [15][16] - The company aims to maintain a conversion margin target of closer to 30% moving forward, reflecting the increased level of technology in its products [36][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of growth in the AI infrastructure market, indicating that approximately two-thirds of growth in IT Datacom was driven by AI [52] - The company anticipates modest sales increases in the third quarter, with guidance for sales in the range of $5,400,000,000 to $5,500,000, reflecting a year-over-year growth of 34% to 36% [31] - Management highlighted strong execution across all end markets, contributing to better-than-expected performance [100] Other Important Information - The company completed a successful $750,000,000 U.S. bond offering and a €600,000,000 bond offering [10] - Total debt as of June 30 was $8,100,000,000, with net debt at $4,800,000,000 [9] Q&A Session Summary Question: Operating margin performance and future targets - Management acknowledged the exceptional operating margin of 25.6% and indicated that future targets may be closer to 30% due to higher technology products and cost control [36][39] Question: Sales mix and technology roadmap - Management confirmed that the sales mix is becoming richer due to high technology products across various markets, not just IT Datacom [41][44] Question: Durability of growth in AI infrastructure - Management indicated that while growth rates may not always be as high as 133%, there are significant future growth opportunities in AI [51][52] Question: Customer concentration in AI business - Management stated that the AI business remains broad and not overly concentrated among a few customers, with continued growth expected [55] Question: Acquisition plans and cash generation - Management confirmed the acquisition of Narda for approximately $300,000,000 and expressed confidence in pursuing more acquisitions in the future [94][95]

南方财经记者郑康喜 云浮报道 在人工智能加速崛起、关键核心元件和技术加速国产替代的当下，一家藏在广东云浮山区里的MLCC中 国独角兽企业，正向这个行业的全球前三展开冲锋。 "我们就是要打破高端MLCC被日韩几家企业垄断的局面，在完成国产替代的同时冲刺全球前三，成为 中国的'村田'。"6月29日，"活力中国调研行"广东主题采访团走进广东微容科技有限公司，面对南方财 经记者的提问，微容科技总裁陈伟荣如是说。 仲夏的雨后，云浮的山峦被云雾环绕，好似一幅清雅悠然的山水画。8年前，陈伟荣带领团队来这里扎 根，成立微容电子，一开始便明确规划了高容、车规、超微型等产品布局。 8年后的今天，南方财经记者见到陈伟荣时，他虽已头发花白，但话语间仍中气十足。采访环节，他拿 着话筒自豪地分享着微容科技在高端MLCC赛道的成就。 "从2017年开始，微容科技在山清水秀的云浮专注自主研发生产，今年已经第8年。以前国内想都不敢想 的车规类、消费电子类高端MLCC，都被我们逐一实现，我们成为国内头部新能源汽车和昇腾服务器供 应商。"陈伟荣说。 （图为微容科技产线。受访者供图） 将时间的指针拨回2017年。彼时，已经58岁的陈伟荣决定回到家乡 ...

根据TrendForce集邦咨询最新MLCC研究报告，因企业及终端市场的避险与观望心态与日俱增，2025年 上半年MLCC供需节奏被打乱，下半年"旺季不旺"的风险也随之上升。据该机构调查，OEM、ODM接 连将北美Chromebook与部分消费性笔电订单提前至第一季出货，导致四月开始的传统教育笔电旺季备 货动能意外平淡。以MLCC供应商取得第二季Dell和HP教育笔电预报订单量来看，平均季减20%至 25%。而OEM是否计划将部分第三季北美订单提前至第二季出货，进而影响下半年出货强度，将是观 察重点。 ...

May. 7, 2025 Tr e n dFo r c e集邦咨询表示，终端市场需求下滑与销售成本暴增，MLCC供应商面临OEM下修订单风 险，可能被要求降价等两大主要挑战。此外，国际货币市场日元再度成为市场青睐的避险货币，近 期持续升值，四月起美元兑日元已从1 5 0下跌至1 4 1日元。在此背景下，观察目前MLCC商规中低容 值和车规产品报价，皆低于疫情前2 0 1 9年第四季水平。至于AI Se r v e r常用的高阶标准品，历经 2 0 2 4年的竞价抢单，销售利润大幅下滑，终端订单需求能见度低，加上潜在货币升值风险，MLCC 供应商运营挑战加剧，势必将压缩定价与让利空间。 产业洞察 根据Tr e n dFo r c e集邦咨询最新MLCC研究报告，因企业及终端市场的避险与观望心态与日俱增， 2 0 2 5年上半年MLCC供需节奏被打乱，下半年"旺季不旺"的风险也随之上升。 据Tr e n dFo r c e集邦咨询调查，OEM、ODM接连将北美Ch r ome b o o k与部分消费性笔电订单提前至第 一季出货，导致四月开始的传统教育笔电旺季备货动能意外平淡。以MLCC供应商取得第二季De ll ...

据日本电子信息技术产业协会预测，2025年日资企业的电子零部件产值将达到11.2142万亿日元， 同比增长6%。在全球产值中占到约3成，与显示器等产品相比，预计将继续保持竞争力。随着持 续低迷的工业设备市场逐步复苏，以及AI需求的稳步增长，电子零部件行业有望实现正增长。 2月28日，日本电子信息技术产业协会（JEITA）公布的2024年电子零部件出货额为4.4844万亿日 元，同比增长3%。由于汇率呈现日元贬值趋势，出货额时隔1年再次超过前一年水平。以面向消 费类产品的电子零部件为中心，疫情居家需求过后的库存调整告一段落，这也推动了出货额的增 长。 在11个品类中有7个的出货额超过了上年。其中，电路内保持电流恒定的电感器和调节电压的电 容器的增长尤为显著，分别同比增长14%和7%。随着生成式AI的发展，数据中心的服务器使用的 电子零部件的需求强劲。 2024年，由于人工智能需求，数据中心使用的零部件出货额增长（照片为数据中心） 在11个品类中有7个的出货额超过了上年。其中，电感器和电容器的增长尤为显著，分别同比增 长14%和7%。随着生成式AI的发展，数据中心的服务器使用的电子零部件的需求强劲…… 当天发布的 ...