证 券 研 究 报 告 超威半导体（AMD）FY25Q4 业绩点评及业绩说明会纪要 数据中心业务高增长，高端产品稳步推进 会议地点：线上 事项： 2026 年 2 月 4 日 AMD 发布 FY2025Q4 报告，FY2025Q4 截止至 2025 年 12 月 27 日，即自然季度 CQ2025Q4，并召开业绩说明会。 评论： 1. 业绩情况：FY25Q4 AMD 实现创纪录业绩表现，总营收达 103 亿美元，同 比增长 34%，环比增长 11%。盈利能力大幅提升，毛利率达 57%（同比+290 个基点），稀释后每股收益 1.53 美元（同比+40%），全年营收亦增长 34%至 346 亿美元，多项核心指标创历史新高。 2. 营收划分：（1）数据中心业务：营收达 54 亿美元，同比增长 39%，环比增 长 24%，创历史新高。增长动力来自第五代 EPYC 处理器加速渗透（占服务器 总收入超半数）、Instinct GPU 业务爆发（MI350 系列量产推进，MI308 在中国 市场实现销售），前 10 名 AI 公司中有 8 家使用 Instinct 支持生产工作负载。 （2）客户端与游戏业务：合计营收 3 ...

证 券 研 究 报 告 超威半导体（AMD）FY25Q4 业绩点评及业绩说明会纪要 数据中心业务高增长，高端产品稳步推进 会议地点：线上 事项： 2026 年 2 月 4 日 AMD 发布 FY2025Q4 报告，FY2025Q4 截止至 2025 年 12 月 27 日，即自然季度 CQ2025Q4，并召开业绩说明会。 评论： 1. 业绩情况：FY25Q4 AMD 实现创纪录业绩表现，总营收达 103 亿美元，同 比增长 34%，环比增长 11%。盈利能力大幅提升，毛利率达 57%（同比+290 个基点），稀释后每股收益 1.53 美元（同比+40%），全年营收亦增长 34%至 346 亿美元，多项核心指标创历史新高。 2. 营收划分：（1）数据中心业务：营收达 54 亿美元，同比增长 39%，环比增 长 24%，创历史新高。增长动力来自第五代 EPYC 处理器加速渗透（占服务器 总收入超半数）、Instinct GPU 业务爆发（MI350 系列量产推进，MI308 在中国 市场实现销售），前 10 名 AI 公司中有 8 家使用 Instinct 支持生产工作负载。 （2）客户端与游戏业务：合计营收 3 ...

Core Viewpoint - AMD has reported strong quarterly earnings for the third quarter of the 2025 fiscal year, with overall revenue continuing to grow robustly, driven by client and gaming segments, as well as increased penetration of its fifth-generation EPYC processors and Instinct series graphics cards in large-scale cloud service providers and enterprise clients [1][3][5]. Financial Performance - AMD's total revenue for Q3 2025 reached a record $9.25 billion, representing a year-on-year growth of approximately 35.6%. The client and gaming business saw a significant revenue increase of 73%, with the Ryzen series products experiencing particularly high demand [3][5]. - The data center business also performed well, with revenue growing about 22% to $4.34 billion. However, the embedded business faced challenges, recording a single-digit decline in sales [5]. - Despite the revenue growth, AMD's overall profitability was slightly pressured due to high R&D investments related to artificial intelligence, leading to a 140 basis point year-on-year decrease in adjusted EBITDA margin to 26.3%. Adjusted earnings per share rose to $1.20, exceeding market expectations by $0.03 [5][12]. Future Outlook - Analysts expect the growth momentum to continue, driven by strong demand for AMD's AI data center and gaming product lines, which have reached historical highs. The demand for Instinct series accelerators and the fifth-generation EPYC processors is expected to remain robust as large cloud service providers expand their AI and general computing capacities [7][8]. - AMD has secured significant orders from Fortune 500 companies across various sectors, which will further enhance the penetration of EPYC processors in the enterprise market, supporting sales growth for FY 2026 [7][8]. - The recent launch of AMD's advanced software platform ROCm 7, which significantly improves training and inference performance, is expected to lower application barriers and promote the deployment of AMD's accelerator products among cloud service providers and enterprise clients [8][9]. Competitive Landscape - Despite AMD's advancements, NVIDIA maintains a dominant position in the AI accelerator market due to its established software ecosystem. Analysts believe this competitive pressure may limit AMD's market share growth in the AI graphics card segment [10]. - AMD's recent collaborations, such as with OpenAI, and its differentiated advantages in CPU and semi-custom chip sectors are expected to provide diversified growth drivers in the long term [10][12]. Valuation Update - Following a significant stock price increase of over 200% since April, AMD's valuation remains high despite recent declines. Analysts maintain a neutral stance, citing that while revenue and earnings exceeded expectations, the stock price has fallen nearly 10% post-earnings report [12][14]. - Current forward P/E ratios for AMD are 53.82 based on FY 2025 earnings expectations of $3.97 per share, and 33.05 based on FY 2026 expectations of $6.44 per share. Comparatively, NVIDIA's forward P/E ratio is around 24, indicating AMD's valuation is still elevated [12][14]. Conclusion - Overall, while AMD shows steady revenue growth, short-term profitability is expected to remain under pressure due to substantial R&D investments. Analysts suggest that maintaining a neutral stance is reasonable until the valuation becomes more attractive relative to peers or significant improvements in earnings growth are observed [16].

Core Viewpoint - Advanced Micro Devices (AMD) reported strong Q3 2025 earnings, with significant year-over-year revenue growth driven by data center, client, and gaming segments, despite a recent decline in share price [1][2][19]. Financial Performance - AMD's Q3 2025 non-GAAP earnings were $1.20 per share, exceeding estimates by 2.56%, and showing a 30.4% increase year-over-year and a 150% increase sequentially [2]. - Revenues reached $9.25 billion, surpassing estimates by 6.02%, with a year-over-year increase of 35.6% and a sequential increase of 20.3% [2]. Segment Performance - Data Center revenues grew 22.3% year-over-year to $4.34 billion, accounting for 47% of total revenues, with a sequential increase of 34% [3]. - The Client segment saw revenues rise 46.2% year-over-year to $2.75 billion, representing 29.7% of total revenues, with a sequential increase of 10% [8]. - The Gaming segment experienced a remarkable 181% year-over-year revenue surge to $1.3 billion, making up 14% of total revenues, with a sequential increase of 15.7% [9]. Strategic Partnerships and Innovations - AMD has established partnerships with major companies like OpenAI, AWS, and Oracle, enhancing its market position in AI and cloud computing [4][5][6]. - The launch of ROCm 7 software improved AI training and inference performance significantly, with up to 4.6 times higher inference and 3 times higher training performance compared to the previous version [7]. Gross Margins and Operating Income - Non-GAAP gross margin expanded by 40 basis points year-over-year to 54%, significantly better than the previous quarter's 43.3% [13]. - Adjusted EBITDA increased 28.8% year-over-year to $2.43 billion, with a sequential jump of 123.4% [13]. Cash Flow and Balance Sheet - As of September 27, 2025, AMD had cash and short-term investments of $7.24 billion, up from $5.87 billion in June [17]. - Free cash flow for Q3 2025 was $1.53 billion, with a free cash flow margin of 17%, reflecting a 200 basis point increase sequentially [18]. Future Guidance - AMD anticipates Q4 2025 revenues of approximately $9.6 billion, indicating year-over-year growth of about 25% and sequential growth of around 4% [19].

Summary of AMD's Q1 2025 Earnings Call Company Overview - **Company**: Advanced Micro Devices, Inc. (AMD) - **Date**: May 7, 2025 Key Points Financial Performance - AMD reported Q1 2025 revenue of $7.4 billion, a 36% year-over-year increase, driven by strong performance in data center and client businesses [1][2][14] - Gross margin improved to 54%, up 140 basis points year-over-year, with net income increasing by 55% [2][14] - Data center revenue reached $3.7 billion, a 57% increase year-over-year, while client revenue grew by 28% to $2.9 billion [3][17][14] Data Center Business - The growth in the data center segment was primarily driven by the demand for the 5th generation EPYC processors and the continued demand for the 4th generation EPYC processors [1][3] - Over 30 new EPYC instances were launched by major cloud service providers, including Alibaba, AWS, Google, Oracle, and Tencent [3][5] - AI revenue in the data center segment saw significant growth, supported by increased shipments of the MI 325X and over 35 MI 300 series platforms in production [1][6] AI Solutions and Acquisitions - AMD completed the acquisition of ZT Systems, enhancing its ability to provide industry-standard plug-and-play AI solutions [1][9][20] - The company is collaborating with key customers to design optimized solutions for the upcoming MI 400 series [10][27] Future Outlook - AMD expects double-digit revenue growth in 2025, driven by increased market share of Zen5 architecture EPYC processors and continued growth in CPU and GPU sales [1][14] - The company anticipates total revenue of approximately $7.4 billion for Q2 2025, with a non-GAAP gross margin of about 54% [3][21] - Despite challenges from export controls affecting the Instinct MI308X in China, AMD remains optimistic about overall growth [1][14][21] Gaming and Embedded Business - Gaming revenue decreased by 30% year-over-year, primarily due to lower custom chip sales, although the launch of the Radeon 9,070 series showed strong initial sales [11][12] - Embedded revenue fell by 3% to $823 million, but demand is gradually recovering, with expectations for growth in the second half of 2025 [13][18] Market Trends and Challenges - The enterprise market's adoption of EPYC instances has doubled, with significant contributions from various sectors including finance and social media [5] - AMD is facing challenges from AI export control regulations, particularly concerning the Chinese market, but is actively working to mitigate these impacts [32][39] Inventory and Production - Inventory levels have increased to support anticipated strong demand in the client and server businesses [26] - AMD is preparing for the launch of the MI 350 series, with expectations for significant growth in the second half of 2025 [23][35] Strategic Initiatives - AMD is investing in product and technology roadmaps, as well as AI software and data center solutions, to capitalize on strategic opportunities [14][28] - The company is focused on enhancing its market share and expanding its product offerings across data center, edge, personal computing, and embedded AI capabilities [14][30] Conclusion AMD's Q1 2025 performance reflects strong growth across its data center and client segments, driven by innovative product offerings and strategic acquisitions. The company is well-positioned for future growth despite facing challenges in the global market, particularly in relation to export controls and competition in the AI space.