作者 | Star Investments 编译 | 华尔街大事件 AMD （NASDAQ： AMD ）2025 年第一季度营收同比增长 36% 至 74 亿美元。 | $ in millions | Q1.25 | Q1'24 | YIY | Q4'24 | QIQ | | --- | --- | --- | --- | --- | --- | | Data Center | | | | | | | Net Revenue | $3,674 | $2,337 | Up 57% | $3,859 | Down 5% | | Operating Income | $932 | $541 | Up 72% | $1,157 | Down 19% | | Client & Gaming | | | | | | | Net Revenue | $2,941 | $2,290 | Up 28% | $2,876 | Up 2% | | Operating Income | $496 | $237 | Up 109% | $496 | Flat | | Embedded | | | | | | | Net Revenue ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and cloud computing sectors, including SMIC, Weir Shares, Dongshan Precision, Shenghong Technology, Northern Huachuang, Zhongwei Company, Crystal Optoelectronics, and Lingyi Zhi Zao [9]. Core Insights - The report highlights a strong growth trend in AI investments from overseas cloud service providers (CSPs), with a projected capital expenditure of $640-720 billion from Meta and $100 billion from Amazon by 2025, indicating sustained optimism in the AI industry chain [1][36]. - Domestic foundries are expected to benefit from a return of orders due to localization trends, with SMIC and Huahong Semiconductor showing stable revenue growth [2]. Summary by Sections Overseas Cloud Providers - Microsoft reported FY25Q3 revenue of $70.1 billion, a 13% year-over-year increase, driven by strong demand for cloud services and AI products [13][20]. - Meta's Q1 revenue reached $42.314 billion, exceeding expectations, with a focus on AI development across five key areas [26][34]. - Amazon's Q1 revenue was $155.7 billion, with a strong performance in AWS, which saw a 17% year-over-year growth [37][41]. Domestic Foundries - SMIC's revenue showed stable growth despite short-term fluctuations, with a clear upward trend expected in the medium to long term due to increased domestic demand [2]. - Huahong Semiconductor reported consistent revenue and wafer shipment growth, indicating a robust operational capacity [2]. Key Companies and Their Performance - AMD achieved a record revenue of over $7.4 billion in Q1, marking a 36% year-over-year increase, driven by strong performance in the data center market [43]. - Shenghong Technology is highlighted as a potential beneficiary of the ongoing AI growth trend, alongside other key players in the semiconductor industry [1].

点击蓝字，关注我们 周二美股盘后AMD发布了25Q1业绩，盘后一度涨超5%，隔日夜盘涨1.76%，AMD今年股价已下跌 17%。 财务表现 Q1收入74.4亿美元，同比增长36%，优于分析师预期的71.2亿美元；毛利37.4亿美元，同比增46%，环 比跌4%，毛利率50%，环比跌一个百分点。营业利润率达11%；利润7.1亿美元，调整后EPS为0.96美 元，好于预期的0.94美元 关税下的指引 ·分业务部门看： 数据中心部门 （主要为云计算、企业、数据中心CPU和GPU）：收入37亿美元，同比增57%， 主要 得益于EPYC CPU 和Instinct GPU的销售额增长 ，好于预期的36.6亿美元。同时，AMD通过持续优 化ROCm软件堆栈和最新的vLLM支持，在DeepSeek-R1上实现领先的推理性能。 客户端和游戏部门 （主要为台式机和笔电的CPU、GPU、APU及芯片组等）：收入29亿美元，同比 增28%。其中客户端收入23亿美元，同比增68%， 得益于Zen 5 架构锐龙处理器的强烈需求和丰富的 产品组合 ；游戏收入6.47亿美元，同比降30%， 主要由于半定制业务收入的下降。 嵌入式部门 （主要 ...

| (in US$ million) | | | | | | AMD (AMD.O) 1Q25 Financial Performance | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Calendar Year | | | 1Q23A | 2Q23A | 3Q23A | 4Q23A | 1Q24A | 2Q24A | 3Q24A | 4Q24A | 1Q25A Consensus | | A vs Cons | | Overview | Total Revenue | | 5,353 | 5,359 | 5,800 | 6,168 | 5,473 | 5,835 | 6,819 | 7,658 | 7,438 | 7,102 | 4.73% | | | | yoy | -9.1% | -18.2% | 4.2% | 10.2% | 2.2% | 8.9% | 17.6% | 24.2% | 35.9% | | | | | Gross Profit ...

分业务来看，今年第一季度，AMD数据中心事业部实现营业额37亿美元，同比增长57%。对此，AMD 称主要得益于"AMD EPYC CPU"（霄龙芯片）和"AMD Instinct GPU"强劲的销售增长。 客户端和游戏事业部本季度营业额为29亿美元，同比增长28%。其中，客户端业务营业额为23亿美元， 同比增长68%，这主要得益于市场对AMD锐龙处理器（采用最新"Zen 5"架构）的需求、公司更加丰富 的产品组合。 游戏业务营业额为6.47亿美元，同比下降30%，主要原因为半定制业务的营业额减少。嵌入式事业部本 季度营业额为8.23亿美元，同比下降3%，主要因为终端市场持续波动。 每经记者 杨卉 每经编辑 文多 当地时间5月6日，AMD发布了2025年第一季度财报：营业额为74亿美元，毛利率为50%；经营收入8.06 亿美元，净收入7.09亿美元。基于非美国通用会计准则，毛利率为54%，经营收入18亿美元，净收入为 16亿美元，摊薄后每股收益为0.96美元。 AMD董事会主席及首席执行官Lisa Su表示，凭借业务优势、不断扩展的数据中心以及人工智能发展势 头，公司业绩已连续四个季度实现同比增长。"尽管宏观和 ...

AMD董事长、首席执行官苏姿丰（Lisa Su）表示，公司已实现连续四个季度的同比增长，2025年AMD 收入有望实现增长两位数。 同时，苏姿丰在财报会议上透露，第一季度AMD开始向多个客户提供AI芯片（加速器）Instinct MI350 系列样品，有望在年中开始加速生产，下半年提高MI350系列产量，与MI300X相比，MI350吞吐量和性 能提高了35倍；MI400系列仍按计划于明年推出。 值得一提的是，在财报会议上，苏姿丰和AMD CFO Jean Hu首次披露，近期，美国政府针对Instinct MI308X出货至中国进行出口管制，即与英伟达H20一样禁止向中国销售MI308X产品，从而将影响 AMD二季度8亿美元费用（收入），预估2025年全年，美国出口管制将对AMD公司造成15亿美元（约 合人民币108亿元）收入影响。 （图片来源：林志佳拍摄） 5月7日消息，钛媒体AGI获悉，AI芯片巨头AMD（NASDAQ: AMD）今日公布2025财年第一季度业绩 报告。 财报显示，一季度AMD营业收入74.38亿美元，同比增长36%，环比下降3%，超过预期的71.2亿美元； 经营收入8.06亿美元，同比增 ...

Overall Performance - AMD reported Q1 2025 revenue of $7.44 billion, a year-over-year increase of 35.9%, exceeding market expectations of $7.1 billion. The growth was primarily driven by the data center and client segments [1][7][4] - The company achieved a net profit of $710 million, with a core operating profit of $1.12 billion, reflecting a 170% year-over-year increase. The core operating margin was 15.1% [1][14][16] Revenue Breakdown - Client segment revenue reached $2.29 billion, up 67.7% year-over-year, significantly outperforming the global PC market's 5% growth. AMD's market share in the PC segment continues to rise [1][26][28] - Data center revenue was $3.67 billion, a 57.2% increase year-over-year, driven by increased shipments of AMD's CPU and GPU products. The company’s CPU market share has grown from around 10% to over 20% [1][20][30] - The gaming segment saw revenue decline to $650 million, down 29.8% year-over-year, primarily due to a drop in semi-custom product sales [33] - Embedded business revenue was $820 million, a slight decrease of 2.7% year-over-year, but signs of recovery are expected in the second half of 2025 [36] Guidance and Future Outlook - For Q2 2025, AMD expects revenue between $7.1 billion and $7.7 billion, which includes a $700 million impact from export restrictions on the MI308 product [2][4] - The company anticipates a non-GAAP gross margin of around 43%, which could improve to approximately 54% if the impact of sales license restrictions is excluded [3][4] - AMD's upcoming MI350 and MI400 products are highly anticipated, with expectations for increased performance in the AI GPU market, which could enhance competitive positioning against NVIDIA [20][25][5] Cost Structure - Operating expenses for Q1 2025 were $2.61 billion, a 22% increase year-over-year, with R&D expenses at $1.73 billion, up 13.3% [11][12] - The sales and administrative expenses rose to $890 million, reflecting a 42.9% increase, closely aligned with revenue growth [12][11] Market Position - AMD's CPU market share continues to grow, with significant gains in both the desktop and server markets, while the company faces challenges in the GPU segment where NVIDIA remains dominant [30][23] - The overall capital expenditure from major cloud providers reached $78.3 billion, indicating strong demand in the data center market, although AMD has yet to capture a larger share [23][25]

AMD（AMD.O）于北京时间2025年5月7日上午的美股盘后发布了2025年第一季度财报（截止2025年3月），要点如下： 1、整体业绩：收入&利润，双双同比提升 。 AMD在2025年第一季度实现营收74.4亿美元，同比增长35.9%， 好于市场预期（71亿美元） 。 收入端的增长，主要 来自于客户端业务和数据中心业务的带动。 AMD在2025年第一季度实现净利润7.1亿美元， 若剔除摊销等相关影响， 公司本季度核心经营利润11.2亿美元，同比 增长170%，核心经营利润率为15.1% 。 2、各业务细分：CPU表现强劲，GPU期待新品 。在数据中心和客户端业务增长的带动下，两项业务收入合计占比达到8成。 1）客户端业务抢份额： 本季度收入增长至22.9亿美元，同比增长67.7%。本季度全球PC市场出货量增长5%，而公司的客户端业务同比增长60%+，这主要得益于 AMD在PC市场份额的继续提升； 2）数据中心等新品 ：本季度收入为36.7亿美元，同比增长57.2%。数据中心业务增长，主要是因为公司相关产品（GPU及CPU）的出货增加，根源在于核心云厂 商资本开支的拉动。细分来看，公司服务器端CPU份额继续 ...