中国电子 China (Overseas) Technology 全球科技业绩快报: 鸿腾精密 1H25 Global Tech Earnings Snapshots: FIT 1H25 姚书桥 Barney Yao 纪雨岑 Grace Chi [Table_Title] Research Report 13 Aug 2025 barney.sq.yao@htisec.com grace.yt.chi@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 会议要点 1.2025 年第二季度及中期财务业绩 Q2 业绩概览：尽管面临行业不确定性，公司凭借下一代产品组合保持韧性，2025 年第二季度实现营收 12 亿美元， 同比增长 9%。受季节性因素、不利汇率及产品组合变化影响，季度毛利润同比微降 5%至 2.14 亿美元，毛利率收 窄至 17.8%。但通过提升运营效率和持续成本节约措施，净收入逆势反弹 4%，达 2400 万美元。 2025 年上半年业绩：上半年营收 ...

Core Viewpoint - The company reported strong financial results for FY25Q3, with revenue and EPS exceeding market expectations, driven by robust growth in industrial solutions and AI applications [1][7][4]. Group 1: Financial Performance - FY25Q3 revenue reached $4.53 billion, up 13.9% year-over-year and 9.4% quarter-over-quarter, marking a record high [1][7]. - Adjusted EPS for the quarter was $2.27, reflecting a 19% increase year-over-year and an 8% increase quarter-over-quarter [1][7]. - The adjusted operating profit margin improved to 19.9%, up 0.6 percentage points year-over-year and 0.5 percentage points quarter-over-quarter [1][7]. Group 2: Business Segments - Industrial Solutions segment revenue was $2.116 billion, up 30% year-over-year, driven by AI-related digital data network business growth and energy acquisitions [2][8]. - The Digital Data Network (DDN) business saw an organic growth of 82%, benefiting from ongoing AI projects and an expanding customer base [2][8]. - Transportation Solutions segment revenue was $2.41 billion, up 3% year-over-year, with automotive business growth of 2% offset by declines in Western markets [3][8]. Group 3: Orders and Cash Flow - Total orders for the quarter amounted to $4.47 billion, up 8% year-over-year and 5% quarter-over-quarter, with strong demand in industrial sectors [9]. - Free cash flow reached a record $962 million for the quarter, with a year-to-date total of $2.1 billion [10][1]. Group 4: Future Outlook - The company expects FY25Q4 revenue to reach $4.55 billion, a 12% year-over-year increase, with adjusted EPS projected at $2.27, a 16% increase [4][13]. - AI-related revenue is anticipated to exceed $800 million in FY25 and $1 billion in FY26, becoming a core growth driver [4][15]. Group 5: Mergers and Acquisitions - The company invested $2.6 billion in acquisitions for the industrial sector, including the completion of the acquisition of Richards [11][27].

从Alphawave在官网公布的消息来看，他们是一家业界领先的高速连接解决方案提供商，产 品用于数据中心、人工智能、5G无线基础设施、数据网络、自动驾驶汽车等领域，致力于让 数据传输更快、更可靠、能耗更低。 高通有意收购的Alphawave，成立的时间其实还不长，成立于2017年，不过他们有不错的业 绩，自2018年以来一直盈利。 ***************END*************** 半导体公众号推荐 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 4月2日消息，据外媒报道，在440亿美元收购恩智浦的交易失败之后已多年未进行收购的高 通公司，在当地时间周三宣布收购了MovianAI，也就是VinAI的生成式人工智能部门，以增强 他们在生成式人工智能方面的能力。 而除了收购VinAI的生成式人工智能部门，也有报道称高通有意收购英国半导体公司 Alphawave，有消息称他们在考虑发出收购要约。 不过就外媒的报道来看，高通只是在考虑向Alphawave发出收购要约，目前还未确定是否会 发出，根据英国收购方面的规定，他们要在4月29日的规定时间之前做出决定并发出收购要 约。 国芯网[原:中 ...