安森美近日发布2025Q1季报，25Q1营收为14.46亿美元，同比-22%/环比-16%；毛利率为 40%，同比-5.9pcts/环比-5.3pct。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q1营收接近指引上限，DOI及渠道库存均环比增长。 25Q1营收14.46亿美元，同比-22%/环比-16%，接近指引上限，毛利率40%，同比-5.9pcts/环 比-5.3pcts，位于指引中值，产能利用率60%/环比+1pct，DOI 219天/环比+3天，渠道库存10.1 周（24Q4为9.6周）。 2、三大业务部门同环比均下滑，工业订单表现强劲。 1）分部门： 25Q1电源方案部（PSG）营收6.45亿美元，同比-26%/环比-20%；模拟与混合信 号部（AMG）营收5.66亿美元，同比-19%/环比-7%；智能感知部（ISG）营收2.34亿美元，同 比-20%/环比-23%。 2）分下游： 25Q1汽车营收7.62亿美元，同比-25%/环比-26%，主要系 欧洲市场疲软及中国春节影响，当前在中国市场取得大量新能源汽车订单，中国以外新能源汽车市 场尚未复苏；工业收入4亿美元，同比-16%/环比-4 ...

Summary of ON's Q1 2025 Earnings Call Company Overview - The company discussed is ON Semiconductor (ON) Financial Overview - Q1 2025 revenue was $1.45 billion, down 22% year-over-year and down 16% quarter-over-quarter, exceeding the company's guidance of $1.35 to $1.45 billion and Bloomberg consensus of $1.40 billion [1] - Non-GAAP gross margin for the quarter was 40.0%, a decrease of 5.9 percentage points year-over-year and 5.3 percentage points quarter-over-quarter, within the guidance range of 39.0% to 41.0%, but below Bloomberg consensus of 40.1% [1] - Non-GAAP net income was $230 million, down 50% year-over-year and down 43% quarter-over-quarter, with an EPS of $0.55, at the upper end of the guidance of $0.45 to $0.55 and above Bloomberg consensus of $0.51 [1] Guidance - For Q2 2025, the company expects revenue of $1.4 to $1.5 billion, with the midpoint above Bloomberg consensus of $1.41 billion; Non-GAAP gross margin is expected to be 36.5% to 38.5%, below Bloomberg consensus of 38.97%; Non-GAAP EPS is projected to be $0.48 to $0.58, with the midpoint above Bloomberg consensus of $0.51 [2] Revenue Breakdown - By business segment: - Power Solutions Group (PSG) revenue was $645 million, down 26% year-over-year and down 20% quarter-over-quarter, below Bloomberg consensus of $674 million [3] - Analog and Mixed Signal Group (AMG) revenue was $566 million, down 19% year-over-year and down 7% quarter-over-quarter, above Bloomberg consensus of $535 million [3] - Intelligent Sensing Group (ISG) revenue was $234 million, down 20% year-over-year and down 23% quarter-over-quarter, below Bloomberg consensus of $246 million [3] - By end market: - Automotive and industrial sectors contributed 80% of total revenue, with automotive revenue at $762 million, down 26% quarter-over-quarter, in line with company expectations due to weak European market and seasonal factors in Asia [3] - Industrial revenue was approximately $400 million, down 4% quarter-over-quarter, better than company expectations, with growth in medical, aerospace, and defense sectors, while traditional industrial remained stable [3] Other Important Information - Business Progress: The company anticipates that about 50% of new vehicles in China will use its silicon carbide products. In Q1 2025, the company began shipping 8-megapixel image sensors to a Chinese OEM for ADAS platforms, and another Asian OEM selected the same sensor for next-generation ADAS [4] - Restructuring Measures: The company implemented two measures to boost gross margin and revenue: - Executing the Fab Right plan, reducing internal wafer fab capacity by 12% to lower fixed costs, expected to save approximately $22 million in depreciation annually, with benefits reflected in Q4 2025 [4] - A restructuring plan to reduce global headcount by 9% and further decrease non-manufacturing locations, expected to save $25 million in Q2 2025 compared to Q1 2025, and an additional $5 million per quarter in the second half of 2025 [4] - Inventory: The company continues to reduce inventory, with a dollar value decrease of $164 million quarter-over-quarter, and inventory days increased by 3 days to 219 days [4] - Share Buyback: The company plans to increase its stock buyback to 100% of free cash flow for 2025, with $1.5 billion of unused buyback authorization remaining [4]