[Table_Title] 研究报告 Research Report 25 Jul 2025 中国电子 China (Overseas) Technology barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 英特尔 2Q25 业绩超收入预期，但 EPS 不及预期，代工与 AI 战略调整成焦点：Q2 实现营收 129 亿美元，超出市场 预期的 119 亿美元，主要得益于客户端和数据中心业务的强劲表现。Non-GAAP EPS $-0.10 的表现不及市场预期的 $0.01，主因 8 亿美元的设备减值和重组费用。对于 Q3，公司给出了 126-136 亿美元的营收指引（中值为 131 亿美 元，1.6% QoQ 增长），市场预期为 126 亿美元；Non-GAAP EPS 指引为盈亏平衡$0.0，低于市场预期$0.04。 点评 公司 2Q25 收入实现 1.5% QoQ 增长，0.2% YoY 增长。具体业务方面：1） ...

Financial Performance - Q2 2025 revenue was up 0.2% year-over-year, exceeding April outlook by $1.1 billion[17] - Non-GAAP gross margin decreased by 9.0 percentage points year-over-year, falling 6.8 percentage points below April outlook[17] - Non-GAAP EPS decreased by $0.12 year-over-year, $0.10 below April outlook[17] - The company projects Q3 2025 revenue between $12.6 billion and $13.6 billion[40] - The company expects approximately $18.0 billion in GAAP additions to property, plant and equipment for full-year 2025[47] Segment Performance - Client Computing Group revenue was $7.6 billion with a 26.1% segment operating margin[23] - Data Center and AI revenue was $4.1 billion with a 16.1% segment operating margin[25] - Network and Edge Group revenue was $4.7 billion with a -71.7% segment operating margin[28] - All Other segment revenue was $943 million with a 6.6% segment operating margin[32] Strategic Initiatives - The company is focused on disciplined foundry, revitalizing x86 ISA, addressing AI opportunity, and improving balance sheet[15] - Intel 18A is progressing with Intel 14A engagements underway[15] - The company is simplifying operations and improving execution[12] - The company expects Altera stake sale to close in Q3[33]