安费诺_连续第五个季度创运营利润率纪录；关键争议点或聚焦需求可持续性；2025 年第二季度总结Amphenol Corp. (APH)_ Record operating margins for the 5th consecutive quarter; key debate likely to be on the sustainability of demand; 2Q25 wrap

APH 12m Price Target: $124.00 Price: $100.71 Upside: 23.1% Amphenol's 2Q25 results and 3Q25 guidance were both materially above the Street, with broad-based revenue growth across end markets and particular strength from AI/datacenter applications (with total organic growth of 41% yoy in 2Q and the IT datacom segment, where the company reports AI related revenue, up 133% yoy organically). Amphenol reported its 5th consecutive quarter with a record operating margin. Orders in 2Q25 were $5,523 mn, up 36% yoy a ...