金吾财讯 | 国金证券发研指，迈威尔科技(MRVL)FY25Q3（2024.8~2024.10）实现营收15.16亿美元，同比增长6.9%，环比增长19.1%。由于FY25Q3发生较多的资产减值、无形资产摊销，公司FY25Q3GAAP毛利率为23.0%，不考虑相关一次性费用的Non-GAAP毛利率为60.5%。FY25Q3公司GAAP净利润为-6.76亿美元，Non-GAAP净利润为3.73亿美元。展望未来，公司预计FY25Q4营收为18亿美元（±5%），中枢同比增长26.1%，环比增长18.7%，GAAP毛利率预计为50%，Non-GAAP毛利率预计为60%。该行认为，公司数据中心产品丰富度高，在光模块DSP、定制化芯片业务都具备较强竞争力，另外公司以太网交换芯片产品也有望放量。公司有望受益下游客户定制化芯片需求高增、光模块出货量高增，以及AI以太网组网趋势。该行预计公司FY25~FY27年营收分别为55.47、77.80、88.69亿美元，GAAP净利润分别为-2.21、1.45、3.14亿美元。当前股价对应FY25~FY27 营收的 PS 分别为15、11、9 倍，维持“买入”评级。
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