Credo Technology -Credo Technology Group Holding Ltd：单季营收创纪录，AEC迎来加速增长

Investment Rating - The report maintains a "Buy" rating for Credo Technology Group Holding Ltd [2] Core Views - Credo Technology Group Holding Ltd achieved record revenue of $72.034 million in FY25Q2, representing a YoY increase of 63.6% and a QoQ increase of 20.6% [1] - The company expects FY25Q3 revenue to be between$ 115 million and $125 million, with a midpoint QoQ growth of 67% [1] - The company anticipates double-digit QoQ growth in FY25Q4 and approximately 50% YoY revenue growth in FY26 [1] - The company's AEC products are entering a volume production phase, with cloud vendor ASIC and AI Ethernet trends expected to drive high-speed growth [2] Financial Performance - FY25Q2 GAAP gross margin was 63.2%, while Non-GAAP gross margin was 63.6% [1] - FY25Q2 GAAP net loss was$ 4.225 million, while Non-GAAP net profit was $12.255 million [1] - The company expects FY25Q3 GAAP gross margin to be between 60.6% and 62.6%, and Non-GAAP gross margin between 61.0% and 63.0% [1] - Revenue is projected to grow from$ 393 million in FY25 to $765 million in FY27, with GAAP net profit expected to turn positive at$ 22 million in FY26 and reach $30.37 million in FY27 [2][6] Business Analysis - FY25Q2 revenue breakdown: product sales$ 64.443 million, product engineering services $4.632 million, IP revenue$ 2.959 million [2] - Three customers accounted for over 10% of revenue, with Microsoft at 11%, a second AEC large customer at 33%, and a new large customer at 14% [2] - The company has completed tape-out for its single-channel 200G 3nm optical module DSP and released a demo for PCIe GEN6/7 retimer, with sampling expected in CY25 and revenue generation in CY26 [2] Valuation - Current stock price implies FY25-FY27 PS ratios of 20x, 14x, and 10x respectively [2] - FY25-FY27 revenue estimates are $393 million,$ 586 million, and $765 million respectively [2]