摩根大通：安费诺 2025 年第一季度速评：凭借强劲业绩与展望，营收和利润率跃上新台阶

Investment Rating - The report assigns an "Overweight" rating to Amphenol [4] Core Insights - Amphenol reported 1Q25 earnings significantly exceeding expectations, with revenues of $4,811 million, representing a 33% year-over-year organic growth and a total revenue growth of 48% year-over-year [1][6] - The operating margin reached a record 23.5%, surpassing both JP Morgan's estimate of 22.0% and the consensus of 21.7% [1][6] - For 2Q25, Amphenol is guiding revenues to$ 4.95 billion, indicating continued growth from the elevated revenue levels achieved in 1Q25, with an implied operating margin of 23.4% [2][7] Summary by Sections 1Q25 Results - Actual sales were $4,811 million, exceeding JP Morgan's estimate of$ 4,334 million by $477 million and the consensus by$ 575 million [6] - Gross profit was $1,705 million, with a margin of 35.4%, compared to JP Morgan's estimate of 35.0% [6] - Operating profit was$ 1,130 million, with a margin of 23.5%, exceeding estimates [6] - Net income reached $800 million, with an EPS of$ 0.63, surpassing both JP Morgan's estimate and consensus [6] 2Q25 Guidance - The company guides sales for 2Q25 at $4,950 million, which is above JP Morgan's estimate of$ 4,607 million [7] - Implied operating income is projected at $1,160 million, with an implied operating margin of 23.4% [7] - EPS for 2Q25 is guided at$ 0.65, exceeding JP Morgan's estimate of $0.57 [7]