Amphenol-安费诺公司：2025 年第一季度初步分析

Amphenol Corp. (APH) 1Q25 Conference Call Summary Company Overview - Company: Amphenol Corp. (APH) - Market Cap: $83.4 billion - **Enterprise Value**:$ 88.2 billion - Current Price: $65.75 - **12-Month Price Target**:$ 72.00 - Upside Potential: 9.5% - Industry: Americas Autos & Industrial Tech Key Financial Results - 1Q25 Revenue: $4.811 billion, up 11% quarter-over-quarter (qoq), up 48% year-over-year (yoy), and up 33% yoy organically [3][4] - **Non-GAAP EPS**:$ 0.63, exceeding guidance of $0.49 to$ 0.51 and higher than both Goldman Sachs (GS) and Street estimates of $0.52 [6][10] - **Adjusted Operating Margin**: 23.5%, up approximately 110 basis points qoq and 250 basis points yoy, compared to GS at 22.0% [5][10] - **Free Cash Flow (FCF)**:$ 580 million, approximately 12% of revenue [2][7] Growth Drivers - Sales Growth: Driven by increases in IT datacom, organic growth in mobile devices, defense, communications, and contributions from acquisitions, notably Andrew [3][4][5] - Inventory: Increased by 14% qoq to $2.906 billion [7] Guidance and Outlook - **2Q25 Revenue Guidance**: Expected between$ 4.9 billion and $5.0 billion, representing a 3% qoq increase and 37% yoy increase at the midpoint, exceeding GS and Street estimates [8][10] - **Adjusted EPS Guidance**: Expected between$ 0.64 and $0.66, above GS at$ 0.57 and Street at $0.56 [8][10] - **Andrew Acquisition Impact**: Now expected to contribute approximately$ 0.09 to adjusted diluted EPS, an increase from the previous estimate of $0.06 [9] Risks and Considerations - **Key Risks**: Revenue growth sustainability, margin pressures, tariffs, trade relations with China, and execution on M&A strategies [10][11] Additional Insights - **Shareholder Returns**:$ 181 million used for share repurchases and $200 million for dividends in 1Q [7] - Market Position: The company maintains a strong position in the market with a focus on strategic acquisitions and organic growth in key sectors [10][11]