迈威尔科技 2027财年第二季度业绩电话会纪要

发布时间：2026-08-28 一、AI总结内容 一、核心要点 1. 迈威尔2027财年第二季度营收27.39亿美元，同比增37%、环比增13%，非GAAP每股收益0.94美元超指引中值；第三季度预计营收31.5亿美元，同比增超50%、环比增15%，全年营收指引上调至约120亿美元，同比增约45%。 2. 数据中心业务为核心增长引擎，第二季度营收21.7亿美元，同比增46%、环比增18%，2027财年数据中心营收指引上调至增约60%，2028财年预计营收180亿美元，同比增约50%；2028财年定制业务预计翻倍，数据中心各细分领域（互连、交换、定制）增长齐头并进。 3. 管理层面变动：任命Dan Dern为新任CFO，Ross Seymour为新任投资者关系主管，原CFO Willem Mankey、原投资者关系主管Ashish Saran完成过渡或退休。 二、业务板块详情 1. 数据中心细分业务：互连领域800G需求强劲，1.6T业务快速爬坡；规模化交换业务年内有望翻倍；宽带模拟TIA及驱动器需求超预期；跨数据中心互联（DCI）、横向扩展、纵向扩展网络均有布局，相干DSP技术支撑1.6T及更高带宽需求。 2. 自定义业务：2027年下半年需求显著加速，2028财年预计翻倍，2029年进一步提速；与某大型超算中心达成扩张商业协议，协议覆盖已执行项目、新设计及未来潜在项目，相关收入已纳入2028财年指引，后续增长确定性提升。 3. 通信及其他业务：第二季度营收5.68亿美元，同比增10%、环比降3%；第三季度预计同比、环比降中高个位数，第四季度恢复；2027财年整体增速预计接近10%目标。三、财务与运营规划 1. 2027财年第二季度GAAP毛利率53.1%，非GAAP毛利率58.9%；GAAP每股收益0.33美元，非GAAP每股收益0.94美元；运营现金流6.06亿美元，回购2亿美元股票，派息5400万美元，总债务49.6亿美元，债务结构稳健。 2. 2027财年第三季度指引：毛利率52.9%-53.9%，非GAAP运营费用6.55亿美元，非GAAP税率约11%，非GAAP每股收益1.05-1.15美元；全年非GAAP运营费用指引25.5亿美元，非GAAP运营利润率预计2027财年第四季度进入38%-40%长期目标区间。 3. 2028财年规划：非GAAP运营费用增速约为营收增速的一半，持续优化运营杠杆；2027财年预计向供应商支付约10亿美元产能预付款，全部来自自有资金与运营现金流，后续将持续回购股票。 四、问答环节核心共识 1. 与谷歌的协议覆盖广泛自定义产品（推理加速器、存储控制器、NIC、内存接口控制器、近存计算等），预计2029财年起贡献显著增量，后续将在10月6日纽约投资者日详细披露自定义业务长期路径，2029财年自定义营收规模将超此前预期。 2. 互联业务增长强劲，2028财年规模扩张幅度远超此前预期，同时推进CPO、LPO光学互连及专用纵向扩展交换机布局，与英伟达在NVLink Fusion方面的合作深化，具备端到端解决 方案优势。 3. CXL技术应用加速，已获得多个超算中心设计胜利，不仅用于内存扩展，在推理场景需求亦显著提升，成为重要增长动力。 4. 毛利率受业务结构影响，第三季度因自定义业务占比提升小幅承压，后续随着各板块均衡增长，毛利率将保持稳定，2028财年毛利率将维持当前水平，运营利润率持续提升至目标区间。 二、音频原文（转写） Good afternoon, and welcome to Marvell Technology Incorporated second quarter of fiscal year 2027 earnings conference call. At this time, all participants are in a listen-only mode. If anyoneshould require operator assistance during the conference, please press star zero on your telephone keypad. A question and answer session will follow a formal presentation. Please note this event is being recorded. I will now turn the conference over to Mr. Ross Seymour. More senior vicepresident of investor relations. Thank you. Youmay begin. Thank you. And good afternoon, everyone. Welcome to Marvell's second fiscal quarter 2027 earnings call. Joining me today are Matt Murphy, Marvell's chairman and CEO, Dan Dern, CFO,Chris Koopmans, president and COO, and Sandeep Barathi, president of our data center group. Letme remind everyone that certain comments today made today include forward-looking statements. which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statementsand risk factors contained in our earnings pressrelease. which we filed with the SEC today andposted on our website. as well as our most recent 8K, 10K ten Q and other documents that we filefrom time to time with the SEC. We do not intend to update our forward-looking statements. During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available in our earnings press release. Let me now turn the call over to Matt. for his comments o n the quarter. Matt? Thanks Ross and good afternoon everyone. BeforeI discuss our results and outlook, I want to briefly highlight 2 management transitions that occurred during our last quarter. First, Willem Mankey stepped down as Marvel CFO in mid-June. I deeply appreciate Willem's steady hand, leadershipand tireless commitment to transforming Marvellover his decade with the company. And I greatlyrespect his desire to spend more time with hisfamily. To ensure a seamless transition, we simultaneously welcomed Dan Dern as our new CFO. Danbrings more than 3 decades of experience in senior finance roles across semiconductor and enterprise technology companies. And having most recently served on Marvel's board of directors, Dancomes into the role with a deep understanding ofour business and strategy. as well as a uniqueappreciation for the significant growth opportunities at Marvell ahead. Second, in July, we began a transition in our investor relations leadership. After 8 years with Marvell, Ashish Saran will retire from the company in April 2027. I wantto personally thank Ashish for his leadership,partnership in countless contributions to Marvell. I also appreciate the thoughtfulness and carehe has brought to planning this transition. including helping us identify the right successor.On that front, I'm very pleased to welcome RossSeymour, who comes to us from Deutsche Bank. Where he covered the semiconductor industry for more than 25 years. Warm welcome to you, Dan and Ross. 哎。 Now let me move on to our results and outlook. For the second quarter of fiscal 2027, Marvell delivered record revenue of 2.739 billion, reflecting 13% sequential and 37% year-over-year growth. Revenue and non-GAAP earnings per share of 94cents both exceeded midpoint of guidance. 对。 On our last earnings call, we increased our sequential revenue growth expectation for the thirdand fourth quart