【中泰电子|AI全视角】科技大厂财报系列：德州仪器24Q2点评

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed [2]. Core Insights - The financial performance for FY24Q2 shows a recovery in gross margin, with revenue and profit increasing quarter-over-quarter [4][7]. - There is a strong recovery trend in the Chinese market, with significant growth in various downstream sectors [12]. - Competitive pricing strategies are being employed to maintain and gain market share amidst increasing competition [15]. - Capital expenditures have decreased quarter-over-quarter but the annual target remains unchanged [18][21]. - The outlook for Q3 indicates expected increases in both revenue and gross margin [23]. Summary by Sections FY24Q2 Financial Performance - Revenue for FY24Q2 reached $3.822 billion, a decrease of 15.6% year-over-year but an increase of 4.4% quarter-over-quarter, exceeding the guidance midpoint of $3.65-$3.95 billion [4]. - Gross margin improved to 57.8%, down 6.37 percentage points year-over-year but up 0.6 percentage points quarter-over-quarter, attributed to increased revenue scale and improved production efficiency [7]. - Net profit was $1.127 billion, down 34.6% year-over-year but up 2.0% quarter-over-quarter [7]. - Inventory turnover days decreased to 229 days, down 6 days from the previous quarter [10]. Downstream Demand - The recovery in downstream demand is particularly strong in the Chinese market, with various sectors showing positive trends [12]. - The industrial market saw a low-single-digit decline, while the automotive market declined mid-single digits. Consumer electronics grew mid-teens, and the communication market increased mid-single digits [12]. - The Chinese market's recovery is notable, with a 20% quarter-over-quarter growth after seven consecutive quarters of decline [12]. Competition and Pricing Trends - The company is adjusting production rates and expects a slight decrease in prices as it competes with local firms in China [15]. - The pricing strategy remains stable, with a low single-digit decrease in prices expected in Q1 and a focus on maintaining market share [15]. Capital Expenditures - Capital expenditures for Q2 were $1.064 billion, down from $1.248 billion in Q1, but the annual target of $5 billion remains unchanged [18]. - The company plans to maintain a capital expenditure of approximately $5 billion annually from 2023 to 2026 [21]. Outlook - For Q3, revenue is projected to be between $3.94 billion and $4.26 billion, with a midpoint of $4.1 billion, indicating a 7.3% quarter-over-quarter growth [23]. - EPS is expected to be between $1.24 and $1.48, with a midpoint of $1.36, reflecting an 11.5% quarter-over-quarter increase [23].