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 and a sequential increase in revenue and profit, with revenue at $3.822 billion, down 15.6% year-on-year but up 4.4% quarter-on-quarter, exceeding the guidance midpoint [4][7]. - The demand in the downstream market, particularly in China, is showing a strong recovery trend, with a 20% quarter-on-quarter growth in the company's China headquarters business after seven consecutive quarters of decline [12]. - Competitive pricing strategies are being employed to maintain and gain market share, with the company able to offer competitive prices despite increasing competition in the Chinese market [15]. Summary by Sections FY24Q2 Financial Performance - Revenue reached $3.822 billion, a decrease of 15.6% year-on-year but an increase of 4.4% quarter-on-quarter, surpassing the guidance midpoint of $3.65 to $3.95 billion [4]. - Gross margin improved to 57.8%, down 6.37 percentage points year-on-year but up 0.6 percentage points quarter-on-quarter, attributed to increased revenue scale and improved production efficiency [7]. - Net profit was $1.127 billion, down 34.6% year-on-year but up 2.0% quarter-on-quarter [7]. Downstream Demand - The recovery in the Chinese market is strong, with various sectors showing positive trends; the industrial market saw a low single-digit decline, while the consumer electronics sector grew mid-single digits [12]. - The company's China business experienced a significant rebound, with all five major end markets showing a quarter-on-quarter growth of 15-20% [12]. Competition and Pricing Trends - The company is adjusting its pricing strategy to remain competitive, with expectations of a low single-digit price decline in the upcoming quarters [15]. - The competitive landscape in China is intensifying, but the company aims to leverage its competitive pricing to maintain and expand its market share [15]. Capital Expenditure - Capital expenditure for Q2 was $1.064 billion, down from $1.248 billion in Q1, but the company maintains its annual target of $5 billion [18][21]. - The company plans to sustain this level of capital expenditure through 2026, focusing on expanding its 12-inch wafer capacity [21]. Outlook - For Q3, the company projects revenue between $3.94 billion and $4.26 billion, with a midpoint of $4.1 billion, indicating a 7.3% quarter-on-quarter growth [23]. - The expected EPS for Q3 is between $1.24 and $1.48, with a midpoint of $1.36, reflecting an 11.5% quarter-on-quarter increase [23].