Investment Rating - The report does not explicitly mention an investment rating for Texas Instruments (TXN) [1][2][3] Core Views - Texas Instruments (TXN) reported Q2 2024 revenue of $3.822 billion, down 16% YoY but up 4.4% QoQ, slightly above the guidance midpoint of $3.8 billion [1][2] - Gross margin for Q2 2024 was 57.85%, down 6.37 percentage points YoY but up 0.55 percentage points QoQ, driven by revenue growth, improved capacity utilization, lower production costs, and increased internal manufacturing with 300mm wafers [2][7] - Net income for Q2 2024 was $1.127 billion, down 35% YoY but up 1.99% QoQ, exceeding market expectations of $1.089 billion [2][9] - Inventory at the end of Q2 2024 was $4.1 billion, up $23 million QoQ, with inventory turnover days decreasing by 6 days to 229 days [2][10] - Capital expenditure for Q2 2024 was $1.064 billion, down 14.7% QoQ and 26.4% YoY, with total capital expenditure over the past 12 months reaching $5 billion [2][10] Revenue Breakdown - Analog business revenue in Q2 2024 was $2.928 billion, down 11% YoY but up 3.24% QoQ, accounting for 76.6% of total revenue [2][11] - Embedded processing business revenue in Q2 2024 was $615 million, down 31% YoY and 5.67% QoQ, accounting for 16.1% of total revenue [2][11] - Other business revenue in Q2 2024 was $279 million, down 22% YoY but up 61.27% QoQ, accounting for 7.3% of total revenue [2][12] End Markets - Industrial and automotive markets continued to decline QoQ in Q2 2024, while all other end markets showed growth [2][13] - Industrial market revenue declined by low single-digit percentages QoQ, while automotive market revenue declined by mid-single-digit percentages QoQ, marking the third consecutive quarter of decline [2][13] - Personal electronics market showed strong recovery, with QoQ growth in the mid-teens percentage and YoY growth close to 20% [2][13] - Enterprise systems market also recovered, with QoQ growth of around 20% [2][13] Q3 2024 Guidance - Texas Instruments provided Q3 2024 revenue guidance of $3.94 billion to $4.26 billion, with a midpoint of $4.1 billion, representing a 7.27% QoQ increase but a 9.53% YoY decline [2][14] - EPS guidance for Q3 2024 is between $1.24 and $1.48 [2][14] Management Commentary - The company remains focused on long-term value creation, investing in manufacturing and technological capabilities, a broad product portfolio, channel coverage, and a diversified market position [2][17] - The company plans to hold a capital management call on August 20 to provide more details on capacity investments and free cash flow scenarios [2][16]
德州仪器：FY24Q2业绩点评及法说会纪要：FY24Q2业绩符合预期，消费市场稳步复苏