模拟芯片设计：TI FY24 Q2业绩复苏，中国市场需求率先开启连续强劲增长

Industry Investment Rating - Outperform (First-time) [1] Core Viewpoints - TI's Q2 FY24 performance shows signs of recovery, with revenue and net profit both increasing quarter-over-quarter [3] - The personal electronics market is strong, with a mid-teens QoQ growth and nearly 20% YoY growth [3] - The enterprise systems market grew by approximately 20%, indicating the end of inventory adjustments [3] - The industrial and automotive markets continue to decline at a single-digit rate, but some industrial markets have bottomed out and are starting to recover [3] - China's demand is robust, with growth rates between 15% and 20%, making it the first country to enter an upward cycle with strong momentum [3] - The global analog chip market size in 2023 was $77.27 billion, with China accounting for $26.52 billion, or 34.3% of the global market [3] - China's self-sufficiency rate for analog chips is only 15%, indicating significant room for improvement [3] Market Performance - TI's Q2 revenue was $3.82 billion, a YoY decrease of 16% but a QoQ increase of 4% [3] - Net profit for Q2 was $1.13 billion, a YoY decrease of 35% but a QoQ increase of 2% [3] - Gross margin was 58%, a YoY decrease of 7 percentage points but a QoQ increase of 0.6 percentage points [3] - Inventory turnover days decreased by 6 days to 229 days [3] - TI expects Q3 revenue to be between $3.94 billion and $4.26 billion, with a midpoint QoQ increase of 7% [3] - Expected net profit per share for Q3 is between $1.24 and $1.48, with a midpoint QoQ increase of 11% [3] China Market - All markets in China are performing well, with growth rates between 15% and 20% [3] - China is the first country to enter an upward cycle with strong momentum [3] - TI acknowledges the strong competition from Chinese analog chip manufacturers [3] Related Research - "Minsemi (688286.SH): Revenue and Gross Margin Improve Sequentially, Continuous Expansion in Automotive Field," Nov 1, 2023 [3] - "Dioo Microcircuits (688381.SH): Steady Revenue Growth, Continuous Improvement in Product Structure," Oct 28, 2023 [3] - "SG Micro (300661.SH): High Inventory Pressure in the Short Term, Leading Companies Reducing Production to Improve Industry Structure," Oct 26, 2023 [3]