德州仪器3Q：中国汽车芯片需求亮眼

Investment Rating - The report maintains an "Overweight" rating for the electronics and semiconductor sectors [2]. Core Insights - Texas Instruments (TI) reported Q3 2024 earnings that slightly exceeded Bloomberg consensus expectations, with Q4 revenue guidance of $3.7 to $4.0 billion, which is below market expectations [3][4]. - Demand for automotive chips is improving, particularly driven by the growth of new energy vehicles in China, while industrial demand remains weak [6]. - The report highlights a significant increase in inventory levels and an adjustment in capital expenditure expectations for 2026, indicating cautious optimism about future growth [5][6]. Summary by Sections Q3 Performance - TI's Q3 2024 revenue was $4.15 billion, slightly above the consensus estimate of $4.12 billion, with a QoQ increase of 9% but a YoY decrease of 8% [3]. - The gross margin for Q3 was 57.82%, showing a YoY decline of 2.5 percentage points [3]. - Net profit for Q3 was $1.36 billion, a QoQ increase of 21% but a YoY decrease of 20% [3]. Revenue Breakdown - Revenue from automotive increased by approximately 20% QoQ, primarily due to the demand from China's new energy vehicle sector [4]. - Consumer electronics saw a 30% increase QoQ, attributed to seasonal demand [4]. - Industrial revenue continued to decline, marking the eighth consecutive quarter of decreases, although some segments are beginning to show signs of recovery [4]. Inventory and Capital Expenditure - TI's inventory rose to $4.3 billion in Q3 2024, with inventory turnover days increasing to 231 days [5]. - The company plans to maintain capital expenditures at $5 billion annually for 2024-2025, but has adjusted the 2026 capital expenditure forecast to a range of $2 to $5 billion, depending on revenue performance [5][6]. Industry Outlook - The report anticipates a continued recovery in industry demand, particularly in the automotive sector driven by electric vehicles, while industrial demand may take longer to stabilize [6]. - The emergence of competitive local companies in China is viewed positively for long-term growth prospects in the region [6].