意法半导体（STM）FY25Q1业绩点评及业绩说明会纪要：业绩符合预期，工业市场底部确认

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [58]. Core Insights - The report highlights that the company achieved Q1 2025 revenue of $2.517 billion, a year-over-year decline of 27.3% and a quarter-over-quarter decline of 24.2%, slightly above the guidance midpoint of $2.51 billion and consensus expectations of $2.512 billion [3][11]. - The gross margin for Q1 2025 was 33.4%, down 8.3 percentage points year-over-year and 4.3 percentage points quarter-over-quarter, primarily affected by product mix, unused capacity costs, and lower selling prices [3][11]. - The company expects Q2 2025 revenue guidance to be $2.71 billion, reflecting a quarter-over-quarter increase of 7.7% but a year-over-year decline of 16.2% [5][30]. Revenue Breakdown - The Analog, MEMS, and Sensors (AM&S) segment generated $1.069 billion in Q1 2025, down 23.9% year-over-year and 20.7% quarter-over-quarter, accounting for 42% of total revenue [4][15]. - The Power and Discrete (P&D) segment reported $397 million in revenue, down 37.1% year-over-year and 34.1% quarter-over-quarter, representing 16% of total revenue [4][17]. - The Embedded Processing (EMP) segment's revenue was $742 million, down 29.1% year-over-year and 26.0% quarter-over-quarter, making up 30% of total revenue [4][18]. - The RF and Optical Communication (RF&OC) segment achieved $306 million in revenue, down 19.2% year-over-year and 16.5% quarter-over-quarter, accounting for 12% of total revenue [4][20]. Strategic Focus Areas - The industrial sector saw a revenue decline of 32% year-over-year and 18% quarter-over-quarter, contributing approximately 21% to total revenue, with expectations for order increases in Q2 [24]. - The automotive sector's revenue declined by 11% year-over-year and 17% quarter-over-quarter, representing about 24% of total revenue, with the company anticipating Q1 as the low point for automotive revenue [29]. - The personal electronics sector experienced a revenue decline of 39% year-over-year and 34% quarter-over-quarter, contributing approximately 39% to total revenue [29]. Future Outlook - The company has announced a three-year manufacturing restructuring and global cost adjustment plan, aiming for significant annual cost savings by the end of 2027 [6][32]. - The capital expenditure (CAPEX) for Q1 2025 was $530 million, a decrease of 45.19% year-over-year, with plans to maintain CAPEX between $2 billion and $2.3 billion for 2025 [5][30]. - The company has not provided full-year revenue guidance for 2025 due to uncertainties in the global economy and end markets [5][30].