电子：德州仪器Q1业绩超预期，持续关注模拟芯片板块

Investment Rating - The report maintains an "Outperform" rating for Texas Instruments, indicating a positive outlook compared to the market [1][4]. Core Insights - Texas Instruments reported Q1 2024 earnings that exceeded expectations, with revenue of $3.66 billion, a decrease of 10.3% quarter-over-quarter and 16.4% year-over-year, marking the lowest level since 2020. Net profit was $1.11 billion, down 35% year-over-year, but above market expectations of $983 million. Non-GAAP earnings per share were $1.10, slightly above the expected $1.08. The gross margin for Q1 2024 was 57.22% due to declining utilization rates and rising costs from capacity expansion. The company anticipates Q2 revenue to be between $3.65 billion and $3.95 billion, indicating a potential for continued growth [3]. - Demand for consumer electronics is recovering, while the decline in industrial demand is expected to ease. The consumer electronics sector has shown a clear recovery trend since Q4 2023, with AI and other incremental demands likely to boost the need for smartphones and PCs. In Q1 2024, revenue from analog products was $2.835 billion, down 14% year-over-year; embedded products revenue was $652 million, down 22%; and other products revenue was $173 million, down 33%. Some industrial clients have begun to deplete their inventories, suggesting a potential stabilization in industrial demand [3]. - China is the largest market for analog chips globally, with a low domestic production rate. In 2022, China's semiconductor market reached $180.3 billion, accounting for 32.5% of the global market. The analog chip market in China was valued at $42.2 billion, representing 47.4% of the global analog chip market. However, the domestic production rate for analog ICs in China is only about 12%. With improvements in domestic manufacturers and favorable national policies, the market for analog chips in China is expected to grow, providing significant opportunities for local manufacturers [3]. Summary by Sections Financial Performance - Q1 2024 revenue was $3.66 billion, down 10.3% quarter-over-quarter and 16.4% year-over-year [3] - Net profit was $1.11 billion, down 35% year-over-year, exceeding market expectations [3] - Non-GAAP EPS was $1.10, slightly above the expected $1.08 [3] - Gross margin for Q1 2024 was 57.22% [3] - Q2 revenue forecast is between $3.65 billion and $3.95 billion [3] Market Demand - Recovery in consumer electronics demand since Q4 2023 [3] - Industrial demand decline expected to ease as clients deplete inventories [3] - Revenue breakdown for Q1 2024: analog products at $2.835 billion, embedded products at $652 million, and other products at $173 million [3] Market Position - China holds the largest share of the global analog chip market [3] - 2022 China's semiconductor market was valued at $180.3 billion [3] - Analog chip market in China was $42.2 billion, with a domestic production rate of only 12% [3] - Growth potential for local manufacturers due to favorable policies and market trends [3]