NXP(US:NXPI) Huachuang Securities·2024-05-17 02:02Investment Rating - The report does not explicitly state an investment rating for NXP Semiconductors Core Views - NXP Semiconductors reported Q1 FY2024 revenue of $3.126 billion, a year-over-year increase of 0.16% but a quarter-over-quarter decline of 8.65%, aligning with market expectations [2][3][8] - The company anticipates Q2 FY2024 revenue to be between $3.025 billion and $3.225 billion, representing a year-over-year decline of 8% to 2% and a quarter-over-quarter change of -3% to +3% [15][17] Summary by Sections Overall Revenue Situation - For Q1 FY2024, NXP achieved revenue of $3.126 billion, with a Non-GAAP gross margin of 58.2%, slightly above the guidance midpoint of 58.0% [3][8][10] - Non-GAAP net profit was $840 million, exceeding market expectations of $823 million [3][8] Business Progress - Automotive revenue was $1.804 billion, down 1% year-over-year and down 5% quarter-over-quarter, accounting for 57.71% of total revenue [13][21] - Industrial & IoT revenue reached $574 million, up 14% year-over-year but down 13% quarter-over-quarter, representing 18.36% of total revenue [13][21] - Mobile revenue was $349 million, up 34% year-over-year but down 14% quarter-over-quarter, making up 11.16% of total revenue [13][21] - Communication & Other revenue was $399 million, down 25% year-over-year and down 12% quarter-over-quarter, accounting for 12.76% of total revenue [13][21] Capital Expenditure - Capital expenditure for Q1 FY2024 was $224 million, representing 7% of revenue [11][23] Inventory - Channel inventory days at the end of Q1 FY2024 were approximately 1.6 months, below the long-term target of 2.5 months; the company's own inventory days increased to 144 days [12][24] Q2 Company Guidance - NXP expects Q2 FY2024 Non-GAAP revenue to be between $3.025 billion and $3.225 billion, with a Non-GAAP gross margin of 58%-59% [15][17] - The company anticipates a year-over-year decline in automotive revenue, while industrial and IoT revenue is expected to grow [17][22] Mid to Long-term Outlook - NXP projects a compound annual growth rate (CAGR) of 8% to 12% from 2021 to 2024, with automotive business CAGR expected to be between 9% and 14% [18][22]