点击招商研究小程序查看PDF报告原文 事件： 德州仪器于7月23日发布2025年第二季度财报，25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，净利润12.95亿美元，同比+14.9%/环 比+9.8%，指引工业市场持续复苏，综合财报及电话会议信息，总结要点如下： 评论： 1、25Q2营收及EPS均超指引中值，库存周转天数环比下降。 25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，超指引中值（41.7-45.3亿美元）；毛利率57.89%，同比+0.04pct/环比+1.05pct；净 利润12.95亿美元，同比+14.9%/环比+9.8%。EPS为1.41美元，超指引中值（1.21-1.47美元）。25Q2库存为48亿美元，环比增加1.25亿美 元，DOI 231天/环比-9天。 2、模拟及嵌入式同环比均实现增长，大部分终端呈现复苏态势。 1）分产品类型： 25Q2模拟产品收入为34.52亿美元，同比+17.9%/环比+7.5%；嵌入式处理业务部门收入6.79亿美元，同比+10.4%/环比 +4.9%；其他业务部门收入3.17亿美元，同比+13.6%/环比+49.5%。 ...

Investment Rating - The report assigns a positive outlook for Texas Instruments, indicating a potential for growth in the upcoming quarters, despite some caution regarding the third quarter guidance [5]. Core Insights - Texas Instruments reported Q2 FY2025 revenue of $4.448 billion, exceeding the midpoint of guidance of $4.35 billion, with a year-over-year growth of 16% [2][12]. - The company experienced strong performance across various sectors, with analog business revenue growing by 18% year-over-year, embedded processing by 10%, and other segments by 14% [2][12]. - The gross margin for Q2 FY2025 was reported at 57.89%, showing slight improvements compared to previous periods [12]. - Net income for the quarter was $1.295 billion, reflecting a year-over-year increase of 14.91% [12]. Summary by Sections 1. Operating Performance - Total revenue for Q2 FY2025 was $4.448 billion, with a quarter-over-quarter increase of 9% and a year-over-year increase of 16% [2][12]. - Operating expenses for Q2 FY2025 were $1 billion, a 5% increase year-over-year, aligning with company expectations [8]. - Inventory at the end of Q2 FY2025 stood at $4.8 billion, with inventory days decreasing by 9 days to 231 days [9]. 2. Cash Flow and Capital Expenditure - Cash flow from operating activities for Q2 FY2025 was $1.9 billion, with a total of $6.4 billion over the past 12 months [10]. - Capital expenditures for Q2 FY2025 were $1.3 billion, totaling $4.9 billion over the past year [10]. - The company returned $6.7 billion to shareholders over the past 12 months through dividends and stock buybacks [10]. 3. Business Segment Revenue - Analog business revenue for Q2 FY2025 was $3.452 billion, a year-over-year increase of 18% [16]. - Embedded processing revenue was $679 million, reflecting a 10% year-over-year growth [14]. - Other business segments generated $317 million in revenue, with a year-over-year increase of 14% [15]. 4. Market Conditions - The industrial market showed strong recovery with over 15% year-over-year growth, while the automotive market experienced slower recovery [20]. - Personal electronics grew approximately 25% year-over-year, indicating robust consumer demand [20]. - Communication equipment saw over 50% year-over-year growth, driven by strong demand in the optical communication sector [20]. 5. Company Guidance for FY2025Q3 - Revenue guidance for Q3 FY2025 is set between $4.45 billion and $4.8 billion, with an expected EPS of $1.36 to $1.60 [18]. - The cautious guidance is attributed to tariff impacts and a normalization of inventory levels following a strong Q2 [5][18].

点击招商研究小程序查看PDF报告原文 事件： 德州仪器于4月23日发布2025年第一季度财报，25Q1公司营收40.69亿美元，同比+11.1%/环比+1.5%，净利润11.79亿美元，同比+6.7%/环 比-2.2%，工业市场广泛复苏，指引25Q2不受近期关税政策扰动，综合财报及电话会议信息，总结要点如下： 评论： 1、25Q1营收略超指引上限，EPS超指引预期。 25Q1公司营收40.69亿美元，同比+11.1%/环比+1.5%，略超指引上限（37.4-40.6亿美元）；毛利率56.84%，同比-0.4pct/环比-0.9pct；净 利润11.79亿美元，同比+6.7%/环比-2.2%。EPS为1.28美元，超指引预期（0.94-1.16美元）。25Q1库存为47亿美元，环比增加1.6亿美元，库 存周转天数为240天，环比减少1天。 2、25Q1模拟同环比均实现增长，工业市场广泛复苏。 1）分产品类型： 25Q1模拟产品收入为32.1亿美元，同比+13.2%/环比+1.1%；嵌入式处理业务部门收入6.47亿美元，同比-0.8%/环比+5. 5%；其他业务部门收入2.12亿美元，同比+22.5%/环比-3. ...

Core Viewpoint - Texas Instruments reported Q1 2025 revenue of $4.069 billion, a year-over-year increase of 11.1% and a quarter-over-quarter increase of 1.5%, indicating a broad recovery in the industrial market and guidance for Q2 2025 unaffected by recent tariff policies [1][2][3] Financial Performance - Q1 2025 revenue slightly exceeded guidance upper limit, with earnings per share (EPS) of $1.28, surpassing the expected range of $0.94 to $1.16 [1][2] - Gross margin was 56.84%, down 0.4 percentage points year-over-year and 0.9 percentage points quarter-over-quarter, while net profit was $1.179 billion, up 6.7% year-over-year but down 2.2% quarter-over-quarter [1][8] - Inventory increased to $4.7 billion, with inventory turnover days decreasing to 240 days, down by 1 day [1][8] Product and Market Segmentation - Revenue from analog products was $3.21 billion, up 13.2% year-over-year and 1.1% quarter-over-quarter; embedded processing revenue was $647 million, down 0.8% year-over-year but up 5.5% quarter-over-quarter; other business segments generated $212 million, up 22.5% year-over-year but down 3.6% quarter-over-quarter [2][3] - The industrial market showed broad recovery after seven consecutive quarters of decline, with a high single-digit quarter-over-quarter growth; automotive market growth was low single-digit, while personal electronics saw a seasonal decline of approximately 15% [2][3][7] Q2 2025 Guidance - Q2 2025 revenue guidance is set at a midpoint of $4.35 billion, representing a year-over-year increase of 13.8% and a quarter-over-quarter increase of 6.9%; EPS guidance is $1.34, up 9.8% year-over-year and 4.7% quarter-over-quarter [2][10] - The company expects capacity utilization and gross margin to increase quarter-over-quarter, with a projected effective tax rate of 12%-13% [2][10] Supply Chain and Market Strategy - The semiconductor cycle is believed to have bottomed out, with customer inventories at low levels, prompting some customers to replenish stock in response to uncertain policy environments [3][9] - In the Chinese market, which accounted for 20% of Q1 2025 revenue, the company plans to localize some supply chains to enhance reliability and reduce costs [3][9][19] Cash Flow and Shareholder Returns - Q1 2025 operating cash flow was $849 million, with a total of $6.2 billion returned to shareholders over the past 12 months through dividends and stock buybacks [8][23] - The company has a cash and short-term investment balance of $5 billion and has repaid $750 million in debt, maintaining a total debt balance of $12.95 billion [8][23]