MPS-Monolithic Power Systems Inc：FY24Q2业绩点评及法说会纪要：业绩超预期，AI持续驱动24Q3指引乐观

Investment Rating - The report does not explicitly mention an investment rating for Monolithic Power Systems (MPWR) [1][2][3] Core Views - Monolithic Power Systems (MPWR) reported strong Q2 2024 results with revenue of $507 million, up 15% YoY and 10.8% QoQ, exceeding guidance and market expectations [1][4] - The growth was driven by increased demand for AI power solutions, improved order trends across multiple end markets, and contributions from design-wins secured in previous years [1][4] - Non-GAAP gross margin was 55.7%, flat QoQ but down 0.8pct YoY, while Non-GAAP net income reached$ 155 million, up 12.8% YoY and QoQ [1][4] - The company's transformation from a single-chip supplier to a comprehensive solutions provider is showing significant results [1][4] Revenue Breakdown by End Market - Storage & Computing: Revenue of $115 million, up 8.3% QoQ but down 7.7% YoY, driven by increased sales of storage solutions [6] - **Enterprise Data**: Revenue of$ 187 million, up 25.1% QoQ and 290% YoY, driven by AI server solutions [7] - Automotive: Revenue of $87 million, flat QoQ but down 16.5% YoY [9] - **Industrial**: Revenue of$ 32 million, up 7% QoQ but down 35% YoY, driven by security solutions [10] - Communications: Revenue of $44 million, down 6.6% QoQ and 11.6% YoY, due to declining network business [11] - **Consumer**: Revenue of$ 42 million, up 10.8% QoQ but down 35.3% YoY, driven by TV solutions [12] Inventory and Guidance - Inventory turnover days decreased to 171 days in Q2 2024, down 4 days QoQ and 30 days YoY, with inventory value at $427 million, up$ 31 million QoQ [5] - Q3 2024 revenue guidance is $590-610 million, up 18.3% QoQ and 26.3% YoY, with Non-GAAP gross margin expected to be 55.5%-56.1% [14] - Storage & Computing and Communications markets are expected to be key growth drivers in Q3, while Enterprise Data growth is expected to slow slightly [14] Transformation and Future Growth - The company is transitioning from a chip supplier to a comprehensive solutions provider, with solutions revenue nearing$ 200 million, accounting for 20-25% of total revenue [20] - The company is focusing on vertical power delivery, with significant growth in this area, now contributing around 20% of total revenue [21][25] - The company is also developing GaN and SiC technologies for data center power solutions, with products in the evaluation phase [26] Market Opportunities - The company sees significant opportunities in AI-related markets, as well as in storage, optics, and networking, driven by AI's broader impact [25] - The automotive market, particularly in ADAS and EVs, presents long-term growth opportunities, despite short-term uncertainties [19][28] - The industrial market, including applications like RVs and mobile robots, is expected to see emerging opportunities in the next four quarters [28][29]