Analog Devices-亚德诺：FY2024Q3业绩点评及业绩说明会纪要：营收高于指引中值，周期低谷已过

Investment Rating - The report does not explicitly mention an investment rating for Analog Devices, Inc (ADI) [1][2][3] Core Views - ADI's FY2024Q3 revenue of $2.312 billion exceeded the guidance midpoint of$ 2.27 billion, indicating a recovery from the cyclical trough [1][4] - Adjusted gross margin was 67.9%, up 1.2 percentage points quarter-over-quarter (QoQ) but down 4.3 percentage points year-over-year (YoY) [1][4] - Net income was $392 million, up 29.8% QoQ but down 55.3% YoY, with a net profit margin of 16.96% [1][4] - Adjusted EPS was$ 1.58, up 12.9% QoQ but down 37% YoY [1][4] Revenue Breakdown by End Market - Industrial market revenue was $1.059 billion (46% of total revenue), up 4.32% QoQ but down 37% YoY [1][7] - Automotive market revenue was$ 670 million (29% of total revenue), up 1.83% QoQ but down 8% YoY [1][7] - Communications market revenue was $267 million (12% of total revenue), up 10.72% QoQ but down 26% YoY [1][7] - Consumer market revenue was$ 317 million (14% of total revenue), up 29.13% QoQ and up 3% YoY, marking the first YoY growth since 2022 [1][7] Capital Expenditures and Inventory - FY2024Q3 capital expenditures were $154 million, with full-year 2024 capex expected to be around$ 700 million [1][6] - Inventory at the end of FY2024Q3 was $1.428 billion, down$ 51 million QoQ, with inventory turnover days decreasing from 192 to 178 days [1][6] FY2024Q4 Guidance - ADI expects FY2024Q4 revenue to be between $2.3 billion and$ 2.5 billion (QoQ -0.52% to +8.1%, YoY -15.3% to -8%) [1][10] - Adjusted EPS is expected to be between $1.53 and$ 1.73 (QoQ -3.2% to +9.5%, YoY -23.9% to -13.9%) [1][10] - Industrial and consumer businesses are expected to grow, while automotive business is expected to decline [1][10] Management Commentary - ADI's management believes the company has passed the cyclical trough, with improving customer inventory levels and order trends in most markets [13][16] - The industrial market, ADI's largest and most diversified segment, is expected to see continued growth, particularly in automation and energy efficiency [13][14] - The automotive market is facing challenges due to production cuts and extended inventory digestion periods, but ADI remains optimistic about long-term growth in electrification and software-defined vehicles [16][19] Key Takeaways from Earnings Call - ADI's channel inventory is near the lower end of the target range (7-8 weeks), and the company is prepared for expected demand growth in 2025 [18][23] - Industrial and consumer markets are expected to drive growth, while automotive market recovery may be slower [25][27] - ADI's pricing environment remains stable, with no significant pressure on gross margins [31]