亚德诺：FY2024Q2业绩点评及法说会纪要：业绩略超预期，工业市场复苏在即

Investment Rating - The report indicates a positive outlook for Analog Devices, Inc. (ADI) with expectations of recovery in the industrial market and improved financial performance in the upcoming quarters [1][10]. Core Insights - ADI's FY2024Q2 revenue was $2.159 billion, slightly above the guidance midpoint of$2.1 billion, despite a year-over-year decline of 33.8% and a quarter-over-quarter decline of 14.1% [4][14]. - The adjusted gross margin for FY2024Q2 was 66.7%, reflecting a decrease from the previous year, while net profit was $302 million, down 69.1$2.17 to $2.37 billion for FY2024Q3, indicating a potential recovery in the industrial market [10][15]. Summary by Sections 1. Overall Revenue Situation - For FY2024Q2, ADI achieved revenue of$2.159 billion, which is a 14.1% decrease quarter-over-quarter and a 33.8% decrease year-over-year, but slightly above the guidance midpoint of $2.1 billion [4][5]. - The adjusted gross margin was 66.7$302 million, resulting in a net profit margin of 14% [4][14]. 2. Revenue Breakdown by End Market - Industrial market revenue was $1.015 billion, accounting for 47$658 million, representing 30% of total revenue, with a year-over-year decline of 10% [7][8]. - Communication market revenue was $241 million, accounting for 11$245 million, also 11% of total revenue, with a year-over-year decline of 9% [7][8]. 3. Company Performance Guidance - For FY2024Q3, ADI expects revenue between $2.17 billion and$2.37 billion, with adjusted EPS projected to be between $1.40 and$1.60 [10][15]. - The company anticipates a recovery in the industrial market and plans to continue reducing channel inventory, which is expected to enhance profitability [10][15]. 4. Capital Expenditure and Inventory - Capital expenditure for FY2024Q2 was $188 million, with an expected total of$700 million for the fiscal year [6]. - Inventory at the end of FY2024Q2 decreased by approximately $74 million, with inventory turnover days dropping from 201 to 192 days [6][14].