伯恩斯坦-德州仪器（TXN）：2026年第一季度回顾 - 开箱即出彩-Texas Instruments (TXN) Q126 recap Out of the box

respectively);AutoandPEoffsetthissomewh~200bpsaboveexpectatiwellabove(evenwitha5centdiscredrivers(industrial,datace(vs～$4.6Bin2025).generalstory(namelycyclicalrecoveryanddThatbeingsaid,wehaveperseemstoremembertheirmisstepsinamanagementcommentarysuggestingsomeforpull-forward,riskstotobesomewhatlacklusterautomotiveTXNClosePrice(USD)PriceTarget(USD)MarketCap(USD)(M)Source:Bloomberg.Bernsteinestimatesandanalysis.www.bernsteinresearch.cStacyA.Rasgon,Ph.D.+12135595917stacTexasInstruments'Q1resultswerequitestrong($4,825endmarketmixandpricingwhicdrivenbystrongerreve·Analog,EmbeddedandOtherwereallaboveexpectations(Exhi·Totalrevenuewasup~9%sequentially,muchbe·Analogsalesof$3,924Mwere·OtherRevenuesof$178M·Onasequentialbasis,Iup>25%andCommsEquipmentwasup>30%,respectively.OnaYoYbasis,Datacentergre·Grossmarginswere58higherrevenue,favorableendmarketmiconsensus($996M),andclosertoexpeQ2guidancewaswellaboveStreetexpectationsonreven·Grossmarginsappearimplicitlyguidedat~60%orso(E·Opexisexpectedtobeup~LSD%QoQ(suggeexpectationsof$1,032M).shiftingtoassemblyandStacyA.Rasgon,Ph.D.+1unsurprisinglystrong;inthatbackdropseenthismoviebefore,andthecompanythemscompany(yet)isunsurprisinglystrongquarter.Andthegeneralstoryi.e.cfairlylimited,asituationthatcausedissueinQ2asorderpatterndays”).·Capexwas$676MforthequarterStacyA.Rasgon,Ph.D.+12135595917stacySource:Companyreports,Bloomberg,BernsteinestimatesandaSource:Companyreports,Bloomberg,Bernsteinestimatesanda-3%-3%Source:Companyreports,BernsteinanalysisSourceStacyA.Rasgon,Ph.D.+12135595917stacy s39%(19%)$$s$$s$$ss$ssSss9%StacyA.Rasgon,Ph.D.+12135595917stac。 64.1%65.1%65.1%64.1%69.1%66.1%62.1%60.1% Source:Bloomberg,Companyreports,Bernsteinanal~Source:Companyreports,BloombergestimatStacyA.Rasgon,Ph.D.+1213559591 △Acquisition+Restructur Source:Companyreport60.1%Source:CompanyreportSource:Bloomberg,BernsteinanalysBERNSTEIN|soCIETECENERALEGRStacyA.Rasgon,Ph.D.+12135595917stacy.rasgon@b201320142015Source:Companyreports,BernsteinanalSource:Companyreports,BernsteinanalStacyA.Rasgon,Ph.D.+12135595917Source:Companyreports,Bernsteinanal0%Source:Companyreports,Bernsteinanal2,279.4,352.$$$$$$$$$$$s$$$s$$$$$$$9.1%9.1%9.1%9.1%29.1%9.1%SharesOutstanding,-0.1%9.1%-0.1%0.1%-2.7%-1.1%-2.7%6.1%-11.7%-6.7%9.1%Source:Companyreport2,295.04,687.04,812.04,829.01,753.04,330.0 4,330.04,330.04,622.04,330.03,872.04,330.04,622.04,330.0TotalAssets二34,585.035,TotalCurrentLiabiliOtherLongTermLiabilShareholders'EquityShareholders'EquityDepreciation&Amortizat7,153.01,860.0(599.2)(623.7)(594.6)4,881.05.103.05.213.6.774.26,624.06,643.26.624.06.643.26,865.8Source:CompanyreportStacyA.Rasgon,Ph.D.+12135595917stacyM0-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspSource:Bloomberg,BernsteinestimStacyA.Rasgon,Ph.D.+12135595917(April1,2024onwards),SanfordC.Bernstein&Co.,LC(pr2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC.Bernstein(India)PrivateLimited(SEBIregistrationno.INHO00006378),SSanfordC.BernsteinJapanKK(サ>フォ一ドotherwise,forpurposesincludeworsethanexpectedrecoveries,sharelosses(inChinaand(ex-Japan)exchanges-unlessotherwiaresuspendedtemporariloneventsanddevelStacyA.Rasgon,Ph.D.+12135595917stacysector(notthemarkTheAutonomousbrandhasthreecategorie·Neutral(N):StockwillperforminCoverageSuspended:Covpredicted,atthepreoneventsanddevelThosedenotedas'Feature'(e.gAutonomousbrand-TheAutonomousbrandhasthreecategoriesooperatnginsimilarsectorsoperatnginsimilarsectors·Underperform(UP):ThetotalreturnofAutonomouspreferredstockWherethisreportcontainsinvestmentrecommendationsfosecuritiesoftheissuer(s)rauthor(s)ofthisreportmaydifferfromthepublishTheAutonomousbrandhasthreecategoriAutonomouscreditratingsMarket-Perform(BernsteinTexasInstrumentsInc(TXN)RatingTexasInstrumentsInc(TXN)RatingHistory——Outperform(O);Market-Perform(M);Underperform(U);CoverageSuspended(CS);NotStacyA.Rasgon,Ph.D.+12135595917StacyA.RasgonmaintainslongpositioissuedsharecapitalofaclassofcommThelegalentity(ies)employingtheanalyst(s)listedin+65SanfordC.Bernstein(Singapore)PrivateLimited;SbesubjecttoFINRA'srestrictionmarketingactivitiesrelatingtoinvestmentbankinWherethisreporthasthatalloftheviewsexpressedinthispublicationacsecuritiesorissuersandthatnopartofthatanalyst'screcommendationsorviewStacyA.Rasgon,Ph.D.+12135595917stacy.rasgon@be·Bernsteinproducesanumberofdiffquantitativeanalysisunderboththe“Auresearchproductmaydifferfromrecommenddifferingtimehorizons,methodologiesorotherwise.FurthBernsteinAutonomousLLP,SanfordC.Bernstein(HongKong)Limited盛博香港有限公司andSanfordC.Bernstein(India).Forinform(Withdrawal)Act20andExchangeCommission("SEC")andamemberoftheU.standardsapplicabletoofanyspecificindivid("BTG")isresponsiblefoAutonomousLLP,authorisedandregula+44(0)20-7170-5000.RegisteredinEngland&WalesNowithinArticle19(5)oftheFinancialServicesandMarketsAct2000PromotionOrder”),(i)arepersonsfallingetc.")oftheFinancialPromotionOtoengageininvestmentactivity(withinthemeaningofsection21oftheFSMmayotherwiselawfullybeandregulatedbytheAutoritédeContróleStacyA.Rasgon,Ph.D.+12135595917theSFCPublicRegister(https://www.sfc.hk/publicregWeb/corp/AXC84investors,asdefinedintheSecu("SFA").RecipientsinSingaporeshouldcontactSanfordC.Bernstein(SsecuritiesandcollectiNo.20213710WandlocatedatOneRafflesQuay,#27-11SouthTwithanyapplicableregistrationorotherreqanyresponsibilityforfacilitatinganyorsoldwithinthePRCbymeansofthisdC·ー>ス夕イン株式会社),whichisregisteredinJapanasaFinanFinancialServicesAgency.ItisalsoamemberinstitutionalinvestorsinJahasneitheranycontractualrelationshipwiToourreadersinAustralia:SanfordC.Bernstein(HongKong)Limited盛博香港有限公司isresponsiblefordistributingresearchU.K.laws,whichdiffersfromAustralianlaws.Safollowingfinancialservicestowholesaleclients:(ResearchAnalyst)Regulations,2014,havingregiStacyA.Rasgon,Ph.D.+12135595917stacCentre,PlotNosC-54andC-55,GMaharashtra,India(PhoneNo:+91-ofdistributionofthisresearchreport.Neitherarenotanofficer,director,emBERNSTEIN-InC/Scbin-i·TheResearchinvestorcharterandTerms&CondiC.Bernstein(India)PrivateLimited(https://bernsteinresearch.i·Disclaimer:RegistrationStacyA.Rasgon,Ph.D.+12135595917stacyrulebook).PersonsotherthanrecipientsofourcommunicationsorseAllresearchpublicationsaredissandathird-partyvendorsorredistributedtoclientsthrougAvenue,NewYork,NY10167.Additionawww.bernsteinresearch.corresidentof,orlocatedinanylocality,stawouldbecontrarytolaworregulatitheirspecificcircumstances.Thevalueofinvestmentsmayfluctuate,anderivativeworks,resell,revers