Equity Snap: STMicroelectronics (STMPA FP): 2Q first take: A slower recovery with encouraging demand commentary

研报英文原文证据摘录

Equity Snap: STMicroelectronics (STMPA FP): 2Q first take: A slower recovery with encouraging demand commentary

23 July 2026

Equity Snap: STMicroelectronics Equities Semiconductors & Equipment

(STMPA FP)

2Q first take: A slower recovery with encouraging

demand commentary France

◆ 2Q adj. operating income below expectations driven by Adithya Metuku*, CFA

higher net opex Senior Global Technology Analyst HSBC Bank plc

adithya.metuku@hsbc.com

◆ 3Q outlook suggests a slower recovery but commentary +44 203 268 2960

underlines improving demand and highlights supply tightness Kalpesh Mahadik*, CFA

Associate

Bangalore

◆ Conf call at 8.30am UKT. Expect colour on demand visibility,

pricing trends and net opex in 2HFY26/2027. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

STMicroelectronics (STMPA FP, EUR58.27, Buy, TP EUR84.00; STM US,

USD65.77, Buy, TP USD97.00; STM IM, EUR58.25, Buy, TP EUR84.00)

(Priced as of 22 Jul 2026)

2Q revenues marginally ahead but adj. operating income below: STM reported 2Q26

revenue of USD3,487m, marginally ahead of HSBCe at USD3,485m and Visible Alpha

(VA) consensus at USD3,467m, respectively. Within this, revenues in Analog, Mems and

Sensors (AM&S) and RF & optical communications (RF & OC) were ahead of our

expectations while revenues in the Power and discrete (P&D) segment were below.

Adjusted gross margin of 35.2% was below HSBCe and VA consensus (both at 35.5%).

Excluding one-off charges, adjusted operating income was USD269m, below HSBCe/

consensus estimates by 6.8%/4.8% respectively, driven by lower gross margins and

higher net operating expenses.

3Q26 outlook suggests a slower demand recovery: At the mid point of its outlook,