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2021-04-29

一手好牌打成这样……[无语]

5 Reasons to Avoid Intel After Its Q1 Earnings Report<blockquote>第一季度收益报告发布后避开英特尔的 5 个理由</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":109948036,"tweetId":"109948036","gmtCreate":1619661068025,"gmtModify":1634210923931,"author":{"id":3548807569819060,"idStr":"3548807569819060","authorId":3548807569819060,"authorIdStr":"3548807569819060","name":"lioneu","avatar":"https://static.tigerbbs.com/164f38de123399655086489cd0d1e35d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>一手好牌打成这样……[无语]&nbsp;</body></html>","htmlText":"<html><head></head><body>一手好牌打成这样……[无语]&nbsp;</body></html>","text":"一手好牌打成这样……[无语]","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/109948036","repostId":1146541007,"repostType":2,"repost":{"id":"1146541007","kind":"news","pubTimestamp":1619660700,"share":"https://www.laohunote.com/m/news/1146541007?lang=zh_CN&edition=full","pubTime":"2021-04-29 09:45","market":"us","language":"en","title":"5 Reasons to Avoid Intel After Its Q1 Earnings Report<blockquote>第一季度收益报告发布后避开英特尔的 5 个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146541007","media":"Motley Fool","summary":"The world's top PC and data center CPU maker is losing its edge.\nIntel's stock recently tumbled afte","content":"The world's top PC and data center CPU maker is losing its edge.<blockquote>这家全球顶级个人电脑和数据中心CPU制造商正在失去优势。</blockquote> Intel's&nbsp;stock recently tumbled after the chipmaker posted its first-quarter earnings. Its revenue fell 1% year over year to $19.7 billion, but still beat estimates by $1.75 billion.<blockquote>英特尔这家芯片制造商公布第一季度收益后，其股价最近暴跌。其营收同比下降 1% 至 197 亿美元，但仍超出预期 17.5 亿美元。</blockquote> Its&nbsp;non-GAAP&nbsp;net income declined 6% to $5.7 billion. Its non-GAAP earnings per share, buoyed by buybacks, dipped 1% to $1.39 and cleared expectations by $0.25. Those numbers exclude its NAND business, which will be sold to&nbsp;SK Hynix, and other one-time items.<blockquote>其非 GAAP 净利润下降 6% 至 57 亿美元。受回购提振，其非 GAAP 每股收益下降 1%，至 1.39 美元，超出预期 0.25 美元。这些数字不包括其 NAND 业务，该业务将出售给SK海力士和其他一次性项目。</blockquote> Intel expects its revenue and non-GAAP earnings to decline 10% and 15% year over year, respectively, in the second quarter. Analysts had expected its revenue and earnings to fall 9% and 19%, respectively.<blockquote>英特尔预计第二季度营收和非GAAP盈利将分别同比下降10%和15%。分析师此前预计其收入和盈利将分别下降 9% 和 19%。</blockquote> For the full year, Intel expects its GAAP revenue to dip 1% to $77 billion, and for its non-GAAP revenue to drop 7% to $72.5 billion, which misses the consensus forecast of $72.8 billion. It expects its non-GAAP EPS to decline 13%, compared to gloomier forecasts for a 19% decline.<blockquote>英特尔预计全年 GAAP 收入将下降 1% 至 770 亿美元，非 GAAP 收入将下降 7% 至 725 亿美元，低于市场普遍预期的 728 亿美元。该公司预计其非 GAAP 每股收益将下降 13%，而悲观的预测为下降 19%。</blockquote> Intel's first-quarter growth cleared Wall Street's low bar, but its mixed guidance indicated its troubles would persist throughout the year. Intel's stock might look cheap at 13 times forward earnings with a decent forward yield of 2.4%, but it's still not worth buying for five simple reasons.<blockquote>英特尔第一季度的增长打破了华尔街的下限，但其好坏参半的指引表明其麻烦将持续全年。英特尔的股票可能看起来很便宜，预期市盈率为 13 倍，远期收益率为 2.4%，但由于以下五个简单原因，它仍然不值得购买。</blockquote> 1. PC sales will decelerate after the pandemic ends<blockquote>1.疫情结束后PC销量将放缓</blockquote> Intel's Client Computing Group (CCG) revenue rose 8% year over year to $10.6 billion during the quarter as it sold more CPUs for PCs. Its total PC unit volumes increased 38% year over year, with a 54% jump in notebook volumes offsetting a 4% decline in desktop volumes.<blockquote>英特尔客户端计算集团 (CCG) 本季度收入同比增长 8%，达到 106 亿美元，原因是该公司销售了更多用于个人电脑的 CPU。其个人电脑总量同比增长 38%，其中笔记本电脑销量增长 54%，抵消了台式机销量下降 4%。</blockquote> However, PC sales mainly rose because the pandemic caused more people to buy new systems for remote work, online education, and gaming. That tailwind&nbsp;should fade&nbsp;after the pandemic ends.<blockquote>然而，个人电脑销量增长主要是因为疫情导致更多的人购买用于远程工作、在线教育和游戏的新系统。疫情结束后，这种顺风应该会消退。</blockquote> 2. It could lose more market share to AMD<blockquote>2. 它可能会失去更多的市场份额给AMD</blockquote> Intel's ongoingchip shortage, which started in 2018 and hasn't been resolved yet, caused many PC makers to buy more chips from its fabless rival&nbsp;AMD&nbsp;(NASDAQ:AMD), which outsources its chip production to&nbsp;Taiwan Semiconductor Manufacturing&nbsp;(NYSE:TSM)&nbsp;instead of manufacturing its chips internally.<blockquote>英特尔持续的芯片短缺问题始于 2018 年，但尚未得到解决，这导致许多 PC 制造商从其无晶圆厂竞争对手那里购买更多芯片AMD（纳斯达克股票代码：AMD），将芯片生产外包给台积电（纽约证券交易所股票代码：TSM）而不是在内部制造芯片。</blockquote> As a result, Intel ceded the desktop and notebook CPU markets to AMD over the past three years.<blockquote>因此，英特尔在过去三年中将台式机和笔记本电脑CPU市场拱手让给了AMD。</blockquote> <img src=\"https://static.tigerbbs.com/8bab2b21309a9664da8b9d5d003dd857\" tg-width=\"1151\" tg-height=\"429\">DATA SOURCE: PASSMARK SOFTWARE.<blockquote>数据来源：PASSMARK软件。</blockquote> Those declines could continue for the foreseeable future as the pandemic-related tailwinds dissipate and AMD moves further ahead in the \"process race\" to create smaller and more powerful chips with TSMC.<blockquote>随着与大流行相关的顺风消散，以及 AMD 在“工艺竞赛”中进一步推进，与台积电一起制造更小、更强大的芯片，这些下降可能会在可预见的未来持续。</blockquote> 3. Existential threats in the data center market<blockquote>3.数据中心市场的生存威胁</blockquote> Cloud capex soared across the world over the past year as data centers upgraded their hardware to cope with more online activities throughout the pandemic.<blockquote>过去一年，随着数据中心升级硬件以应对整个疫情更多的在线活动，全球云资本支出飙升。</blockquote> For example, the three largest hyper-cloud companies --Amazon,Microsoft, and&nbsp;Alphabet's Google -- collectively boosted their capex 32% in 2020. That increased spending should be good news for Intel, which holds a near-monopoly in data center CPUs.<blockquote>例如，三大超级云公司——亚马逊,微软，和Alphabet谷歌在 2020 年集体将资本支出增加了 32%。支出的增加对于在数据中心 CPU 领域几乎占据垄断地位的英特尔来说应该是个好消息。</blockquote> Yet Intel's data center group (DCG) revenue declined 20% year over year to $5.6 billion during the first quarter. It blamed that contraction on a \"challenging\" comparison to its 43% growth a year ago, which benefited from upgrades across the&nbsp;cloud, enterprise, government, and communication sectors.<blockquote>然而，英特尔第一季度数据中心集团 (DCG) 收入同比下降 20%，至 56 亿美元。该公司将这一收缩归咎于与一年前 43% 的增长相比“具有挑战性”，这得益于云、企业、政府和通信领域的升级。</blockquote> But those challenging comparisons could persist throughout 2021 as cloud and data center customers prioritize purchases of other chips, such as&nbsp;NVIDIA's&nbsp;(NASDAQ:NVDA)&nbsp;high-end GPUs for crunching AI tasks, over Intel's flagship Xeon CPUs. NVIDIA's recent launch of its own&nbsp;data center CPU&nbsp;and its planned&nbsp;takeover of Arm&nbsp;could exacerbate that pressure.<blockquote>但随着云和数据中心客户优先购买其他芯片，这些具有挑战性的比较可能会持续整个 2021 年，例如英伟达（纳斯达克股票代码：NVDA）用于处理人工智能任务的高端 GPU，优于英特尔旗舰至强 CPU。英伟达最近推出了自己的数据中心 CPU，并计划收购 Arm，这可能会加剧这种压力。</blockquote> 4. Unclear plans for its own foundry<blockquote>4. 自有代工厂计划不明</blockquote> To resolve its ongoing production issues, Intel will outsource the production of some of its chips to TSMC. But it also plans to accept third-party chip orders at its new Intel Foundry Services division.<blockquote>为了解决其持续的生产问题，英特尔将把部分芯片的生产外包给台积电。但它还计划在其新的英特尔代工服务部门接受第三方芯片订单。</blockquote> This strategy contradicts itself. Intel still needs TSMC to produce some of its new chips because of&nbsp;the limitations of its existing foundries, yet it's building new plants to manufacture chips for other fabless chipmakers.<blockquote>这种策略自相矛盾。由于现有代工厂的限制，英特尔仍然需要台积电生产一些新芯片，但它正在建设新工厂，为其他无晶圆厂芯片制造商生产芯片。</blockquote> In other words, Intel would still be temporarily dependent on TSMC, which remains ahead in the process race, while trying to compete against TSMC andSamsungfor orders of less advanced chips. The foundry services business will also likely generate lower-margin revenue than its CCG and DCG businesses.<blockquote>换句话说，英特尔仍将暂时依赖台积电，后者在制程竞赛中仍处于领先地位，同时试图与台积电和三星对于不太先进的芯片订单。代工服务业务的利润率也可能低于 CCG 和 DCG 业务。</blockquote> 5. Gross margin pressure and reduced buybacks<blockquote>5.毛利率压力和回购减少</blockquote> Lastly, Intel's adjusted gross margin -- which dropped 6.1 percentage points year over year to 58.4% during the first quarter -- could remain under pressure as its PC sales decelerate, its data center sales decline, and it expands its lower-margin foundry services business.<blockquote>最后，英特尔调整后毛利率（第一季度同比下降 6.1 个百分点至 58.4%）可能会继续面临压力，因为其 PC 销售放缓、数据中心销售下降以及扩大利润率较低的代工服务业务。</blockquote> Intel also plans to reduce its buybacks to conserve more cash for its expansion efforts. That's a necessary measure, but it will throttle its EPS growth as its gross and operating margins contract.<blockquote>英特尔还计划减少回购，以节省更多现金用于扩张。这是一项必要的措施，但随着毛利率和营业利润率的收缩，它将抑制其每股收益的增长。</blockquote> The bottom line<blockquote>底线</blockquote> Intel isn't doomed yet, but it's falling behind better-run chipmakers like AMD, NVIDIA, and TSMC. Intel's new CEO Pat Gelsinger claims 2021 will be a \"pivotal year\" for the company -- but I'd like to see it actually pivot before I can consider it a worthy investment.<blockquote>英特尔尚未完蛋，但它落后于 AMD、英伟达和台积电等表现更好的芯片制造商。英特尔新任首席执行官帕特·基辛格 (Pat Gelsinger) 声称 2021 年将是该公司的“关键一年”，但我希望看到它真正发生转变，然后我才能认为这是一项有价值的投资。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Reasons to Avoid Intel After Its Q1 Earnings Report<blockquote>第一季度收益报告发布后避开英特尔的 5 个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Reasons to Avoid Intel After Its Q1 Earnings Report<blockquote>第一季度收益报告发布后避开英特尔的 5 个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-04-29 09:45\n\n</h4>\n</header>\n<article>\nThe world's top PC and data center CPU maker is losing its edge.<blockquote>这家全球顶级个人电脑和数据中心CPU制造商正在失去优势。</blockquote> Intel's&nbsp;stock recently tumbled after the chipmaker posted its first-quarter earnings. Its revenue fell 1% year over year to $19.7 billion, but still beat estimates by $1.75 billion.<blockquote>英特尔这家芯片制造商公布第一季度收益后，其股价最近暴跌。其营收同比下降 1% 至 197 亿美元，但仍超出预期 17.5 亿美元。</blockquote> Its&nbsp;non-GAAP&nbsp;net income declined 6% to $5.7 billion. Its non-GAAP earnings per share, buoyed by buybacks, dipped 1% to $1.39 and cleared expectations by $0.25. Those numbers exclude its NAND business, which will be sold to&nbsp;SK Hynix, and other one-time items.<blockquote>其非 GAAP 净利润下降 6% 至 57 亿美元。受回购提振，其非 GAAP 每股收益下降 1%，至 1.39 美元，超出预期 0.25 美元。这些数字不包括其 NAND 业务，该业务将出售给SK海力士和其他一次性项目。</blockquote> Intel expects its revenue and non-GAAP earnings to decline 10% and 15% year over year, respectively, in the second quarter. Analysts had expected its revenue and earnings to fall 9% and 19%, respectively.<blockquote>英特尔预计第二季度营收和非GAAP盈利将分别同比下降10%和15%。分析师此前预计其收入和盈利将分别下降 9% 和 19%。</blockquote> For the full year, Intel expects its GAAP revenue to dip 1% to $77 billion, and for its non-GAAP revenue to drop 7% to $72.5 billion, which misses the consensus forecast of $72.8 billion. It expects its non-GAAP EPS to decline 13%, compared to gloomier forecasts for a 19% decline.<blockquote>英特尔预计全年 GAAP 收入将下降 1% 至 770 亿美元，非 GAAP 收入将下降 7% 至 725 亿美元，低于市场普遍预期的 728 亿美元。该公司预计其非 GAAP 每股收益将下降 13%，而悲观的预测为下降 19%。</blockquote> Intel's first-quarter growth cleared Wall Street's low bar, but its mixed guidance indicated its troubles would persist throughout the year. Intel's stock might look cheap at 13 times forward earnings with a decent forward yield of 2.4%, but it's still not worth buying for five simple reasons.<blockquote>英特尔第一季度的增长打破了华尔街的下限，但其好坏参半的指引表明其麻烦将持续全年。英特尔的股票可能看起来很便宜，预期市盈率为 13 倍，远期收益率为 2.4%，但由于以下五个简单原因，它仍然不值得购买。</blockquote> 1. PC sales will decelerate after the pandemic ends<blockquote>1.疫情结束后PC销量将放缓</blockquote> Intel's Client Computing Group (CCG) revenue rose 8% year over year to $10.6 billion during the quarter as it sold more CPUs for PCs. Its total PC unit volumes increased 38% year over year, with a 54% jump in notebook volumes offsetting a 4% decline in desktop volumes.<blockquote>英特尔客户端计算集团 (CCG) 本季度收入同比增长 8%，达到 106 亿美元，原因是该公司销售了更多用于个人电脑的 CPU。其个人电脑总量同比增长 38%，其中笔记本电脑销量增长 54%，抵消了台式机销量下降 4%。</blockquote> However, PC sales mainly rose because the pandemic caused more people to buy new systems for remote work, online education, and gaming. That tailwind&nbsp;should fade&nbsp;after the pandemic ends.<blockquote>然而，个人电脑销量增长主要是因为疫情导致更多的人购买用于远程工作、在线教育和游戏的新系统。疫情结束后，这种顺风应该会消退。</blockquote> 2. It could lose more market share to AMD<blockquote>2. 它可能会失去更多的市场份额给AMD</blockquote> Intel's ongoingchip shortage, which started in 2018 and hasn't been resolved yet, caused many PC makers to buy more chips from its fabless rival&nbsp;AMD&nbsp;(NASDAQ:AMD), which outsources its chip production to&nbsp;Taiwan Semiconductor Manufacturing&nbsp;(NYSE:TSM)&nbsp;instead of manufacturing its chips internally.<blockquote>英特尔持续的芯片短缺问题始于 2018 年，但尚未得到解决，这导致许多 PC 制造商从其无晶圆厂竞争对手那里购买更多芯片AMD（纳斯达克股票代码：AMD），将芯片生产外包给台积电（纽约证券交易所股票代码：TSM）而不是在内部制造芯片。</blockquote> As a result, Intel ceded the desktop and notebook CPU markets to AMD over the past three years.<blockquote>因此，英特尔在过去三年中将台式机和笔记本电脑CPU市场拱手让给了AMD。</blockquote> <img src=\"https://static.tigerbbs.com/8bab2b21309a9664da8b9d5d003dd857\" tg-width=\"1151\" tg-height=\"429\">DATA SOURCE: PASSMARK SOFTWARE.<blockquote>数据来源：PASSMARK软件。</blockquote> Those declines could continue for the foreseeable future as the pandemic-related tailwinds dissipate and AMD moves further ahead in the \"process race\" to create smaller and more powerful chips with TSMC.<blockquote>随着与大流行相关的顺风消散，以及 AMD 在“工艺竞赛”中进一步推进，与台积电一起制造更小、更强大的芯片，这些下降可能会在可预见的未来持续。</blockquote> 3. Existential threats in the data center market<blockquote>3.数据中心市场的生存威胁</blockquote> Cloud capex soared across the world over the past year as data centers upgraded their hardware to cope with more online activities throughout the pandemic.<blockquote>过去一年，随着数据中心升级硬件以应对整个疫情更多的在线活动，全球云资本支出飙升。</blockquote> For example, the three largest hyper-cloud companies --Amazon,Microsoft, and&nbsp;Alphabet's Google -- collectively boosted their capex 32% in 2020. That increased spending should be good news for Intel, which holds a near-monopoly in data center CPUs.<blockquote>例如，三大超级云公司——亚马逊,微软，和Alphabet谷歌在 2020 年集体将资本支出增加了 32%。支出的增加对于在数据中心 CPU 领域几乎占据垄断地位的英特尔来说应该是个好消息。</blockquote> Yet Intel's data center group (DCG) revenue declined 20% year over year to $5.6 billion during the first quarter. It blamed that contraction on a \"challenging\" comparison to its 43% growth a year ago, which benefited from upgrades across the&nbsp;cloud, enterprise, government, and communication sectors.<blockquote>然而，英特尔第一季度数据中心集团 (DCG) 收入同比下降 20%，至 56 亿美元。该公司将这一收缩归咎于与一年前 43% 的增长相比“具有挑战性”，这得益于云、企业、政府和通信领域的升级。</blockquote> But those challenging comparisons could persist throughout 2021 as cloud and data center customers prioritize purchases of other chips, such as&nbsp;NVIDIA's&nbsp;(NASDAQ:NVDA)&nbsp;high-end GPUs for crunching AI tasks, over Intel's flagship Xeon CPUs. NVIDIA's recent launch of its own&nbsp;data center CPU&nbsp;and its planned&nbsp;takeover of Arm&nbsp;could exacerbate that pressure.<blockquote>但随着云和数据中心客户优先购买其他芯片，这些具有挑战性的比较可能会持续整个 2021 年，例如英伟达（纳斯达克股票代码：NVDA）用于处理人工智能任务的高端 GPU，优于英特尔旗舰至强 CPU。英伟达最近推出了自己的数据中心 CPU，并计划收购 Arm，这可能会加剧这种压力。</blockquote> 4. Unclear plans for its own foundry<blockquote>4. 自有代工厂计划不明</blockquote> To resolve its ongoing production issues, Intel will outsource the production of some of its chips to TSMC. But it also plans to accept third-party chip orders at its new Intel Foundry Services division.<blockquote>为了解决其持续的生产问题，英特尔将把部分芯片的生产外包给台积电。但它还计划在其新的英特尔代工服务部门接受第三方芯片订单。</blockquote> This strategy contradicts itself. Intel still needs TSMC to produce some of its new chips because of&nbsp;the limitations of its existing foundries, yet it's building new plants to manufacture chips for other fabless chipmakers.<blockquote>这种策略自相矛盾。由于现有代工厂的限制，英特尔仍然需要台积电生产一些新芯片，但它正在建设新工厂，为其他无晶圆厂芯片制造商生产芯片。</blockquote> In other words, Intel would still be temporarily dependent on TSMC, which remains ahead in the process race, while trying to compete against TSMC andSamsungfor orders of less advanced chips. The foundry services business will also likely generate lower-margin revenue than its CCG and DCG businesses.<blockquote>换句话说，英特尔仍将暂时依赖台积电，后者在制程竞赛中仍处于领先地位，同时试图与台积电和三星对于不太先进的芯片订单。代工服务业务的利润率也可能低于 CCG 和 DCG 业务。</blockquote> 5. Gross margin pressure and reduced buybacks<blockquote>5.毛利率压力和回购减少</blockquote> Lastly, Intel's adjusted gross margin -- which dropped 6.1 percentage points year over year to 58.4% during the first quarter -- could remain under pressure as its PC sales decelerate, its data center sales decline, and it expands its lower-margin foundry services business.<blockquote>最后，英特尔调整后毛利率（第一季度同比下降 6.1 个百分点至 58.4%）可能会继续面临压力，因为其 PC 销售放缓、数据中心销售下降以及扩大利润率较低的代工服务业务。</blockquote> Intel also plans to reduce its buybacks to conserve more cash for its expansion efforts. That's a necessary measure, but it will throttle its EPS growth as its gross and operating margins contract.<blockquote>英特尔还计划减少回购，以节省更多现金用于扩张。这是一项必要的措施，但随着毛利率和营业利润率的收缩，它将抑制其每股收益的增长。</blockquote> The bottom line<blockquote>底线</blockquote> Intel isn't doomed yet, but it's falling behind better-run chipmakers like AMD, NVIDIA, and TSMC. Intel's new CEO Pat Gelsinger claims 2021 will be a \"pivotal year\" for the company -- but I'd like to see it actually pivot before I can consider it a worthy investment.<blockquote>英特尔尚未完蛋，但它落后于 AMD、英伟达和台积电等表现更好的芯片制造商。英特尔新任首席执行官帕特·基辛格 (Pat Gelsinger) 声称 2021 年将是该公司的“关键一年”，但我希望看到它真正发生转变，然后我才能认为这是一项有价值的投资。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/04/28/5-reasons-to-avoid-intel-after-q1-earnings-report/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.fool.com/investing/2021/04/28/5-reasons-to-avoid-intel-after-q1-earnings-report/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146541007","content_text":"The world's top PC and data center CPU maker is losing its edge.\nIntel's stock recently tumbled after the chipmaker posted its first-quarter earnings. Its revenue fell 1% year over year to $19.7 billion, but still beat estimates by $1.75 billion.\nIts non-GAAP net income declined 6% to $5.7 billion. Its non-GAAP earnings per share, buoyed by buybacks, dipped 1% to $1.39 and cleared expectations by $0.25. Those numbers exclude its NAND business, which will be sold to SK Hynix, and other one-time items.\nIntel expects its revenue and non-GAAP earnings to decline 10% and 15% year over year, respectively, in the second quarter. Analysts had expected its revenue and earnings to fall 9% and 19%, respectively.\nFor the full year, Intel expects its GAAP revenue to dip 1% to $77 billion, and for its non-GAAP revenue to drop 7% to $72.5 billion, which misses the consensus forecast of $72.8 billion. It expects its non-GAAP EPS to decline 13%, compared to gloomier forecasts for a 19% decline.\nIntel's first-quarter growth cleared Wall Street's low bar, but its mixed guidance indicated its troubles would persist throughout the year. Intel's stock might look cheap at 13 times forward earnings with a decent forward yield of 2.4%, but it's still not worth buying for five simple reasons.\n1. PC sales will decelerate after the pandemic ends\nIntel's Client Computing Group (CCG) revenue rose 8% year over year to $10.6 billion during the quarter as it sold more CPUs for PCs. Its total PC unit volumes increased 38% year over year, with a 54% jump in notebook volumes offsetting a 4% decline in desktop volumes.\nHowever, PC sales mainly rose because the pandemic caused more people to buy new systems for remote work, online education, and gaming. That tailwind should fade after the pandemic ends.\n2. It could lose more market share to AMD\nIntel's ongoingchip shortage, which started in 2018 and hasn't been resolved yet, caused many PC makers to buy more chips from its fabless rival AMD (NASDAQ:AMD), which outsources its chip production to Taiwan Semiconductor Manufacturing (NYSE:TSM) instead of manufacturing its chips internally.\nAs a result, Intel ceded the desktop and notebook CPU markets to AMD over the past three years.\nDATA SOURCE: PASSMARK SOFTWARE.\nThose declines could continue for the foreseeable future as the pandemic-related tailwinds dissipate and AMD moves further ahead in the \"process race\" to create smaller and more powerful chips with TSMC.\n3. Existential threats in the data center market\nCloud capex soared across the world over the past year as data centers upgraded their hardware to cope with more online activities throughout the pandemic.\nFor example, the three largest hyper-cloud companies --Amazon,Microsoft, and Alphabet's Google -- collectively boosted their capex 32% in 2020. That increased spending should be good news for Intel, which holds a near-monopoly in data center CPUs.\nYet Intel's data center group (DCG) revenue declined 20% year over year to $5.6 billion during the first quarter. It blamed that contraction on a \"challenging\" comparison to its 43% growth a year ago, which benefited from upgrades across the cloud, enterprise, government, and communication sectors.\nBut those challenging comparisons could persist throughout 2021 as cloud and data center customers prioritize purchases of other chips, such as NVIDIA's (NASDAQ:NVDA) high-end GPUs for crunching AI tasks, over Intel's flagship Xeon CPUs. NVIDIA's recent launch of its own data center CPU and its planned takeover of Arm could exacerbate that pressure.\n4. Unclear plans for its own foundry\nTo resolve its ongoing production issues, Intel will outsource the production of some of its chips to TSMC. But it also plans to accept third-party chip orders at its new Intel Foundry Services division.\nThis strategy contradicts itself. Intel still needs TSMC to produce some of its new chips because of the limitations of its existing foundries, yet it's building new plants to manufacture chips for other fabless chipmakers.\nIn other words, Intel would still be temporarily dependent on TSMC, which remains ahead in the process race, while trying to compete against TSMC andSamsungfor orders of less advanced chips. The foundry services business will also likely generate lower-margin revenue than its CCG and DCG businesses.\n5. Gross margin pressure and reduced buybacks\nLastly, Intel's adjusted gross margin -- which dropped 6.1 percentage points year over year to 58.4% during the first quarter -- could remain under pressure as its PC sales decelerate, its data center sales decline, and it expands its lower-margin foundry services business.\nIntel also plans to reduce its buybacks to conserve more cash for its expansion efforts. That's a necessary measure, but it will throttle its EPS growth as its gross and operating margins contract.\nThe bottom line\nIntel isn't doomed yet, but it's falling behind better-run chipmakers like AMD, NVIDIA, and TSMC. Intel's new CEO Pat Gelsinger claims 2021 will be a \"pivotal year\" for the company -- but I'd like to see it actually pivot before I can consider it a worthy investment.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1130,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":24,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/109948036"}