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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":872507153,"tweetId":"872507153","gmtCreate":1637544111316,"gmtModify":1637544111433,"author":{"id":3582600581738317,"idStr":"3582600581738317","authorId":3582600581738317,"authorIdStr":"3582600581738317","name":"andrewshum","avatar":"https://static.tigerbbs.com/3a4a9224853eb7bf5293363b761f6ba1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Like</body></html>","htmlText":"<html><head></head><body>Like</body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/872507153","repostId":1148648835,"repostType":4,"repost":{"id":"1148648835","kind":"news","pubTimestamp":1637541484,"share":"https://www.laohunote.com/m/news/1148648835?lang=zh_CN&edition=full","pubTime":"2021-11-22 08:38","market":"us","language":"en","title":"Shortages Are Roiling Tech Stocks. Here’s 1 That Looks Particularly Cheap.<blockquote>短缺正在扰乱科技股。这里有一款看起来特别便宜。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148648835","media":"Barrons","summary":"As supply-chain issues roil the tech sector, no company underscores the issue more than Cisco System","content":"As supply-chain issues roil the tech sector, no company underscores the issue more than&nbsp;Cisco Systems.The stock fell more than 6% on Thursday after the company reported financial results that were dented by a panoply of component delays. And yet, it’s hard to find an enterprise tech company with a more appealing long-term outlook.<blockquote>随着供应链问题困扰科技行业，没有一家公司比思科系统公司更能强调这个问题。该公司公布的财务业绩因一系列零部件延误而受到影响，周四该股下跌超过 6%。然而，很难找到一家长期前景更有吸引力的企业科技公司。</blockquote> While there will be continued near-term noise for Cisco (ticker: CSCO), investors should hop aboard now—the selloff this past week has made a cheap stock even cheaper.<blockquote>虽然思科（股票代码：CSCO）近期仍将存在噪音，但投资者现在就应该加入进来——过去一周的抛售使得廉价股票变得更加便宜。</blockquote> Cisco is seeing increased demand across its customer base: Cloud computing vendors are ramping up capital spending to meet soaring demand, telecom companies are rolling out their 5G networks around the world, and enterprise information-technology firms are accelerating spending as the pandemic fades.<blockquote>思科看到其客户群的需求不断增加：云计算供应商正在增加资本支出以满足飙升的需求，电信公司正在世界各地推出5G网络，随着疫情的消退，企业信息技术公司正在加速支出。</blockquote> In its fiscal first quarter ended on Oct. 30, Cisco saw 33% order growth, accelerating from 31% in the July quarter, with a whopping 200% growth in demand from “webscale” cloud providers and a 60% increase from telcos. Cisco said it exited the October quarter with the highest backlog in its history.<blockquote>在截至 10 月 30 日的第一财季，思科的订单增长了 33%，高于 7 月份季度的 31%，其中 “网络规模 ”云提供商的需求增长了 200%，电信公司的订单增长了 60%。思科表示，10 月份季度的积压订单创历史新高。</blockquote> Investors were too focused on the supply-chain issues to notice. While revenue of $12.9 billion was up 8% from the total a year earlier, it was toward the low end of the company’s guidance range of 7.5% to 9.5% and about $100 million shy of Wall Street estimates. The company’s revenue outlook for the January quarter calls for growth of 4.5% to 6.5%. At the midpoint, that implies revenue of $12.6 billion, about $300 million short of the old Wall Street consensus. Cisco is selling everything it can, but demand has dramatically outstripped its ability to meet customer needs.<blockquote>投资者太专注于供应链问题而没有注意到。虽然收入为 129 亿美元，比去年同期增长了 8%，但仍处于公司指导区间 7.5% 至 9.5% 的下限，比华尔街的预期少了约 1 亿美元。该公司对第一季度评级的收入展望为增长 4.5% 至 6.5%。在中点，这意味着收入为 126 亿美元，比华尔街的旧共识少了约 3 亿美元。思科正在尽其所能地销售一切，但需求已经大大超过了其满足客户需求的能力。</blockquote> Two months ago, I wrote a bullish column about Cisco, ahead of its first meeting with analysts in four years. I noted that July-quarter results had been better than expected, due to some of the factors noted above, including strong demand from cloud vendors.<blockquote>两个月前，在思科四年来首次与分析师会面之前，我写了一篇关于思科的乐观专栏。我注意到，由于上述一些因素，包括云供应商的强劲需求，7 月份季度的业绩好于预期。</blockquote> At the much-anticipated analyst meeting, Cisco said it expected annual profit and revenue growth of 5% to 7% through 2025, driven by an expanding portfolio of subscription-based businesses. And this past week, Cisco repeated its projection for growth in that same range for the July 2022 fiscal year, suggesting acceleration in the second half of the fiscal year.<blockquote>在备受期待的分析师会议上，思科表示，在基于订阅的业务组合不断扩大的推动下，预计到 2025 年，年利润和收入将增长 5% 至 7%。上周，思科重申了对 2022 年 7 月财年同一范围内的增长预测，表明本财年下半年将加速增长。</blockquote> But right now, supply-chain issues are creating multiple problems for the company. For one thing, Cisco can’t get enough semiconductors, power supplies, and other key components to fulfill its needs. Manufacturing capacity is also an issue for Cisco, which doesn’t do any in-house manufacturing.<blockquote>但目前，供应链问题正在给该公司带来多个问题。首先，思科无法获得足够的半导体、电源和其他关键部件来满足其需求。对于思科来说，制造能力也是一个问题，因为思科不进行任何内部制造。</blockquote> Cisco is providing financial support to contract manufacturing partners to expand capacity, and it’s adding more suppliers to address a severe shortage of finished goods, but the larger problem remains.<blockquote>思科正在为合同制造合作伙伴提供资金支持，以扩大产能，并增加更多供应商以解决成品严重短缺的问题，但更大的问题依然存在。</blockquote> Cisco Chief Financial Officer Scott Herren says the company is “working night and day” to resolve the component shortages.<blockquote>思科首席财务官斯科特-赫伦（Scott Herren）表示，公司正在 “夜以继日 ”地解决零部件短缺问题。</blockquote> That’s adding new expenses in the short term. To get parts faster, Cisco is paying surcharges for expedited delivery of some components. Herren says that air, ocean, and trucking shipping routes all remain “snarled.”<blockquote>这将在短期内增加新的开支。为了更快地获得零件，思科正在为某些组件的加急交付支付附加费。赫伦说，空运、海运和卡车运输路线仍然 “混乱”。</blockquote> Cisco has raised prices on many products to offset the higher costs, but it will take time for the increases to flow through to the income statement, and pressure on margins will remain for at least the next few quarters.<blockquote>思科提高了许多产品的价格以抵消更高的成本，但涨价需要时间才能反映到损益表中，而且至少在未来几个季度，利润率的压力仍将存在。</blockquote> J.P. Morgan analyst Samik Chatterjee wrote this past week that Cisco’s latest results offer “proof to the strong demand environment.” He concedes that supply constraints have worsened since the company reported July-quarter results, but he views the headwinds as transient, with the company’s accelerating orders “more reflective of the underlying pent-up demand for network and IT infrastructure upgrades.”<blockquote>摩根大通分析师萨米克-查特吉（Samik Chatterjee）上周撰文称，思科的最新业绩 “证明了强劲的需求环境”。他承认，自公司公布 7 月份季度业绩以来，供应限制有所恶化，但他认为逆风是暂时的，公司订单的加速 “更多地反映了网络和 IT 基础设施升级的潜在压抑需求”。</blockquote> Chatterjee has an Overweight rating on Cisco stock and a price target of $70, some 30% above a recent close of $53.63.<blockquote>Chatterjee 对思科股票给予跑赢大盘评级，目标价为 70 美元，比最近收盘价 53.63 美元高出约 30%。</blockquote> Cisco is hardly the only tech company dealing with shortages. As I wrote last month, supply-chain woes have hurt recent quarterly results at a variety of hardware companies, including&nbsp;Apple&nbsp;(AAPL), which said the issue is going to be even worse in the December quarter.<blockquote>思科并不是唯一一家处理短缺问题的科技公司。正如我上个月所写，供应链困境损害了包括苹果（AAPL）在内的多家硬件公司最近的季度业绩，该公司表示12月份季度的问题将更加严重。</blockquote> Supply-chain problems will be a major topic of conversation in coming earnings calls from PC makers&nbsp;Dell Technologies&nbsp;(DELL) and&nbsp;HP Inc.&nbsp;(HPQ). They are both scheduled to report results after the close of trading on Tuesday.<blockquote>在个人电脑制造商戴尔科技公司（DELL）和惠普公司（HPQ）即将召开的财报评级上，供应链问题将成为一个主要话题。他们都计划在周二收盘后公布业绩。</blockquote> The key question for investors in hardware stocks is whether orders are being delayed—or destroyed. For some consumer goods, shortages during the holiday shopping season could result in gift-givers simply buying something else—your loved ones might have to settle for a sweater over a laptop. But when it comes to IT infrastructure, Cisco’s rivals face the same challenges; everyone is supply-constrained. No one is better-positioned.<blockquote>对于硬件股票投资者来说，关键问题是订单是否被延迟或被摧毁。对于一些消费品来说，假日购物季节的短缺可能会导致送礼者简单地购买其他东西——你所爱的人可能不得不满足于买一件毛衣而不是笔记本电脑。但在 IT 基础设施方面，思科的竞争对手也面临着同样的挑战；每个人都受到供应限制。没有人处于更好的位置。</blockquote> Cisco CEO Chuck Robbins told me that he sees no signs of lost orders so far. “At some point, you lose something to someone who can deliver faster,” he said, while quickly adding that “we are getting our share the other way, as well.”<blockquote>思科首席执行官查克·罗宾斯告诉我，到目前为止，他没有看到订单丢失的迹象。“他说：”在某些时候，你会失去一些东西给那些能更快交付的人，同时很快补充说，“我们也在以另一种方式获得我们的份额”。</blockquote> Robbins noted that some competitors have deferred shipments to existing customers in order to supply new ones. But he also said that Cisco’s cancellation rates are running below historic norms. In short, most of Cisco’s customers will simply wait it out. Investors should do the same.<blockquote>罗宾斯指出，一些竞争对手已经推迟了对现有客户的发货，以便供应新客户。但他也表示，思科的取消率低于历史标准。简而言之，思科的大多数客户只会等待。投资者也应该这样做。</blockquote>","source":"lsy1601382232898","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>Shortages Are Roiling Tech Stocks. Here’s 1 That Looks Particularly Cheap.<blockquote>短缺正在扰乱科技股。这里有一款看起来特别便宜。</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\">\nShortages Are Roiling Tech Stocks. Here’s 1 That Looks Particularly Cheap.<blockquote>短缺正在扰乱科技股。这里有一款看起来特别便宜。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-11-22 08:38\n\n</h4>\n</header>\n<article>\nAs supply-chain issues roil the tech sector, no company underscores the issue more than&nbsp;Cisco Systems.The stock fell more than 6% on Thursday after the company reported financial results that were dented by a panoply of component delays. And yet, it’s hard to find an enterprise tech company with a more appealing long-term outlook.<blockquote>随着供应链问题困扰科技行业，没有一家公司比思科系统公司更能强调这个问题。该公司公布的财务业绩因一系列零部件延误而受到影响，周四该股下跌超过 6%。然而，很难找到一家长期前景更有吸引力的企业科技公司。</blockquote> While there will be continued near-term noise for Cisco (ticker: CSCO), investors should hop aboard now—the selloff this past week has made a cheap stock even cheaper.<blockquote>虽然思科（股票代码：CSCO）近期仍将存在噪音，但投资者现在就应该加入进来——过去一周的抛售使得廉价股票变得更加便宜。</blockquote> Cisco is seeing increased demand across its customer base: Cloud computing vendors are ramping up capital spending to meet soaring demand, telecom companies are rolling out their 5G networks around the world, and enterprise information-technology firms are accelerating spending as the pandemic fades.<blockquote>思科看到其客户群的需求不断增加：云计算供应商正在增加资本支出以满足飙升的需求，电信公司正在世界各地推出5G网络，随着疫情的消退，企业信息技术公司正在加速支出。</blockquote> In its fiscal first quarter ended on Oct. 30, Cisco saw 33% order growth, accelerating from 31% in the July quarter, with a whopping 200% growth in demand from “webscale” cloud providers and a 60% increase from telcos. Cisco said it exited the October quarter with the highest backlog in its history.<blockquote>在截至 10 月 30 日的第一财季，思科的订单增长了 33%，高于 7 月份季度的 31%，其中 “网络规模 ”云提供商的需求增长了 200%，电信公司的订单增长了 60%。思科表示，10 月份季度的积压订单创历史新高。</blockquote> Investors were too focused on the supply-chain issues to notice. While revenue of $12.9 billion was up 8% from the total a year earlier, it was toward the low end of the company’s guidance range of 7.5% to 9.5% and about $100 million shy of Wall Street estimates. The company’s revenue outlook for the January quarter calls for growth of 4.5% to 6.5%. At the midpoint, that implies revenue of $12.6 billion, about $300 million short of the old Wall Street consensus. Cisco is selling everything it can, but demand has dramatically outstripped its ability to meet customer needs.<blockquote>投资者太专注于供应链问题而没有注意到。虽然收入为 129 亿美元，比去年同期增长了 8%，但仍处于公司指导区间 7.5% 至 9.5% 的下限，比华尔街的预期少了约 1 亿美元。该公司对第一季度评级的收入展望为增长 4.5% 至 6.5%。在中点，这意味着收入为 126 亿美元，比华尔街的旧共识少了约 3 亿美元。思科正在尽其所能地销售一切，但需求已经大大超过了其满足客户需求的能力。</blockquote> Two months ago, I wrote a bullish column about Cisco, ahead of its first meeting with analysts in four years. I noted that July-quarter results had been better than expected, due to some of the factors noted above, including strong demand from cloud vendors.<blockquote>两个月前，在思科四年来首次与分析师会面之前，我写了一篇关于思科的乐观专栏。我注意到，由于上述一些因素，包括云供应商的强劲需求，7 月份季度的业绩好于预期。</blockquote> At the much-anticipated analyst meeting, Cisco said it expected annual profit and revenue growth of 5% to 7% through 2025, driven by an expanding portfolio of subscription-based businesses. And this past week, Cisco repeated its projection for growth in that same range for the July 2022 fiscal year, suggesting acceleration in the second half of the fiscal year.<blockquote>在备受期待的分析师会议上，思科表示，在基于订阅的业务组合不断扩大的推动下，预计到 2025 年，年利润和收入将增长 5% 至 7%。上周，思科重申了对 2022 年 7 月财年同一范围内的增长预测，表明本财年下半年将加速增长。</blockquote> But right now, supply-chain issues are creating multiple problems for the company. For one thing, Cisco can’t get enough semiconductors, power supplies, and other key components to fulfill its needs. Manufacturing capacity is also an issue for Cisco, which doesn’t do any in-house manufacturing.<blockquote>但目前，供应链问题正在给该公司带来多个问题。首先，思科无法获得足够的半导体、电源和其他关键部件来满足其需求。对于思科来说，制造能力也是一个问题，因为思科不进行任何内部制造。</blockquote> Cisco is providing financial support to contract manufacturing partners to expand capacity, and it’s adding more suppliers to address a severe shortage of finished goods, but the larger problem remains.<blockquote>思科正在为合同制造合作伙伴提供资金支持，以扩大产能，并增加更多供应商以解决成品严重短缺的问题，但更大的问题依然存在。</blockquote> Cisco Chief Financial Officer Scott Herren says the company is “working night and day” to resolve the component shortages.<blockquote>思科首席财务官斯科特-赫伦（Scott Herren）表示，公司正在 “夜以继日 ”地解决零部件短缺问题。</blockquote> That’s adding new expenses in the short term. To get parts faster, Cisco is paying surcharges for expedited delivery of some components. Herren says that air, ocean, and trucking shipping routes all remain “snarled.”<blockquote>这将在短期内增加新的开支。为了更快地获得零件，思科正在为某些组件的加急交付支付附加费。赫伦说，空运、海运和卡车运输路线仍然 “混乱”。</blockquote> Cisco has raised prices on many products to offset the higher costs, but it will take time for the increases to flow through to the income statement, and pressure on margins will remain for at least the next few quarters.<blockquote>思科提高了许多产品的价格以抵消更高的成本，但涨价需要时间才能反映到损益表中，而且至少在未来几个季度，利润率的压力仍将存在。</blockquote> J.P. Morgan analyst Samik Chatterjee wrote this past week that Cisco’s latest results offer “proof to the strong demand environment.” He concedes that supply constraints have worsened since the company reported July-quarter results, but he views the headwinds as transient, with the company’s accelerating orders “more reflective of the underlying pent-up demand for network and IT infrastructure upgrades.”<blockquote>摩根大通分析师萨米克-查特吉（Samik Chatterjee）上周撰文称，思科的最新业绩 “证明了强劲的需求环境”。他承认，自公司公布 7 月份季度业绩以来，供应限制有所恶化，但他认为逆风是暂时的，公司订单的加速 “更多地反映了网络和 IT 基础设施升级的潜在压抑需求”。</blockquote> Chatterjee has an Overweight rating on Cisco stock and a price target of $70, some 30% above a recent close of $53.63.<blockquote>Chatterjee 对思科股票给予跑赢大盘评级，目标价为 70 美元，比最近收盘价 53.63 美元高出约 30%。</blockquote> Cisco is hardly the only tech company dealing with shortages. As I wrote last month, supply-chain woes have hurt recent quarterly results at a variety of hardware companies, including&nbsp;Apple&nbsp;(AAPL), which said the issue is going to be even worse in the December quarter.<blockquote>思科并不是唯一一家处理短缺问题的科技公司。正如我上个月所写，供应链困境损害了包括苹果（AAPL）在内的多家硬件公司最近的季度业绩，该公司表示12月份季度的问题将更加严重。</blockquote> Supply-chain problems will be a major topic of conversation in coming earnings calls from PC makers&nbsp;Dell Technologies&nbsp;(DELL) and&nbsp;HP Inc.&nbsp;(HPQ). They are both scheduled to report results after the close of trading on Tuesday.<blockquote>在个人电脑制造商戴尔科技公司（DELL）和惠普公司（HPQ）即将召开的财报评级上，供应链问题将成为一个主要话题。他们都计划在周二收盘后公布业绩。</blockquote> The key question for investors in hardware stocks is whether orders are being delayed—or destroyed. For some consumer goods, shortages during the holiday shopping season could result in gift-givers simply buying something else—your loved ones might have to settle for a sweater over a laptop. But when it comes to IT infrastructure, Cisco’s rivals face the same challenges; everyone is supply-constrained. No one is better-positioned.<blockquote>对于硬件股票投资者来说，关键问题是订单是否被延迟或被摧毁。对于一些消费品来说，假日购物季节的短缺可能会导致送礼者简单地购买其他东西——你所爱的人可能不得不满足于买一件毛衣而不是笔记本电脑。但在 IT 基础设施方面，思科的竞争对手也面临着同样的挑战；每个人都受到供应限制。没有人处于更好的位置。</blockquote> Cisco CEO Chuck Robbins told me that he sees no signs of lost orders so far. “At some point, you lose something to someone who can deliver faster,” he said, while quickly adding that “we are getting our share the other way, as well.”<blockquote>思科首席执行官查克·罗宾斯告诉我，到目前为止，他没有看到订单丢失的迹象。“他说：”在某些时候，你会失去一些东西给那些能更快交付的人，同时很快补充说，“我们也在以另一种方式获得我们的份额”。</blockquote> Robbins noted that some competitors have deferred shipments to existing customers in order to supply new ones. But he also said that Cisco’s cancellation rates are running below historic norms. In short, most of Cisco’s customers will simply wait it out. Investors should do the same.<blockquote>罗宾斯指出，一些竞争对手已经推迟了对现有客户的发货，以便供应新客户。但他也表示，思科的取消率低于历史标准。简而言之，思科的大多数客户只会等待。投资者也应该这样做。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/supply-chain-cisco-stock-51637355322?mod=hp_LATEST\">Barrons</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":{"CSCO":"思科"},"source_url":"https://www.barrons.com/articles/supply-chain-cisco-stock-51637355322?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148648835","content_text":"As supply-chain issues roil the tech sector, no company underscores the issue more than Cisco Systems.The stock fell more than 6% on Thursday after the company reported financial results that were dented by a panoply of component delays. And yet, it’s hard to find an enterprise tech company with a more appealing long-term outlook.\nWhile there will be continued near-term noise for Cisco (ticker: CSCO), investors should hop aboard now—the selloff this past week has made a cheap stock even cheaper.\nCisco is seeing increased demand across its customer base: Cloud computing vendors are ramping up capital spending to meet soaring demand, telecom companies are rolling out their 5G networks around the world, and enterprise information-technology firms are accelerating spending as the pandemic fades.\nIn its fiscal first quarter ended on Oct. 30, Cisco saw 33% order growth, accelerating from 31% in the July quarter, with a whopping 200% growth in demand from “webscale” cloud providers and a 60% increase from telcos. Cisco said it exited the October quarter with the highest backlog in its history.\nInvestors were too focused on the supply-chain issues to notice. While revenue of $12.9 billion was up 8% from the total a year earlier, it was toward the low end of the company’s guidance range of 7.5% to 9.5% and about $100 million shy of Wall Street estimates. The company’s revenue outlook for the January quarter calls for growth of 4.5% to 6.5%. At the midpoint, that implies revenue of $12.6 billion, about $300 million short of the old Wall Street consensus. Cisco is selling everything it can, but demand has dramatically outstripped its ability to meet customer needs.\nTwo months ago, I wrote a bullish column about Cisco, ahead of its first meeting with analysts in four years. I noted that July-quarter results had been better than expected, due to some of the factors noted above, including strong demand from cloud vendors.\nAt the much-anticipated analyst meeting, Cisco said it expected annual profit and revenue growth of 5% to 7% through 2025, driven by an expanding portfolio of subscription-based businesses. And this past week, Cisco repeated its projection for growth in that same range for the July 2022 fiscal year, suggesting acceleration in the second half of the fiscal year.\nBut right now, supply-chain issues are creating multiple problems for the company. For one thing, Cisco can’t get enough semiconductors, power supplies, and other key components to fulfill its needs. Manufacturing capacity is also an issue for Cisco, which doesn’t do any in-house manufacturing.\nCisco is providing financial support to contract manufacturing partners to expand capacity, and it’s adding more suppliers to address a severe shortage of finished goods, but the larger problem remains.\nCisco Chief Financial Officer Scott Herren says the company is “working night and day” to resolve the component shortages.\nThat’s adding new expenses in the short term. To get parts faster, Cisco is paying surcharges for expedited delivery of some components. Herren says that air, ocean, and trucking shipping routes all remain “snarled.”\nCisco has raised prices on many products to offset the higher costs, but it will take time for the increases to flow through to the income statement, and pressure on margins will remain for at least the next few quarters.\nJ.P. Morgan analyst Samik Chatterjee wrote this past week that Cisco’s latest results offer “proof to the strong demand environment.” He concedes that supply constraints have worsened since the company reported July-quarter results, but he views the headwinds as transient, with the company’s accelerating orders “more reflective of the underlying pent-up demand for network and IT infrastructure upgrades.”\nChatterjee has an Overweight rating on Cisco stock and a price target of $70, some 30% above a recent close of $53.63.\nCisco is hardly the only tech company dealing with shortages. As I wrote last month, supply-chain woes have hurt recent quarterly results at a variety of hardware companies, including Apple (AAPL), which said the issue is going to be even worse in the December quarter.\nSupply-chain problems will be a major topic of conversation in coming earnings calls from PC makers Dell Technologies (DELL) and HP Inc. (HPQ). They are both scheduled to report results after the close of trading on Tuesday.\nThe key question for investors in hardware stocks is whether orders are being delayed—or destroyed. For some consumer goods, shortages during the holiday shopping season could result in gift-givers simply buying something else—your loved ones might have to settle for a sweater over a laptop. But when it comes to IT infrastructure, Cisco’s rivals face the same challenges; everyone is supply-constrained. No one is better-positioned.\nCisco CEO Chuck Robbins told me that he sees no signs of lost orders so far. “At some point, you lose something to someone who can deliver faster,” he said, while quickly adding that “we are getting our share the other way, as well.”\nRobbins noted that some competitors have deferred shipments to existing customers in order to supply new ones. But he also said that Cisco’s cancellation rates are running below historic norms. In short, most of Cisco’s customers will simply wait it out. Investors should do the same.","news_type":1,"symbols_score_info":{"CSCO":0.9}},"isVote":1,"tweetType":1,"viewCount":1261,"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":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/872507153"}