1. 标题：Intel Earnings Beat Expectations. Why the Stock Is Sliding.
2. 来源：barrons
3. 网址：https://ibit.ly/SyER
4. 内文：
Intel shares were down in late-trading Wednesday after the company reported
better-than-expected fourth-quarter earnings but provided a mixed outlook for
the first quarter.
英特尔股价周三尾盘下跌，此前该公司公布第四季度业绩好于预期，但第一季度前景喜忧
参半。
For the fourth quarter, the company posted non-GAAP revenue of $19.5 billion,
up 4% from a year ago, and adjusted earnings of $1.09 a share, down from
$1.48 a year ago. Analysts had expected non-GAAP revenue of $18.3 billion and
earnings of 90 cents per share, in line with Intel’s own forecast. On a GAAP
basis, revenue was $20.5 billion, ahead of the company’s forecast of $19.2
billion.
第四季度，该公司公布的非会计准则收入为195亿美元，同比增长4% ，
调整后每股收益为1.09美元，低于去年同期的1.48美元。
分析师此前预期非会计准则营收为183亿美元，每股收益为90美分，与英特尔自己的
预测一致。在 GAAP 的基础上，收入为205亿美元，超过了公司预测的192亿美元。
The company also announced a 5% dividend increase, boosting the payout to
36.5 cents quarterly.
该公司还宣布增加5% 的股息，将每季度的股息提高到36.5美分。
“It was a tremendous finish to a great year, Intel CEO Pat Gelsinger said in
an interview with Barron’s, noting that the company topped revenue guidance
by more than $1 billion, driven by strength in both the PC and server
business.
英特尔首席执行官帕特·基尔辛格在接受《巴伦周刊》采访时表示:伟大的一年完美落幕.
由于个人电脑和服务器业务的强劲增长，英特尔的收入超过了预期的10亿美元。
On the outlook for the PC market, Gelsinger says the market has expanded to
about 1 million units a day, and is “just structurally larger” than it was
before the pandemic. He adds that the launch of Windows 11 will be a boost to
demand for both Microsoft (MSFT) and for Intel, and he says that a corporate
PC refresh cycle is emerging. Gelsinger says demand is being driven by “
higher PC density,” with more computers per household as people spend more
time working from home.
对于个人电脑市场的前景，基尔辛格说，市场已经扩大到每天大约100万台，而且“结构
上比大流行病爆发前还要大”。他补充说，Windows 11的发布将提振微软(Microsoft)和
英特尔(Intel)的需求，他还表示，企业个人电脑更新周期正在形成。基尔辛格表示，由
于人们在家工作的时间越来越多，每个家庭拥有更多的电脑，“更高的个人电脑密度”推
动了需求。
As for the strong growth in the data center business, Gelsinger says strength
came in particular from enterprise and government customers, with the cloud
business not quite as strong, conceding “we were a little behind there all
year.”
至于数据中心业务的强劲增长，基尔辛格表示，主要依靠企业和政府客户，而云业务没有
那么强劲，他承认“我们整年都有点落后”
Asked about component shortages, Gelsinger said that “everything is a
challenge in the supply chain environment we’re in.” One issue is that
customers need to get “matched sets” of components to complete finished
goods. He says there are shortages in multiple foundry sizes, resulting in
shortages of power controllers, network interface cards, and ethernet
controllers, among other parts. He also notes that while Intel makes most of
its own parts, the company relies on foundries for 25% to 30% of its
capacity, and notes that its own production has been affected by shortages of
substrates and controllers and other parts. Gelsinger says that Intel would
have beaten guidance “by a lot more” if the component shortages were
resolved.
在被问及零部件短缺问题时，基辛格说:在我们所处的供应链环境中，任何事情都是一
个挑战。
但有个问题是，为了满足提供给客户的解决方案，目前零件存在短缺。具体的来说是
电源控制器，网络卡，以及网络控制器等部分的短缺。
他还指出，虽然英特尔的大部分零部件都是自己生产的，但该公司25% 到30% 的产能
依赖于其他供应商厂，并指出其自身的生产已经受到ABF、控制器和其他零部件短缺的
影响。如果零部件短缺问题得到解决，英特尔可能会比大幅超过预期。
Meanwhile, Gelsinger says the company is on track for the planned IPO for its
MobileEye business. He added that Intel should have more to say about the
timing of that deal at the company’s Feb. 17 analyst day.
与此同时，Gelsinger表示该公司正在按计划进行其 MobileEye 业务的首次公开募股。
他补充说，英特尔应该在公司 2 月 17 日的分析师日就这笔交易的时间发表更多意见。
Gross margin in the quarter fell to 55.4%, from 60% a year ago, while
operating margin dropped to 25.9%, from 32.4%. Earnings per share benefitted
from a sharp drop in the company’s tax rate, to 11.7%, from 21.7%. Under
generally accepted accounting principles, the company earned $1.13 a share in
the quarter.
本季度毛利率从去年同期的60% 降至55.4%，营业利润率从32.4% 降至25.9%。
每股收益受益于公司税率的大幅下降(从21.7% 降至11.7%)。
根据公认的会计原则，该公司当季每股收益为1.13美元。
For the full year, Intel reported non-GAAP revenue of $74.7 billion, up 2%,
while adjusted profits were $5.47 a share, up from $5.10 in 2020. GAAP
profits were $4.86 a share.
英特尔全年非公认会计准则收入为747亿美元，同比增长2% ，调整后利润为每股5.47美元
，高于2020年的5.10美元。公认会计准则的利润为每股4.86美元。
Revenue in the company’s client computing group, which serves the PC market,
were $10.1. billion in the quarter, down 7% from a year ago. Data center
group revenues were $7.3 billion, up 20%. The company’s internet of things
group had revenue of $1.1 billion, up 36%.
客户端计算集团的收入为10.1美元。这个季度的销售额为10亿美元，比去年同期下降了7%
数据中心集团的收入为73亿美元，增长了20%
物联网部门收入11亿美元，增长36%
For the March quarter, the company sees both GAAP and non-GAAP revenue of
$18.3 billion, with profits of 80 cents a share on an adjusted basis, or 70
cents under generally accepted accounting principles. Wall Street analysts
had been expecting revenue of $17.6 billion and non-GAAP profits of 86 cents
a share.
在三月份这个季度，公司预计 GAAP 和非 GAAP 收入为183亿美元，调整后每股利润为80
美分，或者按照普遍接受的会计原则每股利润为70美分。华尔街分析师此前预计收入为
176亿美元，非公认会计原则的利润为每股86美分。
Heading into the quarter, some analysts thought the results could top
guidance, but for Intel the focus has been less on near-term performance and
more on its progress on revamping its business model and building out
capacity.
一些分析师认为，本季度业绩可能超过业绩预期，但对英特尔而言，其关注焦点一直较少
放在近期业绩上，而是更多地放在业务模式改革和产能扩张方面的进展上。
Last week, for instance, the company announced a plan to invest more than $20
billion to build out two new chip fabrication plants in Ohio. Almost a year
ago, CEO Pat Gellsinger laid out the company’s new manufacturing strategy,
including a $20 billion program to build two new fabs in Arizona.
上周该公司宣布计划投资超过200亿美元在俄亥俄州建造两个新的晶圆厂。
大约一年前，公司首席执行官 Pat Gellsinger 公布了公司的新制造战略，
其中包括在亚利桑那州投资200亿美元建造两座新晶圆厂的计划
Ahead of the report, Morgan Stanley chip analyst Joseph Moore wrote that he
didn't expect any big surprises this quarter, asserting that the company’s
ongoing high capital spending likely limited upside for the stock.
在报告发布之前，摩根士丹利芯片分析师约瑟夫 · 摩尔写道，他预计本季度不会出现大
的意外，并断言公司持续的高资本支出可能限制了股票的上行。
Moore, who has an Equal Weight rating on Intel shares, wrote in a recent
preview note that he sees a mixed PC market, with strong desktop and
enterprise trends but weaker demand in notebooks and the consumer market. He
says server demand is generally stronger, but that Intel continues to see
market-share pressure in the cloud versus both AMD and ARM-based processors.
While Moore thinks the stock looks “compelling” on a multiple of sales
basis, he says the ongoing heavy costs for fab buildouts “limits our
enthusiasm longer term.”
摩尔在最近的预览报告中写道，他认为个人电脑市场喜忧参半，PC和企业电脑市场走势强
劲，但笔记本电脑和消费者市场需求疲软。
他表示，Server需求总体上较为强劲，但英特尔继续看到云计算相对于 AMD 和基于 arm
的处理器的市场份额压力。
虽然摩尔认为，从销售额的倍数来看，该股票看起来令人信服，但建造晶圆厂的持续沉重
成本“长期限制了我们的热情”
Susquehanna Financial Group analyst Chrisopher Rolland argued ahead of the
report that that fourth-quarter and first-quarter consensus estimates “
appear beatable,” given conservative guidance and a strong PC environment.
But he thinks risks remain as the work-from-home trend fades late in 2022. He
says previous shortages of low-end PCs and Chromebooks for the education
market have eased. He maintains a Neutral rating on Intel shares.
萨斯奎哈纳金融集团(Susquehanna Financial Group)分析师克里斯奥弗‧罗兰
(Chrisopher Rolland)在报告发布前表示，考虑到保守的业绩指引和强劲的个人电脑市场
环境，第四季度和第一季度的共识预期“似乎可以超过预期”。
但他认为，随着家庭办公趋势在2022年末逐渐消退，风险仍然存在。之前教育市场中
低端 pc 和 chromebook 的短缺现像已经缓解。他对英特尔股票的评级为中性。
Wedbush analyst Matt Bryson recently repeated his Underperform rating and $45
target price on Intel shares ahead of the quarter. His view was that while
Intel is doing the right thing in boosting investment to restore its
preeminent position in chip manufacturing, “the required increase in
spending over the next few years will necessarily weigh heavily on company
results.” And he notes that the payoff from the investment program won’t
materialize until at least 2023.
Wedbush 分析师 Matt Bryson 最近重申了他对英特尔股票的表现不佳评级和45美元的目
标价。他的观点是，尽管英特尔为恢复其在芯片制造领域的卓越地位而加大投资是正确的
，但“未来几年必须增加的支出，必然会对公司业绩产生重大影响。”他还指出，至少要
到2023年，这个投资项目的回报才会实现。
Concluded Bryson: “With Intel effectively remaining in limbo through the
current year as changes have yet to manifest in new products and with metrics
still set to deteriorate as competition weighs on share, we see no reason to
shift our view and remain sellers of Intel.”
布莱森总结道:由于新产品尚未出现变化，而且竞争压力加大，各项指标仍将恶化，
英特尔在今年实际上仍处于停滞状态，我们认为没有理由改变我们的观点:继续卖英特尔!
备注:收盘价51.69(+1.35%) 盘后50.50(-2.3%)

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