<p>值得赞扬的是，<strong>超威半导体</strong>（AMD 1.72%）在技术竞争对手 <strong>英特尔</strong>（INTC 1.24%）和 <strong>英伟达</strong>（NVDA -0.36%）的竞争中保持竞争力。这绝非易事。</p>
<p>然而，AMD 既不是图形处理行业的领导者，也不是计算机处理器市场的领导者。鉴于投资者通常被告知（并倾向于）持有任何给定行业领先公司的股份，超威半导体并不是一家总是让人兴奋地想要购买的股票。</p>
<p>然而，这可能是一个例外情况，第二名实际上是这些公司中最具投资前景的。四张图表展示了为什么。</p>
<h2>数据中心现在是摇钱树</h2>
<p>第一张图表乍一看似乎复杂，但实际上并非如此。它只是比较了 AMD 的各业务线（数据中心、游戏、嵌入式和客户端）随时间的发展情况。柱状图代表收入，折线代表营业收入；每个业务的收入和营业收入也有颜色对应。</p>
<p>正如您所见，由于人工智能领域的不断扩张，数据中心现在是公司销售和利润的最大来源。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLW9wZXJhdGluZy1pbmNvbWUtYnVzaW5lc3MucG5nJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLW9wZXJhdGluZy1pbmNvbWUtYnVzaW5lc3MucG5nJnc9NzAw"/></p>
<p>数据来源：超威半导体。图表作者：本文作者。金额单位为百万美元。</p>
<p>这是一个令人鼓舞的发展。数据中心不仅是技术行业未来最好的增长机会，而且人工智能的持续增长将使这项业务在此期间成为超威半导体最稳定、可靠的业务。Precedence Research 表明，人工智能硬件市场预计将以每年 24.3% 的惊人速度增长至 2033 年，与行业的其他一些展望相吻合。</p>
<h2>现金再次大量流入</h2>
<p>AMD 并非一直深耕人工智能硬件业务。直到几个季度前，它才追赶上英伟达。超威半导体直到去年底才开始加大对这一机会的利用，推出了专为人工智能应用而设计的 M1300X 图形处理单元。在此之前，其技术在人工智能应用中并不是首选。</p>
<p>问题在哪里？开发或重新开发整个硬件架构并不便宜。公司最近在研发上花费了大量资金，但并没有立即获得投资回报。此外，公司逐渐开始计入早在 2022 年初收购赛灵思的成本，这一举措目前正在侵蚀其净收入。</p>
<p>然而，好消息是：正如图表所示，去年出现的明显低谷后，经营现金流和净收入再次正常化为正值水平。（上季度的下滑主要是季节性因素，而非新的逆风的暗示。）</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1wcm9maXRzLW1hcmdpbnMtaW5jb21lLWNhc2gtZmxvdy5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1wcm9maXRzLW1hcmdpbnMtaW5jb21lLWNhc2gtZmxvdy5wbmcmdz03MDA"/></p>
<p>数据来源：超威半导体。图表作者：本文作者。金额单位为百万美元。</p>
<p>毛利显然持平，超威半导体在人工智能硬件领域被迫进行价格竞争。但这没关系。公司仍在赢得这项业务；随着其人工智能技术继续证明自己，它将获得定价权。毛利率在此期间保持稳定。</p>
<p>为此，分析师预计去年每股利润 2.65 美元将增长至今年的 3.51 美元，然后在明年达到 5.59 美元。然后，派对真正开始了，预计今年的每股利润将在 2028 年几乎翻三倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLWVwcy1vdXRsb29rLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLWVwcy1vdXRsb29rLnBuZyZ3PTcwMA"/></p>
<p>数据来源：StockAnalysis.com。图表作者：本文作者。</p>
<p>最重要的是？股东们不必担心 AMD 能否按照自己的意愿运营，因为没有盈利或额外现金可供使用。</p>
<p>说到额外现金...</p>
<h2>超威半导体几乎没有债务</h2>
<p>最后但同样重要的是，AMD 几乎没有债务，如果选择的话甚至可以偿清债务。</p>
<p>截至三月底，该公司仅负担着约 17 亿美元的长期债务，相比之下，其资产负债表上约 60 亿美元左右的现金或准现金。此外，资产负债表上还有近 100 亿美元的库存和应收账款等资产，如果必要，这些资产可以迅速变现。以此为参照，超威半导体当前的市值为 2570 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1iYWxhbmNlLXNoZWV0LWFzc2V0cy1saWFiaWxpdGllcy5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1iYWxhbmNlLXNoZWV0LWFzc2V0cy1saWFiaWxpdGllcy5wbmcmdz03MDA"/></p>
<p>数据来源：超威半导体。图表作者：本文作者。金额单位为百万美元。</p>
<p>不要对消息过分解读：AMD 有近 18 亿美元的 “其他” 长期负债，不属于债务。此外，其短期应付账款约 34 亿美元。毫无疑问，还有账单需要支付。</p>
<p>尽管如此，拥有 171 亿美元的流动资产，而短期和长期负债不到这个数额的一半，超威半导体比许多其他科技巨头拥有更多财务灵活性。此外，请注意，AMD 的总负债正在逐渐减少。</p>
<h2>股东们有足够理由购买 AMD 股票</h2>
<p>当然，通常的风险仍然存在。其中最主要的是英特尔和英伟达可能会分别特别强调将超威半导体重新置于控制之下，以防止这家新兴公司夺取更多市场份额。</p>
<p>然而，图表中展示的财务轨迹仍然清晰。这家公司正在做一些正确的事情，现在终于正在收获成果。同样的进展还将继续。大多数其他公司都会渴望处于这种特殊位置。</p>
<p>因此，连接这些点：即使主要是出于数学原因，这只股票从三月的高点回调是一个买入机会。</p>

<p>AMD 股票是一个顶级投资前景，由于数据中心和人工智能的增长。该公司的经营现金流和净收入正在趋于正常化，且负债很少。分析师预计到 2028 年，每股利润将翻三倍。AMD 具有强大的财务灵活性，拥有充足的资产</p>

<p>Kudos to <strong>Advanced Micro Devices</strong>(AMD 1.72%) for remaining competitive with technology rivals <strong>Intel</strong>(INTC 1.24%) and <strong>Nvidia</strong>(NVDA -0.36%). That's no small feat.</p>
<div class="lb-trans"><p>值得赞扬的是，<strong>超威半导体</strong>（AMD 1.72%）在技术竞争对手 <strong>英特尔</strong>（INTC 1.24%）和 <strong>英伟达</strong>（NVDA -0.36%）的竞争中保持竞争力。这绝非易事。</p>
</div><p>Nevertheless, AMD is neither the leader of the graphics processing industry nor of the computer processor market. Given that investors are generally told to (and tend to) own stakes in the leading companies of any given business, Advanced Micro Devices isn't a stock that's always easy to get excited about buying.</p>
<div class="lb-trans"><p>然而，AMD 既不是图形处理行业的领导者，也不是计算机处理器市场的领导者。鉴于投资者通常被告知（并倾向于）持有任何给定行业领先公司的股份，超威半导体并不是一家总是让人兴奋地想要购买的股票。</p>
</div><p>This may be an instance, however, where the second-place name is actually the top investment prospect among the companies in question. Four charts illustrate why.</p>
<div class="lb-trans"><p>然而，这可能是一个例外情况，第二名实际上是这些公司中最具投资前景的。四张图表展示了为什么。</p>
</div><h2>Data centers are now the breadwinner</h2>
<div class="lb-trans"><h2>数据中心现在是摇钱树</h2>
</div><p>The first chart seems complicated at first blush, but it's not. It's just a comparison of how each of AMD's business lines (data center, gaming, embedded, and client) have evolved over time. The bars are revenue, and the lines are operating income; each business's revenue and operating income are also color-coordinated.</p>
<div class="lb-trans"><p>第一张图表乍一看似乎复杂，但实际上并非如此。它只是比较了 AMD 的各业务线（数据中心、游戏、嵌入式和客户端）随时间的发展情况。柱状图代表收入，折线代表营业收入；每个业务的收入和营业收入也有颜色对应。</p>
</div><p>As you can see, data centers -- thanks to the expanding interest in all things artificial intelligence -- are now the company's single biggest source of sales and profits.</p>
<div class="lb-trans"><p>正如您所见，由于人工智能领域的不断扩张，数据中心现在是公司销售和利润的最大来源。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLW9wZXJhdGluZy1pbmNvbWUtYnVzaW5lc3MucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-revenue-operating-income-business.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Advanced Micro Devices. Chart by author. Figures are in millions.</p>
<div class="lb-trans"><p>数据来源：超威半导体。图表作者：本文作者。金额单位为百万美元。</p>
</div><p>This is an encouraging evolution. Data centers are not only the technology sector's best growth opportunity for the foreseeable future, but the ongoing growth of AI will make this business the most consistent, reliable business Advanced Micro Devices is in during that time. Precedence Research suggests the AI hardware market is poised to grow at an incredible annualized pace of 24.3% through 2033, jibing with a handful of other outlooks for the industry.</p>
<div class="lb-trans"><p>这是一个令人鼓舞的发展。数据中心不仅是技术行业未来最好的增长机会，而且人工智能的持续增长将使这项业务在此期间成为超威半导体最稳定、可靠的业务。Precedence Research 表明，人工智能硬件市场预计将以每年 24.3% 的惊人速度增长至 2033 年，与行业的其他一些展望相吻合。</p>
</div><h2>Cash is flowing in earnest again</h2>
<div class="lb-trans"><h2>现金再次大量流入</h2>
</div><p>AMD hasn't always been waist-deep in the AI hardware business. It was well behind Nvidia until just a few quarters ago. Advanced Micro Devices arguably didn't turn up the heat on the opportunity until late last year with the unveiling of its M1300X graphics processing unit purpose-built for AI applications. Prior to that, its tech was anything but the go-to name for AI applications.</p>
<div class="lb-trans"><p>AMD 并非一直深耕人工智能硬件业务。直到几个季度前，它才追赶上英伟达。超威半导体直到去年底才开始加大对这一机会的利用，推出了专为人工智能应用而设计的 M1300X 图形处理单元。在此之前，其技术在人工智能应用中并不是首选。</p>
</div><p>Problem? Developing or redeveloping an entire hardware architecture isn't cheap. The company's been spending a ton of money of late on research and development without an immediate return on its investment. It's also been gradually booking the cost of acquiring Xilinx back in early 2022, which has been eating into its net income in the meantime.</p>
<div class="lb-trans"><p>问题在哪里？开发或重新开发整个硬件架构并不便宜。公司最近在研发上花费了大量资金，但并没有立即获得投资回报。此外，公司逐渐开始计入早在 2022 年初收购赛灵思的成本，这一举措目前正在侵蚀其净收入。</p>
</div><p>There's a light at the end of the tunnel, though: As seen in the chart, after a clear lull for both last year, operating cash flow and net income are normalizing at positive levels again. (Last quarter's dips are largely seasonal rather than a hint of a new headwind.)</p>
<div class="lb-trans"><p>然而，好消息是：正如图表所示，去年出现的明显低谷后，经营现金流和净收入再次正常化为正值水平。（上季度的下滑主要是季节性因素，而非新的逆风的暗示。）</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1wcm9maXRzLW1hcmdpbnMtaW5jb21lLWNhc2gtZmxvdy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-profits-margins-income-cash-flow.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Advanced Micro Devices. Chart by author. Dollar figures are in millions.</p>
<div class="lb-trans"><p>数据来源：超威半导体。图表作者：本文作者。金额单位为百万美元。</p>
</div><p>Gross profits are obviously flat, with Advanced Micro Devices being forced to be price-competitive on the AI hardware front. But that's OK. The company's still winning this business; it will gain pricing power as its AI tech continues to prove itself. Gross profit margin rates are stable in the meantime.</p>
<div class="lb-trans"><p>毛利显然持平，超威半导体在人工智能硬件领域被迫进行价格竞争。但这没关系。公司仍在赢得这项业务；随着其人工智能技术继续证明自己，它将获得定价权。毛利率在此期间保持稳定。</p>
</div><p>To this end, analysts expect last year's per-share profits of $2.65 to grow to $3.51 per share this year en route to $5.59 per share next year. Then the party really starts, with this year's projected per-share profits expected to nearly triple by 2028.</p>
<div class="lb-trans"><p>为此，分析师预计去年每股利润 2.65 美元将增长至今年的 3.51 美元，然后在明年达到 5.59 美元。然后，派对真正开始了，预计今年的每股利润将在 2028 年几乎翻三倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLWVwcy1vdXRsb29rLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-revenue-eps-outlook.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: StockAnalysis.com. Chart by author.</p>
<div class="lb-trans"><p>数据来源：StockAnalysis.com。图表作者：本文作者。</p>
</div><p>Bottom line? Shareholders don't have to worry about AMD being able to operate as it wants to, simply because there's no earnings or extra cash to work with.</p>
<div class="lb-trans"><p>最重要的是？股东们不必担心 AMD 能否按照自己的意愿运营，因为没有盈利或额外现金可供使用。</p>
</div><p>And speaking of extra cash...</p>
<div class="lb-trans"><p>说到额外现金...</p>
</div><h2>Advanced Micro Devices is practically debt-free</h2>
<div class="lb-trans"><h2>超威半导体几乎没有债务</h2>
</div><p>Last but certainly not least, AMD carries very little debt, and could be debt-free if it chose to be.</p>
<div class="lb-trans"><p>最后但同样重要的是，AMD 几乎没有债务，如果选择的话甚至可以偿清债务。</p>
</div><p>As of the end of March, the company's only servicing about $1.7 billion worth of long-term debt, versus roughly $6 billion worth of cash or near-cash on its balance sheet. There's also nearly $10 billion worth of assets like inventory and accounts receivable on the books that could become cash in short order if necessary. For perspective, Advanced Micro Devices' current market cap stands at $257 billion.</p>
<div class="lb-trans"><p>截至三月底，该公司仅负担着约 17 亿美元的长期债务，相比之下，其资产负债表上约 60 亿美元左右的现金或准现金。此外，资产负债表上还有近 100 亿美元的库存和应收账款等资产，如果必要，这些资产可以迅速变现。以此为参照，超威半导体当前的市值为 2570 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1iYWxhbmNlLXNoZWV0LWFzc2V0cy1saWFiaWxpdGllcy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-balance-sheet-assets-liabilities.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Advanced Micro Devices. Chart by author. Figures are in millions.</p>
<div class="lb-trans"><p>数据来源：超威半导体。图表作者：本文作者。金额单位为百万美元。</p>
</div><p>Don't read <em>too</em> much into the message: AMD's got nearly $1.8 billion in &#34;other&#34; long-term liabilities that don't qualify as debt. It's also got a little over $3.4 billion in accrued short-term liabilities. There are bills to pay, to be sure.</p>
<div class="lb-trans"><p>不要对消息过分解读：AMD 有近 18 亿美元的 “其他” 长期负债，不属于债务。此外，其短期应付账款约 34 亿美元。毫无疑问，还有账单需要支付。</p>
</div><p>Still, with $17.1 billion worth of current assets and less than half that amount in short-term and long-term liabilities, Advanced Micro Devices enjoys far more fiscal flexibility than many other technology giants do. Also, notice that AMD's total liabilities are simply shrinking.</p>
<div class="lb-trans"><p>尽管如此，拥有 171 亿美元的流动资产，而短期和长期负债不到这个数额的一半，超威半导体比许多其他科技巨头拥有更多财务灵活性。此外，请注意，AMD 的总负债正在逐渐减少。</p>
</div><h2>More than enough to make AMD stock a buy</h2>
<div class="lb-trans"><h2>股东们有足够理由购买 AMD 股票</h2>
</div><p>The usual risks apply, of course. Chief among them is the possibility that Intel and Nvidia will each make a specific point of putting AMD back in check before the up-and-comer steals any additional market share.</p>
<div class="lb-trans"><p>当然，通常的风险仍然存在。其中最主要的是英特尔和英伟达可能会分别特别强调将超威半导体重新置于控制之下，以防止这家新兴公司夺取更多市场份额。</p>
</div><p>The fiscal trajectories laid out in the charts, however, still paint a clear picture. This company is doing several things right and is now -- finally -- reaping the benefits. More of the same progress is in the cards, too. Most other companies would <em>love</em> to be in this particular position.</p>
<div class="lb-trans"><p>然而，图表中展示的财务轨迹仍然清晰。这家公司正在做一些正确的事情，现在终于正在收获成果。同样的进展还将继续。大多数其他公司都会渴望处于这种特殊位置。</p>
</div><p>So, connect the dots: Even if largely for mathematical reasons, this stock's pullback from March's high is a buying opportunity.</p>
<div class="lb-trans"><p>因此，连接这些点：即使主要是出于数学原因，这只股票从三月的高点回调是一个买入机会。</p>
</div>

4 Charts That Make AMD Stock a Buy

- AMD 1.72% 与 Intel (INTC 1.24%) 和 Nvidia (NVDA -0.36%) 保持竞争，尤其在数据中心领域表现突出。
- 数据中心现已成为公司最大的销售和利润来源，受益于人工智能的持续增长。
- AMD 近期在 AI 硬件业务上投入大量资金，现金流和净收入正逐渐恢复到正常水平。

4 张图表显示 AMD 股票值得买入