<p>汽车和工业芯片巨头 <strong>德州仪器</strong>(TXN -13.41%) 的股价在周三暴跌，截止东部时间下午 2:22，跌幅达到 13.3%。</p>
<p>对于被认为是稳定的蓝筹公司来说，这一跌幅相当大，尤其是在昨晚的财报 “超预期” 之后。然而，自四月以来，股价因对工业芯片领域强劲周期性复苏的乐观预期而大幅上涨。我们谈论的是股价在四月的低点和近期高点之间上涨了 50%。</p>
<p>因此，当公司预计持续增长但可能没有一些人希望的那么多时，缺乏 “完美” 的复苏导致股价暴跌。</p>
<h2>五个 TI 市场中有四个正在加速复苏</h2>
<p>在第二季度，德州仪器报告收入增长 16.5%，达到 44.5 亿美元，每股收益上涨 15.6%，达到 1.44 美元。这两个数字均超出分析师预期。</p>
<p>然而，问题出现在管理层对第三季度的指引中，公司预计收入在 44.5 亿到 48 亿美元之间，每股收益在 1.36 到 1.60 美元之间。虽然这些数字将标志着环比增长，但股价显然已经预期了更快的复苏。</p>
<p>在与分析师的电话会议上，管理层详细说明了公司五个主要终端市场中有四个正在强劲复苏，工业芯片增长了高达十几个百分点，个人电子产品增长了 25%，企业芯片增长了 40%，通信设备同比增长超过 50%。然而，公司汽车芯片部门——仅次于工业芯片的第二大部门——仅增长了中个位数，实际上环比下降。</p>
<p>首席财务官哈维夫·伊兰指出，汽车行业在 2023 年进入下行周期，比工业芯片晚了一年，而那里的复苏也较为缓慢。最近的关税公告也对汽车行业产生了重大影响，给周期性复苏带来了障碍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzNDEvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS0xLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzNDEvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS0xLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>TI 在事后获得褒贬不一的评价</h2>
<p>卖方分析师对 TI 的财报和指引反应不一，有些提高了目标价，有些则下调了。最积极的是 Argus，将该股的目标价从 210 美元上调至 250 美元，而截至目前该股的股价为 187 美元。但 DZ Bank 则给该股设定了 158 美元的目标价，并给予 “卖出” 评级。</p>
<p>从表面上看，TI 的股价在今年的盈利预期下以 34 倍的市盈率并不显得特别便宜，但 TI 也在美国制造业上进行大规模投资，这在今天提高了成本。不过，这项投资在长期内可能会证明是一个巨大的优势和资产。</p>
<p>因此，持有该股的投资者应继续持有，而那些尚未拥有 TI 的投资者可能想要考虑进入这家新近折价的芯片巨头。</p>

德州仪器

<p>德州仪器 (TXN) 的股价在报告强劲的盈利超预期后下跌了 13.3%，原因是对第三季度的指引低于预期。尽管第二季度收入增长了 16.5%，但管理层对 44.5 亿至 48 亿美元的收入和 1.36 至 1.60 美元的每股收益的预测让投资者感到失望。虽然五个市场中有四个显示出强劲复苏，但汽车芯片部门表现不佳。分析师的反应不一，目标价范围从 158 美元到 250 美元不等。德州仪器的股票目前的市盈率为 34 倍，但在美国制造业的持续投资可能会在长期内带来好处</p>

<p>Shares of auto and industrial chip giant <strong>Texas Instruments</strong>(TXN -13.41%) plunged doubled digits on Wednesday, falling 13.3% as of 2:22 p.m. ET.</p>
<div class="lb-trans"><p>汽车和工业芯片巨头 <strong>德州仪器</strong>(TXN -13.41%) 的股价在周三暴跌，截止东部时间下午 2:22，跌幅达到 13.3%。</p>
</div><p>That's a pretty big drop for what is considered a stable, blue chip company, especially after an earnings &#34;beat&#34; last night. However, the stock had rallied hard since April on optimism over a strong cyclical recovery in the industrial chip arena. We're talking a 50% gain between the stock's April lows and recent highs.</p>
<div class="lb-trans"><p>对于被认为是稳定的蓝筹公司来说，这一跌幅相当大，尤其是在昨晚的财报 “超预期” 之后。然而，自四月以来，股价因对工业芯片领域强劲周期性复苏的乐观预期而大幅上涨。我们谈论的是股价在四月的低点和近期高点之间上涨了 50%。</p>
</div><p>Therefore, when the company guided for continued growth but perhaps not as much as some had hoped for in Q3, the lack of a &#34;perfect&#34; recovery sent the stock tumbling.</p>
<div class="lb-trans"><p>因此，当公司预计持续增长但可能没有一些人希望的那么多时，缺乏 “完美” 的复苏导致股价暴跌。</p>
</div><h2>Four out of five TI markets are accelerating their recovery</h2>
<div class="lb-trans"><h2>五个 TI 市场中有四个正在加速复苏</h2>
</div><p>In the second quarter, Texas Instruments reported 16.5% revenue growth to $4.45 billion, with earnings per share rallying 15.6% to $1.44. Both figures beat analyst expectations.</p>
<div class="lb-trans"><p>在第二季度，德州仪器报告收入增长 16.5%，达到 44.5 亿美元，每股收益上涨 15.6%，达到 1.44 美元。这两个数字均超出分析师预期。</p>
</div><p>However, the problem came in management's third-quarter guidance, in which the company forecasts $4.45 billion to $4.80 billion in revenue and $1.36 to $1.60 in EPS. While those figures would mark quarter-over-quarter growth, the stock had apparently been pricing in a swifter recovery.</p>
<div class="lb-trans"><p>然而，问题出现在管理层对第三季度的指引中，公司预计收入在 44.5 亿到 48 亿美元之间，每股收益在 1.36 到 1.60 美元之间。虽然这些数字将标志着环比增长，但股价显然已经预期了更快的复苏。</p>
</div><p>On the conference call with analysts, management elaborated that four out of the company's five main end markets were all recovering strongly, with industrial chips up in the high teens, personal electronics up 25%, enterprise chips up 40%, and communications equipment up more than 50% year over year. However, the company's auto chip segment -- its second-largest behind industrial chips -- only grew mid-single digits, and actually fell quarter over quarter.</p>
<div class="lb-trans"><p>在与分析师的电话会议上，管理层详细说明了公司五个主要终端市场中有四个正在强劲复苏，工业芯片增长了高达十几个百分点，个人电子产品增长了 25%，企业芯片增长了 40%，通信设备同比增长超过 50%。然而，公司汽车芯片部门——仅次于工业芯片的第二大部门——仅增长了中个位数，实际上环比下降。</p>
</div><p>CFO Haviv Ilan made the point that autos had gone into its downturn in 2023, about a year later than industrial chips, and that the recovery there was shallower. Recent tariff announcements have also greatly affected the auto sector, throwing a wrench into a cyclical recovery.</p>
<div class="lb-trans"><p>首席财务官哈维夫·伊兰指出，汽车行业在 2023 年进入下行周期，比工业芯片晚了一年，而那里的复苏也较为缓慢。最近的关税公告也对汽车行业产生了重大影响，给周期性复苏带来了障碍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzNDEvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS0xLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826341%2Fgettyimages-1802285109-1.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>TI receives mixed reviews in the aftermath</h2>
<div class="lb-trans"><h2>TI 在事后获得褒贬不一的评价</h2>
</div><p>Sell-side analysts had a mixed reaction to TI's earnings report and guidance, with some raising their price targets and others lowering them. The most positive was Argus, which raised its price target on the stock from $210 to $250 relative to the stock's $187 stock price as of this writing. But DZ Bank slapped a $158 price target on the stock and a &#34;sell&#34; rating.</p>
<div class="lb-trans"><p>卖方分析师对 TI 的财报和指引反应不一，有些提高了目标价，有些则下调了。最积极的是 Argus，将该股的目标价从 210 美元上调至 250 美元，而截至目前该股的股价为 187 美元。但 DZ Bank 则给该股设定了 158 美元的目标价，并给予 “卖出” 评级。</p>
</div><p>TI's stock doesn't look particularly cheap on the surface at 34 times this year's earnings estimates, but TI is also making a big investment in U.S. manufacturing, which is elevating costs today. Still, that investment could prove to be a great advantage and asset over the long term.</p>
<div class="lb-trans"><p>从表面上看，TI 的股价在今年的盈利预期下以 34 倍的市盈率并不显得特别便宜，但 TI 也在美国制造业上进行大规模投资，这在今天提高了成本。不过，这项投资在长期内可能会证明是一个巨大的优势和资产。</p>
</div><p>Therefore, investors in the stock should continue to hold, while those who don't own TI may want to investigate entering the newly discounted chip giant.</p>
<div class="lb-trans"><p>因此，持有该股的投资者应继续持有，而那些尚未拥有 TI 的投资者可能想要考虑进入这家新近折价的芯片巨头。</p>
</div>

为什么德州仪器今天暴跌超过 10%