<p><strong>英特尔</strong>(INTC -0.17%) 继续面临困难，报告显示连续第二个季度的年收入增长持平。更糟糕的是，许多其他半导体公司正在从人工智能（AI）带来的数据中心建设中获得巨大利益。英特尔在这一领域的增长适中，但仍然在很大程度上被排除在外。</p>
<p>在报告发布前，股价下跌了大约 8.5%，周一收盘时的交易价格更低。</p>
<p>让我们仔细看看英特尔的季度业绩（上周报告）以查看是否有任何好转的迹象。</p>
<h2>又一个艰难的季度</h2>
<p>总体而言，英特尔第二季度的收入从 128 亿美元略微上升至 129 亿美元。其产品收入下降 1%，降至 118 亿美元。在产品收入中，其客户端计算组（CCG）产品收入下降 3%，降至 79 亿美元，而数据中心和人工智能（DCAI）产品收入上升 4%，达到 39 亿美元。然而，公司表示，第二季度的产品收入可能受到客户在潜在关税前增加订单的帮助。</p>
<p>与此同时，其代工业务的收入增长 3%，达到 44 亿美元。然而，该部门仍然出现巨额亏损，第二季度的运营亏损为 32 亿美元，较去年同期的 28 亿美元亏损更为严重。</p>
<p>英特尔其他业务的收入，包括子公司 Altera 和 <strong>Mobileye</strong>，跃升 20%，达到 11 亿美元。该部门的运营亏损从 4600 万美元转为 6900 万美元的利润。公司正在出售 Altera，并最近出售了一些 Mobileye 的股份。</p>
<table>
<thead>
<tr>
<th>部门</th>
<th>收入</th>
<th>收入增长（同比）</th>
</tr>
</thead>
<tbody>
<tr>
<td>产品（CCG &amp; DCAI）</td>
<td>118 亿美元</td>
<td>(1%)</td>
</tr>
<tr>
<td>CCG</td>
<td>79 亿美元</td>
<td>(3%)</td>
</tr>
<tr>
<td>DCAI</td>
<td>39 亿美元</td>
<td>4%</td>
</tr>
<tr>
<td>代工</td>
<td>44 亿美元</td>
<td>3%</td>
</tr>
<tr>
<td>其他（子公司）</td>
<td>11 亿美元</td>
<td>20%</td>
</tr>
</tbody>
</table>
<p>数据来源：英特尔。同比 = 年同比。</p>
<p>毛利率仍然承压，从 35.4% 下降 790 个基点至 27.5%，而调整后的毛利率下降 900 个基点至 29.7%。英特尔表示，排除某些费用后，其调整后的毛利率将为 37.5%。</p>
<p>公司在本季度产生了 20 亿美元的运营现金流，同时支出 45 亿美元用于资本支出（capex），以继续投资扩大其代工业务。季度末，公司债务为 507 亿美元，现金和短期投资为 212 亿美元。</p>
<p>展望未来，公司预计第三季度收入将在 126 亿美元至 136 亿美元之间，中位数高于分析师对 126.5 亿美元收入的预期。在中位数下，这将是 1.5% 的收入下降。公司预计每股收益接近盈亏平衡，而分析师预期为每股盈利 0.04 美元。</p>
<p>由于面临困境，英特尔计划大幅削减成本。它将减少员工人数，并计划将运营费用降低至 160 亿美元。公司还开始减少部分资本支出，取消了在德国和波兰的制造设施（fabs）计划，并将放缓在俄亥俄州新工厂的建设进度。</p>
<p>与此同时，这家芯片制造商将努力在 AI 市场中占据一席之地。它计划提供一个完整的 AI 解决方案，将软件与其中央处理单元（CPUs）和图形处理单元（GPUs）结合在一起。它将重点关注推理和自主 AI 等领域，认为在这些领域可以实现差异化。</p>
<p>公司还在其代工厂中推进新的 18A 工艺，称这将是其客户端和服务器业务芯片至少三代的基础。它刚刚在亚利桑那州开始使用 18A 技术进行晶圆生产。公司还在继续开发 14A 技术，但指出需要有意义的外部客户来推动可接受的回报，并且只有在确信存在明确回报的情况下，才会全面投资于该技术。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3Njcvc2NpZW50aXN0LXdvcmtpbmctd2l0aC13YWZmZWwuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3Njcvc2NpZW50aXN0LXdvcmtpbmctd2l0aC13YWZmZWwuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images</p>
<h2>反转即将到来吗？</h2>
<p>投资者在想公司是否接近扭转局面。答案仍然是否定的。英特尔制定了一个雄心勃勃的计划，但在 AI 数据中心市场与 <strong>Nvidia</strong> 甚至 <strong>Advanced Micro Devices</strong> 竞争并不是一件容易的事。目前公司没有展示出能够在这一领域取得重大技术突破的迹象。虽然削减成本是明智的，但没有任何公司是通过削减成本实现繁荣的。</p>
<p>也就是说，公司确实有价值可以释放。过去几年，它在资本支出上花费了数千亿美元来建设其代工业务。尽管该业务仍在挣扎，但与建设相关的确实存在资产。该股票的交易价格约为其有形账面价值（TBV）的 1.2 倍，即其物理资产的价值减去任何净债务。因此，投资者能够以略高于其物理资产价值的估值购买英特尔。</p>
<p>我认为反转将是困难的，但考虑到公司物理资产的价值，我认为在当前水平持有该股票的下行风险相对较低，如果能够实现反转，则有良好的上行潜力。</p>

英特尔

<p>英特尔第二季度的收入略微上升至 129 亿美元，但公司报告了同比持平的增长和其代工业务的重大运营亏损。报告发布后，股价下跌了 8.5%。尽管数据中心和人工智能收入增长了 4%，但英特尔在人工智能市场的竞争中仍然面临困难。公司计划削减成本、减少员工人数，并放缓资本支出，同时希望在人工智能领域占据一席之地。分析师预计第三季度收入将略有下降，并对英特尔在激烈竞争中扭转局势的能力表示担忧</p>

<p><strong>Intel</strong>(INTC -0.17%) continues to struggle to gain traction, with the company reporting flat year-over-year revenue growth for the second straight quarter. What makes its results even worse is that many other semiconductor companies are seeing huge benefits from the data center buildout that is coming from artificial intelligence (AI). Intel saw moderate growth in this segment, but continues to be largely left out in the cold.</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC -0.17%) 继续面临困难，报告显示连续第二个季度的年收入增长持平。更糟糕的是，许多其他半导体公司正在从人工智能（AI）带来的数据中心建设中获得巨大利益。英特尔在这一领域的增长适中，但仍然在很大程度上被排除在外。</p>
</div><p>The stock fell roughly 8.5% from before the report to close of trading Monday.</p>
<div class="lb-trans"><p>在报告发布前，股价下跌了大约 8.5%，周一收盘时的交易价格更低。</p>
</div><p>Let's take a closer look at Intel's quarterly results (reported last week) to see if there are any signs of a turnaround.</p>
<div class="lb-trans"><p>让我们仔细看看英特尔的季度业绩（上周报告）以查看是否有任何好转的迹象。</p>
</div><h2>Another tough quarter</h2>
<div class="lb-trans"><h2>又一个艰难的季度</h2>
</div><p>Overall, for Q2, Intel's revenue edged up slightly from $12.8 billion to $12.9 billion. Its product revenue slipped 1% to $11.8 billion. Within product revenue, its client computing group (CCG) product revenue fell 3% to $7.9 billion, while data center and AI (DCAI) product revenue rose 4% to $3.9 billion. However, the company said its Q2 product revenue has likely been helped by customers increasing orders ahead of potential tariffs.</p>
<div class="lb-trans"><p>总体而言，英特尔第二季度的收入从 128 亿美元略微上升至 129 亿美元。其产品收入下降 1%，降至 118 亿美元。在产品收入中，其客户端计算组（CCG）产品收入下降 3%，降至 79 亿美元，而数据中心和人工智能（DCAI）产品收入上升 4%，达到 39 亿美元。然而，公司表示，第二季度的产品收入可能受到客户在潜在关税前增加订单的帮助。</p>
</div><p>Its foundry business, meanwhile, had revenue increase 3% to $4.4 billion. However, the segment continues to post large losses, with an operating loss of $3.2 billion in Q2. That was worse than the $2.8 billion loss it posted a year ago.</p>
<div class="lb-trans"><p>与此同时，其代工业务的收入增长 3%，达到 44 亿美元。然而，该部门仍然出现巨额亏损，第二季度的运营亏损为 32 亿美元，较去年同期的 28 亿美元亏损更为严重。</p>
</div><p>Revenue from Intel's other businesses, which include subsidiaries Altera and <strong>Mobileye</strong>, jumped 20% to $1.1 billion. This segment also flipped from an operating loss of $46 million to a profit of $69 million. It is in the processing of selling Altera, and recently sold some of its Mobileye shares.</p>
<div class="lb-trans"><p>英特尔其他业务的收入，包括子公司 Altera 和 <strong>Mobileye</strong>，跃升 20%，达到 11 亿美元。该部门的运营亏损从 4600 万美元转为 6900 万美元的利润。公司正在出售 Altera，并最近出售了一些 Mobileye 的股份。</p>
</div><table>
<thead>
<tr>
<th>Segment</th>
<th>Revenue</th>
<th>Revenue Growth (YOY)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Product (CCG &amp; DCAI)</td>
<td>$11.8 billion</td>
<td>(1%)</td>
</tr>
<tr>
<td>CCG</td>
<td>$7.9 billion</td>
<td>(3%)</td>
</tr>
<tr>
<td>DCAI</td>
<td>$3.9 billion</td>
<td>4%</td>
</tr>
<tr>
<td>Foundry</td>
<td>$4.4 billion</td>
<td>3%</td>
</tr>
<tr>
<td>Other (subsidiaries)</td>
<td>$1.1 billion</td>
<td>20%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>部门</th>
<th>收入</th>
<th>收入增长（同比）</th>
</tr>
</thead>
<tbody>
<tr>
<td>产品（CCG &amp; DCAI）</td>
<td>118 亿美元</td>
<td>(1%)</td>
</tr>
<tr>
<td>CCG</td>
<td>79 亿美元</td>
<td>(3%)</td>
</tr>
<tr>
<td>DCAI</td>
<td>39 亿美元</td>
<td>4%</td>
</tr>
<tr>
<td>代工</td>
<td>44 亿美元</td>
<td>3%</td>
</tr>
<tr>
<td>其他（子公司）</td>
<td>11 亿美元</td>
<td>20%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Intel. YOY = year over year.</p>
<div class="lb-trans"><p>数据来源：英特尔。同比 = 年同比。</p>
</div><p>Gross margin remains under pressure, falling by 790 basis points from 35.4% to 27.5%, while adjusted gross margins fell 900 basis points to 29.7%. Intel said that, excluding some charges, its adjusted gross margin would have been 37.5%.</p>
<div class="lb-trans"><p>毛利率仍然承压，从 35.4% 下降 790 个基点至 27.5%，而调整后的毛利率下降 900 个基点至 29.7%。英特尔表示，排除某些费用后，其调整后的毛利率将为 37.5%。</p>
</div><p>The company produced $2 billion in operating cash flow during the quarter, while spending $4.5 billion in capital expenditures (capex) as it continues to invest to scale its foundry business. It ended the quarter with $50.7 billion in debt against $21.2 billion in cash and short-term investments.</p>
<div class="lb-trans"><p>公司在本季度产生了 20 亿美元的运营现金流，同时支出 45 亿美元用于资本支出（capex），以继续投资扩大其代工业务。季度末，公司债务为 507 亿美元，现金和短期投资为 212 亿美元。</p>
</div><p>Looking ahead, it forecast Q3 revenue to be between $12.6 billion and $13.6 billion, with the midpoint above analyst expectations for revenue of $12.65 billion. At the midpoint, that would be a revenue decline of 1.5%. It's looking for about breakeven earnings per share versus analyst expectations for a $0.04 profit.</p>
<div class="lb-trans"><p>展望未来，公司预计第三季度收入将在 126 亿美元至 136 亿美元之间，中位数高于分析师对 126.5 亿美元收入的预期。在中位数下，这将是 1.5% 的收入下降。公司预计每股收益接近盈亏平衡，而分析师预期为每股盈利 0.04 美元。</p>
</div><p>Due to its struggles, Intel is looking to significantly reduce costs. It will reduce its headcount and look to lower its operating expenses to $16 billion next year. It's also started to pull back on some of its capex. It's cancelled planned for fabrication facilities (fabs) in Germany and Poland, and will slow the pace of construction at a new plant in Ohio.</p>
<div class="lb-trans"><p>由于面临困境，英特尔计划大幅削减成本。它将减少员工人数，并计划将运营费用降低至 160 亿美元。公司还开始减少部分资本支出，取消了在德国和波兰的制造设施（fabs）计划，并将放缓在俄亥俄州新工厂的建设进度。</p>
</div><p>A the same time, the chipmaker will look to try and get a foothold in the AI market. It plans to provide a full-stack AI solution that will incorporate software with its central processing units (CPUs) and graphics processing units (GPUs). It will focus its efforts on areas like inference and agentic AI, where it thinks it can differentiate itself.</p>
<div class="lb-trans"><p>与此同时，这家芯片制造商将努力在 AI 市场中占据一席之地。它计划提供一个完整的 AI 解决方案，将软件与其中央处理单元（CPUs）和图形处理单元（GPUs）结合在一起。它将重点关注推理和自主 AI 等领域，认为在这些领域可以实现差异化。</p>
</div><p>The company is also leaning into its new 18A process at its foundries, which it says will be the foundation for at least three generations of its client and server business chips. It just started wafer production with its 18A technology in Arizona. It also continues to work on its 14A technology, but noted it will need meaningful external customers to drive acceptable returns and that it will only fully invest in the technology if it's confident that clear returns exist.</p>
<div class="lb-trans"><p>公司还在其代工厂中推进新的 18A 工艺，称这将是其客户端和服务器业务芯片至少三代的基础。它刚刚在亚利桑那州开始使用 18A 技术进行晶圆生产。公司还在继续开发 14A 技术，但指出需要有意义的外部客户来推动可接受的回报，并且只有在确信存在明确回报的情况下，才会全面投资于该技术。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3Njcvc2NpZW50aXN0LXdvcmtpbmctd2l0aC13YWZmZWwuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826767%2Fscientist-working-with-waffel.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>Is a turnaround near?</h2>
<div class="lb-trans"><h2>反转即将到来吗？</h2>
</div><p>Investors are wondering if the company is close to turning things around. The answer continues to be no. Intel has laid out an ambitious plan, but coming in and competing against the likes of <strong>Nvidia</strong>, or even <strong>Advanced Micro Devices</strong>, in the AI data center market isn't going to be an easy task. There isn't anything the company has demonstrated that indicates it can make a big technological breakthrough on this front at this point. And while it is smart to reduce costs, no company has ever cut its way to prosperity.</p>
<div class="lb-trans"><p>投资者在想公司是否接近扭转局面。答案仍然是否定的。英特尔制定了一个雄心勃勃的计划，但在 AI 数据中心市场与 <strong>Nvidia</strong> 甚至 <strong>Advanced Micro Devices</strong> 竞争并不是一件容易的事。目前公司没有展示出能够在这一领域取得重大技术突破的迹象。虽然削减成本是明智的，但没有任何公司是通过削减成本实现繁荣的。</p>
</div><p>That said, the company does have value to unlock. It's spent hundreds of billions of dollars in capex over the past couple of years building out its foundry business. While that business continues to struggle, there are real assets associated with the buildout. The stock trades at about 1.2 times its tangible book value (TBV), which is the value of its physical assets minus any net debt. As such, investors are able to buy Intel at a valuation just above the value of its physical assets.</p>
<div class="lb-trans"><p>也就是说，公司确实有价值可以释放。过去几年，它在资本支出上花费了数千亿美元来建设其代工业务。尽管该业务仍在挣扎，但与建设相关的确实存在资产。该股票的交易价格约为其有形账面价值（TBV）的 1.2 倍，即其物理资产的价值减去任何净债务。因此，投资者能够以略高于其物理资产价值的估值购买英特尔。</p>
</div><p>I think a turnaround will be difficult, but given the value of the company's physical assets, I think owning the stock at current levels has pretty low downside, with solid upside if it can pull off a turnaround.</p>
<div class="lb-trans"><p>我认为反转将是困难的，但考虑到公司物理资产的价值，我认为在当前水平持有该股票的下行风险相对较低，如果能够实现反转，则有良好的上行潜力。</p>
</div>

Intel Shares Sink. Are There Any Signs That a Turnaround Is Around the Corner?

- 英特尔第二季度营收同比持平，面临竞争压力。  
- 数据中心和人工智能业务略有增长，但整体表现不佳。  
- 公司计划削减成本并聚焦人工智能市场。  

英特尔股价下跌。是否有任何迹象显示转机即将出现？