<p><strong>安森美半导体</strong>(ON -0.95%) 和 <strong>Navitas Semiconductor</strong>(NASDAQ: NVTS) 都被列为英伟达合作开发下一代数据中心的公司。Navitas 是一家亏损公司，预计到 2027 年之前不会盈利，而安森美则是一家以非常有吸引力的估值交易的公司。截至我写这篇文章时，Navitas 的股票今年上涨了 89%，而安森美的股票则下跌了近 19%。真是让人费解。</p>
<h2>为什么安森美半导体没有吸引更多投资者的关注？</h2>
<p>上述比较并不是为了批评 Navitas。这是一家前景广阔的公司，英伟达的合作关系可能会对这家小型亏损公司产生重大影响。相反，重点在于强调安森美半导体目前看起来是一个多么好的长期价值。</p>
<p>毫无疑问，安森美半导体的股价在过去一年如此疲软（下跌 28%）的原因。该公司的核心市场在于碳化硅（SiC）芯片，这是一个主要由汽车行业，尤其是电动车主导的终端市场。</p>
<p>因此，当电动车市场经历持续的下滑，全年预期降低时，安森美也会遭受预期的下调。这正是今年发生的情况。</p>
<p>正如下面的图表所示，销售给汽车相关终端市场的收入继续出现同比下降。不幸的是，公司对相对较高的利率无能为力，这使得购买汽车的成本更高，或者汽车制造商在削减生产计划方面的反应。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5Mzgvb24tc2VtaWNvbmR1Y3Rvci1yZXZlbnVlLW1pbGxpb25zLnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5Mzgvb24tc2VtaWNvbmR1Y3Rvci1yZXZlbnVlLW1pbGxpb25zLnBuZyZ3PTcwMA"/></p>
<p>数据来源：安森美半导体。图表由作者提供。</p>
<h2>三个原因说明转机可能即将到来</h2>
<p>然而，投资者对公司的前景可能过于悲观，安森美半导体最近的财报和一些新闻项目突显了这一点。</p>
<p>首先，首席执行官哈桑·埃尔 - 库里在下滑期间始终采取谨慎的指导态度。然而，他在 8 月 4 日的最后一次财报电话会议上指出，“我们看到各个终端市场的稳定迹象。” 确实，如果仔细观察上面的图表，可以看到尽管同比比较仍然为负，但收入在环比（季度对季度）上有所增长。</p>
<p>这是复苏正在形成的积极迹象。此外，埃尔 - 库里告诉投资者，第二季度的汽车收入好于预期，并预计在第三季度随着电动车的持续增长将会增长。</p>
<p>其次，英伟达的合作关系突显了公司工业销售的潜力。正如埃尔 - 库里在讨论人工智能基础设施的需求时所指出的，尤其是电力方面，“安森美是唯一一家广泛的美国电力半导体供应商，正在利用我们的智能电力半导体来应对这一挑战，显著提高电力密度并减少能量损失。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MzgvZXYtYmF0dGVyeS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MzgvZXYtYmF0dGVyeS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>第三，尽管面临放缓，安森美半导体仍是一家管理良好的企业，为投资者创造价值，并且其估值非常出色。专注于自由现金流（FCF），管理层继续预计到 2025 年将 25% 的收入转化为 FCF。根据分析师对收入的预测，这将产生约 14.4 亿美元的 FCF，正如上面所提到的，这意味着到 2025 年股票的 FCF 交易倍数仅为 14.5 倍——对于一家具有如此令人兴奋的长期增长前景的公司来说，这个倍数是偏低的，即使它面临短期的逆风。</p>
<h2>一次千载难逢的股票购买机会</h2>
<p>如果你能容忍潜在的坏消息，那么安森美半导体看起来是一只非常有吸引力的股票。电动车市场目前面临挑战，但那些未能发展出可行电动车业务的汽车制造商将难以在未来成为重要参与者。因此，一波新的投资最终会到来，这将有助于安森美的核心市场。</p>
<p>与此同时，其与英伟达的合作关系令人兴奋，如果股票的叙述没有如此严重地集中在其电动车暴露上，可能会更频繁地出现在新闻中。</p>
<p>在经历了 2025 年的低谷年后，华尔街预计该公司将在 2026 年实现 29% 的盈利增长，如果这一预期实现，那么届时股票将显著上涨。</p>

安森美半导体

NVTS

<p>安森美半导体与 Navitas Semiconductor 正与 Nvidia 合作开发下一代数据中心。尽管 Navitas 今年的股票上涨了 89%，但安森美的股票却下跌了 19%。安森美的困境与电动车市场的低迷有关，但汽车收入的稳定迹象和潜在增长正在显现。与 Nvidia 的合作可能会提升安森美的工业销售，尽管面临当前挑战，但它仍是一家管理良好的公司，具有强劲的长期前景，使其成为一个有吸引力的投资机会</p>

<p><strong>ON Semiconductor</strong>(ON -0.95%) and <strong>Navitas Semiconductor</strong>(NASDAQ: NVTS) were both named as companies Nvidia is partnering with to develop the next generation of data centers. Navitas is a loss-making company that isn't likely to be profitable until 2027, andng company trading at a very attractive valuation. Navitas' stock is up 89% so far this year as I write this, while ON Semiconductor's is down almost 19%. Go figure.</p>
<div class="lb-trans"><p><strong>安森美半导体</strong>(ON -0.95%) 和 <strong>Navitas Semiconductor</strong>(NASDAQ: NVTS) 都被列为英伟达合作开发下一代数据中心的公司。Navitas 是一家亏损公司，预计到 2027 年之前不会盈利，而安森美则是一家以非常有吸引力的估值交易的公司。截至我写这篇文章时，Navitas 的股票今年上涨了 89%，而安森美的股票则下跌了近 19%。真是让人费解。</p>
</div><h2>Why isn't ON Semiconductor attracting more investor attention?</h2>
<div class="lb-trans"><h2>为什么安森美半导体没有吸引更多投资者的关注？</h2>
</div><p>The comparison made above isn't to be critical of Navitas. It's a company with a big future, and the Nvidia partnership will likely be a needle mover for a small loss-making company. Instead, the focus is on highlighting what a good long-term value ON Semiconductor looks like right now.</p>
<div class="lb-trans"><p>上述比较并不是为了批评 Navitas。这是一家前景广阔的公司，英伟达的合作关系可能会对这家小型亏损公司产生重大影响。相反，重点在于强调安森美半导体目前看起来是一个多么好的长期价值。</p>
</div><p>There's little doubt as to the reason why ON Semiconductor's stock price has been so weak over the last year (down 28%). The company's core market is in silicon carbide (SiC) chips, an end market dominated by the auto industry and electric vehicles in particular.</p>
<div class="lb-trans"><p>毫无疑问，安森美半导体的股价在过去一年如此疲软（下跌 28%）的原因。该公司的核心市场在于碳化硅（SiC）芯片，这是一个主要由汽车行业，尤其是电动车主导的终端市场。</p>
</div><p>Consequently, when the EV market suffers a sustained downturn, with expectations lowered throughout the year, then ON Semi will also suffer downward revisions to expectations. That's precisely what's happened this year.</p>
<div class="lb-trans"><p>因此，当电动车市场经历持续的下滑，全年预期降低时，安森美也会遭受预期的下调。这正是今年发生的情况。</p>
</div><p>As the chart below demonstrates, sales to its automotive-related end market continue to experience year-on-year declines. Unfortunately, there's little the company can do about relatively high interest rates, which make it more expensive to buy autos, or the automakers' response in cutting production plans.</p>
<div class="lb-trans"><p>正如下面的图表所示，销售给汽车相关终端市场的收入继续出现同比下降。不幸的是，公司对相对较高的利率无能为力，这使得购买汽车的成本更高，或者汽车制造商在削减生产计划方面的反应。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5Mzgvb24tc2VtaWNvbmR1Y3Rvci1yZXZlbnVlLW1pbGxpb25zLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826938%2Fon-semiconductor-revenue-millions.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: ON Semiconductor. Chart by author.</p>
<div class="lb-trans"><p>数据来源：安森美半导体。图表由作者提供。</p>
</div><h2>Three reasons why a turnaround could be coming soon</h2>
<div class="lb-trans"><h2>三个原因说明转机可能即将到来</h2>
</div><p>However, investors are likely too pessimistic about the company's prospects, and ON Semiconductor's recent earnings report and some news items highlight that.</p>
<div class="lb-trans"><p>然而，投资者对公司的前景可能过于悲观，安森美半导体最近的财报和一些新闻项目突显了这一点。</p>
</div><p>First, CEO Hassane El-Khoury has consistently taken a cautious approach to guidance during the downturn. Still, he noted on the last earnings call, on Aug. 4, that &#34;we are seeing signs of stabilization across our end markets.&#34; Indeed, if you look closely at the chart above, you can see that, while the year-over-year comparison remains negative, revenue grew on a sequential basis (quarter-to-quarter).</p>
<div class="lb-trans"><p>首先，首席执行官哈桑·埃尔 - 库里在下滑期间始终采取谨慎的指导态度。然而，他在 8 月 4 日的最后一次财报电话会议上指出，“我们看到各个终端市场的稳定迹象。” 确实，如果仔细观察上面的图表，可以看到尽管同比比较仍然为负，但收入在环比（季度对季度）上有所增长。</p>
</div><p>That's a positive sign of a recovery building. Moreover, El-Khoury told investors that automotive revenue was better than expected in the second quarter and he expects it to grow &#34;in the third quarter with continued EV ramps.&#34;</p>
<div class="lb-trans"><p>这是复苏正在形成的积极迹象。此外，埃尔 - 库里告诉投资者，第二季度的汽车收入好于预期，并预计在第三季度随着电动车的持续增长将会增长。</p>
</div><p>Second, the Nvidia partnership highlights the potential in the company's industrial-based sales. As El-Khoury noted when discussing the need for AI infrastructure, notably power, &#34;onsemi is the only broad-based U.S. power semiconductor supplier addressing this challenge with our intelligent power semiconductors, dramatically increasing power density and reducing energy loss.&#34;</p>
<div class="lb-trans"><p>其次，英伟达的合作关系突显了公司工业销售的潜力。正如埃尔 - 库里在讨论人工智能基础设施的需求时所指出的，尤其是电力方面，“安森美是唯一一家广泛的美国电力半导体供应商，正在利用我们的智能电力半导体来应对这一挑战，显著提高电力密度并减少能量损失。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MzgvZXYtYmF0dGVyeS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826938%2Fev-battery.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><p>Third, despite the slowdown, ON Semiconductor remains a well-run business that's generating value for investors, and it trades on an excellent valuation. Focusing on free cash flow (FCF), management continues to expect to convert 25% of revenue into FCF in 2025. Based on analyst forecasts for revenue, this would produce about $1.44 billion in FCF, and, as noted above, it would mean the stock trades at just 14.5 times FCF in 2025 -- that's low for a company with such exciting long-term growth prospects, even if it faces near-term headwinds.</p>
<div class="lb-trans"><p>第三，尽管面临放缓，安森美半导体仍是一家管理良好的企业，为投资者创造价值，并且其估值非常出色。专注于自由现金流（FCF），管理层继续预计到 2025 年将 25% 的收入转化为 FCF。根据分析师对收入的预测，这将产生约 14.4 亿美元的 FCF，正如上面所提到的，这意味着到 2025 年股票的 FCF 交易倍数仅为 14.5 倍——对于一家具有如此令人兴奋的长期增长前景的公司来说，这个倍数是偏低的，即使它面临短期的逆风。</p>
</div><h2>A once-in-a-lifetime stock buy</h2>
<div class="lb-trans"><h2>一次千载难逢的股票购买机会</h2>
</div><p>If you can tolerate the potential for bad news, then ON Semiconductor looks like a very attractive stock. The EV market is currently challenging, but automakers who fail to develop a viable EV business will struggle to become significant players in the future. Because of this, a new wave of investment will eventually come, and that will help ON Semiconductor's core market.</p>
<div class="lb-trans"><p>如果你能容忍潜在的坏消息，那么安森美半导体看起来是一只非常有吸引力的股票。电动车市场目前面临挑战，但那些未能发展出可行电动车业务的汽车制造商将难以在未来成为重要参与者。因此，一波新的投资最终会到来，这将有助于安森美的核心市场。</p>
</div><p>At the same time, its Nvidia partnership is exciting and would likely hit the news more frequently if the stock's narrative weren't so heavily focused on its EV exposure.</p>
<div class="lb-trans"><p>与此同时，其与英伟达的合作关系令人兴奋，如果股票的叙述没有如此严重地集中在其电动车暴露上，可能会更频繁地出现在新闻中。</p>
</div><p>Following a trough year in 2025, Wall Street expects the company to grow earnings by 29% in 2026, and if that comes to fruition, then the stock will be markedly higher then.</p>
<div class="lb-trans"><p>在经历了 2025 年的低谷年后，华尔街预计该公司将在 2026 年实现 29% 的盈利增长，如果这一预期实现，那么届时股票将显著上涨。</p>
</div>

Why Aren't More People Talking About This Big News About an Nvidia Partner?

- ON Semiconductor 和 Navitas Semiconductor 被 Nvidia 合作开发下一代数据中心。  
- ON Semiconductor 的股价在过去一年下跌 28%，主要受电动车市场影响。  
- 尽管面临挑战，分析师预计 ON Semiconductor 2026 年盈利将增长 29%。

为什么没有更多人讨论关于英伟达合作伙伴的这个重大新闻？