<p><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/343239/pexels-photo-343239.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA?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://images.pexels.com/photos/343239/pexels-photo-343239.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA"/></p>
<p><em>图片来源：Pexels</em></p>
<p>尽管英特尔（INTC - 免费报告）曾是全球最大的半导体公司，但这家芯片巨头正处于一个不太可能的转机边缘。</p>
<p>值得注意的是，华尔街的语气已经从 “英特尔正在衰亡” 转变为 “英特尔回来了”。</p>
<p>与此相关的是，分析师在英特尔 1 月 22 日星期四的第四季度业绩发布前，纷纷上调评级并发表乐观评论。</p>
<p>这推动英特尔的股价上涨至每股 50 美元，创下两年来的新高，而去年四月其股价仅为 17 美元，创下十多年来的最低点。</p>
<p>英特尔的复苏得益于美国政府和其长期竞争对手英伟达（NVDA - 免费报告）以及软银（SFTBY - 免费报告）的重大投资。这些投资和合作为英特尔提供了生机，帮助其稳定财务状况并验证其长期战略。</p>
<p>尽管如此，英特尔股价的戏剧性反弹引发了人们对是否该在最新的反弹中买入、退出或持有 INTC 的讨论。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/7a/142829.jpg/query-dj0xNDc1NjA1NDY?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://staticx-tuner.zacks.com/images/articles/charts/7a/142829.jpg/query-dj0xNDc1NjA1NDY"/></p>
<p>图片来源：Zacks 投资研究</p>
<h3><strong>英特尔第四季度预期</strong></h3>
<p>根据 Zacks 的估计，英特尔第四季度的销售额预计将下降 6%，至 133.8 亿美元，而去年同期为 142.6 亿美元。在底线方面，第四季度每股收益预计将降至 0.08 美元，而去年同期为 0.13 美元。</p>
<p>尽管预计会收缩，但英特尔股票的兴奋感因财务结果强于预期而提升。在过去四个季度的报告中，英特尔的平均销售惊喜为 4.69%，而平均盈利惊喜则高达 577%。英特尔最近在 10 月份报告的第三季度每股收益为 0.23 美元，远超预期的 0.01 美元。</p>
<p>在 2024 年报告了 188 亿美元的亏损或每股-0.13 美元后，英特尔预计将在 2025 财年结束时每股收益为 0.34 美元，尽管年销售额预计将下降 1%，至 525.6 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/c9/142830.jpg/query-dj0xNjIxMjg1NzE?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://staticx-tuner.zacks.com/images/articles/charts/c9/142830.jpg/query-dj0xNjIxMjg1NzE"/></p>
<p>图片来源：Zacks 投资研究</p>
<h3><strong>英特尔复苏的关键驱动因素</strong></h3>
<p><strong>1. 强劲的产品势头</strong></p>
<p>英特尔推出的 Panther Lake PC 平台被视为近年来最重要的产品。分析师认为这是英特尔多年技术延迟终于结束的标志。</p>
<p>Panther Lake 是一种下一代移动 PC 架构，能够处理复杂的设备内 AI 工作负载，并基于英特尔的 18A 工艺，这是该公司迄今为止最先进的制造节点。</p>
<p><strong>2. 制造进展</strong></p>
<p>节点是帮助制造芯片的技术，英特尔的 18A 节点是其复苏叙事的核心。</p>
<p>英特尔的 18A 产量已超过 60%，这是领先节点的一个重要里程碑。</p>
<p>18A 正在吸引英伟达以外的潜在外部客户，包括有报道称苹果（AAPL - 免费报告）将在 2027 年开始使用英特尔代工制造芯片。</p>
<p>获得苹果的业务将使英特尔成为台湾半导体（TSM - 免费报告）的有力竞争者，这与其到 2030 年成为全球第二大电路代工厂的目标相一致。</p>
<p><strong>3. 服务 CPU 的需求</strong></p>
<p>英特尔的服务器 CPU（中央处理单元）几乎售罄，这与 2023 年和 2024 年导致其股价崩溃的过剩问题形成鲜明对比。</p>
<p>由于数据中心服务器的需求超过供应，这些 CPU 的平均售价可能上涨 10-15%，同时英特尔也看到消费者和笔记本电脑 CPU 的需求增加。</p>
<h3><strong>分析师升级</strong></h3>
<p>尽管英特尔的股价已经超过当前的 Zacks 平均目标价 39.15 美元，但几位分析师最近上调了对 INTC 的评级和目标价。</p>
<p>这包括花旗、KeyBanc、TD Cowen、汇丰银行和 Seaport Research Partners 的分析师。值得注意的是，Seaport 将英特尔的股票评级从持有上调至强烈买入，并在周二将其目标价提高至 65 美元。Seaport 的目标价将成为新的街头高点，理由是 PC 复苏、制造进展和英特尔代工业务的势头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/59/142831.jpg/query-dj0xOTY4ODg1OTQw?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://staticx-tuner.zacks.com/images/articles/charts/59/142831.jpg/query-dj0xOTY4ODg1OTQw"/></p>
<p>图片来源：Zacks 投资研究</p>
<h3><strong>监测英特尔的估值</strong></h3>
<p>目前，市销率（P/S）可能仍然是跟踪英特尔对投资者基本价值的最佳方式，而不是市盈率（P/E）。考虑到这一点，INTC 的市销率已进一步高于通常偏好的低于 2 倍的前瞻性销售，但仍低于标准普尔 500 指数的 5.8 倍以及许多芯片制造商所能要求的高市销率溢价。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/35/142833.jpg/query-dj0xODA3NDY1NzE0?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://staticx-tuner.zacks.com/images/articles/charts/35/142833.jpg/query-dj0xODA3NDY1NzE0"/></p>
<p>图片来源：Zacks 投资研究</p>
<p>关于英特尔的盈利潜力，其多年的每股收益峰值为 2021 年的 5.47 美元。在每股约 50 美元的情况下，如果接近这一巅峰而不是当前的 80 倍水平，过于乐观的预期将使 INTC 的前瞻性市盈率吸引力低于 10 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/cb/142832.jpg/query-dj03MzE2NzEzODU?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://staticx-tuner.zacks.com/images/articles/charts/cb/142832.jpg/query-dj03MzE2NzEzODU"/></p>
<p>图片来源：Zacks 投资研究</p>
<h3><strong>结论与最终思考</strong></h3>
<p>英特尔似乎正在兑现来自其最大股东——联邦政府的 110 亿美元投资。美国计划确保和提升国内芯片制造，使得持有英特尔股票变得诱人。</p>
<p>然而，除非这家芯片制造商在第四季度发布出色的业绩并给出非常有前景的指引，否则在如此激动人心的反弹之后，可能会有更好的买入机会。目前，英特尔股票的 Zacks 评级为#3（持有）。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>在第四季度财报临近时购买 Netflix 股票以寻求反弹？</p>
<p>在强劲的第四季度业绩后购买顶级投资管理公司的股票？</p>
<p>Capital One 的股票在第四季度财报前值得拥有吗？</p>

奈飞财报，一站看懂！

英特尔财报，一站看懂！

<p>英特尔的股票已飙升至两年来的最高点 50 美元，主要受到分析师上调评级和强劲财务业绩的推动，尤其是在其第四季度财报发布之前。尽管预计销售会下降，英特尔最近的产品发布和代工进展增强了投资者的信心。分析师们提高了他们的目标价，Seaport Research 将英特尔的评级上调至强力买入，目标价为 65 美元。与行业标准相比，该公司的估值仍然具有吸引力，其复苏得到了旨在增强国内芯片制造的重大政府投资的支持</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/343239/pexels-photo-343239.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA" alt="" original-src="https://images.pexels.com/photos/343239/pexels-photo-343239.jpeg?auto=compress&amp;cs=tinysrgb&amp;h=750&amp;w=1260"/></p>
<p><em>Image Source: Pexels</em></p>
<div class="lb-trans"><p><em>图片来源：Pexels</em></p>
</div><p>Even though Intel (INTC - Free Report) was once the world’s largest semiconductor company, the chip giant is on the cusp of an improbable turnaround.</p>
<div class="lb-trans"><p>尽管英特尔（INTC - 免费报告）曾是全球最大的半导体公司，但这家芯片巨头正处于一个不太可能的转机边缘。</p>
</div><p>Notably, Wall Street’s tone has flipped from “Intel is dying” to “Intel is back”.</p>
<div class="lb-trans"><p>值得注意的是，华尔街的语气已经从 “英特尔正在衰亡” 转变为 “英特尔回来了”。</p>
</div><p>Correlating with such, analyst upgrades and bullish commentary have piled up ahead of Intel’s Q4 results on Thursday, January 22.</p>
<div class="lb-trans"><p>与此相关的是，分析师在英特尔 1 月 22 日星期四的第四季度业绩发布前，纷纷上调评级并发表乐观评论。</p>
</div><p>This has pushed Intel stock to a two-year high of $50 a share, after trading at just $17 last April, its lowest point in over a decade.</p>
<div class="lb-trans"><p>这推动英特尔的股价上涨至每股 50 美元，创下两年来的新高，而去年四月其股价仅为 17 美元，创下十多年来的最低点。</p>
</div><p>Intel’s revival has been led by major investments from the US government and even its long-time rival Nvidia (NVDA - Free Report), along with SoftBank (SFTBY - Free Report). Providing a lifeline, these investments and partnerships have helped stabilize Intel’s finances and validate its long-term strategy.</p>
<div class="lb-trans"><p>英特尔的复苏得益于美国政府和其长期竞争对手英伟达（NVDA - 免费报告）以及软银（SFTBY - 免费报告）的重大投资。这些投资和合作为英特尔提供了生机，帮助其稳定财务状况并验证其长期战略。</p>
</div><p>That said, the dramatic rebound in Intel stock is spurring the conversation of whether it’s time to buy into the latest rally, fade it, or hold INTC in the portfolio.</p>
<div class="lb-trans"><p>尽管如此，英特尔股价的戏剧性反弹引发了人们对是否该在最新的反弹中买入、退出或持有 INTC 的讨论。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/7a/142829.jpg/query-dj0xNDc1NjA1NDY" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/7a/142829.jpg?v=147560546"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><h3><strong>Intel’s Q4 Expectations</strong></h3>
<div class="lb-trans"><h3><strong>英特尔第四季度预期</strong></h3>
</div><p>Based on Zacks estimates, Intel’s Q4 sales are thought to have dipped 6% to $13.38 billion versus $14.26 billion in the prior year quarter. On the bottom line, Q4 EPS is expected to dip to $0.08 compared to $0.13 per share a year ago.</p>
<div class="lb-trans"><p>根据 Zacks 的估计，英特尔第四季度的销售额预计将下降 6%，至 133.8 亿美元，而去年同期为 142.6 亿美元。在底线方面，第四季度每股收益预计将降至 0.08 美元，而去年同期为 0.13 美元。</p>
</div><p>Despite the anticipated contraction, the excitement for Intel stock has been lifted by stronger-than-expected financial results. In its last four quarterly reports, Intel has posted an average sales surprise of 4.69% and a very impressive average earnings surprise of 577%. Intel most recently reported Q3 EPS of $0.23 in October, crushing expectations of $0.01.</p>
<div class="lb-trans"><p>尽管预计会收缩，但英特尔股票的兴奋感因财务结果强于预期而提升。在过去四个季度的报告中，英特尔的平均销售惊喜为 4.69%，而平均盈利惊喜则高达 577%。英特尔最近在 10 月份报告的第三季度每股收益为 0.23 美元，远超预期的 0.01 美元。</p>
</div><p>After posting a $18.8 billion loss in 2024 or -$0.13 per share, Intel is expected to round out fiscal 2025 with EPS at $0.34 despite annual sales being projected to decline 1% to $52.56 billion.</p>
<div class="lb-trans"><p>在 2024 年报告了 188 亿美元的亏损或每股-0.13 美元后，英特尔预计将在 2025 财年结束时每股收益为 0.34 美元，尽管年销售额预计将下降 1%，至 525.6 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/c9/142830.jpg/query-dj0xNjIxMjg1NzE" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/c9/142830.jpg?v=162128571"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><h3><strong>Key Drivers to Intel’s Rebound</strong></h3>
<div class="lb-trans"><h3><strong>英特尔复苏的关键驱动因素</strong></h3>
</div><p><strong>1. Strong Product Momentum</strong></p>
<div class="lb-trans"><p><strong>1. 强劲的产品势头</strong></p>
</div><p>Intel’s launch of its Panther Lake PC platform is being treated as its most important product in years. Analysts see it as a sign that Intel’s multi-year technology delays are finally ending.</p>
<div class="lb-trans"><p>英特尔推出的 Panther Lake PC 平台被视为近年来最重要的产品。分析师认为这是英特尔多年技术延迟终于结束的标志。</p>
</div><p>Panther Lake is a next-generation mobile PC architecture that is capable of complex on-device AI workloads and is built on Intel’s 18A process, the company’s most advanced manufacturing node to date.</p>
<div class="lb-trans"><p>Panther Lake 是一种下一代移动 PC 架构，能够处理复杂的设备内 AI 工作负载，并基于英特尔的 18A 工艺，这是该公司迄今为止最先进的制造节点。</p>
</div><p><strong>2. Foundry Progress</strong></p>
<div class="lb-trans"><p><strong>2. 制造进展</strong></p>
</div><p>With nodes being the manufacturing technology that helps build chips, Intel’s 18A nodes are at the center of its comeback narrative.</p>
<div class="lb-trans"><p>节点是帮助制造芯片的技术，英特尔的 18A 节点是其复苏叙事的核心。</p>
</div><p>Intel’s 18A yields have surpassed 60%, a major milestone for a leading-edge node.</p>
<div class="lb-trans"><p>英特尔的 18A 产量已超过 60%，这是领先节点的一个重要里程碑。</p>
</div><p>18A is drawing potential external customers outside of Nvidia, including reports that Apple (AAPL - Free Report) will use Intel Foundry to build chips starting in 2027.</p>
<div class="lb-trans"><p>18A 正在吸引英伟达以外的潜在外部客户，包括有报道称苹果（AAPL - 免费报告）将在 2027 年开始使用英特尔代工制造芯片。</p>
</div><p>Gaining Apple’s business would position Intel as a viable competitor to Taiwan Semiconductor (TSM - Free Report), which aligns with its goal of becoming the world’s second-largest circuit foundry provider by 2030.</p>
<div class="lb-trans"><p>获得苹果的业务将使英特尔成为台湾半导体（TSM - 免费报告）的有力竞争者，这与其到 2030 年成为全球第二大电路代工厂的目标相一致。</p>
</div><p><strong>3. Demand for Service CPUs</strong></p>
<div class="lb-trans"><p><strong>3. 服务 CPU 的需求</strong></p>
</div><p>Intel is nearly sold out of server CPUs (Central Processing Units), a reversal from the oversupply issues that caused its stock to crash in 2023 and 2024.</p>
<div class="lb-trans"><p>英特尔的服务器 CPU（中央处理单元）几乎售罄，这与 2023 年和 2024 年导致其股价崩溃的过剩问题形成鲜明对比。</p>
</div><p>Average selling prices for these CPUs could rise 10-15% due to demand outstripping supply for data center servers, with Intel seeing an increase in demand for consumer and laptop CPUs as well.</p>
<div class="lb-trans"><p>由于数据中心服务器的需求超过供应，这些 CPU 的平均售价可能上涨 10-15%，同时英特尔也看到消费者和笔记本电脑 CPU 的需求增加。</p>
</div><h3><strong>Analyst Upgrades</strong></h3>
<div class="lb-trans"><h3><strong>分析师升级</strong></h3>
</div><p>While Intel has blown past its current Average Zacks Price Target of $39.15, several analysts have recently upgraded their ratings and price tags for INTC.</p>
<div class="lb-trans"><p>尽管英特尔的股价已经超过当前的 Zacks 平均目标价 39.15 美元，但几位分析师最近上调了对 INTC 的评级和目标价。</p>
</div><p>This includes analysts at Citigroup, KeyBanc, TD Cowen, HSBC, and Seaport Research Partners. It’s noteworthy that Seaport has upgraded Intel stock from a hold to a strong buy, raising its price target for INTC to $65 on Tuesday. Seaport’s price tag would be the new street-high, with the firm citing PC recovery, manufacturing progress, and momentum in Intel’s foundry business.</p>
<div class="lb-trans"><p>这包括花旗、KeyBanc、TD Cowen、汇丰银行和 Seaport Research Partners 的分析师。值得注意的是，Seaport 将英特尔的股票评级从持有上调至强烈买入，并在周二将其目标价提高至 65 美元。Seaport 的目标价将成为新的街头高点，理由是 PC 复苏、制造进展和英特尔代工业务的势头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/59/142831.jpg/query-dj0xOTY4ODg1OTQw" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/59/142831.jpg?v=1968885940"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><h3><strong>Monitoring Intel’s Valuation</strong></h3>
<div class="lb-trans"><h3><strong>监测英特尔的估值</strong></h3>
</div><p>The price-to-sales ratio (P/S) may still be the best way to track Intel's fundamental value to investors at the moment, rather than the P/E ratio. Keeping this in mind, INTC has drifted further above the often-preferred level of less than 2X forward sales, but is still beneath the S&amp;P 500‘s 5.8X and the hefty P/S premiums that many chip producers can command.</p>
<div class="lb-trans"><p>目前，市销率（P/S）可能仍然是跟踪英特尔对投资者基本价值的最佳方式，而不是市盈率（P/E）。考虑到这一点，INTC 的市销率已进一步高于通常偏好的低于 2 倍的前瞻性销售，但仍低于标准普尔 500 指数的 5.8 倍以及许多芯片制造商所能要求的高市销率溢价。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/35/142833.jpg/query-dj0xODA3NDY1NzE0" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/35/142833.jpg?v=1807465714"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><p>Regarding Intel’s earning potential, its multi-year EPS peak was $5.47 in 2021. At around $50 a share, an overly optimistic epiphany would value INTC at an attractive forward earnings multiple of less than 10X if it came near this pinnacle instead of current levels of 80X.</p>
<div class="lb-trans"><p>关于英特尔的盈利潜力，其多年的每股收益峰值为 2021 年的 5.47 美元。在每股约 50 美元的情况下，如果接近这一巅峰而不是当前的 80 倍水平，过于乐观的预期将使 INTC 的前瞻性市盈率吸引力低于 10 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/cb/142832.jpg/query-dj03MzE2NzEzODU" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/cb/142832.jpg?v=731671385"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><h3><strong>Conclusion &amp; Final Thoughts</strong></h3>
<div class="lb-trans"><h3><strong>结论与最终思考</strong></h3>
</div><p>Intel appears to be making good on the $11 billion investment from the federal government, its largest shareholder. The United States' plan to secure and boost domestic chip manufacturing has made it enticing to keep Intel stock in the portfolio.</p>
<div class="lb-trans"><p>英特尔似乎正在兑现来自其最大股东——联邦政府的 110 亿美元投资。美国计划确保和提升国内芯片制造，使得持有英特尔股票变得诱人。</p>
</div><p>However, better buying opportunities could be ahead after such an exhilarating rally unless the chipmaker has blowout Q4 results and issues very promising guidance. For now, Intel stock lands a Zacks Rank #3 (Hold).</p>
<div class="lb-trans"><p>然而，除非这家芯片制造商在第四季度发布出色的业绩并给出非常有前景的指引，否则在如此激动人心的反弹之后，可能会有更好的买入机会。目前，英特尔股票的 Zacks 评级为#3（持有）。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Buy Netflix Stock For A Rebound As Q4 Earnings Approach?</p>
<div class="lb-trans"><p>在第四季度财报临近时购买 Netflix 股票以寻求反弹？</p>
</div><p>Buy Stock In The Top Investment Management Firms After Strong Q4 Results?</p>
<div class="lb-trans"><p>在强劲的第四季度业绩后购买顶级投资管理公司的股票？</p>
</div><p>Is Capital One Stock Worth Owning Ahead Of Q4 Earnings?</p>
<div class="lb-trans"><p>Capital One 的股票在第四季度财报前值得拥有吗？</p>
</div>

Will Intel Stock Keep Soaring As Q4 Earnings Approach?

- 英特尔股价已涨至两年高点 50 美元，投资者热情回升。  
- 尽管 Q4 预期销售下降 6%，分析师仍看好其未来前景。  
- 强产品动力与政府投资助力英特尔复苏，估计回归至 11 亿美元投资回报。

随着第四季度财报的临近，英特尔的股票会继续上涨吗？