<p>在 2026 年开局火热后，<strong>英特尔</strong>（INTC +11.04%）的股价因半导体公司在最新财报中发布疲软的指引而暴跌。截至目前，该股在 2026 年仍上涨约 19%，并在过去一年中翻了一番以上。</p>
<p>让我们仔细看看其财报和前景，以判断长期投资者是否应该考虑在此时买入。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTMyMjAvbWljcm9jaGlwLXRlY2hub2xvZ3ktY29tcHV0ZXItY2hpcC1kYXRhLXByb2Nlc3NpbmcuanBnJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2400" height="1539" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTMyMjAvbWljcm9jaGlwLXRlY2hub2xvZ3ktY29tcHV0ZXItY2hpcC1kYXRhLXByb2Nlc3NpbmcuanBnJnc9Mzg0MA"/></p>
<p>图片来源：Getty Images</p>
<h2>寻找转机</h2>
<p>在第四季度，英特尔再次面临收入增长和疲软的 毛利率 的挑战。其第四季度收入同比下降 4%，从 143 亿美元降至 137 亿美元。产品收入微降 1%，至 129 亿美元。在产品收入中，其客户端计算组（CCG）产品收入同比下降 7%，至 82 亿美元，而数据中心和人工智能（DCAI）产品收入则增长 9%，达到 47 亿美元。</p>
<p>与此同时，其代工业务的收入增长 4%，达到 45 亿美元。然而，该部门仍然出现巨额亏损，第四季度的 营业亏损 为 25 亿美元，全年亏损达到 103 亿美元。英特尔其他业务的收入同比下降 48%，降至 6 亿美元，主要由于其出售 51% 的 Altera 子公司。</p>
<table>
<thead>
<tr>
<th><strong>英特尔部门</strong></th>
<th><strong>第四季度收入</strong></th>
<th><strong>第四季度收入增长（同比）</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>产品（CCG &amp; DCAI）</td>
<td>129 亿美元</td>
<td>(1%)</td>
</tr>
<tr>
<td>CCG</td>
<td>82 亿美元</td>
<td>(7%)</td>
</tr>
<tr>
<td>DCAI</td>
<td>47 亿美元</td>
<td>9%</td>
</tr>
<tr>
<td>代工</td>
<td>45 亿美元</td>
<td>4%</td>
</tr>
<tr>
<td>其他（子公司）</td>
<td>6 亿美元</td>
<td>(48%)</td>
</tr>
</tbody>
</table>
<p>数据来源：英特尔。同比 = 年同比。</p>
<p>毛利率 持续承压，从 39.2% 下降 310 个基点至 36.1%，而调整后的毛利率则下降 420 个基点至 37.9%。</p>
<p>展望未来，公司预计第一季度收入将在 117 亿美元至 127 亿美元之间，调整后的每股收益持平。根据 <strong>LSEG</strong> 的数据，122 亿美元的收入中位数和每股收益低于分析师预期的 0.05 美元每股收益和 125 亿美元的销售额。预计调整后的毛利率将保持疲软，约为 34.5%。公司指出供应限制是其疲软预测的原因。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="英特尔股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4"/></p>
<h2>NASDAQ: INTC</h2>
<p>英特尔</p>
<p>今日变动</p>
<p>(11.04%) $4.85</p>
<p>当前价格</p>
<p>$48.78</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2440 亿</p>
<p>日内区间</p>
<p>$46.32 - $49.28</p>
<p>52 周区间</p>
<p>$17.66 - $54.60</p>
<p>成交量</p>
<p>370 万</p>
<p>平均成交量</p>
<p>9800 万</p>
<p>毛利率</p>
<p>34.77%</p>
<h2>现在是买入的时机吗？</h2>
<p>尽管在财报发布后的股价下跌，英特尔的股价在过去一年中大幅上涨。该股不再处于深度折扣状态，现在更重要的是执行力。</p>
<p>公司继续在其挣扎的代工业务上大举投资，并表示其 18A 技术的需求强劲。同时，公司表示一旦锁定客户，将开始在其最新的 14A 技术上增加资本支出（capex）。预计客户将在下半年及 2027 年初做出决策。尽管英特尔表示正在取得进展，但最近有报道称公司仍在经历良率问题，业务仍在亏损。</p>
<p>尽管公司在数据中心 人工智能（AI） 业务上看到了一些势头，但与竞争对手相比，其收入和收入增长仍然温和。作为一只在过去一年中翻倍的股票，英特尔还有很多需要证明。因此，我会保持观望，不会买入。</p>

英特尔财报，一站看懂！

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英特尔

<p>英特尔的股票在公司发布最新财报时给出了疲软的指引后大幅下跌，尽管 2026 年增长了 19%，并且过去一年增长超过一倍。第四季度收入同比下降 4%，降至 137 亿美元，代工业务出现重大亏损。公司预计第一季度收入将在 117 亿美元至 127 亿美元之间，低于分析师的预期。尽管其人工智能业务存在潜力，但仍面临挑战，分析师建议在逢低买入时保持谨慎</p>

<p>After a hot start to 2026, shares of <strong>Intel</strong>( INTC +11.04%) plunged on news that the semiconductor company issued weak guidance in its latest earnings report. The stock is still trading up around 19% in 2026 and has more than doubled over the past year, as of this writing.</p>
<div class="lb-trans"><p>在 2026 年开局火热后，<strong>英特尔</strong>（INTC +11.04%）的股价因半导体公司在最新财报中发布疲软的指引而暴跌。截至目前，该股在 2026 年仍上涨约 19%，并在过去一年中翻了一番以上。</p>
</div><p>Let's take a closer look at its earnings report and prospects to see if long-term investors should consider buying this recent dip.</p>
<div class="lb-trans"><p>让我们仔细看看其财报和前景，以判断长期投资者是否应该考虑在此时买入。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTMyMjAvbWljcm9jaGlwLXRlY2hub2xvZ3ktY29tcHV0ZXItY2hpcC1kYXRhLXByb2Nlc3NpbmcuanBnJnc9Mzg0MA" alt="Artist rendering of a microchip." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F853220%2Fmicrochip-technology-computer-chip-data-processing.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images</p>
<div class="lb-trans"><p>图片来源：Getty Images</p>
</div><h2>Looking for a turnaround</h2>
<div class="lb-trans"><h2>寻找转机</h2>
</div><p>For its fourth quarter, Intel once again struggled with both revenue growth and weak gross margins. Its Q4 revenue fell 4% year over year from $14.3 billion to $13.7 billion. Its product revenue edged down 1% to $12.9 billion. Within product revenue, its client computing group (CCG) product revenue dropped 7% year over year to $8.2 billion, while data center and AI (DCAI) product revenue climbed 9% to $4.7 billion.</p>
<div class="lb-trans"><p>在第四季度，英特尔再次面临收入增长和疲软的 毛利率 的挑战。其第四季度收入同比下降 4%，从 143 亿美元降至 137 亿美元。产品收入微降 1%，至 129 亿美元。在产品收入中，其客户端计算组（CCG）产品收入同比下降 7%，至 82 亿美元，而数据中心和人工智能（DCAI）产品收入则增长 9%，达到 47 亿美元。</p>
</div><p>Its foundry business, meanwhile, saw revenue rise 4% to $4.5 billion. However, the segment continues to post large losses, with an operating loss of $2.5 billion in the quarter and $10.3 billion for the year. Revenue from Intel's other businesses sank 48% year over year to $0.6 billion, largely due to the sale of 51% of its Altera subsidiary.</p>
<div class="lb-trans"><p>与此同时，其代工业务的收入增长 4%，达到 45 亿美元。然而，该部门仍然出现巨额亏损，第四季度的 营业亏损 为 25 亿美元，全年亏损达到 103 亿美元。英特尔其他业务的收入同比下降 48%，降至 6 亿美元，主要由于其出售 51% 的 Altera 子公司。</p>
</div><table>
<thead>
<tr>
<th><strong>Intel Segment</strong></th>
<th><strong>Q4 Revenue</strong></th>
<th><strong>Q4 Revenue Growth (YOY)</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>Product (CCG &amp; DCAI)</td>
<td>$12.9 billion</td>
<td>(1%)</td>
</tr>
<tr>
<td>CCG</td>
<td>$8.2 billion</td>
<td>(7%)</td>
</tr>
<tr>
<td>DCAI</td>
<td>$4.7 billion</td>
<td>9%</td>
</tr>
<tr>
<td>Foundry</td>
<td>$4.5 billion</td>
<td>4%</td>
</tr>
<tr>
<td>Other (subsidiaries)</td>
<td>$0.6 billion</td>
<td>(48%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th><strong>英特尔部门</strong></th>
<th><strong>第四季度收入</strong></th>
<th><strong>第四季度收入增长（同比）</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>产品（CCG &amp; DCAI）</td>
<td>129 亿美元</td>
<td>(1%)</td>
</tr>
<tr>
<td>CCG</td>
<td>82 亿美元</td>
<td>(7%)</td>
</tr>
<tr>
<td>DCAI</td>
<td>47 亿美元</td>
<td>9%</td>
</tr>
<tr>
<td>代工</td>
<td>45 亿美元</td>
<td>4%</td>
</tr>
<tr>
<td>其他（子公司）</td>
<td>6 亿美元</td>
<td>(48%)</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 remained under pressure, dropping by 310 basis points from 39.2% to 36.1%, while adjusted gross margins sank 420 basis points to 37.9%.</p>
<div class="lb-trans"><p>毛利率 持续承压，从 39.2% 下降 310 个基点至 36.1%，而调整后的毛利率则下降 420 个基点至 37.9%。</p>
</div><p>Looking ahead, the company projected Q1 revenue to be between $11.7 billion and $12.7 billion with breakeven adjusted EPS. The $12.2 billion revenue midpoint and EPS were below the $0.05 in EPS and $12.5 billion in sales that analysts were expecting, according to <strong>LSEG</strong>. Adjusted gross margins were projected to remain weak, coming in around 34.5%. The company cited supply constraints for its light forecast.</p>
<div class="lb-trans"><p>展望未来，公司预计第一季度收入将在 117 亿美元至 127 亿美元之间，调整后的每股收益持平。根据 <strong>LSEG</strong> 的数据，122 亿美元的收入中位数和每股收益低于分析师预期的 0.05 美元每股收益和 125 亿美元的销售额。预计调整后的毛利率将保持疲软，约为 34.5%。公司指出供应限制是其疲软预测的原因。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4" alt="Intel Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FINTC.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: INTC</h2>
<div class="lb-trans"><h2>NASDAQ: INTC</h2>
</div><p>Intel</p>
<div class="lb-trans"><p>英特尔</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(11.04%) $4.85</p>
<div class="lb-trans"><p>(11.04%) $4.85</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$48.78</p>
<div class="lb-trans"><p>$48.78</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$244B</p>
<div class="lb-trans"><p>$2440 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$46.32 - $49.28</p>
<div class="lb-trans"><p>$46.32 - $49.28</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$17.66 - $54.60</p>
<div class="lb-trans"><p>$17.66 - $54.60</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>3.7M</p>
<div class="lb-trans"><p>370 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>98M</p>
<div class="lb-trans"><p>9800 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>34.77%</p>
<div class="lb-trans"><p>34.77%</p>
</div><h2>Is it time to buy the dip?</h2>
<div class="lb-trans"><h2>现在是买入的时机吗？</h2>
</div><p>Despite the post-earnings dip, Intel shares have risen sharply over the past year. The stock is no longer on the deep discount rack, and now it becomes much more about execution.</p>
<div class="lb-trans"><p>尽管在财报发布后的股价下跌，英特尔的股价在过去一年中大幅上涨。该股不再处于深度折扣状态，现在更重要的是执行力。</p>
</div><p>The company continues to bet big on its struggling foundry business, and said it was seeing strong demand for its 18A technology. Meanwhile, it said it would start spending more in capital expenditure ( capex) on its newest 14A technology once it locked in customers. It is expecting customer decisions in the second half and into early 2027. While Intel said it was making progress, there have been some recent reports of the company continuing to experience yield issues, and the business continues to lose money.</p>
<div class="lb-trans"><p>公司继续在其挣扎的代工业务上大举投资，并表示其 18A 技术的需求强劲。同时，公司表示一旦锁定客户，将开始在其最新的 14A 技术上增加资本支出（capex）。预计客户将在下半年及 2027 年初做出决策。尽管英特尔表示正在取得进展，但最近有报道称公司仍在经历良率问题，业务仍在亏损。</p>
</div><p>Although the company is seeing some momentum in its data center artificial intelligence (AI) business, both its revenue and revenue growth here are still modest compared to competitors. As a show-me stock that has doubled over the last year, Intel has a lot to prove. As such, I'd remain on the sidelines and not buy the dip.</p>
<div class="lb-trans"><p>尽管公司在数据中心 人工智能（AI） 业务上看到了一些势头，但与竞争对手相比，其收入和收入增长仍然温和。作为一只在过去一年中翻倍的股票，英特尔还有很多需要证明。因此，我会保持观望，不会买入。</p>
</div>

Intel Shares Plunge. Is It Time to Buy the Dip?

- 英特尔发布疲软财报后股价大跌，第四季度营收同比下降 4%。  
- 数据中心和人工智能业务增长 9%，但晶圆代工仍在亏损中。  
- 公司预计第一季度营收将低于分析师预期，面临供给限制问题。

英特尔股价大幅下跌。现在是否是逢低买入的好时机？