<p>值得讚揚的是，<strong>超威半導體</strong>（AMD 1.72%）在技術競爭對手 <strong>英特爾</strong>（INTC 1.24%）和 <strong>英偉達</strong>（NVDA -0.36%）的競爭中保持競爭力。這絕非易事。</p>
<p>然而，AMD 既不是圖形處理行業的領導者，也不是計算機處理器市場的領導者。鑑於投資者通常被告知（並傾向於）持有任何給定行業領先公司的股份，超威半導體並不是一家總是讓人興奮地想要購買的股票。</p>
<p>然而，這可能是一個例外情況，第二名實際上是這些公司中最具投資前景的。四張圖表展示了為什麼。</p>
<h2>數據中心現在是搖錢樹</h2>
<p>第一張圖表乍一看似乎複雜，但實際上並非如此。它只是比較了 AMD 的各業務線（數據中心、遊戲、嵌入式和客户端）隨時間的發展情況。柱狀圖代表收入，折線代表營業收入；每個業務的收入和營業收入也有顏色對應。</p>
<p>正如您所見，由於人工智能領域的不斷擴張，數據中心現在是公司銷售和利潤的最大來源。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLW9wZXJhdGluZy1pbmNvbWUtYnVzaW5lc3MucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLW9wZXJhdGluZy1pbmNvbWUtYnVzaW5lc3MucG5nJnc9NzAw"/></p>
<p>數據來源：超威半導體。圖表作者：本文作者。金額單位為百萬美元。</p>
<p>這是一個令人鼓舞的發展。數據中心不僅是技術行業未來最好的增長機會，而且人工智能的持續增長將使這項業務在此期間成為超威半導體最穩定、可靠的業務。Precedence Research 表明，人工智能硬件市場預計將以每年 24.3% 的驚人速度增長至 2033 年，與行業的其他一些展望相吻合。</p>
<h2>現金再次大量流入</h2>
<p>AMD 並非一直深耕人工智能硬件業務。直到幾個季度前，它才追趕上英偉達。超威半導體直到去年底才開始加大對這一機會的利用，推出了專為人工智能應用而設計的 M1300X 圖形處理單元。在此之前，其技術在人工智能應用中並不是首選。</p>
<p>問題在哪裏？開發或重新開發整個硬件架構並不便宜。公司最近在研發上花費了大量資金，但並沒有立即獲得投資回報。此外，公司逐漸開始計入早在 2022 年初收購賽靈思的成本，這一舉措目前正在侵蝕其淨收入。</p>
<p>然而，好消息是：正如圖表所示，去年出現的明顯低谷後，經營現金流和淨收入再次正常化為正值水平。（上季度的下滑主要是季節性因素，而非新的逆風的暗示。）</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1wcm9maXRzLW1hcmdpbnMtaW5jb21lLWNhc2gtZmxvdy5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1wcm9maXRzLW1hcmdpbnMtaW5jb21lLWNhc2gtZmxvdy5wbmcmdz03MDA"/></p>
<p>數據來源：超威半導體。圖表作者：本文作者。金額單位為百萬美元。</p>
<p>毛利顯然持平，超威半導體在人工智能硬件領域被迫進行價格競爭。但這沒關係。公司仍在贏得這項業務；隨着其人工智能技術繼續證明自己，它將獲得定價權。毛利率在此期間保持穩定。</p>
<p>為此，分析師預計去年每股利潤 2.65 美元將增長至今年的 3.51 美元，然後在明年達到 5.59 美元。然後，派對真正開始了，預計今年的每股利潤將在 2028 年幾乎翻三倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLWVwcy1vdXRsb29rLnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLWVwcy1vdXRsb29rLnBuZyZ3PTcwMA"/></p>
<p>數據來源：StockAnalysis.com。圖表作者：本文作者。</p>
<p>最重要的是？股東們不必擔心 AMD 能否按照自己的意願運營，因為沒有盈利或額外現金可供使用。</p>
<p>説到額外現金...</p>
<h2>超威半導體幾乎沒有債務</h2>
<p>最後但同樣重要的是，AMD 幾乎沒有債務，如果選擇的話甚至可以償清債務。</p>
<p>截至三月底，該公司僅負擔着約 17 億美元的長期債務，相比之下，其資產負債表上約 60 億美元左右的現金或準現金。此外，資產負債表上還有近 100 億美元的庫存和應收賬款等資產，如果必要，這些資產可以迅速變現。以此為參照，超威半導體當前的市值為 2570 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1iYWxhbmNlLXNoZWV0LWFzc2V0cy1saWFiaWxpdGllcy5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1iYWxhbmNlLXNoZWV0LWFzc2V0cy1saWFiaWxpdGllcy5wbmcmdz03MDA"/></p>
<p>數據來源：超威半導體。圖表作者：本文作者。金額單位為百萬美元。</p>
<p>不要對消息過分解讀：AMD 有近 18 億美元的 “其他” 長期負債，不屬於債務。此外，其短期應付賬款約 34 億美元。毫無疑問，還有賬單需要支付。</p>
<p>儘管如此，擁有 171 億美元的流動資產，而短期和長期負債不到這個數額的一半，超威半導體比許多其他科技巨頭擁有更多財務靈活性。此外，請注意，AMD 的總負債正在逐漸減少。</p>
<h2>股東們有足夠理由購買 AMD 股票</h2>
<p>當然，通常的風險仍然存在。其中最主要的是英特爾和英偉達可能會分別特別強調將超威半導體重新置於控制之下，以防止這家新興公司奪取更多市場份額。</p>
<p>然而，圖表中展示的財務軌跡仍然清晰。這家公司正在做一些正確的事情，現在終於正在收穫成果。同樣的進展還將繼續。大多數其他公司都會渴望處於這種特殊位置。</p>
<p>因此，連接這些點：即使主要是出於數學原因，這隻股票從三月的高點回調是一個買入機會。</p>

<p>AMD 股票是一個頂級投資前景，由於數據中心和人工智能的增長。該公司的經營現金流和淨收入正在趨於正常化，且負債很少。分析師預計到 2028 年，每股利潤將翻三倍。AMD 具有強大的財務靈活性，擁有充足的資產</p>

<p>Kudos to <strong>Advanced Micro Devices</strong>(AMD 1.72%) for remaining competitive with technology rivals <strong>Intel</strong>(INTC 1.24%) and <strong>Nvidia</strong>(NVDA -0.36%). That's no small feat.</p>
<div class="lb-trans"><p>值得讚揚的是，<strong>超威半導體</strong>（AMD 1.72%）在技術競爭對手 <strong>英特爾</strong>（INTC 1.24%）和 <strong>英偉達</strong>（NVDA -0.36%）的競爭中保持競爭力。這絕非易事。</p>
</div><p>Nevertheless, AMD is neither the leader of the graphics processing industry nor of the computer processor market. Given that investors are generally told to (and tend to) own stakes in the leading companies of any given business, Advanced Micro Devices isn't a stock that's always easy to get excited about buying.</p>
<div class="lb-trans"><p>然而，AMD 既不是圖形處理行業的領導者，也不是計算機處理器市場的領導者。鑑於投資者通常被告知（並傾向於）持有任何給定行業領先公司的股份，超威半導體並不是一家總是讓人興奮地想要購買的股票。</p>
</div><p>This may be an instance, however, where the second-place name is actually the top investment prospect among the companies in question. Four charts illustrate why.</p>
<div class="lb-trans"><p>然而，這可能是一個例外情況，第二名實際上是這些公司中最具投資前景的。四張圖表展示了為什麼。</p>
</div><h2>Data centers are now the breadwinner</h2>
<div class="lb-trans"><h2>數據中心現在是搖錢樹</h2>
</div><p>The first chart seems complicated at first blush, but it's not. It's just a comparison of how each of AMD's business lines (data center, gaming, embedded, and client) have evolved over time. The bars are revenue, and the lines are operating income; each business's revenue and operating income are also color-coordinated.</p>
<div class="lb-trans"><p>第一張圖表乍一看似乎複雜，但實際上並非如此。它只是比較了 AMD 的各業務線（數據中心、遊戲、嵌入式和客户端）隨時間的發展情況。柱狀圖代表收入，折線代表營業收入；每個業務的收入和營業收入也有顏色對應。</p>
</div><p>As you can see, data centers -- thanks to the expanding interest in all things artificial intelligence -- are now the company's single biggest source of sales and profits.</p>
<div class="lb-trans"><p>正如您所見，由於人工智能領域的不斷擴張，數據中心現在是公司銷售和利潤的最大來源。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLW9wZXJhdGluZy1pbmNvbWUtYnVzaW5lc3MucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-revenue-operating-income-business.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Advanced Micro Devices. Chart by author. Figures are in millions.</p>
<div class="lb-trans"><p>數據來源：超威半導體。圖表作者：本文作者。金額單位為百萬美元。</p>
</div><p>This is an encouraging evolution. Data centers are not only the technology sector's best growth opportunity for the foreseeable future, but the ongoing growth of AI will make this business the most consistent, reliable business Advanced Micro Devices is in during that time. Precedence Research suggests the AI hardware market is poised to grow at an incredible annualized pace of 24.3% through 2033, jibing with a handful of other outlooks for the industry.</p>
<div class="lb-trans"><p>這是一個令人鼓舞的發展。數據中心不僅是技術行業未來最好的增長機會，而且人工智能的持續增長將使這項業務在此期間成為超威半導體最穩定、可靠的業務。Precedence Research 表明，人工智能硬件市場預計將以每年 24.3% 的驚人速度增長至 2033 年，與行業的其他一些展望相吻合。</p>
</div><h2>Cash is flowing in earnest again</h2>
<div class="lb-trans"><h2>現金再次大量流入</h2>
</div><p>AMD hasn't always been waist-deep in the AI hardware business. It was well behind Nvidia until just a few quarters ago. Advanced Micro Devices arguably didn't turn up the heat on the opportunity until late last year with the unveiling of its M1300X graphics processing unit purpose-built for AI applications. Prior to that, its tech was anything but the go-to name for AI applications.</p>
<div class="lb-trans"><p>AMD 並非一直深耕人工智能硬件業務。直到幾個季度前，它才追趕上英偉達。超威半導體直到去年底才開始加大對這一機會的利用，推出了專為人工智能應用而設計的 M1300X 圖形處理單元。在此之前，其技術在人工智能應用中並不是首選。</p>
</div><p>Problem? Developing or redeveloping an entire hardware architecture isn't cheap. The company's been spending a ton of money of late on research and development without an immediate return on its investment. It's also been gradually booking the cost of acquiring Xilinx back in early 2022, which has been eating into its net income in the meantime.</p>
<div class="lb-trans"><p>問題在哪裏？開發或重新開發整個硬件架構並不便宜。公司最近在研發上花費了大量資金，但並沒有立即獲得投資回報。此外，公司逐漸開始計入早在 2022 年初收購賽靈思的成本，這一舉措目前正在侵蝕其淨收入。</p>
</div><p>There's a light at the end of the tunnel, though: As seen in the chart, after a clear lull for both last year, operating cash flow and net income are normalizing at positive levels again. (Last quarter's dips are largely seasonal rather than a hint of a new headwind.)</p>
<div class="lb-trans"><p>然而，好消息是：正如圖表所示，去年出現的明顯低谷後，經營現金流和淨收入再次正常化為正值水平。（上季度的下滑主要是季節性因素，而非新的逆風的暗示。）</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1wcm9maXRzLW1hcmdpbnMtaW5jb21lLWNhc2gtZmxvdy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-profits-margins-income-cash-flow.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Advanced Micro Devices. Chart by author. Dollar figures are in millions.</p>
<div class="lb-trans"><p>數據來源：超威半導體。圖表作者：本文作者。金額單位為百萬美元。</p>
</div><p>Gross profits are obviously flat, with Advanced Micro Devices being forced to be price-competitive on the AI hardware front. But that's OK. The company's still winning this business; it will gain pricing power as its AI tech continues to prove itself. Gross profit margin rates are stable in the meantime.</p>
<div class="lb-trans"><p>毛利顯然持平，超威半導體在人工智能硬件領域被迫進行價格競爭。但這沒關係。公司仍在贏得這項業務；隨着其人工智能技術繼續證明自己，它將獲得定價權。毛利率在此期間保持穩定。</p>
</div><p>To this end, analysts expect last year's per-share profits of $2.65 to grow to $3.51 per share this year en route to $5.59 per share next year. Then the party really starts, with this year's projected per-share profits expected to nearly triple by 2028.</p>
<div class="lb-trans"><p>為此，分析師預計去年每股利潤 2.65 美元將增長至今年的 3.51 美元，然後在明年達到 5.59 美元。然後，派對真正開始了，預計今年的每股利潤將在 2028 年幾乎翻三倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1yZXZlbnVlLWVwcy1vdXRsb29rLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-revenue-eps-outlook.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: StockAnalysis.com. Chart by author.</p>
<div class="lb-trans"><p>數據來源：StockAnalysis.com。圖表作者：本文作者。</p>
</div><p>Bottom line? Shareholders don't have to worry about AMD being able to operate as it wants to, simply because there's no earnings or extra cash to work with.</p>
<div class="lb-trans"><p>最重要的是？股東們不必擔心 AMD 能否按照自己的意願運營，因為沒有盈利或額外現金可供使用。</p>
</div><p>And speaking of extra cash...</p>
<div class="lb-trans"><p>説到額外現金...</p>
</div><h2>Advanced Micro Devices is practically debt-free</h2>
<div class="lb-trans"><h2>超威半導體幾乎沒有債務</h2>
</div><p>Last but certainly not least, AMD carries very little debt, and could be debt-free if it chose to be.</p>
<div class="lb-trans"><p>最後但同樣重要的是，AMD 幾乎沒有債務，如果選擇的話甚至可以償清債務。</p>
</div><p>As of the end of March, the company's only servicing about $1.7 billion worth of long-term debt, versus roughly $6 billion worth of cash or near-cash on its balance sheet. There's also nearly $10 billion worth of assets like inventory and accounts receivable on the books that could become cash in short order if necessary. For perspective, Advanced Micro Devices' current market cap stands at $257 billion.</p>
<div class="lb-trans"><p>截至三月底，該公司僅負擔着約 17 億美元的長期債務，相比之下，其資產負債表上約 60 億美元左右的現金或準現金。此外，資產負債表上還有近 100 億美元的庫存和應收賬款等資產，如果必要，這些資產可以迅速變現。以此為參照，超威半導體當前的市值為 2570 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODE2NzkvMDYyNTI0LWFtZC1iYWxhbmNlLXNoZWV0LWFzc2V0cy1saWFiaWxpdGllcy5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781679%2F062524-amd-balance-sheet-assets-liabilities.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Advanced Micro Devices. Chart by author. Figures are in millions.</p>
<div class="lb-trans"><p>數據來源：超威半導體。圖表作者：本文作者。金額單位為百萬美元。</p>
</div><p>Don't read <em>too</em> much into the message: AMD's got nearly $1.8 billion in &#34;other&#34; long-term liabilities that don't qualify as debt. It's also got a little over $3.4 billion in accrued short-term liabilities. There are bills to pay, to be sure.</p>
<div class="lb-trans"><p>不要對消息過分解讀：AMD 有近 18 億美元的 “其他” 長期負債，不屬於債務。此外，其短期應付賬款約 34 億美元。毫無疑問，還有賬單需要支付。</p>
</div><p>Still, with $17.1 billion worth of current assets and less than half that amount in short-term and long-term liabilities, Advanced Micro Devices enjoys far more fiscal flexibility than many other technology giants do. Also, notice that AMD's total liabilities are simply shrinking.</p>
<div class="lb-trans"><p>儘管如此，擁有 171 億美元的流動資產，而短期和長期負債不到這個數額的一半，超威半導體比許多其他科技巨頭擁有更多財務靈活性。此外，請注意，AMD 的總負債正在逐漸減少。</p>
</div><h2>More than enough to make AMD stock a buy</h2>
<div class="lb-trans"><h2>股東們有足夠理由購買 AMD 股票</h2>
</div><p>The usual risks apply, of course. Chief among them is the possibility that Intel and Nvidia will each make a specific point of putting AMD back in check before the up-and-comer steals any additional market share.</p>
<div class="lb-trans"><p>當然，通常的風險仍然存在。其中最主要的是英特爾和英偉達可能會分別特別強調將超威半導體重新置於控制之下，以防止這家新興公司奪取更多市場份額。</p>
</div><p>The fiscal trajectories laid out in the charts, however, still paint a clear picture. This company is doing several things right and is now -- finally -- reaping the benefits. More of the same progress is in the cards, too. Most other companies would <em>love</em> to be in this particular position.</p>
<div class="lb-trans"><p>然而，圖表中展示的財務軌跡仍然清晰。這家公司正在做一些正確的事情，現在終於正在收穫成果。同樣的進展還將繼續。大多數其他公司都會渴望處於這種特殊位置。</p>
</div><p>So, connect the dots: Even if largely for mathematical reasons, this stock's pullback from March's high is a buying opportunity.</p>
<div class="lb-trans"><p>因此，連接這些點：即使主要是出於數學原因，這隻股票從三月的高點回調是一個買入機會。</p>
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4 Charts That Make AMD Stock a Buy

- AMD 1.72% 與 Intel (INTC 1.24%) 和 Nvidia (NVDA -0.36%) 保持競爭，尤其在數據中心領域表現突出。
- 數據中心現已成為公司最大的銷售和利潤來源，受益於人工智能的持續增長。
- AMD 近期在 AI 硬件業務上投入大量資金，現金流和淨收入正逐漸恢復到正常水平。

4 張圖表顯示 AMD 股票值得買入