<p>汽車和工業芯片巨頭 <strong>德州儀器</strong>(TXN -13.41%) 的股價在週三暴跌，截止東部時間下午 2:22，跌幅達到 13.3%。</p>
<p>對於被認為是穩定的藍籌公司來説，這一跌幅相當大，尤其是在昨晚的財報 “超預期” 之後。然而，自四月以來，股價因對工業芯片領域強勁週期性復甦的樂觀預期而大幅上漲。我們談論的是股價在四月的低點和近期高點之間上漲了 50%。</p>
<p>因此，當公司預計持續增長但可能沒有一些人希望的那麼多時，缺乏 “完美” 的復甦導致股價暴跌。</p>
<h2>五個 TI 市場中有四個正在加速復甦</h2>
<p>在第二季度，德州儀器報告收入增長 16.5%，達到 44.5 億美元，每股收益上漲 15.6%，達到 1.44 美元。這兩個數字均超出分析師預期。</p>
<p>然而，問題出現在管理層對第三季度的指引中，公司預計收入在 44.5 億到 48 億美元之間，每股收益在 1.36 到 1.60 美元之間。雖然這些數字將標誌着環比增長，但股價顯然已經預期了更快的復甦。</p>
<p>在與分析師的電話會議上，管理層詳細説明了公司五個主要終端市場中有四個正在強勁復甦，工業芯片增長了高達十幾個百分點，個人電子產品增長了 25%，企業芯片增長了 40%，通信設備同比增長超過 50%。然而，公司汽車芯片部門——僅次於工業芯片的第二大部門——僅增長了中個位數，實際上環比下降。</p>
<p>首席財務官哈維夫·伊蘭指出，汽車行業在 2023 年進入下行週期，比工業芯片晚了一年，而那裏的復甦也較為緩慢。最近的關税公告也對汽車行業產生了重大影響，給週期性復甦帶來了障礙。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzNDEvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS0xLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzNDEvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS0xLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>TI 在事後獲得褒貶不一的評價</h2>
<p>賣方分析師對 TI 的財報和指引反應不一，有些提高了目標價，有些則下調了。最積極的是 Argus，將該股的目標價從 210 美元上調至 250 美元，而截至目前該股的股價為 187 美元。但 DZ Bank 則給該股設定了 158 美元的目標價，並給予 “賣出” 評級。</p>
<p>從表面上看，TI 的股價在今年的盈利預期下以 34 倍的市盈率並不顯得特別便宜，但 TI 也在美國製造業上進行大規模投資，這在今天提高了成本。不過，這項投資在長期內可能會證明是一個巨大的優勢和資產。</p>
<p>因此，持有該股的投資者應繼續持有，而那些尚未擁有 TI 的投資者可能想要考慮進入這家新近折價的芯片巨頭。</p>

德州儀器

<p>德州儀器 (TXN) 的股價在報告強勁的盈利超預期後下跌了 13.3%，原因是對第三季度的指引低於預期。儘管第二季度收入增長了 16.5%，但管理層對 44.5 億至 48 億美元的收入和 1.36 至 1.60 美元的每股收益的預測讓投資者感到失望。雖然五個市場中有四個顯示出強勁復甦，但汽車芯片部門表現不佳。分析師的反應不一，目標價範圍從 158 美元到 250 美元不等。德州儀器的股票目前的市盈率為 34 倍，但在美國製造業的持續投資可能會在長期內帶來好處</p>

<p>Shares of auto and industrial chip giant <strong>Texas Instruments</strong>(TXN -13.41%) plunged doubled digits on Wednesday, falling 13.3% as of 2:22 p.m. ET.</p>
<div class="lb-trans"><p>汽車和工業芯片巨頭 <strong>德州儀器</strong>(TXN -13.41%) 的股價在週三暴跌，截止東部時間下午 2:22，跌幅達到 13.3%。</p>
</div><p>That's a pretty big drop for what is considered a stable, blue chip company, especially after an earnings &#34;beat&#34; last night. However, the stock had rallied hard since April on optimism over a strong cyclical recovery in the industrial chip arena. We're talking a 50% gain between the stock's April lows and recent highs.</p>
<div class="lb-trans"><p>對於被認為是穩定的藍籌公司來説，這一跌幅相當大，尤其是在昨晚的財報 “超預期” 之後。然而，自四月以來，股價因對工業芯片領域強勁週期性復甦的樂觀預期而大幅上漲。我們談論的是股價在四月的低點和近期高點之間上漲了 50%。</p>
</div><p>Therefore, when the company guided for continued growth but perhaps not as much as some had hoped for in Q3, the lack of a &#34;perfect&#34; recovery sent the stock tumbling.</p>
<div class="lb-trans"><p>因此，當公司預計持續增長但可能沒有一些人希望的那麼多時，缺乏 “完美” 的復甦導致股價暴跌。</p>
</div><h2>Four out of five TI markets are accelerating their recovery</h2>
<div class="lb-trans"><h2>五個 TI 市場中有四個正在加速復甦</h2>
</div><p>In the second quarter, Texas Instruments reported 16.5% revenue growth to $4.45 billion, with earnings per share rallying 15.6% to $1.44. Both figures beat analyst expectations.</p>
<div class="lb-trans"><p>在第二季度，德州儀器報告收入增長 16.5%，達到 44.5 億美元，每股收益上漲 15.6%，達到 1.44 美元。這兩個數字均超出分析師預期。</p>
</div><p>However, the problem came in management's third-quarter guidance, in which the company forecasts $4.45 billion to $4.80 billion in revenue and $1.36 to $1.60 in EPS. While those figures would mark quarter-over-quarter growth, the stock had apparently been pricing in a swifter recovery.</p>
<div class="lb-trans"><p>然而，問題出現在管理層對第三季度的指引中，公司預計收入在 44.5 億到 48 億美元之間，每股收益在 1.36 到 1.60 美元之間。雖然這些數字將標誌着環比增長，但股價顯然已經預期了更快的復甦。</p>
</div><p>On the conference call with analysts, management elaborated that four out of the company's five main end markets were all recovering strongly, with industrial chips up in the high teens, personal electronics up 25%, enterprise chips up 40%, and communications equipment up more than 50% year over year. However, the company's auto chip segment -- its second-largest behind industrial chips -- only grew mid-single digits, and actually fell quarter over quarter.</p>
<div class="lb-trans"><p>在與分析師的電話會議上，管理層詳細説明了公司五個主要終端市場中有四個正在強勁復甦，工業芯片增長了高達十幾個百分點，個人電子產品增長了 25%，企業芯片增長了 40%，通信設備同比增長超過 50%。然而，公司汽車芯片部門——僅次於工業芯片的第二大部門——僅增長了中個位數，實際上環比下降。</p>
</div><p>CFO Haviv Ilan made the point that autos had gone into its downturn in 2023, about a year later than industrial chips, and that the recovery there was shallower. Recent tariff announcements have also greatly affected the auto sector, throwing a wrench into a cyclical recovery.</p>
<div class="lb-trans"><p>首席財務官哈維夫·伊蘭指出，汽車行業在 2023 年進入下行週期，比工業芯片晚了一年，而那裏的復甦也較為緩慢。最近的關税公告也對汽車行業產生了重大影響，給週期性復甦帶來了障礙。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYzNDEvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS0xLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826341%2Fgettyimages-1802285109-1.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>TI receives mixed reviews in the aftermath</h2>
<div class="lb-trans"><h2>TI 在事後獲得褒貶不一的評價</h2>
</div><p>Sell-side analysts had a mixed reaction to TI's earnings report and guidance, with some raising their price targets and others lowering them. The most positive was Argus, which raised its price target on the stock from $210 to $250 relative to the stock's $187 stock price as of this writing. But DZ Bank slapped a $158 price target on the stock and a &#34;sell&#34; rating.</p>
<div class="lb-trans"><p>賣方分析師對 TI 的財報和指引反應不一，有些提高了目標價，有些則下調了。最積極的是 Argus，將該股的目標價從 210 美元上調至 250 美元，而截至目前該股的股價為 187 美元。但 DZ Bank 則給該股設定了 158 美元的目標價，並給予 “賣出” 評級。</p>
</div><p>TI's stock doesn't look particularly cheap on the surface at 34 times this year's earnings estimates, but TI is also making a big investment in U.S. manufacturing, which is elevating costs today. Still, that investment could prove to be a great advantage and asset over the long term.</p>
<div class="lb-trans"><p>從表面上看，TI 的股價在今年的盈利預期下以 34 倍的市盈率並不顯得特別便宜，但 TI 也在美國製造業上進行大規模投資，這在今天提高了成本。不過，這項投資在長期內可能會證明是一個巨大的優勢和資產。</p>
</div><p>Therefore, investors in the stock should continue to hold, while those who don't own TI may want to investigate entering the newly discounted chip giant.</p>
<div class="lb-trans"><p>因此，持有該股的投資者應繼續持有，而那些尚未擁有 TI 的投資者可能想要考慮進入這家新近折價的芯片巨頭。</p>
</div>

為什麼德州儀器今天暴跌超過 10%