<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>圖片來源：Pexels</em></p>
<p>儘管英特爾（INTC - 免費報告）曾是全球最大的半導體公司，但這家芯片巨頭正處於一個不太可能的轉機邊緣。</p>
<p>值得注意的是，華爾街的語氣已經從 “英特爾正在衰亡” 轉變為 “英特爾回來了”。</p>
<p>與此相關的是，分析師在英特爾 1 月 22 日星期四的第四季度業績發佈前，紛紛上調評級並發表樂觀評論。</p>
<p>這推動英特爾的股價上漲至每股 50 美元，創下兩年來的新高，而去年四月其股價僅為 17 美元，創下十多年來的最低點。</p>
<p>英特爾的復甦得益於美國政府和其長期競爭對手英偉達（NVDA - 免費報告）以及軟銀（SFTBY - 免費報告）的重大投資。這些投資和合作為英特爾提供了生機，幫助其穩定財務狀況並驗證其長期戰略。</p>
<p>儘管如此，英特爾股價的戲劇性反彈引發了人們對是否該在最新的反彈中買入、退出或持有 INTC 的討論。</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>圖片來源：Zacks 投資研究</p>
<h3><strong>英特爾第四季度預期</strong></h3>
<p>根據 Zacks 的估計，英特爾第四季度的銷售額預計將下降 6%，至 133.8 億美元，而去年同期為 142.6 億美元。在底線方面，第四季度每股收益預計將降至 0.08 美元，而去年同期為 0.13 美元。</p>
<p>儘管預計會收縮，但英特爾股票的興奮感因財務結果強於預期而提升。在過去四個季度的報告中，英特爾的平均銷售驚喜為 4.69%，而平均盈利驚喜則高達 577%。英特爾最近在 10 月份報告的第三季度每股收益為 0.23 美元，遠超預期的 0.01 美元。</p>
<p>在 2024 年報告了 188 億美元的虧損或每股-0.13 美元后，英特爾預計將在 2025 財年結束時每股收益為 0.34 美元，儘管年銷售額預計將下降 1%，至 525.6 億美元。</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>圖片來源：Zacks 投資研究</p>
<h3><strong>英特爾復甦的關鍵驅動因素</strong></h3>
<p><strong>1. 強勁的產品勢頭</strong></p>
<p>英特爾推出的 Panther Lake PC 平台被視為近年來最重要的產品。分析師認為這是英特爾多年技術延遲終於結束的標誌。</p>
<p>Panther Lake 是一種下一代移動 PC 架構，能夠處理複雜的設備內 AI 工作負載，並基於英特爾的 18A 工藝，這是該公司迄今為止最先進的製造節點。</p>
<p><strong>2. 製造進展</strong></p>
<p>節點是幫助製造芯片的技術，英特爾的 18A 節點是其復甦敍事的核心。</p>
<p>英特爾的 18A 產量已超過 60%，這是領先節點的一個重要里程碑。</p>
<p>18A 正在吸引英偉達以外的潛在外部客户，包括有報道稱蘋果（AAPL - 免費報告）將在 2027 年開始使用英特爾代工製造芯片。</p>
<p>獲得蘋果的業務將使英特爾成為台灣半導體（TSM - 免費報告）的有力競爭者，這與其到 2030 年成為全球第二大電路代工廠的目標相一致。</p>
<p><strong>3. 服務 CPU 的需求</strong></p>
<p>英特爾的服務器 CPU（中央處理單元）幾乎售罄，這與 2023 年和 2024 年導致其股價崩潰的過剩問題形成鮮明對比。</p>
<p>由於數據中心服務器的需求超過供應，這些 CPU 的平均售價可能上漲 10-15%，同時英特爾也看到消費者和筆記本電腦 CPU 的需求增加。</p>
<h3><strong>分析師升級</strong></h3>
<p>儘管英特爾的股價已經超過當前的 Zacks 平均目標價 39.15 美元，但幾位分析師最近上調了對 INTC 的評級和目標價。</p>
<p>這包括花旗、KeyBanc、TD Cowen、滙豐銀行和 Seaport Research Partners 的分析師。值得注意的是，Seaport 將英特爾的股票評級從持有上調至強烈買入，並在週二將其目標價提高至 65 美元。Seaport 的目標價將成為新的街頭高點，理由是 PC 復甦、製造進展和英特爾代工業務的勢頭。</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>圖片來源：Zacks 投資研究</p>
<h3><strong>監測英特爾的估值</strong></h3>
<p>目前，市銷率（P/S）可能仍然是跟蹤英特爾對投資者基本價值的最佳方式，而不是市盈率（P/E）。考慮到這一點，INTC 的市銷率已進一步高於通常偏好的低於 2 倍的前瞻性銷售，但仍低於標準普爾 500 指數的 5.8 倍以及許多芯片製造商所能要求的高市銷率溢價。</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>圖片來源：Zacks 投資研究</p>
<p>關於英特爾的盈利潛力，其多年的每股收益峯值為 2021 年的 5.47 美元。在每股約 50 美元的情況下，如果接近這一巔峯而不是當前的 80 倍水平，過於樂觀的預期將使 INTC 的前瞻性市盈率吸引力低於 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>圖片來源：Zacks 投資研究</p>
<h3><strong>結論與最終思考</strong></h3>
<p>英特爾似乎正在兑現來自其最大股東——聯邦政府的 110 億美元投資。美國計劃確保和提升國內芯片製造，使得持有英特爾股票變得誘人。</p>
<p>然而，除非這家芯片製造商在第四季度發佈出色的業績並給出非常有前景的指引，否則在如此激動人心的反彈之後，可能會有更好的買入機會。目前，英特爾股票的 Zacks 評級為#3（持有）。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>在第四季度財報臨近時購買 Netflix 股票以尋求反彈？</p>
<p>在強勁的第四季度業績後購買頂級投資管理公司的股票？</p>
<p>Capital One 的股票在第四季度財報前值得擁有嗎？</p>

Netflix 財報，一站看懂！

英特爾財報，一站看懂！

<p>英特爾的股票已飆升至兩年來的最高點 50 美元，主要受到分析師上調評級和強勁財務業績的推動，尤其是在其第四季度財報發佈之前。儘管預計銷售會下降，英特爾最近的產品發佈和代工進展增強了投資者的信心。分析師們提高了他們的目標價，Seaport Research 將英特爾的評級上調至強力買入，目標價為 65 美元。與行業標準相比，該公司的估值仍然具有吸引力，其復甦得到了旨在增強國內芯片製造的重大政府投資的支持</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>圖片來源：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>儘管英特爾（INTC - 免費報告）曾是全球最大的半導體公司，但這家芯片巨頭正處於一個不太可能的轉機邊緣。</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，華爾街的語氣已經從 “英特爾正在衰亡” 轉變為 “英特爾回來了”。</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>與此相關的是，分析師在英特爾 1 月 22 日星期四的第四季度業績發佈前，紛紛上調評級並發表樂觀評論。</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>這推動英特爾的股價上漲至每股 50 美元，創下兩年來的新高，而去年四月其股價僅為 17 美元，創下十多年來的最低點。</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>英特爾的復甦得益於美國政府和其長期競爭對手英偉達（NVDA - 免費報告）以及軟銀（SFTBY - 免費報告）的重大投資。這些投資和合作為英特爾提供了生機，幫助其穩定財務狀況並驗證其長期戰略。</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>儘管如此，英特爾股價的戲劇性反彈引發了人們對是否該在最新的反彈中買入、退出或持有 INTC 的討論。</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>圖片來源：Zacks 投資研究</p>
</div><h3><strong>Intel’s Q4 Expectations</strong></h3>
<div class="lb-trans"><h3><strong>英特爾第四季度預期</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>根據 Zacks 的估計，英特爾第四季度的銷售額預計將下降 6%，至 133.8 億美元，而去年同期為 142.6 億美元。在底線方面，第四季度每股收益預計將降至 0.08 美元，而去年同期為 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>儘管預計會收縮，但英特爾股票的興奮感因財務結果強於預期而提升。在過去四個季度的報告中，英特爾的平均銷售驚喜為 4.69%，而平均盈利驚喜則高達 577%。英特爾最近在 10 月份報告的第三季度每股收益為 0.23 美元，遠超預期的 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 年報告了 188 億美元的虧損或每股-0.13 美元后，英特爾預計將在 2025 財年結束時每股收益為 0.34 美元，儘管年銷售額預計將下降 1%，至 525.6 億美元。</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>圖片來源：Zacks 投資研究</p>
</div><h3><strong>Key Drivers to Intel’s Rebound</strong></h3>
<div class="lb-trans"><h3><strong>英特爾復甦的關鍵驅動因素</strong></h3>
</div><p><strong>1. Strong Product Momentum</strong></p>
<div class="lb-trans"><p><strong>1. 強勁的產品勢頭</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>英特爾推出的 Panther Lake PC 平台被視為近年來最重要的產品。分析師認為這是英特爾多年技術延遲終於結束的標誌。</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 是一種下一代移動 PC 架構，能夠處理複雜的設備內 AI 工作負載，並基於英特爾的 18A 工藝，這是該公司迄今為止最先進的製造節點。</p>
</div><p><strong>2. Foundry Progress</strong></p>
<div class="lb-trans"><p><strong>2. 製造進展</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>節點是幫助製造芯片的技術，英特爾的 18A 節點是其復甦敍事的核心。</p>
</div><p>Intel’s 18A yields have surpassed 60%, a major milestone for a leading-edge node.</p>
<div class="lb-trans"><p>英特爾的 18A 產量已超過 60%，這是領先節點的一個重要里程碑。</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 正在吸引英偉達以外的潛在外部客户，包括有報道稱蘋果（AAPL - 免費報告）將在 2027 年開始使用英特爾代工製造芯片。</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>獲得蘋果的業務將使英特爾成為台灣半導體（TSM - 免費報告）的有力競爭者，這與其到 2030 年成為全球第二大電路代工廠的目標相一致。</p>
</div><p><strong>3. Demand for Service CPUs</strong></p>
<div class="lb-trans"><p><strong>3. 服務 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>英特爾的服務器 CPU（中央處理單元）幾乎售罄，這與 2023 年和 2024 年導致其股價崩潰的過剩問題形成鮮明對比。</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>由於數據中心服務器的需求超過供應，這些 CPU 的平均售價可能上漲 10-15%，同時英特爾也看到消費者和筆記本電腦 CPU 的需求增加。</p>
</div><h3><strong>Analyst Upgrades</strong></h3>
<div class="lb-trans"><h3><strong>分析師升級</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>儘管英特爾的股價已經超過當前的 Zacks 平均目標價 39.15 美元，但幾位分析師最近上調了對 INTC 的評級和目標價。</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>這包括花旗、KeyBanc、TD Cowen、滙豐銀行和 Seaport Research Partners 的分析師。值得注意的是，Seaport 將英特爾的股票評級從持有上調至強烈買入，並在週二將其目標價提高至 65 美元。Seaport 的目標價將成為新的街頭高點，理由是 PC 復甦、製造進展和英特爾代工業務的勢頭。</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>圖片來源：Zacks 投資研究</p>
</div><h3><strong>Monitoring Intel’s Valuation</strong></h3>
<div class="lb-trans"><h3><strong>監測英特爾的估值</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，市銷率（P/S）可能仍然是跟蹤英特爾對投資者基本價值的最佳方式，而不是市盈率（P/E）。考慮到這一點，INTC 的市銷率已進一步高於通常偏好的低於 2 倍的前瞻性銷售，但仍低於標準普爾 500 指數的 5.8 倍以及許多芯片製造商所能要求的高市銷率溢價。</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>圖片來源：Zacks 投資研究</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>關於英特爾的盈利潛力，其多年的每股收益峯值為 2021 年的 5.47 美元。在每股約 50 美元的情況下，如果接近這一巔峯而不是當前的 80 倍水平，過於樂觀的預期將使 INTC 的前瞻性市盈率吸引力低於 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>圖片來源：Zacks 投資研究</p>
</div><h3><strong>Conclusion &amp; Final Thoughts</strong></h3>
<div class="lb-trans"><h3><strong>結論與最終思考</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>英特爾似乎正在兑現來自其最大股東——聯邦政府的 110 億美元投資。美國計劃確保和提升國內芯片製造，使得持有英特爾股票變得誘人。</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，除非這家芯片製造商在第四季度發佈出色的業績並給出非常有前景的指引，否則在如此激動人心的反彈之後，可能會有更好的買入機會。目前，英特爾股票的 Zacks 評級為#3（持有）。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Buy Netflix Stock For A Rebound As Q4 Earnings Approach?</p>
<div class="lb-trans"><p>在第四季度財報臨近時購買 Netflix 股票以尋求反彈？</p>
</div><p>Buy Stock In The Top Investment Management Firms After Strong Q4 Results?</p>
<div class="lb-trans"><p>在強勁的第四季度業績後購買頂級投資管理公司的股票？</p>
</div><p>Is Capital One Stock Worth Owning Ahead Of Q4 Earnings?</p>
<div class="lb-trans"><p>Capital One 的股票在第四季度財報前值得擁有嗎？</p>
</div>

Will Intel Stock Keep Soaring As Q4 Earnings Approach?

- 英特爾股價已漲至兩年高點 50 美元，投資者熱情回升。  
- 儘管 Q4 預期銷售下降 6%，分析師仍看好其未來前景。  
- 強產品動力與政府投資助力英特爾復甦，估計迴歸至 11 億美元投資回報。

隨着第四季度財報的臨近，英特爾的股票會繼續上漲嗎？