对英特尔第一季度财报的10个解读

英特尔(Intel)现在是炙手可热。该公司第一季度的利润与营业收入远远优于分析师的预期，激励其股票价格大涨。截止到4月20日中午，英特尔股票上涨7%，并带动主要股票指数走高。 英特尔首席执行官保罗﹒欧德宁在一次电话会议上，谨慎地解释了是什么使得英特尔第一季度如此成功。他说，分析师对于PC产业的预测失真，是因为他们没有深入分析发达经济体中白牌制造商的需求。另外，由于智能手机、平板电脑和其它移动计算产品快速增长，最近几个月对于数据产品的需求急剧上升。 以下是我对英特尔第一季度财报的10点看法： 一、2011年可以轻松实现强劲业绩：英特尔第一季度实现营业收入129亿美元，比去年同期增长25%。净利同比增长29%，而且各项业务的营业收入表现强劲。英特尔首席财务官斯特西·史密斯表示：“第一季度对于2011年来说是一个很好的开端，使我们有望超过今年的财务目标。” 二、新兴市场在推动英特尔增长：现在英特尔50%以上的营业收入来自新兴市场，而且可能在可预见的将来保持这种趋势。英特尔认为，新兴市场对于技术的需求强烈，而渗透率较低——这种完善组合正在驱动PC和企业硬件销售增长。 三、顶级OEM不是市场中的唯一选择：在大家都专注于最大的几家OEM之际，新兴市场却趋向非品牌的组装产品。由于越来越多的买家从小公司购买产品，英特尔这样的公司就会从中受益，因为它具有较高的品牌识别度——许多买家仍然希望其设备使用英特尔的产品。 四、欧洲和北美的消费需求疲软：由于受经济问题的影响，欧洲和北美的消费市场表现疲软。欧洲和北美当前的需求主要是购买第二台设备或更换/升级现有设备。 ［转下一页：供应链未受打击，库存健康］

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{pagination} 五、日本地震的影响很小：英特尔在日本的销售机构受到一些损坏，但除此之外，3月11日的地震和海啸并未给该公司造成任何不利影响。尽管一些日本高科技公司出现一些问题，但英特尔的供应链没有受到打击。 六、库存情况健康：据英特尔，第一季度库存方面没有出现问题。实际上，该公司第一季度受益于一些库存补充活动。 七、移动设备急剧增长，正在刺激对数据中心产品的需求：智能手机、平板电脑和其它移动计算设备的出货量高达数千万，英特尔也想分得一杯羹。而该公司正在心想事成，因为这些设备都运行在它的服务器上面并使用它的部件。英特尔表示，第一季度其数据中心业务增长32%，上述努力功不可没。 八、云计算蓬勃发展：由于全球向按需提供数据(data-on-demand)的服务发展，对于管理和存储这些信息的设备的需求大增，这有利于英特尔的数据业务。英特尔表示，面向云计算市场的销售额增长了一到两倍。 九、不能相信那些预测数据？预测机构的数据通常接近现实，但只有在部件供应商和制造商提供实际销售数据之后。在那以前，只能故妄听之，尤其是对于PC市场，他们的预测可能与实际差出几个百分点。这对于销售额数以10亿美元计的领域来说，可能一下就差出好多。 十、对于高额资本支出没有歉意：英特尔的资本预算在业内处于最高之列，但它认为这是主要竞争优势之一。英特尔今年的资本支出计划是102亿美元，将主要用于下一代工艺技术，包括22和14纳米工艺。 参考原文：10 Takeaways From Intel's Q1 Results,by Bolaji Ojo

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• 英特尔平板电脑也Turnkey，创智成山鸡变凤凰
• 英特尔：311强震证实WiMax比3G蜂巢技术可靠
• 1个和5个：2011年英特尔与AMD的GEM策略谁将胜出？Vkoesmc

{pagination} Intel Corp. is red hot. The company blew away analysts' revenue and profit estimates in the first quarter, boosting its stocks on the equity market. The stocks rose 7 percent by midday today, April 20, and helped to lift the major indices. What made Intel so successful during the quarter was carefully laid out during a conference call by CEO Paul Otellini, who explained that even analysts got their numbers twisted up in the PC segment because they were not looking deeply enough into demand from white box manufacturers in developing economies. Also, demand for data products has shot up in recent months, due to the proliferation of smartphones, tablet computers, and other mobile computing devices. Here are my ten takeaways from the company's latest financial results: A strong 2011 performance is easily achievable: Intel reported revenue of $12.9 billion for the first quarter, up 25 percent on a year-over-year basis. Net income rose 29 percent during the same period, while sales by segment showed strong performance. "The first quarter was a great start to 2011 and puts us on track to exceed our financial goals for the year," said Intel's CFO, Stacy Smith, during the conference call. Emerging markets are driving Intel's growth: Intel now generates more than 50 percent of its sales from emerging markets, and this trend is likely to continue for the foreseeable future. Demand for technology is strong in emerging markets, and the level of penetration is low -- a great combination that's driving sales of PCs and enterprise hardware, according to Intel. Top OEMs aren't the only game in town: While everyone is concentrating on the biggest OEMs, the trend in emerging economies is towards non-branded white goods. As more buyers purchase products from small outfits, companies like Intel stand to gain because of the emphatic name recognition -- Intel is still the name many buyers want inside their equipment. Consumer demand is weak in Europe and North America: Sales in Europe and North America are weak in the consumer end, due to continuing economic problems in the regions. A major part of current demand in Europe and North America is for secondary or replacement/upgrade equipment. The impact of the Japan earthquake disaster was minimal: Intel suffered some damage to sales and marketing offices in Japan, but otherwise, the company has not experienced any negative impact from the earthquake and tsunami that rocked the country on March 11. Intel's supply chain has not been hit, despite some problems at some Japanese high-tech companies. Inventory pipeline is healthy: No problems emerged with inventory during the first quarter, according to Intel. In fact, the company benefited from some inventory replenishment during the period. Explosion of mobile devices is boosting demand for datacenter products: Intel wants a piece of the tens of millions of smartphones, tablets, and other mobile computing devices being shipped. But, as it turns out, the company is getting a slice of the action, as these devices run on its servers and use its components. That action contributed to a 32 percent hike in Intel's datacenter business during the first quarter, the company said. The cloud is booming: As the world migrates to data-on-demand services, demand is surging for the equipment that hosts the information, to the benefit of Intel's data business. Intel says its sales into the cloud computing market are growing by a factor of 2 or 3. Don't trust those research forecast numbers? Forecasters' numbers usually get close to reality, but only after parts suppliers and manufacturers deliver the actual sales figures. Until then, take the forecast numbers with a pinch of salt because, especially in the case of PCs, they can be off by several percentage points -- which, for a segment running into billions, could translate into a wide miss. No apologies for high capex: Intel's capital expenditure budget is among the highest in the industry, but that's something the company believes is a major competitive advantage. The $10.2 billion Intel plans on capex this year is going to go primarily into next-generation process technologies, including 22 and 14 nanometers.