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AMD earnings: Intel's data-center surge will be a tough act to follow

AMD earnings: Intel's data-center surge will be a tough act to follow

AMD 收益:英特爾的數據中心激增將是一個艱難的行為
道琼斯 ·  2020/01/25 07:05

MW AMD earnings: Intel's data-center surge will be a tough act to follow

MW AMD收益:英特爾數據中心的激增將是一個艱難的行動

By Wallace Witkowski, MarketWatch

作者:Wallace Witkowski,MarketWatch

Wall Street consensus calls for a 39% rise in AMD server sales as it looks to continue charge into business that larger rival dominates

華爾街一致呼籲AMD服務器銷售額增長39%,因為AMD希望繼續進軍規模更大的競爭對手主導的業務

Advanced Micro Devices Inc.'s sales of server chips may get heightened scrutiny following a surprise jump in data-center sales reported by larger rival Intel Corp.

在規模更大的競爭對手英特爾(Intel Corp.)公佈數據中心銷售意外躍升後,美國超微公司的服務器芯片銷售可能會受到更嚴格的審查。

AMD (AMD) shifted the power balance against bigger rival Intel Corp (http://www.marketwatch.com/story/amd-outshines-intel-at-ces-2020-as-chip-makers-traditional-roles-remain-reversed-2020-01-07).(INTC) last year as it released its 7-nm "Rome" chips while Intel failed to bring its 10-nm chip to the market. In chip parlance, nanometers, or nm, refers to the size of the transistors that go on a computer chip, with the general rule being that smaller transistors are faster and more efficient in using power.

去年,當英特爾未能將其10納米芯片推向市場時,AMD改變了與規模更大的競爭對手英特爾(http://www.marketwatch.com/story/amd-outshines-intel-at-ces-2020-as-chip-makers-traditional-roles-remain-reversed-2020-01-07).(INTC)之間的力量平衡,因為它發佈了7納米“羅馬”芯片。在芯片術語中,納米,或納米,指的是計算機芯片上晶體管的大小,一般規則是,較小的晶體管使用功率更快、更高效。

AMD's forceful re-entry into the server business, which had been completely dominated by Intel for many years (http://www.marketwatch.com/story/why-amd-believes-it-can-challenge-intel-in-servers-2018-09-28), was a big part of its turnaround. AMD's Epyc line of data-center chips fall under the company's enterprise embedded and semi-custom segment, and analysts expect sales in that segment to rise 39% to $603.8 million when AMD reports fourth-quarter earnings after the bell on Tuesday.

多年來完全由英特爾主導的服務器業務是AMD扭虧為盈的一大部分,而AMD強勢重返服務器業務是其扭虧為盈的重要因素。AMD的EPEC系列數據中心芯片屬於該公司的企業嵌入式和半定製領域,分析師預計,AMD週二開盤後公佈第四季度收益時,該領域的銷售額將增長39%,至6.038億美元。

Don't miss: Chip stocks soared as sales slumped in 2019 -- what does that mean for 2020? (http://www.marketwatch.com/story/for-chip-companies-stocks-soared-as-sales-slumped-in-2019-what-does-that-mean-for-2020-2019-12-31)

不要錯過預期:芯片類股在2019年銷量暴跌之際飆升--這對2020年意味着什麼?(http://www.marketwatch.com/story/for-chip-companies-stocks-soared-as-sales-slumped-in-2019-what-does-that-mean-for-2020-2019-12-31)

Expectations may have been changed, however, after Intel topped Wall Street estimates for data-center sales by about $800 million (http://www.marketwatch.com/story/intel-stock-rallies-as-data-center-sales-drive-big-wall-street-beat-2020-01-23). AMD shares fell 2.6% Friday in the wake of Intel's report, as Intel stock enjoyed its best day in two years and hit its highest prices since the dot-com bust.

然而,在英特爾超過華爾街對數據中心銷售額約8億美元的(http://www.marketwatch.com/story/intel-stock-rallies-as-data-center-sales-drive-big-wall-street-beat-2020-01-23).預期後,預期可能發生了變化英特爾發佈報告後,AMD股價週五下跌2.6%,英特爾股價創下兩年來表現最好的一天,股價觸及互聯網泡沫破裂以來的最高水平。

That was a rare drop for AMD -- In addition to being the best performing stock on the S&P 500 index (http://www.marketwatch.com/story/here-are-the-best-and-worst-dow-and-sp-500-stocks-of-2019-2019-12-30) for the second year in a row, AMD shares recently topped their dot-com bubble highs (http://www.marketwatch.com/story/amd-stock-finally-breaks-its-dot-com-era-record-high-2020-01-02) to set new records, and promised an even bigger year in 2020 with the release of several new chips (http://www.marketwatch.com/story/amd-announces-new-chips-at-ces-2020-2020-01-06)at CES. If it wants to keep that run going, AMD may have to produce a big beat on server sales to match its biggest rival.

這對AMD來説是一次罕見的下跌--除了連續第二年成為標準普爾500指數(http://www.marketwatch.com/story/here-are-the-best-and-worst-dow-and-sp-500-stocks-of-2019-2019-12-30)指數中表現最好的股票外,AMD的股價最近還超過了互聯網泡沫的高點(http://www.marketwatch.com/story/amd-stock-finally-breaks-its-dot-com-era-record-high-2020-01-02),創下了新的紀錄。並承諾2020年將發佈幾款新芯片(http://www.marketwatch.com/story/amd-announces-new-chips-at-ces-2020-2020-01-06)at CES,這將是更重要的一年。如果AMD想要保持這一勢頭,它可能不得不在服務器銷售方面大展身手,以趕上其最大的競爭對手。

What to expect

期待什麼?

(https://asset.wsj.net/dynamic-insets/charts/cdc_a5bb4c8bb226130a91da3f6a_embed.html)

(https://asset.wsj.net/dynamic-insets/charts/cdc_a5bb4c8bb226130a91da3f6a_embed.html)

Earnings: Of the 33 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 31 cents a share, up from the 8 cents a share reported in the year-ago quarter. Estimize, a software platform that uses crowdsourcing from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 32 cents a share.

收益:在FactSet調查的33位分析師中,AMD平均預計調整後每股收益為31美分,高於去年同期的8美分。軟件平臺Estimize使用對衝基金高管、經紀商、買方分析師和其他人的眾包,要求每股收益32美分。

(https://asset.wsj.net/dynamic-insets/charts/cdc_26ca4a9f5a17604005675364_embed.html)

(https://asset.wsj.net/dynamic-insets/charts/cdc_26ca4a9f5a17604005675364_embed.html)

Revenue: Wall Street expects revenue of $2.11 billion from AMD, according to 32 analysts polled by FactSet. That's down from the $2.15 billion forecast at the beginning of the quarter but up from the $1.42 billion reported in the year-ago period. AMD predicted revenue of $2.05 billion to $2.15 billion. Estimize expects revenue of $2.13 billion.

營收:據FactSet調查的32位分析師稱,華爾街預計AMD的營收為21.1億美元。這一數字低於季度初預測的21.5億美元,但高於去年同期公佈的14.2億美元。AMD預計營收在20.5億至21.5億美元之間。Estimize預計營收為21.3億美元。

In AMD's largest segment, computing and graphics chips, analysts expect a 52% rise in sales to $1.5 billion, according to FactSet.

根據FactSet的數據,在AMD最大的計算和圖形芯片領域,分析師預計銷售額將增長52%,至15億美元。

(https://asset.wsj.net/dynamic-insets/charts/cdc_c1a8c3a569d5382dca621db3_embed.html)

(https://asset.wsj.net/dynamic-insets/charts/cdc_c1a8c3a569d5382dca621db3_embed.html)

Stock movement: AMD's stock has surged more than 52% since its last earnings report (http://www.marketwatch.com/story/amd-stock-ticks-higher-after-earnings-come-in-about-as-expected-2019-10-29) in late October. In comparison, the S&P 500 index has gained 8.5%, the tech-heavy Nasdaq Composite Index has grown 12.5%, and the PHLX Semiconductor Index has increased 12% in that time.

股價走勢:自去年10月底發佈上一份(http://www.marketwatch.com/story/amd-stock-ticks-higher-after-earnings-come-in-about-as-expected-2019-10-29)財報以來,AMD的股價已飆升逾52%。相比之下,標準普爾500指數上漲了8.5%,以科技股為主的納斯達克綜合指數上漲了12.5%,PHLX半導體指數同期上漲了12%。

What analysts are saying

分析人士所説的話

Cowen analyst Matthew Ramsay, who has an outperform rating and a $60 price target, sees AMD taking away share from Intel for the long term, not just because of launch issues.

Cowen分析師Matthew Ramsay的評級為跑贏大盤,目標價為60美元,他認為AMD將從英特爾手中奪走長期份額,這不僅僅是因為發佈問題。

"Investors seem to be appreciating the sustainability of this competitive positioning and road map, which we do not see as just a few quarters of opportunistic share gains, and certainly not dependent on incremental competitive missteps from Intel," Ramsay said.

“投資者似乎正在欣賞這種競爭定位和路線圖的可持續性,我們不認為這只是幾個季度的機會主義份額增長,當然也不依賴於英特爾遞增的競爭失誤,”拉姆齊説。

Read:Intel enjoys big rebound in cloud, but the future is still hazy (http://www.marketwatch.com/story/intel-enjoys-big-rebound-in-cloud-but-the-future-is-still-hazy-2020-01-23)

閲讀:英特爾在雲領域大幅反彈,但未來(http://www.marketwatch.com/story/intel-enjoys-big-rebound-in-cloud-but-the-future-is-still-hazy-2020-01-23)仍不明朗

Oppenheimer analyst Rick Schafer, who has a perform rating on the stock, sees continued momentum from AMD in the server space with its Epyc 2 chips.

奧本海默分析師裏克·謝弗對該股給予了表現評級,他認為AMD在服務器領域的Epyc 2芯片將繼續保持勢頭。

"We estimate 7nm Epyc 2 share ended 2019 around 6-7%, a roughly 2x increase from EOY 2018, and see share hitting 10% midyear as Intel 10nm struggles linger," Schafer said.

謝弗説:“我們估計,截至2019年,7 nm Epyc 2的市場份額約為6-7%,比2018年增長了約2倍,預計年中份額將達到10%,因為英特爾10 nm的掙扎仍在繼續。”

Susquehanna Financial Group analyst Christopher Rolland, who has a neutral rating on AMD, said the chip maker is on the right track when it comes to PCs, even with minor hiccups.

Susquehanna Financial Group分析師克里斯托弗·羅蘭(Christopher Rolland)對AMD的評級為中性,他表示,這家芯片製造商在個人電腦方面走在正確的道路上,即使是小故障。

"Despite ceding a small amount of share to Intel on desktops (odd given the launch of new desktop products this quarter), the company managed to increase its share in notebook CPUs (+4.3% QOQ)," Rolland said.

羅蘭説:“儘管英特爾在臺式機市場上讓出了一小部分份額(考慮到本季度新臺式機產品的推出,這是奇數),但該公司設法增加了其在筆記本電腦CPU市場的份額(季度增長4.3%)。”

Opinion: Intel shows the way for conservative investors in this expensive stock market (http://www.marketwatch.com/story/intel-shows-the-way-for-conservative-investors-in-this-expensive-stock-market-2020-01-24)

觀點:英特爾在這個昂貴的股市(http://www.marketwatch.com/story/intel-shows-the-way-for-conservative-investors-in-this-expensive-stock-market-2020-01-24)中為保守投資者指路

"Desktop processor [average selling price]s were also up significantly (20% QOQ) as 7nm Ryzen continue to ramp and carry higher ASPs than predecessors (better mix with more Threadripper/Ryzen 9 also contributed to ASP goodness)," the Susquehanna analyst said.

“臺式機處理器[平均售價]S也顯著上升(20%季度),因為7 nm Ryzen繼續傾斜,攜帶比前幾代更高的ASP(更好地與更多的Thadriper/Ryzen9混合也有助於ASP良好),Susquehanna分析師説。

Of the 38 analysts who cover AMD, 15 have buy or overweight ratings, 20 have hold ratings and three have sell or underweight ratings, with an average price target of $43.14.

在追蹤AMD的38位分析師中,15位給予買入或增持評級,20位給予持有評級,3位給予賣出或減持評級,平均目標價為43.14美元。

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

--Wallace Witkowski;415-439-6400;



(END) Dow Jones Newswires

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January 24, 2020 18:05 ET (23:05 GMT)

2020年1月24日東部時間18:05(格林尼治標準時間23:05)

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