模拟芯片复苏？德州仪器预计Q1营收环比增长，为十六年来首次

华尔街见闻01-28

德州仪器给出一份罕见的季度环比增长展望，强化了模拟芯片需求正在修复的预期，并直接推升股价。德州仪器周二盘后跳涨8%。公司财报给出乐观指引，预计第一季度营收为43.2亿至46.8亿美元，按指引中值计算，将高于第四季度营收44.2亿美元。这一“跨年环比增长”的信号在该公司历史上并不常见。Cantor Fitzgerald分析师Matthew Prisco指出，这种从第四季度到下一年第一季度的环比...

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Texas Instruments expects Q1 revenue growth sequentially, first time in sixteen years","themeId":"c2d35424fa377d52fe8e4c21292b0cd5","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TXN":1.98},"content_text":"德州仪器给出一份罕见的季度环比增长展望，强化了模拟芯片需求正在修复的预期，并直接推升股价。\n德州仪器周二盘后跳涨8%。公司财报给出乐观指引，预计第一季度营收为43.2亿至46.8亿美元，按指引中值计算，将高于第四季度营收44.2亿美元。\n这一“跨年环比增长”的信号在该公司历史上并不常见。Cantor Fitzgerald分析师Matthew Prisco指出，这种从第四季度到下一年第一季度的环比增长情形“16年来未曾出现”，并称财报“出人意料地积极”。Matthew Prisco将这一点视为需求修复的重要信号，认为这支持了市场对公司后续现金创造能力的核心乐观逻辑。\n不过，乐观情绪并非一致。Bernstein分析师Stacy Rasgon认为业绩“还不错”，但同时警告复苏速度可能低于部分投资者期待，且短交期订单带来的可见度有限。Jefferies分析师Blayne Curtis则称模拟复苏似乎“卡在一档”，公司更明显的增量来自数据中心相关业务。\n\n收入大体符合预期，EPS小幅低于一致预期\n财报数据方面，德州仪器第四季度营收44.2亿美元，大体与一致预期接近。每股收益为1.27美元，较一致预期低2美分。\n公司在财报中表示，该每股收益“包含了6美分的下调”，而这一项并未纳入公司最初的业绩指引之中。\n对多头而言，自由现金流仍是估值框架的关键变量。\nMatthew Prisco表示，这份财报支持公司明年产生90亿至100亿美元自由现金流的观点，这是其看多逻辑的核心组成部分。\n谨慎者则更多从节奏与确定性出发。Stacy Rasgon指出，今年资本市场开支应会下降，这将有利于自由现金流，但他同时认为复苏并非“火箭式”上行，短期改善的含金量需要结合订单结构进一步观察。\nRasgon强调，“不少上行来自短交期订单”，这意味着对后续趋势的可见度有限，也存在需求被提前透支、从而影响未来业绩弹性的风险。\nBlayne Curtis则补充称，模拟芯片复苏仍偏温和，但公司来自数据中心的贡献更为可观，并且如今在财报中更容易被拆解与识别。这一结构性变化，正在影响投资者对德州仪器增长来源与持续性的判断。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2606767865","isCrawlerRequest":true}