英特爾(Intel)現(xiàn)在是炙手可熱。該公司第一季度的利潤與營業(yè)收入遠遠優(yōu)于分析師的預期，激勵其股票價格大漲。截止到4月20日中午，英特爾股票上漲7%，并帶動主要股票指數(shù)走高。
英特爾首席執(zhí)行官保羅﹒歐德寧在一次電話會議上，謹慎地解釋了是什么使得英特爾第一季度如此成功。他說，分析師對于PC產(chǎn)業(yè)的預測失真，是因為他們沒有深入分析發(fā)達經(jīng)濟體中白牌制造商的需求。另外，由于智能手機、平板電腦和其它移動計算產(chǎn)品快速增長，最近幾個月對于數(shù)據(jù)產(chǎn)品的需求急劇上升。
以下是我對英特爾第一季度財報的10點看法：
一、2011年可以輕松實現(xiàn)強勁業(yè)績：英特爾第一季度實現(xiàn)營業(yè)收入129億美元，比去年同期增長25%。凈利同比增長29%，而且各項業(yè)務的營業(yè)收入表現(xiàn)強勁。英特爾首席財務官斯特西·史密斯表示：“第一季度對于2011年來說是一個很好的開端，使我們有望超過今年的財務目標。”
二、新興市場在推動英特爾增長：現(xiàn)在英特爾50%以上的營業(yè)收入來自新興市場，而且可能在可預見的將來保持這種趨勢。英特爾認為，新興市場對于技術的需求強烈，而滲透率較低——這種完善組合正在驅(qū)動PC和企業(yè)硬件銷售增長。
三、頂級OEM不是市場中的唯一選擇：在大家都專注于最大的幾家OEM之際，新興市場卻趨向非品牌的組裝產(chǎn)品。由于越來越多的買家從小公司購買產(chǎn)品，英特爾這樣的公司就會從中受益，因為它具有較高的品牌識別度——許多買家仍然希望其設備使用英特爾的產(chǎn)品。
四、歐洲和北美的消費需求疲軟：由于受經(jīng)濟問題的影響，歐洲和北美的消費市場表現(xiàn)疲軟。歐洲和北美當前的需求主要是購買第二臺設備或更換/升級現(xiàn)有設備。
［轉(zhuǎn)下一頁：供應鏈未受打擊，庫存健康］
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五、日本地震的影響很?。河⑻貭栐谌毡镜匿N售機構受到一些損壞，但除此之外，3月11日的地震和海嘯并未給該公司造成任何不利影響。盡管一些日本高科技公司出現(xiàn)一些問題，但英特爾的供應鏈沒有受到打擊。
六、庫存情況健康：據(jù)英特爾，第一季度庫存方面沒有出現(xiàn)問題。實際上，該公司第一季度受益于一些庫存補充活動。
七、移動設備急劇增長，正在刺激對數(shù)據(jù)中心產(chǎn)品的需求：智能手機、平板電腦和其它移動計算設備的出貨量高達數(shù)千萬，英特爾也想分得一杯羹。而該公司正在心想事成，因為這些設備都運行在它的服務器上面并使用它的部件。英特爾表示，第一季度其數(shù)據(jù)中心業(yè)務增長32%，上述努力功不可沒。
八、云計算蓬勃發(fā)展：由于全球向按需提供數(shù)據(jù)(data-on-demand)的服務發(fā)展，對于管理和存儲這些信息的設備的需求大增，這有利于英特爾的數(shù)據(jù)業(yè)務。英特爾表示，面向云計算市場的銷售額增長了一到兩倍。
九、不能相信那些預測數(shù)據(jù)？預測機構的數(shù)據(jù)通常接近現(xiàn)實，但只有在部件供應商和制造商提供實際銷售數(shù)據(jù)之后。在那以前，只能故妄聽之，尤其是對于PC市場，他們的預測可能與實際差出幾個百分點。這對于銷售額數(shù)以10億美元計的領域來說，可能一下就差出好多。
十、對于高額資本支出沒有歉意：英特爾的資本預算在業(yè)內(nèi)處于最高之列，但它認為這是主要競爭優(yōu)勢之一。英特爾今年的資本支出計劃是102億美元，將主要用于下一代工藝技術，包括22和14納米工藝。
參考原文：10 Takeaways From Intel's Q1 Results,by Bolaji Ojo
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• 英特爾平板電腦也Turnkey，創(chuàng)智成山雞變鳳凰
• 英特爾：311強震證實WiMax比3G蜂巢技術可靠
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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.
