夜炒美股
2023-07-26
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@芯潮:
德州仪器Q2:跌的真不冤!
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class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ba3098b1038851694e0b0317882b321\" tg-width=\"1070\" tg-height=\"311\"></p><p>昨日盘后,全球模拟芯片巨头德州仪器发布二季报,业绩指引不及预期,引发股价大跌。</p><p>此前,阿斯麦、台积电、恩智浦等半导体巨头已经率先发布了二季报,根据各家管理层的表述,半导体行业的复苏不及此前预期。</p><p>虽然先辈们已经大跌为敬,但德州仪器是真的勇,在财报发布前一日还创下近一年来新高,如今因指引不及预期而大跌,也是求锤得锤了。</p><p>具体来看:</p><p>德州仪器二季度财报无论是营收还是利润,皆超出分析师预期:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6c7f7adb836abd0f8bf8086f3bf920b\" tg-width=\"1092\" tg-height=\"371\"></p><p>其中,二季度营收45.3亿美元,同比下滑13.1%,但超出分析师预期的43.5亿:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69ae98378817f7890c79eadb31ca99da\" tg-width=\"1644\" tg-height=\"651\"></p><p>根据其给出的第三季度指引,预计营收在43.6-47.4亿,该预测区间的中值低于分析师一致预期的45.9亿。管理层提到,二季度除汽车市场外,其他终端市场的表现皆疲软。</p><p>德州仪器主要从事数字信号处理与模拟电路方面的研究、制造和销售,是世界第九大半导体制造商,其模拟芯片的营收占比高达77%,产品种类超8万种,主要应用于工业和汽车行业:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39668be209e1e4a7b2485aa1cc053923\" tg-width=\"635\" tg-height=\"254\"></p><p>德州仪器的股价在过去10年涨幅巨大:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/058ff9c1710732d8fb406e463ec74034\" tg-width=\"1346\" tg-height=\"639\"></p><p>但从历年的营收来看,其2022年的收入为200亿美元,较2012年仅增长56%:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8bd42dc73dc8fe6095c6d592566f30fb\" tg-width=\"1483\" tg-height=\"626\"></p><p>为何德州仪器的股价涨幅远超营收?</p><p>从盈利能力来看,过去10年德州仪器发生质的变化,其毛利率由2012年时的49.8%增长至2022年时的68.8%,净利率由17.9%提升至44%:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ea4a1158c8acf34375ac730fd466898\" tg-width=\"1637\" tg-height=\"653\"></p><p>因此,德州仪器过去10年的净利润从23亿增长至88亿,翻了近4倍!</p><p>除此之外,德州仪器极为重视股东回报,其分红比例高达50%以上,股息率更是达到了2.84%的水平:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf54cb6095d272548be9d1756d6f59d5\" tg-width=\"1448\" tg-height=\"668\"></p><p>除现金分红外,德州仪器也大量回购股份,其2004年总股本高达17亿股,2022年时已降至9亿股,股份数量减少了47%:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c46b7435693084b2385c9fa89a86a65e\" tg-width=\"1489\" tg-height=\"609\"></p><p>优秀的经营数据之下,德州仪器的估值也一路飙升:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7c8145dbfd40570511f4e181ed447f2\" tg-width=\"1376\" tg-height=\"629\"></p><p>从财务数据上看,德州仪器极为优秀,但同样难逃半导体周期的影响,预计其基本面的复苏和其他半导体公司同步,若有大跌,或是良机! <a data-mention-id=\"TXN\" class=\"teditor-mention\" data-mention-name=\"德州仪器\" href=\"https://laohu8.com/S/TXN\">$德州仪器(TXN)$</a> </p></body></html>","htmlText":"<html><head></head><body><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ba3098b1038851694e0b0317882b321\" tg-width=\"1070\" tg-height=\"311\"></p><p>昨日盘后,全球模拟芯片巨头德州仪器发布二季报,业绩指引不及预期,引发股价大跌。</p><p>此前,阿斯麦、台积电、恩智浦等半导体巨头已经率先发布了二季报,根据各家管理层的表述,半导体行业的复苏不及此前预期。</p><p>虽然先辈们已经大跌为敬,但德州仪器是真的勇,在财报发布前一日还创下近一年来新高,如今因指引不及预期而大跌,也是求锤得锤了。</p><p>具体来看:</p><p>德州仪器二季度财报无论是营收还是利润,皆超出分析师预期:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6c7f7adb836abd0f8bf8086f3bf920b\" tg-width=\"1092\" tg-height=\"371\"></p><p>其中,二季度营收45.3亿美元,同比下滑13.1%,但超出分析师预期的43.5亿:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69ae98378817f7890c79eadb31ca99da\" tg-width=\"1644\" tg-height=\"651\"></p><p>根据其给出的第三季度指引,预计营收在43.6-47.4亿,该预测区间的中值低于分析师一致预期的45.9亿。管理层提到,二季度除汽车市场外,其他终端市场的表现皆疲软。</p><p>德州仪器主要从事数字信号处理与模拟电路方面的研究、制造和销售,是世界第九大半导体制造商,其模拟芯片的营收占比高达77%,产品种类超8万种,主要应用于工业和汽车行业:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39668be209e1e4a7b2485aa1cc053923\" tg-width=\"635\" tg-height=\"254\"></p><p>德州仪器的股价在过去10年涨幅巨大:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/058ff9c1710732d8fb406e463ec74034\" tg-width=\"1346\" tg-height=\"639\"></p><p>但从历年的营收来看,其2022年的收入为200亿美元,较2012年仅增长56%:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8bd42dc73dc8fe6095c6d592566f30fb\" tg-width=\"1483\" tg-height=\"626\"></p><p>为何德州仪器的股价涨幅远超营收?</p><p>从盈利能力来看,过去10年德州仪器发生质的变化,其毛利率由2012年时的49.8%增长至2022年时的68.8%,净利率由17.9%提升至44%:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ea4a1158c8acf34375ac730fd466898\" tg-width=\"1637\" tg-height=\"653\"></p><p>因此,德州仪器过去10年的净利润从23亿增长至88亿,翻了近4倍!</p><p>除此之外,德州仪器极为重视股东回报,其分红比例高达50%以上,股息率更是达到了2.84%的水平:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf54cb6095d272548be9d1756d6f59d5\" tg-width=\"1448\" tg-height=\"668\"></p><p>除现金分红外,德州仪器也大量回购股份,其2004年总股本高达17亿股,2022年时已降至9亿股,股份数量减少了47%:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c46b7435693084b2385c9fa89a86a65e\" tg-width=\"1489\" tg-height=\"609\"></p><p>优秀的经营数据之下,德州仪器的估值也一路飙升:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7c8145dbfd40570511f4e181ed447f2\" tg-width=\"1376\" tg-height=\"629\"></p><p>从财务数据上看,德州仪器极为优秀,但同样难逃半导体周期的影响,预计其基本面的复苏和其他半导体公司同步,若有大跌,或是良机! <a data-mention-id=\"TXN\" class=\"teditor-mention\" data-mention-name=\"德州仪器\" href=\"https://laohu8.com/S/TXN\">$德州仪器(TXN)$</a> </p></body></html>","text":"昨日盘后,全球模拟芯片巨头德州仪器发布二季报,业绩指引不及预期,引发股价大跌。 此前,阿斯麦、台积电、恩智浦等半导体巨头已经率先发布了二季报,根据各家管理层的表述,半导体行业的复苏不及此前预期。 虽然先辈们已经大跌为敬,但德州仪器是真的勇,在财报发布前一日还创下近一年来新高,如今因指引不及预期而大跌,也是求锤得锤了。 具体来看: 德州仪器二季度财报无论是营收还是利润,皆超出分析师预期: 其中,二季度营收45.3亿美元,同比下滑13.1%,但超出分析师预期的43.5亿: 根据其给出的第三季度指引,预计营收在43.6-47.4亿,该预测区间的中值低于分析师一致预期的45.9亿。管理层提到,二季度除汽车市场外,其他终端市场的表现皆疲软。 德州仪器主要从事数字信号处理与模拟电路方面的研究、制造和销售,是世界第九大半导体制造商,其模拟芯片的营收占比高达77%,产品种类超8万种,主要应用于工业和汽车行业: 德州仪器的股价在过去10年涨幅巨大: 但从历年的营收来看,其2022年的收入为200亿美元,较2012年仅增长56%: 为何德州仪器的股价涨幅远超营收? 从盈利能力来看,过去10年德州仪器发生质的变化,其毛利率由2012年时的49.8%增长至2022年时的68.8%,净利率由17.9%提升至44%: 因此,德州仪器过去10年的净利润从23亿增长至88亿,翻了近4倍! 除此之外,德州仪器极为重视股东回报,其分红比例高达50%以上,股息率更是达到了2.84%的水平: 除现金分红外,德州仪器也大量回购股份,其2004年总股本高达17亿股,2022年时已降至9亿股,股份数量减少了47%: 优秀的经营数据之下,德州仪器的估值也一路飙升: 从财务数据上看,德州仪器极为优秀,但同样难逃半导体周期的影响,预计其基本面的复苏和其他半导体公司同步,若有大跌,或是良机! 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