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← @rickawsb

$TXN

BULLISH2026-04-22
Price around the call
↑ 2026-04-22
By horizon✓ hit+4.9%
1d
✗ -2.6%
5d
✗ -1.8%
21d
✓ +4.9%
Original post
rick awsb ($people, $people) · 2026-04-22

德州仪器($TXN)第一季度财报,全面超预期: 每股收益(EPS):1.68美元(预期1.38美元) 营收:48.3亿美元(预期45.3亿美元) 营业利润:18.1亿美元(预期15.4亿美元) 自由现金流:14.0亿美元(预期12.0亿美元) 资本支出(CapEx):6.76亿美元(预期6.899亿美元) 模拟芯片收入:39.2亿美元(预期36.8亿美元) 业绩指引(Q2): 预计每股收益(EPS):1.77–2.05美元 预计营收:50.0亿–54.0亿美元 连最关键的模拟业务也明显好于市场此前的悲观判断。 财报释放了三个更重要的信号。 第一,模拟芯片行业的库存周期已经接近结束,整个板块有被重新估值的基础。 第二,工业需求比市场预期更强,全球制造并没有想象中那么疲弱。 第三,TXN在周期底部依然维持较强盈利能力,说明它不是简单的周期公司,而是具备结构性优势的长期赢家。 在这次AI周期中,需求传导路径是从算力延伸到电源、再到模拟和功率器件。 TXN正处在这条链条的中下游。当AI投资持续扩大时,这部分需求会逐步显现出来,而且往往滞后但更稳定。 免责声明:本人持有文章提及股票,观点充满偏见,非投资建议dyor

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