瑞银:英特尔代工业务叙事持续改善 但高资本开支限制估值空间

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【瑞银:英特尔代工业务叙事持续改善 但高资本开支限制估值空间】瑞银在最新研报中表示,英特尔第二季度业绩及第三季度指引均好于投资者此前预期,晶圆产出增加和生产周期缩短缓解了供应瓶颈,制造业务前景继续改善。不过,产品竞争力、资本开支融资及潜在股东摊薄风险仍未消除,因此维持“中性”评级和121美元目标价。代工业务方面,英特尔承诺于2028年推动14A工艺进入大规模量产,瑞银认为这可能意味着公司已获得潜在客户支持。公司将2026年资本开支预期由约170亿美元上调至200亿美元,并预计2027年将显著增加,可能接近300亿美元。瑞银上调英特尔2026至2028年每股收益预测至1.56、2.17和2.82美元,但认为高额投入及自由现金流压力限制进一步上行空间。

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