摩根士丹利：半导体周刊_盈利周第一期（德州仪器（TXN）、泛林集团（LRCX）、英特尔（INTC））

Investment Ratings - Texas Instruments (TXN): Underweight [2][20] - Lam Research (LRCX): Equal-weight [5][45] - Intel Corporation (INTC): Equal-weight [9][66] Core Insights - The semiconductor industry is facing short-term pressures from tariffs and inventory corrections, but long-term demand remains a focus [1][2] - Texas Instruments is expected to report in-line results, with margins and cash flow under pressure due to tariff impacts and inventory management strategies [4][14] - Lam Research is anticipated to experience near-term memory weakness but has medium-term opportunities in NAND upgrades [41][51] - Intel's near-term outlook appears stable, but the focus is on long-term strategic direction amid a CEO transition [9][64] Summary by Sections Texas Instruments (TXN) - Expected to report results in line with consensus, with revenue forecasted at $3.906 billion for the March quarter, down 2.5% quarter-over-quarter but up 6.7% year-over-year [17] - Gross margin guidance for March is positioned below the long-term trendline, with a focus on stabilizing inventories [4][16] - The company is committed to a capital expenditure of $5 billion this year, with any reduction viewed positively [4][16] Lam Research (LRCX) - Forecasted revenue for the March quarter is $4.657 billion, up 6.4% quarter-over-quarter and 22.7% year-over-year, above consensus [42] - The June quarter outlook projects revenue of $4.326 billion, down 7.1% quarter-over-quarter but up 11.7% year-over-year [43] - The company is expected to benefit from NAND upgrades despite facing near-term headwinds in DRAM [51][50] Intel Corporation (INTC) - Projected revenue for the March quarter is $12.217 billion, down 14.3% quarter-over-quarter and down 4.0% year-over-year [65] - The June quarter is expected to show a slight recovery with revenue forecasted at $12.851 billion, up 5.2% quarter-over-quarter [65] - The focus remains on the long-term strategy and potential shifts under new leadership, with a cautious outlook on the foundry business [10][64]