证券研究报告 英特尔(INTEL) (INTC US) 制程追赶初见成效,看好 18A 订单落地 华泰研究 2026 年 1 月 23 日 | 美国 年报点评 半导体 英特尔 25Q4 业绩超预期,但 26Q1 指引液软且 18A 无客户更新,盘后股 价下跌超 12%(股价自 12/17 累计上涨 51%,也存在获利了结）。其中 1Q 指引审慎(或受季节性需求下供应约束影响),股价先下跌 6%;业绩会未 对 18A/14A 进展做更多更新,市场随之调整预期。我们认为,短期财报并 非核心，关键在于 Foundry 转型推进节奏,更应关注代工订单进展及制程 领先是否持续兑现。业绩端:Q4 营收 137 亿美元,同比-4.1%,超 VA 预 期（下同）2.1%（全年营收 529 亿美元,同比持平）;Non-GAAP 毛利率 和 EPS 为 37.9%和 0.15 美元，高于预期的 36.3%和 0.08 美元，其中毛利 率高指引 1.4pp。指引端: Q1 营收 117-127 亿美元（预期 125 亿美元）, Non-GAAP 毛利率/EPS 为 34.5%/0.00 美元（预期 36.1%和 0.04 美元）, ...

Core Insights - CES 2026 will showcase breakthrough technologies and transformative innovations, focusing on future consumer experiences [2] - Omdia analysts will highlight key trends across various sectors, including automotive, smart living, display, IoT, media and entertainment, PC, TV, and ProAV [2] Automotive Sector - AI will find its full application in the automotive sector, moving beyond basic functionalities to more efficient roles [3] - The event will feature advanced satellite and cellular communication technologies, enhancing reliable connectivity while addressing cybersecurity compliance by reducing reliance on Chinese software [3] - New generation semiconductors with cloud design capabilities will accelerate AI innovations in vehicles and network edges, supporting developments in autonomous vehicles and eVTOL [3] Display Technology - CES 2026 will focus on smart cockpit automotive display solutions featuring cutting-edge technologies [4] - AI applications in consumer electronics will drive display innovations, including natural human-machine interactions, AR/VR experiences, and large entertainment screens [4] - Various display technologies such as LCD, OLED, Mini LED, and Micro LED will be prominently featured [4]

Group 1 - The core focus of Weimob Group's recent financing round is on three main areas: integration and application of AI in SaaS, expansion of media channels and precision marketing services, and active promotion of overseas business development [3] - Weimob Group's founder and CEO expressed gratitude for recognition from Infini and emphasized the upcoming decade as a time for Chinese tech companies to shine globally, indicating a strategic focus on preparing for the Agentic AI era [3] Group 2 - Weimob Group is a cloud-based business and marketing solutions provider in China, offering digital solutions for various industries including e-commerce retail, fresh supermarkets, commercial real estate, and direct sales [5] - The company was established in 2013, initially focusing on WeChat services as a third-party service provider [5] - According to the 2025 H1 financial report, Weimob Group reported total revenue of 775 million, with an adjusted year-on-year growth of 7.8%, and an adjusted net profit of 17 million [5]