高盛“踏足”eVTOL赛道：力挺BETA Technologies(BETA.US)，看衰Joby Aviation(JOBY.US)

智通财经2025-12-02

智通财经APP获悉，高盛公司开始涉足电动垂直起降飞行器(eVTOL)行业的股票评级业务。该公司在初次评估中，给予BETA Technologies(BETA.US)"买入"评级，给予Archer Aviation(ACHR.US)和Eve Holding(EVEX.US)"中性"评级，并将Joby Aviation(JOBY.US)评为"卖出"。分析师安东尼·瓦伦蒂尼指出，技术进步以及现任政府希望...

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href=http://www.zhitongcaijing.com/content/detail/1376447.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，高盛公司开始涉足电动垂直起降飞行器(eVTOL)行业的股票评级业务。该公司在初次评估中，给予BETA Technologies(BETA.US)\"买入\"评级，给予Archer Aviation(ACHR.US)和Eve Holding(EVEX.US)\"中性\"评级，并将Joby Aviation(JOBY.US)评为\"卖出\"。分析师安东尼·瓦伦蒂尼指出，技术进步以及现任政府希望...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1376447.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1868836591.USD","symbol_name":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1376447.html","article_id":"2588084718","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2588084718","pubTimestamp":1764656703,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"\"以下是高盛对各eVTOL股票的具体分析：BETA 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ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD"},"translate_title":"Goldman Sachs \"set foot\" on the eVTOL track: supporting BETA Technologies (BETA.US), bearish on Joby Aviation (JOBY.US)","themeId":"4c41971a54a4f4b54e1ff20cdc017336","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BETA":1.5,"JOBY":1.5},"content_text":"智通财经APP获悉，高盛公司开始涉足电动垂直起降飞行器(eVTOL)行业的股票评级业务。该公司在初次评估中，给予BETA Technologies(BETA.US)\"买入\"评级，给予Archer Aviation(ACHR.US)和Eve Holding(EVEX.US)\"中性\"评级，并将Joby Aviation(JOBY.US)评为\"卖出\"。分析师安东尼·瓦伦蒂尼指出，技术进步以及现任政府希望将制造业带回美国的意愿，增加了eVTOL行业认证时间表的能见度。\"竞争激烈，但我们认为这不是一个赢家通吃的市场。我们更青睐售后市场利润丰厚、垂直整合、具有收入能见度且有满足未来巨大需求能力的商业模式。\"以下是高盛对各eVTOL股票的具体分析：BETA Technologies (买入评级): \"其通过CTOL飞机进行的分阶段认证流程，能提前实现收入并加速学习曲线，且不影响eVTOL的时间线。BETA既是一家飞机制造商(OEM)，也是零部件供应商，这是航空业最具吸引力的商业模式。它已与通用电气(GE)合作开发一款用于国防的混合动力飞行器，并采取团队协作方式向竞争对手销售电机和充电器，这将有助于其扩大规模。我们认为BETA定位最佳，近期股价下跌提供了有吸引力的入场点。我们给予买入评级。\"Joby Aviation (卖出评级): \"Joby是该领域历史最悠久的公司，飞行时数最多，且在认证方面领先。它致力于成为一站式服务提供商(涵盖制造、供应、运营)，这意味着它拥有最大的市场机会，但我们认为其运营模式将面临监管障碍和巨大的资本需求...该股目前交易价格存在显著溢价，我们认为这不合理。\"Archer Aviation(中性评级): \"该公司的外包方法加速了其认证进程，尽管其成立时间少于竞争对手。其飞机的尺寸可能意味着它的性能是最强的。然而，其缺乏垂直整合意味着售后市场利润较低，我们相信其利润率也更低。其与Anduril的合作关系可能成为行业内最佳的国防领域产品，但由于缺乏资金能见度，难以评估其价值。\"Eve Holding (中性评级): \"巴航工业(Embraer)的控股地位颇具吸引力，因为这带来了劳动力、设施和航空行业专业知识。然而，这种结构导致公司发展速度较慢，飞行时数也较少。我们相信该公司最终将在市场上竞争，但在认证方面相对落后。\"","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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