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wallence82

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2022-01-01

Believe in Crsp will do better in 2022

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2021-12-30

I agree with the writer. Just keep buying

Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解最近的抛售</blockquote>

2021-12-30

It a profitable company. Why investors keep dumping.

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2021-12-29

Agree

Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid股票：较11月高点下跌33%，是时候转向看涨了</blockquote>

2021-12-29

Get a good VR to try

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2021-12-28

It's time to buy

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2021-12-27

Time for Tesla to the moon

The next Tesla is proving hard to find<blockquote>事实证明，下一个特斯拉很难找到</blockquote>

2021-12-26

Why sold the stock?

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2021-12-24

Load up Coinbase for upcoming rally

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2021-12-23

The beginning of bull

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2021-12-22

Still a recommended buy for COIN

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2021-12-21

Unity

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2021-12-19

Always a supporter of fastly

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2021-12-17

Still a buy opportunity

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2021-12-16

Upstart is a good company not to miss

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2021-12-16

Apple is. Good company to invest. Ignore all the noise and just DCA

Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>

2021-12-15

Buy it. Do not let noise affected

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2021-12-14

Follow

Cathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood出售价值860万美元的辉瑞股票，逢低买入Coinbase和Robinhood</blockquote>

2021-12-13

Is time

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2021-12-10

Great company

3 Things About Sea Limited That Smart Investors Know<blockquote>聪明的投资者知道的关于Sea Limited的3件事</blockquote>

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,"htmlText":"Believe in Crsp will do better in 2022","listText":"Believe in Crsp will do better in 2022","text":"Believe in Crsp will do better in 2022","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692284846","repostId":"1149303444","repostType":2,"isVote":1,"tweetType":1,"viewCount":2523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692079649,"gmtCreate":1640817035413,"gmtModify":1640817035630,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"I agree with the writer. Just keep buying","listText":"I agree with the writer. Just keep buying","text":"I agree with the writer. Just keep buying","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692079649","repostId":"1102262158","repostType":2,"repost":{"id":"1102262158","kind":"news","pubTimestamp":1640670598,"share":"https://www.laohu8.com/m/news/1102262158?lang=zh_CN&edition=full","pubTime":"2021-12-28 13:49","market":"us","language":"en","title":"Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解最近的抛售</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102262158","media":"Seeking Alpha","summary":"Summary\n\nSea Limited is a highly diversified business firing on all cylinders in some of the fastest","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li>  <li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li>  <li>I consider Sea one of my ten highest conviction investments.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售并证明当前估值的合理性。</li><li>我认为Sea是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对Sea Limited（纽约证券交易所股票代码：SE）部门的细分分析表明，其目前的估值大致公平，但有许多长期增长动力可能会出人意料地上涨，并在未来几年推动非常强劲的回报。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an&nbsp;article&nbsp;highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我选择的2022年十大股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为最好以一篇关于Sea的文章来结束这一年。</blockquote></p><p> Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不推测短期市场走势，但我个人最近增持了Sea股票。这是我唯一没有为了收获税收损失而暂时卖出的亏损头寸之一，在本文中，我将解释为什么Sea对我来说是如此坚定的持有。</blockquote></p><p> It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>还值得注意的是，许多专业投资者似乎也认同这一观点。Sea是全球第121大公司，但在对冲基金中排名第16位。这暗示大资金是跑赢大盘海，71%的股份被机构持有。</blockquote></p><p> Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于Sea在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在多年来推动意想不到的强劲回报。</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited的游戏部门Garena因其内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p> The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有安卓游戏中拥有第二大月活跃用户。这款游戏在全球范围内都有售，但在东南亚、拉美和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p> With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老，但仍然非常受欢迎——如Roblox、Clash of Clans和Pokemon Go——但还有更多已经被遗忘。在Garena发布更多游戏并证明它也可以在这些游戏上取得成功之前，总会有人质疑它的工作室是否是一个昙花一现的奇迹。</blockquote></p><p> Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena是Sea的重要组成部分，因为它是唯一盈利的细分市场，并且它是为Sea非游戏产品提供免费广告的社交平台的两倍。交叉推广是Sea的巨大竞争优势。</blockquote></p><p> Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea最近抛售的原因之一可能是Garena暗示的第四季度指引。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：看涨期权收益演示</span></p></blockquote></p><p> In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena将2021年预订量的指导上调至45亿美元至47亿美元（高于43亿美元至45亿美元）。由于前三个季度的总预订量已经达到$3.5 B，这意味着第四季度的预订量将达到$1.0 B-$1.2 B，同比增长0%至20%，并且可能会环比下降。相比之下，最近一个季度的增长率为29%，全年预计增长率为44%。</blockquote></p><p> While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然20%并不是一个可怕的减速，但0%肯定是。与历史水平相比，即使是20%的增长也并不引人注目。在10%的中点，Garena的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是Roblox（纽约证券交易所股票代码：RBLX）等快速增长的公司。</blockquote></p><p> Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena的隐含估值应该——也确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视暴雪和Zynga的平均市盈率仅为4倍。Garena的利润比他们略高，而且可能有更大的上行风险，因此我将使用市盈率倍数5作为我的隐含估值。这意味着一家增长率在10%左右的企业的市盈率约为10，这在当今市场上是非常合理的。</blockquote></p><p> This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层指导的高端，Garena的价值为235亿美元。</blockquote></p><p> I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我相信这个估值实际上是保守的，原因有几个：</blockquote></p><p></p><p> <ul>  <li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li>  <li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li>  <li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li>  <li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li> </ul> <b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，增长可能会在接下来的几年甚至明年重新加速，特别是如果Garena发布一款新的热门游戏。下个季度的增长率不是基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自去年交易价格也处于估值范围下限的公司。</li><li>Garena拥有良好的业绩记录，并将继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至添加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着Garena认为Free Fire仍处于其生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了Free Fire之外，Garena还发行腾讯控股(OTCMKTS：OTCPK：TCEHY)等第三方开发商的游戏。这些都是像《英雄联盟》和《使命看涨期权》这样受欢迎的游戏，它们有意义地使Garena的收入多样化。</li></ul><b>电子商务</b></blockquote></p><p> Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea的电子商务平台Shopee目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克：AMZN），最近它扩展到包括巴西在内的更多市场。</blockquote></p><p> There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁是一个地区真正的亚马逊，总是有一些争论。Shopee当然面临竞争，包括来自阿里巴巴-SW（NYSE：BABA）的Lazada、印度尼西亚的Tokopedia、巴西的MercadoLibre(MELI)，甚至Amazon本身。由于大多数竞争都是私人的或隐藏在更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。就连Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p> One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p> Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常专注于移动，但上表只考虑了网站。要查看购物类别的App Store应用排名，我们可以使用App Annie。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p> On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动端，没有必要关注竞争，因为Shopee一直是每个国家排名第一的购物应用。在移动优先的世界里，这是个好兆头。即使在网络方面，Shopee也胜出，除了拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p> Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，这是一个不错的代理。第三方估计Shopee占东南亚所有电子商务的57%。正是Shopee在移动应用排名和市场份额方面的主导地位让我认为它是东南亚的亚马逊。</blockquote></p><p> So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家潜力如此之大的公司会抛售呢？</blockquote></p><p> After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师对Shopee在当前市场验证其商业模式之前将业务扩展到波兰和墨西哥等其他国家表示担忧。在这些国家，Shopee的影响力较小；它在墨西哥应用商店购物应用的3-5位之间波动，在波兰的1-3位之间波动。尽管分析师讨厌不确定性——而且首席执行官关于他们在这些早期国家没有具体的成功衡量标准的评论对此没有帮助——但Shopee有着成功进入新国家的历史，我愿意给管理层一些时间尝试进一步扩张。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p> Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子规模（平均购买规模）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子规模有所下降，但当整体销售额大幅增长时，很难抱怨。</blockquote></p><p></p><p> The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前预计2021年电子商务收入为$5.0 B-$5.2 B。第四季度增长75%-100%，全年增长约135%。这些数字比游戏方面更令人兴奋，尽管指导仍然意味着第四季度略有减速。但与亚马逊2020年3400亿美元的电子商务销售额相比，Shopee看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济体的增长速度普遍高于美国。</blockquote></p><p> Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但对电子商务部门进行估值更加困难，因为它处于亏损状态（而游戏部门利润丰厚）。Shopee的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p> For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低、周期性较强的电子商务公司。即便如此，值得注意的是，尽管没有盈利，Sea的40分（104分）优于大多数SaaS公司，也优于电子商务同行Amazon（21分）、MercadoLibre（73分）和阿里巴巴-SW（43分）。</blockquote></p><p> To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为4倍。AWS推高了这一数字，但亚马逊对第一方销售的高敞口抵消了这一影响。其他电子商务市场同行的估值类似：阿里巴巴-SW的市盈率为3倍，MercadoLibre的市盈率为9倍。所有这些估值基本上都是历史低点。</blockquote></p><p> If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果Shopee在未来几年内收入持续翻倍（自2016年以来每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率倍数，那么今天的市盈率为16倍，它将在两年内持平。但如果它在十年等较长时间内保持比亚马逊快得多的增长速度，和/或如果整个行业市盈率扩大到更正常的历史水平，那么即使市盈率为16倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或永远无法盈利，那么投资者将对任何市盈率感到非常失望。</blockquote></p><p> Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于这种广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到Shopee的移动主导地位、目前相对较小的规模、来自Garena的资金以及Amazon、阿里巴巴-SW和MercadoLibre为这种商业模式的可持续长期成功树立的先例时，我对这个细分市场的未来持乐观态度。我认识到这是一个目前无利可图且存在风险的细分市场，但我也看到了巨大的潜力。</blockquote></p><p> So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很高兴支付16倍的市盈率，这使得电子商务部门的估值为$832亿。有些人的看涨期权太高，这些人可能永远没有机会投资这家公司，无论好坏。</blockquote></p><p> Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此，仅算上Garena和Shopee，我认为Sea的价值为$1067亿。其目前的市值为$123.1 B。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p> <b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p> The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>我计算的估值中最容易增加的是Sea的120B美元现金储备，部分被40亿美元的债务抵消。这为该公司增加了一些不错的选择，并确保尽管Shopee亏损，但它不会很快破产。加上$8B现金差额，我的计算估值为$114.7 B，仅比实际估值低$8.4 B。</blockquote></p><p> Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是Sea的金融科技部门SeaMoney。这里的主要产品是移动钱包，上个季度的支付量为46亿美元（一年约为200亿美元）。该部门第三季度收入为1.32亿美元，同比增长818%。这意味着2.9%的“采用率”，甚至比Visa(V)等老牌金融科技公司还要好。由于采用率很高，我并不担心SeaMoney在扩大规模时会亏损。</blockquote></p><p> Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管SeaMoney只是一个很小的细分市场，但它现在已经达到了可以纳入估值的程度。也许它只值几十亿，但这只是一个开始。五年前，没有人会想到，一个占Sea销售额5%的电子商务平台今天的价值会超过游戏领域。但Sea的管理层——加上Garena为新细分市场提供资金并推动其病毒式采用的能力——实现了这一目标。当然，不能保证Sea在金融科技方面会取得同样的成功，但这是有先例的。</blockquote></p><p></p><p> If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's,&nbsp;Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值达到Sea的三分之一或更多（2020年，金融科技占MercadoLibre收入的36%），那么今天仅以7%的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率为16倍。事实上，这个倍数已经低于Visa、Mastercard（纽约证券交易所股票代码：MA）和Affirm（纳斯达克股票代码：AFRM）。实际上，同比增长818%的细分市场可能应该比这些增长较慢的公司获得更高的市盈率，但我们甚至不需要猜测什么是公平市盈率，因为我们可以通过在我的模型估值中使用16倍市盈率来达到Sea当前的估值。</blockquote></p><p> One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一个方法是推出除移动钱包之外的更多产品。Sea在最近的财报中指出，他们已经开始“在其他数字金融服务方面采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p> Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是Sea的投资者）和Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这是有先例的。目前Sea的投资部门还处于早期阶段，因此我没有将其纳入我的估值模型中。但不一定要考虑到这一点来证明当前股价的合理性。这只是又一个有一天可能抵得上一大部分海洋的区域。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>纵观Sea的每个细分市场，我的估值模型表明Sea目前的估值相当合理。然而，我的模型没有考虑到新细分市场的重要可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的一个非常重要的部分。金融科技领域目前同比增长818%，不需要太多想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，投资者就无法忽视金融科技部门。</blockquote></p><p> This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择性结合了每项业务的总体实力，使Sea在过去一年的平均收入增长了7%。盈利并没有那么强劲，我预计这将成为我的估值模型的主要争论点，就像大多数未盈利公司的情况一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但即使你将电子商务的市盈率一路降至5倍（这是当今增长缓慢得多的电子商务公司的市盈率），这也意味着比今天的价格下跌54%。这肯定是一个急剧的下跌，但如果使用最保守的估值标准，当今市场上的大多数公司都会看到这样的下跌。</blockquote></p><p> Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像Sea这样快速增长的公司才能用收入增长迅速抵消这种下降。因此，最具长期潜力的企业很难以最保守的估值进行交易。Sea当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我认为这些公司在这十年内市值将达到万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解最近的抛售</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解最近的抛售</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-28 13:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li>  <li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li>  <li>I consider Sea one of my ten highest conviction investments.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售并证明当前估值的合理性。</li><li>我认为Sea是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对Sea Limited（纽约证券交易所股票代码：SE）部门的细分分析表明，其目前的估值大致公平，但有许多长期增长动力可能会出人意料地上涨，并在未来几年推动非常强劲的回报。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an&nbsp;article&nbsp;highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我选择的2022年十大股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为最好以一篇关于Sea的文章来结束这一年。</blockquote></p><p> Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不推测短期市场走势，但我个人最近增持了Sea股票。这是我唯一没有为了收获税收损失而暂时卖出的亏损头寸之一，在本文中，我将解释为什么Sea对我来说是如此坚定的持有。</blockquote></p><p> It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>还值得注意的是，许多专业投资者似乎也认同这一观点。Sea是全球第121大公司，但在对冲基金中排名第16位。这暗示大资金是跑赢大盘海，71%的股份被机构持有。</blockquote></p><p> Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于Sea在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在多年来推动意想不到的强劲回报。</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited的游戏部门Garena因其内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p> The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有安卓游戏中拥有第二大月活跃用户。这款游戏在全球范围内都有售，但在东南亚、拉美和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p> With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老，但仍然非常受欢迎——如Roblox、Clash of Clans和Pokemon Go——但还有更多已经被遗忘。在Garena发布更多游戏并证明它也可以在这些游戏上取得成功之前，总会有人质疑它的工作室是否是一个昙花一现的奇迹。</blockquote></p><p> Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena是Sea的重要组成部分，因为它是唯一盈利的细分市场，并且它是为Sea非游戏产品提供免费广告的社交平台的两倍。交叉推广是Sea的巨大竞争优势。</blockquote></p><p> Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea最近抛售的原因之一可能是Garena暗示的第四季度指引。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：看涨期权收益演示</span></p></blockquote></p><p> In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena将2021年预订量的指导上调至45亿美元至47亿美元（高于43亿美元至45亿美元）。由于前三个季度的总预订量已经达到$3.5 B，这意味着第四季度的预订量将达到$1.0 B-$1.2 B，同比增长0%至20%，并且可能会环比下降。相比之下，最近一个季度的增长率为29%，全年预计增长率为44%。</blockquote></p><p> While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然20%并不是一个可怕的减速，但0%肯定是。与历史水平相比，即使是20%的增长也并不引人注目。在10%的中点，Garena的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是Roblox（纽约证券交易所股票代码：RBLX）等快速增长的公司。</blockquote></p><p> Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena的隐含估值应该——也确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视暴雪和Zynga的平均市盈率仅为4倍。Garena的利润比他们略高，而且可能有更大的上行风险，因此我将使用市盈率倍数5作为我的隐含估值。这意味着一家增长率在10%左右的企业的市盈率约为10，这在当今市场上是非常合理的。</blockquote></p><p> This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层指导的高端，Garena的价值为235亿美元。</blockquote></p><p> I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我相信这个估值实际上是保守的，原因有几个：</blockquote></p><p></p><p> <ul>  <li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li>  <li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li>  <li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li>  <li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li> </ul> <b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，增长可能会在接下来的几年甚至明年重新加速，特别是如果Garena发布一款新的热门游戏。下个季度的增长率不是基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自去年交易价格也处于估值范围下限的公司。</li><li>Garena拥有良好的业绩记录，并将继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至添加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着Garena认为Free Fire仍处于其生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了Free Fire之外，Garena还发行腾讯控股(OTCMKTS：OTCPK：TCEHY)等第三方开发商的游戏。这些都是像《英雄联盟》和《使命看涨期权》这样受欢迎的游戏，它们有意义地使Garena的收入多样化。</li></ul><b>电子商务</b></blockquote></p><p> Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea的电子商务平台Shopee目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克：AMZN），最近它扩展到包括巴西在内的更多市场。</blockquote></p><p> There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁是一个地区真正的亚马逊，总是有一些争论。Shopee当然面临竞争，包括来自阿里巴巴-SW（NYSE：BABA）的Lazada、印度尼西亚的Tokopedia、巴西的MercadoLibre(MELI)，甚至Amazon本身。由于大多数竞争都是私人的或隐藏在更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。就连Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p> One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p> Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常专注于移动，但上表只考虑了网站。要查看购物类别的App Store应用排名，我们可以使用App Annie。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p> On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动端，没有必要关注竞争，因为Shopee一直是每个国家排名第一的购物应用。在移动优先的世界里，这是个好兆头。即使在网络方面，Shopee也胜出，除了拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p> Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，这是一个不错的代理。第三方估计Shopee占东南亚所有电子商务的57%。正是Shopee在移动应用排名和市场份额方面的主导地位让我认为它是东南亚的亚马逊。</blockquote></p><p> So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家潜力如此之大的公司会抛售呢？</blockquote></p><p> After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师对Shopee在当前市场验证其商业模式之前将业务扩展到波兰和墨西哥等其他国家表示担忧。在这些国家，Shopee的影响力较小；它在墨西哥应用商店购物应用的3-5位之间波动，在波兰的1-3位之间波动。尽管分析师讨厌不确定性——而且首席执行官关于他们在这些早期国家没有具体的成功衡量标准的评论对此没有帮助——但Shopee有着成功进入新国家的历史，我愿意给管理层一些时间尝试进一步扩张。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p> Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子规模（平均购买规模）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子规模有所下降，但当整体销售额大幅增长时，很难抱怨。</blockquote></p><p></p><p> The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前预计2021年电子商务收入为$5.0 B-$5.2 B。第四季度增长75%-100%，全年增长约135%。这些数字比游戏方面更令人兴奋，尽管指导仍然意味着第四季度略有减速。但与亚马逊2020年3400亿美元的电子商务销售额相比，Shopee看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济体的增长速度普遍高于美国。</blockquote></p><p> Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但对电子商务部门进行估值更加困难，因为它处于亏损状态（而游戏部门利润丰厚）。Shopee的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p> For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低、周期性较强的电子商务公司。即便如此，值得注意的是，尽管没有盈利，Sea的40分（104分）优于大多数SaaS公司，也优于电子商务同行Amazon（21分）、MercadoLibre（73分）和阿里巴巴-SW（43分）。</blockquote></p><p> To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为4倍。AWS推高了这一数字，但亚马逊对第一方销售的高敞口抵消了这一影响。其他电子商务市场同行的估值类似：阿里巴巴-SW的市盈率为3倍，MercadoLibre的市盈率为9倍。所有这些估值基本上都是历史低点。</blockquote></p><p> If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果Shopee在未来几年内收入持续翻倍（自2016年以来每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率倍数，那么今天的市盈率为16倍，它将在两年内持平。但如果它在十年等较长时间内保持比亚马逊快得多的增长速度，和/或如果整个行业市盈率扩大到更正常的历史水平，那么即使市盈率为16倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或永远无法盈利，那么投资者将对任何市盈率感到非常失望。</blockquote></p><p> Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于这种广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到Shopee的移动主导地位、目前相对较小的规模、来自Garena的资金以及Amazon、阿里巴巴-SW和MercadoLibre为这种商业模式的可持续长期成功树立的先例时，我对这个细分市场的未来持乐观态度。我认识到这是一个目前无利可图且存在风险的细分市场，但我也看到了巨大的潜力。</blockquote></p><p> So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很高兴支付16倍的市盈率，这使得电子商务部门的估值为$832亿。有些人的看涨期权太高，这些人可能永远没有机会投资这家公司，无论好坏。</blockquote></p><p> Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此，仅算上Garena和Shopee，我认为Sea的价值为$1067亿。其目前的市值为$123.1 B。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p> <b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p> The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>我计算的估值中最容易增加的是Sea的120B美元现金储备，部分被40亿美元的债务抵消。这为该公司增加了一些不错的选择，并确保尽管Shopee亏损，但它不会很快破产。加上$8B现金差额，我的计算估值为$114.7 B，仅比实际估值低$8.4 B。</blockquote></p><p> Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是Sea的金融科技部门SeaMoney。这里的主要产品是移动钱包，上个季度的支付量为46亿美元（一年约为200亿美元）。该部门第三季度收入为1.32亿美元，同比增长818%。这意味着2.9%的“采用率”，甚至比Visa(V)等老牌金融科技公司还要好。由于采用率很高，我并不担心SeaMoney在扩大规模时会亏损。</blockquote></p><p> Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管SeaMoney只是一个很小的细分市场，但它现在已经达到了可以纳入估值的程度。也许它只值几十亿，但这只是一个开始。五年前，没有人会想到，一个占Sea销售额5%的电子商务平台今天的价值会超过游戏领域。但Sea的管理层——加上Garena为新细分市场提供资金并推动其病毒式采用的能力——实现了这一目标。当然，不能保证Sea在金融科技方面会取得同样的成功，但这是有先例的。</blockquote></p><p></p><p> If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's,&nbsp;Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值达到Sea的三分之一或更多（2020年，金融科技占MercadoLibre收入的36%），那么今天仅以7%的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率为16倍。事实上，这个倍数已经低于Visa、Mastercard（纽约证券交易所股票代码：MA）和Affirm（纳斯达克股票代码：AFRM）。实际上，同比增长818%的细分市场可能应该比这些增长较慢的公司获得更高的市盈率，但我们甚至不需要猜测什么是公平市盈率，因为我们可以通过在我的模型估值中使用16倍市盈率来达到Sea当前的估值。</blockquote></p><p> One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一个方法是推出除移动钱包之外的更多产品。Sea在最近的财报中指出，他们已经开始“在其他数字金融服务方面采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p> Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是Sea的投资者）和Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这是有先例的。目前Sea的投资部门还处于早期阶段，因此我没有将其纳入我的估值模型中。但不一定要考虑到这一点来证明当前股价的合理性。这只是又一个有一天可能抵得上一大部分海洋的区域。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>纵观Sea的每个细分市场，我的估值模型表明Sea目前的估值相当合理。然而，我的模型没有考虑到新细分市场的重要可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的一个非常重要的部分。金融科技领域目前同比增长818%，不需要太多想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，投资者就无法忽视金融科技部门。</blockquote></p><p> This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择性结合了每项业务的总体实力，使Sea在过去一年的平均收入增长了7%。盈利并没有那么强劲，我预计这将成为我的估值模型的主要争论点，就像大多数未盈利公司的情况一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但即使你将电子商务的市盈率一路降至5倍（这是当今增长缓慢得多的电子商务公司的市盈率），这也意味着比今天的价格下跌54%。这肯定是一个急剧的下跌，但如果使用最保守的估值标准，当今市场上的大多数公司都会看到这样的下跌。</blockquote></p><p> Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像Sea这样快速增长的公司才能用收入增长迅速抵消这种下降。因此，最具长期潜力的企业很难以最保守的估值进行交易。Sea当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我认为这些公司在这十年内市值将达到万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476940-sea-limited-understand-the-recent-selloff\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4476940-sea-limited-understand-the-recent-selloff","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102262158","content_text":"Summary\n\nSea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.\nI dive into each of its segments to understand the recent selloff and justify the current valuation.\nI consider Sea one of my ten highest conviction investments.\n\nkokkai/iStock Unreleased via Getty Images\nThesis\nA by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.\nIntroduction\nI recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.\nFurthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.\nIt's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.\nBecause Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.\nGaming\nSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.\nThe game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.\nWith the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.\nRegardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.\nThus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.\nSource: Earnings Call Presentation\nIn Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.\nWhile 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).\nGarena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.\nThis means Garena is worth $23.5B based on the high end of management's guidance.\nI believe this valuation is actually conservative for a few reasons:\n\nNext year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.\nThe peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.\nGarena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.\nAlthough I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.\n\nE-Commerce\nSea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.\nThere's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.\nOne neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.\nSource: The Author, compiled from Alexa\nShopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.\nSource: The Author, compiled from AppAnnie\nOn the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.\nOf course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.\nSo why would a company with so much potential sell off?\nAfter the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.\nAnother complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.\nThe company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.\nDespite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.\nFor unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).\nTo understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.\nIf Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.\nGiven this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.\nSo I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.\nThus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.\nFinTech & Investments\nThe easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.\nThen there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.\nDespite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.\nIf one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.\nOne way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.\nFinally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.\nConclusion\nLooking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.\nThis optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.\nOnly fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692079011,"gmtCreate":1640816777533,"gmtModify":1640816777773,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"It a profitable company. Why investors keep dumping.","listText":"It a profitable company. Why investors keep dumping.","text":"It a profitable company. Why investors keep dumping.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692079011","repostId":"2194074487","repostType":2,"isVote":1,"tweetType":1,"viewCount":2784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696735096,"gmtCreate":1640765758331,"gmtModify":1640765773730,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/696735096","repostId":"1168845751","repostType":4,"repost":{"id":"1168845751","kind":"news","pubTimestamp":1640765334,"share":"https://www.laohu8.com/m/news/1168845751?lang=zh_CN&edition=full","pubTime":"2021-12-29 16:08","market":"us","language":"en","title":"Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid股票：较11月高点下跌33%，是时候转向看涨了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168845751","media":"Seeking Alpha","summary":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly su","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid股价较11月高点下跌33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全额认购。</li><li>我们讨论了为什么我们认为电动汽车投资者是时候看好Lucid股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐公司</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group(LCID)股价已下跌26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以如果读者需要入门书，可以参考。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>由于遭受成长型股票回撤和最近SEC对其SPAC合并的审查的双重打击，该公司的股价遭受重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股的定价仍有溢价，但我们认为它现在的估值似乎更合理。此外，定价溢价并没有阻止机构投资者全力抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是恰当的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在开始看好LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group预计到2030年将生产50万辆汽车。然而，该公司计划到2022年和2023年分别仅生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量只是高度投机。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司已经清楚地展示了生产世界级豪华电动汽车的工程专业知识。Air梦想赢得2022年MotorTrend年度汽车奖只是其迈向2.5万美元大众市场电动汽车目标的开始。成为新加冕的“靶场之王”当然不是一件容易的事。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的信任。它显示了Lucid惊人的动力系统效率的明显优势。虽然其基本型号Air Pure的定价显着溢价（7.74万美元起），但我们应该预计未来会有更多迭代。罗林森的“向下移动”战略是特斯拉（TSLA）已经完善的经过充分验证的模式。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说该策略是可行的。此外，Lucid的垂直集成堆栈为该公司提供了关键优势，可以凭借其动力系统效率创造奇迹。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。是特斯拉干的。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是我们利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济的大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用更小的电池组来获得具有竞争力的续航里程（例如，未来可行驶400英里），这将使我们的成本更低。在未来，我可以以每千瓦时不到100美元，甚至90美元的价格购买电池。然后我可以花2300美元买到那包电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值25,000美元的汽车。这就是未来。（内幕）尽管如此，彭博新能源财经估计，我们将观察到锂离子电池组成本从今年的132美元小幅上涨至2022年的135美元。这也将标志着过去十年来，由于原材料成本飙升，我们首次看到电池组价格出现名义上涨。值得注意的是，它预计到2030年价格将是我们今天观察到的价格的一半。因此，我们相信罗林森将在适当的时候推出这款大众市场汽车，以提高产量。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能否成功增产？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为Lucid仍需要证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但还需要证明自己的制造专长。但是，Lucid拥有成功的所有要素。从2022年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车持积极态度。通用汽车(GM)和福特(F)将从2022年起增加电动汽车交付量。Rivian(RIVN)正在提高其令人惊叹的电动卡车的产量。预计特斯拉明年的产量将达到200万辆。一些投资者认为，更激烈的竞争将压垮像Lucid这样尚未证明其量产专业知识的新贵。这些担忧是有道理的。制造业是一场不同的比赛。我们并不是说Lucid在此过程中不会遇到生产障碍。投资者应该假设该公司将会遇到问题和瓶颈。但是，重要的是，竞争格局实际上有利于Lucid，而不是令人望而却步。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这一估计也与彭博新能源财经5.2%的渗透率一致。第一市场（中国）和第二市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实还处于起步阶段。是的，会有竞争。但说竞争会扼杀已经证明其汽车技术的Lucid是不可信的，我们认为。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地顺应长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括期权）已被全额认购。因此，该公司成功筹集了$1.99 B的净收益，这些收益将用于提高产量等用途。值得注意的是，其转换价格为每股54.78美元，比上次收盘价高出41.7%，上次收盘价必须在2026年12月之前转换。因此，我们相信这是机构界对Lucid投下的明确信任票。该公司在交易中没有债务，现金和短期投资余额为$48亿。它为Lucid提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“该票据将按每年1.25%的利率计息。”因此，我们认为这是一个伟大且负担得起的产品。首席财务官雪莉·豪斯(Sherry House)在最近的财报中还强调了该公司坚如磐石的资产负债表。这将帮助公司获得增加生产资本支出所需的负担得起的资金，正如她补充道（编辑）：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至9月30日，我们今天的处境非常好，拥有48亿美元，这将使我们能够顺利度过2022年。明年您将看到资本支出大幅增加。事实上，明年部署的资本支出将是今年的倍数。所以我们已经在加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>.你会注意到我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们就有机会提供极好的价值贷款</i>因此，我们对自己能做的事情感觉非常好，我们觉得我们正在提高公司高效、快速地部署资本的能力。（Lucid的21年第三季度收益看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid stock&amp;peers EV/2023财年收入比较。数据来源：标普资本智商</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid股票的估值（EV/23财年收入）较我们上次报道时大幅下降。尽管仍领先于特斯拉股票的估值，但其估值已基本回落，与纯股同行一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的18倍。此外，读者应该注意到，Lucid承诺到2023年的保有量仅为5万辆。因此，即使我们以其2023财年收入倍数为基础，它甚至可能低估其成功爬坡时的中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为它们不必运输内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，高估值环境会对纯制造商的股价产生飞轮效应。这有助于他们以低廉的成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资本随处可见且廉价。因此，许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 10%的稀释性股权融资可以为超过三个增量工厂和超过75万辆增量产能提供资金，使该公司成为相对较大的全球豪华汽车制造商。（Benzinga）因此，我们认为Lucid投资者不应担心其溢价估值。相反，Lucid通过其非常成功的票据发行利用了其溢价估值。这证明了对Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需要证明其增产能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对LCID股票的评级，仅供投机性投资者购买。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid股票：较11月高点下跌33%，是时候转向看涨了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid股票：较11月高点下跌33%，是时候转向看涨了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-29 16:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid股价较11月高点下跌33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全额认购。</li><li>我们讨论了为什么我们认为电动汽车投资者是时候看好Lucid股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐公司</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group(LCID)股价已下跌26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以如果读者需要入门书，可以参考。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>由于遭受成长型股票回撤和最近SEC对其SPAC合并的审查的双重打击，该公司的股价遭受重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股的定价仍有溢价，但我们认为它现在的估值似乎更合理。此外，定价溢价并没有阻止机构投资者全力抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是恰当的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在开始看好LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group预计到2030年将生产50万辆汽车。然而，该公司计划到2022年和2023年分别仅生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量只是高度投机。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司已经清楚地展示了生产世界级豪华电动汽车的工程专业知识。Air梦想赢得2022年MotorTrend年度汽车奖只是其迈向2.5万美元大众市场电动汽车目标的开始。成为新加冕的“靶场之王”当然不是一件容易的事。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的信任。它显示了Lucid惊人的动力系统效率的明显优势。虽然其基本型号Air Pure的定价显着溢价（7.74万美元起），但我们应该预计未来会有更多迭代。罗林森的“向下移动”战略是特斯拉（TSLA）已经完善的经过充分验证的模式。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说该策略是可行的。此外，Lucid的垂直集成堆栈为该公司提供了关键优势，可以凭借其动力系统效率创造奇迹。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。是特斯拉干的。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是我们利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济的大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用更小的电池组来获得具有竞争力的续航里程（例如，未来可行驶400英里），这将使我们的成本更低。在未来，我可以以每千瓦时不到100美元，甚至90美元的价格购买电池。然后我可以花2300美元买到那包电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值25,000美元的汽车。这就是未来。（内幕）尽管如此，彭博新能源财经估计，我们将观察到锂离子电池组成本从今年的132美元小幅上涨至2022年的135美元。这也将标志着过去十年来，由于原材料成本飙升，我们首次看到电池组价格出现名义上涨。值得注意的是，它预计到2030年价格将是我们今天观察到的价格的一半。因此，我们相信罗林森将在适当的时候推出这款大众市场汽车，以提高产量。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能否成功增产？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为Lucid仍需要证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但还需要证明自己的制造专长。但是，Lucid拥有成功的所有要素。从2022年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车持积极态度。通用汽车(GM)和福特(F)将从2022年起增加电动汽车交付量。Rivian(RIVN)正在提高其令人惊叹的电动卡车的产量。预计特斯拉明年的产量将达到200万辆。一些投资者认为，更激烈的竞争将压垮像Lucid这样尚未证明其量产专业知识的新贵。这些担忧是有道理的。制造业是一场不同的比赛。我们并不是说Lucid在此过程中不会遇到生产障碍。投资者应该假设该公司将会遇到问题和瓶颈。但是，重要的是，竞争格局实际上有利于Lucid，而不是令人望而却步。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这一估计也与彭博新能源财经5.2%的渗透率一致。第一市场（中国）和第二市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实还处于起步阶段。是的，会有竞争。但说竞争会扼杀已经证明其汽车技术的Lucid是不可信的，我们认为。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地顺应长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括期权）已被全额认购。因此，该公司成功筹集了$1.99 B的净收益，这些收益将用于提高产量等用途。值得注意的是，其转换价格为每股54.78美元，比上次收盘价高出41.7%，上次收盘价必须在2026年12月之前转换。因此，我们相信这是机构界对Lucid投下的明确信任票。该公司在交易中没有债务，现金和短期投资余额为$48亿。它为Lucid提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“该票据将按每年1.25%的利率计息。”因此，我们认为这是一个伟大且负担得起的产品。首席财务官雪莉·豪斯(Sherry House)在最近的财报中还强调了该公司坚如磐石的资产负债表。这将帮助公司获得增加生产资本支出所需的负担得起的资金，正如她补充道（编辑）：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至9月30日，我们今天的处境非常好，拥有48亿美元，这将使我们能够顺利度过2022年。明年您将看到资本支出大幅增加。事实上，明年部署的资本支出将是今年的倍数。所以我们已经在加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>.你会注意到我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们就有机会提供极好的价值贷款</i>因此，我们对自己能做的事情感觉非常好，我们觉得我们正在提高公司高效、快速地部署资本的能力。（Lucid的21年第三季度收益看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid stock&amp;peers EV/2023财年收入比较。数据来源：标普资本智商</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid股票的估值（EV/23财年收入）较我们上次报道时大幅下降。尽管仍领先于特斯拉股票的估值，但其估值已基本回落，与纯股同行一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的18倍。此外，读者应该注意到，Lucid承诺到2023年的保有量仅为5万辆。因此，即使我们以其2023财年收入倍数为基础，它甚至可能低估其成功爬坡时的中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为它们不必运输内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，高估值环境会对纯制造商的股价产生飞轮效应。这有助于他们以低廉的成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资本随处可见且廉价。因此，许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 10%的稀释性股权融资可以为超过三个增量工厂和超过75万辆增量产能提供资金，使该公司成为相对较大的全球豪华汽车制造商。（Benzinga）因此，我们认为Lucid投资者不应担心其溢价估值。相反，Lucid通过其非常成功的票据发行利用了其溢价估值。这证明了对Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需要证明其增产能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对LCID股票的评级，仅供投机性投资者购买。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"source_url":"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168845751","content_text":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly successful convertible notes offering, which was fully subscribed.We discuss why we think it's time for EV investors to turn bullish on Lucid stock.Eugene Gologursky/Getty Images EntertainmentLucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.Therefore, we believe it's apt to discuss why we have revised our rating to Buy.Why We Are Turning Bullish on LCID NowLucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID's long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn't mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned \"range king\" is certainly no mean feat. It's a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson & Co. It shows the clear supremacy of Lucid's amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson's strategy of \"moving down the chain\" is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid's vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.Step one of that plan is we use efficiency to create long-range. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That's the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.Can Lucid Ramp Production Successfully?Let's put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It's riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we're not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF's 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It's important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it's a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that \"the notes will accrue interest at a rate of 1.25% per annum.\" Therefore, it's a great and affordable offering, we think. CFO Sherry House had also emphasized the company's rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):So, we're sitting in a terrific place today with $4.8 billion as of September 30, that's going to get us well through 2022. You're going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we're already doing that acceleration.We do think that there is increasing availability of capital to us today from a lot of different sources. You'll note that we still haven't even taken debt on.So we have the opportunity to provide terrific loan to value there if we chose to take on debt. So we're feeling really good about what we could do, and we feel like we are increasing the company's ability to deploy capital efficiently and quickly. (Lucid's FQ3'21 earnings call)Why Buy LCID Stock at Such a High Premium?Lucid stock & peers EV/FY23 Revenue comps. Data source: S&P Capital IQLucid stock's valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock's valuation, it has dropped back broadly in line with its pure-play peers. Also, it's no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.Moreover, the \"green tidal wave\" is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don't have to transit their ICE production lines. Valuations like this are \"perfect\" to issue convertible notes or equity offerings.Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers' stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid's business model is very robust, and that's critical.Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.Therefore, we revise our rating on LCID stock to Buy for speculative investors only.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":2173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696594424,"gmtCreate":1640730498384,"gmtModify":1640730498634,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Get a good VR to try&nbsp;","listText":"Get a good VR to try&nbsp;","text":"Get a good VR to try","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696594424","repostId":"2195436444","repostType":2,"isVote":1,"tweetType":1,"viewCount":2816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696103894,"gmtCreate":1640644768413,"gmtModify":1640644768626,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"It's time to buy","listText":"It's time to buy","text":"It's time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696103894","repostId":"1191134006","repostType":4,"isVote":1,"tweetType":1,"viewCount":2311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696024349,"gmtCreate":1640580058229,"gmtModify":1640580058443,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Time for Tesla to the moon","listText":"Time for Tesla to the moon","text":"Time for Tesla to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/696024349","repostId":"1138768744","repostType":2,"repost":{"id":"1138768744","kind":"news","pubTimestamp":1640576008,"share":"https://www.laohu8.com/m/news/1138768744?lang=zh_CN&edition=full","pubTime":"2021-12-27 11:33","market":"us","language":"en","title":"The next Tesla is proving hard to find<blockquote>事实证明，下一个特斯拉很难找到</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138768744","media":"CNN Business","summary":"New York Finding the next Tesla among electric vehicle stocks is proving to be difficult.A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla  itself.Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on De","content":"<p>New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.</p><p><blockquote>纽约（CNN Business）事实证明，在电动汽车股票中寻找下一个特斯拉是困难的。</blockquote></p><p> A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.</p><p><blockquote>近年来，随着投资者寻找下一家撼动汽车市场的公司，许多新兴电动汽车制造商的股价飙升。但最近所有人都在苦苦挣扎——特斯拉（TSLA）本身也是如此。</blockquote></p><p> Lucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.</p><p><blockquote>Lucid在SPAC交易后于7月开始在纳斯达克交易，它也有好消息：其第一辆汽车Lucid Air赢得了MotorTrend年度汽车荣誉，并被认证为一次续航里程为520英里。一次充电，是所有电动汽车中最长的。但该公司还透露，其部分索赔和SPAC交易面临美国证券交易委员会的传票，股价较11月16日的峰值下跌。</blockquote></p><p> Electric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.</p><p><blockquote>电动卡车制造商Rivian在11月的IPO中大受欢迎，还获得了MotorTrend年度卡车荣誉。Rivian赢得了第一款进入市场的全电动皮卡的比赛。股价在首日交易中较IPO价格上涨29%，并在接下来的一周内又上涨了71%。</blockquote></p><p> Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.</p><p><blockquote>Rivian曾一度成为全球第三大最有价值的汽车制造商，仅次于特斯拉和丰田，尽管该公司上市时尚未报告任何销售额。当该公司最终在12月16日报告首次销售时，销量未达到预期，该公司还提到了困扰汽车行业其他公司的芯片和零部件短缺问题。周四收盘时，该股较报告前高点下跌44%，事实证明，销售报告也对Lucid股价构成阻力。</blockquote></p><p> Even Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.</p><p><blockquote>即使是今年早些时候成为第六家市值达到1万亿美元的公司的特斯拉，最近也遇到了麻烦。截至周二，该股较11月4日创下的历史高点下跌了27%，随后本周晚些时候的反弹将其回升至1万亿美元大关之上。尽管如此，其交易价格仍比历史峰值低13%。</blockquote></p><p> Part of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.</p><p><blockquote>电动汽车股票最近的部分问题是拜登政府的“重建更好”法案明显失效，该法案为电动汽车行业带来了许多好处，包括加强对买家的税收抵免，这将允许汽车制造商对车辆收取更高的费用。Build Back Better还包括为快速充电站网络提供资金，这将解决潜在电动汽车买家对在路上电量耗尽的担忧。</blockquote></p><p> \"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"</p><p><blockquote>韦德布什证券(Wedbush Securities)技术分析师丹·艾夫斯(Dan Ives)表示：“这对电动汽车多头来说是一记重击。”“对于2022年及以后的增量需求，电动汽车税收抵免是需求15%的波动因素。”</blockquote></p><p> But much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.</p><p><blockquote>但电动汽车股票的下跌大部分发生在参议员乔·曼钦(Joe Manchin)上周表示他无法支持该立法之前，这使其未来受到严重质疑。</blockquote></p><p> Much of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.</p><p><blockquote>下降的主要原因是大众、丰田、福特和通用等老牌汽车制造商不断宣布电动汽车的额外投资计划。令人担忧的是，即使消费者偏好和更严格的环境规则即将导致从汽油动力汽车向电动汽车的大规模转变，独立的电动汽车公司也不一定会赢得这场战斗。</blockquote></p><p> \"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"</p><p><blockquote>艾夫斯表示：“在电动汽车市场份额的争夺中，将会有输家。”“Rivian一出就出现了交付短缺，这不可能是在最糟糕的时候。这对纯电动汽车制造商来说是一片乌云。投资者对任何执行失误的耐心都大大降低。”</blockquote></p><p> Tesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.</p><p><blockquote>特斯拉已经发展到盈利的程度，并且即使面对来自老牌汽车制造商的日益激烈的竞争，其规模也足以实现增长。它预计今年及以后的销售额将增长50%或更高。该股在很大程度上顶住了该行业的跌势，今年迄今已上涨51%。</blockquote></p><p> Although that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.</p><p><blockquote>尽管这只是特斯拉股价在2020年实现的743%涨幅的一小部分，但它比除福特之外的大多数老牌汽车制造商都要好，福特在自己的电动汽车努力取得显着收益后，股价今年上涨了131%。</blockquote></p><p> The two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.</p><p><blockquote>截至周四收盘，两只陷入困境的电动汽车股票——Nikola和Lordstown Motors——的价值分别下跌了27%和80%，尽管Nikola的股价在宣布终于完成首次卡车交付后周四飙升了18%。</blockquote></p><p> But earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.</p><p><blockquote>但本周早些时候，尼古拉同意支付1.25亿美元罚款，以和解其创始人兼前首席执行官特雷弗·米尔顿(Trevor Milton)欺骗投资者的指控。在有关公司索赔的问题首次浮出水面后，米尔顿于2020年9月被迫辞职。他现在面临联邦刑事指控。</blockquote></p><p> The founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.</p><p><blockquote>Lordstown的创始人兼首席执行官也被迫辞职，该公司对能否继续经营表示怀疑。</blockquote></p><p> The trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.</p><p><blockquote>Ives表示，这些公司在兑现早期承诺方面遇到的麻烦意味着Lucid和Rivian等公司必须采取更多措施来证明自己，才能完全被投资者接受。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The next Tesla is proving hard to find<blockquote>事实证明，下一个特斯拉很难找到</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe next Tesla is proving hard to find<blockquote>事实证明，下一个特斯拉很难找到</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-12-27 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.</p><p><blockquote>纽约（CNN Business）事实证明，在电动汽车股票中寻找下一个特斯拉是困难的。</blockquote></p><p> A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.</p><p><blockquote>近年来，随着投资者寻找下一家撼动汽车市场的公司，许多新兴电动汽车制造商的股价飙升。但最近所有人都在苦苦挣扎——特斯拉（TSLA）本身也是如此。</blockquote></p><p> Lucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.</p><p><blockquote>Lucid在SPAC交易后于7月开始在纳斯达克交易，它也有好消息：其第一辆汽车Lucid Air赢得了MotorTrend年度汽车荣誉，并被认证为一次续航里程为520英里。一次充电，是所有电动汽车中最长的。但该公司还透露，其部分索赔和SPAC交易面临美国证券交易委员会的传票，股价较11月16日的峰值下跌。</blockquote></p><p> Electric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.</p><p><blockquote>电动卡车制造商Rivian在11月的IPO中大受欢迎，还获得了MotorTrend年度卡车荣誉。Rivian赢得了第一款进入市场的全电动皮卡的比赛。股价在首日交易中较IPO价格上涨29%，并在接下来的一周内又上涨了71%。</blockquote></p><p> Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.</p><p><blockquote>Rivian曾一度成为全球第三大最有价值的汽车制造商，仅次于特斯拉和丰田，尽管该公司上市时尚未报告任何销售额。当该公司最终在12月16日报告首次销售时，销量未达到预期，该公司还提到了困扰汽车行业其他公司的芯片和零部件短缺问题。周四收盘时，该股较报告前高点下跌44%，事实证明，销售报告也对Lucid股价构成阻力。</blockquote></p><p> Even Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.</p><p><blockquote>即使是今年早些时候成为第六家市值达到1万亿美元的公司的特斯拉，最近也遇到了麻烦。截至周二，该股较11月4日创下的历史高点下跌了27%，随后本周晚些时候的反弹将其回升至1万亿美元大关之上。尽管如此，其交易价格仍比历史峰值低13%。</blockquote></p><p> Part of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.</p><p><blockquote>电动汽车股票最近的部分问题是拜登政府的“重建更好”法案明显失效，该法案为电动汽车行业带来了许多好处，包括加强对买家的税收抵免，这将允许汽车制造商对车辆收取更高的费用。Build Back Better还包括为快速充电站网络提供资金，这将解决潜在电动汽车买家对在路上电量耗尽的担忧。</blockquote></p><p> \"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"</p><p><blockquote>韦德布什证券(Wedbush Securities)技术分析师丹·艾夫斯(Dan Ives)表示：“这对电动汽车多头来说是一记重击。”“对于2022年及以后的增量需求，电动汽车税收抵免是需求15%的波动因素。”</blockquote></p><p> But much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.</p><p><blockquote>但电动汽车股票的下跌大部分发生在参议员乔·曼钦(Joe Manchin)上周表示他无法支持该立法之前，这使其未来受到严重质疑。</blockquote></p><p> Much of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.</p><p><blockquote>下降的主要原因是大众、丰田、福特和通用等老牌汽车制造商不断宣布电动汽车的额外投资计划。令人担忧的是，即使消费者偏好和更严格的环境规则即将导致从汽油动力汽车向电动汽车的大规模转变，独立的电动汽车公司也不一定会赢得这场战斗。</blockquote></p><p> \"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"</p><p><blockquote>艾夫斯表示：“在电动汽车市场份额的争夺中，将会有输家。”“Rivian一出就出现了交付短缺，这不可能是在最糟糕的时候。这对纯电动汽车制造商来说是一片乌云。投资者对任何执行失误的耐心都大大降低。”</blockquote></p><p> Tesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.</p><p><blockquote>特斯拉已经发展到盈利的程度，并且即使面对来自老牌汽车制造商的日益激烈的竞争，其规模也足以实现增长。它预计今年及以后的销售额将增长50%或更高。该股在很大程度上顶住了该行业的跌势，今年迄今已上涨51%。</blockquote></p><p> Although that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.</p><p><blockquote>尽管这只是特斯拉股价在2020年实现的743%涨幅的一小部分，但它比除福特之外的大多数老牌汽车制造商都要好，福特在自己的电动汽车努力取得显着收益后，股价今年上涨了131%。</blockquote></p><p> The two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.</p><p><blockquote>截至周四收盘，两只陷入困境的电动汽车股票——Nikola和Lordstown Motors——的价值分别下跌了27%和80%，尽管Nikola的股价在宣布终于完成首次卡车交付后周四飙升了18%。</blockquote></p><p> But earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.</p><p><blockquote>但本周早些时候，尼古拉同意支付1.25亿美元罚款，以和解其创始人兼前首席执行官特雷弗·米尔顿(Trevor Milton)欺骗投资者的指控。在有关公司索赔的问题首次浮出水面后，米尔顿于2020年9月被迫辞职。他现在面临联邦刑事指控。</blockquote></p><p> The founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.</p><p><blockquote>Lordstown的创始人兼首席执行官也被迫辞职，该公司对能否继续经营表示怀疑。</blockquote></p><p> The trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.</p><p><blockquote>Ives表示，这些公司在兑现早期承诺方面遇到的麻烦意味着Lucid和Rivian等公司必须采取更多措施来证明自己，才能完全被投资者接受。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","LCID":"Lucid Group Inc","RIVN":"Rivian Automotive, Inc."},"source_url":"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138768744","content_text":"New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.\nA number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.\nLucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.\nElectric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.\nRivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.\nEven Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.\nPart of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.\n\"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"\nBut much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.\nMuch of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.\n\"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"\nTesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.\nAlthough that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.\nThe two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.\nBut earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.\nThe founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.\nThe trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.","news_type":1,"symbols_score_info":{"NKLA":0.9,"TSLA":0.9,"RIDE":0.9,"RIVN":0.9,"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":2725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698466649,"gmtCreate":1640497776204,"gmtModify":1640497776471,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Why sold the 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rally","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698888497","repostId":"2193138147","repostType":2,"isVote":1,"tweetType":1,"viewCount":2523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698094606,"gmtCreate":1640256509175,"gmtModify":1640256509451,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"The beginning of bull&nbsp;","listText":"The beginning of bull&nbsp;","text":"The beginning of bull","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698094606","repostId":"2192909527","repostType":2,"isVote":1,"tweetType":1,"viewCount":2582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691986326,"gmtCreate":1640125536491,"gmtModify":1640125536688,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Still a recommended buy for COIN","listText":"Still a recommended buy for COIN","text":"Still a recommended buy for COIN","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691986326","repostId":"2193165699","repostType":2,"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693286162,"gmtCreate":1640040776825,"gmtModify":1640040777060,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Unity","listText":"Unity","text":"Unity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693286162","repostId":"2192903795","repostType":2,"isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699462063,"gmtCreate":1639878299965,"gmtModify":1639878300215,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Always a supporter of fastly","listText":"Always a supporter of fastly","text":"Always a supporter of fastly","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699462063","repostId":"2191993742","repostType":2,"isVote":1,"tweetType":1,"viewCount":789,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699354697,"gmtCreate":1639752143013,"gmtModify":1639752295226,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Still a buy opportunity","listText":"Still a buy opportunity","text":"Still a buy opportunity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699354697","repostId":"2192987927","repostType":2,"isVote":1,"tweetType":1,"viewCount":1586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690325512,"gmtCreate":1639639296688,"gmtModify":1639640375184,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Upstart is a good company not to miss","listText":"Upstart is a good company not to miss","text":"Upstart is a good company not to miss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690325512","repostId":"2191933699","repostType":2,"isVote":1,"tweetType":1,"viewCount":579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690306342,"gmtCreate":1639628278414,"gmtModify":1639628278601,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Apple is. Good company to invest. Ignore all the noise and just DCA","listText":"Apple is. Good company to invest. Ignore all the noise and just DCA","text":"Apple is. Good company to invest. Ignore all the noise and just DCA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690306342","repostId":"1156000862","repostType":4,"repost":{"id":"1156000862","kind":"news","pubTimestamp":1639622579,"share":"https://www.laohu8.com/m/news/1156000862?lang=zh_CN&edition=full","pubTime":"2021-12-16 10:42","market":"us","language":"en","title":"Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156000862","media":"Motley Fool","summary":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Rese","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>本公司之股份<b>苹果</b>（纳斯达克：AAPL）周三在美联储发表声明后上涨近3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对通胀上升。这一消息是在11月份批发价格飙升创纪录的9.6%之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储明年开始加息。联邦公开市场委员会成员预测2022年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更积极的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而对苹果高性能M1芯片的好评则推动了Mac和iPad的销售。这些趋势加在一起可能会推动这家科技巨头本已丰厚的利润走得更高。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近上调了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天美联储的声明和随后的市场反弹似乎表明可以再次购买高成长型股票，许多投资者决定购买苹果的股票，其股价也随之上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-16 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>本公司之股份<b>苹果</b>（纳斯达克：AAPL）周三在美联储发表声明后上涨近3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对通胀上升。这一消息是在11月份批发价格飙升创纪录的9.6%之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储明年开始加息。联邦公开市场委员会成员预测2022年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更积极的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而对苹果高性能M1芯片的好评则推动了Mac和iPad的销售。这些趋势加在一起可能会推动这家科技巨头本已丰厚的利润走得更高。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近上调了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天美联储的声明和随后的市场反弹似乎表明可以再次购买高成长型股票，许多投资者决定购买苹果的股票，其股价也随之上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156000862","content_text":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.\nSo what\nThe Federal Reserve plans to taper its asset purchases at a faster rate to combat rising inflation. The announcement came after wholesale prices surged a record 9.6% in November.\nThis tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.\nWhile a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.\nNow what\nThe news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.\nA 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.\nAdditionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.\nWith today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607548539,"gmtCreate":1639570646297,"gmtModify":1639571043787,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Buy it. Do not let noise affected","listText":"Buy it. Do not let noise affected","text":"Buy it. Do not let noise affected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607548539","repostId":"1150850336","repostType":2,"isVote":1,"tweetType":1,"viewCount":1096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607979908,"gmtCreate":1639481694988,"gmtModify":1639481695154,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Follow","listText":"Follow","text":"Follow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607979908","repostId":"1177762211","repostType":4,"repost":{"id":"1177762211","kind":"news","pubTimestamp":1639480939,"share":"https://www.laohu8.com/m/news/1177762211?lang=zh_CN&edition=full","pubTime":"2021-12-14 19:22","market":"us","language":"en","title":"Cathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood出售价值860万美元的辉瑞股票，逢低买入Coinbase和Robinhood</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177762211","media":"Benzinga","summary":"Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth","content":"<p><div> Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth $8.59 million — in Pfizer Inc(NYSE:PFE) as the pharma stock closed a record high after a $6.7 ...</p><p><blockquote><div>凯西·伍德(Cathie Wood)领导的资金管理公司Ark Invest周一出售了辉瑞公司(NYSE：PFE)的155,578股股票，估计价值859万美元，该制药股在6.7美元后收盘创下历史新高...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood出售价值860万美元的辉瑞股票，逢低买入Coinbase和Robinhood</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood出售价值860万美元的辉瑞股票，逢低买入Coinbase和Robinhood</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-14 19:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth $8.59 million — in Pfizer Inc(NYSE:PFE) as the pharma stock closed a record high after a $6.7 ...</p><p><blockquote><div>凯西·伍德(Cathie Wood)领导的资金管理公司Ark Invest周一出售了辉瑞公司(NYSE：PFE)的155,578股股票，估计价值859万美元，该制药股在6.7美元后收盘创下历史新高...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","HOOD":"Robinhood","PFE":"辉瑞"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177762211","content_text":"Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth $8.59 million — in Pfizer Inc(NYSE:PFE) as the pharma stock closed a record high after a $6.7 billion acquisition.\nPfizer shares closed 4.59% higher at $55.20 a share on Monday. The stock has risen about 50% so far this year.\nPfizer on Monday said it will buy Arena Pharmaceuticals Inc(NASDAQ:ARNA) in an all-cash transaction that represents a total equity value of approximately $6.7 billion.\nBrokerage UBS upgraded Pfizer stock from a Neutral rating to a Buy rating and raised the price target to $60 a share from $52.\nArk Invest has been selling shares in Pfizer over the last few sessions after months of piling up the stock. The popular investment firm owns shares in the pharma company via the flagship pharma fund, the Ark Genomic Revolution ETF (BATS:ARKG).\nARKG held 1.23 million — worth $67.97 million — in Pfizer, ahead of Monday’s trade.\nHere are some of the other key Ark Trades on Monday:\n\nBought 50,855 shares — estimated to be worth $12.78 million — in CoinbaseGlobal Inc(NASDAQ:COIN). Shares closed 1.72% lower at $251.37 a share on Monday.\nBought 260,791 shares — estimated to be worth $5.13 million — in Robinhood Markets Inc(NASDAQ:HOOD) on the dip. The stock closed 2.14% lower at $19.70 a share.\nArk Invest also bought shares in Roku Inc(NASDAQ:ROKU) and UiPath Inc(NYSE:PATH) and sold shares in Boeing Co(NYSE:BA),Amazon.com Inc(NASDAQ:AMZN).","news_type":1,"symbols_score_info":{"PFE":0.9,"HOOD":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604680441,"gmtCreate":1639386640629,"gmtModify":1639386640793,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Is time","listText":"Is time","text":"Is time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604680441","repostId":"1145558870","repostType":2,"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605361960,"gmtCreate":1639115581752,"gmtModify":1639115581981,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Great company","listText":"Great company","text":"Great company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605361960","repostId":"1195107888","repostType":2,"repost":{"id":"1195107888","kind":"news","pubTimestamp":1639113421,"share":"https://www.laohu8.com/m/news/1195107888?lang=zh_CN&edition=full","pubTime":"2021-12-10 13:17","market":"us","language":"en","title":"3 Things About Sea Limited That Smart Investors Know<blockquote>聪明的投资者知道的关于Sea Limited的3件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195107888","media":"Motley Fool","summary":"Most investors likely know three things about Sea Limited(NYSE:SE): that it owns Shopee, the top e-c","content":"<p>Most investors likely know three things about&nbsp;<b>Sea Limited</b>(NYSE:SE): that it owns Shopee, the top e-commerce player in Southeast Asia and Taiwan; that it owns the mobile game publisher Garena; and that it is deeply unprofitable.</p><p><blockquote>大多数投资者可能知道以下三件事<b>海有限公司</b>（纽约证券交易所代码：SE）：拥有东南亚和台湾顶级电子商务公司Shopee；它拥有手机游戏发行商Garena；而且它是无利可图的。</blockquote></p><p> But this tech company is actually fairly complex, and to better understand its sprawling business, it's worth examining three finer points about it that garner a lot less attention: its dependence on&nbsp;<i>Free Fire;</i>&nbsp;its expansion plans in Latin America; and the growth of its fintech ecosystem.</p><p><blockquote>但这家科技公司实际上相当复杂，为了更好地了解其庞大的业务，有必要研究一下它的三个较少受到关注的细节：它对<i>自由射击；</i>其在拉丁美洲的扩张计划；及其金融科技生态系统的增长。</blockquote></p><p> 1.<i>Free Fire</i>&nbsp;is the wind in Sea's sails</p><p><blockquote>1.<i>自由射击</i>风是大海的帆吗</blockquote></p><p> Four years ago, Garena launched&nbsp;<i>Free Fire</i>, its first self-developed mobile game. The battle royale title, which was optimized for lower-end devices, quickly became one of the most popular mobile games in Southeast Asia and Latin America, and was the most-downloaded mobile game in the world in both 2019 and 2020, according to App Annie.</p><p><blockquote>四年前，Garena推出了<i>自由射击</i>，旗下首款自研手游。根据App Annie的数据，针对低端设备进行了优化的《皇家战役》很快成为东南亚和拉丁美洲最受欢迎的手机游戏之一，并且是2019年和2020年全球下载量最大的手机游戏。</blockquote></p><p> <i>Free Fire's</i>success significantly boosted Garena's margins, since it wasn't a licensed game like the publisher's earlier titles. As a result, Sea's digital entertainment segment (which houses Garena) started to generate even stronger adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth -- a sharp contrast to the company's e-commerce segment, which has been growing more unprofitable.<img src=\"https://static.tigerbbs.com/62a40cb0cfc26f2711593eeadadb17b1\" tg-width=\"794\" tg-height=\"200\" width=\"100%\" height=\"auto\">Therefore, Sea clearly needs&nbsp;<i>Free Fire</i>&nbsp;to keep generating that higher-margin revenue to subsidize the expansion of the Shopee e-commerce platform. That's a hefty burden to place on a 4-year-old mobile game.</p><p><blockquote><i>自由射击的</i>成功显着提高了Garena的利润，因为它不像发行商早期的游戏那样是授权游戏。因此，Sea的数字娱乐部门（Garena所在）开始产生更强劲的调整后息税折旧摊销前利润(EBITDA)增长——这与该公司的电子商务部门形成鲜明对比，后者一直在增长更无利可图。因此，Sea显然需要<i>自由射击</i>继续产生更高利润的收入来补贴Shopee电子商务平台的扩张。对于一款已经有4年历史的手机游戏来说，这是一个沉重的负担。</blockquote></p><p> Looking ahead, Garena's top priorities will be to maintain&nbsp;<i>Free Fire's</i>momentum, expand the franchise with new versions (like<i>Free Fire MAX</i>for higher-end devices), and launch more self-developed titles. Failing to achieve any of those goals could cause Sea's adjusted EBITDA to plummet.</p><p><blockquote>展望未来，Garena的首要任务将是维护<i>自由射击的</i>势，用新版本扩大专营权（如<i>自由射击最大值</i>面向更高端设备），并推出更多自研游戏。未能实现这些目标中的任何一个都可能导致Sea调整后的EBITDA暴跌。</blockquote></p><p> 2. Shopee is gaining ground fast in Latin America</p><p><blockquote>2.Shopee在拉丁美洲迅速取得进展</blockquote></p><p> When Shopee expanded into Brazil two years ago, skeptics predicted that it would be crushed by&nbsp;<b>MercadoLibre</b>(NASDAQ:MELI), the&nbsp;800-pound gorilla&nbsp;of Latin American e-commerce. However, Shopee launched aggressive marketing campaigns, offered steep discounts, and expanded into other Latin American markets.</p><p><blockquote>当Shopee两年前扩展到巴西时，怀疑者预测它将被<b>自由市场</b>（纳斯达克：MELI），拉丁美洲电子商务的800磅大猩猩。然而，Shopee发起了积极的营销活动，提供大幅折扣，并扩展到其他拉丁美洲市场。</blockquote></p><p> As a result, Shopee actually overtook MercadoLibre as the most-downloaded shopping app in Latin America earlier this year. By the end of August, Shopee's monthly active users (MAUs) in Latin America had risen 136% year over year to more than 30 million, according to Apptopia. MercadoLibre ended last quarter with 78.7 million unique active users.</p><p><blockquote>因此，Shopee实际上在今年早些时候超过了MercadoLibre，成为拉丁美洲下载量最大的购物应用程序。根据Apptopia的数据，截至8月底，Shopee在拉丁美洲的月活跃用户(MAU)同比增长136%，达到超过3000万。MercadoLibre上季度末拥有7870万独立活跃用户。</blockquote></p><p> Sea doesn't break out its Latin American results yet, but it's likely still racking up big losses as it expands through MercadoLibre's backyard. Last quarter, Sea said Shopee's adjusted EBITDA loss of $0.41 per order remained unchanged sequentially and year over year across all of its markets -- but narrowed by both metrics in its core Southeast Asia and Taiwan market.</p><p><blockquote>Sea尚未公布其拉丁美洲业绩，但随着其通过MercadoLibre后院扩张，它可能仍会遭受巨额亏损。Sea表示，上个季度，Shopee所有市场的调整后EBITDA亏损为每笔订单0.41美元，环比和同比均保持不变，但在其核心东南亚和台湾市场的这两项指标均有所收窄。</blockquote></p><p> In other words, Sea needs to continue narrowing Shopee's losses in Southeast Asia and Taiwan -- all while maintaining&nbsp;<i>Free Fire's</i>growth -- to stabilize its adjusted EBITDA as it expands its massive ecosystem.</p><p><blockquote>换句话说，Sea需要继续缩小Shopee在东南亚和台湾的亏损——同时保持<i>自由射击的</i>增长——在扩大庞大生态系统的同时稳定调整后的EBITDA。</blockquote></p><p> 3. Sea Limited is evolving into a digital bank</p><p><blockquote>3.Sea Limited正在向数字银行发展</blockquote></p><p> Shopee isn't Sea's only unprofitable business. Its digital financial services segment, which houses the Sea&nbsp;Money payments platform and other fintech units, is losing money too. This business was also granted a full digital banking license in Singapore last December.</p><p><blockquote>Shopee并不是Sea唯一不盈利的业务。其数字金融服务部门（包括Sea Money支付平台和其他金融科技部门）也在亏损。这项业务也于去年12月在新加坡获得了完整的数字银行牌照。</blockquote></p><p> Sea launched the digital financial services segment in the fourth quarter of 2019, and both the total payment volume and the number of quarterly paying users on its mobile wallet app have skyrocketed in the two years since. Unfortunately, its losses are also widening:<img src=\"https://static.tigerbbs.com/40d393bcaa2441a53a52b8f0e431b310\" tg-width=\"791\" tg-height=\"241\" width=\"100%\" height=\"auto\">Once again, this highlights Sea's overwhelming dependence on&nbsp;<i>Free Fire</i>&nbsp;to do the heavy lifting and support its other, unprofitable businesses.</p><p><blockquote>Sea于2019年第四季度推出了数字金融服务部门，其移动钱包应用程序的总支付量和季度付费用户数量在此后的两年里都实现了飙升。遗憾的是，其亏损也在扩大：这再次凸显了Sea对<i>自由射击</i>承担繁重的工作并支持其他无利可图的业务。</blockquote></p><p> A wobbly (but promising) business model</p><p><blockquote>不稳定（但充满希望）的商业模式</blockquote></p><p> These three points show us just how unusual Sea's business model is: It's an e-commerce and fintech giant that (for now) relies on the profits from a single mobile game to offset the staggering losses of its other high-growth businesses.</p><p><blockquote>这三点向我们展示了Sea的商业模式是多么不寻常：它是一家电子商务和金融科技巨头，（目前）依靠单款手机游戏的利润来抵消其他高增长业务的惊人亏损。</blockquote></p><p> On the bright side, Sea also raised about $6 billion in fresh capital earlier this year with a big secondary stock and convertible debt offering -- and it ended&nbsp;the third quarter&nbsp;with $11.1 billion in cash and equivalents on the books. Therefore, Sea can afford to keep bleeding red ink for the foreseeable future.</p><p><blockquote>好的一面是，Sea今年早些时候还通过大规模发行二级股票和可转换债券筹集了约60亿美元的新资本，截至第三季度末，账面上的现金和等价物为111亿美元。因此，在可预见的未来，Sea有能力继续亏损。</blockquote></p><p></p><p> I believe Sea still has plenty of growth potential, but it will remain a very volatile stock. Potential investors should be well aware of these risks before betting that the stock will generate multibagger gains.</p><p><blockquote>我相信Sea仍然有很大的增长潜力，但它仍将是一只波动很大的股票。潜在投资者在押注该股票将产生多重收益之前应该充分了解这些风险。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Things About Sea Limited That Smart Investors Know<blockquote>聪明的投资者知道的关于Sea Limited的3件事</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Things About Sea Limited That Smart Investors Know<blockquote>聪明的投资者知道的关于Sea Limited的3件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-10 13:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Most investors likely know three things about&nbsp;<b>Sea Limited</b>(NYSE:SE): that it owns Shopee, the top e-commerce player in Southeast Asia and Taiwan; that it owns the mobile game publisher Garena; and that it is deeply unprofitable.</p><p><blockquote>大多数投资者可能知道以下三件事<b>海有限公司</b>（纽约证券交易所代码：SE）：拥有东南亚和台湾顶级电子商务公司Shopee；它拥有手机游戏发行商Garena；而且它是无利可图的。</blockquote></p><p> But this tech company is actually fairly complex, and to better understand its sprawling business, it's worth examining three finer points about it that garner a lot less attention: its dependence on&nbsp;<i>Free Fire;</i>&nbsp;its expansion plans in Latin America; and the growth of its fintech ecosystem.</p><p><blockquote>但这家科技公司实际上相当复杂，为了更好地了解其庞大的业务，有必要研究一下它的三个较少受到关注的细节：它对<i>自由射击；</i>其在拉丁美洲的扩张计划；及其金融科技生态系统的增长。</blockquote></p><p> 1.<i>Free Fire</i>&nbsp;is the wind in Sea's sails</p><p><blockquote>1.<i>自由射击</i>风是大海的帆吗</blockquote></p><p> Four years ago, Garena launched&nbsp;<i>Free Fire</i>, its first self-developed mobile game. The battle royale title, which was optimized for lower-end devices, quickly became one of the most popular mobile games in Southeast Asia and Latin America, and was the most-downloaded mobile game in the world in both 2019 and 2020, according to App Annie.</p><p><blockquote>四年前，Garena推出了<i>自由射击</i>，旗下首款自研手游。根据App Annie的数据，针对低端设备进行了优化的《皇家战役》很快成为东南亚和拉丁美洲最受欢迎的手机游戏之一，并且是2019年和2020年全球下载量最大的手机游戏。</blockquote></p><p> <i>Free Fire's</i>success significantly boosted Garena's margins, since it wasn't a licensed game like the publisher's earlier titles. As a result, Sea's digital entertainment segment (which houses Garena) started to generate even stronger adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth -- a sharp contrast to the company's e-commerce segment, which has been growing more unprofitable.<img src=\"https://static.tigerbbs.com/62a40cb0cfc26f2711593eeadadb17b1\" tg-width=\"794\" tg-height=\"200\" width=\"100%\" height=\"auto\">Therefore, Sea clearly needs&nbsp;<i>Free Fire</i>&nbsp;to keep generating that higher-margin revenue to subsidize the expansion of the Shopee e-commerce platform. That's a hefty burden to place on a 4-year-old mobile game.</p><p><blockquote><i>自由射击的</i>成功显着提高了Garena的利润，因为它不像发行商早期的游戏那样是授权游戏。因此，Sea的数字娱乐部门（Garena所在）开始产生更强劲的调整后息税折旧摊销前利润(EBITDA)增长——这与该公司的电子商务部门形成鲜明对比，后者一直在增长更无利可图。因此，Sea显然需要<i>自由射击</i>继续产生更高利润的收入来补贴Shopee电子商务平台的扩张。对于一款已经有4年历史的手机游戏来说，这是一个沉重的负担。</blockquote></p><p> Looking ahead, Garena's top priorities will be to maintain&nbsp;<i>Free Fire's</i>momentum, expand the franchise with new versions (like<i>Free Fire MAX</i>for higher-end devices), and launch more self-developed titles. Failing to achieve any of those goals could cause Sea's adjusted EBITDA to plummet.</p><p><blockquote>展望未来，Garena的首要任务将是维护<i>自由射击的</i>势，用新版本扩大专营权（如<i>自由射击最大值</i>面向更高端设备），并推出更多自研游戏。未能实现这些目标中的任何一个都可能导致Sea调整后的EBITDA暴跌。</blockquote></p><p> 2. Shopee is gaining ground fast in Latin America</p><p><blockquote>2.Shopee在拉丁美洲迅速取得进展</blockquote></p><p> When Shopee expanded into Brazil two years ago, skeptics predicted that it would be crushed by&nbsp;<b>MercadoLibre</b>(NASDAQ:MELI), the&nbsp;800-pound gorilla&nbsp;of Latin American e-commerce. However, Shopee launched aggressive marketing campaigns, offered steep discounts, and expanded into other Latin American markets.</p><p><blockquote>当Shopee两年前扩展到巴西时，怀疑者预测它将被<b>自由市场</b>（纳斯达克：MELI），拉丁美洲电子商务的800磅大猩猩。然而，Shopee发起了积极的营销活动，提供大幅折扣，并扩展到其他拉丁美洲市场。</blockquote></p><p> As a result, Shopee actually overtook MercadoLibre as the most-downloaded shopping app in Latin America earlier this year. By the end of August, Shopee's monthly active users (MAUs) in Latin America had risen 136% year over year to more than 30 million, according to Apptopia. MercadoLibre ended last quarter with 78.7 million unique active users.</p><p><blockquote>因此，Shopee实际上在今年早些时候超过了MercadoLibre，成为拉丁美洲下载量最大的购物应用程序。根据Apptopia的数据，截至8月底，Shopee在拉丁美洲的月活跃用户(MAU)同比增长136%，达到超过3000万。MercadoLibre上季度末拥有7870万独立活跃用户。</blockquote></p><p> Sea doesn't break out its Latin American results yet, but it's likely still racking up big losses as it expands through MercadoLibre's backyard. Last quarter, Sea said Shopee's adjusted EBITDA loss of $0.41 per order remained unchanged sequentially and year over year across all of its markets -- but narrowed by both metrics in its core Southeast Asia and Taiwan market.</p><p><blockquote>Sea尚未公布其拉丁美洲业绩，但随着其通过MercadoLibre后院扩张，它可能仍会遭受巨额亏损。Sea表示，上个季度，Shopee所有市场的调整后EBITDA亏损为每笔订单0.41美元，环比和同比均保持不变，但在其核心东南亚和台湾市场的这两项指标均有所收窄。</blockquote></p><p> In other words, Sea needs to continue narrowing Shopee's losses in Southeast Asia and Taiwan -- all while maintaining&nbsp;<i>Free Fire's</i>growth -- to stabilize its adjusted EBITDA as it expands its massive ecosystem.</p><p><blockquote>换句话说，Sea需要继续缩小Shopee在东南亚和台湾的亏损——同时保持<i>自由射击的</i>增长——在扩大庞大生态系统的同时稳定调整后的EBITDA。</blockquote></p><p> 3. Sea Limited is evolving into a digital bank</p><p><blockquote>3.Sea Limited正在向数字银行发展</blockquote></p><p> Shopee isn't Sea's only unprofitable business. Its digital financial services segment, which houses the Sea&nbsp;Money payments platform and other fintech units, is losing money too. This business was also granted a full digital banking license in Singapore last December.</p><p><blockquote>Shopee并不是Sea唯一不盈利的业务。其数字金融服务部门（包括Sea Money支付平台和其他金融科技部门）也在亏损。这项业务也于去年12月在新加坡获得了完整的数字银行牌照。</blockquote></p><p> Sea launched the digital financial services segment in the fourth quarter of 2019, and both the total payment volume and the number of quarterly paying users on its mobile wallet app have skyrocketed in the two years since. Unfortunately, its losses are also widening:<img src=\"https://static.tigerbbs.com/40d393bcaa2441a53a52b8f0e431b310\" tg-width=\"791\" tg-height=\"241\" width=\"100%\" height=\"auto\">Once again, this highlights Sea's overwhelming dependence on&nbsp;<i>Free Fire</i>&nbsp;to do the heavy lifting and support its other, unprofitable businesses.</p><p><blockquote>Sea于2019年第四季度推出了数字金融服务部门，其移动钱包应用程序的总支付量和季度付费用户数量在此后的两年里都实现了飙升。遗憾的是，其亏损也在扩大：这再次凸显了Sea对<i>自由射击</i>承担繁重的工作并支持其他无利可图的业务。</blockquote></p><p> A wobbly (but promising) business model</p><p><blockquote>不稳定（但充满希望）的商业模式</blockquote></p><p> These three points show us just how unusual Sea's business model is: It's an e-commerce and fintech giant that (for now) relies on the profits from a single mobile game to offset the staggering losses of its other high-growth businesses.</p><p><blockquote>这三点向我们展示了Sea的商业模式是多么不寻常：它是一家电子商务和金融科技巨头，（目前）依靠单款手机游戏的利润来抵消其他高增长业务的惊人亏损。</blockquote></p><p> On the bright side, Sea also raised about $6 billion in fresh capital earlier this year with a big secondary stock and convertible debt offering -- and it ended&nbsp;the third quarter&nbsp;with $11.1 billion in cash and equivalents on the books. Therefore, Sea can afford to keep bleeding red ink for the foreseeable future.</p><p><blockquote>好的一面是，Sea今年早些时候还通过大规模发行二级股票和可转换债券筹集了约60亿美元的新资本，截至第三季度末，账面上的现金和等价物为111亿美元。因此，在可预见的未来，Sea有能力继续亏损。</blockquote></p><p></p><p> I believe Sea still has plenty of growth potential, but it will remain a very volatile stock. Potential investors should be well aware of these risks before betting that the stock will generate multibagger gains.</p><p><blockquote>我相信Sea仍然有很大的增长潜力，但它仍将是一只波动很大的股票。潜在投资者在押注该股票将产生多重收益之前应该充分了解这些风险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/09/3-things-about-sea-limited-that-smart-investors-kn/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://www.fool.com/investing/2021/12/09/3-things-about-sea-limited-that-smart-investors-kn/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195107888","content_text":"Most investors likely know three things about Sea Limited(NYSE:SE): that it owns Shopee, the top e-commerce player in Southeast Asia and Taiwan; that it owns the mobile game publisher Garena; and that it is deeply unprofitable.\nBut this tech company is actually fairly complex, and to better understand its sprawling business, it's worth examining three finer points about it that garner a lot less attention: its dependence on Free Fire; its expansion plans in Latin America; and the growth of its fintech ecosystem.\n1.Free Fire is the wind in Sea's sails\nFour years ago, Garena launched Free Fire, its first self-developed mobile game. The battle royale title, which was optimized for lower-end devices, quickly became one of the most popular mobile games in Southeast Asia and Latin America, and was the most-downloaded mobile game in the world in both 2019 and 2020, according to App Annie.\nFree Fire'ssuccess significantly boosted Garena's margins, since it wasn't a licensed game like the publisher's earlier titles. As a result, Sea's digital entertainment segment (which houses Garena) started to generate even stronger adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth -- a sharp contrast to the company's e-commerce segment, which has been growing more unprofitable.Therefore, Sea clearly needs Free Fire to keep generating that higher-margin revenue to subsidize the expansion of the Shopee e-commerce platform. That's a hefty burden to place on a 4-year-old mobile game.\nLooking ahead, Garena's top priorities will be to maintain Free Fire'smomentum, expand the franchise with new versions (likeFree Fire MAXfor higher-end devices), and launch more self-developed titles. Failing to achieve any of those goals could cause Sea's adjusted EBITDA to plummet.\n2. Shopee is gaining ground fast in Latin America\nWhen Shopee expanded into Brazil two years ago, skeptics predicted that it would be crushed by MercadoLibre(NASDAQ:MELI), the 800-pound gorilla of Latin American e-commerce. However, Shopee launched aggressive marketing campaigns, offered steep discounts, and expanded into other Latin American markets.\nAs a result, Shopee actually overtook MercadoLibre as the most-downloaded shopping app in Latin America earlier this year. By the end of August, Shopee's monthly active users (MAUs) in Latin America had risen 136% year over year to more than 30 million, according to Apptopia. MercadoLibre ended last quarter with 78.7 million unique active users.\nSea doesn't break out its Latin American results yet, but it's likely still racking up big losses as it expands through MercadoLibre's backyard. Last quarter, Sea said Shopee's adjusted EBITDA loss of $0.41 per order remained unchanged sequentially and year over year across all of its markets -- but narrowed by both metrics in its core Southeast Asia and Taiwan market.\nIn other words, Sea needs to continue narrowing Shopee's losses in Southeast Asia and Taiwan -- all while maintaining Free Fire'sgrowth -- to stabilize its adjusted EBITDA as it expands its massive ecosystem.\n3. Sea Limited is evolving into a digital bank\nShopee isn't Sea's only unprofitable business. Its digital financial services segment, which houses the Sea Money payments platform and other fintech units, is losing money too. This business was also granted a full digital banking license in Singapore last December.\nSea launched the digital financial services segment in the fourth quarter of 2019, and both the total payment volume and the number of quarterly paying users on its mobile wallet app have skyrocketed in the two years since. Unfortunately, its losses are also widening:Once again, this highlights Sea's overwhelming dependence on Free Fire to do the heavy lifting and support its other, unprofitable businesses.\nA wobbly (but promising) business model\nThese three points show us just how unusual Sea's business model is: It's an e-commerce and fintech giant that (for now) relies on the profits from a single mobile game to offset the staggering losses of its other high-growth businesses.\nOn the bright side, Sea also raised about $6 billion in fresh capital earlier this year with a big secondary stock and convertible debt offering -- and it ended the third quarter with $11.1 billion in cash and equivalents on the books. Therefore, Sea can afford to keep bleeding red ink for the foreseeable future.\nI believe Sea still has plenty of growth potential, but it will remain a very volatile stock. Potential investors should be well aware of these risks before betting that the stock will generate multibagger gains.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":137126017,"gmtCreate":1622331453239,"gmtModify":1634102346598,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"It will rise back","listText":"It will rise back","text":"It will rise back","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/137126017","repostId":"2138765488","repostType":4,"isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":696735096,"gmtCreate":1640765758331,"gmtModify":1640765773730,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/696735096","repostId":"1168845751","repostType":4,"repost":{"id":"1168845751","kind":"news","pubTimestamp":1640765334,"share":"https://www.laohu8.com/m/news/1168845751?lang=zh_CN&edition=full","pubTime":"2021-12-29 16:08","market":"us","language":"en","title":"Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid股票：较11月高点下跌33%，是时候转向看涨了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168845751","media":"Seeking Alpha","summary":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly su","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid股价较11月高点下跌33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全额认购。</li><li>我们讨论了为什么我们认为电动汽车投资者是时候看好Lucid股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐公司</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group(LCID)股价已下跌26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以如果读者需要入门书，可以参考。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>由于遭受成长型股票回撤和最近SEC对其SPAC合并的审查的双重打击，该公司的股价遭受重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股的定价仍有溢价，但我们认为它现在的估值似乎更合理。此外，定价溢价并没有阻止机构投资者全力抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是恰当的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在开始看好LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group预计到2030年将生产50万辆汽车。然而，该公司计划到2022年和2023年分别仅生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量只是高度投机。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司已经清楚地展示了生产世界级豪华电动汽车的工程专业知识。Air梦想赢得2022年MotorTrend年度汽车奖只是其迈向2.5万美元大众市场电动汽车目标的开始。成为新加冕的“靶场之王”当然不是一件容易的事。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的信任。它显示了Lucid惊人的动力系统效率的明显优势。虽然其基本型号Air Pure的定价显着溢价（7.74万美元起），但我们应该预计未来会有更多迭代。罗林森的“向下移动”战略是特斯拉（TSLA）已经完善的经过充分验证的模式。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说该策略是可行的。此外，Lucid的垂直集成堆栈为该公司提供了关键优势，可以凭借其动力系统效率创造奇迹。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。是特斯拉干的。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是我们利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济的大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用更小的电池组来获得具有竞争力的续航里程（例如，未来可行驶400英里），这将使我们的成本更低。在未来，我可以以每千瓦时不到100美元，甚至90美元的价格购买电池。然后我可以花2300美元买到那包电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值25,000美元的汽车。这就是未来。（内幕）尽管如此，彭博新能源财经估计，我们将观察到锂离子电池组成本从今年的132美元小幅上涨至2022年的135美元。这也将标志着过去十年来，由于原材料成本飙升，我们首次看到电池组价格出现名义上涨。值得注意的是，它预计到2030年价格将是我们今天观察到的价格的一半。因此，我们相信罗林森将在适当的时候推出这款大众市场汽车，以提高产量。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能否成功增产？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为Lucid仍需要证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但还需要证明自己的制造专长。但是，Lucid拥有成功的所有要素。从2022年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车持积极态度。通用汽车(GM)和福特(F)将从2022年起增加电动汽车交付量。Rivian(RIVN)正在提高其令人惊叹的电动卡车的产量。预计特斯拉明年的产量将达到200万辆。一些投资者认为，更激烈的竞争将压垮像Lucid这样尚未证明其量产专业知识的新贵。这些担忧是有道理的。制造业是一场不同的比赛。我们并不是说Lucid在此过程中不会遇到生产障碍。投资者应该假设该公司将会遇到问题和瓶颈。但是，重要的是，竞争格局实际上有利于Lucid，而不是令人望而却步。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这一估计也与彭博新能源财经5.2%的渗透率一致。第一市场（中国）和第二市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实还处于起步阶段。是的，会有竞争。但说竞争会扼杀已经证明其汽车技术的Lucid是不可信的，我们认为。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地顺应长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括期权）已被全额认购。因此，该公司成功筹集了$1.99 B的净收益，这些收益将用于提高产量等用途。值得注意的是，其转换价格为每股54.78美元，比上次收盘价高出41.7%，上次收盘价必须在2026年12月之前转换。因此，我们相信这是机构界对Lucid投下的明确信任票。该公司在交易中没有债务，现金和短期投资余额为$48亿。它为Lucid提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“该票据将按每年1.25%的利率计息。”因此，我们认为这是一个伟大且负担得起的产品。首席财务官雪莉·豪斯(Sherry House)在最近的财报中还强调了该公司坚如磐石的资产负债表。这将帮助公司获得增加生产资本支出所需的负担得起的资金，正如她补充道（编辑）：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至9月30日，我们今天的处境非常好，拥有48亿美元，这将使我们能够顺利度过2022年。明年您将看到资本支出大幅增加。事实上，明年部署的资本支出将是今年的倍数。所以我们已经在加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>.你会注意到我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们就有机会提供极好的价值贷款</i>因此，我们对自己能做的事情感觉非常好，我们觉得我们正在提高公司高效、快速地部署资本的能力。（Lucid的21年第三季度收益看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid stock&amp;peers EV/2023财年收入比较。数据来源：标普资本智商</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid股票的估值（EV/23财年收入）较我们上次报道时大幅下降。尽管仍领先于特斯拉股票的估值，但其估值已基本回落，与纯股同行一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的18倍。此外，读者应该注意到，Lucid承诺到2023年的保有量仅为5万辆。因此，即使我们以其2023财年收入倍数为基础，它甚至可能低估其成功爬坡时的中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为它们不必运输内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，高估值环境会对纯制造商的股价产生飞轮效应。这有助于他们以低廉的成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资本随处可见且廉价。因此，许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 10%的稀释性股权融资可以为超过三个增量工厂和超过75万辆增量产能提供资金，使该公司成为相对较大的全球豪华汽车制造商。（Benzinga）因此，我们认为Lucid投资者不应担心其溢价估值。相反，Lucid通过其非常成功的票据发行利用了其溢价估值。这证明了对Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需要证明其增产能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对LCID股票的评级，仅供投机性投资者购买。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid股票：较11月高点下跌33%，是时候转向看涨了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid股票：较11月高点下跌33%，是时候转向看涨了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-29 16:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid股价较11月高点下跌33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全额认购。</li><li>我们讨论了为什么我们认为电动汽车投资者是时候看好Lucid股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐公司</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group(LCID)股价已下跌26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以如果读者需要入门书，可以参考。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>由于遭受成长型股票回撤和最近SEC对其SPAC合并的审查的双重打击，该公司的股价遭受重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股的定价仍有溢价，但我们认为它现在的估值似乎更合理。此外，定价溢价并没有阻止机构投资者全力抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是恰当的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在开始看好LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group预计到2030年将生产50万辆汽车。然而，该公司计划到2022年和2023年分别仅生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量只是高度投机。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司已经清楚地展示了生产世界级豪华电动汽车的工程专业知识。Air梦想赢得2022年MotorTrend年度汽车奖只是其迈向2.5万美元大众市场电动汽车目标的开始。成为新加冕的“靶场之王”当然不是一件容易的事。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的信任。它显示了Lucid惊人的动力系统效率的明显优势。虽然其基本型号Air Pure的定价显着溢价（7.74万美元起），但我们应该预计未来会有更多迭代。罗林森的“向下移动”战略是特斯拉（TSLA）已经完善的经过充分验证的模式。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说该策略是可行的。此外，Lucid的垂直集成堆栈为该公司提供了关键优势，可以凭借其动力系统效率创造奇迹。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。是特斯拉干的。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是我们利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济的大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用更小的电池组来获得具有竞争力的续航里程（例如，未来可行驶400英里），这将使我们的成本更低。在未来，我可以以每千瓦时不到100美元，甚至90美元的价格购买电池。然后我可以花2300美元买到那包电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值25,000美元的汽车。这就是未来。（内幕）尽管如此，彭博新能源财经估计，我们将观察到锂离子电池组成本从今年的132美元小幅上涨至2022年的135美元。这也将标志着过去十年来，由于原材料成本飙升，我们首次看到电池组价格出现名义上涨。值得注意的是，它预计到2030年价格将是我们今天观察到的价格的一半。因此，我们相信罗林森将在适当的时候推出这款大众市场汽车，以提高产量。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能否成功增产？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为Lucid仍需要证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但还需要证明自己的制造专长。但是，Lucid拥有成功的所有要素。从2022年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车持积极态度。通用汽车(GM)和福特(F)将从2022年起增加电动汽车交付量。Rivian(RIVN)正在提高其令人惊叹的电动卡车的产量。预计特斯拉明年的产量将达到200万辆。一些投资者认为，更激烈的竞争将压垮像Lucid这样尚未证明其量产专业知识的新贵。这些担忧是有道理的。制造业是一场不同的比赛。我们并不是说Lucid在此过程中不会遇到生产障碍。投资者应该假设该公司将会遇到问题和瓶颈。但是，重要的是，竞争格局实际上有利于Lucid，而不是令人望而却步。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这一估计也与彭博新能源财经5.2%的渗透率一致。第一市场（中国）和第二市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实还处于起步阶段。是的，会有竞争。但说竞争会扼杀已经证明其汽车技术的Lucid是不可信的，我们认为。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地顺应长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括期权）已被全额认购。因此，该公司成功筹集了$1.99 B的净收益，这些收益将用于提高产量等用途。值得注意的是，其转换价格为每股54.78美元，比上次收盘价高出41.7%，上次收盘价必须在2026年12月之前转换。因此，我们相信这是机构界对Lucid投下的明确信任票。该公司在交易中没有债务，现金和短期投资余额为$48亿。它为Lucid提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“该票据将按每年1.25%的利率计息。”因此，我们认为这是一个伟大且负担得起的产品。首席财务官雪莉·豪斯(Sherry House)在最近的财报中还强调了该公司坚如磐石的资产负债表。这将帮助公司获得增加生产资本支出所需的负担得起的资金，正如她补充道（编辑）：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至9月30日，我们今天的处境非常好，拥有48亿美元，这将使我们能够顺利度过2022年。明年您将看到资本支出大幅增加。事实上，明年部署的资本支出将是今年的倍数。所以我们已经在加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>.你会注意到我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们就有机会提供极好的价值贷款</i>因此，我们对自己能做的事情感觉非常好，我们觉得我们正在提高公司高效、快速地部署资本的能力。（Lucid的21年第三季度收益看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid stock&amp;peers EV/2023财年收入比较。数据来源：标普资本智商</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid股票的估值（EV/23财年收入）较我们上次报道时大幅下降。尽管仍领先于特斯拉股票的估值，但其估值已基本回落，与纯股同行一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的18倍。此外，读者应该注意到，Lucid承诺到2023年的保有量仅为5万辆。因此，即使我们以其2023财年收入倍数为基础，它甚至可能低估其成功爬坡时的中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为它们不必运输内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，高估值环境会对纯制造商的股价产生飞轮效应。这有助于他们以低廉的成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资本随处可见且廉价。因此，许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 10%的稀释性股权融资可以为超过三个增量工厂和超过75万辆增量产能提供资金，使该公司成为相对较大的全球豪华汽车制造商。（Benzinga）因此，我们认为Lucid投资者不应担心其溢价估值。相反，Lucid通过其非常成功的票据发行利用了其溢价估值。这证明了对Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需要证明其增产能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对LCID股票的评级，仅供投机性投资者购买。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"source_url":"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168845751","content_text":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly successful convertible notes offering, which was fully subscribed.We discuss why we think it's time for EV investors to turn bullish on Lucid stock.Eugene Gologursky/Getty Images EntertainmentLucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.Therefore, we believe it's apt to discuss why we have revised our rating to Buy.Why We Are Turning Bullish on LCID NowLucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID's long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn't mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned \"range king\" is certainly no mean feat. It's a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson & Co. It shows the clear supremacy of Lucid's amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson's strategy of \"moving down the chain\" is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid's vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.Step one of that plan is we use efficiency to create long-range. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That's the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.Can Lucid Ramp Production Successfully?Let's put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It's riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we're not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF's 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It's important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it's a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that \"the notes will accrue interest at a rate of 1.25% per annum.\" Therefore, it's a great and affordable offering, we think. CFO Sherry House had also emphasized the company's rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):So, we're sitting in a terrific place today with $4.8 billion as of September 30, that's going to get us well through 2022. You're going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we're already doing that acceleration.We do think that there is increasing availability of capital to us today from a lot of different sources. You'll note that we still haven't even taken debt on.So we have the opportunity to provide terrific loan to value there if we chose to take on debt. So we're feeling really good about what we could do, and we feel like we are increasing the company's ability to deploy capital efficiently and quickly. (Lucid's FQ3'21 earnings call)Why Buy LCID Stock at Such a High Premium?Lucid stock & peers EV/FY23 Revenue comps. Data source: S&P Capital IQLucid stock's valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock's valuation, it has dropped back broadly in line with its pure-play peers. Also, it's no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.Moreover, the \"green tidal wave\" is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don't have to transit their ICE production lines. Valuations like this are \"perfect\" to issue convertible notes or equity offerings.Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers' stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid's business model is very robust, and that's critical.Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.Therefore, we revise our rating on LCID stock to Buy for speculative investors only.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":2173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696024349,"gmtCreate":1640580058229,"gmtModify":1640580058443,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Time for Tesla to the moon","listText":"Time for Tesla to the moon","text":"Time for Tesla to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/696024349","repostId":"1138768744","repostType":2,"repost":{"id":"1138768744","kind":"news","pubTimestamp":1640576008,"share":"https://www.laohu8.com/m/news/1138768744?lang=zh_CN&edition=full","pubTime":"2021-12-27 11:33","market":"us","language":"en","title":"The next Tesla is proving hard to find<blockquote>事实证明，下一个特斯拉很难找到</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138768744","media":"CNN Business","summary":"New York Finding the next Tesla among electric vehicle stocks is proving to be difficult.A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla  itself.Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on De","content":"<p>New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.</p><p><blockquote>纽约（CNN Business）事实证明，在电动汽车股票中寻找下一个特斯拉是困难的。</blockquote></p><p> A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.</p><p><blockquote>近年来，随着投资者寻找下一家撼动汽车市场的公司，许多新兴电动汽车制造商的股价飙升。但最近所有人都在苦苦挣扎——特斯拉（TSLA）本身也是如此。</blockquote></p><p> Lucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.</p><p><blockquote>Lucid在SPAC交易后于7月开始在纳斯达克交易，它也有好消息：其第一辆汽车Lucid Air赢得了MotorTrend年度汽车荣誉，并被认证为一次续航里程为520英里。一次充电，是所有电动汽车中最长的。但该公司还透露，其部分索赔和SPAC交易面临美国证券交易委员会的传票，股价较11月16日的峰值下跌。</blockquote></p><p> Electric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.</p><p><blockquote>电动卡车制造商Rivian在11月的IPO中大受欢迎，还获得了MotorTrend年度卡车荣誉。Rivian赢得了第一款进入市场的全电动皮卡的比赛。股价在首日交易中较IPO价格上涨29%，并在接下来的一周内又上涨了71%。</blockquote></p><p> Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.</p><p><blockquote>Rivian曾一度成为全球第三大最有价值的汽车制造商，仅次于特斯拉和丰田，尽管该公司上市时尚未报告任何销售额。当该公司最终在12月16日报告首次销售时，销量未达到预期，该公司还提到了困扰汽车行业其他公司的芯片和零部件短缺问题。周四收盘时，该股较报告前高点下跌44%，事实证明，销售报告也对Lucid股价构成阻力。</blockquote></p><p> Even Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.</p><p><blockquote>即使是今年早些时候成为第六家市值达到1万亿美元的公司的特斯拉，最近也遇到了麻烦。截至周二，该股较11月4日创下的历史高点下跌了27%，随后本周晚些时候的反弹将其回升至1万亿美元大关之上。尽管如此，其交易价格仍比历史峰值低13%。</blockquote></p><p> Part of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.</p><p><blockquote>电动汽车股票最近的部分问题是拜登政府的“重建更好”法案明显失效，该法案为电动汽车行业带来了许多好处，包括加强对买家的税收抵免，这将允许汽车制造商对车辆收取更高的费用。Build Back Better还包括为快速充电站网络提供资金，这将解决潜在电动汽车买家对在路上电量耗尽的担忧。</blockquote></p><p> \"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"</p><p><blockquote>韦德布什证券(Wedbush Securities)技术分析师丹·艾夫斯(Dan Ives)表示：“这对电动汽车多头来说是一记重击。”“对于2022年及以后的增量需求，电动汽车税收抵免是需求15%的波动因素。”</blockquote></p><p> But much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.</p><p><blockquote>但电动汽车股票的下跌大部分发生在参议员乔·曼钦(Joe Manchin)上周表示他无法支持该立法之前，这使其未来受到严重质疑。</blockquote></p><p> Much of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.</p><p><blockquote>下降的主要原因是大众、丰田、福特和通用等老牌汽车制造商不断宣布电动汽车的额外投资计划。令人担忧的是，即使消费者偏好和更严格的环境规则即将导致从汽油动力汽车向电动汽车的大规模转变，独立的电动汽车公司也不一定会赢得这场战斗。</blockquote></p><p> \"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"</p><p><blockquote>艾夫斯表示：“在电动汽车市场份额的争夺中，将会有输家。”“Rivian一出就出现了交付短缺，这不可能是在最糟糕的时候。这对纯电动汽车制造商来说是一片乌云。投资者对任何执行失误的耐心都大大降低。”</blockquote></p><p> Tesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.</p><p><blockquote>特斯拉已经发展到盈利的程度，并且即使面对来自老牌汽车制造商的日益激烈的竞争，其规模也足以实现增长。它预计今年及以后的销售额将增长50%或更高。该股在很大程度上顶住了该行业的跌势，今年迄今已上涨51%。</blockquote></p><p> Although that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.</p><p><blockquote>尽管这只是特斯拉股价在2020年实现的743%涨幅的一小部分，但它比除福特之外的大多数老牌汽车制造商都要好，福特在自己的电动汽车努力取得显着收益后，股价今年上涨了131%。</blockquote></p><p> The two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.</p><p><blockquote>截至周四收盘，两只陷入困境的电动汽车股票——Nikola和Lordstown Motors——的价值分别下跌了27%和80%，尽管Nikola的股价在宣布终于完成首次卡车交付后周四飙升了18%。</blockquote></p><p> But earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.</p><p><blockquote>但本周早些时候，尼古拉同意支付1.25亿美元罚款，以和解其创始人兼前首席执行官特雷弗·米尔顿(Trevor Milton)欺骗投资者的指控。在有关公司索赔的问题首次浮出水面后，米尔顿于2020年9月被迫辞职。他现在面临联邦刑事指控。</blockquote></p><p> The founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.</p><p><blockquote>Lordstown的创始人兼首席执行官也被迫辞职，该公司对能否继续经营表示怀疑。</blockquote></p><p> The trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.</p><p><blockquote>Ives表示，这些公司在兑现早期承诺方面遇到的麻烦意味着Lucid和Rivian等公司必须采取更多措施来证明自己，才能完全被投资者接受。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The next Tesla is proving hard to find<blockquote>事实证明，下一个特斯拉很难找到</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe next Tesla is proving hard to find<blockquote>事实证明，下一个特斯拉很难找到</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-12-27 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.</p><p><blockquote>纽约（CNN Business）事实证明，在电动汽车股票中寻找下一个特斯拉是困难的。</blockquote></p><p> A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.</p><p><blockquote>近年来，随着投资者寻找下一家撼动汽车市场的公司，许多新兴电动汽车制造商的股价飙升。但最近所有人都在苦苦挣扎——特斯拉（TSLA）本身也是如此。</blockquote></p><p> Lucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.</p><p><blockquote>Lucid在SPAC交易后于7月开始在纳斯达克交易，它也有好消息：其第一辆汽车Lucid Air赢得了MotorTrend年度汽车荣誉，并被认证为一次续航里程为520英里。一次充电，是所有电动汽车中最长的。但该公司还透露，其部分索赔和SPAC交易面临美国证券交易委员会的传票，股价较11月16日的峰值下跌。</blockquote></p><p> Electric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.</p><p><blockquote>电动卡车制造商Rivian在11月的IPO中大受欢迎，还获得了MotorTrend年度卡车荣誉。Rivian赢得了第一款进入市场的全电动皮卡的比赛。股价在首日交易中较IPO价格上涨29%，并在接下来的一周内又上涨了71%。</blockquote></p><p> Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.</p><p><blockquote>Rivian曾一度成为全球第三大最有价值的汽车制造商，仅次于特斯拉和丰田，尽管该公司上市时尚未报告任何销售额。当该公司最终在12月16日报告首次销售时，销量未达到预期，该公司还提到了困扰汽车行业其他公司的芯片和零部件短缺问题。周四收盘时，该股较报告前高点下跌44%，事实证明，销售报告也对Lucid股价构成阻力。</blockquote></p><p> Even Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.</p><p><blockquote>即使是今年早些时候成为第六家市值达到1万亿美元的公司的特斯拉，最近也遇到了麻烦。截至周二，该股较11月4日创下的历史高点下跌了27%，随后本周晚些时候的反弹将其回升至1万亿美元大关之上。尽管如此，其交易价格仍比历史峰值低13%。</blockquote></p><p> Part of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.</p><p><blockquote>电动汽车股票最近的部分问题是拜登政府的“重建更好”法案明显失效，该法案为电动汽车行业带来了许多好处，包括加强对买家的税收抵免，这将允许汽车制造商对车辆收取更高的费用。Build Back Better还包括为快速充电站网络提供资金，这将解决潜在电动汽车买家对在路上电量耗尽的担忧。</blockquote></p><p> \"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"</p><p><blockquote>韦德布什证券(Wedbush Securities)技术分析师丹·艾夫斯(Dan Ives)表示：“这对电动汽车多头来说是一记重击。”“对于2022年及以后的增量需求，电动汽车税收抵免是需求15%的波动因素。”</blockquote></p><p> But much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.</p><p><blockquote>但电动汽车股票的下跌大部分发生在参议员乔·曼钦(Joe Manchin)上周表示他无法支持该立法之前，这使其未来受到严重质疑。</blockquote></p><p> Much of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.</p><p><blockquote>下降的主要原因是大众、丰田、福特和通用等老牌汽车制造商不断宣布电动汽车的额外投资计划。令人担忧的是，即使消费者偏好和更严格的环境规则即将导致从汽油动力汽车向电动汽车的大规模转变，独立的电动汽车公司也不一定会赢得这场战斗。</blockquote></p><p> \"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"</p><p><blockquote>艾夫斯表示：“在电动汽车市场份额的争夺中，将会有输家。”“Rivian一出就出现了交付短缺，这不可能是在最糟糕的时候。这对纯电动汽车制造商来说是一片乌云。投资者对任何执行失误的耐心都大大降低。”</blockquote></p><p> Tesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.</p><p><blockquote>特斯拉已经发展到盈利的程度，并且即使面对来自老牌汽车制造商的日益激烈的竞争，其规模也足以实现增长。它预计今年及以后的销售额将增长50%或更高。该股在很大程度上顶住了该行业的跌势，今年迄今已上涨51%。</blockquote></p><p> Although that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.</p><p><blockquote>尽管这只是特斯拉股价在2020年实现的743%涨幅的一小部分，但它比除福特之外的大多数老牌汽车制造商都要好，福特在自己的电动汽车努力取得显着收益后，股价今年上涨了131%。</blockquote></p><p> The two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.</p><p><blockquote>截至周四收盘，两只陷入困境的电动汽车股票——Nikola和Lordstown Motors——的价值分别下跌了27%和80%，尽管Nikola的股价在宣布终于完成首次卡车交付后周四飙升了18%。</blockquote></p><p> But earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.</p><p><blockquote>但本周早些时候，尼古拉同意支付1.25亿美元罚款，以和解其创始人兼前首席执行官特雷弗·米尔顿(Trevor Milton)欺骗投资者的指控。在有关公司索赔的问题首次浮出水面后，米尔顿于2020年9月被迫辞职。他现在面临联邦刑事指控。</blockquote></p><p> The founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.</p><p><blockquote>Lordstown的创始人兼首席执行官也被迫辞职，该公司对能否继续经营表示怀疑。</blockquote></p><p> The trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.</p><p><blockquote>Ives表示，这些公司在兑现早期承诺方面遇到的麻烦意味着Lucid和Rivian等公司必须采取更多措施来证明自己，才能完全被投资者接受。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","LCID":"Lucid Group Inc","RIVN":"Rivian Automotive, Inc."},"source_url":"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138768744","content_text":"New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.\nA number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.\nLucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.\nElectric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.\nRivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.\nEven Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.\nPart of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.\n\"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"\nBut much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.\nMuch of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.\n\"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"\nTesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.\nAlthough that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.\nThe two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.\nBut earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.\nThe founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.\nThe trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.","news_type":1,"symbols_score_info":{"NKLA":0.9,"TSLA":0.9,"RIDE":0.9,"RIVN":0.9,"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":2725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862534342,"gmtCreate":1632888963194,"gmtModify":1632888963411,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"She sell we buy","listText":"She sell we buy","text":"She sell we buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/862534342","repostId":"1157077918","repostType":2,"repost":{"id":"1157077918","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632887649,"share":"https://www.laohu8.com/m/news/1157077918?lang=zh_CN&edition=full","pubTime":"2021-09-29 11:54","market":"us","language":"en","title":"Cathie Wood Sells Another $265M In Tesla On Tuesday — These Are Other Key Trades<blockquote>Cathie Wood周二在特斯拉又出售了2.65亿美元——这些是其他关键交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157077918","media":"Benzinga","summary":"Cathie Wood-led Ark Invest on Tuesday further sold shares to book profit in Tesla Inc TSLA-1.74%, it","content":"<p><b>Cathie Wood</b>-led Ark Invest on Tuesday further sold shares to book profit&nbsp;in&nbsp;<b>Tesla Inc</b>&nbsp;TSLA-1.74%, its largest single-day sell&nbsp;so far this month&nbsp;in the electric vehicle maker company’s stock.</p><p><blockquote><b>凯西·伍德</b>-led Ark Invest周二进一步出售股票，以实现净利润<b>特斯拉公司</b>TSLA-1.74%，这是这家电动汽车制造商股票本月迄今为止最大的单日抛售。</blockquote></p><p> The popular money manager sold 340,618 shares — estimated to be worth $264.85 million — in the Palo Alto, California-based company.</p><p><blockquote>这位受欢迎的基金经理出售了这家总部位于加利福尼亚州帕洛阿尔托的公司的340,618股股票，估计价值2.6485亿美元。</blockquote></p><p> Tesla stock closed 1.74% lower at $777.56 on Tuesday. The company's stock has jumped 5.6% so far this month and the year-to-date gains are about 6.55%.</p><p><blockquote>特斯拉股价周二收盘下跌1.74%，至777.56美元。该公司股价本月迄今已上涨5.6%，今年迄今涨幅约为6.55%。</blockquote></p><p> The popular investment management firm deployed the&nbsp;<b>Ark Autonomous Technology &amp; RoboticsETF</b>&nbsp;ARKW, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;ARKW-4.08%&nbsp;and the<b>ArkInnovationETF</b>&nbsp;ARKK-4.16%&nbsp;to sell shares in Tesla.</p><p><blockquote>这家受欢迎的投资管理公司部署了<b>方舟自主技术与机器人SETF</b>ARKW，<b>方舟下一代互联网ETF</b>ARKW-4.08%和<b>ArkInnovationETF</b>ARKK-4.16%出售特斯拉股票。</blockquote></p><p> The hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding. Ark predicts Tesla will hit the$3,000 mark at the end of 2025.</p><p><blockquote>众所周知，该对冲基金看好特斯拉，这家电动汽车公司仍然是其最大的持股。Ark预测特斯拉将在2025年底突破3000美元大关。</blockquote></p><p> Including the latest sale, the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based money managing firm has sold about $594 million worth of shares&nbsp;so far in September in the<b>Elon Musk</b>-led company.</p><p><blockquote>包括最新的销售，<a href=\"https://laohu8.com/S/NWY\">纽约</a>9月份迄今为止，这家总部位于美国的基金管理公司已出售了价值约5.94亿美元的股票<b>埃隆·马斯克</b>-led公司。</blockquote></p><p> Ark held a total of about 4 million shares — worth $3.17 billion — in the electric vehicle company, ahead of Tuesday’s trades.</p><p><blockquote>在周二交易之前，Ark总共持有这家电动汽车公司约400万股股票，价值31.7亿美元。</blockquote></p><p> <b>Here are some of the other key trades for Ark on Tuesday:</b></p><p><blockquote><b>以下是Ark周二的其他一些关键交易：</b></blockquote></p><p> <ul>  <li>Sold 68,883 shares — estimated to be worth $5.12 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a></b>&nbsp;SNAP-7.09%, on the day shares of the company closed 7.07% lower at $74.42 a share.</li>  <li>Sold 1,994 shares — estimated to be worth $5.4 million — in&nbsp;<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc</b>&nbsp;GOOG-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+ Free Alerts</a>GOOG<a href=\"https://laohu8.com/S/LLL\">L-3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+ Free Alerts</a>. Shares of the company closed 3.76% lower at $2,723.68 on Tuesday.</li>  <li>Snapped 184,199 shares — estimated to be worth $42.33 million — in&nbsp;<b>Coinbase Global Inc</b>&nbsp;COIN-1.03%, on the day shares closed 1.03% lower at $229.84.</li>  <li>Bought 205,707 shares — estimated to be worth $49.9 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SQ\">Square</a> Inc</b>&nbsp;SQ-5.96%, on the day shares of the<b>Jack Dorsey</b>-led company closed about&nbsp; 6% lower at $242.70.</li> </ul> </p><p><blockquote><ul><li>出售68,883股股票，估计价值512万美元<b><a href=\"https://laohu8.com/S/SNAP\">Snap公司</a></b>SNAP-7.09%，当日该公司股价收盘下跌7.07%，至每股74.42美元。</li><li>出售1,994股股票，估计价值540万美元<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc</b>谷歌-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+免费提醒</a>谷歌<a href=\"https://laohu8.com/S/LLL\">L-3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+免费提醒</a>该公司股价周二收盘下跌3.76%，至2,723.68美元。</li><li>抢购184,199股，估计价值4,233万美元<b>比特币基地全球公司</b>COIN-1.03%，当日股价收盘下跌1.03%，至229.84美元。</li><li>购买了205,707股股票，估计价值4,990万美元<b><a href=\"https://laohu8.com/S/SQ\">平方</a>Inc</b>SQ-5.96%，当日股票<b>杰克·多西</b>-led公司收盘下跌约6%，至242.70美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Sells Another $265M In Tesla On Tuesday — These Are Other Key Trades<blockquote>Cathie Wood周二在特斯拉又出售了2.65亿美元——这些是其他关键交易</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Sells Another $265M In Tesla On Tuesday — These Are Other Key Trades<blockquote>Cathie Wood周二在特斯拉又出售了2.65亿美元——这些是其他关键交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-09-29 11:54</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Cathie Wood</b>-led Ark Invest on Tuesday further sold shares to book profit&nbsp;in&nbsp;<b>Tesla Inc</b>&nbsp;TSLA-1.74%, its largest single-day sell&nbsp;so far this month&nbsp;in the electric vehicle maker company’s stock.</p><p><blockquote><b>凯西·伍德</b>-led Ark Invest周二进一步出售股票，以实现净利润<b>特斯拉公司</b>TSLA-1.74%，这是这家电动汽车制造商股票本月迄今为止最大的单日抛售。</blockquote></p><p> The popular money manager sold 340,618 shares — estimated to be worth $264.85 million — in the Palo Alto, California-based company.</p><p><blockquote>这位受欢迎的基金经理出售了这家总部位于加利福尼亚州帕洛阿尔托的公司的340,618股股票，估计价值2.6485亿美元。</blockquote></p><p> Tesla stock closed 1.74% lower at $777.56 on Tuesday. The company's stock has jumped 5.6% so far this month and the year-to-date gains are about 6.55%.</p><p><blockquote>特斯拉股价周二收盘下跌1.74%，至777.56美元。该公司股价本月迄今已上涨5.6%，今年迄今涨幅约为6.55%。</blockquote></p><p> The popular investment management firm deployed the&nbsp;<b>Ark Autonomous Technology &amp; RoboticsETF</b>&nbsp;ARKW, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;ARKW-4.08%&nbsp;and the<b>ArkInnovationETF</b>&nbsp;ARKK-4.16%&nbsp;to sell shares in Tesla.</p><p><blockquote>这家受欢迎的投资管理公司部署了<b>方舟自主技术与机器人SETF</b>ARKW，<b>方舟下一代互联网ETF</b>ARKW-4.08%和<b>ArkInnovationETF</b>ARKK-4.16%出售特斯拉股票。</blockquote></p><p> The hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding. Ark predicts Tesla will hit the$3,000 mark at the end of 2025.</p><p><blockquote>众所周知，该对冲基金看好特斯拉，这家电动汽车公司仍然是其最大的持股。Ark预测特斯拉将在2025年底突破3000美元大关。</blockquote></p><p> Including the latest sale, the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based money managing firm has sold about $594 million worth of shares&nbsp;so far in September in the<b>Elon Musk</b>-led company.</p><p><blockquote>包括最新的销售，<a href=\"https://laohu8.com/S/NWY\">纽约</a>9月份迄今为止，这家总部位于美国的基金管理公司已出售了价值约5.94亿美元的股票<b>埃隆·马斯克</b>-led公司。</blockquote></p><p> Ark held a total of about 4 million shares — worth $3.17 billion — in the electric vehicle company, ahead of Tuesday’s trades.</p><p><blockquote>在周二交易之前，Ark总共持有这家电动汽车公司约400万股股票，价值31.7亿美元。</blockquote></p><p> <b>Here are some of the other key trades for Ark on Tuesday:</b></p><p><blockquote><b>以下是Ark周二的其他一些关键交易：</b></blockquote></p><p> <ul>  <li>Sold 68,883 shares — estimated to be worth $5.12 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a></b>&nbsp;SNAP-7.09%, on the day shares of the company closed 7.07% lower at $74.42 a share.</li>  <li>Sold 1,994 shares — estimated to be worth $5.4 million — in&nbsp;<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc</b>&nbsp;GOOG-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+ Free Alerts</a>GOOG<a href=\"https://laohu8.com/S/LLL\">L-3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+ Free Alerts</a>. Shares of the company closed 3.76% lower at $2,723.68 on Tuesday.</li>  <li>Snapped 184,199 shares — estimated to be worth $42.33 million — in&nbsp;<b>Coinbase Global Inc</b>&nbsp;COIN-1.03%, on the day shares closed 1.03% lower at $229.84.</li>  <li>Bought 205,707 shares — estimated to be worth $49.9 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SQ\">Square</a> Inc</b>&nbsp;SQ-5.96%, on the day shares of the<b>Jack Dorsey</b>-led company closed about&nbsp; 6% lower at $242.70.</li> </ul> </p><p><blockquote><ul><li>出售68,883股股票，估计价值512万美元<b><a href=\"https://laohu8.com/S/SNAP\">Snap公司</a></b>SNAP-7.09%，当日该公司股价收盘下跌7.07%，至每股74.42美元。</li><li>出售1,994股股票，估计价值540万美元<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc</b>谷歌-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+免费提醒</a>谷歌<a href=\"https://laohu8.com/S/LLL\">L-3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+免费提醒</a>该公司股价周二收盘下跌3.76%，至2,723.68美元。</li><li>抢购184,199股，估计价值4,233万美元<b>比特币基地全球公司</b>COIN-1.03%，当日股价收盘下跌1.03%，至229.84美元。</li><li>购买了205,707股股票，估计价值4,990万美元<b><a href=\"https://laohu8.com/S/SQ\">平方</a>Inc</b>SQ-5.96%，当日股票<b>杰克·多西</b>-led公司收盘下跌约6%，至242.70美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157077918","content_text":"Cathie Wood-led Ark Invest on Tuesday further sold shares to book profit in Tesla Inc TSLA-1.74%, its largest single-day sell so far this month in the electric vehicle maker company’s stock.\nThe popular money manager sold 340,618 shares — estimated to be worth $264.85 million — in the Palo Alto, California-based company.\nTesla stock closed 1.74% lower at $777.56 on Tuesday. The company's stock has jumped 5.6% so far this month and the year-to-date gains are about 6.55%.\nThe popular investment management firm deployed the Ark Autonomous Technology & RoboticsETF ARKW, the Ark Next Generation Internet ETF ARKW-4.08% and theArkInnovationETF ARKK-4.16% to sell shares in Tesla.\nThe hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding. Ark predicts Tesla will hit the$3,000 mark at the end of 2025.\nIncluding the latest sale, the New York-based money managing firm has sold about $594 million worth of shares so far in September in theElon Musk-led company.\nArk held a total of about 4 million shares — worth $3.17 billion — in the electric vehicle company, ahead of Tuesday’s trades.\nHere are some of the other key trades for Ark on Tuesday:\n\nSold 68,883 shares — estimated to be worth $5.12 million — in Snap Inc SNAP-7.09%, on the day shares of the company closed 7.07% lower at $74.42 a share.\nSold 1,994 shares — estimated to be worth $5.4 million — in Alphabet Inc GOOG-3.76%+ Free AlertsGOOGL-3.72%+ Free Alerts. Shares of the company closed 3.76% lower at $2,723.68 on Tuesday.\nSnapped 184,199 shares — estimated to be worth $42.33 million — in Coinbase Global Inc COIN-1.03%, on the day shares closed 1.03% lower at $229.84.\nBought 205,707 shares — estimated to be worth $49.9 million — in Square Inc SQ-5.96%, on the day shares of theJack Dorsey-led company closed about  6% lower at $242.70.","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKIU":0.9}},"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":837523325,"gmtCreate":1629900537967,"gmtModify":1631890308956,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Buy Moderna","listText":"Buy Moderna","text":"Buy Moderna","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837523325","repostId":"2162051949","repostType":2,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121441470,"gmtCreate":1624490776790,"gmtModify":1634005487991,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Do continue to support growth stocks.&nbsp;","listText":"Do continue to support growth stocks.&nbsp;","text":"Do continue to support growth stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/121441470","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":690306342,"gmtCreate":1639628278414,"gmtModify":1639628278601,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Apple is. Good company to invest. Ignore all the noise and just DCA","listText":"Apple is. Good company to invest. Ignore all the noise and just DCA","text":"Apple is. Good company to invest. Ignore all the noise and just DCA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690306342","repostId":"1156000862","repostType":4,"repost":{"id":"1156000862","kind":"news","pubTimestamp":1639622579,"share":"https://www.laohu8.com/m/news/1156000862?lang=zh_CN&edition=full","pubTime":"2021-12-16 10:42","market":"us","language":"en","title":"Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156000862","media":"Motley Fool","summary":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Rese","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>本公司之股份<b>苹果</b>（纳斯达克：AAPL）周三在美联储发表声明后上涨近3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对通胀上升。这一消息是在11月份批发价格飙升创纪录的9.6%之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储明年开始加息。联邦公开市场委员会成员预测2022年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更积极的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而对苹果高性能M1芯片的好评则推动了Mac和iPad的销售。这些趋势加在一起可能会推动这家科技巨头本已丰厚的利润走得更高。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近上调了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天美联储的声明和随后的市场反弹似乎表明可以再次购买高成长型股票，许多投资者决定购买苹果的股票，其股价也随之上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-16 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>本公司之股份<b>苹果</b>（纳斯达克：AAPL）周三在美联储发表声明后上涨近3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对通胀上升。这一消息是在11月份批发价格飙升创纪录的9.6%之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储明年开始加息。联邦公开市场委员会成员预测2022年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更积极的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而对苹果高性能M1芯片的好评则推动了Mac和iPad的销售。这些趋势加在一起可能会推动这家科技巨头本已丰厚的利润走得更高。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近上调了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天美联储的声明和随后的市场反弹似乎表明可以再次购买高成长型股票，许多投资者决定购买苹果的股票，其股价也随之上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156000862","content_text":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.\nSo what\nThe Federal Reserve plans to taper its asset purchases at a faster rate to combat rising inflation. The announcement came after wholesale prices surged a record 9.6% in November.\nThis tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.\nWhile a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.\nNow what\nThe news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.\nA 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.\nAdditionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.\nWith today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856691319,"gmtCreate":1635171938063,"gmtModify":1635171943851,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"This is a huge deal. Buy buy Tesla.&nbsp;","listText":"This is a huge deal. Buy buy Tesla.&nbsp;","text":"This is a huge deal. Buy buy Tesla.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856691319","repostId":"1112151752","repostType":2,"repost":{"id":"1112151752","kind":"news","pubTimestamp":1635171619,"share":"https://www.laohu8.com/m/news/1112151752?lang=zh_CN&edition=full","pubTime":"2021-10-25 22:20","market":"us","language":"en","title":"Tesla drives toward $1 trillion club on record Hertz order<blockquote>特斯拉凭借创纪录的赫兹订单迈向1万亿美元俱乐部</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112151752","media":"Reuters","summary":"(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by","content":"<p>(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order from Hertz, which announced plans to buy 100,000 electric rental cars.</p><p><blockquote>（路透社）-特斯拉公司周一的市值接近1万亿美元，这家由Elon Musk创立的公司从赫兹获得了有史以来最大的订单，赫兹宣布计划购买10万辆电动租赁汽车。</blockquote></p><p> Tesla shares opened up 4.5% at $950.53, a new record high, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.</p><p><blockquote>该命令发布后，特斯拉股价开盘上涨4.5%，至950.53美元，创下历史新高。该公司的Model 3成为第一款在欧洲新车月销量最高的电动汽车的消息也提振了股价。</blockquote></p><p> The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.</p><p><blockquote>赫兹发布这一消息之际，特斯拉正在应对其汽车订单积压和供应链持续中断的问题，但这确实巩固了电动汽车的主流吸引力。</blockquote></p><p> Interim Hertz Chief Executive Mark Fields in an interview told Reuters the order, delivered by the end of 2022, will primarily be Model 3 vehicles. Tesla vehicles will start being available at Hertz rental facilities in November.</p><p><blockquote>赫兹临时首席执行官Mark Fields在接受路透社采访时表示，该订单将于2022年底交付，主要是Model 3汽车。特斯拉汽车将于11月开始在赫兹租赁设施提供。</blockquote></p><p> “We absolutely believe that this is going to be competitive advantage for us,” Fields said of the Tesla order. “We want to be a leader in mobility... Getting customers experience with electrified vehicles is an absolute priority for us.”</p><p><blockquote>“我们绝对相信这将成为我们的竞争优势，”菲尔兹在谈到特斯拉订单时说道。“我们希望成为移动出行领域的领导者……让客户体验电动汽车是我们的绝对优先事项。”</blockquote></p><p> Hertz has around 430,000 to 450,000 vehicles worldwide, Fields said. He said Hertz would work with other automakers producing electric vehicles.</p><p><blockquote>菲尔兹表示，赫兹在全球拥有约43万至45万辆汽车。他表示，赫兹将与其他生产电动汽车的汽车制造商合作。</blockquote></p><p> Tesla would have to top $995.75 to become a company worth a trillion dollars, according to Reuters calculations based on its latest filing. The world’s most valuable carmaker will join an elite club that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc</p><p><blockquote>根据路透社根据其最新文件计算，特斯拉必须突破995.75美元才能成为价值万亿美元的公司。这家全球最有价值的汽车制造商将加入包括苹果公司、亚马逊公司、微软公司和Alphabet公司在内的精英俱乐部</blockquote></p><p> The world's most valuable automaker delivered a recordhere241,300 electric cars globally in the third quarter, even as it warned that supply chain headwinds&nbsp;here&nbsp;would pressure margins.</p><p><blockquote>这家全球最有价值的汽车制造商第三季度在全球交付了创纪录的241,300辆电动汽车，尽管该公司警告称，供应链逆风将给利润率带来压力。</blockquote></p><p> Tesla’s cheapest Model 3 sedan starts at about $44,000, making this order worth about $4.4 billion, if the entire order were for its mass-market sedan.</p><p><blockquote>特斯拉最便宜的Model 3轿车起价约为44,000美元，如果整个订单都是针对其大众市场轿车，那么这份订单的价值约为44亿美元。</blockquote></p><p> Fields declined to say how much Hertz was paying for the order. Tesla was not immediately available for comment.</p><p><blockquote>菲尔兹拒绝透露赫兹为该订单支付了多少费用。记者未能立即联系到特斯拉置评。</blockquote></p><p> With the current order, Hertz said EVs will make up more than 20% of its global fleet.</p><p><blockquote>赫兹表示，根据目前的订单，电动汽车将占其全球车队的20%以上。</blockquote></p><p> “It (the order) puts an exclamation point under guidance for 50%+ growth in deliveries,” Roth Capital analyst Craig Irwin said. “Another solid piece of evidence EVs are going mainstream.”</p><p><blockquote>Roth Capital分析师克雷格·欧文(Craig Irwin)表示：“它（该订单）在交付量增长50%以上的指导下加上了一个感叹号。”“电动汽车正在成为主流的另一个确凿证据。”</blockquote></p><p> The car rental firm also said it was installing thousands of chargers throughout its network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the United States and Europe.</p><p><blockquote>这家汽车租赁公司还表示，它正在整个网络中安装数千个充电器。租用特斯拉Model 3的客户将可以使用遍布美国和欧洲的3,000个特斯拉超级充电站。</blockquote></p><p> “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim Chief Executive Officer Mark Fields.</p><p><blockquote>赫兹临时首席执行官马克·菲尔兹(Mark Fields)表示：“电动汽车现在已成为主流，我们才刚刚开始看到全球需求和兴趣不断增长。”</blockquote></p><p> U.S. President Joe Biden has made it a priority to support the rollout of electric vehicles to combat climate change, but a lack of charging network infrastructure could remain a key hurdle to his ambitious plan.</p><p><blockquote>美国总统拜登已将支持推出电动汽车以应对气候变化作为优先事项，但缺乏充电网络基础设施可能仍是其雄心勃勃计划的关键障碍。</blockquote></p><p> Analysts at Morgan Stanley bumped their price target on Tesla by 33% as the brokerage expects the electric carmaker to keep posting higher volumes, reaching more than 8 million deliveries in 2030.</p><p><blockquote>摩根士丹利分析师将特斯拉的目标股价上调了33%，因为摩根士丹利预计这家电动汽车制造商的销量将继续增加，到2030年交付量将超过800万辆。</blockquote></p><p> A Cox Automotive study said Americans are hesitant to buy EVs due to anxieties about the ranges of the vehicles and high price tags, as well as weak charging infrastructure.</p><p><blockquote>考克斯汽车公司的一项研究称，由于担心车辆的续航里程和高昂的价格，以及充电基础设施薄弱，美国人对购买电动汽车犹豫不决。</blockquote></p><p> Bloomberg News was first to report about the order.</p><p><blockquote>彭博新闻最先报道了该命令。</blockquote></p><p> Hertz had filed for bankruptcy protection last year as travel demand sank during the height of the pandemic and talks with creditors failed to provide relief.</p><p><blockquote>赫兹去年申请破产保护，原因是疫情最严重期间旅行需求下降，与债权人的谈判未能提供救济。</blockquote></p><p> It was rescued by a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.</p><p><blockquote>它被包括Knighthead Capital Management、Certares Opportunities和Apollo Capital Management在内的一群投资者拯救。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla drives toward $1 trillion club on record Hertz order<blockquote>特斯拉凭借创纪录的赫兹订单迈向1万亿美元俱乐部</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla drives toward $1 trillion club on record Hertz order<blockquote>特斯拉凭借创纪录的赫兹订单迈向1万亿美元俱乐部</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-25 22:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order from Hertz, which announced plans to buy 100,000 electric rental cars.</p><p><blockquote>（路透社）-特斯拉公司周一的市值接近1万亿美元，这家由Elon Musk创立的公司从赫兹获得了有史以来最大的订单，赫兹宣布计划购买10万辆电动租赁汽车。</blockquote></p><p> Tesla shares opened up 4.5% at $950.53, a new record high, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.</p><p><blockquote>该命令发布后，特斯拉股价开盘上涨4.5%，至950.53美元，创下历史新高。该公司的Model 3成为第一款在欧洲新车月销量最高的电动汽车的消息也提振了股价。</blockquote></p><p> The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.</p><p><blockquote>赫兹发布这一消息之际，特斯拉正在应对其汽车订单积压和供应链持续中断的问题，但这确实巩固了电动汽车的主流吸引力。</blockquote></p><p> Interim Hertz Chief Executive Mark Fields in an interview told Reuters the order, delivered by the end of 2022, will primarily be Model 3 vehicles. Tesla vehicles will start being available at Hertz rental facilities in November.</p><p><blockquote>赫兹临时首席执行官Mark Fields在接受路透社采访时表示，该订单将于2022年底交付，主要是Model 3汽车。特斯拉汽车将于11月开始在赫兹租赁设施提供。</blockquote></p><p> “We absolutely believe that this is going to be competitive advantage for us,” Fields said of the Tesla order. “We want to be a leader in mobility... Getting customers experience with electrified vehicles is an absolute priority for us.”</p><p><blockquote>“我们绝对相信这将成为我们的竞争优势，”菲尔兹在谈到特斯拉订单时说道。“我们希望成为移动出行领域的领导者……让客户体验电动汽车是我们的绝对优先事项。”</blockquote></p><p> Hertz has around 430,000 to 450,000 vehicles worldwide, Fields said. He said Hertz would work with other automakers producing electric vehicles.</p><p><blockquote>菲尔兹表示，赫兹在全球拥有约43万至45万辆汽车。他表示，赫兹将与其他生产电动汽车的汽车制造商合作。</blockquote></p><p> Tesla would have to top $995.75 to become a company worth a trillion dollars, according to Reuters calculations based on its latest filing. The world’s most valuable carmaker will join an elite club that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc</p><p><blockquote>根据路透社根据其最新文件计算，特斯拉必须突破995.75美元才能成为价值万亿美元的公司。这家全球最有价值的汽车制造商将加入包括苹果公司、亚马逊公司、微软公司和Alphabet公司在内的精英俱乐部</blockquote></p><p> The world's most valuable automaker delivered a recordhere241,300 electric cars globally in the third quarter, even as it warned that supply chain headwinds&nbsp;here&nbsp;would pressure margins.</p><p><blockquote>这家全球最有价值的汽车制造商第三季度在全球交付了创纪录的241,300辆电动汽车，尽管该公司警告称，供应链逆风将给利润率带来压力。</blockquote></p><p> Tesla’s cheapest Model 3 sedan starts at about $44,000, making this order worth about $4.4 billion, if the entire order were for its mass-market sedan.</p><p><blockquote>特斯拉最便宜的Model 3轿车起价约为44,000美元，如果整个订单都是针对其大众市场轿车，那么这份订单的价值约为44亿美元。</blockquote></p><p> Fields declined to say how much Hertz was paying for the order. Tesla was not immediately available for comment.</p><p><blockquote>菲尔兹拒绝透露赫兹为该订单支付了多少费用。记者未能立即联系到特斯拉置评。</blockquote></p><p> With the current order, Hertz said EVs will make up more than 20% of its global fleet.</p><p><blockquote>赫兹表示，根据目前的订单，电动汽车将占其全球车队的20%以上。</blockquote></p><p> “It (the order) puts an exclamation point under guidance for 50%+ growth in deliveries,” Roth Capital analyst Craig Irwin said. “Another solid piece of evidence EVs are going mainstream.”</p><p><blockquote>Roth Capital分析师克雷格·欧文(Craig Irwin)表示：“它（该订单）在交付量增长50%以上的指导下加上了一个感叹号。”“电动汽车正在成为主流的另一个确凿证据。”</blockquote></p><p> The car rental firm also said it was installing thousands of chargers throughout its network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the United States and Europe.</p><p><blockquote>这家汽车租赁公司还表示，它正在整个网络中安装数千个充电器。租用特斯拉Model 3的客户将可以使用遍布美国和欧洲的3,000个特斯拉超级充电站。</blockquote></p><p> “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim Chief Executive Officer Mark Fields.</p><p><blockquote>赫兹临时首席执行官马克·菲尔兹(Mark Fields)表示：“电动汽车现在已成为主流，我们才刚刚开始看到全球需求和兴趣不断增长。”</blockquote></p><p> U.S. President Joe Biden has made it a priority to support the rollout of electric vehicles to combat climate change, but a lack of charging network infrastructure could remain a key hurdle to his ambitious plan.</p><p><blockquote>美国总统拜登已将支持推出电动汽车以应对气候变化作为优先事项，但缺乏充电网络基础设施可能仍是其雄心勃勃计划的关键障碍。</blockquote></p><p> Analysts at Morgan Stanley bumped their price target on Tesla by 33% as the brokerage expects the electric carmaker to keep posting higher volumes, reaching more than 8 million deliveries in 2030.</p><p><blockquote>摩根士丹利分析师将特斯拉的目标股价上调了33%，因为摩根士丹利预计这家电动汽车制造商的销量将继续增加，到2030年交付量将超过800万辆。</blockquote></p><p> A Cox Automotive study said Americans are hesitant to buy EVs due to anxieties about the ranges of the vehicles and high price tags, as well as weak charging infrastructure.</p><p><blockquote>考克斯汽车公司的一项研究称，由于担心车辆的续航里程和高昂的价格，以及充电基础设施薄弱，美国人对购买电动汽车犹豫不决。</blockquote></p><p> Bloomberg News was first to report about the order.</p><p><blockquote>彭博新闻最先报道了该命令。</blockquote></p><p> Hertz had filed for bankruptcy protection last year as travel demand sank during the height of the pandemic and talks with creditors failed to provide relief.</p><p><blockquote>赫兹去年申请破产保护，原因是疫情最严重期间旅行需求下降，与债权人的谈判未能提供救济。</blockquote></p><p> It was rescued by a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.</p><p><blockquote>它被包括Knighthead Capital Management、Certares Opportunities和Apollo Capital Management在内的一群投资者拯救。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/hertz-glo-hldg-tesla/update-5-tesla-drives-toward-1-trillion-club-on-record-hertz-order-idUSL4N2RL2TG\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/hertz-glo-hldg-tesla/update-5-tesla-drives-toward-1-trillion-club-on-record-hertz-order-idUSL4N2RL2TG","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112151752","content_text":"(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order from Hertz, which announced plans to buy 100,000 electric rental cars.\nTesla shares opened up 4.5% at $950.53, a new record high, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.\nThe news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.\nInterim Hertz Chief Executive Mark Fields in an interview told Reuters the order, delivered by the end of 2022, will primarily be Model 3 vehicles. Tesla vehicles will start being available at Hertz rental facilities in November.\n“We absolutely believe that this is going to be competitive advantage for us,” Fields said of the Tesla order. “We want to be a leader in mobility... Getting customers experience with electrified vehicles is an absolute priority for us.”\nHertz has around 430,000 to 450,000 vehicles worldwide, Fields said. He said Hertz would work with other automakers producing electric vehicles.\nTesla would have to top $995.75 to become a company worth a trillion dollars, according to Reuters calculations based on its latest filing. The world’s most valuable carmaker will join an elite club that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc\nThe world's most valuable automaker delivered a recordhere241,300 electric cars globally in the third quarter, even as it warned that supply chain headwinds here would pressure margins.\nTesla’s cheapest Model 3 sedan starts at about $44,000, making this order worth about $4.4 billion, if the entire order were for its mass-market sedan.\nFields declined to say how much Hertz was paying for the order. Tesla was not immediately available for comment.\nWith the current order, Hertz said EVs will make up more than 20% of its global fleet.\n“It (the order) puts an exclamation point under guidance for 50%+ growth in deliveries,” Roth Capital analyst Craig Irwin said. “Another solid piece of evidence EVs are going mainstream.”\nThe car rental firm also said it was installing thousands of chargers throughout its network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the United States and Europe.\n“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim Chief Executive Officer Mark Fields.\nU.S. President Joe Biden has made it a priority to support the rollout of electric vehicles to combat climate change, but a lack of charging network infrastructure could remain a key hurdle to his ambitious plan.\nAnalysts at Morgan Stanley bumped their price target on Tesla by 33% as the brokerage expects the electric carmaker to keep posting higher volumes, reaching more than 8 million deliveries in 2030.\nA Cox Automotive study said Americans are hesitant to buy EVs due to anxieties about the ranges of the vehicles and high price tags, as well as weak charging infrastructure.\nBloomberg News was first to report about the order.\nHertz had filed for bankruptcy protection last year as travel demand sank during the height of the pandemic and talks with creditors failed to provide relief.\nIt was rescued by a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879281335,"gmtCreate":1636728309619,"gmtModify":1636728309743,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"He sell we buy","listText":"He sell we buy","text":"He sell we buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879281335","repostId":"1108363615","repostType":2,"repost":{"id":"1108363615","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1636727635,"share":"https://www.laohu8.com/m/news/1108363615?lang=zh_CN&edition=full","pubTime":"2021-11-12 22:33","market":"us","language":"en","title":"Tesla shares fell more than 1% in morning trading<blockquote>特斯拉股价早盘下跌逾1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108363615","media":"Tiger Newspress","summary":"Tesla shares fell more than 1% in morning trading.Tesla Inc Chief Executive Officer Elon Musk disclo","content":"<p>Tesla&nbsp;shares&nbsp;fell&nbsp;more&nbsp;than&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/92a4ad4188b0f9937f5f99fdde05d569\" tg-width=\"879\" tg-height=\"615\" width=\"100%\" height=\"auto\">Tesla Inc&nbsp;Chief Executive Officer Elon Musk disclosed an additional share sale worth about $687 million in the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion in stock earlier in the week.</p><p><blockquote>特斯拉股价早盘下跌逾1%。监管文件显示，特斯拉首席执行官Elon Musk周五披露了这家电动汽车制造商价值约6.87亿美元的额外股票出售，此前该公司在本周早些时候出售了约50亿美元的股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla shares fell more than 1% in morning trading<blockquote>特斯拉股价早盘下跌逾1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla shares fell more than 1% in morning trading<blockquote>特斯拉股价早盘下跌逾1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-12 22:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;shares&nbsp;fell&nbsp;more&nbsp;than&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/92a4ad4188b0f9937f5f99fdde05d569\" tg-width=\"879\" tg-height=\"615\" width=\"100%\" height=\"auto\">Tesla Inc&nbsp;Chief Executive Officer Elon Musk disclosed an additional share sale worth about $687 million in the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion in stock earlier in the week.</p><p><blockquote>特斯拉股价早盘下跌逾1%。监管文件显示，特斯拉首席执行官Elon Musk周五披露了这家电动汽车制造商价值约6.87亿美元的额外股票出售，此前该公司在本周早些时候出售了约50亿美元的股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSL":"1.25倍做多TSLA ETF-GraniteShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108363615","content_text":"Tesla shares fell more than 1% in morning trading.Tesla Inc Chief Executive Officer Elon Musk disclosed an additional share sale worth about $687 million in the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion in stock earlier in the week.","news_type":1,"symbols_score_info":{"TSL":0.9}},"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856918998,"gmtCreate":1635140185075,"gmtModify":1635140185357,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Ignore the noise. Facebook is a great fundamental company. Just buy.","listText":"Ignore the noise. Facebook is a great fundamental company. Just buy.","text":"Ignore the noise. Facebook is a great fundamental company. Just buy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/856918998","repostId":"1167039476","repostType":4,"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":822204124,"gmtCreate":1634132691397,"gmtModify":1634132691511,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Load up more guys","listText":"Load up more guys","text":"Load up more guys","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/822204124","repostId":"1113013066","repostType":4,"repost":{"id":"1113013066","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634132611,"share":"https://www.laohu8.com/m/news/1113013066?lang=zh_CN&edition=full","pubTime":"2021-10-13 21:43","market":"us","language":"en","title":"Sea Limited stock surged 4% in morning trading<blockquote>Sea Limited股价早盘飙升4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113013066","media":"Tiger Newspress","summary":"Sea Limited stock surged 4% in morning trading.\n\nThe worldwide e-commerce market reports sales could","content":"<p>Sea Limited stock surged 4% in morning trading.</p><p><blockquote>Sea Limited股价早盘飙升4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1fddc716b0b77f80b45903abab0f71a7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The worldwide e-commerce market reports sales could hit nearly $5 trillion in 2021. The migration of commerce from brick-and-mortar stores to the internet remains&nbsp;one&nbsp;of the most important growth stories of this era. Internet company&nbsp;<b>Sea Limited</b>(NYSE:SE) has emerged as the e-commerce leader in Southeast Asia while expanding into new markets such as Latin America, India, and Europe.</p><p><blockquote>全球电子商务市场报告称，2021年销售额可能达到近5万亿美元。商业从实体店向互联网的迁移仍然是这个时代最重要的增长故事之一。互联网公司<b>海有限公司</b>（纽约证券交易所股票代码：SE）已成为东南亚电子商务的领导者，同时扩展到拉丁美洲、印度和欧洲等新市场。</blockquote></p><p> The company does more than e-commerce, tying successful gaming and digital payments businesses into its customer base. Sea Limited's Garena division owns FreeFire, the world's most popular mobile game.</p><p><blockquote>该公司不仅仅做电子商务，还将成功的游戏和数字支付业务与其客户群联系起来。Sea Limited的Garena部门拥有世界上最受欢迎的手机游戏FreeFire。</blockquote></p><p> Sea Limited has reported its 2021 second quarter, where revenue came in at $2.3 billion, a 159% increase year over year. An important thing to note is that the company, although reporting a net loss for the period, is seeing an increase in its number of active and quarterly paying users. It's just getting started in its new markets, so growth could easily continue to be rampant in the years ahead, forging a pathway to profitability.</p><p><blockquote>Sea Limited公布2021年第二季度收入为23亿美元，同比增长159%。值得注意的重要一点是，尽管该公司报告期内出现净亏损，但其活跃用户和季度付费用户数量正在增加。它刚刚进入新市场，因此未来几年增长很容易继续猖獗，从而开辟一条盈利之路。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited stock surged 4% in morning trading<blockquote>Sea Limited股价早盘飙升4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited stock surged 4% in morning trading<blockquote>Sea Limited股价早盘飙升4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-13 21:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Sea Limited stock surged 4% in morning trading.</p><p><blockquote>Sea Limited股价早盘飙升4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1fddc716b0b77f80b45903abab0f71a7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The worldwide e-commerce market reports sales could hit nearly $5 trillion in 2021. The migration of commerce from brick-and-mortar stores to the internet remains&nbsp;one&nbsp;of the most important growth stories of this era. Internet company&nbsp;<b>Sea Limited</b>(NYSE:SE) has emerged as the e-commerce leader in Southeast Asia while expanding into new markets such as Latin America, India, and Europe.</p><p><blockquote>全球电子商务市场报告称，2021年销售额可能达到近5万亿美元。商业从实体店向互联网的迁移仍然是这个时代最重要的增长故事之一。互联网公司<b>海有限公司</b>（纽约证券交易所股票代码：SE）已成为东南亚电子商务的领导者，同时扩展到拉丁美洲、印度和欧洲等新市场。</blockquote></p><p> The company does more than e-commerce, tying successful gaming and digital payments businesses into its customer base. Sea Limited's Garena division owns FreeFire, the world's most popular mobile game.</p><p><blockquote>该公司不仅仅做电子商务，还将成功的游戏和数字支付业务与其客户群联系起来。Sea Limited的Garena部门拥有世界上最受欢迎的手机游戏FreeFire。</blockquote></p><p> Sea Limited has reported its 2021 second quarter, where revenue came in at $2.3 billion, a 159% increase year over year. An important thing to note is that the company, although reporting a net loss for the period, is seeing an increase in its number of active and quarterly paying users. It's just getting started in its new markets, so growth could easily continue to be rampant in the years ahead, forging a pathway to profitability.</p><p><blockquote>Sea Limited公布2021年第二季度收入为23亿美元，同比增长159%。值得注意的重要一点是，尽管该公司报告期内出现净亏损，但其活跃用户和季度付费用户数量正在增加。它刚刚进入新市场，因此未来几年增长很容易继续猖獗，从而开辟一条盈利之路。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113013066","content_text":"Sea Limited stock surged 4% in morning trading.\n\nThe worldwide e-commerce market reports sales could hit nearly $5 trillion in 2021. The migration of commerce from brick-and-mortar stores to the internet remains one of the most important growth stories of this era. Internet company Sea Limited(NYSE:SE) has emerged as the e-commerce leader in Southeast Asia while expanding into new markets such as Latin America, India, and Europe.\nThe company does more than e-commerce, tying successful gaming and digital payments businesses into its customer base. Sea Limited's Garena division owns FreeFire, the world's most popular mobile game.\nSea Limited has reported its 2021 second quarter, where revenue came in at $2.3 billion, a 159% increase year over year. An important thing to note is that the company, although reporting a net loss for the period, is seeing an increase in its number of active and quarterly paying users. It's just getting started in its new markets, so growth could easily continue to be rampant in the years ahead, forging a pathway to profitability.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829370598,"gmtCreate":1633477392081,"gmtModify":1633477393008,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Load more Facebook","listText":"Load more Facebook","text":"Load more Facebook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/829370598","repostId":"1101968131","repostType":2,"isVote":1,"tweetType":1,"viewCount":412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603107468,"gmtCreate":1638371210155,"gmtModify":1638371246444,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Buy Tesla. Still quite cheap","listText":"Buy Tesla. Still quite cheap","text":"Buy Tesla. Still quite cheap","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/603107468","repostId":"1111103661","repostType":2,"repost":{"id":"1111103661","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638369731,"share":"https://www.laohu8.com/m/news/1111103661?lang=zh_CN&edition=full","pubTime":"2021-12-01 22:42","market":"us","language":"en","title":"EV stocks jumped in morning trading<blockquote>电动汽车股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111103661","media":"Tiger Newspress","summary":"EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto climbed","content":"<p>EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 3%.</p><p><blockquote>电动汽车股早盘上涨。Rivian、Arrival、Fisker、特斯拉、蔚来、小鹏汽车和理想汽车上涨1%至3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9bd8dc0c937d67ea75537ad5c24d7f41\" tg-width=\"403\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks jumped in morning trading<blockquote>电动汽车股早盘上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks jumped in morning trading<blockquote>电动汽车股早盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-01 22:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 3%.</p><p><blockquote>电动汽车股早盘上涨。Rivian、Arrival、Fisker、特斯拉、蔚来、小鹏汽车和理想汽车上涨1%至3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9bd8dc0c937d67ea75537ad5c24d7f41\" tg-width=\"403\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","RIVN":"Rivian Automotive, Inc.","LI":"理想汽车","XPEV":"小鹏汽车","LCID":"Lucid Group Inc","FSR":"菲斯克"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111103661","content_text":"EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 3%.","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARVL":0.9,"TSP":0.9,"NIO":0.9,"XPEV":0.9,"LCID":0.9,"FSR":0.9,"RIVN":0.9,"NKLA":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":800883549,"gmtCreate":1627290749681,"gmtModify":1633766467551,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Subscription to FSD","listText":"Subscription to FSD","text":"Subscription to FSD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/800883549","repostId":"1175108896","repostType":2,"repost":{"id":"1175108896","kind":"news","pubTimestamp":1627290545,"share":"https://www.laohu8.com/m/news/1175108896?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:09","market":"us","language":"en","title":"Tesla Could Become A Subscription Company<blockquote>特斯拉可能成为一家订阅公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175108896","media":"seekingalpha","summary":"Summary\n\nTesla is indicating a movement toward an Adobe-like subscription business model, which has ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla is indicating a movement toward an Adobe-like subscription business model, which has been shown to skyrocket revenue.</li>  <li>In this way, Tesla is again a first-mover and will set the standards for the industry in the coming decades.</li>  <li>Technically, the recent movement is a rather normal pattern and tends to lead to more gains.</li>  <li>I recommend TSLA longs add a credit strategy to their position before earnings, both for protection and extra income.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b0473d75b9ec97c9c4ae413f111f4f\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>jetcityimage/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>特斯拉表示正在转向类似Adobe的订阅商业模式，事实证明这种模式可以大幅提高收入。</li><li>通过这种方式，特斯拉再次成为先行者，并将在未来几十年为该行业设定标准。</li><li>从技术上讲，最近的走势是一种相当正常的模式，往往会带来更多收益。</li><li>我建议特斯拉多头在盈利前在其头寸中添加信贷策略，以获得保护和额外收入。</li></ul><p class=\"t-img-caption\"><span>jetcityimage/iStock社论来自Getty Images</span></p></blockquote></p><p> I last wrote about Tesla(TSLA) in 2019, when I recommended a buy on the pullback. Said pullback was a pullback to $47, a number TSLA will likely never hit again. These days, TSLA flirts with numbers over $1,000, and with good reason.</p><p><blockquote>我上次写关于特斯拉(TSLA)的文章是在2019年，当时我建议在回调时买入。表示回调是回调至47美元，特斯拉可能永远不会再触及这个数字。如今，TSLA的股价超过了1,000美元，而且理由很充分。</blockquote></p><p> And today, TSLA has yet another reason to justify its lofty price. The company has unveiled a&nbsp;full self driving(FSD) subscription. This is a step in the right direction.</p><p><blockquote>如今，特斯拉还有另一个理由来证明其高昂的价格是合理的。该公司推出了全自动驾驶（FSD）订阅。这是朝着正确方向迈出的一步。</blockquote></p><p> <b>Subscriptions: The Ultimate Profit Model</b></p><p><blockquote><b>订阅：终极盈利模式</b></blockquote></p><p> Software – and more broadly, tech – has been moving to subscription-based business models, which have proved themselves to be vastly superior to the old way of doing business (selling a product outright) in terms of profitability. Whereas once we paid a one-time fee for a product such as Adobe (ADBE) Photoshop, now we are almost certainly paying much more than that one-time payment over the product’s lifetime. It was only a matter of time for the slower-than-tech automotive industry to understand that subscription business models can siphon much more money from the customer than the traditional model, and I’m not surprised that Tesla, often regarded more as a tech company than an automobile company, is to be the first company employing this strategy.</p><p><blockquote>软件——以及更广泛的技术——已经转向基于订阅的商业模式，事实证明，就盈利能力而言，这种模式远远优于旧的经营方式（直接销售产品）。曾经我们为Adobe(ADBE)Photoshop等产品支付一次性费用，现在几乎可以肯定，我们在产品的整个生命周期内支付的费用远远超过一次性费用。对于技术落后的汽车行业来说，理解订阅商业模式比传统模式可以从客户那里吸走更多的钱只是时间问题，而且对于通常被视为更多的特斯拉来说，我并不感到惊讶一家科技公司而不是汽车公司，将成为第一家采用这一策略的公司。</blockquote></p><p> I believe Pierre Ferragu understands this. From SA’s above-linked news on the FSD subscription:</p><p><blockquote>我相信皮埃尔·费拉古明白这一点。来自SA上面链接的有关FSD订阅的新闻：</blockquote></p><p>   One of the biggest bulls on the FSD upside for Tesla is New Street Research analyst Pierre Ferragu. He thinks Tesla will make roughly $7K in profit from selling a car and almost $23K from selling FSD subscriptions on the same vehicle by 2030. If Ferragu is correct, the entire industry is expected to move toward an autonomous subscription service model.”  Ferragu’s predictions match my thoughts on the subscription-based business model. Tesla’s revenue and subscription paradigm could easily become Adobe-like, where the vast majority of the company’s revenue stems from subscriptions. (Seemy recent article on Adobefor more on how this business model works.) The potential of this business model’s impact on revenue is easily seen via Adobe’s results (though many other companies are seeing the same sort of results):</p><p><blockquote>New Street Research分析师Pierre Ferragu是特斯拉FSD上涨的最大多头之一。他认为，到2030年，特斯拉将从销售一辆汽车中获得约7,000美元的利润，从销售同一辆车的FSD订阅中获得近23,000美元的利润。如果Ferragu是正确的，那么整个行业有望转向自主订阅服务模式。”Ferragu的预测符合我对基于订阅的商业模式的想法。特斯拉的收入和订阅模式很容易变得像Adobe一样，该公司的绝大多数收入都来自订阅。（有关这种商业模式如何运作的更多信息，请参阅我最近关于Adobe的文章。）通过Adobe的结果可以轻松看出这种商业模式对收入的潜在影响（尽管许多其他公司也看到了同样的结果）：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7890fd8becf42b56654cfdcdadfd97de\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Of course, the stock sees results too:</p><p><blockquote>当然，该股也看到了结果：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32e86fdc239f4d4e1f3dea8a10634bf4\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Importantly, Ferragu notes that the whole industry will move toward the subscription business model, a sentiment I agree with. Some might argue that the automotive industry is not the software industry and that it is better to provide a quality product at a fair price when it comes to automobiles. But history would show this to be incorrect: Look at how General Motors (GM) pushed even Ford (F), a company that built itself on creating long-lasting, quality cars, into the planned obsolescence paradigm (yearly design upgrades for each product line) that the industry has fallen into.</p><p><blockquote>重要的是，费拉古指出，整个行业将转向订阅商业模式，我同意这一观点。有些人可能会说，汽车行业不是软件行业，当涉及到汽车时，最好以合理的价格提供高质量的产品。但历史将证明这是不正确的：看看通用汽车(GM)如何将福特(F)这家以制造经久耐用、优质汽车为基础的公司推入计划淘汰范式（每年为每个产品进行设计升级）该行业已陷入的产品线）。</blockquote></p><p> In the future, Tesla’s bulk revenue should come not from car sales but from subscriptions. This is the new economy for most industries moving forward, and Tesla will be the pioneer of this business model in the automotive industry. We’ve seen how this has played out to the benefit of profitability in software and film (streaming services such as Disney and Netflix), and it should play out similarly for automobiles.</p><p><blockquote>未来，特斯拉的大宗收入应该不是来自汽车销售，而是来自订阅。这是大多数行业向前发展的新经济，特斯拉将成为汽车行业这种商业模式的先驱。我们已经看到这如何有利于软件和电影（迪士尼和Netflix等流媒体服务）的盈利能力，汽车也应该如此。</blockquote></p><p> Consider this: Tesla sold around 500K cars in 2020. With the Berlin, Shanghai, and Texas plants in action this year, Tesla should be producing an extra 300K cars in 2021. At this rate, Tesla will be over the 1M per year mark (likely around 1.5M) before the end of 2022. Assume only half of the produced cars per year end up with a FSD subscription, then, a la Adobe, subscription revenue can be seen quickly approaching equality with the revenue from the traditional model – note that this model is highly conservative as it ignores all cars produced prior to 2020:</p><p><blockquote>考虑一下：特斯拉在2020年售出了约50万辆汽车。随着柏林、上海和德克萨斯工厂今年的投产，特斯拉将在2021年额外生产30万辆汽车。按照这个速度，到2022年底，特斯拉将超过每年100万大关（可能在150万左右）。假设每年生产的汽车中只有一半最终购买了FSD订阅，那么，就像Adobe一样，订阅收入很快就会接近与传统模式的收入相等-请注意，该模式非常保守，因为它忽略了所有2020年之前生产的汽车：</blockquote></p><p> <b>Revenue from FSD Subscriptions Per Year</b></p><p><blockquote><b>每年FSD订阅收入</b></blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/707addf56e3e845f8eb7727ba378c382\" tg-width=\"903\" tg-height=\"353\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> It is difficult to tell when subscription revenue will surpass vehicle sales revenue because of numerous unknowns in the model, such as the percentage of Tesla drivers subscribing to FSD and the success of the 2023 Model 3 in penetrating the “affordable” car market. However, the rate at which subscription revenue grows is geometric-to-exponential, will be a double-digit percentage within the next couple years and is likely to be the majority of Tesla’s revenue stream by the end of the decade.</p><p><blockquote><table><tbody><tr></tr></tbody></table>很难判断订阅收入何时会超过车辆销售收入，因为该模型中存在许多未知数，例如订阅FSD的特斯拉驾驶员的百分比以及2023年Model 3在渗透“平价”汽车市场方面的成功。然而，订阅收入的增长率是几何到指数级的，在未来几年内将达到两位数的百分比，并且到本十年末很可能成为特斯拉收入来源的大部分。</blockquote></p><p> Tesla is taking the right step here, and we could very well see the company overcome hurdles that have plagued the car industry for decades. If so, we could see lower earnings variance in the cases of political policies targeting the automotive industry. For instance, revenue from the FSD subscription could remain unscathed by new tariffs and environmental policies, two sources of regulation that typically target cars themselves, not the software being employed. This is still speculative, but thus far we have no reason to suspect governments will specifically target FSD subscriptions in their carbon-reduction regulations or in tax policies.</p><p><blockquote>特斯拉在这方面迈出了正确的一步，我们很可能会看到该公司克服困扰汽车行业数十年的障碍。如果是这样的话，我们可以看到针对汽车行业的政治政策案例中的收益差异较低。例如，FSD订阅的收入可能不会受到新关税和环境政策的影响，这两个监管来源通常针对汽车本身，而不是所使用的软件。这仍然是猜测，但到目前为止，我们没有理由怀疑政府会在其碳减排法规或税收政策中专门针对FSD订阅。</blockquote></p><p> Once successfully rolled out, the FSD subscription is likely to become a source of reliable income for the company. As subscription revenue grows to where it exceeds sales revenue, investors will increasingly see Tesla as a safe investment. IV on TSLA should drop as subscription revenue outpaces traditional sales revenue, and drops in IV tend to correlate with stock moving upward.</p><p><blockquote>一旦成功推出，FSD订阅很可能成为该公司可靠的收入来源。随着订阅收入增长到超过销售收入，投资者将越来越多地将特斯拉视为一项安全的投资。随着订阅收入超过传统销售收入，TSLA的IV应该会下降，而IV的下降往往与股价上涨相关。</blockquote></p><p> From both a fundamental perspective and a stock perspective, the FSD subscription announcement is highly bullish. I see this as a reason for TSLA bulls to buy on any significant pullback.</p><p><blockquote>无论从基本面还是股票角度来看，FSD认购公告都是高度利多的。我认为这是特斯拉多头在任何重大回调时买入的理由。</blockquote></p><p> Yet we must admit, as with all new business models, investors have inherent risk. While the subscription model is extremely profitable itself, whether Tesla drivers will accept the FSD subscription remains a key factor in successfully employing the model. While I believe – due to its track record – Tesla will eventually work out the technical kinks in its self-driving feature, I can see two big reasons that FSD could flop.</p><p><blockquote>然而，我们必须承认，与所有新的商业模式一样，投资者也有固有的风险。虽然订阅模式本身利润丰厚，但特斯拉司机是否会接受FSD订阅仍然是成功采用该模式的关键因素。虽然我相信——由于其业绩记录——特斯拉最终会解决其自动驾驶功能中的技术问题，但我可以看到FSD可能失败的两大原因。</blockquote></p><p> First, Tesla could fail to bring FSD to level 5, the level promised, perhaps leading to a class-action lawsuit from subscribers. The technical aspects of FSD are beyond my expertise, though my background in AI does tell me that achieving level 5 is a monumental effort. Musk has successfully pulled off monumental efforts in the past, but perhaps those with more AI knowledge than I have good reason to believe that this is the hill upon which Musk will die.</p><p><blockquote>首先，特斯拉可能无法将FSD提升到承诺的5级，这可能会导致订户提起集体诉讼。FSD的技术方面超出了我的专业知识，尽管我的人工智能背景确实告诉我，达到5级是一项巨大的努力。马斯克过去成功地做出了巨大的努力，但也许那些比我拥有更多人工智能知识的人有充分的理由相信，这是马斯克将死在的山上。</blockquote></p><p> Second, the price point might be too high. For $200 per month, you could lease a brand new Honda – or you can enter Tesla’s work-in-progress FSD as a sort of beta tester. As we enter 2023, which should be a big year for Tesla with its $25,000 Model 2s allowing the company access to a new customer demographic, we need to reconsider whether a $200-per-month subscription will be appealing to the general Tesla user base. An overpriced subscription model can be easily fixed in the long run and should thus not be seen as a huge risk to the bull thesis, but too high of a price can prevent that initial market penetration Tesla needs in pioneering the subscription-as-a-model implementation in the automobile industry.</p><p><blockquote>其次，价格可能太高。每月200美元，您可以租赁一辆全新的本田汽车，或者您可以进入特斯拉正在进行的FSD作为beta测试人员。随着我们进入2023年，这对特斯拉来说应该是重要的一年，其25,000美元的Model 2使该公司能够接触到新的客户群，我们需要重新考虑每月200美元的订阅是否会吸引特斯拉的普通用户群。从长远来看，定价过高的订阅模式很容易得到解决，因此不应被视为牛市论点的巨大风险，但过高的价格可能会阻止特斯拉开创订阅即订阅所需的初始市场渗透。汽车行业的模型实施。</blockquote></p><p> <b>Technical Bullishness</b></p><p><blockquote><b>技术看涨</b></blockquote></p><p> From a technical perspective, too, TSLA is looking bullish. While often cited as being incredibly overpriced relative to the past couple years, TSLA is not making movements that are uncharacteristic of the stock. The recent movement pattern actually looks quite a bit like the one in early 2020, right before the huge rally:</p><p><blockquote>从技术角度来看，特斯拉看起来也很看涨。尽管与过去几年相比，特斯拉经常被认为定价过高，但特斯拉并没有做出与该股不同的走势。最近的走势模式实际上看起来很像2020年初，就在大幅反弹之前：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ba282cb205e46e0448e0f01c7d8ee3f\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> Once you control for trading days, the movement looks relatively conservative. It’s about the median movement for a given quarter:</p><p><blockquote>一旦你控制了交易日，走势看起来相对保守。它是关于给定季度的中值变动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1df19786e20b710470c561208d69d7c5\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> If you extrapolate this to 200 trading days, you will find that TSLA tends to move upward another 10% with rather average volatility. The 2020 movement is an outlier in magnitude only; the pattern itself does not differ all that much from TSLA’s usual yearly movements:</p><p><blockquote>如果你将其外推到200个交易日，你会发现TSLA往往会以相当平均的波动性再上涨10%。2020年的运动只是规模上的一个异常值；这种模式本身与特斯拉通常的年度走势没有太大区别：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15a41d91691e32e1243015029fa67fa9\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p></p><p> With TSLA heading into earnings, an impressive earnings report could give us a similar upward movement. Of course, playing TSLA over earnings is quite risky, which is why we do not typically play TSLA over earnings in my earnings-trading group (Exposing Earnings). Thus, I recommend those interested in TSLA buy on the back of the FSD subscription news, as this is a bullish fundamental catalyst.</p><p><blockquote>随着特斯拉即将盈利，一份令人印象深刻的盈利报告可能会给我们带来类似的上涨趋势。当然，玩TSLA而不是收益是相当危险的，这就是为什么我们在我的收益交易组（暴露收益）中通常不会玩TSLA而不是收益。因此，我建议那些对TSLA感兴趣的人在FSD订阅消息的支持下买入，因为这是看涨的基本面催化剂。</blockquote></p><p> <b>Options Strategy</b></p><p><blockquote><b>期权策略</b></blockquote></p><p> If you are playing options, however, you might wish to wait until after earnings so that you are not exposed to a volatility crush (option IV falling rapidly and thus decreasing the values of long options, as long options are also long vega). If you want to take an options strategy to hedge earnings risk, though, here is what I recommend. I’m assuming you’re holding 100 shares of TSLA, making this a hedge with extra profitability on the long side:</p><p><blockquote>然而，如果你在玩期权，你可能希望等到盈利之后，这样你就不会面临波动性挤压（期权IV迅速下跌，从而降低多头期权的价值，因为多头期权也是多头织女星）。不过，如果您想采取期权策略来对冲盈利风险，以下是我的建议。我假设您持有100股TSLA股票，使其成为具有额外多头盈利能力的对冲：</blockquote></p><p> <ol>  <li>Sell 1x Jul 30 $700 put</li>  <li>Buy 2x Jul 30 $650 puts</li> </ol> Net credit: $7000</p><p><blockquote><ol><li>7月30日卖出1x$700看跌期权</li><li>7月30日买入2倍650美元看跌期权</li></ol>净信贷：7000美元</blockquote></p><p> This is a volatile strategy, meaning it allows us to profit on either side. The major risk is if TSLA consolidates, trading strictly between $650 and $700 over the rest of July. Otherwise, we stand to profit on either side, either by the net long puts on the downside or via the stock plus credit earned from the strategy on the long side.</p><p><blockquote>这是一个不稳定的策略，这意味着它允许我们在任何一方获利。主要风险是如果TSLA盘整，在7月剩余时间内交易价格严格在650美元至700美元之间。否则，我们将从任何一方获利，要么通过下行的净多头看跌期权，要么通过股票加上多头策略赚取的信用。</blockquote></p><p> Even if you are confident TSLA will not sell off on earnings, this strategy works to your benefit by bringing in an extra $7000 in profit per 100 shares. You have the added value of downside protection, too. Let me know what you think in the comments section.</p><p><blockquote>即使您确信TSLA不会因盈利而抛售，该策略也会为您带来每100股额外7000美元的利润。你也有下行保护的附加值。请在评论区告诉我你的想法。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Tesla’s addition of an FSD subscription greatly improves the company’s maximum revenue potential. Subscription services have proved themselves to quickly and drastically change the primary source of revenue for a company and could easily turn Tesla into a software company more so than an automotive company. Being so, we need to consider the possibility that Tesla entering the EV market was just the beginning for this company and that the financial future of Tesla is in its FSD service. If so, we are undervaluing this company, as we are using an EV lens to judge a software company.</p><p><blockquote>特斯拉增加FSD订阅极大地提高了公司的最大收入潜力。事实证明，订阅服务可以迅速而彻底地改变公司的主要收入来源，并且可以轻松地将特斯拉转变为一家软件公司，而不是一家汽车公司。既然如此，我们需要考虑这样一种可能性：特斯拉进入电动汽车市场只是这家公司的开始，而特斯拉的财务未来在于其FSD服务。如果是这样，我们就低估了这家公司的价值，就像我们用EV镜头来判断一家软件公司一样。</blockquote></p><p> I am highly bullish on TSLA in the long term due to the FSD prospects. In the short term, I believe the technicals are implying an upward swing. With earnings on Jul 26, you might want to hedge the downside simply due to TSLA’s volatility. But overall, being long on TSLA at this price is likely a profitable decision even with a short-term pullback.</p><p><blockquote>由于FSD的前景，我长期高度看好TSLA。从短期来看，我认为技术面暗示着上行。随着7月26日的财报发布，您可能想要对冲TSLA波动性带来的下行风险。但总体而言，即使出现短期回调，以这个价格做多特斯拉也可能是一个有利可图的决定。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Could Become A Subscription Company<blockquote>特斯拉可能成为一家订阅公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Could Become A Subscription Company<blockquote>特斯拉可能成为一家订阅公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-26 17:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla is indicating a movement toward an Adobe-like subscription business model, which has been shown to skyrocket revenue.</li>  <li>In this way, Tesla is again a first-mover and will set the standards for the industry in the coming decades.</li>  <li>Technically, the recent movement is a rather normal pattern and tends to lead to more gains.</li>  <li>I recommend TSLA longs add a credit strategy to their position before earnings, both for protection and extra income.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b0473d75b9ec97c9c4ae413f111f4f\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>jetcityimage/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>特斯拉表示正在转向类似Adobe的订阅商业模式，事实证明这种模式可以大幅提高收入。</li><li>通过这种方式，特斯拉再次成为先行者，并将在未来几十年为该行业设定标准。</li><li>从技术上讲，最近的走势是一种相当正常的模式，往往会带来更多收益。</li><li>我建议特斯拉多头在盈利前在其头寸中添加信贷策略，以获得保护和额外收入。</li></ul><p class=\"t-img-caption\"><span>jetcityimage/iStock社论来自Getty Images</span></p></blockquote></p><p> I last wrote about Tesla(TSLA) in 2019, when I recommended a buy on the pullback. Said pullback was a pullback to $47, a number TSLA will likely never hit again. These days, TSLA flirts with numbers over $1,000, and with good reason.</p><p><blockquote>我上次写关于特斯拉(TSLA)的文章是在2019年，当时我建议在回调时买入。表示回调是回调至47美元，特斯拉可能永远不会再触及这个数字。如今，TSLA的股价超过了1,000美元，而且理由很充分。</blockquote></p><p> And today, TSLA has yet another reason to justify its lofty price. The company has unveiled a&nbsp;full self driving(FSD) subscription. This is a step in the right direction.</p><p><blockquote>如今，特斯拉还有另一个理由来证明其高昂的价格是合理的。该公司推出了全自动驾驶（FSD）订阅。这是朝着正确方向迈出的一步。</blockquote></p><p> <b>Subscriptions: The Ultimate Profit Model</b></p><p><blockquote><b>订阅：终极盈利模式</b></blockquote></p><p> Software – and more broadly, tech – has been moving to subscription-based business models, which have proved themselves to be vastly superior to the old way of doing business (selling a product outright) in terms of profitability. Whereas once we paid a one-time fee for a product such as Adobe (ADBE) Photoshop, now we are almost certainly paying much more than that one-time payment over the product’s lifetime. It was only a matter of time for the slower-than-tech automotive industry to understand that subscription business models can siphon much more money from the customer than the traditional model, and I’m not surprised that Tesla, often regarded more as a tech company than an automobile company, is to be the first company employing this strategy.</p><p><blockquote>软件——以及更广泛的技术——已经转向基于订阅的商业模式，事实证明，就盈利能力而言，这种模式远远优于旧的经营方式（直接销售产品）。曾经我们为Adobe(ADBE)Photoshop等产品支付一次性费用，现在几乎可以肯定，我们在产品的整个生命周期内支付的费用远远超过一次性费用。对于技术落后的汽车行业来说，理解订阅商业模式比传统模式可以从客户那里吸走更多的钱只是时间问题，而且对于通常被视为更多的特斯拉来说，我并不感到惊讶一家科技公司而不是汽车公司，将成为第一家采用这一策略的公司。</blockquote></p><p> I believe Pierre Ferragu understands this. From SA’s above-linked news on the FSD subscription:</p><p><blockquote>我相信皮埃尔·费拉古明白这一点。来自SA上面链接的有关FSD订阅的新闻：</blockquote></p><p>   One of the biggest bulls on the FSD upside for Tesla is New Street Research analyst Pierre Ferragu. He thinks Tesla will make roughly $7K in profit from selling a car and almost $23K from selling FSD subscriptions on the same vehicle by 2030. If Ferragu is correct, the entire industry is expected to move toward an autonomous subscription service model.”  Ferragu’s predictions match my thoughts on the subscription-based business model. Tesla’s revenue and subscription paradigm could easily become Adobe-like, where the vast majority of the company’s revenue stems from subscriptions. (Seemy recent article on Adobefor more on how this business model works.) The potential of this business model’s impact on revenue is easily seen via Adobe’s results (though many other companies are seeing the same sort of results):</p><p><blockquote>New Street Research分析师Pierre Ferragu是特斯拉FSD上涨的最大多头之一。他认为，到2030年，特斯拉将从销售一辆汽车中获得约7,000美元的利润，从销售同一辆车的FSD订阅中获得近23,000美元的利润。如果Ferragu是正确的，那么整个行业有望转向自主订阅服务模式。”Ferragu的预测符合我对基于订阅的商业模式的想法。特斯拉的收入和订阅模式很容易变得像Adobe一样，该公司的绝大多数收入都来自订阅。（有关这种商业模式如何运作的更多信息，请参阅我最近关于Adobe的文章。）通过Adobe的结果可以轻松看出这种商业模式对收入的潜在影响（尽管许多其他公司也看到了同样的结果）：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7890fd8becf42b56654cfdcdadfd97de\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Of course, the stock sees results too:</p><p><blockquote>当然，该股也看到了结果：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32e86fdc239f4d4e1f3dea8a10634bf4\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Importantly, Ferragu notes that the whole industry will move toward the subscription business model, a sentiment I agree with. Some might argue that the automotive industry is not the software industry and that it is better to provide a quality product at a fair price when it comes to automobiles. But history would show this to be incorrect: Look at how General Motors (GM) pushed even Ford (F), a company that built itself on creating long-lasting, quality cars, into the planned obsolescence paradigm (yearly design upgrades for each product line) that the industry has fallen into.</p><p><blockquote>重要的是，费拉古指出，整个行业将转向订阅商业模式，我同意这一观点。有些人可能会说，汽车行业不是软件行业，当涉及到汽车时，最好以合理的价格提供高质量的产品。但历史将证明这是不正确的：看看通用汽车(GM)如何将福特(F)这家以制造经久耐用、优质汽车为基础的公司推入计划淘汰范式（每年为每个产品进行设计升级）该行业已陷入的产品线）。</blockquote></p><p> In the future, Tesla’s bulk revenue should come not from car sales but from subscriptions. This is the new economy for most industries moving forward, and Tesla will be the pioneer of this business model in the automotive industry. We’ve seen how this has played out to the benefit of profitability in software and film (streaming services such as Disney and Netflix), and it should play out similarly for automobiles.</p><p><blockquote>未来，特斯拉的大宗收入应该不是来自汽车销售，而是来自订阅。这是大多数行业向前发展的新经济，特斯拉将成为汽车行业这种商业模式的先驱。我们已经看到这如何有利于软件和电影（迪士尼和Netflix等流媒体服务）的盈利能力，汽车也应该如此。</blockquote></p><p> Consider this: Tesla sold around 500K cars in 2020. With the Berlin, Shanghai, and Texas plants in action this year, Tesla should be producing an extra 300K cars in 2021. At this rate, Tesla will be over the 1M per year mark (likely around 1.5M) before the end of 2022. Assume only half of the produced cars per year end up with a FSD subscription, then, a la Adobe, subscription revenue can be seen quickly approaching equality with the revenue from the traditional model – note that this model is highly conservative as it ignores all cars produced prior to 2020:</p><p><blockquote>考虑一下：特斯拉在2020年售出了约50万辆汽车。随着柏林、上海和德克萨斯工厂今年的投产，特斯拉将在2021年额外生产30万辆汽车。按照这个速度，到2022年底，特斯拉将超过每年100万大关（可能在150万左右）。假设每年生产的汽车中只有一半最终购买了FSD订阅，那么，就像Adobe一样，订阅收入很快就会接近与传统模式的收入相等-请注意，该模式非常保守，因为它忽略了所有2020年之前生产的汽车：</blockquote></p><p> <b>Revenue from FSD Subscriptions Per Year</b></p><p><blockquote><b>每年FSD订阅收入</b></blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/707addf56e3e845f8eb7727ba378c382\" tg-width=\"903\" tg-height=\"353\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> It is difficult to tell when subscription revenue will surpass vehicle sales revenue because of numerous unknowns in the model, such as the percentage of Tesla drivers subscribing to FSD and the success of the 2023 Model 3 in penetrating the “affordable” car market. However, the rate at which subscription revenue grows is geometric-to-exponential, will be a double-digit percentage within the next couple years and is likely to be the majority of Tesla’s revenue stream by the end of the decade.</p><p><blockquote><table><tbody><tr></tr></tbody></table>很难判断订阅收入何时会超过车辆销售收入，因为该模型中存在许多未知数，例如订阅FSD的特斯拉驾驶员的百分比以及2023年Model 3在渗透“平价”汽车市场方面的成功。然而，订阅收入的增长率是几何到指数级的，在未来几年内将达到两位数的百分比，并且到本十年末很可能成为特斯拉收入来源的大部分。</blockquote></p><p> Tesla is taking the right step here, and we could very well see the company overcome hurdles that have plagued the car industry for decades. If so, we could see lower earnings variance in the cases of political policies targeting the automotive industry. For instance, revenue from the FSD subscription could remain unscathed by new tariffs and environmental policies, two sources of regulation that typically target cars themselves, not the software being employed. This is still speculative, but thus far we have no reason to suspect governments will specifically target FSD subscriptions in their carbon-reduction regulations or in tax policies.</p><p><blockquote>特斯拉在这方面迈出了正确的一步，我们很可能会看到该公司克服困扰汽车行业数十年的障碍。如果是这样的话，我们可以看到针对汽车行业的政治政策案例中的收益差异较低。例如，FSD订阅的收入可能不会受到新关税和环境政策的影响，这两个监管来源通常针对汽车本身，而不是所使用的软件。这仍然是猜测，但到目前为止，我们没有理由怀疑政府会在其碳减排法规或税收政策中专门针对FSD订阅。</blockquote></p><p> Once successfully rolled out, the FSD subscription is likely to become a source of reliable income for the company. As subscription revenue grows to where it exceeds sales revenue, investors will increasingly see Tesla as a safe investment. IV on TSLA should drop as subscription revenue outpaces traditional sales revenue, and drops in IV tend to correlate with stock moving upward.</p><p><blockquote>一旦成功推出，FSD订阅很可能成为该公司可靠的收入来源。随着订阅收入增长到超过销售收入，投资者将越来越多地将特斯拉视为一项安全的投资。随着订阅收入超过传统销售收入，TSLA的IV应该会下降，而IV的下降往往与股价上涨相关。</blockquote></p><p> From both a fundamental perspective and a stock perspective, the FSD subscription announcement is highly bullish. I see this as a reason for TSLA bulls to buy on any significant pullback.</p><p><blockquote>无论从基本面还是股票角度来看，FSD认购公告都是高度利多的。我认为这是特斯拉多头在任何重大回调时买入的理由。</blockquote></p><p> Yet we must admit, as with all new business models, investors have inherent risk. While the subscription model is extremely profitable itself, whether Tesla drivers will accept the FSD subscription remains a key factor in successfully employing the model. While I believe – due to its track record – Tesla will eventually work out the technical kinks in its self-driving feature, I can see two big reasons that FSD could flop.</p><p><blockquote>然而，我们必须承认，与所有新的商业模式一样，投资者也有固有的风险。虽然订阅模式本身利润丰厚，但特斯拉司机是否会接受FSD订阅仍然是成功采用该模式的关键因素。虽然我相信——由于其业绩记录——特斯拉最终会解决其自动驾驶功能中的技术问题，但我可以看到FSD可能失败的两大原因。</blockquote></p><p> First, Tesla could fail to bring FSD to level 5, the level promised, perhaps leading to a class-action lawsuit from subscribers. The technical aspects of FSD are beyond my expertise, though my background in AI does tell me that achieving level 5 is a monumental effort. Musk has successfully pulled off monumental efforts in the past, but perhaps those with more AI knowledge than I have good reason to believe that this is the hill upon which Musk will die.</p><p><blockquote>首先，特斯拉可能无法将FSD提升到承诺的5级，这可能会导致订户提起集体诉讼。FSD的技术方面超出了我的专业知识，尽管我的人工智能背景确实告诉我，达到5级是一项巨大的努力。马斯克过去成功地做出了巨大的努力，但也许那些比我拥有更多人工智能知识的人有充分的理由相信，这是马斯克将死在的山上。</blockquote></p><p> Second, the price point might be too high. For $200 per month, you could lease a brand new Honda – or you can enter Tesla’s work-in-progress FSD as a sort of beta tester. As we enter 2023, which should be a big year for Tesla with its $25,000 Model 2s allowing the company access to a new customer demographic, we need to reconsider whether a $200-per-month subscription will be appealing to the general Tesla user base. An overpriced subscription model can be easily fixed in the long run and should thus not be seen as a huge risk to the bull thesis, but too high of a price can prevent that initial market penetration Tesla needs in pioneering the subscription-as-a-model implementation in the automobile industry.</p><p><blockquote>其次，价格可能太高。每月200美元，您可以租赁一辆全新的本田汽车，或者您可以进入特斯拉正在进行的FSD作为beta测试人员。随着我们进入2023年，这对特斯拉来说应该是重要的一年，其25,000美元的Model 2使该公司能够接触到新的客户群，我们需要重新考虑每月200美元的订阅是否会吸引特斯拉的普通用户群。从长远来看，定价过高的订阅模式很容易得到解决，因此不应被视为牛市论点的巨大风险，但过高的价格可能会阻止特斯拉开创订阅即订阅所需的初始市场渗透。汽车行业的模型实施。</blockquote></p><p> <b>Technical Bullishness</b></p><p><blockquote><b>技术看涨</b></blockquote></p><p> From a technical perspective, too, TSLA is looking bullish. While often cited as being incredibly overpriced relative to the past couple years, TSLA is not making movements that are uncharacteristic of the stock. The recent movement pattern actually looks quite a bit like the one in early 2020, right before the huge rally:</p><p><blockquote>从技术角度来看，特斯拉看起来也很看涨。尽管与过去几年相比，特斯拉经常被认为定价过高，但特斯拉并没有做出与该股不同的走势。最近的走势模式实际上看起来很像2020年初，就在大幅反弹之前：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ba282cb205e46e0448e0f01c7d8ee3f\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> Once you control for trading days, the movement looks relatively conservative. It’s about the median movement for a given quarter:</p><p><blockquote>一旦你控制了交易日，走势看起来相对保守。它是关于给定季度的中值变动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1df19786e20b710470c561208d69d7c5\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> If you extrapolate this to 200 trading days, you will find that TSLA tends to move upward another 10% with rather average volatility. The 2020 movement is an outlier in magnitude only; the pattern itself does not differ all that much from TSLA’s usual yearly movements:</p><p><blockquote>如果你将其外推到200个交易日，你会发现TSLA往往会以相当平均的波动性再上涨10%。2020年的运动只是规模上的一个异常值；这种模式本身与特斯拉通常的年度走势没有太大区别：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15a41d91691e32e1243015029fa67fa9\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p></p><p> With TSLA heading into earnings, an impressive earnings report could give us a similar upward movement. Of course, playing TSLA over earnings is quite risky, which is why we do not typically play TSLA over earnings in my earnings-trading group (Exposing Earnings). Thus, I recommend those interested in TSLA buy on the back of the FSD subscription news, as this is a bullish fundamental catalyst.</p><p><blockquote>随着特斯拉即将盈利，一份令人印象深刻的盈利报告可能会给我们带来类似的上涨趋势。当然，玩TSLA而不是收益是相当危险的，这就是为什么我们在我的收益交易组（暴露收益）中通常不会玩TSLA而不是收益。因此，我建议那些对TSLA感兴趣的人在FSD订阅消息的支持下买入，因为这是看涨的基本面催化剂。</blockquote></p><p> <b>Options Strategy</b></p><p><blockquote><b>期权策略</b></blockquote></p><p> If you are playing options, however, you might wish to wait until after earnings so that you are not exposed to a volatility crush (option IV falling rapidly and thus decreasing the values of long options, as long options are also long vega). If you want to take an options strategy to hedge earnings risk, though, here is what I recommend. I’m assuming you’re holding 100 shares of TSLA, making this a hedge with extra profitability on the long side:</p><p><blockquote>然而，如果你在玩期权，你可能希望等到盈利之后，这样你就不会面临波动性挤压（期权IV迅速下跌，从而降低多头期权的价值，因为多头期权也是多头织女星）。不过，如果您想采取期权策略来对冲盈利风险，以下是我的建议。我假设您持有100股TSLA股票，使其成为具有额外多头盈利能力的对冲：</blockquote></p><p> <ol>  <li>Sell 1x Jul 30 $700 put</li>  <li>Buy 2x Jul 30 $650 puts</li> </ol> Net credit: $7000</p><p><blockquote><ol><li>7月30日卖出1x$700看跌期权</li><li>7月30日买入2倍650美元看跌期权</li></ol>净信贷：7000美元</blockquote></p><p> This is a volatile strategy, meaning it allows us to profit on either side. The major risk is if TSLA consolidates, trading strictly between $650 and $700 over the rest of July. Otherwise, we stand to profit on either side, either by the net long puts on the downside or via the stock plus credit earned from the strategy on the long side.</p><p><blockquote>这是一个不稳定的策略，这意味着它允许我们在任何一方获利。主要风险是如果TSLA盘整，在7月剩余时间内交易价格严格在650美元至700美元之间。否则，我们将从任何一方获利，要么通过下行的净多头看跌期权，要么通过股票加上多头策略赚取的信用。</blockquote></p><p> Even if you are confident TSLA will not sell off on earnings, this strategy works to your benefit by bringing in an extra $7000 in profit per 100 shares. You have the added value of downside protection, too. Let me know what you think in the comments section.</p><p><blockquote>即使您确信TSLA不会因盈利而抛售，该策略也会为您带来每100股额外7000美元的利润。你也有下行保护的附加值。请在评论区告诉我你的想法。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Tesla’s addition of an FSD subscription greatly improves the company’s maximum revenue potential. Subscription services have proved themselves to quickly and drastically change the primary source of revenue for a company and could easily turn Tesla into a software company more so than an automotive company. Being so, we need to consider the possibility that Tesla entering the EV market was just the beginning for this company and that the financial future of Tesla is in its FSD service. If so, we are undervaluing this company, as we are using an EV lens to judge a software company.</p><p><blockquote>特斯拉增加FSD订阅极大地提高了公司的最大收入潜力。事实证明，订阅服务可以迅速而彻底地改变公司的主要收入来源，并且可以轻松地将特斯拉转变为一家软件公司，而不是一家汽车公司。既然如此，我们需要考虑这样一种可能性：特斯拉进入电动汽车市场只是这家公司的开始，而特斯拉的财务未来在于其FSD服务。如果是这样，我们就低估了这家公司的价值，就像我们用EV镜头来判断一家软件公司一样。</blockquote></p><p> I am highly bullish on TSLA in the long term due to the FSD prospects. In the short term, I believe the technicals are implying an upward swing. With earnings on Jul 26, you might want to hedge the downside simply due to TSLA’s volatility. But overall, being long on TSLA at this price is likely a profitable decision even with a short-term pullback.</p><p><blockquote>由于FSD的前景，我长期高度看好TSLA。从短期来看，我认为技术面暗示着上行。随着7月26日的财报发布，您可能想要对冲TSLA波动性带来的下行风险。但总体而言，即使出现短期回调，以这个价格做多特斯拉也可能是一个有利可图的决定。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441324-tesla-could-become-a-subscription-company\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4441324-tesla-could-become-a-subscription-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175108896","content_text":"Summary\n\nTesla is indicating a movement toward an Adobe-like subscription business model, which has been shown to skyrocket revenue.\nIn this way, Tesla is again a first-mover and will set the standards for the industry in the coming decades.\nTechnically, the recent movement is a rather normal pattern and tends to lead to more gains.\nI recommend TSLA longs add a credit strategy to their position before earnings, both for protection and extra income.\n\njetcityimage/iStock Editorial via Getty Images\nI last wrote about Tesla(TSLA) in 2019, when I recommended a buy on the pullback. Said pullback was a pullback to $47, a number TSLA will likely never hit again. These days, TSLA flirts with numbers over $1,000, and with good reason.\nAnd today, TSLA has yet another reason to justify its lofty price. The company has unveiled a full self driving(FSD) subscription. This is a step in the right direction.\nSubscriptions: The Ultimate Profit Model\nSoftware – and more broadly, tech – has been moving to subscription-based business models, which have proved themselves to be vastly superior to the old way of doing business (selling a product outright) in terms of profitability. Whereas once we paid a one-time fee for a product such as Adobe (ADBE) Photoshop, now we are almost certainly paying much more than that one-time payment over the product’s lifetime. It was only a matter of time for the slower-than-tech automotive industry to understand that subscription business models can siphon much more money from the customer than the traditional model, and I’m not surprised that Tesla, often regarded more as a tech company than an automobile company, is to be the first company employing this strategy.\nI believe Pierre Ferragu understands this. From SA’s above-linked news on the FSD subscription:\n\n One of the biggest bulls on the FSD upside for Tesla is New Street Research analyst Pierre Ferragu. He thinks Tesla will make roughly $7K in profit from selling a car and almost $23K from selling FSD subscriptions on the same vehicle by 2030. If Ferragu is correct, the entire industry is expected to move toward an autonomous subscription service model.”\n\nFerragu’s predictions match my thoughts on the subscription-based business model. Tesla’s revenue and subscription paradigm could easily become Adobe-like, where the vast majority of the company’s revenue stems from subscriptions. (Seemy recent article on Adobefor more on how this business model works.) The potential of this business model’s impact on revenue is easily seen via Adobe’s results (though many other companies are seeing the same sort of results):\n\nOf course, the stock sees results too:\n\nImportantly, Ferragu notes that the whole industry will move toward the subscription business model, a sentiment I agree with. Some might argue that the automotive industry is not the software industry and that it is better to provide a quality product at a fair price when it comes to automobiles. But history would show this to be incorrect: Look at how General Motors (GM) pushed even Ford (F), a company that built itself on creating long-lasting, quality cars, into the planned obsolescence paradigm (yearly design upgrades for each product line) that the industry has fallen into.\nIn the future, Tesla’s bulk revenue should come not from car sales but from subscriptions. This is the new economy for most industries moving forward, and Tesla will be the pioneer of this business model in the automotive industry. We’ve seen how this has played out to the benefit of profitability in software and film (streaming services such as Disney and Netflix), and it should play out similarly for automobiles.\nConsider this: Tesla sold around 500K cars in 2020. With the Berlin, Shanghai, and Texas plants in action this year, Tesla should be producing an extra 300K cars in 2021. At this rate, Tesla will be over the 1M per year mark (likely around 1.5M) before the end of 2022. Assume only half of the produced cars per year end up with a FSD subscription, then, a la Adobe, subscription revenue can be seen quickly approaching equality with the revenue from the traditional model – note that this model is highly conservative as it ignores all cars produced prior to 2020:\nRevenue from FSD Subscriptions Per Year\n\n\n\n\n\n\nIt is difficult to tell when subscription revenue will surpass vehicle sales revenue because of numerous unknowns in the model, such as the percentage of Tesla drivers subscribing to FSD and the success of the 2023 Model 3 in penetrating the “affordable” car market. However, the rate at which subscription revenue grows is geometric-to-exponential, will be a double-digit percentage within the next couple years and is likely to be the majority of Tesla’s revenue stream by the end of the decade.\nTesla is taking the right step here, and we could very well see the company overcome hurdles that have plagued the car industry for decades. If so, we could see lower earnings variance in the cases of political policies targeting the automotive industry. For instance, revenue from the FSD subscription could remain unscathed by new tariffs and environmental policies, two sources of regulation that typically target cars themselves, not the software being employed. This is still speculative, but thus far we have no reason to suspect governments will specifically target FSD subscriptions in their carbon-reduction regulations or in tax policies.\nOnce successfully rolled out, the FSD subscription is likely to become a source of reliable income for the company. As subscription revenue grows to where it exceeds sales revenue, investors will increasingly see Tesla as a safe investment. IV on TSLA should drop as subscription revenue outpaces traditional sales revenue, and drops in IV tend to correlate with stock moving upward.\nFrom both a fundamental perspective and a stock perspective, the FSD subscription announcement is highly bullish. I see this as a reason for TSLA bulls to buy on any significant pullback.\nYet we must admit, as with all new business models, investors have inherent risk. While the subscription model is extremely profitable itself, whether Tesla drivers will accept the FSD subscription remains a key factor in successfully employing the model. While I believe – due to its track record – Tesla will eventually work out the technical kinks in its self-driving feature, I can see two big reasons that FSD could flop.\nFirst, Tesla could fail to bring FSD to level 5, the level promised, perhaps leading to a class-action lawsuit from subscribers. The technical aspects of FSD are beyond my expertise, though my background in AI does tell me that achieving level 5 is a monumental effort. Musk has successfully pulled off monumental efforts in the past, but perhaps those with more AI knowledge than I have good reason to believe that this is the hill upon which Musk will die.\nSecond, the price point might be too high. For $200 per month, you could lease a brand new Honda – or you can enter Tesla’s work-in-progress FSD as a sort of beta tester. As we enter 2023, which should be a big year for Tesla with its $25,000 Model 2s allowing the company access to a new customer demographic, we need to reconsider whether a $200-per-month subscription will be appealing to the general Tesla user base. An overpriced subscription model can be easily fixed in the long run and should thus not be seen as a huge risk to the bull thesis, but too high of a price can prevent that initial market penetration Tesla needs in pioneering the subscription-as-a-model implementation in the automobile industry.\nTechnical Bullishness\nFrom a technical perspective, too, TSLA is looking bullish. While often cited as being incredibly overpriced relative to the past couple years, TSLA is not making movements that are uncharacteristic of the stock. The recent movement pattern actually looks quite a bit like the one in early 2020, right before the huge rally:\n(Source: Damon Verial; data from Tiingo)\nOnce you control for trading days, the movement looks relatively conservative. It’s about the median movement for a given quarter:\n(Source: Damon Verial; data from Tiingo)\nIf you extrapolate this to 200 trading days, you will find that TSLA tends to move upward another 10% with rather average volatility. The 2020 movement is an outlier in magnitude only; the pattern itself does not differ all that much from TSLA’s usual yearly movements:\n(Source: Damon Verial; data from Tiingo)\nWith TSLA heading into earnings, an impressive earnings report could give us a similar upward movement. Of course, playing TSLA over earnings is quite risky, which is why we do not typically play TSLA over earnings in my earnings-trading group (Exposing Earnings). Thus, I recommend those interested in TSLA buy on the back of the FSD subscription news, as this is a bullish fundamental catalyst.\nOptions Strategy\nIf you are playing options, however, you might wish to wait until after earnings so that you are not exposed to a volatility crush (option IV falling rapidly and thus decreasing the values of long options, as long options are also long vega). If you want to take an options strategy to hedge earnings risk, though, here is what I recommend. I’m assuming you’re holding 100 shares of TSLA, making this a hedge with extra profitability on the long side:\n\nSell 1x Jul 30 $700 put\nBuy 2x Jul 30 $650 puts\n\nNet credit: $7000\nThis is a volatile strategy, meaning it allows us to profit on either side. The major risk is if TSLA consolidates, trading strictly between $650 and $700 over the rest of July. Otherwise, we stand to profit on either side, either by the net long puts on the downside or via the stock plus credit earned from the strategy on the long side.\nEven if you are confident TSLA will not sell off on earnings, this strategy works to your benefit by bringing in an extra $7000 in profit per 100 shares. You have the added value of downside protection, too. Let me know what you think in the comments section.\nConclusion\nTesla’s addition of an FSD subscription greatly improves the company’s maximum revenue potential. Subscription services have proved themselves to quickly and drastically change the primary source of revenue for a company and could easily turn Tesla into a software company more so than an automotive company. Being so, we need to consider the possibility that Tesla entering the EV market was just the beginning for this company and that the financial future of Tesla is in its FSD service. If so, we are undervaluing this company, as we are using an EV lens to judge a software company.\nI am highly bullish on TSLA in the long term due to the FSD prospects. In the short term, I believe the technicals are implying an upward swing. With earnings on Jul 26, you might want to hedge the downside simply due to TSLA’s volatility. But overall, being long on TSLA at this price is likely a profitable decision even with a short-term pullback.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137126536,"gmtCreate":1622331498525,"gmtModify":1634102345993,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/137126536","repostId":"2138488761","repostType":4,"isVote":1,"tweetType":1,"viewCount":439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193900057,"gmtCreate":1620742667379,"gmtModify":1634196659536,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Turn around for Nio","listText":"Turn around for Nio","text":"Turn around for Nio","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/193900057","repostId":"1132439806","repostType":4,"repost":{"id":"1132439806","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620741447,"share":"https://www.laohu8.com/m/news/1132439806?lang=zh_CN&edition=full","pubTime":"2021-05-11 21:57","market":"us","language":"en","title":"NIO is up 0.26%, it was down over 4% earlier<blockquote>蔚来上涨0.26%，此前下跌超过4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132439806","media":"Tiger Newspress","summary":" NIO is up 0.26%, it was down over 4% earlier.Related: Don’t Look Now, but Nio Stock Is Becoming an Investment Not a Trade. Tesla dipped about 1%. Of note today, Tesla has halted plans to buy land to expand its Shanghai plant and now intends to limit the proportion of total output that comes from China, sources told Reuters. By the books, Tesla only sold 25,845 vehicles made in China during April, down from 35,478 units in March. China's Passenger Car Association reported total passenger car sal","content":"<p>(May 11)&nbsp;NIO is up 0.26%, it was down over 4% earlier.</p><p><blockquote>（5月11日）蔚来上涨0.26%，早前下跌超过4%。</blockquote></p><p><a href=\"https://laohu8.com/NW/1153941496\" target=\"_blank\">Related: Don’t Look Now, but Nio Stock Is Becoming an Investment Not a Trade</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1153941496\" target=\"_blank\">相关：现在不要看，但蔚来股票正在成为一种投资而不是交易</a></blockquote></p><p><img src=\"https://static.tigerbbs.com/7ecc5ac9637707ae0b0a767eb2eb6d08\" tg-width=\"1101\" tg-height=\"494\" referrerpolicy=\"no-referrer\">Tesla dipped&nbsp;about&nbsp;1%.&nbsp;Of note today, Tesla&nbsp;has halted plans to buy land to expand its Shanghai plant and now intends to limit the proportion of total output that comes from China,&nbsp;sources&nbsp;told Reuters. By the books, Tesla only sold 25,845 vehicles made in China during April, down from 35,478 units in March. China's Passenger Car Association reported total passenger car sales were down a disappointing 8.3% M/M in April to 1.61M units. The tally was still 12.4% higher than last year's mark.</p><p><blockquote>特斯拉股价下跌约1%。值得注意的是，消息人士告诉路透社，特斯拉今天已停止购买土地扩建上海工厂的计划，现在打算限制来自中国的总产量比例。从账面上看，特斯拉4月份仅售出25,845辆国产汽车，低于3月份的35,478辆。中国乘用车协会报告称，4月份乘用车总销量环比下降8.3%，至161万辆，令人失望。这一数字仍比去年高出12.4%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO is up 0.26%, it was down over 4% earlier<blockquote>蔚来上涨0.26%，此前下跌超过4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO is up 0.26%, it was down over 4% earlier<blockquote>蔚来上涨0.26%，此前下跌超过4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-11 21:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(May 11)&nbsp;NIO is up 0.26%, it was down over 4% earlier.</p><p><blockquote>（5月11日）蔚来上涨0.26%，早前下跌超过4%。</blockquote></p><p><a href=\"https://laohu8.com/NW/1153941496\" target=\"_blank\">Related: Don’t Look Now, but Nio Stock Is Becoming an Investment Not a Trade</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1153941496\" target=\"_blank\">相关：现在不要看，但蔚来股票正在成为一种投资而不是交易</a></blockquote></p><p><img src=\"https://static.tigerbbs.com/7ecc5ac9637707ae0b0a767eb2eb6d08\" tg-width=\"1101\" tg-height=\"494\" referrerpolicy=\"no-referrer\">Tesla dipped&nbsp;about&nbsp;1%.&nbsp;Of note today, Tesla&nbsp;has halted plans to buy land to expand its Shanghai plant and now intends to limit the proportion of total output that comes from China,&nbsp;sources&nbsp;told Reuters. By the books, Tesla only sold 25,845 vehicles made in China during April, down from 35,478 units in March. China's Passenger Car Association reported total passenger car sales were down a disappointing 8.3% M/M in April to 1.61M units. The tally was still 12.4% higher than last year's mark.</p><p><blockquote>特斯拉股价下跌约1%。值得注意的是，消息人士告诉路透社，特斯拉今天已停止购买土地扩建上海工厂的计划，现在打算限制来自中国的总产量比例。从账面上看，特斯拉4月份仅售出25,845辆国产汽车，低于3月份的35,478辆。中国乘用车协会报告称，4月份乘用车总销量环比下降8.3%，至161万辆，令人失望。这一数字仍比去年高出12.4%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132439806","content_text":"(May 11) NIO is up 0.26%, it was down over 4% earlier.Related: Don’t Look Now, but Nio Stock Is Becoming an Investment Not a TradeTesla dipped about 1%. Of note today, Tesla has halted plans to buy land to expand its Shanghai plant and now intends to limit the proportion of total output that comes from China, sources told Reuters. By the books, Tesla only sold 25,845 vehicles made in China during April, down from 35,478 units in March. China's Passenger Car Association reported total passenger car sales were down a disappointing 8.3% M/M in April to 1.61M units. The tally was still 12.4% higher than last year's mark.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":875514926,"gmtCreate":1637668701067,"gmtModify":1637668701266,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Just keep buying Tesla","listText":"Just keep buying Tesla","text":"Just keep buying Tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875514926","repostId":"1165466420","repostType":2,"repost":{"id":"1165466420","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637668030,"share":"https://www.laohu8.com/m/news/1165466420?lang=zh_CN&edition=full","pubTime":"2021-11-23 19:47","market":"us","language":"en","title":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过120万辆Cybertruck预订，价值超过800亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165466420","media":"Tiger Newspress","summary":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.But there’s still no production in sight.Tesla unveiled the Cybertruck almost two years ago to the day.The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y product","content":"<p>Tesla&nbsp;shares&nbsp;gained&nbsp;in&nbsp;premarket&nbsp;trading&nbsp;as&nbsp;the&nbsp;company&nbsp;had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.&nbsp;</p><p><blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过120万辆Cybertruck预订，价值超过800亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e7342df0ead872b935b3a529400724e\" tg-width=\"879\" tg-height=\"642\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过120万辆Cybertruck预订，价值超过800亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但是仍然看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>大约两年前的今天，特斯拉推出了Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加Model Y的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是Cybertruck将于2022年底开始生产。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划相当成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官Elon Musk宣布，特斯拉在推出Cybertruck的一周内就收到了超过25万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在发布后很早就会收到很多预订，然后就会逐渐减少——但Cybertruck的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个大流行期间，消息人士告诉我们，一些特斯拉商店每周都会收到数百辆Cybertruck预订，Cybertruck预订甚至有助于提高销量。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在2020年6月，当时Cybertruck预订量已升至超过65万辆。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck论坛的众包Cybertruck预订记录超过28,000个条目，2021年5月预订量超过100万。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.</p><p><blockquote>目前，据统计，特斯拉电动皮卡的预订量已超过1,270,000辆。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过120万辆Cybertruck预订，价值超过800亿美元</blockquote></title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion<blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过120万辆Cybertruck预订，价值超过800亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-23 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;shares&nbsp;gained&nbsp;in&nbsp;premarket&nbsp;trading&nbsp;as&nbsp;the&nbsp;company&nbsp;had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.&nbsp;</p><p><blockquote>特斯拉股价在盘前交易中上涨，因为该公司积压了超过120万辆Cybertruck预订，价值超过800亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e7342df0ead872b935b3a529400724e\" tg-width=\"879\" tg-height=\"642\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过120万辆Cybertruck预订，价值超过800亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但是仍然看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>大约两年前的今天，特斯拉推出了Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加Model Y的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是Cybertruck将于2022年底开始生产。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划相当成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官Elon Musk宣布，特斯拉在推出Cybertruck的一周内就收到了超过25万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在发布后很早就会收到很多预订，然后就会逐渐减少——但Cybertruck的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个大流行期间，消息人士告诉我们，一些特斯拉商店每周都会收到数百辆Cybertruck预订，Cybertruck预订甚至有助于提高销量。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在2020年6月，当时Cybertruck预订量已升至超过65万辆。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck论坛的众包Cybertruck预订记录超过28,000个条目，2021年5月预订量超过100万。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.</p><p><blockquote>目前，据统计，特斯拉电动皮卡的预订量已超过1,270,000辆。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165466420","content_text":"Tesla shares gained in premarket trading as the company had a backlog of over 1.2 million Cybertruck reservations worth over $80 billion. \n\nBased on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.\nBut there’s still no production in sight.\nTesla unveiled the Cybertruck almost two years ago to the day.\nThe electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.\nTesla’s best estimate now puts the start of Cybertruck production in late 2022.\nIn the meantime, Tesla is still taking reservations for the electric pickup truck.\nThe Cybertruck reservation program has been quite successful.\nCEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.\nGenerally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.\nEven throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.\nThe number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.\nA crowdsourced Cybertruck reservation tally by the Cybertruck forum with over 28,000 entries put reservations at over 1 million back in May 2021.\nNow the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":896,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847832583,"gmtCreate":1636505315326,"gmtModify":1636505315531,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"Is time for Nio to rise back $60","listText":"Is time for Nio to rise back $60","text":"Is time for Nio to rise back $60","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847832583","repostId":"2182086444","repostType":2,"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842201113,"gmtCreate":1636176548002,"gmtModify":1636177005964,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"It's time to load up more shares","listText":"It's time to load up more shares","text":"It's time to load up more shares","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842201113","repostId":"2181742831","repostType":2,"isVote":1,"tweetType":1,"viewCount":707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825321063,"gmtCreate":1634203092084,"gmtModify":1634203092205,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"htmlText":"I love SoFi","listText":"I love SoFi","text":"I love SoFi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/825321063","repostId":"1139633978","repostType":4,"repost":{"id":"1139633978","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634201918,"share":"https://www.laohu8.com/m/news/1139633978?lang=zh_CN&edition=full","pubTime":"2021-10-14 16:58","market":"us","language":"en","title":"SoFi stock rose 3.6% in premarket trading<blockquote>SoFi股价在盘前交易中上涨3.6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139633978","media":"Tiger Newspress","summary":"SoFi stock rose 3.6% in premarket trading as Morgan Stanley initiated coverage of SoFi with an Overw","content":"<p>SoFi stock rose 3.6% in premarket trading&nbsp;as&nbsp;Morgan Stanley&nbsp;initiated coverage of SoFi with an Overweight (i.e. Buy) rating and $25 price target.</p><p><blockquote>由于大摩首次对SoFi给予跑赢大盘（即买入）评级和25美元的目标价，SoFi股价在盘前交易中上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/07a5b9f3453324b84a0e3eff89ec6199\" tg-width=\"848\" tg-height=\"620\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The hardest part of consumer finance, according to Morgan Stanley’s&nbsp;Betsy Graseck, is lending. Outlining the bullish case for SoFi Technologies (<b>SOFI</b>), the company being a specialist in this specific segment is a major differentiator.</p><p><blockquote>摩根士丹利(Morgan Stanley)的贝齐·格拉塞克(Betsy Graseck)表示，消费金融最困难的部分是贷款。概述SoFi Technologies的看涨理由（<b>索菲</b>），该公司作为该特定细分市场的专家是一个主要的差异化因素。</blockquote></p><p> “SoFi is unique,” says Graseck. “It is a challenger consumer finance company that is leading with lending; specifically refinancing a high yield student loan into a lower rate.”</p><p><blockquote>“SoFi是独一无二的，”Graseck说。“它是一家挑战者消费金融公司，在贷款方面处于领先地位；特别是将高收益学生贷款再融资为较低利率。”</blockquote></p><p> Lending is particularly difficult as it requires understanding of credit and demands a high level of customer service. But helping to solve a consumer’s cash flow issue and leaving them with more cash on tap, rewards with “higher customer loyalty.” This lending first model “generates customer leads for SoFi’s other services,” of which there are plenty.</p><p><blockquote>贷款尤其困难，因为它需要了解信用，并要求高水平的客户服务。但帮助解决消费者的现金流问题并为他们留下更多可用现金，会带来“更高的客户忠诚度”。这种贷款优先模式“为SoFi的其他服务创造了客户线索”，其中有很多。</blockquote></p><p> Graseck uses the case of a post grad professional – HENRY – a “High Earner, Not Rich Yet customer,” who represents SOFI’s current core customer but is on “everyone’s target customer list.”</p><p><blockquote>Graseck以一位研究生专业人士HENRY为例，他是一位“高收入者，但还不富裕的客户”，代表SOFI当前的核心客户，但却在“每个人的目标客户名单”上。</blockquote></p><p> Getting HENRY a “higher cash flow post a student loan refi,” has impacted his life. Now HENRY is “receptive to cross-buy opportunities into SoFi’s growing Financial Services product set, particularly brokerage, card, and mortgage.”</p><p><blockquote>让亨利获得“学生贷款再融资后更高的现金流”影响了他的生活。现在，亨利“愿意接受SoFi不断增长的金融服务产品集的交叉购买机会，特别是经纪、信用卡和抵押贷款。”</blockquote></p><p> This is not just fiction, the data backs up the story. SoFi’s customers have been “ramping their cross buy,” and now make up 24% of SoFi’s total products.</p><p><blockquote>这不仅仅是虚构的，数据支持了这个故事。SoFi的客户一直在“增加交叉购买”，目前占SoFi产品总数的24%。</blockquote></p><p> And after more than doubling the customer base over the past year from 1.2 million to 2.6 million, over the next two years, Graseck expects it to double again and reach 5.3 million. As the customer set doubles and SoFi “expands its product offerings,” the analyst believes Financial Services revenue growth will increase at a ~150% CAGR (compound annual growth rate) over the next 2 years.</p><p><blockquote>在过去一年中，客户群增加了一倍多，从120万增加到260万，Graseck预计未来两年客户群将再次增加一倍，达到530万。随着客户群翻倍以及SoFi“扩大其产品范围”，分析师认为未来两年金融服务收入将以约150%的CAGR（复合年增长率）增长。</blockquote></p><p> Adding to the bull case, the next 6 months could see two meaningful catalysts drive “faster revenue growth and positive revisions to management guidance.”</p><p><blockquote>除了牛市之外，未来6个月可能会出现两个有意义的催化剂，推动“更快的收入增长和对管理指导的积极修正”。</blockquote></p><p> First off, a surge in student loan volumes – a 70% increase, according to Graseck – should follow the expiration of the government’s student loan deferment program.</p><p><blockquote>首先，政府的学生贷款延期计划到期后，学生贷款量应该会激增——根据Graseck的说法，增长了70%。</blockquote></p><p> Secondly, there’s the prospective approval of SoFi’s bank charter. “This alone could boost total revenues by ~10% in its first full year given benefits to NIM (net interest margin),” the analyst noted.</p><p><blockquote>其次，SoFi的银行章程有望获得批准。该分析师指出：“考虑到NIM（净息差）的好处，仅此一项就可以在第一个全年将总收入提高约10%。”</blockquote></p><p> Accordingly, Graseck initiated coverage of SoFi with an Overweight (i.e. Buy) rating and $25 price target. Investors could be pocketing gains of ~33%, should Graseck’s forecast hit the mark over the next 12 months.</p><p><blockquote>因此，Graseck首次对SoFi给予跑赢大盘（即买入）评级和25美元的目标价。如果Graseck的预测在未来12个月内达到目标，投资者可能会获得约33%的收益。</blockquote></p><p> The rest of the Street is almost just as effusive, projecting 12-month returns of ~31%, given the average price target clocks in at $24.58. Barring 1 Hold, all 5 other recent reviews are to Buy, culminating in the stock’s Strong Buy consensus rating.</p><p><blockquote>考虑到平均目标价为24.58美元，华尔街的其他人几乎同样热情洋溢，预计12个月的回报率约为31%。除1条持有外，最近所有5条评论均为买入，最终获得该股强烈买入共识评级。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f6c91925bf747fb093b6ec6942bde326\" tg-width=\"1207\" tg-height=\"613\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi stock rose 3.6% in premarket trading<blockquote>SoFi股价在盘前交易中上涨3.6%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoFi stock rose 3.6% in premarket trading<blockquote>SoFi股价在盘前交易中上涨3.6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-14 16:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>SoFi stock rose 3.6% in premarket trading&nbsp;as&nbsp;Morgan Stanley&nbsp;initiated coverage of SoFi with an Overweight (i.e. Buy) rating and $25 price target.</p><p><blockquote>由于大摩首次对SoFi给予跑赢大盘（即买入）评级和25美元的目标价，SoFi股价在盘前交易中上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/07a5b9f3453324b84a0e3eff89ec6199\" tg-width=\"848\" tg-height=\"620\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The hardest part of consumer finance, according to Morgan Stanley’s&nbsp;Betsy Graseck, is lending. Outlining the bullish case for SoFi Technologies (<b>SOFI</b>), the company being a specialist in this specific segment is a major differentiator.</p><p><blockquote>摩根士丹利(Morgan Stanley)的贝齐·格拉塞克(Betsy Graseck)表示，消费金融最困难的部分是贷款。概述SoFi Technologies的看涨理由（<b>索菲</b>），该公司作为该特定细分市场的专家是一个主要的差异化因素。</blockquote></p><p> “SoFi is unique,” says Graseck. “It is a challenger consumer finance company that is leading with lending; specifically refinancing a high yield student loan into a lower rate.”</p><p><blockquote>“SoFi是独一无二的，”Graseck说。“它是一家挑战者消费金融公司，在贷款方面处于领先地位；特别是将高收益学生贷款再融资为较低利率。”</blockquote></p><p> Lending is particularly difficult as it requires understanding of credit and demands a high level of customer service. But helping to solve a consumer’s cash flow issue and leaving them with more cash on tap, rewards with “higher customer loyalty.” This lending first model “generates customer leads for SoFi’s other services,” of which there are plenty.</p><p><blockquote>贷款尤其困难，因为它需要了解信用，并要求高水平的客户服务。但帮助解决消费者的现金流问题并为他们留下更多可用现金，会带来“更高的客户忠诚度”。这种贷款优先模式“为SoFi的其他服务创造了客户线索”，其中有很多。</blockquote></p><p> Graseck uses the case of a post grad professional – HENRY – a “High Earner, Not Rich Yet customer,” who represents SOFI’s current core customer but is on “everyone’s target customer list.”</p><p><blockquote>Graseck以一位研究生专业人士HENRY为例，他是一位“高收入者，但还不富裕的客户”，代表SOFI当前的核心客户，但却在“每个人的目标客户名单”上。</blockquote></p><p> Getting HENRY a “higher cash flow post a student loan refi,” has impacted his life. Now HENRY is “receptive to cross-buy opportunities into SoFi’s growing Financial Services product set, particularly brokerage, card, and mortgage.”</p><p><blockquote>让亨利获得“学生贷款再融资后更高的现金流”影响了他的生活。现在，亨利“愿意接受SoFi不断增长的金融服务产品集的交叉购买机会，特别是经纪、信用卡和抵押贷款。”</blockquote></p><p> This is not just fiction, the data backs up the story. SoFi’s customers have been “ramping their cross buy,” and now make up 24% of SoFi’s total products.</p><p><blockquote>这不仅仅是虚构的，数据支持了这个故事。SoFi的客户一直在“增加交叉购买”，目前占SoFi产品总数的24%。</blockquote></p><p> And after more than doubling the customer base over the past year from 1.2 million to 2.6 million, over the next two years, Graseck expects it to double again and reach 5.3 million. As the customer set doubles and SoFi “expands its product offerings,” the analyst believes Financial Services revenue growth will increase at a ~150% CAGR (compound annual growth rate) over the next 2 years.</p><p><blockquote>在过去一年中，客户群增加了一倍多，从120万增加到260万，Graseck预计未来两年客户群将再次增加一倍，达到530万。随着客户群翻倍以及SoFi“扩大其产品范围”，分析师认为未来两年金融服务收入将以约150%的CAGR（复合年增长率）增长。</blockquote></p><p> Adding to the bull case, the next 6 months could see two meaningful catalysts drive “faster revenue growth and positive revisions to management guidance.”</p><p><blockquote>除了牛市之外，未来6个月可能会出现两个有意义的催化剂，推动“更快的收入增长和对管理指导的积极修正”。</blockquote></p><p> First off, a surge in student loan volumes – a 70% increase, according to Graseck – should follow the expiration of the government’s student loan deferment program.</p><p><blockquote>首先，政府的学生贷款延期计划到期后，学生贷款量应该会激增——根据Graseck的说法，增长了70%。</blockquote></p><p> Secondly, there’s the prospective approval of SoFi’s bank charter. “This alone could boost total revenues by ~10% in its first full year given benefits to NIM (net interest margin),” the analyst noted.</p><p><blockquote>其次，SoFi的银行章程有望获得批准。该分析师指出：“考虑到NIM（净息差）的好处，仅此一项就可以在第一个全年将总收入提高约10%。”</blockquote></p><p> Accordingly, Graseck initiated coverage of SoFi with an Overweight (i.e. Buy) rating and $25 price target. Investors could be pocketing gains of ~33%, should Graseck’s forecast hit the mark over the next 12 months.</p><p><blockquote>因此，Graseck首次对SoFi给予跑赢大盘（即买入）评级和25美元的目标价。如果Graseck的预测在未来12个月内达到目标，投资者可能会获得约33%的收益。</blockquote></p><p> The rest of the Street is almost just as effusive, projecting 12-month returns of ~31%, given the average price target clocks in at $24.58. Barring 1 Hold, all 5 other recent reviews are to Buy, culminating in the stock’s Strong Buy consensus rating.</p><p><blockquote>考虑到平均目标价为24.58美元，华尔街的其他人几乎同样热情洋溢，预计12个月的回报率约为31%。除1条持有外，最近所有5条评论均为买入，最终获得该股强烈买入共识评级。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f6c91925bf747fb093b6ec6942bde326\" tg-width=\"1207\" tg-height=\"613\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139633978","content_text":"SoFi stock rose 3.6% in premarket trading as Morgan Stanley initiated coverage of SoFi with an Overweight (i.e. Buy) rating and $25 price target.\n\nThe hardest part of consumer finance, according to Morgan Stanley’s Betsy Graseck, is lending. Outlining the bullish case for SoFi Technologies (SOFI), the company being a specialist in this specific segment is a major differentiator.\n“SoFi is unique,” says Graseck. “It is a challenger consumer finance company that is leading with lending; specifically refinancing a high yield student loan into a lower rate.”\nLending is particularly difficult as it requires understanding of credit and demands a high level of customer service. But helping to solve a consumer’s cash flow issue and leaving them with more cash on tap, rewards with “higher customer loyalty.” This lending first model “generates customer leads for SoFi’s other services,” of which there are plenty.\nGraseck uses the case of a post grad professional – HENRY – a “High Earner, Not Rich Yet customer,” who represents SOFI’s current core customer but is on “everyone’s target customer list.”\nGetting HENRY a “higher cash flow post a student loan refi,” has impacted his life. Now HENRY is “receptive to cross-buy opportunities into SoFi’s growing Financial Services product set, particularly brokerage, card, and mortgage.”\nThis is not just fiction, the data backs up the story. SoFi’s customers have been “ramping their cross buy,” and now make up 24% of SoFi’s total products.\nAnd after more than doubling the customer base over the past year from 1.2 million to 2.6 million, over the next two years, Graseck expects it to double again and reach 5.3 million. As the customer set doubles and SoFi “expands its product offerings,” the analyst believes Financial Services revenue growth will increase at a ~150% CAGR (compound annual growth rate) over the next 2 years.\nAdding to the bull case, the next 6 months could see two meaningful catalysts drive “faster revenue growth and positive revisions to management guidance.”\nFirst off, a surge in student loan volumes – a 70% increase, according to Graseck – should follow the expiration of the government’s student loan deferment program.\nSecondly, there’s the prospective approval of SoFi’s bank charter. “This alone could boost total revenues by ~10% in its first full year given benefits to NIM (net interest margin),” the analyst noted.\nAccordingly, Graseck initiated coverage of SoFi with an Overweight (i.e. Buy) rating and $25 price target. Investors could be pocketing gains of ~33%, should Graseck’s forecast hit the mark over the next 12 months.\nThe rest of the Street is almost just as effusive, projecting 12-month returns of ~31%, given the average price target clocks in at $24.58. Barring 1 Hold, all 5 other recent reviews are to Buy, culminating in the stock’s Strong Buy consensus rating.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}