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2021-06-18

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2021-06-01

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Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</blockquote>

2021-05-27

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2021-07-27

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AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</blockquote>

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10:10","market":"us","language":"en","title":"71 years of stock market data reveals investors may be happy in the New Year<blockquote>71年股市数据揭示投资者在新的一年里可能会感到高兴</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2200443162","media":"Yahoo Finance","summary":"After a nearly 29% total return for the S&P 500 this year, history suggests 2022 may see more gains ","content":"<p><html><head></head><body>After a nearly 29% total return for the S&amp;P 500 this year, history suggests 2022 may see more gains for investors.</p><p><blockquote><html><head></head><body>今年标普500的总回报率接近29%，历史表明2022年投资者可能会获得更多收益。</body></html></blockquote></p><p>Truist Advisory Services co-chief investment officer Keith Lerner found that going back to 1950, when the S&amp;P 500 had a total return of at least 25% in a year, stocks usually rose in the following year. The outcome during that 71 year stretch: stocks advanced 82% of the time, or 14 out of 17 instances.</p><p><blockquote>Truist Advisory Services联席首席投资官Keith Lerner发现，回到1950年，当标普500一年的总回报率至少为25%时，股票通常会在第二年上涨。在这71年的时间里，结果是：股市上涨的时间为82%，即17次上涨中的14次。</blockquote></p><p>As the data shows, however, it&#39;s not always sunshine and rainbows after a big year for stocks.</p><p><blockquote>然而，正如数据显示的那样，股市经历了重要的一年后，并不总是阳光明媚。</blockquote></p><p>Two of the three years where stocks failed to rise after 25%+ annual gains were 1981 and 1990. Lerner points out both of those periods commenced with recessions. The other down year was 1962, which Lerner says was challenged by a &#34;flash crash&#34; and &#34;deteriorating investor confidence.&#34;</p><p><blockquote>1981年和1990年是股市在年涨幅超过25%后未能上涨的三年中的两年。勒纳指出，这两个时期都始于经济衰退。另一个下跌的年份是1962年，勒纳表示，这一年受到了“闪电崩盘”和“投资者信心恶化”的挑战。</blockquote></p><p>Lerner doesn&#39;t see a recession in the cards for 2022, but acknowledges that it&#39;s likely stocks have more modest gains after a banner 2021.</p><p><blockquote>勒纳认为2022年不会出现经济衰退，但他承认，在2021年表现出色之后，股市可能会出现更温和的涨幅。</blockquote></p><p>&#34;History is only a guide and should be used alongside other factors, such as the business cycle and fundamentals. Still, the studies reviewed on performance following years with robust market gains, strong price momentum, and shallow pullbacks lend further support to our base case outlook for 2022. That is, we still favor stocks and expect the bull market to extend, though at a much more modest pace relative to 2021. The data also suggest investors should anticipate more normal and deeper corrections relative to the unusually shallow pullbacks seen over the past year. Thus, we remain positive yet realistic entering the new year,&#34; Lerner explains.</p><p><blockquote>“历史只是一个指南，应该与其他因素一起使用，例如商业周期和基本面。尽管如此，对多年来市场强劲上涨、价格势头强劲和小幅回调的表现进行的研究进一步支持了我们的基本情况展望2022年。也就是说，我们仍然看好股票，并预计牛市将会延续，尽管速度相对于2021年要温和得多。数据还表明，相对于过去一年异常浅的回调，投资者应该预计会出现更正常、更深的回调。因此，进入新的一年，我们仍然保持积极而现实的态度，”勒纳解释道。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2a393125c83e9e71035b9c23133616c\" tg-width=\"1094\" tg-height=\"466\" width=\"100%\" height=\"auto\"/><span>Another up year for stocks on tap?Truist</span></p><p><blockquote><p class=\"t-img-caption\"><span>股市又是上涨的一年？Truist</span></p></blockquote></p><p>To be sure, the market enters 2022 with considerable momentum that go a long way to nailing down a positive year ahead.</p><p><blockquote>可以肯定的是，市场以相当大的势头进入2022年，这对于确定未来一年的积极发展大有帮助。</blockquote></p><p>The S&amp;P 500 notched its 70th record close of the year on Wednesday. As Yahoo Finance&#39;s Alexandra Semenova points out, the S&amp;P 500 recorded a new all-time high every month this year. That makes 2021 among the best years ever for investors.</p><p><blockquote>周三，标普500创下了今年第70个收盘纪录。正如雅虎财经的Alexandra Semenova指出的那样，标普500今年每个月都创下历史新高。这使得2021年成为投资者有史以来最好的一年。</blockquote></p><p>Meanwhile, well-known companies such as Apple, Home Depot, McDonald&#39;s, Coca-Cola and Procter &amp; Gamble continue to hover around record highs.</p><p><blockquote>与此同时，苹果、家得宝、麦当劳、可口可乐和宝洁等知名企业继续徘徊在历史高点附近。</blockquote></p><p>&#34;We encourage our clients not to get out, to stay in the market. When the recoveries hit, when the sentiment changes, it happens so quickly that often by the time you&#39;re able to get back into the market, you have already missed out,&#34; said Erin Gibbs, Main Street Asset Management chief investment officer, on Yahoo Finance Live.</p><p><blockquote>“我们鼓励我们的客户不要退出，而是留在市场上。当复苏来袭时，当情绪发生变化时，它发生得如此之快，以至于当你能够重返市场时，你已经错过了，”主街资产管理公司首席投资官艾琳·吉布斯(Erin Gibbs)在雅虎财经直播中表示。</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>71 years of stock market data reveals investors may be happy in the New Year<blockquote>71年股市数据揭示投资者在新的一年里可能会感到高兴</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\">\n71 years of stock market data reveals investors may be happy in the New Year<blockquote>71年股市数据揭示投资者在新的一年里可能会感到高兴</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2022-01-03 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>After a nearly 29% total return for the S&amp;P 500 this year, history suggests 2022 may see more gains for investors.</p><p><blockquote><html><head></head><body>今年标普500的总回报率接近29%，历史表明2022年投资者可能会获得更多收益。</body></html></blockquote></p><p>Truist Advisory Services co-chief investment officer Keith Lerner found that going back to 1950, when the S&amp;P 500 had a total return of at least 25% in a year, stocks usually rose in the following year. The outcome during that 71 year stretch: stocks advanced 82% of the time, or 14 out of 17 instances.</p><p><blockquote>Truist Advisory Services联席首席投资官Keith Lerner发现，回到1950年，当标普500一年的总回报率至少为25%时，股票通常会在第二年上涨。在这71年的时间里，结果是：股市上涨的时间为82%，即17次上涨中的14次。</blockquote></p><p>As the data shows, however, it&#39;s not always sunshine and rainbows after a big year for stocks.</p><p><blockquote>然而，正如数据显示的那样，股市经历了重要的一年后，并不总是阳光明媚。</blockquote></p><p>Two of the three years where stocks failed to rise after 25%+ annual gains were 1981 and 1990. Lerner points out both of those periods commenced with recessions. The other down year was 1962, which Lerner says was challenged by a &#34;flash crash&#34; and &#34;deteriorating investor confidence.&#34;</p><p><blockquote>1981年和1990年是股市在年涨幅超过25%后未能上涨的三年中的两年。勒纳指出，这两个时期都始于经济衰退。另一个下跌的年份是1962年，勒纳表示，这一年受到了“闪电崩盘”和“投资者信心恶化”的挑战。</blockquote></p><p>Lerner doesn&#39;t see a recession in the cards for 2022, but acknowledges that it&#39;s likely stocks have more modest gains after a banner 2021.</p><p><blockquote>勒纳认为2022年不会出现经济衰退，但他承认，在2021年表现出色之后，股市可能会出现更温和的涨幅。</blockquote></p><p>&#34;History is only a guide and should be used alongside other factors, such as the business cycle and fundamentals. Still, the studies reviewed on performance following years with robust market gains, strong price momentum, and shallow pullbacks lend further support to our base case outlook for 2022. That is, we still favor stocks and expect the bull market to extend, though at a much more modest pace relative to 2021. The data also suggest investors should anticipate more normal and deeper corrections relative to the unusually shallow pullbacks seen over the past year. Thus, we remain positive yet realistic entering the new year,&#34; Lerner explains.</p><p><blockquote>“历史只是一个指南，应该与其他因素一起使用，例如商业周期和基本面。尽管如此，对多年来市场强劲上涨、价格势头强劲和小幅回调的表现进行的研究进一步支持了我们的基本情况展望2022年。也就是说，我们仍然看好股票，并预计牛市将会延续，尽管速度相对于2021年要温和得多。数据还表明，相对于过去一年异常浅的回调，投资者应该预计会出现更正常、更深的回调。因此，进入新的一年，我们仍然保持积极而现实的态度，”勒纳解释道。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2a393125c83e9e71035b9c23133616c\" tg-width=\"1094\" tg-height=\"466\" width=\"100%\" height=\"auto\"/><span>Another up year for stocks on tap?Truist</span></p><p><blockquote><p class=\"t-img-caption\"><span>股市又是上涨的一年？Truist</span></p></blockquote></p><p>To be sure, the market enters 2022 with considerable momentum that go a long way to nailing down a positive year ahead.</p><p><blockquote>可以肯定的是，市场以相当大的势头进入2022年，这对于确定未来一年的积极发展大有帮助。</blockquote></p><p>The S&amp;P 500 notched its 70th record close of the year on Wednesday. As Yahoo Finance&#39;s Alexandra Semenova points out, the S&amp;P 500 recorded a new all-time high every month this year. That makes 2021 among the best years ever for investors.</p><p><blockquote>周三，标普500创下了今年第70个收盘纪录。正如雅虎财经的Alexandra Semenova指出的那样，标普500今年每个月都创下历史新高。这使得2021年成为投资者有史以来最好的一年。</blockquote></p><p>Meanwhile, well-known companies such as Apple, Home Depot, McDonald&#39;s, Coca-Cola and Procter &amp; Gamble continue to hover around record highs.</p><p><blockquote>与此同时，苹果、家得宝、麦当劳、可口可乐和宝洁等知名企业继续徘徊在历史高点附近。</blockquote></p><p>&#34;We encourage our clients not to get out, to stay in the market. When the recoveries hit, when the sentiment changes, it happens so quickly that often by the time you&#39;re able to get back into the market, you have already missed out,&#34; said Erin Gibbs, Main Street Asset Management chief investment officer, on Yahoo Finance Live.</p><p><blockquote>“我们鼓励我们的客户不要退出，而是留在市场上。当复苏来袭时，当情绪发生变化时，它发生得如此之快，以至于当你能够重返市场时，你已经错过了，”主街资产管理公司首席投资官艾琳·吉布斯(Erin Gibbs)在雅虎财经直播中表示。</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://finance.yahoo.com/news/71-years-of-stock-market-data-reveals-investors-may-be-happy-in-the-new-year-173229105.html\">Yahoo Finance</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":{"HD":"家得宝",".SPX":"S&P 500 Index","PG":"宝洁",".IXIC":"NASDAQ Composite","MRCC":"Monroe Capital Corporation","KO":"可口可乐","AAPL":"苹果","MCD":"麦当劳",".DJI":"道琼斯","BK4017":"黄金","NGD":"New Gold"},"source_url":"https://finance.yahoo.com/news/71-years-of-stock-market-data-reveals-investors-may-be-happy-in-the-new-year-173229105.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2200443162","content_text":"After a nearly 29% total return for the S&P 500 this year, history suggests 2022 may see more gains for investors.Truist Advisory Services co-chief investment officer Keith Lerner found that going back to 1950, when the S&P 500 had a total return of at least 25% in a year, stocks usually rose in the following year. The outcome during that 71 year stretch: stocks advanced 82% of the time, or 14 out of 17 instances.As the data shows, however, it's not always sunshine and rainbows after a big year for stocks.Two of the three years where stocks failed to rise after 25%+ annual gains were 1981 and 1990. Lerner points out both of those periods commenced with recessions. The other down year was 1962, which Lerner says was challenged by a \"flash crash\" and \"deteriorating investor confidence.\"Lerner doesn't see a recession in the cards for 2022, but acknowledges that it's likely stocks have more modest gains after a banner 2021.\"History is only a guide and should be used alongside other factors, such as the business cycle and fundamentals. Still, the studies reviewed on performance following years with robust market gains, strong price momentum, and shallow pullbacks lend further support to our base case outlook for 2022. That is, we still favor stocks and expect the bull market to extend, though at a much more modest pace relative to 2021. The data also suggest investors should anticipate more normal and deeper corrections relative to the unusually shallow pullbacks seen over the past year. Thus, we remain positive yet realistic entering the new year,\" Lerner explains.Another up year for stocks on tap?TruistTo be sure, the market enters 2022 with considerable momentum that go a long way to nailing down a positive year ahead.The S&P 500 notched its 70th record close of the year on Wednesday. As Yahoo Finance's Alexandra Semenova points out, the S&P 500 recorded a new all-time high every month this year. That makes 2021 among the best years ever for investors.Meanwhile, well-known companies such as Apple, Home Depot, McDonald's, Coca-Cola and Procter & Gamble continue to hover around record highs.\"We encourage our clients not to get out, to stay in the market. When the recoveries hit, when the sentiment changes, it happens so quickly that often by the time you're able to get back into the market, you have already missed out,\" said Erin Gibbs, Main Street Asset Management chief investment officer, on Yahoo Finance Live.","news_type":1,"symbols_score_info":{"AAPL":0.6,".DJI":0.9,"PG":0.6,"KO":0.6,"MRCC":0.9,"MCD":0.6,"NGD":1,"HD":0.6,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692555842,"gmtCreate":1641093026709,"gmtModify":1641093027033,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692555842","repostId":"2200412074","repostType":4,"isVote":1,"tweetType":1,"viewCount":2881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692507978,"gmtCreate":1641021630851,"gmtModify":1641021631219,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692507978","repostId":"1139922858","repostType":4,"repost":{"id":"1139922858","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":1640963323,"share":"https://www.laohu8.com/m/news/1139922858?lang=zh_CN&edition=full","pubTime":"2021-12-31 23:08","market":"us","language":"en","title":"EV Stocks Climbed in Morning Trading<blockquote>电动汽车股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139922858","media":"Tiger Newspress","summary":"EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.","content":"<p><html><head></head><body>EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.<img src=\"https://static.tigerbbs.com/52a8a5b51cea78b126f429bba375c881\" tg-width=\"360\" tg-height=\"520\" width=\"100%\" height=\"auto\"/></p><p><blockquote><html><head></head><body>电动汽车股早盘上涨。Lucid、蔚来、Rivian、小鹏汽车、理想汽车、菲斯克、尼古拉、Canoo和图森未来股价上涨1%至3%。</body></html></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>EV Stocks Climbed 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 Climbed 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\">2021-12-31 23:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.<img src=\"https://static.tigerbbs.com/52a8a5b51cea78b126f429bba375c881\" tg-width=\"360\" tg-height=\"520\" width=\"100%\" height=\"auto\"/></p><p><blockquote><html><head></head><body>电动汽车股早盘上涨。Lucid、蔚来、Rivian、小鹏汽车、理想汽车、菲斯克、尼古拉、Canoo和图森未来股价上涨1%至3%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","LI":"理想汽车","NIO":"蔚来"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139922858","content_text":"EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.","news_type":1,"symbols_score_info":{"NIO":0.9,"XPEV":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":2673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692328272,"gmtCreate":1640855304434,"gmtModify":1640855304812,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692328272","repostId":"1187913769","repostType":4,"repost":{"id":"1187913769","kind":"news","pubTimestamp":1640853199,"share":"https://www.laohu8.com/m/news/1187913769?lang=zh_CN&edition=full","pubTime":"2021-12-30 16:33","market":"us","language":"en","title":"AMD: My Top Stock Pick For 2022 And The Next Decade<blockquote>AMD：我2022年和未来十年的首选股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187913769","media":"Seeking Alpha","summary":"SummaryAMD has been a top performer in 2021, and 2022 should be another great year.The company has c","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>AMD has been a top performer in 2021, and 2022 should be another great year.</li><li>The company has captured substantial market share in the CPU segment, and it&#39;s not likely to give up gains.</li><li>AMD should continue to deliver significant revenue growth in future years, and the company is becoming increasingly more profitable with scale.</li><li>While AMD&#39;s stock could consolidate in the near term, shares are likely to appreciate considerably in the long run.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad09afc88b98d84d101279ec2e71adec\" tg-width=\"1536\" tg-height=\"896\" width=\"100%\" height=\"auto\"/><span>vchal/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD在2021年表现出色，2022年应该是又一个伟大的一年。</li><li>该公司已经在CPU领域占据了相当大的市场份额，而且不太可能放弃收益。</li><li>AMD在未来几年应该会继续实现显着的收入增长，并且随着规模的扩大，该公司的盈利能力也越来越强。</li><li>虽然AMD的股价可能会在短期内盘整，但从长远来看，股价可能会大幅升值。</li></ul><p class=\"t-img-caption\"><span>vchal/iStock来自Getty Images</span></p></blockquote></p><p>With a 70% gain over the last year, Advanced Micro Devices (AMD) stock has been a top performer in the All-Weather Portfolio. The company has tremendous momentum, and it should continue to increase its market share in the CPU segment moving forward. Therefore, we will likely continue seeing substantial revenue growth from the chipmaker in future quarters. Moreover, AMD is growing more profitable and should continue expanding EPS in the coming years. The company&#39;s stock price should have another solid year in 2022. Moreover, AMD&#39;s perpetual growth and increasing profitability should enable the company&#39;s stock to advance notably higher in future years.</p><p><blockquote>Advanced Micro Devices(AMD)股票去年上涨了70%，一直是全天候投资组合中表现最好的股票。该公司势头强劲，未来应该会继续增加其在CPU领域的市场份额。因此，我们可能会在未来几个季度继续看到这家芯片制造商的收入大幅增长。此外，AMD的利润越来越高，未来几年应该会继续扩大每股收益。该公司的股价在2022年应该会又是一个稳健的一年。此外，AMD的持续增长和不断提高的盈利能力应该会使该公司的股价在未来几年大幅上涨。</blockquote></p><p><b>AMD 3-Year Chart</b></p><p><blockquote><b>AMD 3年图表</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd855019964cf634f5c9c7817fb458b5\" tg-width=\"640\" tg-height=\"676\" width=\"100%\" height=\"auto\"/><span>Source: StockCharts.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：StockCharts.com</span></p></blockquote></p><p>We see that AMD has been on a steady march higher for several years now. The stock has made about a 750% move in just the last three years, making it one of the top-performing large-cap tech stocks on Wall Street in recent years. While shares became technically overbought during the recent run-up, we should see more upside from AMD after a consolidation phase early next year. I also believe that any substantial pullbacks in AMD should be regarded as buying opportunities if they occur in the next few months.</p><p><blockquote>我们看到AMD多年来一直在稳步走高。该股仅在过去三年就上涨了约750%，使其成为近年来华尔街表现最好的大型科技股之一。虽然股价在最近的上涨期间技术上变得超买，但在明年初的盘整阶段之后，我们应该会看到AMD的更多上涨空间。我还认为，AMD的任何大幅回调如果发生在未来几个月内，都应被视为买入机会。</blockquote></p><p><b>Why AMD Continues To Surge</b></p><p><blockquote><b>AMD为何持续飙升</b></blockquote></p><p>AMD&#39;s CPU market share hit a 15-year high recently, as the company&#39;s market share continues to climb in the ultra-competitive x86 market. Now, every AMD gain is essentially an Intel (INTC) loss here, and it has been all about AMD lately.</p><p><blockquote>AMD的CPU市场份额最近创下了15年来的新高，因为该公司在竞争异常激烈的x86市场的市场份额继续攀升。现在，AMD的每一个收益本质上都是英特尔(INTC)的损失，而且最近都是关于AMD的。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6026105f7bf4779407e601f570ccedd6\" tg-width=\"640\" tg-height=\"401\" width=\"100%\" height=\"auto\"/><span>Source: cpubenchmark.net</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：cpubenchmark.net</span></p></blockquote></p><p>We&#39;ve seen AMD&#39;s total CPU market share increase substantially in recent years. The company&#39;s market share has surged from a low of about 20% in 2015-2018 to roughly 40% recently. While we saw a higher market share in the mid-2000s, I don&#39;t believe that AMD&#39;s recent rise will be transitory like 15 years ago. AMD is much more established and far better capitalized now. Moreover, the company&#39;s execution, performance, and chip technology have topped Intel&#39;s in recent years. Therefore, it&#39;s not surprising to see market share gains and extreme stock outperformance over Intel lately.</p><p><blockquote>近年来，我们看到AMD的CPU总市场份额大幅增长。该公司的市场份额已从2015-2018年约20%的低点飙升至最近的约40%。虽然我们在2000年代中期看到了更高的市场份额，但我不认为AMD最近的崛起会像15年前那样是暂时的。AMD现在更加成熟，资本也更加充足。而且，该公司的执行力、性能、芯片技术近年来都超过了英特尔。因此，最近市场份额的增长和股票表现优于英特尔也就不足为奇了。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76d30db882342612fa2b942da319232d\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\"/><span>Source: cpubenchmark.net</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：cpubenchmark.net</span></p></blockquote></p><p>If we look at the desktop market where a lot of the gaming occurs, AMD briefly overtook Intel this year, crossing the 50% market share line for the first time since 2006. AMD has seen a rapid rise in this segment from the company&#39;s 20%-25% share about five years ago. Due to AMD&#39;s strong momentum and solid product line, the chipmaker could continue to capture more share in the desktop market in future years. Given the company&#39;s trajectory, AMD has a substantial probability of becoming the leader in the desktop CPU segment, in my view.</p><p><blockquote>如果我们看看大量游戏发生的台式机市场，AMD今年短暂超越了英特尔，自2006年以来首次突破了50%的市场份额线。AMD在这一领域的份额从大约五年前的20%-25%迅速上升。由于AMD强劲的势头和坚实的产品线，这家芯片制造商在未来几年可能会继续在台式机市场占据更多份额。在我看来，鉴于该公司的发展轨迹，AMD很有可能成为桌面CPU领域的领导者。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82437416408bf193bb7e638a750c90f4\" tg-width=\"640\" tg-height=\"402\" width=\"100%\" height=\"auto\"/><span>Source: cpubenchmark.net</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：cpubenchmark.net</span></p></blockquote></p><p>The critical battleground remains the laptop market, where AMD&#39;s market share was down to only around 8% in recent years. However, the company has recently made significant advances capturing nearly 25% of this lucrative market. The move away from cheaper, low-performance devices has helped AMD in this segment. Moreover, the trend toward higher-end performance laptops should enable AMD to retain a larger share of the laptop market in future years. Furthermore, AMD&#39;s robust momentum should allow the company to continue innovating, allowing it to grow its market share from here.</p><p><blockquote>关键的战场仍然是笔记本电脑市场，AMD的市场份额近年来下降到只有8%左右。然而，该公司最近取得了重大进展，占领了这个利润丰厚的市场近25%的份额。远离更便宜、性能较低的设备有助于AMD在这一领域的发展。此外，更高端性能笔记本电脑的趋势应该会使AMD在未来几年保持笔记本电脑市场的更大份额。此外，AMD的强劲势头应该使该公司能够继续创新，使其能够从这里扩大市场份额。</blockquote></p><p><b>AMD vs. Intel</b></p><p><blockquote><b>AMD与英特尔</b></blockquote></p><p></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc483b40eae241e17cc4061f03271595\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p>In recent years, we see AMD&#39;s dramatic outperformance over Intel, and the stock&#39;s trajectory correlates closely with AMD&#39;s continued market share gains in the CPU market. However, even if the company&#39;s market share gain slows down or stagnates in the future, I don&#39;t believe that AMD&#39;s stock will crash. AMD has an established place in the market now. The company&#39;s growth should continue, and even if the stock moves sideways or slightly lower in the near-term, intermediate and longer-term gains should follow.</p><p><blockquote>近年来，我们看到AMD的表现显着优于英特尔，该股的走势与AMD在CPU市场份额的持续增长密切相关。然而，即使未来该公司的市场份额增长放缓或停滞，我也不认为AMD的股票会崩盘。AMD现在在市场上已经站稳了脚跟。该公司的增长应该会继续，即使该股近期横盘整理或小幅走低，中期和长期收益也应该随之而来。</blockquote></p><p><b>Valuation May Seem High But The Growth Is Worth It</b></p><p><blockquote><b>估值看似很高，但增长是值得的</b></blockquote></p><p>AMD&#39;s consensus EPS forecasts are $3.13 in its next four quarters. This figure puts AMD&#39;s forward P/E ratio at approximately 49. While 49 times forward EPS estimates may seem high, AMD has the growth to support such a multiple.</p><p><blockquote>AMD未来四个季度的普遍每股收益预测为3.13美元。这一数字使AMD的预期市盈率约为49。虽然49倍的预期每股收益似乎很高，但AMD的增长足以支持这样的倍数。</blockquote></p><p><b>EPS Estimates</b></p><p><blockquote><b>每股收益估计</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ecee7246de09d54f8431a28932f5ca7\" tg-width=\"640\" tg-height=\"346\" width=\"100%\" height=\"auto\"/><span>Source: SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p>Most analysts anticipate AMD will deliver robust double-digit EPS growth for at least several more years moving forward. Consensus EPS estimates are $3.99 in 2023, roughly a 50% rise over this year&#39;s anticipated $2.64 result. Moreover, AMD has illustrated a tenacity for surpassing analysts&#39; expectations.</p><p><blockquote>大多数分析师预计，AMD至少在未来几年内将实现两位数的强劲每股收益增长。市场普遍预期2023年每股收益为3.99美元，比今年预期的2.64美元增长约50%。此外，AMD表现出了超越分析师预期的坚韧。</blockquote></p><p><b>EPS Surprises</b></p><p><blockquote><b>EPS惊喜</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfbefd1757816f8103ba2609c1148c8a\" tg-width=\"640\" tg-height=\"251\" width=\"100%\" height=\"auto\"/><span>Source: SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p>AMD has surpassed consensus estimates in seven of its last eight quarters. The company has beat forecasts by an average of 14% in its previous four quarters. Therefore, I anticipate that we will see more outperformance moving forward. Even if AMD beats consensus EPS estimates by an average of only 10% in 2023, the company will deliver about $4.40. This EPS figure implies that AMD is trading at around 35 times 2023 EPS estimates right now. However, due to the company&#39;s powerful momentum, robust growth should continue well beyond 2023.</p><p><blockquote>AMD在过去八个季度中有七个季度的业绩超出了市场普遍预期。该公司在过去四个季度中平均超出预期14%。因此，我预计未来我们将看到更多优异的表现。即使AMD 2023年每股收益平均仅超出市场普遍预期10%，该公司的盈利也将约为4.40美元。这一每股收益数据意味着AMD目前的交易价格约为2023年每股收益预期的35倍。然而，由于该公司强劲的势头，强劲的增长应该会持续到2023年之后。</blockquote></p><p><b>Revenue Estimates</b></p><p><blockquote><b>收入估计</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/94249d68f94c71b809df65a4d17238cb\" tg-width=\"640\" tg-height=\"343\" width=\"100%\" height=\"auto\"/><span>Source: SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p>We see that double-digit revenue growth should continue at AMD, and this trend of solid revenue growth is likely to persist well beyond 2023. While consensus estimates are $22 billion in 2023, higher-end forecasts imply that the company can deliver north of $24 billion. These are explosive figures provided that AMD reported Q3 2020 revenues of $2.8 billion.</p><p><blockquote>我们认为AMD的两位数收入增长应该会持续下去，而且这种稳健的收入增长趋势可能会持续到2023年之后。虽然普遍估计2023年的销售额为220亿美元，但更高端的预测意味着该公司的销售额可以超过240亿美元。假设AMD报告2020年第三季度收入为28亿美元，这些数字都是爆炸性的。</blockquote></p><p><b>Q3 2021 Financial Information</b></p><p><blockquote><b>2021年第三季度财务信息</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b112287e77c3985b0453387ea223cc3\" tg-width=\"640\" tg-height=\"311\" width=\"100%\" height=\"auto\"/><span>Source: AMD.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD.com</span></p></blockquote></p><p>We see that AMD&#39;s revenues surged by a whopping 54% YoY in the company&#39;s latest earnings report. While next year&#39;s Q3 consensus estimates are for an 18% YoY increase, I suspect that AMD can surprise higher, delivering revenue growth north of 20%. In addition to the company&#39;s substantial sales growth, AMD is becoming increasingly more profitable. Last quarter we saw gross profit explode to more than $2 billion, a 70% YoY increase. Moreover, gross profit margin increased substantially from 44% in Q3 2020 to 48% last quarter. Net income skyrocketed by 137% from $390 million to $923 million for the same time frame. We can see that AMD is becoming increasingly more profitable with scale, and we will likely continue to see high profitability growth from AMD as the company advances.</p><p><blockquote>我们在该公司最新的财报中看到，AMD的收入同比飙升54%。虽然明年第三季度的普遍预期是同比增长18%，但我怀疑AMD可能会出人意料地更高，实现20%以上的收入增长。除了公司销售额大幅增长之外，AMD的盈利能力也越来越强。上个季度，我们的毛利润激增至超过20亿美元，同比增长70%。此外，毛利率由2020年第三季度的44%大幅上升至上季度的48%。同期净利润猛增137%，从3.9亿美元增至9.23亿美元。我们可以看到，随着规模的扩大，AMD的盈利能力越来越强，随着公司的发展，我们可能会继续看到AMD的高盈利能力增长。</blockquote></p><p><b>Here is what AMD&#39;s financials could look like in future years:</b></p><p><blockquote><b>以下是AMD未来几年的财务状况：</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bbd1ed829c5e52bdad466de22b5e8969\" tg-width=\"900\" tg-height=\"407\" width=\"100%\" height=\"auto\"/><span>Source: Author&#39;s Material</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者材料</span></p></blockquote></p><p><b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p>I expect AMD will continue to expand sales at 15%-20% annually through 2025, after which the company&#39;s revenue growth should slow into the 8%-10% range toward the end of the decade. However, AMD&#39;s EPS should be considerably higher by this time, roughly $15-$20. Therefore, even a substantially lower P/E multiple should provide us with a stock price much higher than we see today. If AMD continues to execute well in the coming years, I expect the company&#39;s share price to appreciate to about $500 by 2030.</p><p><blockquote>我预计AMD将继续以每年15%-20%的速度扩大销售额，之后该公司的收入增长将在本世纪末放缓至8%-10%的范围。然而，AMD此时的每股收益应该会高得多，大约为15-20美元。因此，即使市盈率大幅降低，我们的股价也应该比今天高得多。如果AMD在未来几年继续表现良好，我预计该公司的股价到2030年将升值至500美元左右。</blockquote></p><p><b>Risks To AMD</b></p><p><blockquote><b>AMD面临的风险</b></blockquote></p><p></p><p>Despite my bullish outlook for the company, investors must remain aware that risks exist. AMD has a relatively high multiple, and some consider the stock overvalued right now. Therefore, market volatility and further deflation of high multiple stocks could impact AMD&#39;s stock price. Moreover, Intel could bounce back, and the company could begin taking back some of its lost market share. In such a scenario, we could see AMD&#39;s share of the CPU market decline along with the company&#39;s share price. AMD remains an elevated risk/reward investment and may not be suitable for conservative investors.</p><p><blockquote>尽管我看好该公司的前景，但投资者必须意识到风险的存在。AMD的市盈率相对较高，一些人认为该股目前被高估。因此，市场波动和高市盈率股票的进一步通缩可能会影响AMD的股价。此外，英特尔可能会反弹，该公司可能会开始夺回一些失去的市场份额。在这种情况下，我们可能会看到AMD在CPU市场的份额随着公司股价的下降而下降。AMD仍然是一项高风险/回报较高的投资，可能不适合保守的投资者。</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>AMD: My Top Stock Pick For 2022 And The Next Decade<blockquote>AMD：我2022年和未来十年的首选股票</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\">\nAMD: My Top Stock Pick For 2022 And The Next Decade<blockquote>AMD：我2022年和未来十年的首选股票</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\">2021-12-30 16:33</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>AMD has been a top performer in 2021, and 2022 should be another great year.</li><li>The company has captured substantial market share in the CPU segment, and it&#39;s not likely to give up gains.</li><li>AMD should continue to deliver significant revenue growth in future years, and the company is becoming increasingly more profitable with scale.</li><li>While AMD&#39;s stock could consolidate in the near term, shares are likely to appreciate considerably in the long run.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad09afc88b98d84d101279ec2e71adec\" tg-width=\"1536\" tg-height=\"896\" width=\"100%\" height=\"auto\"/><span>vchal/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD在2021年表现出色，2022年应该是又一个伟大的一年。</li><li>该公司已经在CPU领域占据了相当大的市场份额，而且不太可能放弃收益。</li><li>AMD在未来几年应该会继续实现显着的收入增长，并且随着规模的扩大，该公司的盈利能力也越来越强。</li><li>虽然AMD的股价可能会在短期内盘整，但从长远来看，股价可能会大幅升值。</li></ul><p class=\"t-img-caption\"><span>vchal/iStock来自Getty Images</span></p></blockquote></p><p>With a 70% gain over the last year, Advanced Micro Devices (AMD) stock has been a top performer in the All-Weather Portfolio. The company has tremendous momentum, and it should continue to increase its market share in the CPU segment moving forward. Therefore, we will likely continue seeing substantial revenue growth from the chipmaker in future quarters. Moreover, AMD is growing more profitable and should continue expanding EPS in the coming years. The company&#39;s stock price should have another solid year in 2022. Moreover, AMD&#39;s perpetual growth and increasing profitability should enable the company&#39;s stock to advance notably higher in future years.</p><p><blockquote>Advanced Micro Devices(AMD)股票去年上涨了70%，一直是全天候投资组合中表现最好的股票。该公司势头强劲，未来应该会继续增加其在CPU领域的市场份额。因此，我们可能会在未来几个季度继续看到这家芯片制造商的收入大幅增长。此外，AMD的利润越来越高，未来几年应该会继续扩大每股收益。该公司的股价在2022年应该会又是一个稳健的一年。此外，AMD的持续增长和不断提高的盈利能力应该会使该公司的股价在未来几年大幅上涨。</blockquote></p><p><b>AMD 3-Year Chart</b></p><p><blockquote><b>AMD 3年图表</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd855019964cf634f5c9c7817fb458b5\" tg-width=\"640\" tg-height=\"676\" width=\"100%\" height=\"auto\"/><span>Source: StockCharts.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：StockCharts.com</span></p></blockquote></p><p>We see that AMD has been on a steady march higher for several years now. The stock has made about a 750% move in just the last three years, making it one of the top-performing large-cap tech stocks on Wall Street in recent years. While shares became technically overbought during the recent run-up, we should see more upside from AMD after a consolidation phase early next year. I also believe that any substantial pullbacks in AMD should be regarded as buying opportunities if they occur in the next few months.</p><p><blockquote>我们看到AMD多年来一直在稳步走高。该股仅在过去三年就上涨了约750%，使其成为近年来华尔街表现最好的大型科技股之一。虽然股价在最近的上涨期间技术上变得超买，但在明年初的盘整阶段之后，我们应该会看到AMD的更多上涨空间。我还认为，AMD的任何大幅回调如果发生在未来几个月内，都应被视为买入机会。</blockquote></p><p><b>Why AMD Continues To Surge</b></p><p><blockquote><b>AMD为何持续飙升</b></blockquote></p><p>AMD&#39;s CPU market share hit a 15-year high recently, as the company&#39;s market share continues to climb in the ultra-competitive x86 market. Now, every AMD gain is essentially an Intel (INTC) loss here, and it has been all about AMD lately.</p><p><blockquote>AMD的CPU市场份额最近创下了15年来的新高，因为该公司在竞争异常激烈的x86市场的市场份额继续攀升。现在，AMD的每一个收益本质上都是英特尔(INTC)的损失，而且最近都是关于AMD的。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6026105f7bf4779407e601f570ccedd6\" tg-width=\"640\" tg-height=\"401\" width=\"100%\" height=\"auto\"/><span>Source: cpubenchmark.net</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：cpubenchmark.net</span></p></blockquote></p><p>We&#39;ve seen AMD&#39;s total CPU market share increase substantially in recent years. The company&#39;s market share has surged from a low of about 20% in 2015-2018 to roughly 40% recently. While we saw a higher market share in the mid-2000s, I don&#39;t believe that AMD&#39;s recent rise will be transitory like 15 years ago. AMD is much more established and far better capitalized now. Moreover, the company&#39;s execution, performance, and chip technology have topped Intel&#39;s in recent years. Therefore, it&#39;s not surprising to see market share gains and extreme stock outperformance over Intel lately.</p><p><blockquote>近年来，我们看到AMD的CPU总市场份额大幅增长。该公司的市场份额已从2015-2018年约20%的低点飙升至最近的约40%。虽然我们在2000年代中期看到了更高的市场份额，但我不认为AMD最近的崛起会像15年前那样是暂时的。AMD现在更加成熟，资本也更加充足。而且，该公司的执行力、性能、芯片技术近年来都超过了英特尔。因此，最近市场份额的增长和股票表现优于英特尔也就不足为奇了。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76d30db882342612fa2b942da319232d\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\"/><span>Source: cpubenchmark.net</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：cpubenchmark.net</span></p></blockquote></p><p>If we look at the desktop market where a lot of the gaming occurs, AMD briefly overtook Intel this year, crossing the 50% market share line for the first time since 2006. AMD has seen a rapid rise in this segment from the company&#39;s 20%-25% share about five years ago. Due to AMD&#39;s strong momentum and solid product line, the chipmaker could continue to capture more share in the desktop market in future years. Given the company&#39;s trajectory, AMD has a substantial probability of becoming the leader in the desktop CPU segment, in my view.</p><p><blockquote>如果我们看看大量游戏发生的台式机市场，AMD今年短暂超越了英特尔，自2006年以来首次突破了50%的市场份额线。AMD在这一领域的份额从大约五年前的20%-25%迅速上升。由于AMD强劲的势头和坚实的产品线，这家芯片制造商在未来几年可能会继续在台式机市场占据更多份额。在我看来，鉴于该公司的发展轨迹，AMD很有可能成为桌面CPU领域的领导者。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82437416408bf193bb7e638a750c90f4\" tg-width=\"640\" tg-height=\"402\" width=\"100%\" height=\"auto\"/><span>Source: cpubenchmark.net</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：cpubenchmark.net</span></p></blockquote></p><p>The critical battleground remains the laptop market, where AMD&#39;s market share was down to only around 8% in recent years. However, the company has recently made significant advances capturing nearly 25% of this lucrative market. The move away from cheaper, low-performance devices has helped AMD in this segment. Moreover, the trend toward higher-end performance laptops should enable AMD to retain a larger share of the laptop market in future years. Furthermore, AMD&#39;s robust momentum should allow the company to continue innovating, allowing it to grow its market share from here.</p><p><blockquote>关键的战场仍然是笔记本电脑市场，AMD的市场份额近年来下降到只有8%左右。然而，该公司最近取得了重大进展，占领了这个利润丰厚的市场近25%的份额。远离更便宜、性能较低的设备有助于AMD在这一领域的发展。此外，更高端性能笔记本电脑的趋势应该会使AMD在未来几年保持笔记本电脑市场的更大份额。此外，AMD的强劲势头应该使该公司能够继续创新，使其能够从这里扩大市场份额。</blockquote></p><p><b>AMD vs. Intel</b></p><p><blockquote><b>AMD与英特尔</b></blockquote></p><p></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc483b40eae241e17cc4061f03271595\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p>In recent years, we see AMD&#39;s dramatic outperformance over Intel, and the stock&#39;s trajectory correlates closely with AMD&#39;s continued market share gains in the CPU market. However, even if the company&#39;s market share gain slows down or stagnates in the future, I don&#39;t believe that AMD&#39;s stock will crash. AMD has an established place in the market now. The company&#39;s growth should continue, and even if the stock moves sideways or slightly lower in the near-term, intermediate and longer-term gains should follow.</p><p><blockquote>近年来，我们看到AMD的表现显着优于英特尔，该股的走势与AMD在CPU市场份额的持续增长密切相关。然而，即使未来该公司的市场份额增长放缓或停滞，我也不认为AMD的股票会崩盘。AMD现在在市场上已经站稳了脚跟。该公司的增长应该会继续，即使该股近期横盘整理或小幅走低，中期和长期收益也应该随之而来。</blockquote></p><p><b>Valuation May Seem High But The Growth Is Worth It</b></p><p><blockquote><b>估值看似很高，但增长是值得的</b></blockquote></p><p>AMD&#39;s consensus EPS forecasts are $3.13 in its next four quarters. This figure puts AMD&#39;s forward P/E ratio at approximately 49. While 49 times forward EPS estimates may seem high, AMD has the growth to support such a multiple.</p><p><blockquote>AMD未来四个季度的普遍每股收益预测为3.13美元。这一数字使AMD的预期市盈率约为49。虽然49倍的预期每股收益似乎很高，但AMD的增长足以支持这样的倍数。</blockquote></p><p><b>EPS Estimates</b></p><p><blockquote><b>每股收益估计</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ecee7246de09d54f8431a28932f5ca7\" tg-width=\"640\" tg-height=\"346\" width=\"100%\" height=\"auto\"/><span>Source: SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p>Most analysts anticipate AMD will deliver robust double-digit EPS growth for at least several more years moving forward. Consensus EPS estimates are $3.99 in 2023, roughly a 50% rise over this year&#39;s anticipated $2.64 result. Moreover, AMD has illustrated a tenacity for surpassing analysts&#39; expectations.</p><p><blockquote>大多数分析师预计，AMD至少在未来几年内将实现两位数的强劲每股收益增长。市场普遍预期2023年每股收益为3.99美元，比今年预期的2.64美元增长约50%。此外，AMD表现出了超越分析师预期的坚韧。</blockquote></p><p><b>EPS Surprises</b></p><p><blockquote><b>EPS惊喜</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfbefd1757816f8103ba2609c1148c8a\" tg-width=\"640\" tg-height=\"251\" width=\"100%\" height=\"auto\"/><span>Source: SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p>AMD has surpassed consensus estimates in seven of its last eight quarters. The company has beat forecasts by an average of 14% in its previous four quarters. Therefore, I anticipate that we will see more outperformance moving forward. Even if AMD beats consensus EPS estimates by an average of only 10% in 2023, the company will deliver about $4.40. This EPS figure implies that AMD is trading at around 35 times 2023 EPS estimates right now. However, due to the company&#39;s powerful momentum, robust growth should continue well beyond 2023.</p><p><blockquote>AMD在过去八个季度中有七个季度的业绩超出了市场普遍预期。该公司在过去四个季度中平均超出预期14%。因此，我预计未来我们将看到更多优异的表现。即使AMD 2023年每股收益平均仅超出市场普遍预期10%，该公司的盈利也将约为4.40美元。这一每股收益数据意味着AMD目前的交易价格约为2023年每股收益预期的35倍。然而，由于该公司强劲的势头，强劲的增长应该会持续到2023年之后。</blockquote></p><p><b>Revenue Estimates</b></p><p><blockquote><b>收入估计</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/94249d68f94c71b809df65a4d17238cb\" tg-width=\"640\" tg-height=\"343\" width=\"100%\" height=\"auto\"/><span>Source: SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p>We see that double-digit revenue growth should continue at AMD, and this trend of solid revenue growth is likely to persist well beyond 2023. While consensus estimates are $22 billion in 2023, higher-end forecasts imply that the company can deliver north of $24 billion. These are explosive figures provided that AMD reported Q3 2020 revenues of $2.8 billion.</p><p><blockquote>我们认为AMD的两位数收入增长应该会持续下去，而且这种稳健的收入增长趋势可能会持续到2023年之后。虽然普遍估计2023年的销售额为220亿美元，但更高端的预测意味着该公司的销售额可以超过240亿美元。假设AMD报告2020年第三季度收入为28亿美元，这些数字都是爆炸性的。</blockquote></p><p><b>Q3 2021 Financial Information</b></p><p><blockquote><b>2021年第三季度财务信息</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b112287e77c3985b0453387ea223cc3\" tg-width=\"640\" tg-height=\"311\" width=\"100%\" height=\"auto\"/><span>Source: AMD.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD.com</span></p></blockquote></p><p>We see that AMD&#39;s revenues surged by a whopping 54% YoY in the company&#39;s latest earnings report. While next year&#39;s Q3 consensus estimates are for an 18% YoY increase, I suspect that AMD can surprise higher, delivering revenue growth north of 20%. In addition to the company&#39;s substantial sales growth, AMD is becoming increasingly more profitable. Last quarter we saw gross profit explode to more than $2 billion, a 70% YoY increase. Moreover, gross profit margin increased substantially from 44% in Q3 2020 to 48% last quarter. Net income skyrocketed by 137% from $390 million to $923 million for the same time frame. We can see that AMD is becoming increasingly more profitable with scale, and we will likely continue to see high profitability growth from AMD as the company advances.</p><p><blockquote>我们在该公司最新的财报中看到，AMD的收入同比飙升54%。虽然明年第三季度的普遍预期是同比增长18%，但我怀疑AMD可能会出人意料地更高，实现20%以上的收入增长。除了公司销售额大幅增长之外，AMD的盈利能力也越来越强。上个季度，我们的毛利润激增至超过20亿美元，同比增长70%。此外，毛利率由2020年第三季度的44%大幅上升至上季度的48%。同期净利润猛增137%，从3.9亿美元增至9.23亿美元。我们可以看到，随着规模的扩大，AMD的盈利能力越来越强，随着公司的发展，我们可能会继续看到AMD的高盈利能力增长。</blockquote></p><p><b>Here is what AMD&#39;s financials could look like in future years:</b></p><p><blockquote><b>以下是AMD未来几年的财务状况：</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bbd1ed829c5e52bdad466de22b5e8969\" tg-width=\"900\" tg-height=\"407\" width=\"100%\" height=\"auto\"/><span>Source: Author&#39;s Material</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者材料</span></p></blockquote></p><p><b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p>I expect AMD will continue to expand sales at 15%-20% annually through 2025, after which the company&#39;s revenue growth should slow into the 8%-10% range toward the end of the decade. However, AMD&#39;s EPS should be considerably higher by this time, roughly $15-$20. Therefore, even a substantially lower P/E multiple should provide us with a stock price much higher than we see today. If AMD continues to execute well in the coming years, I expect the company&#39;s share price to appreciate to about $500 by 2030.</p><p><blockquote>我预计AMD将继续以每年15%-20%的速度扩大销售额，之后该公司的收入增长将在本世纪末放缓至8%-10%的范围。然而，AMD此时的每股收益应该会高得多，大约为15-20美元。因此，即使市盈率大幅降低，我们的股价也应该比今天高得多。如果AMD在未来几年继续表现良好，我预计该公司的股价到2030年将升值至500美元左右。</blockquote></p><p><b>Risks To AMD</b></p><p><blockquote><b>AMD面临的风险</b></blockquote></p><p></p><p>Despite my bullish outlook for the company, investors must remain aware that risks exist. AMD has a relatively high multiple, and some consider the stock overvalued right now. Therefore, market volatility and further deflation of high multiple stocks could impact AMD&#39;s stock price. Moreover, Intel could bounce back, and the company could begin taking back some of its lost market share. In such a scenario, we could see AMD&#39;s share of the CPU market decline along with the company&#39;s share price. AMD remains an elevated risk/reward investment and may not be suitable for conservative investors.</p><p><blockquote>尽管我看好该公司的前景，但投资者必须意识到风险的存在。AMD的市盈率相对较高，一些人认为该股目前被高估。因此，市场波动和高市盈率股票的进一步通缩可能会影响AMD的股价。此外，英特尔可能会反弹，该公司可能会开始夺回一些失去的市场份额。在这种情况下，我们可能会看到AMD在CPU市场的份额随着公司股价的下降而下降。AMD仍然是一项高风险/回报较高的投资，可能不适合保守的投资者。</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/4477197-amd-my-top-pick-for-2022-and-the-next-decade\">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":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4477197-amd-my-top-pick-for-2022-and-the-next-decade","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187913769","content_text":"SummaryAMD has been a top performer in 2021, and 2022 should be another great year.The company has captured substantial market share in the CPU segment, and it's not likely to give up gains.AMD should continue to deliver significant revenue growth in future years, and the company is becoming increasingly more profitable with scale.While AMD's stock could consolidate in the near term, shares are likely to appreciate considerably in the long run.vchal/iStock via Getty ImagesWith a 70% gain over the last year, Advanced Micro Devices (AMD) stock has been a top performer in the All-Weather Portfolio. The company has tremendous momentum, and it should continue to increase its market share in the CPU segment moving forward. Therefore, we will likely continue seeing substantial revenue growth from the chipmaker in future quarters. Moreover, AMD is growing more profitable and should continue expanding EPS in the coming years. The company's stock price should have another solid year in 2022. Moreover, AMD's perpetual growth and increasing profitability should enable the company's stock to advance notably higher in future years.AMD 3-Year ChartSource: StockCharts.comWe see that AMD has been on a steady march higher for several years now. The stock has made about a 750% move in just the last three years, making it one of the top-performing large-cap tech stocks on Wall Street in recent years. While shares became technically overbought during the recent run-up, we should see more upside from AMD after a consolidation phase early next year. I also believe that any substantial pullbacks in AMD should be regarded as buying opportunities if they occur in the next few months.Why AMD Continues To SurgeAMD's CPU market share hit a 15-year high recently, as the company's market share continues to climb in the ultra-competitive x86 market. Now, every AMD gain is essentially an Intel (INTC) loss here, and it has been all about AMD lately.Source: cpubenchmark.netWe've seen AMD's total CPU market share increase substantially in recent years. The company's market share has surged from a low of about 20% in 2015-2018 to roughly 40% recently. While we saw a higher market share in the mid-2000s, I don't believe that AMD's recent rise will be transitory like 15 years ago. AMD is much more established and far better capitalized now. Moreover, the company's execution, performance, and chip technology have topped Intel's in recent years. Therefore, it's not surprising to see market share gains and extreme stock outperformance over Intel lately.Source: cpubenchmark.netIf we look at the desktop market where a lot of the gaming occurs, AMD briefly overtook Intel this year, crossing the 50% market share line for the first time since 2006. AMD has seen a rapid rise in this segment from the company's 20%-25% share about five years ago. Due to AMD's strong momentum and solid product line, the chipmaker could continue to capture more share in the desktop market in future years. Given the company's trajectory, AMD has a substantial probability of becoming the leader in the desktop CPU segment, in my view.Source: cpubenchmark.netThe critical battleground remains the laptop market, where AMD's market share was down to only around 8% in recent years. However, the company has recently made significant advances capturing nearly 25% of this lucrative market. The move away from cheaper, low-performance devices has helped AMD in this segment. Moreover, the trend toward higher-end performance laptops should enable AMD to retain a larger share of the laptop market in future years. Furthermore, AMD's robust momentum should allow the company to continue innovating, allowing it to grow its market share from here.AMD vs. IntelData by YChartsIn recent years, we see AMD's dramatic outperformance over Intel, and the stock's trajectory correlates closely with AMD's continued market share gains in the CPU market. However, even if the company's market share gain slows down or stagnates in the future, I don't believe that AMD's stock will crash. AMD has an established place in the market now. The company's growth should continue, and even if the stock moves sideways or slightly lower in the near-term, intermediate and longer-term gains should follow.Valuation May Seem High But The Growth Is Worth ItAMD's consensus EPS forecasts are $3.13 in its next four quarters. This figure puts AMD's forward P/E ratio at approximately 49. While 49 times forward EPS estimates may seem high, AMD has the growth to support such a multiple.EPS EstimatesSource: SeekingAlpha.comMost analysts anticipate AMD will deliver robust double-digit EPS growth for at least several more years moving forward. Consensus EPS estimates are $3.99 in 2023, roughly a 50% rise over this year's anticipated $2.64 result. Moreover, AMD has illustrated a tenacity for surpassing analysts' expectations.EPS SurprisesSource: SeekingAlpha.comAMD has surpassed consensus estimates in seven of its last eight quarters. The company has beat forecasts by an average of 14% in its previous four quarters. Therefore, I anticipate that we will see more outperformance moving forward. Even if AMD beats consensus EPS estimates by an average of only 10% in 2023, the company will deliver about $4.40. This EPS figure implies that AMD is trading at around 35 times 2023 EPS estimates right now. However, due to the company's powerful momentum, robust growth should continue well beyond 2023.Revenue EstimatesSource: SeekingAlpha.comWe see that double-digit revenue growth should continue at AMD, and this trend of solid revenue growth is likely to persist well beyond 2023. While consensus estimates are $22 billion in 2023, higher-end forecasts imply that the company can deliver north of $24 billion. These are explosive figures provided that AMD reported Q3 2020 revenues of $2.8 billion.Q3 2021 Financial InformationSource: AMD.comWe see that AMD's revenues surged by a whopping 54% YoY in the company's latest earnings report. While next year's Q3 consensus estimates are for an 18% YoY increase, I suspect that AMD can surprise higher, delivering revenue growth north of 20%. In addition to the company's substantial sales growth, AMD is becoming increasingly more profitable. Last quarter we saw gross profit explode to more than $2 billion, a 70% YoY increase. Moreover, gross profit margin increased substantially from 44% in Q3 2020 to 48% last quarter. Net income skyrocketed by 137% from $390 million to $923 million for the same time frame. We can see that AMD is becoming increasingly more profitable with scale, and we will likely continue to see high profitability growth from AMD as the company advances.Here is what AMD's financials could look like in future years:Source: Author's MaterialThe Bottom LineI expect AMD will continue to expand sales at 15%-20% annually through 2025, after which the company's revenue growth should slow into the 8%-10% range toward the end of the decade. However, AMD's EPS should be considerably higher by this time, roughly $15-$20. Therefore, even a substantially lower P/E multiple should provide us with a stock price much higher than we see today. If AMD continues to execute well in the coming years, I expect the company's share price to appreciate to about $500 by 2030.Risks To AMDDespite my bullish outlook for the company, investors must remain aware that risks exist. AMD has a relatively high multiple, and some consider the stock overvalued right now. Therefore, market volatility and further deflation of high multiple stocks could impact AMD's stock price. Moreover, Intel could bounce back, and the company could begin taking back some of its lost market share. In such a scenario, we could see AMD's share of the CPU market decline along with the company's share price. AMD remains an elevated risk/reward investment and may not be suitable for conservative investors.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696443164,"gmtCreate":1640755506156,"gmtModify":1640755539346,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696443164","repostId":"1169856412","repostType":4,"repost":{"id":"1169856412","kind":"news","pubTimestamp":1640748590,"share":"https://www.laohu8.com/m/news/1169856412?lang=zh_CN&edition=full","pubTime":"2021-12-29 11:29","market":"us","language":"en","title":"Here’s What Apple Stock Needs To Hit To Be Worth $3 Trillion<blockquote>苹果股价需要达到3万亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169856412","media":"TheStreet","summary":"Apple (AAPL) stock is again back in the spotlight on Tuesday.\nNot that it’s hard for the tech giant ","content":"<p>Apple&nbsp;(<b>AAPL</b>)&nbsp;stock is again back in the spotlight on Tuesday.</p><p><blockquote>苹果(<b>AAPL</b>）周二，该股再次成为人们关注的焦点。</blockquote></p><p> Not that it’s hard for the tech giant to find itself there, but it comes as the stock makes another push back to&nbsp;the $3 trillion market cap level.</p><p><blockquote>并不是说这家科技巨头很难找到自己的位置，但与此同时，该股的市值再次回升至3万亿美元。</blockquote></p><p> To get there, Apple stock needs to climb to roughly $182.85 — let’s just call it $183.</p><p><blockquote>为了实现这一目标，苹果股价需要攀升至182.85美元左右——看涨期权价格为183美元。</blockquote></p><p> What’s been difficult is that the $180 area has become an area of resistance.</p><p><blockquote>困难的是180美元区域已经成为阻力区域。</blockquote></p><p> We have actually been pretty fortunate when it comes to trading Apple stock.</p><p><blockquote>在交易苹果股票方面，我们实际上非常幸运。</blockquote></p><p> On its first push to the $3 trillion level, we were selling the news and&nbsp;looking for a bearish reversal.</p><p><blockquote>在其首次突破3万亿美元水平时，我们正在抛售这一消息并寻找看跌逆转。</blockquote></p><p> That worked out as Apple corrected lower. However, that set up a&nbsp;pretty sweet bounce play&nbsp;that has been paying traders pretty well over the past few days.</p><p><blockquote>当苹果修正走低时，这种情况得到了解决。然而，这引发了一场相当不错的反弹行情，在过去几天里给交易者带来了丰厚的回报。</blockquote></p><p> At the risk of over-saturating our Apple discussion, how do the charts look now as it makes another push back up toward this key zone?</p><p><blockquote>冒着让我们的苹果讨论过度饱和的风险，当它再次向这个关键区域反弹时，图表现在看起来如何？</blockquote></p><p> Trading Apple Stock</p><p><blockquote>交易苹果股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29cb7696d6e38eacaddae770a857ff3d\" tg-width=\"1200\" tg-height=\"741\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.Chart courtesy of TrendSpider.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。图表由TrendSpider.com提供</span></p></blockquote></p><p> Apple’s powerful bounce off the 21-day moving average and rotation up through the 10-day has given the stock new life.</p><p><blockquote>苹果从21日移动平均线强劲反弹并在10日移动平均线上轮动，赋予了该股新的生命。</blockquote></p><p> However, this $180 zone has been tricky thus far. One will notice how the stock tested up into this area on Tuesday and then struggled.</p><p><blockquote>然而，到目前为止，180美元区域一直很棘手。人们会注意到该股周二如何测试到该区域，然后陷入困境。</blockquote></p><p> It’s not unlike what we’re seeing&nbsp;with Meta&nbsp;(<b>MVRS</b>), although admittedly, the stock is not trading at all-time highs.</p><p><blockquote>这与我们在Meta中看到的没有什么不同（<b>MVRS</b>），尽管不可否认，该股的交易价格并未达到历史高点。</blockquote></p><p> From here, bulls want to see a push up through the all-time high, at $182.13. That opens the door directly to the $3 trillion market cap level — at $182.85-ish — and more new highs.</p><p><blockquote>从这里开始，多头希望看到价格突破182.13美元的历史高点。这直接打开了通往3万亿美元市值水平（约182.85美元）以及更多新高的大门。</blockquote></p><p> The flip side of that scenario is that the $180 area holds as resistance.</p><p><blockquote>这种情况的另一面是180美元区域仍是阻力位。</blockquote></p><p> In that case, I want to see the 10-day moving average hold as support on the pullback. A break of this level puts the 21-day moving average back in play again, but it would be much healthier for the former to hold as support and for the latter to not be tested.</p><p><blockquote>在这种情况下，我希望看到10日移动平均线作为回调的支撑。突破这一水平将使21日移动平均线再次发挥作用，但前者保持支撑而后者不受测试会更健康。</blockquote></p><p> In either scenario — the breakout or the pullback — investors will ultimately be looking for $3 trillion and new all-time highs eventually.</p><p><blockquote>无论哪种情况——突破还是回调——投资者最终都将寻求3万亿美元和历史新高。</blockquote></p><p> <i>When</i>&nbsp;Apple gets there — not if — it will have longer-term bulls sniffing for the $188 to $194 area, where the stock finds multiple upside extension levels.</p><p><blockquote><i>何时</i>苹果实现了这一目标——而不是如果——它将让长期多头嗅探188美元至194美元区域，该股将在该区域找到多个上行延伸水平。</blockquote></p><p> Above $195 and the obvious is in play: $200.</p><p><blockquote>高于195美元，显而易见的是：200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>Here’s What Apple Stock Needs To Hit To Be Worth $3 Trillion<blockquote>苹果股价需要达到3万亿美元</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\">\nHere’s What Apple Stock Needs To Hit To Be Worth $3 Trillion<blockquote>苹果股价需要达到3万亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-29 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple&nbsp;(<b>AAPL</b>)&nbsp;stock is again back in the spotlight on Tuesday.</p><p><blockquote>苹果(<b>AAPL</b>）周二，该股再次成为人们关注的焦点。</blockquote></p><p> Not that it’s hard for the tech giant to find itself there, but it comes as the stock makes another push back to&nbsp;the $3 trillion market cap level.</p><p><blockquote>并不是说这家科技巨头很难找到自己的位置，但与此同时，该股的市值再次回升至3万亿美元。</blockquote></p><p> To get there, Apple stock needs to climb to roughly $182.85 — let’s just call it $183.</p><p><blockquote>为了实现这一目标，苹果股价需要攀升至182.85美元左右——看涨期权价格为183美元。</blockquote></p><p> What’s been difficult is that the $180 area has become an area of resistance.</p><p><blockquote>困难的是180美元区域已经成为阻力区域。</blockquote></p><p> We have actually been pretty fortunate when it comes to trading Apple stock.</p><p><blockquote>在交易苹果股票方面，我们实际上非常幸运。</blockquote></p><p> On its first push to the $3 trillion level, we were selling the news and&nbsp;looking for a bearish reversal.</p><p><blockquote>在其首次突破3万亿美元水平时，我们正在抛售这一消息并寻找看跌逆转。</blockquote></p><p> That worked out as Apple corrected lower. However, that set up a&nbsp;pretty sweet bounce play&nbsp;that has been paying traders pretty well over the past few days.</p><p><blockquote>当苹果修正走低时，这种情况得到了解决。然而，这引发了一场相当不错的反弹行情，在过去几天里给交易者带来了丰厚的回报。</blockquote></p><p> At the risk of over-saturating our Apple discussion, how do the charts look now as it makes another push back up toward this key zone?</p><p><blockquote>冒着让我们的苹果讨论过度饱和的风险，当它再次向这个关键区域反弹时，图表现在看起来如何？</blockquote></p><p> Trading Apple Stock</p><p><blockquote>交易苹果股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29cb7696d6e38eacaddae770a857ff3d\" tg-width=\"1200\" tg-height=\"741\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.Chart courtesy of TrendSpider.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。图表由TrendSpider.com提供</span></p></blockquote></p><p> Apple’s powerful bounce off the 21-day moving average and rotation up through the 10-day has given the stock new life.</p><p><blockquote>苹果从21日移动平均线强劲反弹并在10日移动平均线上轮动，赋予了该股新的生命。</blockquote></p><p> However, this $180 zone has been tricky thus far. One will notice how the stock tested up into this area on Tuesday and then struggled.</p><p><blockquote>然而，到目前为止，180美元区域一直很棘手。人们会注意到该股周二如何测试到该区域，然后陷入困境。</blockquote></p><p> It’s not unlike what we’re seeing&nbsp;with Meta&nbsp;(<b>MVRS</b>), although admittedly, the stock is not trading at all-time highs.</p><p><blockquote>这与我们在Meta中看到的没有什么不同（<b>MVRS</b>），尽管不可否认，该股的交易价格并未达到历史高点。</blockquote></p><p> From here, bulls want to see a push up through the all-time high, at $182.13. That opens the door directly to the $3 trillion market cap level — at $182.85-ish — and more new highs.</p><p><blockquote>从这里开始，多头希望看到价格突破182.13美元的历史高点。这直接打开了通往3万亿美元市值水平（约182.85美元）以及更多新高的大门。</blockquote></p><p> The flip side of that scenario is that the $180 area holds as resistance.</p><p><blockquote>这种情况的另一面是180美元区域仍是阻力位。</blockquote></p><p> In that case, I want to see the 10-day moving average hold as support on the pullback. A break of this level puts the 21-day moving average back in play again, but it would be much healthier for the former to hold as support and for the latter to not be tested.</p><p><blockquote>在这种情况下，我希望看到10日移动平均线作为回调的支撑。突破这一水平将使21日移动平均线再次发挥作用，但前者保持支撑而后者不受测试会更健康。</blockquote></p><p> In either scenario — the breakout or the pullback — investors will ultimately be looking for $3 trillion and new all-time highs eventually.</p><p><blockquote>无论哪种情况——突破还是回调——投资者最终都将寻求3万亿美元和历史新高。</blockquote></p><p> <i>When</i>&nbsp;Apple gets there — not if — it will have longer-term bulls sniffing for the $188 to $194 area, where the stock finds multiple upside extension levels.</p><p><blockquote><i>何时</i>苹果实现了这一目标——而不是如果——它将让长期多头嗅探188美元至194美元区域，该股将在该区域找到多个上行延伸水平。</blockquote></p><p> Above $195 and the obvious is in play: $200.</p><p><blockquote>高于195美元，显而易见的是：200美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/trading-apple-aapl-stock-3-trillion-market-cap-end-of-year\">TheStreet</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.thestreet.com/investing/trading-apple-aapl-stock-3-trillion-market-cap-end-of-year","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169856412","content_text":"Apple (AAPL) stock is again back in the spotlight on Tuesday.\nNot that it’s hard for the tech giant to find itself there, but it comes as the stock makes another push back to the $3 trillion market cap level.\nTo get there, Apple stock needs to climb to roughly $182.85 — let’s just call it $183.\nWhat’s been difficult is that the $180 area has become an area of resistance.\nWe have actually been pretty fortunate when it comes to trading Apple stock.\nOn its first push to the $3 trillion level, we were selling the news and looking for a bearish reversal.\nThat worked out as Apple corrected lower. However, that set up a pretty sweet bounce play that has been paying traders pretty well over the past few days.\nAt the risk of over-saturating our Apple discussion, how do the charts look now as it makes another push back up toward this key zone?\nTrading Apple Stock\nDaily chart of Apple stock.Chart courtesy of TrendSpider.com\nApple’s powerful bounce off the 21-day moving average and rotation up through the 10-day has given the stock new life.\nHowever, this $180 zone has been tricky thus far. One will notice how the stock tested up into this area on Tuesday and then struggled.\nIt’s not unlike what we’re seeing with Meta (MVRS), although admittedly, the stock is not trading at all-time highs.\nFrom here, bulls want to see a push up through the all-time high, at $182.13. That opens the door directly to the $3 trillion market cap level — at $182.85-ish — and more new highs.\nThe flip side of that scenario is that the $180 area holds as resistance.\nIn that case, I want to see the 10-day moving average hold as support on the pullback. A break of this level puts the 21-day moving average back in play again, but it would be much healthier for the former to hold as support and for the latter to not be tested.\nIn either scenario — the breakout or the pullback — investors will ultimately be looking for $3 trillion and new all-time highs eventually.\nWhen Apple gets there — not if — it will have longer-term bulls sniffing for the $188 to $194 area, where the stock finds multiple upside extension levels.\nAbove $195 and the obvious is in play: $200.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696874085,"gmtCreate":1640673096652,"gmtModify":1640673100311,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696874085","repostId":"1102262158","repostType":4,"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、印尼的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现金差异，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、印尼的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现金差异，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":2724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696935794,"gmtCreate":1640595282526,"gmtModify":1640595291819,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696935794","repostId":"1114341247","repostType":4,"repost":{"id":"1114341247","kind":"news","pubTimestamp":1640594800,"share":"https://www.laohu8.com/m/news/1114341247?lang=zh_CN&edition=full","pubTime":"2021-12-27 16:46","market":"us","language":"en","title":"Moderna faces shareholder pressure over cost of vaccine<blockquote>Moderna因疫苗成本面临股东压力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114341247","media":"Financial Times","summary":"Moderna explains why the price is so high given the amount of government-supported pharmaceutical gr","content":"<p><div> Moderna explains why the price is so high given the amount of government-supported pharmaceutical groups fighting shareholder proposals calling for the release of Covid-19 vaccine technology to poor ...</p><p><blockquote><div>Moderna解释了为什么价格如此之高，因为有大量政府支持的制药集团反对股东呼吁向穷人提供新冠肺炎疫苗技术的提议...</div></blockquote></p><p>  <a href=\"https://www.ft.com/content/f3747fed-ce48-48f5-b564-7c0a21aa378e\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.ft.com/content/f3747fed-ce48-48f5-b564-7c0a21aa378e\">网页连接</a></blockquote></p><p></p>","source":"lsy1580170736413","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>Moderna faces shareholder pressure over cost of vaccine<blockquote>Moderna因疫苗成本面临股东压力</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; 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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\">\nModerna faces shareholder pressure over cost of vaccine<blockquote>Moderna因疫苗成本面临股东压力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Financial Times</strong><span class=\"h-time small\">2021-12-27 16:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Moderna explains why the price is so high given the amount of government-supported pharmaceutical groups fighting shareholder proposals calling for the release of Covid-19 vaccine technology to poor ...</p><p><blockquote><div>Moderna解释了为什么价格如此之高，因为有大量政府支持的制药集团反对股东呼吁向穷人提供新冠肺炎疫苗技术的提议...</div></blockquote></p><p>  <a href=\"https://www.ft.com/content/f3747fed-ce48-48f5-b564-7c0a21aa378e\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.ft.com/content/f3747fed-ce48-48f5-b564-7c0a21aa378e\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.ft.com/content/f3747fed-ce48-48f5-b564-7c0a21aa378e\">Financial Times</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":{"MRNA":"Moderna, Inc."},"source_url":"https://www.ft.com/content/f3747fed-ce48-48f5-b564-7c0a21aa378e","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114341247","content_text":"Moderna explains why the price is so high given the amount of government-supported pharmaceutical groups fighting shareholder proposals calling for the release of Covid-19 vaccine technology to poor countries. ..\nLegal & General Investment Management, a London-based asset management company, states that Moderna shareholders will see how U.S. government funding for Covid vaccines affects “access to such products, such as pricing.” Said it was worth knowing.\nAccording to LGIM, Moderna, which received at least $ 2.5 billion from the US government, has shipped vaccines to most wealthy countries and has not transferred its technology to manufacturers in low- or middle-income countries.\nModerna is fighting suggestion At the Securities and Exchange Commission. Companies regularly challenge shareholder proposals at the SEC and often win.\nApart from this, Oxfam worked with other investors to petition Moderna and Pfizer, demanding more from companies to share vaccine technology. For Moderna, both shareholder proposals represent the first investor petitions the company has faced since it was published in 2018.\nMassachusetts-based Moderna did not immediately respond to requests for comment.\nModerna has been pressured to lower prices and increase production in poor countries.Elizabeth Warren, Massachusetts Democratic Senator told the Financial Times last month, both Moderna and Pfizer need to “further work to address unacceptable disparities in global access to the Covid-19 vaccine, including dramatically expanding vaccine production worldwide.” there was.\nThe two are projected to reach more than $ 93 billion in Covid vaccine sales next year alone.\nRecommended\nModerna is in a particularly unusual position because it developed the vaccine in collaboration with the National Institutes of Health.Bernie Graham, one of the NIH scientists involved in the development process, told FT earlier this year about the government’s role in vaccine production.Give it “leverage” when it comes to pricing, it’s better than Moderna.\nHowever, Moderna strongly opposed the proposal and recently issued an official statement rejecting the idea that Graham and two other government scientists co-invented the vaccine.\nModerna said in a SEC’s request to block LGIM’s shareholder proposal, it plans to release additional information on vaccine pricing by February 15. “The company is virtually [LGIM] Suggestions before submitting an agent [voting] Material “.\nLGIM has previously jointly submitted a shareholder proposal at Eli Lilly and Gilead Sciences to split the roles of chairman and chief executive officer of both companies. In 2019, LGIM co-submitted a proposal for carbon emissions to BP.","news_type":1,"symbols_score_info":{"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698453522,"gmtCreate":1640505455806,"gmtModify":1640505456080,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698453522","repostId":"2193178197","repostType":4,"isVote":1,"tweetType":1,"viewCount":1071,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698220279,"gmtCreate":1640412281777,"gmtModify":1640412282070,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698220279","repostId":"2193178191","repostType":4,"isVote":1,"tweetType":1,"viewCount":1084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698858050,"gmtCreate":1640347885501,"gmtModify":1640347885817,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698858050","repostId":"1122704248","repostType":4,"repost":{"id":"1122704248","kind":"news","pubTimestamp":1640346833,"share":"https://www.laohu8.com/m/news/1122704248?lang=zh_CN&edition=full","pubTime":"2021-12-24 19:53","market":"us","language":"en","title":"3 Charts to Consider if You Want to Own an EV Stock<blockquote>如果您想持有电动汽车股票，需要考虑3张图表</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122704248","media":"Motley Fool","summary":"There's been a lot of investor excitement about electric vehicle (EV) companies. And gains from some","content":"<p>There's been a lot of investor excitement about electric vehicle (EV) companies. And gains from some stocks have been exceptional over the last two years. Now, the landscape for the sector seems to be clearing so investors can get a better idea of who the players are, and over what time frame EV makers will be bringing out new offerings.</p><p><blockquote>投资者对电动汽车（EV）公司感到非常兴奋。过去两年，一些股票的涨幅非常大。现在，该行业的前景似乎正在明朗，因此投资者可以更好地了解参与者是谁，以及电动汽车制造商将在多长时间内推出新产品。</blockquote></p><p> Beyond just looking at the exciting new products and potentially huge market,investors should research&nbsp;details that will help compare and contrast the EV makers. If you're interested in diving in now, the three charts below will provide a look at some data worth considering before you make an investment.</p><p><blockquote>除了关注令人兴奋的新产品和潜在的巨大市场之外，投资者还应该研究有助于比较和对比电动汽车制造商的细节。如果您现在有兴趣深入研究，下面的三张图表将提供一些值得您在投资前考虑的数据。</blockquote></p><p> <b>Returns have been unpredictable</b></p><p><blockquote><b>回报是不可预测的</b></blockquote></p><p> Many have bought into the EV sector looking for large, market-beating returns. While shares of EV leader<b>Tesla</b>(NASDAQ:TSLA)skyrocketed last year, as the field of publicly traded names has grown, returns have been inconsistent. And investors need to be prepared for plenty of volatility along the way. The chart below shows the most recent six-month returns from a mix of U.S.- and China-based EV makers:</p><p><blockquote>许多人买入电动汽车行业，寻求超越市场的巨额回报。而电动汽车领导者的股票<b>特斯拉</b>（纳斯达克：TSLA）去年飙升，随着公开交易名称领域的增长，回报却不一致。投资者需要为一路上的大幅波动做好准备。下图显示了美国和中国电动汽车制造商最近六个月的回报：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/628cf15ff39a9f1a896ba56a7db9020d\" tg-width=\"720\" tg-height=\"387\" width=\"100%\" height=\"auto\"><span>DATA BYYCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts。</span></p></blockquote></p><p> Even the strong returns from Tesla and&nbsp;<b>Lucid Group</b>(NASDAQ:LCID)stocks have included big swings in just the past two months. And though Chinese EV makers&nbsp;<b>Nio</b>(NYSE:NIO)&nbsp;and&nbsp;<b>XPeng</b>(NYSE:XPEV)have been growing sales quickly, their stocks have backtracked since June 2021.<b>Lordstown Motors</b>(NASDAQ:RIDE), maker of the Endurance all-electric work truck, has struggled, and shareholders have paid the price this year. The lesson is that there will be winners and losers, and EV stock moves can be quick and extreme.</p><p><blockquote>即使特斯拉的强劲回报和<b>Lucid集团</b>（纳斯达克：LCID）股票在过去两个月里出现了大幅波动。尽管中国电动汽车制造商<b>蔚来</b>（纽约证券交易所代码：蔚来）和<b>小鹏</b>（纽约证券交易所股票代码：XPEV）的销售额一直在快速增长，但其股价自2021年6月以来有所回落。<b>洛兹敦汽车公司</b>（纳斯达克：RIDE）是Endurance全电动工作卡车的制造商，该公司一直在苦苦挣扎，股东今年为此付出了代价。教训是，会有赢家和输家，电动汽车股票的走势可能会迅速而极端。</blockquote></p><p> <b>There's plenty of demand</b></p><p><blockquote><b>需求很大</b></blockquote></p><p> Just looking at share-price movement doesn't tell the full story, of course. While Nio and XPeng shares haven't moved higher in the last half-year, both company's sales skyrocketed over the first nine months of 2021, as shown below:</p><p><blockquote>当然，仅仅关注股价走势并不能说明全部情况。虽然蔚来和小鹏汽车的股价在过去半年没有上涨，但两家公司的销售额在2021年前9个月都猛增，如下所示：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7a2201193c16f33bc21f52f5aacebbea\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: COMPANY FINANCIAL FILINGS. CHART BY AUTHOR.*XPENG 2021 COMPARISON WITH FINAL THREE QUARTERS OF 2020.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：公司财务备案。作者绘制的图表。*小鹏2021年与2020年最后三个季度的比较。</span></p></blockquote></p><p> Tesla has almost doubled its deliveries over the first nine months of 2021 compared to the year-ago period. But XPeng andNio deliveries are growing much faster, though the two Chinese companies are growing off of a much smaller base. And as both are already richly valued, with recent&nbsp;market capitalizations&nbsp;of around $36 billion and $48 billion, respectively, investors have sold off shares in recent months. Global demand is strong and growing, but that won't automatically result in growing share prices.</p><p><blockquote>与去年同期相比，特斯拉2021年前9个月的交付量几乎翻了一番。但小鹏汽车和蔚来汽车的交付量增长速度要快得多，尽管这两家中国公司的发展基础要小得多。由于两者的估值已经很高，最近的市值分别约为360亿美元和480亿美元，投资者近几个月来纷纷抛售股票。全球需求强劲且不断增长，但这不会自动导致股价上涨。</blockquote></p><p> <b>Profitability will take time</b></p><p><blockquote><b>盈利需要时间</b></blockquote></p><p> Investors in any business need to focus on the bottom line. Early stage growth companies aren't necessarily expected to become profitable quickly, however. Especially with a high-fixed-cost business like automotive manufacturing, profits will only come with scale. As the chart below shows, few EV makers are bringing in profits yet:</p><p><blockquote>任何企业的投资者都需要关注底线。然而，早期成长型公司不一定会很快盈利。尤其是像汽车制造这样的高固定成本业务，利润只会随着规模而来。如下图所示，目前很少有电动汽车制造商实现盈利：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32eab03a7b97ed8deb8757e127924d51\" tg-width=\"700\" tg-height=\"495\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: COMPANY FINANCIAL FILINGS. CHART BY AUTHOR.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：公司财务备案。作者图表。</span></p></blockquote></p><p> Tesla led the industry with a reported profit of more than $1.6 billion in the third quarter of 2021 .</p><p><blockquote>特斯拉在2021年第三季度报告利润超过16亿美元，引领行业。</blockquote></p><p> BYD is perhaps a less well-known Chinese EV company, and it sells more than just&nbsp;electric cars; it also makes batteries, electric buses, and traditional internal combustion vehicles. But its \"new energy vehicles\" -- which include plug-in hybrid electrics -- made up more than 90% of the nearly 100,000 new energy passenger vehicles it delivered in November.</p><p><blockquote>比亚迪可能是一家不太知名的中国电动汽车公司，它销售的不仅仅是电动汽车；它还生产电池、电动公交车和传统内燃机汽车。但其“新能源汽车”——包括插电式混合动力汽车——占其11月份交付的近10万辆新能源乘用车的90%以上。</blockquote></p><p> Lucid and&nbsp;<b>Rivian Automotive</b>(NASDAQ:RIVN)are getting a lot of attention recently, but they've barely started shipping product; the losses there will continue for some time until those companies reach scale. Investors hope that Nio and XPeng reach profitability soon, as both are growing sales and expanding product offerings. But investors interested in the sector need to be prepared for a long road before profitability can be expected.</p><p><blockquote>清醒和<b>Rivian汽车</b>（纳斯达克：RIVN）最近受到了很多关注，但他们几乎没有开始发货；那里的损失将持续一段时间，直到这些公司达到规模。投资者希望蔚来和小鹏汽车尽快实现盈利，因为两者都在增长销量并扩大产品供应。但对该行业感兴趣的投资者需要做好漫长道路的准备，才能预期盈利。</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 Charts to Consider if You Want to Own an EV Stock<blockquote>如果您想持有电动汽车股票，需要考虑3张图表</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 Charts to Consider if You Want to Own an EV Stock<blockquote>如果您想持有电动汽车股票，需要考虑3张图表</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\">2021-12-24 19:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There's been a lot of investor excitement about electric vehicle (EV) companies. And gains from some stocks have been exceptional over the last two years. Now, the landscape for the sector seems to be clearing so investors can get a better idea of who the players are, and over what time frame EV makers will be bringing out new offerings.</p><p><blockquote>投资者对电动汽车（EV）公司感到非常兴奋。过去两年，一些股票的涨幅非常大。现在，该行业的前景似乎正在明朗，因此投资者可以更好地了解参与者是谁，以及电动汽车制造商将在多长时间内推出新产品。</blockquote></p><p> Beyond just looking at the exciting new products and potentially huge market,investors should research&nbsp;details that will help compare and contrast the EV makers. If you're interested in diving in now, the three charts below will provide a look at some data worth considering before you make an investment.</p><p><blockquote>除了关注令人兴奋的新产品和潜在的巨大市场之外，投资者还应该研究有助于比较和对比电动汽车制造商的细节。如果您现在有兴趣深入研究，下面的三张图表将提供一些值得您在投资前考虑的数据。</blockquote></p><p> <b>Returns have been unpredictable</b></p><p><blockquote><b>回报是不可预测的</b></blockquote></p><p> Many have bought into the EV sector looking for large, market-beating returns. While shares of EV leader<b>Tesla</b>(NASDAQ:TSLA)skyrocketed last year, as the field of publicly traded names has grown, returns have been inconsistent. And investors need to be prepared for plenty of volatility along the way. The chart below shows the most recent six-month returns from a mix of U.S.- and China-based EV makers:</p><p><blockquote>许多人买入电动汽车行业，寻求超越市场的巨额回报。而电动汽车领导者的股票<b>特斯拉</b>（纳斯达克：TSLA）去年飙升，随着公开交易名称领域的增长，回报却不一致。投资者需要为一路上的大幅波动做好准备。下图显示了美国和中国电动汽车制造商最近六个月的回报：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/628cf15ff39a9f1a896ba56a7db9020d\" tg-width=\"720\" tg-height=\"387\" width=\"100%\" height=\"auto\"><span>DATA BYYCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts。</span></p></blockquote></p><p> Even the strong returns from Tesla and&nbsp;<b>Lucid Group</b>(NASDAQ:LCID)stocks have included big swings in just the past two months. And though Chinese EV makers&nbsp;<b>Nio</b>(NYSE:NIO)&nbsp;and&nbsp;<b>XPeng</b>(NYSE:XPEV)have been growing sales quickly, their stocks have backtracked since June 2021.<b>Lordstown Motors</b>(NASDAQ:RIDE), maker of the Endurance all-electric work truck, has struggled, and shareholders have paid the price this year. The lesson is that there will be winners and losers, and EV stock moves can be quick and extreme.</p><p><blockquote>即使特斯拉的强劲回报和<b>Lucid集团</b>（纳斯达克：LCID）股票在过去两个月里出现了大幅波动。尽管中国电动汽车制造商<b>蔚来</b>（纽约证券交易所代码：蔚来）和<b>小鹏</b>（纽约证券交易所股票代码：XPEV）的销售额一直在快速增长，但其股价自2021年6月以来有所回落。<b>洛兹敦汽车公司</b>（纳斯达克：RIDE）是Endurance全电动工作卡车的制造商，该公司一直在苦苦挣扎，股东今年为此付出了代价。教训是，会有赢家和输家，电动汽车股票的走势可能会迅速而极端。</blockquote></p><p> <b>There's plenty of demand</b></p><p><blockquote><b>需求很大</b></blockquote></p><p> Just looking at share-price movement doesn't tell the full story, of course. While Nio and XPeng shares haven't moved higher in the last half-year, both company's sales skyrocketed over the first nine months of 2021, as shown below:</p><p><blockquote>当然，仅仅关注股价走势并不能说明全部情况。虽然蔚来和小鹏汽车的股价在过去半年没有上涨，但两家公司的销售额在2021年前9个月都猛增，如下所示：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7a2201193c16f33bc21f52f5aacebbea\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: COMPANY FINANCIAL FILINGS. CHART BY AUTHOR.*XPENG 2021 COMPARISON WITH FINAL THREE QUARTERS OF 2020.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：公司财务备案。作者绘制的图表。*小鹏2021年与2020年最后三个季度的比较。</span></p></blockquote></p><p> Tesla has almost doubled its deliveries over the first nine months of 2021 compared to the year-ago period. But XPeng andNio deliveries are growing much faster, though the two Chinese companies are growing off of a much smaller base. And as both are already richly valued, with recent&nbsp;market capitalizations&nbsp;of around $36 billion and $48 billion, respectively, investors have sold off shares in recent months. Global demand is strong and growing, but that won't automatically result in growing share prices.</p><p><blockquote>与去年同期相比，特斯拉2021年前9个月的交付量几乎翻了一番。但小鹏汽车和蔚来汽车的交付量增长速度要快得多，尽管这两家中国公司的发展基础要小得多。由于两者的估值已经很高，最近的市值分别约为360亿美元和480亿美元，投资者近几个月来纷纷抛售股票。全球需求强劲且不断增长，但这不会自动导致股价上涨。</blockquote></p><p> <b>Profitability will take time</b></p><p><blockquote><b>盈利需要时间</b></blockquote></p><p> Investors in any business need to focus on the bottom line. Early stage growth companies aren't necessarily expected to become profitable quickly, however. Especially with a high-fixed-cost business like automotive manufacturing, profits will only come with scale. As the chart below shows, few EV makers are bringing in profits yet:</p><p><blockquote>任何企业的投资者都需要关注底线。然而，早期成长型公司不一定会很快盈利。尤其是像汽车制造这样的高固定成本业务，利润只会随着规模而来。如下图所示，目前很少有电动汽车制造商实现盈利：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32eab03a7b97ed8deb8757e127924d51\" tg-width=\"700\" tg-height=\"495\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: COMPANY FINANCIAL FILINGS. CHART BY AUTHOR.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：公司财务备案。作者图表。</span></p></blockquote></p><p> Tesla led the industry with a reported profit of more than $1.6 billion in the third quarter of 2021 .</p><p><blockquote>特斯拉在2021年第三季度报告利润超过16亿美元，引领行业。</blockquote></p><p> BYD is perhaps a less well-known Chinese EV company, and it sells more than just&nbsp;electric cars; it also makes batteries, electric buses, and traditional internal combustion vehicles. But its \"new energy vehicles\" -- which include plug-in hybrid electrics -- made up more than 90% of the nearly 100,000 new energy passenger vehicles it delivered in November.</p><p><blockquote>比亚迪可能是一家不太知名的中国电动汽车公司，它销售的不仅仅是电动汽车；它还生产电池、电动公交车和传统内燃机汽车。但其“新能源汽车”——包括插电式混合动力汽车——占其11月份交付的近10万辆新能源乘用车的90%以上。</blockquote></p><p> Lucid and&nbsp;<b>Rivian Automotive</b>(NASDAQ:RIVN)are getting a lot of attention recently, but they've barely started shipping product; the losses there will continue for some time until those companies reach scale. Investors hope that Nio and XPeng reach profitability soon, as both are growing sales and expanding product offerings. But investors interested in the sector need to be prepared for a long road before profitability can be expected.</p><p><blockquote>清醒和<b>Rivian汽车</b>（纳斯达克：RIVN）最近受到了很多关注，但他们几乎没有开始发货；那里的损失将持续一段时间，直到这些公司达到规模。投资者希望蔚来和小鹏汽车尽快实现盈利，因为两者都在增长销量并扩大产品供应。但对该行业感兴趣的投资者需要做好漫长道路的准备，才能预期盈利。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/24/3-charts-to-consider-to-own-an-ev-stock/\">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":{"RIVN":"Rivian Automotive, Inc.","XPEV":"小鹏汽车","TSLA":"特斯拉","NIO":"蔚来","LCID":"Lucid Group Inc"},"source_url":"https://www.fool.com/investing/2021/12/24/3-charts-to-consider-to-own-an-ev-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122704248","content_text":"There's been a lot of investor excitement about electric vehicle (EV) companies. And gains from some stocks have been exceptional over the last two years. Now, the landscape for the sector seems to be clearing so investors can get a better idea of who the players are, and over what time frame EV makers will be bringing out new offerings.\nBeyond just looking at the exciting new products and potentially huge market,investors should research details that will help compare and contrast the EV makers. If you're interested in diving in now, the three charts below will provide a look at some data worth considering before you make an investment.\nReturns have been unpredictable\nMany have bought into the EV sector looking for large, market-beating returns. While shares of EV leaderTesla(NASDAQ:TSLA)skyrocketed last year, as the field of publicly traded names has grown, returns have been inconsistent. And investors need to be prepared for plenty of volatility along the way. The chart below shows the most recent six-month returns from a mix of U.S.- and China-based EV makers:\nDATA BYYCHARTS.\nEven the strong returns from Tesla and Lucid Group(NASDAQ:LCID)stocks have included big swings in just the past two months. And though Chinese EV makers Nio(NYSE:NIO) and XPeng(NYSE:XPEV)have been growing sales quickly, their stocks have backtracked since June 2021.Lordstown Motors(NASDAQ:RIDE), maker of the Endurance all-electric work truck, has struggled, and shareholders have paid the price this year. The lesson is that there will be winners and losers, and EV stock moves can be quick and extreme.\nThere's plenty of demand\nJust looking at share-price movement doesn't tell the full story, of course. While Nio and XPeng shares haven't moved higher in the last half-year, both company's sales skyrocketed over the first nine months of 2021, as shown below:\nDATA SOURCE: COMPANY FINANCIAL FILINGS. CHART BY AUTHOR.*XPENG 2021 COMPARISON WITH FINAL THREE QUARTERS OF 2020.\nTesla has almost doubled its deliveries over the first nine months of 2021 compared to the year-ago period. But XPeng andNio deliveries are growing much faster, though the two Chinese companies are growing off of a much smaller base. And as both are already richly valued, with recent market capitalizations of around $36 billion and $48 billion, respectively, investors have sold off shares in recent months. Global demand is strong and growing, but that won't automatically result in growing share prices.\nProfitability will take time\nInvestors in any business need to focus on the bottom line. Early stage growth companies aren't necessarily expected to become profitable quickly, however. Especially with a high-fixed-cost business like automotive manufacturing, profits will only come with scale. As the chart below shows, few EV makers are bringing in profits yet:\nDATA SOURCE: COMPANY FINANCIAL FILINGS. CHART BY AUTHOR.\nTesla led the industry with a reported profit of more than $1.6 billion in the third quarter of 2021 .\nBYD is perhaps a less well-known Chinese EV company, and it sells more than just electric cars; it also makes batteries, electric buses, and traditional internal combustion vehicles. But its \"new energy vehicles\" -- which include plug-in hybrid electrics -- made up more than 90% of the nearly 100,000 new energy passenger vehicles it delivered in November.\nLucid and Rivian Automotive(NASDAQ:RIVN)are getting a lot of attention recently, but they've barely started shipping product; the losses there will continue for some time until those companies reach scale. Investors hope that Nio and XPeng reach profitability soon, as both are growing sales and expanding product offerings. But investors interested in the sector need to be prepared for a long road before profitability can be expected.","news_type":1,"symbols_score_info":{"RIVN":0.9,"NIO":0.9,"TSLA":0.9,"XPEV":0.9,"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":1045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691475884,"gmtCreate":1640234899282,"gmtModify":1640234899585,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691475884","repostId":"1164467804","repostType":4,"repost":{"id":"1164467804","kind":"news","pubTimestamp":1640230809,"share":"https://www.laohu8.com/m/news/1164467804?lang=zh_CN&edition=full","pubTime":"2021-12-23 11:40","market":"us","language":"en","title":"Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164467804","media":"Seeking Alpha","summary":"Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.This has led some to say that the stock is in a bubble, as its price is rising rapidly.However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.Apple Inc. stock has delivered a solid performance in 2021. U","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨34%，大幅跑赢纳斯达克100指数。</li><li>这导致一些人说该股存在泡沫，因为其价格正在迅速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上慢于最近一个季度的每股收益增长。</li><li>在本文中，我将对苹果提出看涨论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL)股票在2021年表现稳健。该指数今年上涨了35%，表现强劲，优于纳斯达克100指数和标普500。苹果的2021年业绩是该公司长期获胜的最新一年，它表明股票永远不会太大而无法击败市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>话虽如此，仍有不少人认为苹果的胜利应该得到修正。最近几周，我们看到大量文章声称AAPL被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是泡沫。”</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个即将破裂的泡沫。”</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“出售AAPL？为什么这位专家认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都明确悲观。一些人提到了积极的一面和消极的一面。但总体而言，认为苹果是泡沫，或者至少被高估的情绪正在变得普遍。如果你看看TipRanks的情绪图表，就会发现对苹果股票的情绪明显负面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks情绪图</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的悲观情绪与对<b>元平台</b>（FB）。Meta是一家因违反反垄断法而被起诉并每天受到媒体攻击的公司，其情绪得分几乎完美。因此，没有什么特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只拥有宽护城河的股票，是少数几家同时控制大多数用户硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的策略，但很少有人成功。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，足以支付高价购买苹果的产品。很少有其他科技公司拥有这样的优势——<b>任天堂</b>(OTCPK：NTDOY)如果您将游戏视为技术，则是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只拥有宽阔护城河的股票。你需要苹果硬件来运行苹果软件，人们喜欢苹果软件。这使得苹果“垄断”了某一套软件体验。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，它是全球第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍然具有显着盈利和增长的潜力。因此，我将在本文中对苹果提出看涨论点，认为其坚实的经济护城河为其股票未来升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的一点是它的竞争地位。该公司在如此广泛的不同市场开展业务，以至于很难确定其业务不仅仅是“技术”。从技术上讲，该公司的SIC代码（行业分类）是7372，表示“预打包软件”。然而，这并没有涵盖苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得注意的一些竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>(GOOG)-智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>苹果的竞争对手的全面名单是不可能的，因为该公司在许多不同的垂直领域开展业务。除了上述所有名称之外，苹果可以说还在与大型半导体公司竞争，因为它销售采用苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，使其与数十家公司展开默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据Counterpoint Research和Statista的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国占47%，全球占14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量方面落后于三星，但在手表和平板电脑方面领先。这是一个相当不错的市场地位。它可能会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才涉足智能手表领域，该类别的销售额正以50%的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，值得探索苹果最有前途的两个类别：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在实际上是M1家族芯片）是苹果基于ARM架构设计的新型芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>一个8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16 GB内存（物理内置在芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。除此之外，还有两款新型号——M1 Pro和M1 Max——对基本型号进行了改进。列出这些高端型号的详细规格表会很乏味，但一个令人瞠目结舌的统计数据是M1 Max的570亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的MAC电脑本身可以作为游戏装备。苹果在笔记本电脑和台式机领域已经拥有相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说是难以捉摸的。因此，苹果电脑产品线的加速增长潜力巨大。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，为25%，而后者为30%。然而，服务是有前途的，因为即使在硬件产品达到其总目标市场之后，它们也可以继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，期望苹果的硬件销售像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，苹果可以在硬件销售不佳的情况下保持总收入增长。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以转向苹果的财务状况。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均未达到预期；然而，从绝对值来看，结果是强劲的。本季度，苹果交付了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>营收830亿美元，增长29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>营业收入273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为1.24美元，增长69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告了1040亿美元的TTM运营现金。这比去年增长了28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。按市值计算，苹果是世界上最大的公司，但其收入和盈利均以成长型股票的水平增长。这一个季度并非侥幸。根据Seeking Alpha Quant的数据，苹果上述指标的五年复合年增长率为：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>营业收入：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释后每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这也是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这就抓住了本文论点的核心：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。其估值相当高，市盈率为30倍，销售额为7.7倍，现金流为26倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利以22%的速度增长，正如最近一个季度所显示的那样，它还有加速的空间。如果同时考虑增长和价值，过去12个月的PEG比率仅为0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超盈利公司，但其股票并非没有风险。作为一家主要的硬件公司，它很容易受到供应链问题和其他冲击的影响。本文概述的看涨论点面临的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司大幅削减了iPhone产量。就在关键的假期之前。对于像苹果这样的硬件公司来说，这类问题是一个始终存在的威胁，该公司依赖于现成的原材料供应来保持销售流动。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某物变得越大，需要的增幅就越大，才能推动与过去持平的百分比增长。如果你开始销售1000美元的小工具，第一年就卖出了一个，那么第二年只要卖出价值2000美元的小工具，你的销售额就会翻倍。然而，如果十年后，你的销售额为3320亿美元，你需要客户在第十一年拿出6640亿美元来实现同样的增长。这在数学上是不太可能的。碰巧的是，苹果第四季度830亿美元的年收入达到了3320亿美元。因此，未来将更难实现增长。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求它保持在技术创新的前沿。如果另一家公司推出了明显优于iPhone的产品，这可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，为了<b>黑莓</b>（BB），命运多舛的黑莓智能手机制造商。科技行业的历史上充斥着公司互相吃午餐的情况，尽管苹果在研发上投入了数十亿美元，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险是非常真实的，在几份季度报告中都被认为是一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、良好的增长和并非不合理的估值。这绝对不是一只值得做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们应该仍然不错。</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>Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</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\">\nAre there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</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\">2021-12-23 11:40</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>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨34%，大幅跑赢纳斯达克100指数。</li><li>这导致一些人说该股存在泡沫，因为其价格正在迅速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上慢于最近一个季度的每股收益增长。</li><li>在本文中，我将对苹果提出看涨论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL)股票在2021年表现稳健。该指数今年上涨了35%，表现强劲，优于纳斯达克100指数和标普500。苹果的2021年业绩是该公司长期获胜的最新一年，它表明股票永远不会太大而无法击败市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>话虽如此，仍有不少人认为苹果的胜利应该得到修正。最近几周，我们看到大量文章声称AAPL被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是泡沫。”</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个即将破裂的泡沫。”</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“出售AAPL？为什么这位专家认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都明确悲观。一些人提到了积极的一面和消极的一面。但总体而言，认为苹果是泡沫，或者至少被高估的情绪正在变得普遍。如果你看看TipRanks的情绪图表，就会发现对苹果股票的情绪明显负面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks情绪图</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的悲观情绪与对<b>元平台</b>（FB）。Meta是一家因违反反垄断法而被起诉并每天受到媒体攻击的公司，其情绪得分几乎完美。因此，没有什么特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只拥有宽护城河的股票，是少数几家同时控制大多数用户硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的策略，但很少有人成功。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，足以支付高价购买苹果的产品。很少有其他科技公司拥有这样的优势——<b>任天堂</b>(OTCPK：NTDOY)如果您将游戏视为技术，则是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只拥有宽阔护城河的股票。你需要苹果硬件来运行苹果软件，人们喜欢苹果软件。这使得苹果“垄断”了某一套软件体验。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，它是全球第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍然具有显着盈利和增长的潜力。因此，我将在本文中对苹果提出看涨论点，认为其坚实的经济护城河为其股票未来升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的一点是它的竞争地位。该公司在如此广泛的不同市场开展业务，以至于很难确定其业务不仅仅是“技术”。从技术上讲，该公司的SIC代码（行业分类）是7372，表示“预打包软件”。然而，这并没有涵盖苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得注意的一些竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>(GOOG)-智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>苹果的竞争对手的全面名单是不可能的，因为该公司在许多不同的垂直领域开展业务。除了上述所有名称之外，苹果可以说还在与大型半导体公司竞争，因为它销售采用苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，使其与数十家公司展开默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据Counterpoint Research和Statista的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国占47%，全球占14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量方面落后于三星，但在手表和平板电脑方面领先。这是一个相当不错的市场地位。它可能会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才涉足智能手表领域，该类别的销售额正以50%的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，值得探索苹果最有前途的两个类别：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在实际上是M1家族芯片）是苹果基于ARM架构设计的新型芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>一个8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16 GB内存（物理内置在芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。除此之外，还有两款新型号——M1 Pro和M1 Max——对基本型号进行了改进。列出这些高端型号的详细规格表会很乏味，但一个令人瞠目结舌的统计数据是M1 Max的570亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的MAC电脑本身可以作为游戏装备。苹果在笔记本电脑和台式机领域已经拥有相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说是难以捉摸的。因此，苹果电脑产品线的加速增长潜力巨大。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，为25%，而后者为30%。然而，服务是有前途的，因为即使在硬件产品达到其总目标市场之后，它们也可以继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，期望苹果的硬件销售像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，苹果可以在硬件销售不佳的情况下保持总收入增长。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以转向苹果的财务状况。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均未达到预期；然而，从绝对值来看，结果是强劲的。本季度，苹果交付了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>营收830亿美元，增长29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>营业收入273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为1.24美元，增长69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告了1040亿美元的TTM运营现金。这比去年增长了28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。按市值计算，苹果是世界上最大的公司，但其收入和盈利均以成长型股票的水平增长。这一个季度并非侥幸。根据Seeking Alpha Quant的数据，苹果上述指标的五年复合年增长率为：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>营业收入：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释后每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这也是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这就抓住了本文论点的核心：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。其估值相当高，市盈率为30倍，销售额为7.7倍，现金流为26倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利以22%的速度增长，正如最近一个季度所显示的那样，它还有加速的空间。如果同时考虑增长和价值，过去12个月的PEG比率仅为0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超盈利公司，但其股票并非没有风险。作为一家主要的硬件公司，它很容易受到供应链问题和其他冲击的影响。本文概述的看涨论点面临的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司大幅削减了iPhone产量。就在关键的假期之前。对于像苹果这样的硬件公司来说，这类问题是一个始终存在的威胁，该公司依赖于现成的原材料供应来保持销售流动。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某物变得越大，需要的增幅就越大，才能推动与过去持平的百分比增长。如果你开始销售1000美元的小工具，第一年就卖出了一个，那么第二年只要卖出价值2000美元的小工具，你的销售额就会翻倍。然而，如果十年后，你的销售额为3320亿美元，你需要客户在第十一年拿出6640亿美元来实现同样的增长。这在数学上是不太可能的。碰巧的是，苹果第四季度830亿美元的年收入达到了3320亿美元。因此，未来将更难实现增长。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求它保持在技术创新的前沿。如果另一家公司推出了明显优于iPhone的产品，这可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，为了<b>黑莓</b>（BB），命运多舛的黑莓智能手机制造商。科技行业的历史上充斥着公司互相吃午餐的情况，尽管苹果在研发上投入了数十亿美元，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险是非常真实的，在几份季度报告中都被认为是一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、良好的增长和并非不合理的估值。这绝对不是一只值得做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们应该仍然不错。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476363-apple-stock-no-bubble\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4476363-apple-stock-no-bubble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164467804","content_text":"Summary\n\nApple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.\nThis has led some to say that the stock is in a bubble, as its price is rising rapidly.\nHowever, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.\nIn this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.\n\nJustin Sullivan/Getty Images News\nApple Inc.(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.\nWith that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:\n\n“Apple Stock is Now a Bubble.”\n“Why Apple Stock May Be a Bubble That’s Ready to Burst.”\n“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”\n\nNot all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.\nSource: TipRanks’ sentiment chart\nThe bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward Meta Platforms(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.\n\nWhich begs the question:\nWhy?\nApple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage – Nintendo(OTCPK:NTDOY) being one exception, if you count gaming as tech.\nThis makes Apple arguably a wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated Apple ecosystem.\nThis advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.\nCompetitive Landscape\nOne of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments and entertainment.\nSome of Apple’s most noteworthy competitors include:\n\nSamsung(OTC:SSNLF) - smartphones.\nHuawei- smartphones.\nAlphabet(GOOG) - smartphones, laptops, and software.\nMicrosoft(MSFT) - laptops.\nDell(NYSE:DELL)- laptops.\nAdobe(ADBE) - creative software.\nAnd many more.\n\nA comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.\nHow is Apple doing in the industries it competes in? According to Counterpoint Research and Statista, Apple’s market shares include:\n\nSmartphones: 47% in the US and 14% globally.\nLaptops: 15% in the US and 7.6% globally.\nSmartwatches: over 50% globally.\nTablets: 35% globally.\n\nOn the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.\nThe M1 Chip and Apple Services\nSpeaking of future growth, it’s worth exploring two of Apple’s most promising categories:\nThe M1 Chip and Apple Services.\nThe M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:\n\nAn 8-core CPU.\nA 7-core GPU.\n8 or 16 gigs of RAM (physically built into the chip).\n5nm process.\n16 billion transistors.\n3.2 GHZ max clock rate.\n\nIncredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.\nNext up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.\nFinancials and Valuation\nNow we can turn to Apple’s financials.\nApple’s most recent quarter was a miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:\n\n$83 billion in revenue, up 29%.\n$27.3 billion in operating income, up 60%.\n$20.5 billion in net income, up 63%.\n$1.24 in diluted EPS, up 69%.\n\nThe company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.\nThese were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:\n\nRevenue: 11%.\nOperating income: 12.7%.\nNet income: 15.7%.\nDiluted EPS: 22%.\nCash flow: 10.7%.\n\nAgain very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:\nApple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a PEG ratio of just 0.43 for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.\nRisks and Challenges\nWhile Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:\n\nSupply chain issues.The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company slashed iPhone production because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.\nScale.Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.\nDisruption.Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself did this once, to BlackBerry(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&D, you never know where the next threat will come from.\n\nThe above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691847760,"gmtCreate":1640175350272,"gmtModify":1640175351448,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691847760","repostId":"1161411666","repostType":4,"repost":{"id":"1161411666","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":1640174499,"share":"https://www.laohu8.com/m/news/1161411666?lang=zh_CN&edition=full","pubTime":"2021-12-22 20:01","market":"us","language":"en","title":"Merck shares rose 1.27% in premarket trading.<blockquote>默克股价在盘前交易中上涨1.27%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161411666","media":"Tiger Newspress","summary":"Merck shares rose 1.27% in premarket trading.\nMerck and Ridgeback Biotherapeutics announce that the ","content":"<p>Merck&nbsp;shares&nbsp;rose&nbsp;1.27%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/3b18c28ab1d788666cf1906ea7ed9844\" tg-width=\"716\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p><blockquote>默克股价在盘前交易中上涨1.27%。</blockquote></p><p> Merck&nbsp;and Ridgeback Biotherapeutics&nbsp;announce&nbsp;that the U.K. Government will purchase an additional 1.75M patient courses of molnupiravir (MK-4482), an investigational oral antiviral COVID-19 medicine.</p><p><blockquote>默克公司和Ridgeback Biotherapeutics宣布英国。政府将额外购买175万个疗程的molnupiravir（MK-4482），这是一种研究性口服抗病毒新冠肺炎药物。</blockquote></p><p> In the U.K., Lagevrio is the planned trademark for molnupiravir.</p><p><blockquote>在英国，Lagevrio是molnupiravir的计划商标。</blockquote></p><p> This additional procurement agreement follows a previous deal for 480K courses of treatment by U.K., totalling up to 2.23M courses of molnupiravir.</p><p><blockquote>这项额外的采购协议是在英国之前达成的48万个疗程的交易之后达成的，总计高达223万个疗程的molnupiravir。</blockquote></p><p> In early November,U.K.'s regulatory agency authorized Merck's COVID-19 pill.</p><p><blockquote>11月初，英国监管机构批准了默克公司的COVID-19药物。</blockquote></p><p> Also, Merck &nbsp;has entered into a procurement agreement with the&nbsp;U.S. to supply ~3.1M courses of molnupiravi&nbsp;rand to&nbsp;deliver 1.6M courses to Japan.</p><p><blockquote>此外，默克还与美国签订了采购协议。向日本提供约310万门课程的Molnupiravi Rand，向日本提供160万门课程。</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>Merck shares rose 1.27% in premarket trading.<blockquote>默克股价在盘前交易中上涨1.27%。</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\">\nMerck shares rose 1.27% in premarket trading.<blockquote>默克股价在盘前交易中上涨1.27%。</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\">2021-12-22 20:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Merck&nbsp;shares&nbsp;rose&nbsp;1.27%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/3b18c28ab1d788666cf1906ea7ed9844\" tg-width=\"716\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p><blockquote>默克股价在盘前交易中上涨1.27%。</blockquote></p><p> Merck&nbsp;and Ridgeback Biotherapeutics&nbsp;announce&nbsp;that the U.K. Government will purchase an additional 1.75M patient courses of molnupiravir (MK-4482), an investigational oral antiviral COVID-19 medicine.</p><p><blockquote>默克公司和Ridgeback Biotherapeutics宣布英国。政府将额外购买175万个疗程的molnupiravir（MK-4482），这是一种研究性口服抗病毒新冠肺炎药物。</blockquote></p><p> In the U.K., Lagevrio is the planned trademark for molnupiravir.</p><p><blockquote>在英国，Lagevrio是molnupiravir的计划商标。</blockquote></p><p> This additional procurement agreement follows a previous deal for 480K courses of treatment by U.K., totalling up to 2.23M courses of molnupiravir.</p><p><blockquote>这项额外的采购协议是在英国之前达成的48万个疗程的交易之后达成的，总计高达223万个疗程的molnupiravir。</blockquote></p><p> In early November,U.K.'s regulatory agency authorized Merck's COVID-19 pill.</p><p><blockquote>11月初，英国监管机构批准了默克公司的COVID-19药物。</blockquote></p><p> Also, Merck &nbsp;has entered into a procurement agreement with the&nbsp;U.S. to supply ~3.1M courses of molnupiravi&nbsp;rand to&nbsp;deliver 1.6M courses to Japan.</p><p><blockquote>此外，默克还与美国签订了采购协议。向日本提供约310万门课程的Molnupiravi Rand，向日本提供160万门课程。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRK":"默沙东"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161411666","content_text":"Merck shares rose 1.27% in premarket trading.\nMerck and Ridgeback Biotherapeutics announce that the U.K. Government will purchase an additional 1.75M patient courses of molnupiravir (MK-4482), an investigational oral antiviral COVID-19 medicine.\nIn the U.K., Lagevrio is the planned trademark for molnupiravir.\nThis additional procurement agreement follows a previous deal for 480K courses of treatment by U.K., totalling up to 2.23M courses of molnupiravir.\nIn early November,U.K.'s regulatory agency authorized Merck's COVID-19 pill.\nAlso, Merck  has entered into a procurement agreement with the U.S. to supply ~3.1M courses of molnupiravi rand to deliver 1.6M courses to Japan.","news_type":1,"symbols_score_info":{"MRK":0.9}},"isVote":1,"tweetType":1,"viewCount":1005,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693701547,"gmtCreate":1640072917616,"gmtModify":1640072917927,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693701547","repostId":"1140916492","repostType":4,"isVote":1,"tweetType":1,"viewCount":1133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693950524,"gmtCreate":1639963396366,"gmtModify":1639963396719,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693950524","repostId":"1120287059","repostType":4,"repost":{"id":"1120287059","kind":"news","pubTimestamp":1639956331,"share":"https://www.laohu8.com/m/news/1120287059?lang=zh_CN&edition=full","pubTime":"2021-12-20 07:25","market":"us","language":"en","title":"‘Spider-Man’ yanks AMC stock 19% higher while a poop-emoji tweet has little effect on GameStop<blockquote>《蜘蛛侠》使AMC股价上涨19%，而一条便便表情推文对游戏驿站几乎没有影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120287059","media":"MarketWatch","summary":"Omicron is real, but so was Thursday’s dip in AMC stock, apparently.\nAMC stock soared on Friday afte","content":"<p>Omicron is real, but so was Thursday’s dip in AMC stock, apparently.</p><p><blockquote>奥密克戎是真实的，但周四AMC股票的下跌显然也是真实的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ce20ba4582e3d0622ce52dd3197c88c\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>AMC stock soared on Friday after some good Spidey numbers. (Photo by Tom Cooper/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>在一些不错的蜘蛛侠数据公布后，AMC股价周五飙升。（汤姆·库珀/盖蒂图片社摄）</span></p></blockquote></p><p> The only thing people were doing more on Thursday and Friday than seeing the new “Spider-Man” movie was getting a positive COVID test result, but retail investors stayed focused on the former and will worry about the latter next week…apparently.</p><p><blockquote>人们在周四和周五做得比看新的“蜘蛛侠”电影更多的唯一一件事就是获得了阳性的COVID测试结果，但散户投资者仍然专注于前者，下周将担心后者……显然。</blockquote></p><p> In response to a big Thursday dip and some early morning boffo box-office results for “Spider-Man: No Way Home,” stock in AMC Entertainment&nbsp;soared more than 19% on Friday as the theatre chain’s loyal army of social media “Apes” piled into the trade, pushing the price briefly above $30 a share for the first time on over two weeks.</p><p><blockquote>为了应对周四的大幅下跌以及《蜘蛛侠：英雄无归》(Spider-Man：No Way Home)凌晨的一些boffo票房成绩，AMC院线股价周五飙升了19%以上，因为该连锁影院忠实的社交媒体“猿”大军蜂拥而至。交易，两周多来首次将股价推高至每股30美元以上。</blockquote></p><p> And like many surges in AMC in 2021, Friday’s move was keyed in part by a tweet from the company’s CEO Adam Aron.</p><p><blockquote>与2021年AMC的许多飙升一样，周五的举动在一定程度上是由该公司首席执行官亚当·阿伦(Adam Aron)的一条推文决定的。</blockquote></p><p> Those numbers are even more “staggering” considering that the omicron variant is spreading at an alarming rate and the Dow Jones Industrial Average fell more than 530 points on Friday as investors braced for a tidal wave of COVID cases hitting a week before Christmas.</p><p><blockquote>考虑到奥密克戎变种正在以惊人的速度传播，而且道琼斯工业平均指数周五下跌超过530点，投资者准备迎接圣诞节前一周爆发的新冠病例浪潮，这些数字更加“令人震惊”。</blockquote></p><p> On Reddit, the vibe was…different.</p><p><blockquote>在Reddit上，气氛是…不同的。</blockquote></p><p> “Apes something is happening,” was the title of one popular Friday morning post on subreddit r/AMCStock. “Dow down almost 600 and we are rocketing.”</p><p><blockquote>Reddit r/AMCStock子网站上一篇受欢迎的周五早间帖子的标题是“猿类正在发生一些事情”。“道琼斯指数下跌了近600点，我们的股价却在飙升。”</blockquote></p><p> “I call it ‘The Spidey Effect,’ AKA ‘The Peter Tingle,'” responded a fellow Ape.</p><p><blockquote>“我看涨期权它是‘蜘蛛侠效应’，又名‘彼得刺痛’，”一只猿同伴回答道。</blockquote></p><p> Still, other Apes were not yet appeased.</p><p><blockquote>尽管如此，其他类人猿还没有被安抚。</blockquote></p><p> “This isn’t MOASS,” cautioned one user. “This is a teenie, weenie spike. Yawn. Don’t get excited, until it raises 10,000% minimum.”</p><p><blockquote>“这不是MOASS，”一位用户警告说。“这是一只小猪，小猪斯派克。打哈欠。别激动，直到它至少涨了10,000%。”</blockquote></p><p> But that might be tough, at least in the short-term.</p><p><blockquote>但这可能很困难，至少在短期内是这样。</blockquote></p><p> At a Thursday White House briefing, President Joe Biden warned that omicron is “here now and it’s spreading and it’s gonna increase.”</p><p><blockquote>在周四的白宫新闻发布会上，总统乔·拜登警告说，奥密克戎“现在就在这里，而且正在蔓延，而且还会增加”。</blockquote></p><p> He went on to predict that unvaccinated Americans are facing a “winter of severe illness and death.”</p><p><blockquote>他接着预测，未接种疫苗的美国人正面临“严重疾病和死亡的冬天”。</blockquote></p><p> A spread like March 2020, even with many Americans vaccinated potentially lessening hospitalizations, will put a crimp in AMC’s bottom line. That’s not a fault of AMC’s or a prediction that it won’t rebound after the wave crests, but it is a very likely outcome.</p><p><blockquote>像2020年3月这样的传播，即使许多美国人接种了疫苗，可能会减少住院人数，也将影响AMC的利润。这并不是AMC的错，也不是预测其在波峰后不会反弹，但这是一个很有可能的结果。</blockquote></p><p> And there’s also a tough case to make that AMC is currently squeezable. According to Ortex, short interest on AMC was flat on Friday, holding steady at just over 20% of the entire float.</p><p><blockquote>而且还有一个很难证明AMC目前是可挤压的。据Ortex称，周五AMC的空头兴趣持平，稳定在总流通量的20%多一点。</blockquote></p><p> Interestingly, Fidelity’s buy-to-sell ratio was essentially flat on the day, giving the sense that some paper-handed Apes might have cashed in with an eye on the variant. And we’re not unaware that roughly 30% of the many open options trades on AMC — -and options are a huge part of AMC — expired at Friday’s closing bell.</p><p><blockquote>有趣的是，富达当天的买入卖出比率基本持平，给人的感觉是，一些纸手猿可能已经盯上了这种变体。我们并非不知道，AMC上大约30%的未平仓期权交易（期权是AMC的很大一部分）在周五收盘时到期。</blockquote></p><p> Let’s be honest: GameStop&nbsp;rode AMC’s coattails on Friday as meme stocks –and especially these two — attempt to move together recently, popping 7.6%.</p><p><blockquote>说实话：周五，游戏驿站搭上了AMC的顺风车，meme股票——尤其是这两只——最近试图一起上涨，上涨了7.6%。</blockquote></p><p> One thing that did surprise us was that retail investors did not appear to react to a tweet from GameStop chairman/social-media guru supreme, Ryan Cohen.</p><p><blockquote>让我们感到惊讶的一件事是，散户投资者似乎没有对游戏驿站董事长/社交媒体大师Ryan Cohen的推文做出反应。</blockquote></p><p> And that was especially true considering the nuanced content of the tweet:</p><p><blockquote>考虑到这条推文的微妙内容，这一点尤其正确：</blockquote></p><p> Despite that DD, GameStop shares were actually down 0.3% after the layered communique from Cohen.</p><p><blockquote>尽管如此，在科恩发表分层公报后，游戏驿站股价实际上下跌了0.3%。</blockquote></p><p></p>","source":"lsy1603348471595","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>‘Spider-Man’ yanks AMC stock 19% higher while a poop-emoji tweet has little effect on GameStop<blockquote>《蜘蛛侠》使AMC股价上涨19%，而一条便便表情推文对游戏驿站几乎没有影响</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\">\n‘Spider-Man’ yanks AMC stock 19% higher while a poop-emoji tweet has little effect on GameStop<blockquote>《蜘蛛侠》使AMC股价上涨19%，而一条便便表情推文对游戏驿站几乎没有影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-20 07:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Omicron is real, but so was Thursday’s dip in AMC stock, apparently.</p><p><blockquote>奥密克戎是真实的，但周四AMC股票的下跌显然也是真实的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ce20ba4582e3d0622ce52dd3197c88c\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>AMC stock soared on Friday after some good Spidey numbers. (Photo by Tom Cooper/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>在一些不错的蜘蛛侠数据公布后，AMC股价周五飙升。（汤姆·库珀/盖蒂图片社摄）</span></p></blockquote></p><p> The only thing people were doing more on Thursday and Friday than seeing the new “Spider-Man” movie was getting a positive COVID test result, but retail investors stayed focused on the former and will worry about the latter next week…apparently.</p><p><blockquote>人们在周四和周五做得比看新的“蜘蛛侠”电影更多的唯一一件事就是获得了阳性的COVID测试结果，但散户投资者仍然专注于前者，下周将担心后者……显然。</blockquote></p><p> In response to a big Thursday dip and some early morning boffo box-office results for “Spider-Man: No Way Home,” stock in AMC Entertainment&nbsp;soared more than 19% on Friday as the theatre chain’s loyal army of social media “Apes” piled into the trade, pushing the price briefly above $30 a share for the first time on over two weeks.</p><p><blockquote>为了应对周四的大幅下跌以及《蜘蛛侠：英雄无归》(Spider-Man：No Way Home)凌晨的一些boffo票房成绩，AMC院线股价周五飙升了19%以上，因为该连锁影院忠实的社交媒体“猿”大军蜂拥而至。交易，两周多来首次将股价推高至每股30美元以上。</blockquote></p><p> And like many surges in AMC in 2021, Friday’s move was keyed in part by a tweet from the company’s CEO Adam Aron.</p><p><blockquote>与2021年AMC的许多飙升一样，周五的举动在一定程度上是由该公司首席执行官亚当·阿伦(Adam Aron)的一条推文决定的。</blockquote></p><p> Those numbers are even more “staggering” considering that the omicron variant is spreading at an alarming rate and the Dow Jones Industrial Average fell more than 530 points on Friday as investors braced for a tidal wave of COVID cases hitting a week before Christmas.</p><p><blockquote>考虑到奥密克戎变种正在以惊人的速度传播，而且道琼斯工业平均指数周五下跌超过530点，投资者准备迎接圣诞节前一周爆发的新冠病例浪潮，这些数字更加“令人震惊”。</blockquote></p><p> On Reddit, the vibe was…different.</p><p><blockquote>在Reddit上，气氛是…不同的。</blockquote></p><p> “Apes something is happening,” was the title of one popular Friday morning post on subreddit r/AMCStock. “Dow down almost 600 and we are rocketing.”</p><p><blockquote>Reddit r/AMCStock子网站上一篇受欢迎的周五早间帖子的标题是“猿类正在发生一些事情”。“道琼斯指数下跌了近600点，我们的股价却在飙升。”</blockquote></p><p> “I call it ‘The Spidey Effect,’ AKA ‘The Peter Tingle,'” responded a fellow Ape.</p><p><blockquote>“我看涨期权它是‘蜘蛛侠效应’，又名‘彼得刺痛’，”一只猿同伴回答道。</blockquote></p><p> Still, other Apes were not yet appeased.</p><p><blockquote>尽管如此，其他类人猿还没有被安抚。</blockquote></p><p> “This isn’t MOASS,” cautioned one user. “This is a teenie, weenie spike. Yawn. Don’t get excited, until it raises 10,000% minimum.”</p><p><blockquote>“这不是MOASS，”一位用户警告说。“这是一只小猪，小猪斯派克。打哈欠。别激动，直到它至少涨了10,000%。”</blockquote></p><p> But that might be tough, at least in the short-term.</p><p><blockquote>但这可能很困难，至少在短期内是这样。</blockquote></p><p> At a Thursday White House briefing, President Joe Biden warned that omicron is “here now and it’s spreading and it’s gonna increase.”</p><p><blockquote>在周四的白宫新闻发布会上，总统乔·拜登警告说，奥密克戎“现在就在这里，而且正在蔓延，而且还会增加”。</blockquote></p><p> He went on to predict that unvaccinated Americans are facing a “winter of severe illness and death.”</p><p><blockquote>他接着预测，未接种疫苗的美国人正面临“严重疾病和死亡的冬天”。</blockquote></p><p> A spread like March 2020, even with many Americans vaccinated potentially lessening hospitalizations, will put a crimp in AMC’s bottom line. That’s not a fault of AMC’s or a prediction that it won’t rebound after the wave crests, but it is a very likely outcome.</p><p><blockquote>像2020年3月这样的传播，即使许多美国人接种了疫苗，可能会减少住院人数，也将影响AMC的利润。这并不是AMC的错，也不是预测其在波峰后不会反弹，但这是一个很有可能的结果。</blockquote></p><p> And there’s also a tough case to make that AMC is currently squeezable. According to Ortex, short interest on AMC was flat on Friday, holding steady at just over 20% of the entire float.</p><p><blockquote>而且还有一个很难证明AMC目前是可挤压的。据Ortex称，周五AMC的空头兴趣持平，稳定在总流通量的20%多一点。</blockquote></p><p> Interestingly, Fidelity’s buy-to-sell ratio was essentially flat on the day, giving the sense that some paper-handed Apes might have cashed in with an eye on the variant. And we’re not unaware that roughly 30% of the many open options trades on AMC — -and options are a huge part of AMC — expired at Friday’s closing bell.</p><p><blockquote>有趣的是，富达当天的买入卖出比率基本持平，给人的感觉是，一些纸手猿可能已经盯上了这种变体。我们并非不知道，AMC上大约30%的未平仓期权交易（期权是AMC的很大一部分）在周五收盘时到期。</blockquote></p><p> Let’s be honest: GameStop&nbsp;rode AMC’s coattails on Friday as meme stocks –and especially these two — attempt to move together recently, popping 7.6%.</p><p><blockquote>说实话：周五，游戏驿站搭上了AMC的顺风车，meme股票——尤其是这两只——最近试图一起上涨，上涨了7.6%。</blockquote></p><p> One thing that did surprise us was that retail investors did not appear to react to a tweet from GameStop chairman/social-media guru supreme, Ryan Cohen.</p><p><blockquote>让我们感到惊讶的一件事是，散户投资者似乎没有对游戏驿站董事长/社交媒体大师Ryan Cohen的推文做出反应。</blockquote></p><p> And that was especially true considering the nuanced content of the tweet:</p><p><blockquote>考虑到这条推文的微妙内容，这一点尤其正确：</blockquote></p><p> Despite that DD, GameStop shares were actually down 0.3% after the layered communique from Cohen.</p><p><blockquote>尽管如此，在科恩发表分层公报后，游戏驿站股价实际上下跌了0.3%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/spider-man-yanks-amc-stock-19-higher-while-a-poop-emoji-tweet-has-little-effect-on-gamestop-11639782751?mod=home-page\">MarketWatch</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":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/spider-man-yanks-amc-stock-19-higher-while-a-poop-emoji-tweet-has-little-effect-on-gamestop-11639782751?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120287059","content_text":"Omicron is real, but so was Thursday’s dip in AMC stock, apparently.\nAMC stock soared on Friday after some good Spidey numbers. (Photo by Tom Cooper/Getty Images)\nThe only thing people were doing more on Thursday and Friday than seeing the new “Spider-Man” movie was getting a positive COVID test result, but retail investors stayed focused on the former and will worry about the latter next week…apparently.\nIn response to a big Thursday dip and some early morning boffo box-office results for “Spider-Man: No Way Home,” stock in AMC Entertainment soared more than 19% on Friday as the theatre chain’s loyal army of social media “Apes” piled into the trade, pushing the price briefly above $30 a share for the first time on over two weeks.\nAnd like many surges in AMC in 2021, Friday’s move was keyed in part by a tweet from the company’s CEO Adam Aron.\nThose numbers are even more “staggering” considering that the omicron variant is spreading at an alarming rate and the Dow Jones Industrial Average fell more than 530 points on Friday as investors braced for a tidal wave of COVID cases hitting a week before Christmas.\nOn Reddit, the vibe was…different.\n“Apes something is happening,” was the title of one popular Friday morning post on subreddit r/AMCStock. “Dow down almost 600 and we are rocketing.”\n“I call it ‘The Spidey Effect,’ AKA ‘The Peter Tingle,'” responded a fellow Ape.\nStill, other Apes were not yet appeased.\n“This isn’t MOASS,” cautioned one user. “This is a teenie, weenie spike. Yawn. Don’t get excited, until it raises 10,000% minimum.”\nBut that might be tough, at least in the short-term.\nAt a Thursday White House briefing, President Joe Biden warned that omicron is “here now and it’s spreading and it’s gonna increase.”\nHe went on to predict that unvaccinated Americans are facing a “winter of severe illness and death.”\nA spread like March 2020, even with many Americans vaccinated potentially lessening hospitalizations, will put a crimp in AMC’s bottom line. That’s not a fault of AMC’s or a prediction that it won’t rebound after the wave crests, but it is a very likely outcome.\nAnd there’s also a tough case to make that AMC is currently squeezable. According to Ortex, short interest on AMC was flat on Friday, holding steady at just over 20% of the entire float.\nInterestingly, Fidelity’s buy-to-sell ratio was essentially flat on the day, giving the sense that some paper-handed Apes might have cashed in with an eye on the variant. And we’re not unaware that roughly 30% of the many open options trades on AMC — -and options are a huge part of AMC — expired at Friday’s closing bell.\nLet’s be honest: GameStop rode AMC’s coattails on Friday as meme stocks –and especially these two — attempt to move together recently, popping 7.6%.\nOne thing that did surprise us was that retail investors did not appear to react to a tweet from GameStop chairman/social-media guru supreme, Ryan Cohen.\nAnd that was especially true considering the nuanced content of the tweet:\nDespite that DD, GameStop shares were actually down 0.3% after the layered communique from Cohen.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699427246,"gmtCreate":1639880315333,"gmtModify":1639880316384,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699427246","repostId":"1170599515","repostType":4,"repost":{"id":"1170599515","kind":"news","pubTimestamp":1639872378,"share":"https://www.laohu8.com/m/news/1170599515?lang=zh_CN&edition=full","pubTime":"2021-12-19 08:06","market":"us","language":"en","title":"Nio unveils new model and talks power at Nio Day event<blockquote>蔚来在蔚来日活动中推出新车型并谈论动力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170599515","media":"Seeking Alpha","summary":"$Nio $ unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.The automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\". The ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenar","content":"<p><a href=\"https://laohu8.com/S/NIO\">Nio </a> unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.</p><p><blockquote><a href=\"https://laohu8.com/S/NIO\">蔚来</a>今天在2021年蔚来日推出了ET5中型智能电动轿车。该车是这家中国电动汽车制造商的第五款量产车型。</blockquote></p><p> The automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\"</p><p><blockquote>该汽车制造商表示，ET5借鉴了ET7流畅的轮廓，“将高性能自动驾驶传感器无缝集成到其纯粹而进步的车身线条中”。</blockquote></p><p> Customers can buy the ET5 with battery pack for 328,000 yuan ($51,450) for the version with 75kWh battery pack and 386,000 yuan ($60,550) for the 100kWh version. Those prices are before subsidies.</p><p><blockquote>客户可以以328,000元（51,450美元）的价格购买带电池组的ET5，75kWh电池组版本和386,000元（60,550美元）的价格购买100kWh版本。这些价格是补贴前的价格。</blockquote></p><p> The ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenarios such as highways, urban areas, parking and battery swapping.</p><p><blockquote>ET5以最新的蔚来自动驾驶为特色，据称将在高速公路、市区、停车和换电等场景逐步实现安全放心的自动驾驶体验。</blockquote></p><p> Other highlights from Nio's (NIO) event included updates on the ET7. The company also talked up its power and battery charging initiatives. Nio (NIO) said it has now deployed 3,348 destination chargers and 3,136 super chargers across China. Home chargers have been installed for 94K users.</p><p><blockquote>蔚来（蔚来）活动的其他亮点包括ET7的更新。该公司还谈到了其电力和电池充电计划。蔚来（蔚来）表示，目前已在全国部署3348个目的地充电桩和3136个超级充电桩。已经为94K用户安装了家用充电器。</blockquote></p><p> Watch Nio (NIO) for a bounce on Monday if the event creates buzz. Nio is already one of the most discussed stocks on StockTwits and Reddit's WallStreetBets. See all the stocks on watch next week for some share price volatility.</p><p><blockquote>如果该事件引起轰动，请关注蔚来（蔚来）周一的反弹。蔚来已经是StockTwits和Reddit的WallStreetBets上讨论最多的股票之一。查看下周关注的所有股票，了解股价波动情况。</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 unveils new model and talks power at Nio Day event<blockquote>蔚来在蔚来日活动中推出新车型并谈论动力</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 unveils new model and talks power at Nio Day event<blockquote>蔚来在蔚来日活动中推出新车型并谈论动力</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\">2021-12-19 08:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/NIO\">Nio </a> unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.</p><p><blockquote><a href=\"https://laohu8.com/S/NIO\">蔚来</a>今天在2021年蔚来日推出了ET5中型智能电动轿车。该车是这家中国电动汽车制造商的第五款量产车型。</blockquote></p><p> The automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\"</p><p><blockquote>该汽车制造商表示，ET5借鉴了ET7流畅的轮廓，“将高性能自动驾驶传感器无缝集成到其纯粹而进步的车身线条中”。</blockquote></p><p> Customers can buy the ET5 with battery pack for 328,000 yuan ($51,450) for the version with 75kWh battery pack and 386,000 yuan ($60,550) for the 100kWh version. Those prices are before subsidies.</p><p><blockquote>客户可以以328,000元（51,450美元）的价格购买带电池组的ET5，75kWh电池组版本和386,000元（60,550美元）的价格购买100kWh版本。这些价格是补贴前的价格。</blockquote></p><p> The ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenarios such as highways, urban areas, parking and battery swapping.</p><p><blockquote>ET5以最新的蔚来自动驾驶为特色，据称将在高速公路、市区、停车和换电等场景逐步实现安全放心的自动驾驶体验。</blockquote></p><p> Other highlights from Nio's (NIO) event included updates on the ET7. The company also talked up its power and battery charging initiatives. Nio (NIO) said it has now deployed 3,348 destination chargers and 3,136 super chargers across China. Home chargers have been installed for 94K users.</p><p><blockquote>蔚来（蔚来）活动的其他亮点包括ET7的更新。该公司还谈到了其电力和电池充电计划。蔚来（蔚来）表示，目前已在全国部署3348个目的地充电桩和3136个超级充电桩。已经为94K用户安装了家用充电器。</blockquote></p><p> Watch Nio (NIO) for a bounce on Monday if the event creates buzz. Nio is already one of the most discussed stocks on StockTwits and Reddit's WallStreetBets. See all the stocks on watch next week for some share price volatility.</p><p><blockquote>如果该事件引起轰动，请关注蔚来（蔚来）周一的反弹。蔚来已经是StockTwits和Reddit的WallStreetBets上讨论最多的股票之一。查看下周关注的所有股票，了解股价波动情况。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3781485-nio-unveils-new-model-and-talks-power-at-nio-day-event\">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":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/news/3781485-nio-unveils-new-model-and-talks-power-at-nio-day-event","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170599515","content_text":"Nio  unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.\nThe automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\"\nCustomers can buy the ET5 with battery pack for 328,000 yuan ($51,450) for the version with 75kWh battery pack and 386,000 yuan ($60,550) for the 100kWh version. Those prices are before subsidies.\nThe ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenarios such as highways, urban areas, parking and battery swapping.\nOther highlights from Nio's (NIO) event included updates on the ET7. The company also talked up its power and battery charging initiatives. Nio (NIO) said it has now deployed 3,348 destination chargers and 3,136 super chargers across China. Home chargers have been installed for 94K users.\nWatch Nio (NIO) for a bounce on Monday if the event creates buzz. Nio is already one of the most discussed stocks on StockTwits and Reddit's WallStreetBets. See all the stocks on watch next week for some share price volatility.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699944495,"gmtCreate":1639743649489,"gmtModify":1639743649765,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699944495","repostId":"1100263945","repostType":4,"repost":{"id":"1100263945","kind":"news","pubTimestamp":1639743287,"share":"https://www.laohu8.com/m/news/1100263945?lang=zh_CN&edition=full","pubTime":"2021-12-17 20:14","market":"us","language":"en","title":"3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100263945","media":"Benzinga","summary":"When insiders purchase shares, it indicates their confidence in the company's prospects or that they","content":"<p><div> When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. ...</p><p><blockquote><div>当内部人士购买股票时，表明他们对公司前景充满信心，或者认为该股票很便宜。不管怎样，这都标志着做多股票的机会。...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">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>3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</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 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-17 20:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. ...</p><p><blockquote><div>当内部人士购买股票时，表明他们对公司前景充满信心，或者认为该股票很便宜。不管怎样，这都标志着做多股票的机会。...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying\">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/21/12/24665866/3-stocks-insiders-are-buying\">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":{"BCOR":"GRAYSCALE BITCOIN ADOPTERS ETF","GIC":"Global Industry Company"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24665866/3-stocks-insiders-are-buying","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100263945","content_text":"When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.\nBelow is a look at a few recent notable insider purchases.\nGlobal Industrial\n\nThe Trade:Global Industrial Company(NYSE:GIC) Vice Chairman Robert Leeds acquired a total of 6820000 shares at an average price of $32.37. To acquire these shares, it cost $92,050,157.58. The insider also sold a total of 4340000 shares.\nWhat’s Happening:The company, last month, posted mixed quarterly results.\nWhat Global Industrial Does:Global Industrial Co is a value-added industrial distributor. It distributes a wide range of industrial and maintenance, repair, and operations (MRO) products to customers across North America, including storage and shelving, material handling, janitorial and maintenance, safety and security, furniture and office, HVAC/R and fans, workbenches, and shop desks, outdoor and grounds maintenance, plumbing and pumps, and packaging and supplies.\n\nLazydays Holdings\n\nThe Trade:Lazydays Holdings, Inc.(NASDAQ:LAZY) Director Christopher Shackelton acquired a total of 87184 shares at an average price of $20.35. To acquire these shares, it cost $1,774,008.66.\nWhat’s Happening:Lazydays, last month, posted Q3 sales of $318.70 million.\nWhat Lazydays Holdings Does:Lazydays Holdings Inc operates recreational vehicle dealerships. It provides various products, including RV sales, RV services, financing and insurance products, RV parts and accessories, RV rentals, third-party protection plans, and RV camping for RV owners.\n\nBlucora\n\nThe Trade:Blucora, Inc.(NASDAQ:BCOR) CEO Christopher W. Waltersbought a total of 10000 sharesat an average price of $16.73. To acquire these shares, it cost $167,300.00.\nWhat’s Happening:JP Morgan recently downgraded Blucora from Overweight to Neutral and lowered the price target from $27 to $22..\nWhat Blucora Does:Blucora Inc is a provider of technology-enabled financial solutions for consumers, small business owners, and tax professionals.","news_type":1,"symbols_score_info":{"BCOR":0.9,"GIC":0.9,"LAZY":0.9}},"isVote":1,"tweetType":1,"viewCount":972,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690131442,"gmtCreate":1639646260699,"gmtModify":1639646260980,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690131442","repostId":"1107214682","repostType":4,"repost":{"id":"1107214682","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":1639645413,"share":"https://www.laohu8.com/m/news/1107214682?lang=zh_CN&edition=full","pubTime":"2021-12-16 17:03","market":"us","language":"en","title":"AMC jumped nearly 7% in premarket trading as Reddit confidentially filed to go public<blockquote>Reddit秘密申请上市，AMC盘前交易上涨近7%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107214682","media":"Tiger Newspress","summary":"AMC jumped nearly 7% in premarket trading as Reddit confidentially filed to go public.Reddit Inc, kn","content":"<p>AMC jumped nearly 7% in premarket trading as Reddit confidentially filed to go public.<img src=\"https://static.tigerbbs.com/8ba9c530b03b7764eee1e8a61bbf1289\" tg-width=\"772\" tg-height=\"556\" width=\"100%\" height=\"auto\">Reddit Inc, known for its message boards that became the go-to destination for day traders during this year's meme stock frenzy, said on Wednesday it had confidentially filed for an initial public offering with U.S. securities regulators.</p><p><blockquote>随着Reddit秘密申请上市，AMC在盘前交易中上涨近7%。Reddit Inc以其留言板而闻名，在今年的meme股票狂潮期间成为日内交易者的首选目的地，该公司周三表示，已秘密向美国证券监管机构申请首次公开募股。</blockquote></p><p> Founded in 2005 by Steve Huffman and entrepreneur Alexis Ohanian, Reddit was valued at $10 billion in a private fundraising round earlier this year.</p><p><blockquote>Reddit由Steve Huffman和企业家Alexis Ohanian于2005年创立，在今年早些时候的一轮私人融资中估值为100亿美元。</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>AMC jumped nearly 7% in premarket trading as Reddit confidentially filed to go public<blockquote>Reddit秘密申请上市，AMC盘前交易上涨近7%</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; 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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\">\nAMC jumped nearly 7% in premarket trading as Reddit confidentially filed to go public<blockquote>Reddit秘密申请上市，AMC盘前交易上涨近7%</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\">2021-12-16 17:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>AMC jumped nearly 7% in premarket trading as Reddit confidentially filed to go public.<img src=\"https://static.tigerbbs.com/8ba9c530b03b7764eee1e8a61bbf1289\" tg-width=\"772\" tg-height=\"556\" width=\"100%\" height=\"auto\">Reddit Inc, known for its message boards that became the go-to destination for day traders during this year's meme stock frenzy, said on Wednesday it had confidentially filed for an initial public offering with U.S. securities regulators.</p><p><blockquote>随着Reddit秘密申请上市，AMC在盘前交易中上涨近7%。Reddit Inc以其留言板而闻名，在今年的meme股票狂潮期间成为日内交易者的首选目的地，该公司周三表示，已秘密向美国证券监管机构申请首次公开募股。</blockquote></p><p> Founded in 2005 by Steve Huffman and entrepreneur Alexis Ohanian, Reddit was valued at $10 billion in a private fundraising round earlier this year.</p><p><blockquote>Reddit由Steve Huffman和企业家Alexis Ohanian于2005年创立，在今年早些时候的一轮私人融资中估值为100亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107214682","content_text":"AMC jumped nearly 7% in premarket trading as Reddit confidentially filed to go public.Reddit Inc, known for its message boards that became the go-to destination for day traders during this year's meme stock frenzy, said on Wednesday it had confidentially filed for an initial public offering with U.S. securities regulators.\nFounded in 2005 by Steve Huffman and entrepreneur Alexis Ohanian, Reddit was valued at $10 billion in a private fundraising round earlier this year.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":168502519,"gmtCreate":1623977900131,"gmtModify":1634024920568,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/168502519","repostId":"2144495197","repostType":4,"isVote":1,"tweetType":1,"viewCount":183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882574016,"gmtCreate":1631712729535,"gmtModify":1631891544724,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/882574016","repostId":"2167595949","repostType":4,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":867798168,"gmtCreate":1633312556711,"gmtModify":1633312557046,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/867798168","repostId":"1145081858","repostType":4,"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":119933360,"gmtCreate":1622512226850,"gmtModify":1634100951333,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/119933360","repostId":"1105273964","repostType":4,"repost":{"id":"1105273964","kind":"news","pubTimestamp":1622511256,"share":"https://www.laohu8.com/m/news/1105273964?lang=zh_CN&edition=full","pubTime":"2021-06-01 09:34","market":"us","language":"en","title":"Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105273964","media":"Barron's","summary":"The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.That left us with 11 names. First up:CureVac, which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its ","content":"<p>The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.</p><p><blockquote>首次公开募股市场最近为那些能够在公司上市前获得股票的投资者带来了一些巨大的首日收益。</blockquote></p><p>But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.<i>Barron’s</i>looked at businesses that have gone public in the past 12 months to find some strong performers.</p><p><blockquote>但并不是每个人都能得到这些类型的机会。大多数散户投资者必须等到公司开始公开交易才能购买股票。<i>巴伦周刊</i>研究了过去12个月内上市的企业，发现了一些表现强劲的企业。</blockquote></p><p>First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..</p><p><blockquote>首先，我们搜索通过传统首次公开募股上市的公司：这意味着我们过滤掉了与特殊目的收购公司（SPAC）合并的企业。然后，我们搜索了在纽约证券交易所或纳斯达克上市的公司。我们还关注市值至少为10亿美元的实体。我们将搜索范围缩小到股票发行价总回报最高的公司。</blockquote></p><p>That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .</p><p><blockquote>我们只剩下11个名字了。首先是CureVac（股票代码：CVAC），这是银幕上表现最好的IPO，总回报率为596.75%。CureVac专注于信使RNA或mRNA技术，该技术是几个领先的新冠肺炎疫苗项目的基础。这家德国生物技术公司于8月份以每股16美元的价格上市，首日飙升249%，收于55.90美元。一月份，CureVac与Bayerto达成协议，加速其Covid-19候选疫苗的开发和供应。该公司基于mRNA的新冠疫苗目前正在进行临床试验，预计今年夏天将获得2b/3期数据。自首次公开募股以来，该股几乎翻了一番，周五收于111.48美元。</blockquote></p><p>Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.</p><p><blockquote>强劲的表现不一定取决于第一天交易的成功。上榜的公司中有四家交易失败，这意味着它们的股价在交易首日就跌破了IPO价格。</blockquote></p><p>Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.</p><p><blockquote>典型的例子：以星综合航运(ZIM)。这家轻资产航运公司于1月份上市，发行价为15美元，但当天收盘价为11.50美元。然而，到5月19日，以星公布第一季度盈利5.896亿美元（即每股5.35美元）后，其股价已上涨295%。该公司还宣布派发每股2美元的特别现金股息。FactSet的数据显示，以星是过去12个月中表现第二好的IPO，总回报率为209.33%。周五收于46.40美元。</blockquote></p><p>Another example isAcademy Sports &amp; Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading<b>.</b>Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.</p><p><blockquote>另一个例子是Academy Sports&amp;Outdoors(ASO)：该公司于10月份上市，发行价为13美元，公开交易首日收盘价为12.99美元<b>.</b>Academy上市时实现盈利，这在IPO市场上是罕见的。今年3月，该公司报告称，截至1月30日的第四财季净利润飙升416%，达到9150万美元，即每股97美分。自IPO以来，其股价已上涨近两倍，周五交易价格为36.53美元。FactSet表示，Academy Sports排名第三，发行价总回报率为181%。</blockquote></p><p>Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.<img src=\"https://static.tigerbbs.com/9dedc209ede147958c015d3a586bb587\" tg-width=\"630\" tg-height=\"606\">Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.</p><p><blockquote>强劲上涨者这些公司均于去年上市，与IPO价格相比，总回报率较高。这一类别的还有Corsair Gaming(CRSR)，一家为游戏玩家生产高性能装备的加州公司，以及总部位于迪拜的Yalla Group(YALA)，该公司生产一款在中东和北非使用的名为Yalla的语音聊天应用程序。在9月份IPO表现不佳后，这两只股票均强劲反弹。</blockquote></p><p>Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.</p><p><blockquote>一些上榜公司在首次亮相时股价飙升，但此后股价出现回落。尽管如此，这些公司仍在产生收益。</blockquote></p><p>ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce&nbsp;went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.</p><p><blockquote>考虑一下BigCommerce（BIGC），它提供了一个云电子商务平台，被SkullCandy、Savannah Bee Co和Cleveland Cavaliers等客户使用。BigCommerce于8月上市，发行价为24美元，当天股价飙升201%，收于72.27美元。自IPO以来，由于更广泛的科技股抛售，该股股价已下跌近25%。</blockquote></p><p>The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.</p><p><blockquote>然而，该公司报告了一些积极的进展，例如2月份的一项交易，该交易将使BigCommerce客户能够直接在沃尔玛市场上销售。它还公布了好于预期的第四季度业绩。根据FactSet的数据，BigCommerce的总回报率接近127%。</blockquote></p><p>Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.</p><p><blockquote>其他公司的股价自上市以来也出现了上涨。Dream Finders Homes(DFH)在高增长市场设计、建造和销售房屋，在1月份以每股13美元的价格首次上市时已经实现盈利。首日股价飙升61%，至20.95美元。3月份房价以2005年以来最快的速度增长，这对房地产股有所帮助。Dream Finders股价自IPO以来已上涨近52%，周五交易价格为31.77美元。Dream Finders的总发行价回报率为144.38%。</blockquote></p><p></p>","source":"lsy1610680873436","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>Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</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\">\nHere Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-06-01 09:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.</p><p><blockquote>首次公开募股市场最近为那些能够在公司上市前获得股票的投资者带来了一些巨大的首日收益。</blockquote></p><p>But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.<i>Barron’s</i>looked at businesses that have gone public in the past 12 months to find some strong performers.</p><p><blockquote>但并不是每个人都能得到这些类型的机会。大多数散户投资者必须等到公司开始公开交易才能购买股票。<i>巴伦周刊</i>研究了过去12个月内上市的企业，发现了一些表现强劲的企业。</blockquote></p><p>First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..</p><p><blockquote>首先，我们搜索通过传统首次公开募股上市的公司：这意味着我们过滤掉了与特殊目的收购公司（SPAC）合并的企业。然后，我们搜索了在纽约证券交易所或纳斯达克上市的公司。我们还关注市值至少为10亿美元的实体。我们将搜索范围缩小到股票发行价总回报最高的公司。</blockquote></p><p>That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .</p><p><blockquote>我们只剩下11个名字了。首先是CureVac（股票代码：CVAC），这是银幕上表现最好的IPO，总回报率为596.75%。CureVac专注于信使RNA或mRNA技术，该技术是几个领先的新冠肺炎疫苗项目的基础。这家德国生物技术公司于8月份以每股16美元的价格上市，首日飙升249%，收于55.90美元。一月份，CureVac与Bayerto达成协议，加速其Covid-19候选疫苗的开发和供应。该公司基于mRNA的新冠疫苗目前正在进行临床试验，预计今年夏天将获得2b/3期数据。自首次公开募股以来，该股几乎翻了一番，周五收于111.48美元。</blockquote></p><p>Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.</p><p><blockquote>强劲的表现不一定取决于第一天交易的成功。上榜的公司中有四家交易失败，这意味着它们的股价在交易首日就跌破了IPO价格。</blockquote></p><p>Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.</p><p><blockquote>典型的例子：以星综合航运(ZIM)。这家轻资产航运公司于1月份上市，发行价为15美元，但当天收盘价为11.50美元。然而，到5月19日，以星公布第一季度盈利5.896亿美元（即每股5.35美元）后，其股价已上涨295%。该公司还宣布派发每股2美元的特别现金股息。FactSet的数据显示，以星是过去12个月中表现第二好的IPO，总回报率为209.33%。周五收于46.40美元。</blockquote></p><p>Another example isAcademy Sports &amp; Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading<b>.</b>Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.</p><p><blockquote>另一个例子是Academy Sports&amp;Outdoors(ASO)：该公司于10月份上市，发行价为13美元，公开交易首日收盘价为12.99美元<b>.</b>Academy上市时实现盈利，这在IPO市场上是罕见的。今年3月，该公司报告称，截至1月30日的第四财季净利润飙升416%，达到9150万美元，即每股97美分。自IPO以来，其股价已上涨近两倍，周五交易价格为36.53美元。FactSet表示，Academy Sports排名第三，发行价总回报率为181%。</blockquote></p><p>Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.<img src=\"https://static.tigerbbs.com/9dedc209ede147958c015d3a586bb587\" tg-width=\"630\" tg-height=\"606\">Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.</p><p><blockquote>强劲上涨者这些公司均于去年上市，与IPO价格相比，总回报率较高。这一类别的还有Corsair Gaming(CRSR)，一家为游戏玩家生产高性能装备的加州公司，以及总部位于迪拜的Yalla Group(YALA)，该公司生产一款在中东和北非使用的名为Yalla的语音聊天应用程序。在9月份IPO表现不佳后，这两只股票均强劲反弹。</blockquote></p><p>Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.</p><p><blockquote>一些上榜公司在首次亮相时股价飙升，但此后股价出现回落。尽管如此，这些公司仍在产生收益。</blockquote></p><p>ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce&nbsp;went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.</p><p><blockquote>考虑一下BigCommerce（BIGC），它提供了一个云电子商务平台，被SkullCandy、Savannah Bee Co和Cleveland Cavaliers等客户使用。BigCommerce于8月上市，发行价为24美元，当天股价飙升201%，收于72.27美元。自IPO以来，由于更广泛的科技股抛售，该股股价已下跌近25%。</blockquote></p><p>The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.</p><p><blockquote>然而，该公司报告了一些积极的进展，例如2月份的一项交易，该交易将使BigCommerce客户能够直接在沃尔玛市场上销售。它还公布了好于预期的第四季度业绩。根据FactSet的数据，BigCommerce的总回报率接近127%。</blockquote></p><p>Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.</p><p><blockquote>其他公司的股价自上市以来也出现了上涨。Dream Finders Homes(DFH)在高增长市场设计、建造和销售房屋，在1月份以每股13美元的价格首次上市时已经实现盈利。首日股价飙升61%，至20.95美元。3月份房价以2005年以来最快的速度增长，这对房地产股有所帮助。Dream Finders股价自IPO以来已上涨近52%，周五交易价格为31.77美元。Dream Finders的总发行价回报率为144.38%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/here-are-the-11-best-performing-ipos-of-the-year-51622472529?mod=hp_DAY_0\">Barron's</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":{},"source_url":"https://www.barrons.com/articles/here-are-the-11-best-performing-ipos-of-the-year-51622472529?mod=hp_DAY_0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105273964","content_text":"The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.Barron’slooked at businesses that have gone public in the past 12 months to find some strong performers.First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.Another example isAcademy Sports & Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading.Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.","news_type":1,"symbols_score_info":{"BOTB.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132378124,"gmtCreate":1622074144868,"gmtModify":1634184164593,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. 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Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/111647376","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831367382,"gmtCreate":1629289983546,"gmtModify":1633685956821,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/831367382","repostId":"1157810640","repostType":4,"isVote":1,"tweetType":1,"viewCount":846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833017111,"gmtCreate":1629189223033,"gmtModify":1633686708082,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/833017111","repostId":"2160791292","repostType":4,"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809841745,"gmtCreate":1627360678787,"gmtModify":1633765720136,"author":{"id":"3581502897038686","authorId":"3581502897038686","name":"Grit100","avatar":"https://static.tigerbbs.com/c3c65cb20cfcce91cc07fddb27bc3ccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581502897038686","idStr":"3581502897038686"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/809841745","repostId":"1190848120","repostType":4,"repost":{"id":"1190848120","kind":"news","pubTimestamp":1627356244,"share":"https://www.laohu8.com/m/news/1190848120?lang=zh_CN&edition=full","pubTime":"2021-07-27 11:24","market":"us","language":"en","title":"AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190848120","media":"Barrons","summary":"When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors","content":"<p>When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.</p><p><blockquote>当芯片设计公司Advanced Micro Devices周二收盘后公布财报时，投资者预计每股利润将增长266%，收入将几乎翻一番。</blockquote></p><p> Amid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.</p><p><blockquote>在芯片短缺导致全球经济瘫痪的情况下，投资者对半导体业务抱有很高的期望。</blockquote></p><p> For AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).</p><p><blockquote>对于AMD（股票代码：AMD）来说，该公司能否超出高预期可能取决于其来自数据中心芯片的收入。在竞争对手英特尔(INTC)推迟推出新型先进服务器芯片后，数据中心市场对AMD来说充满了机会。</blockquote></p><p> Jefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.</p><p><blockquote>Jefferies分析师Mark Lipacis写道，根据其团队的行业检查，AMD的Milan服务器芯片将在今年下半年从英特尔手中夺走大量市场份额。</blockquote></p><p> AMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.</p><p><blockquote>AMD高管一直发布看涨指引。4月份，该公司预测第二季度收入将增长86%，达到约36亿美元。分析师目前预计第二季度调整后每股利润为54美分，营收为36亿美元。</blockquote></p><p> Wall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).</p><p><blockquote>华尔街预计AMD将实现22亿美元的计算机和图形部门收入，14亿美元的企业、嵌入式和半定制收入。该公司的半定制业务包括为微软(MSFT)和Sony(SNE)销售的新型视频游戏机设计的芯片。</blockquote></p><p> AMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.</p><p><blockquote>AMD此前曾表示，预计2021年全年营收将较去年增长约50%。</blockquote></p><p> AMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.</p><p><blockquote>AMD的增长潜力可能会受到难以获得芯片制造所需材料和组件以及难以从包括台积电(TSM)在内的合同制造商获得额外产能的限制。BMO资本市场分析师Ambrish Srivastava写道，数据中心的需求可能会因零部件短缺和制造芯片所需的一些材料而受到损害。</blockquote></p><p> Because AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.</p><p><blockquote>由于AMD股价的市盈率很高——未来12个月盈利预期的42倍——Srivastava表示，该公司需要超出华尔街预期一个“有意义”的金额，并再次上调全年指引以推动股价走高。</blockquote></p><p> AMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.</p><p><blockquote>AMD公布的过去四个季度的每股利润好于预期。过去两年，该公司仅有一次未达到收入预期。</blockquote></p><p> Outsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.</p><p><blockquote>高管们的过高预期和看涨预测最近并没有对AMD的股价产生多大帮助。AMD股价在2020年飙升后，今年持平，而PHLX半导体指数上涨17%。</blockquote></p><p> Among Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.</p><p><blockquote>在研究AMD的华尔街分析师中，25人将该股评级为买入，15人评级为持有，3人评级为卖出。平均目标价为102.35美元，较近期收盘价91.82美元上涨11%。</blockquote></p><p></p>","source":"lsy1601382232898","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>AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</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\">\nAMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD周二公布财报。这一切都与数据中心有关。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-27 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.</p><p><blockquote>当芯片设计公司Advanced Micro Devices周二收盘后公布财报时，投资者预计每股利润将增长266%，收入将几乎翻一番。</blockquote></p><p> Amid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.</p><p><blockquote>在芯片短缺导致全球经济瘫痪的情况下，投资者对半导体业务抱有很高的期望。</blockquote></p><p> For AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).</p><p><blockquote>对于AMD（股票代码：AMD）来说，该公司能否超出高预期可能取决于其来自数据中心芯片的收入。在竞争对手英特尔(INTC)推迟推出新型先进服务器芯片后，数据中心市场对AMD来说充满了机会。</blockquote></p><p> Jefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.</p><p><blockquote>Jefferies分析师Mark Lipacis写道，根据其团队的行业检查，AMD的Milan服务器芯片将在今年下半年从英特尔手中夺走大量市场份额。</blockquote></p><p> AMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.</p><p><blockquote>AMD高管一直发布看涨指引。4月份，该公司预测第二季度收入将增长86%，达到约36亿美元。分析师目前预计第二季度调整后每股利润为54美分，营收为36亿美元。</blockquote></p><p> Wall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).</p><p><blockquote>华尔街预计AMD将实现22亿美元的计算机和图形部门收入，14亿美元的企业、嵌入式和半定制收入。该公司的半定制业务包括为微软(MSFT)和Sony(SNE)销售的新型视频游戏机设计的芯片。</blockquote></p><p> AMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.</p><p><blockquote>AMD此前曾表示，预计2021年全年营收将较去年增长约50%。</blockquote></p><p> AMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.</p><p><blockquote>AMD的增长潜力可能会受到难以获得芯片制造所需材料和组件以及难以从包括台积电(TSM)在内的合同制造商获得额外产能的限制。BMO资本市场分析师Ambrish Srivastava写道，数据中心的需求可能会因零部件短缺和制造芯片所需的一些材料而受到损害。</blockquote></p><p> Because AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.</p><p><blockquote>由于AMD股价的市盈率很高——未来12个月盈利预期的42倍——Srivastava表示，该公司需要超出华尔街预期一个“有意义”的金额，并再次上调全年指引以推动股价走高。</blockquote></p><p> AMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.</p><p><blockquote>AMD公布的过去四个季度的每股利润好于预期。过去两年，该公司仅有一次未达到收入预期。</blockquote></p><p> Outsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.</p><p><blockquote>高管们的过高预期和看涨预测最近并没有对AMD的股价产生多大帮助。AMD股价在2020年飙升后，今年持平，而PHLX半导体指数上涨17%。</blockquote></p><p> Among Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.</p><p><blockquote>在研究AMD的华尔街分析师中，25人将该股评级为买入，15人评级为持有，3人评级为卖出。平均目标价为102.35美元，较近期收盘价91.82美元上涨11%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amd-reports-earnings-tuesday-its-all-about-the-data-center-51627339031?mod=hp_DAY_3\">Barrons</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":{"AMD":"美国超微公司"},"source_url":"https://www.barrons.com/articles/amd-reports-earnings-tuesday-its-all-about-the-data-center-51627339031?mod=hp_DAY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190848120","content_text":"When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.\nAmid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.\nFor AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).\nJefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.\nAMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.\nWall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).\nAMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.\nAMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.\nBecause AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.\nAMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.\nOutsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.\nAmong Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}