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2021-06-23

Good to know manufacturing hit record high

US Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High<blockquote>制造业调查创历史新高，美国6月服务业意外暴跌</blockquote>

2021-06-19

Thank you for the alerts

3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>

2021-06-17

Good news

抱歉，原内容已删除

2021-07-07

30% upside 👍

抱歉，原内容已删除

2021-06-29

[Strong] [Strong]

抱歉，原内容已删除

2021-06-23

Can still go in now?

ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>

2021-06-19

Value stocks

Adobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>

2021-06-18

My wish come ture

抱歉，原内容已删除

2021-06-18

My wish come ture

抱歉，原内容已删除

2021-07-14

👍

Apple shares rises nearly 1% in premarket trading.<blockquote>苹果股价在盘前交易中上涨近1%。</blockquote>

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The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.</p><p><blockquote>这家总部位于加利福尼亚州库比蒂诺的科技巨头近年来一直保持着从设备推出到年底的首次运行约7500万台的稳定水平。升级后的2021年预测表明，该公司预计将首次推出iPhone，因为新冠肺炎疫苗的推出将释放额外的需求。下一代iPhone将是苹果的第二款5G手机，这是推动用户升级的关键诱惑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158281742","content_text":"Apple shares rises nearly 1% in premarket trading.\nApple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.\nThe Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. 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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":1625234351,"share":"https://www.laohu8.com/m/news/1194221008?lang=zh_CN&edition=full","pubTime":"2021-07-02 21:59","market":"us","language":"en","title":"Big Tech stocks rose strongly in Friday morning trading<blockquote>大型科技股周五早盘强劲上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194221008","media":"Tiger Newspress","summary":"Big Tech stocks rose strongly in Friday morning trading.Apple,Microsoft and Google surged more than ","content":"<p>Big&nbsp;Tech&nbsp;stocks&nbsp;rose&nbsp;strongly&nbsp;in&nbsp;Friday&nbsp;morning&nbsp;trading.Apple,Microsoft&nbsp;and&nbsp;Google&nbsp;surged&nbsp;more&nbsp;than&nbsp;1%.</p><p><blockquote>大型科技股周五早盘强劲上涨。苹果、微软和谷歌飙升超过1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/452d0af25db876ccc77520ef433998ab\" tg-width=\"364\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Tech stocks rose strongly in Friday morning trading<blockquote>大型科技股周五早盘强劲上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Tech stocks rose strongly in Friday morning trading<blockquote>大型科技股周五早盘强劲上涨</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\">2021-07-02 21:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Big&nbsp;Tech&nbsp;stocks&nbsp;rose&nbsp;strongly&nbsp;in&nbsp;Friday&nbsp;morning&nbsp;trading.Apple,Microsoft&nbsp;and&nbsp;Google&nbsp;surged&nbsp;more&nbsp;than&nbsp;1%.</p><p><blockquote>大型科技股周五早盘强劲上涨。苹果、微软和谷歌飙升超过1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/452d0af25db876ccc77520ef433998ab\" tg-width=\"364\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","NFLX":"奈飞","GOOGL":"谷歌A","AMZN":"亚马逊","FB":"ProShares S&P 500 Dynamic Buffer ETF","MSFT":"微软","AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194221008","content_text":"Big Tech stocks rose strongly in Friday morning trading.Apple,Microsoft and Google surged more than 1%.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"AMZN":0.9,"AAPL":0.9,"GOOG":0.9,"MSFT":0.9,"NFLX":0.9,"FB":0.9}},"isVote":1,"tweetType":1,"viewCount":3069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140044406,"gmtCreate":1625621237705,"gmtModify":1633939001462,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"NIO 💪","listText":"NIO 💪","text":"NIO 💪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140044406","repostId":"1135486377","repostType":4,"repost":{"id":"1135486377","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":1625236243,"share":"https://www.laohu8.com/m/news/1135486377?lang=zh_CN&edition=full","pubTime":"2021-07-02 22:30","market":"us","language":"en","title":"Chinese EV stocks slipped in Friday morning trading<blockquote>中国电动汽车股周五早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135486377","media":"Tiger Newspress","summary":"Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto shares fell between","content":"<p>Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto&nbsp;shares&nbsp;fell between 3% and 7%.</p><p><blockquote>中国电动汽车股周五早盘下跌。蔚来汽车、小鹏汽车和理想汽车股价下跌3%至7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1eeb0b07a87842c4c5ac2bbb3c2873f\" tg-width=\"360\" tg-height=\"188\"></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>Chinese EV stocks slipped in Friday morning trading<blockquote>中国电动汽车股周五早盘下跌</blockquote></title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese EV stocks slipped in Friday morning trading<blockquote>中国电动汽车股周五早盘下跌</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\">2021-07-02 22:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto&nbsp;shares&nbsp;fell between 3% and 7%.</p><p><blockquote>中国电动汽车股周五早盘下跌。蔚来汽车、小鹏汽车和理想汽车股价下跌3%至7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1eeb0b07a87842c4c5ac2bbb3c2873f\" tg-width=\"360\" tg-height=\"188\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏汽车","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135486377","content_text":"Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto shares fell between 3% and 7%.","news_type":1,"symbols_score_info":{"NIO":0.9,"LI":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":3084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140041967,"gmtCreate":1625621099559,"gmtModify":1633939006286,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"30% upside 👍","listText":"30% upside 👍","text":"30% upside 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140041967","repostId":"1110936297","repostType":2,"isVote":1,"tweetType":1,"viewCount":1675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140040217,"gmtCreate":1625621035639,"gmtModify":1633939008383,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Looking forward 20","listText":"Looking forward 20","text":"Looking forward 20","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140040217","repostId":"1148768572","repostType":2,"repost":{"id":"1148768572","kind":"news","pubTimestamp":1623822306,"share":"https://www.laohu8.com/m/news/1148768572?lang=zh_CN&edition=full","pubTime":"2021-06-16 13:45","market":"us","language":"en","title":"Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish股票：耐心的投资者很快就会再次看到20美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148768572","media":"seekingalpha","summary":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce tradi","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish(ContextLogic)仍然是电子商务交易中最被低估的资产之一，其远期EV与销售额之比仅为1.3倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然很难找到有关其空头利息的准确数据，因为其大部分流通量仍被锁定，但我估计空头利息在30-40%之间。</li><li>我相信，包括高额营销支出和用户数量停滞在内的看跌论点已经在当前股价中根深蒂固。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock来自Getty Images</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic(WISH)对股东来说是一段疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于12月以每股20美元的价格上市，随后由于势头驱动的反弹，在2月份飙升至32美元的历史高点。尽管如此，自那以后，股价稳步暴跌，在6月份触及仅7美元的历史低点，但在零售交易部门的兴趣增加后，现在正在迅速复苏。在这里，该股因其高波动性、空头兴趣和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种情况下，我认为高空头兴趣越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到20美元或更多，因为该公司正在应对物流挑战，并将很快恢复规模经济。在这方面，该电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish作为一个电子商务平台受到了严厉批评，我几乎可以说，它作为中国商家第三方“直运”网站的形象让投资者迄今为止远离了该股。然而，这可能只是部分正确。从本质上讲，Wish通过低价（低质量）产品和缓慢的交付时间（可能导致长达一周的交付时间）扭转了亚马逊（纳斯达克：AMZN）的商业模式。这是因为Wish本身不处理运输，这就是为什么它可以提供这些超低价格，提供2美元加2美元运费的连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或eBay（纳斯达克：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达计划或更高的价格，它们获得了更高的认知度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我将Wish视为数字美元树，在线购物者在这里发现他们想要而不是需要的商品。在这个过程中，客户对产品更有耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付，物流收入同比增长275%就证明了这一点。由于这些收入的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，在其他国家也可以看到类似的趋势。此外，它正在增长Wish Local，这是一项将本地企业与平台连接起来的服务，占所有Wish订单的7%。Wish local主要（或专门）在美国销售，因此越来越多地与网站上的其他产品混合在一起。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我还喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统可以优化平台增长、用户体验和商家投资回报。创造互动移动购物体验的策略似乎运作良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，展示了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中站稳脚跟，为其提供了巨大的增长空间。目前，大约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其TAM可能有限，因为它专注于低收入利基市场，这也是它最初受欢迎的原因。尽管如此，这仍为Wish提供了超过3万亿美元的市场机会。还值得注意的是，据报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为该业务的年销售额将增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪根深蒂固</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司消耗了超过3亿美元的现金。然而，更重要的是，月活跃用户数稳步下降，该公司将此归咎于该公司在应对今年早些时候面临的物流挑战时不再重视广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$2.54 B</td><td>19亿美元</td><td>$1.73 B</td></tr><tr><td>毛利</td><td>$1.59 B</td><td>$1.46 B</td><td>$1.45 B</td></tr><tr><td><b>销售及市场推广</b></td><td><b>$17.1亿(+17%)</b></td><td><b>$1.46 B(-7%)</b></td><td><b>$1.57 B</b></td></tr><tr><td>老鼠</td><td>1.07亿(+19%)</td><td>9000万(+10%)</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82M</td><tr><td><b>活跃买家</b></td><td><b>6400万(+3%)</b></td><td><b>6200万(-3%)</b></td><td><b>64M</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>Wish最大的看跌理由是其高昂的营销费用，占其总收入的60%，占其毛利润的100%以上。这完全没问题，除非它通过营销增加活跃买家，不幸的是事实并非如此。这是一个危险信号，并质疑Wish商业模式的长期可持续性。然而，该公司一直接近正现金流，并表示如果不是因为其大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的月活跃用户并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish的营销费用占总收入的比例已从上年的67%降至60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这就是该公司本质上强调的。它相信营销费用可以降低到40-45%，从而使EBITDA利润率达到25%的中点范围。如果它实现了这些雄心勃勃的目标（这很有可能），其利润率将与eBay或MercadoLibre（纳斯达克：MELI）相似。不管怎样，Wish的商业模式并不完美，但在我看来（在我看来），所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近上涨了50%以上之后，股价仍然远远落后于Poshmark（纳斯达克股票代码：POSH）、eBay、Amazon和（Shopify（纽约证券交易所股票代码：SHOP））等同行。Wish的预计收入超过30亿美元，其市销率仅为1.8倍，仅为eBay当前估值的一半，远低于Poshmark。目前的估计是，到2025年，收入将超过60亿美元，自由现金流将达到10亿美元，这意味着Wish的交易价格仅为自由现金流估计的7倍，即销售额的1倍。2021年初，其市盈率接近5倍，估值存在扩张潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回损失。当股票在短时间内大幅下跌并且投资者可能不关心时，此类诉讼并不罕见。这些诉讼还包括CloverHealth（纳斯达克：CLOV）、Skillz（纽约证券交易所：SKLZ）、Array Technologies（纳斯达克：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息——仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish已经获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大的轧空。由于Wish的大部分股票仍被锁定，其确切的做空比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其流通股的百分比约为48%。Fintel等其他消息来源将当前的空头量确定为20-30%。现在，很难给出一个确切的估计，但总体来说，很可能在这个范围内的某个地方，许多空头评级仍有待回补。从长远来看，高空头兴趣可能是一个优势，如果股票开始呈上升趋势，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上拥有超过1亿的月用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，比乍一看更智能。此外，其与PrestaShop的最新合作伙伴关系将为超过300,000家商家提供免费的直接集成，将他们直接连接到Wish的商家仪表板，从而进一步推动增长。尽管Wish不完善的商业模式存在盈利能力滞后等风险，但耐心的投资者可能会获得丰厚的回报。</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>Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish股票：耐心的投资者很快就会再次看到20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; 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}\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\">\nWish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish股票：耐心的投资者很快就会再次看到20美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-16 13:45</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>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish(ContextLogic)仍然是电子商务交易中最被低估的资产之一，其远期EV与销售额之比仅为1.3倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然很难找到有关其空头利息的准确数据，因为其大部分流通量仍被锁定，但我估计空头利息在30-40%之间。</li><li>我相信，包括高额营销支出和用户数量停滞在内的看跌论点已经在当前股价中根深蒂固。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock来自Getty Images</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic(WISH)对股东来说是一段疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于12月以每股20美元的价格上市，随后由于势头驱动的反弹，在2月份飙升至32美元的历史高点。尽管如此，自那以后，股价稳步暴跌，在6月份触及仅7美元的历史低点，但在零售交易部门的兴趣增加后，现在正在迅速复苏。在这里，该股因其高波动性、空头兴趣和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种情况下，我认为高空头兴趣越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到20美元或更多，因为该公司正在应对物流挑战，并将很快恢复规模经济。在这方面，该电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish作为一个电子商务平台受到了严厉批评，我几乎可以说，它作为中国商家第三方“直运”网站的形象让投资者迄今为止远离了该股。然而，这可能只是部分正确。从本质上讲，Wish通过低价（低质量）产品和缓慢的交付时间（可能导致长达一周的交付时间）扭转了亚马逊（纳斯达克：AMZN）的商业模式。这是因为Wish本身不处理运输，这就是为什么它可以提供这些超低价格，提供2美元加2美元运费的连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或eBay（纳斯达克：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达计划或更高的价格，它们获得了更高的认知度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我将Wish视为数字美元树，在线购物者在这里发现他们想要而不是需要的商品。在这个过程中，客户对产品更有耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付，物流收入同比增长275%就证明了这一点。由于这些收入的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，在其他国家也可以看到类似的趋势。此外，它正在增长Wish Local，这是一项将本地企业与平台连接起来的服务，占所有Wish订单的7%。Wish local主要（或专门）在美国销售，因此越来越多地与网站上的其他产品混合在一起。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我还喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统可以优化平台增长、用户体验和商家投资回报。创造互动移动购物体验的策略似乎运作良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，展示了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中站稳脚跟，为其提供了巨大的增长空间。目前，大约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其TAM可能有限，因为它专注于低收入利基市场，这也是它最初受欢迎的原因。尽管如此，这仍为Wish提供了超过3万亿美元的市场机会。还值得注意的是，据报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为该业务的年销售额将增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪根深蒂固</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司消耗了超过3亿美元的现金。然而，更重要的是，月活跃用户数稳步下降，该公司将此归咎于该公司在应对今年早些时候面临的物流挑战时不再重视广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$2.54 B</td><td>19亿美元</td><td>$1.73 B</td></tr><tr><td>毛利</td><td>$1.59 B</td><td>$1.46 B</td><td>$1.45 B</td></tr><tr><td><b>销售及市场推广</b></td><td><b>$17.1亿(+17%)</b></td><td><b>$1.46 B(-7%)</b></td><td><b>$1.57 B</b></td></tr><tr><td>老鼠</td><td>1.07亿(+19%)</td><td>9000万(+10%)</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82M</td><tr><td><b>活跃买家</b></td><td><b>6400万(+3%)</b></td><td><b>6200万(-3%)</b></td><td><b>64M</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>Wish最大的看跌理由是其高昂的营销费用，占其总收入的60%，占其毛利润的100%以上。这完全没问题，除非它通过营销增加活跃买家，不幸的是事实并非如此。这是一个危险信号，并质疑Wish商业模式的长期可持续性。然而，该公司一直接近正现金流，并表示如果不是因为其大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的月活跃用户并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish的营销费用占总收入的比例已从上年的67%降至60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这就是该公司本质上强调的。它相信营销费用可以降低到40-45%，从而使EBITDA利润率达到25%的中点范围。如果它实现了这些雄心勃勃的目标（这很有可能），其利润率将与eBay或MercadoLibre（纳斯达克：MELI）相似。不管怎样，Wish的商业模式并不完美，但在我看来（在我看来），所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近上涨了50%以上之后，股价仍然远远落后于Poshmark（纳斯达克股票代码：POSH）、eBay、Amazon和（Shopify（纽约证券交易所股票代码：SHOP））等同行。Wish的预计收入超过30亿美元，其市销率仅为1.8倍，仅为eBay当前估值的一半，远低于Poshmark。目前的估计是，到2025年，收入将超过60亿美元，自由现金流将达到10亿美元，这意味着Wish的交易价格仅为自由现金流估计的7倍，即销售额的1倍。2021年初，其市盈率接近5倍，估值存在扩张潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回损失。当股票在短时间内大幅下跌并且投资者可能不关心时，此类诉讼并不罕见。这些诉讼还包括CloverHealth（纳斯达克：CLOV）、Skillz（纽约证券交易所：SKLZ）、Array Technologies（纳斯达克：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息——仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish已经获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大的轧空。由于Wish的大部分股票仍被锁定，其确切的做空比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其流通股的百分比约为48%。Fintel等其他消息来源将当前的空头量确定为20-30%。现在，很难给出一个确切的估计，但总体来说，很可能在这个范围内的某个地方，许多空头评级仍有待回补。从长远来看，高空头兴趣可能是一个优势，如果股票开始呈上升趋势，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上拥有超过1亿的月用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，比乍一看更智能。此外，其与PrestaShop的最新合作伙伴关系将为超过300,000家商家提供免费的直接集成，将他们直接连接到Wish的商家仪表板，从而进一步推动增长。尽管Wish不完善的商业模式存在盈利能力滞后等风险，但耐心的投资者可能会获得丰厚的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148768572","content_text":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.\nWish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.\nWhile accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.\nI believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.\n\nJuSun/iStock via Getty Images\nOverview\nContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.\nIn this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.\nThe Digital Dollar Tree\nWish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.\nFrankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.\n\nNow, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.\nIt is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.\nSource: Sensor Tower\nI also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.\nWish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.\nNegative Sentiment Baked In\nWish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.\n\n\n\nYear\n2020\n2019\n2018\n\n\nRevenue\n$2.54B\n$1.9B\n$1.73B\n\n\nGross Profit\n$1.59B\n$1.46B\n$1.45B\n\n\nSales and Marketing\n$1.71B (+17%)\n$1.46B (-7%)\n$1.57B\n\n\nMAUs\n107M (+19%)\n90M (+10%)\n82M\n\n\nActive Buyers\n64M (+3%)\n62M (-3%)\n64M\n\n\n\n*Growth (Year-over-Year)\nThe largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.\nSource: Wish IR\nIn terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).\nData byYCharts\nEven after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.\nWhat about the Lawsuits?\nPerhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.\nShort Interest - Still High\nSource: Fintel\nWish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.\nThe Bottom Line\nI believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded 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new👏","listText":"Good new👏","text":"Good new👏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121640848","repostId":"1104807513","repostType":2,"isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121657095,"gmtCreate":1624463163117,"gmtModify":1634005729544,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121657095","repostId":"1117650695","repostType":2,"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121654188,"gmtCreate":1624463149544,"gmtModify":1634005729992,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121654188","repostId":"1117650695","repostType":2,"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121652410,"gmtCreate":1624463100330,"gmtModify":1634005730825,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Can still go in now?","listText":"Can still go in now?","text":"Can still go in now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121652410","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohu8.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</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>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</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; 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}\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\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</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>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121658550,"gmtCreate":1624463035970,"gmtModify":1634005732289,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121658550","repostId":"1146386859","repostType":2,"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121659207,"gmtCreate":1624462897109,"gmtModify":1634005734260,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"EV stock moving again 👍","listText":"EV stock moving again 👍","text":"EV stock moving again 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121659207","repostId":"1141331644","repostType":4,"repost":{"id":"1141331644","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":1624455055,"share":"https://www.laohu8.com/m/news/1141331644?lang=zh_CN&edition=full","pubTime":"2021-06-23 21:30","market":"us","language":"en","title":"S&P 500 rises for a third day as comeback rally continues<blockquote>标普500连续第三天上涨，反弹仍在继续</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141331644","media":"Tiger Newspress","summary":"(June 23) U.S. stocks rose on Wednesday, a day after the Nasdaq Composite index hit an all-time high","content":"<p>(June 23)&nbsp;U.S. stocks rose on Wednesday, a day after the Nasdaq Composite index hit an all-time high and the S&amp;P 500 closed just shy of one.</p><p><blockquote>（6月23日）美国。周三股市上涨，一天前纳斯达克综合指数创下历史新高，标普500收盘略低于1点。</blockquote></p><p> The Dow Jones Industrial Average advanced 40 points. The S&amp;P 500 gained 0.2%, sitting 0.1% from a record. The Nasdaq Composite climbed 0.2% after closing at a record in the previous session. That was the Nasdaq’s first new high since April 29th as investors have started to rotate back into Big Tech shares.</p><p><blockquote>道琼斯工业平均指数上涨40点。标普500上涨0.2%，较历史新高上涨0.1%。纳斯达克综合指数在前一交易日收于创纪录水平后上涨0.2%。这是该纳斯达克自4月29日以来的首个新高，因为投资者已开始转向大型科技股。</blockquote></p><p> Energy names including Exxon Mobil and Chevron climbed as oil prices continued to rise. Brent crude topped $75 a barrel to hit a two-year high on Wednesday.</p><p><blockquote>随着油价持续上涨，埃克森美孚和雪佛龙等能源股股价上涨。布伦特原油周三突破每桶75美元，创两年新高。</blockquote></p><p> Bitcoin staged an impressive comeback on Tuesday that was carrying through on Wednesday.On Tuesday,the cryptocurrency at one point dipped below $30,000 and erased its gains for 2021. But bitcoin ultimately recouped all of the more than 11% loss and finished the session in positive territory, according to data from Coin Metrics.</p><p><blockquote>比特币在周二上演了令人印象深刻的复出，并一直持续到周三。周二，该加密货币一度跌破30,000美元，抹去了2021年的涨幅。但根据Coin Metrics的数据，比特币最终收复了超过11%的跌幅，并以正值收盘。</blockquote></p><p> At last check,bitcoinwas up another 4% to above $34,000 on Wednesday.</p><p><blockquote>据最新检查，比特币周三又上涨4%，至34,000美元以上。</blockquote></p><p> EV stocks rose in morning trading.<img src=\"https://static.tigerbbs.com/8984f8ae7b74f7b0dab8ee0db778efca\" tg-width=\"281\" tg-height=\"210\" referrerpolicy=\"no-referrer\">Big&nbsp;tech&nbsp;stocks mixed in morning trading.<img src=\"https://static.tigerbbs.com/a6ed5f54b77d44997d7bc777dfccf313\" tg-width=\"282\" tg-height=\"326\" referrerpolicy=\"no-referrer\">Federal Reserve Chairman Jerome Powell testified before the House of Representatives on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will betemporary.</p><p><blockquote>电动汽车股早盘上涨。大型科技股早盘涨跌互现。美联储主席杰罗姆·鲍威尔周二在众议院作证，他重申通胀压力将是暂时的，这似乎提振了市场情绪。</blockquote></p><p> \"Powell outlined how the inflation overshoot is from categories directly affected by reopening,\" said Ed Moya, senior market analyst at Oanda. \"He noted there is extremely strong demand and that the supply has been caught flat-footed.\"</p><p><blockquote>Oanda高级市场分析师埃德·莫亚(Ed Moya)表示：“鲍威尔概述了通胀超调是如何来自受重新开放直接影响的类别。”“他指出，需求极其强劲，而供应却措手不及。”</blockquote></p><p> For June the S&amp;P 500 and Nasdaq Composite are in the green, rising 1% and 3.6%, respectively. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.</p><p><blockquote>6月份，标普500和纳斯达克综合指数呈绿色，分别上涨1%和3.6%。然而，由于卡特彼勒和摩根大通的疲软，道琼斯指数本月出现亏损。</blockquote></p><p> Looking ahead, UBS said it maintains a \"positive tactical view on stocks,\" but that gains will be unevenly distributed.</p><p><blockquote>展望未来，瑞银表示，它对股市保持“积极的战术观点”，但收益将分布不均。</blockquote></p><p> \"We see potential in regional markets that lagged in the second quarter, particularly China and Japan, as well as among those companies and sectors most exposed to economic reopening, including energy, financials, and US small- and mid-caps,\" the firm wrote in a recent note to clients. UBS said investors should take profits in some of the year-to-date winners that might have limited upside ahead, including real estate, consumer discretionary and industrial names.</p><p><blockquote>该公司表示：“我们看到了第二季度表现落后的区域市场的潜力，特别是中国和日本，以及那些受经济重新开放影响最大的公司和行业，包括能源、金融和美国中小型股。”在最近给客户的一份报告中写道。瑞银表示，投资者应该在一些今年迄今的涨幅可能有限的股票中获利了结，包括房地产、非必需消费品和工业股。</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>S&P 500 rises for a third day as comeback rally continues<blockquote>标普500连续第三天上涨，反弹仍在继续</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\">\nS&P 500 rises for a third day as comeback rally continues<blockquote>标普500连续第三天上涨，反弹仍在继续</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\">2021-06-23 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 23)&nbsp;U.S. stocks rose on Wednesday, a day after the Nasdaq Composite index hit an all-time high and the S&amp;P 500 closed just shy of one.</p><p><blockquote>（6月23日）美国。周三股市上涨，一天前纳斯达克综合指数创下历史新高，标普500收盘略低于1点。</blockquote></p><p> The Dow Jones Industrial Average advanced 40 points. The S&amp;P 500 gained 0.2%, sitting 0.1% from a record. The Nasdaq Composite climbed 0.2% after closing at a record in the previous session. That was the Nasdaq’s first new high since April 29th as investors have started to rotate back into Big Tech shares.</p><p><blockquote>道琼斯工业平均指数上涨40点。标普500上涨0.2%，较历史新高上涨0.1%。纳斯达克综合指数在前一交易日收于创纪录水平后上涨0.2%。这是该纳斯达克自4月29日以来的首个新高，因为投资者已开始转向大型科技股。</blockquote></p><p> Energy names including Exxon Mobil and Chevron climbed as oil prices continued to rise. Brent crude topped $75 a barrel to hit a two-year high on Wednesday.</p><p><blockquote>随着油价持续上涨，埃克森美孚和雪佛龙等能源股股价上涨。布伦特原油周三突破每桶75美元，创两年新高。</blockquote></p><p> Bitcoin staged an impressive comeback on Tuesday that was carrying through on Wednesday.On Tuesday,the cryptocurrency at one point dipped below $30,000 and erased its gains for 2021. But bitcoin ultimately recouped all of the more than 11% loss and finished the session in positive territory, according to data from Coin Metrics.</p><p><blockquote>比特币在周二上演了令人印象深刻的复出，并一直持续到周三。周二，该加密货币一度跌破30,000美元，抹去了2021年的涨幅。但根据Coin Metrics的数据，比特币最终收复了超过11%的跌幅，并以正值收盘。</blockquote></p><p> At last check,bitcoinwas up another 4% to above $34,000 on Wednesday.</p><p><blockquote>据最新检查，比特币周三又上涨4%，至34,000美元以上。</blockquote></p><p> EV stocks rose in morning trading.<img src=\"https://static.tigerbbs.com/8984f8ae7b74f7b0dab8ee0db778efca\" tg-width=\"281\" tg-height=\"210\" referrerpolicy=\"no-referrer\">Big&nbsp;tech&nbsp;stocks mixed in morning trading.<img src=\"https://static.tigerbbs.com/a6ed5f54b77d44997d7bc777dfccf313\" tg-width=\"282\" tg-height=\"326\" referrerpolicy=\"no-referrer\">Federal Reserve Chairman Jerome Powell testified before the House of Representatives on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will betemporary.</p><p><blockquote>电动汽车股早盘上涨。大型科技股早盘涨跌互现。美联储主席杰罗姆·鲍威尔周二在众议院作证，他重申通胀压力将是暂时的，这似乎提振了市场情绪。</blockquote></p><p> \"Powell outlined how the inflation overshoot is from categories directly affected by reopening,\" said Ed Moya, senior market analyst at Oanda. \"He noted there is extremely strong demand and that the supply has been caught flat-footed.\"</p><p><blockquote>Oanda高级市场分析师埃德·莫亚(Ed Moya)表示：“鲍威尔概述了通胀超调是如何来自受重新开放直接影响的类别。”“他指出，需求极其强劲，而供应却措手不及。”</blockquote></p><p> For June the S&amp;P 500 and Nasdaq Composite are in the green, rising 1% and 3.6%, respectively. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.</p><p><blockquote>6月份，标普500和纳斯达克综合指数呈绿色，分别上涨1%和3.6%。然而，由于卡特彼勒和摩根大通的疲软，道琼斯指数本月出现亏损。</blockquote></p><p> Looking ahead, UBS said it maintains a \"positive tactical view on stocks,\" but that gains will be unevenly distributed.</p><p><blockquote>展望未来，瑞银表示，它对股市保持“积极的战术观点”，但收益将分布不均。</blockquote></p><p> \"We see potential in regional markets that lagged in the second quarter, particularly China and Japan, as well as among those companies and sectors most exposed to economic reopening, including energy, financials, and US small- and mid-caps,\" the firm wrote in a recent note to clients. UBS said investors should take profits in some of the year-to-date winners that might have limited upside ahead, including real estate, consumer discretionary and industrial names.</p><p><blockquote>该公司表示：“我们看到了第二季度表现落后的区域市场的潜力，特别是中国和日本，以及那些受经济重新开放影响最大的公司和行业，包括能源、金融和美国中小型股。”在最近给客户的一份报告中写道。瑞银表示，投资者应该在一些今年迄今的涨幅可能有限的股票中获利了结，包括房地产、非必需消费品和工业股。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141331644","content_text":"(June 23) U.S. stocks rose on Wednesday, a day after the Nasdaq Composite index hit an all-time high and the S&P 500 closed just shy of one.\nThe Dow Jones Industrial Average advanced 40 points. The S&P 500 gained 0.2%, sitting 0.1% from a record. The Nasdaq Composite climbed 0.2% after closing at a record in the previous session. That was the Nasdaq’s first new high since April 29th as investors have started to rotate back into Big Tech shares.\nEnergy names including Exxon Mobil and Chevron climbed as oil prices continued to rise. Brent crude topped $75 a barrel to hit a two-year high on Wednesday.\nBitcoin staged an impressive comeback on Tuesday that was carrying through on Wednesday.On Tuesday,the cryptocurrency at one point dipped below $30,000 and erased its gains for 2021. But bitcoin ultimately recouped all of the more than 11% loss and finished the session in positive territory, according to data from Coin Metrics.\nAt last check,bitcoinwas up another 4% to above $34,000 on Wednesday.\nEV stocks rose in morning trading.Big tech stocks mixed in morning trading.Federal Reserve Chairman Jerome Powell testified before the House of Representatives on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will betemporary.\n\"Powell outlined how the inflation overshoot is from categories directly affected by reopening,\" said Ed Moya, senior market analyst at Oanda. \"He noted there is extremely strong demand and that the supply has been caught flat-footed.\"\nFor June the S&P 500 and Nasdaq Composite are in the green, rising 1% and 3.6%, respectively. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.\nLooking ahead, UBS said it maintains a \"positive tactical view on stocks,\" but that gains will be unevenly distributed.\n\"We see potential in regional markets that lagged in the second quarter, particularly China and Japan, as well as among those companies and sectors most exposed to economic reopening, including energy, financials, and US small- and mid-caps,\" the firm wrote in a recent note to clients. UBS said investors should take profits in some of the year-to-date winners that might have limited upside ahead, including real estate, consumer discretionary and industrial names.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121624621,"gmtCreate":1624462784763,"gmtModify":1634005736955,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Good to know manufacturing hit record high&nbsp;","listText":"Good to know manufacturing hit record high&nbsp;","text":"Good to know manufacturing hit record high","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/121624621","repostId":"1165465805","repostType":4,"repost":{"id":"1165465805","kind":"news","pubTimestamp":1624456440,"share":"https://www.laohu8.com/m/news/1165465805?lang=zh_CN&edition=full","pubTime":"2021-06-23 21:54","market":"us","language":"en","title":"US Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High<blockquote>制造业调查创历史新高，美国6月服务业意外暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165465805","media":"zerohedge","summary":"Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in","content":"<p>Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in 2021 but analysts expected today's Markit PMIs to retrace some of those gains. However, reality was notably different with<b>Manufacturing jumping more than expected as Services plunged</b>...</p><p><blockquote>尽管硬经济数据连续令人失望，但“软”调查数据在2021年继续飙升，但分析师预计今天的Markit PMI将回吐部分涨幅。然而，现实与<b>随着服务业暴跌，制造业增长超出预期</b>...</blockquote></p><p> <ul>  <li><b>Markit US Manufacturing rose to 62.6</b>(from 62.1) beating expectations of 61.5.</li>  <li><b>Markit US Services plunged to 64.8</b>(from 70.4) hugely missing expectations of 70.0.</li> </ul> <img src=\"https://static.tigerbbs.com/35b0c420f75ee5896e70db8e0021e0b5\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><ul><li><b>Markit美国制造业升至62.6</b>（从62.1）超出预期的61.5。</li><li><b>Markit美国服务暴跌至64.8</b>（来自70.4）远远低于预期的70.0。</li></ul><i>资料来源：彭博社</i></blockquote></p><p> That is the<b>lowest reading since March for Services</b>and highest reading ever for Manufacturing.</p><p><blockquote>那就是<b>服务业读数为三月份以来最低</b>也是制造业有史以来的最高读数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/51111068502f0b7011947e68d4fcef9e\" tg-width=\"500\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><b>Employment issues remained prevalent</b>during June, as numerous panellists mentioned difficulties finding suitably trained candidates for current vacancies.</p><p><blockquote><b>就业问题仍然普遍存在</b>在6月份，许多小组成员提到很难为目前的空缺找到训练有素的候选人。</blockquote></p><p> <b>Price pressures also remained elevated in June.</b>The rate of input price inflation softened slightly but was the second-fastest on record. Manufacturers continued to note rapid increases in raw material and fuel costs, whilst service providers highlighted higher wage bills to attract workers plus greater transportation fees and fuel costs.</p><p><blockquote><b>6月份价格压力也仍然很大。</b>投入价格通胀率略有放缓，但仍为有记录以来第二快。制造商继续注意到原材料和燃料成本快速上涨，而服务提供商强调提高工资以吸引工人，加上更高的运输费用和燃料成本。</blockquote></p><p> US continues to be the world's \"strongest\" economy based on these soft surveys, even as the US Composite PMI dropped to 63.9...</p><p><blockquote>根据这些软调查，美国仍然是世界上“最强”的经济体，尽管美国综合PMI降至63.9...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84f14abd854febbd1482ff2bb17c56f6\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Commenting on the PMI data, Chris Williamson,Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p>   “The early PMI indicators point to further impressive growth of the US economy in June, rounding off an unprecedented growth spurt over the second quarter as a whole.    “While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy.    “Although price gauges have also slipped from May’s all-time highs, it’s clear that the economy continues to run very hot. Prices charged for goods and services are still rising very sharply,  <b>record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers’ warehouse stocks are being depleted at a worrying rate as firms struggle to meet demand.</b>    <b>“While the second quarter will likely represent a peaking in the pace of economic growth, a concomitant peaking of inflation is far less assured.”</b>  So - what happens next? Does all that \"hope\" collapse back to reality? Or is \"hope\" the new strategy?</p><p><blockquote>“早期PMI指标显示，6月份美国经济进一步实现令人印象深刻的增长，完成了整个第二季度前所未有的增长。”尽管制造业和服务业的产出增长和新订单流入均已脱离峰值，但这在很大程度上是由于产能限制限制了企业应对需求的能力，而不是经济降温。他说：“虽然价格指标也从5月份的历史高点回落，但很明显，经济仍然非常火爆。商品和服务的价格仍然大幅上涨，<b>创纪录的供应短缺正在变得更糟而不是更好，企业正在努力填补空缺，由于企业难以满足需求，制造商的仓库库存正在以令人担忧的速度耗尽。</b><b>“虽然第二季度可能代表经济增长速度见顶，但随之而来的通胀见顶的确定性要低得多。”</b>那么——接下来会发生什么？所有的“希望”都会崩溃回到现实吗？还是“希望”是新战略？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8cda4e45787d67eefabc511b96083584\" tg-width=\"500\" tg-height=\"269\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Get back to work Mr.Powell and make it so!</p><p><blockquote>鲍威尔先生，回去工作吧！</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High<blockquote>制造业调查创历史新高，美国6月服务业意外暴跌</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\">\nUS Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High<blockquote>制造业调查创历史新高，美国6月服务业意外暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 21:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in 2021 but analysts expected today's Markit PMIs to retrace some of those gains. However, reality was notably different with<b>Manufacturing jumping more than expected as Services plunged</b>...</p><p><blockquote>尽管硬经济数据连续令人失望，但“软”调查数据在2021年继续飙升，但分析师预计今天的Markit PMI将回吐部分涨幅。然而，现实与<b>随着服务业暴跌，制造业增长超出预期</b>...</blockquote></p><p> <ul>  <li><b>Markit US Manufacturing rose to 62.6</b>(from 62.1) beating expectations of 61.5.</li>  <li><b>Markit US Services plunged to 64.8</b>(from 70.4) hugely missing expectations of 70.0.</li> </ul> <img src=\"https://static.tigerbbs.com/35b0c420f75ee5896e70db8e0021e0b5\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><ul><li><b>Markit美国制造业升至62.6</b>（从62.1）超出预期的61.5。</li><li><b>Markit美国服务暴跌至64.8</b>（来自70.4）远远低于预期的70.0。</li></ul><i>资料来源：彭博社</i></blockquote></p><p> That is the<b>lowest reading since March for Services</b>and highest reading ever for Manufacturing.</p><p><blockquote>那就是<b>服务业读数为三月份以来最低</b>也是制造业有史以来的最高读数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/51111068502f0b7011947e68d4fcef9e\" tg-width=\"500\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><b>Employment issues remained prevalent</b>during June, as numerous panellists mentioned difficulties finding suitably trained candidates for current vacancies.</p><p><blockquote><b>就业问题仍然普遍存在</b>在6月份，许多小组成员提到很难为目前的空缺找到训练有素的候选人。</blockquote></p><p> <b>Price pressures also remained elevated in June.</b>The rate of input price inflation softened slightly but was the second-fastest on record. Manufacturers continued to note rapid increases in raw material and fuel costs, whilst service providers highlighted higher wage bills to attract workers plus greater transportation fees and fuel costs.</p><p><blockquote><b>6月份价格压力也仍然很大。</b>投入价格通胀率略有放缓，但仍为有记录以来第二快。制造商继续注意到原材料和燃料成本快速上涨，而服务提供商强调提高工资以吸引工人，加上更高的运输费用和燃料成本。</blockquote></p><p> US continues to be the world's \"strongest\" economy based on these soft surveys, even as the US Composite PMI dropped to 63.9...</p><p><blockquote>根据这些软调查，美国仍然是世界上“最强”的经济体，尽管美国综合PMI降至63.9...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84f14abd854febbd1482ff2bb17c56f6\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Commenting on the PMI data, Chris Williamson,Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p>   “The early PMI indicators point to further impressive growth of the US economy in June, rounding off an unprecedented growth spurt over the second quarter as a whole.    “While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy.    “Although price gauges have also slipped from May’s all-time highs, it’s clear that the economy continues to run very hot. Prices charged for goods and services are still rising very sharply,  <b>record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers’ warehouse stocks are being depleted at a worrying rate as firms struggle to meet demand.</b>    <b>“While the second quarter will likely represent a peaking in the pace of economic growth, a concomitant peaking of inflation is far less assured.”</b>  So - what happens next? Does all that \"hope\" collapse back to reality? Or is \"hope\" the new strategy?</p><p><blockquote>“早期PMI指标显示，6月份美国经济进一步实现令人印象深刻的增长，完成了整个第二季度前所未有的增长。”尽管制造业和服务业的产出增长和新订单流入均已脱离峰值，但这在很大程度上是由于产能限制限制了企业应对需求的能力，而不是经济降温。他说：“虽然价格指标也从5月份的历史高点回落，但很明显，经济仍然非常火爆。商品和服务的价格仍然大幅上涨，<b>创纪录的供应短缺正在变得更糟而不是更好，企业正在努力填补空缺，由于企业难以满足需求，制造商的仓库库存正在以令人担忧的速度耗尽。</b><b>“虽然第二季度可能代表经济增长速度见顶，但随之而来的通胀见顶的确定性要低得多。”</b>那么——接下来会发生什么？所有的“希望”都会崩溃回到现实吗？还是“希望”是新战略？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8cda4e45787d67eefabc511b96083584\" tg-width=\"500\" tg-height=\"269\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Get back to work Mr.Powell and make it so!</p><p><blockquote>鲍威尔先生，回去工作吧！</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/us-services-sector-unexpectedly-plunges-june-manufacturing-survey-hits-record-high\">zerohedge</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/economics/us-services-sector-unexpectedly-plunges-june-manufacturing-survey-hits-record-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165465805","content_text":"Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in 2021 but analysts expected today's Markit PMIs to retrace some of those gains. However, reality was notably different withManufacturing jumping more than expected as Services plunged...\n\nMarkit US Manufacturing rose to 62.6(from 62.1) beating expectations of 61.5.\nMarkit US Services plunged to 64.8(from 70.4) hugely missing expectations of 70.0.\n\nSource: Bloomberg\nThat is thelowest reading since March for Servicesand highest reading ever for Manufacturing.\nEmployment issues remained prevalentduring June, as numerous panellists mentioned difficulties finding suitably trained candidates for current vacancies.\nPrice pressures also remained elevated in June.The rate of input price inflation softened slightly but was the second-fastest on record. Manufacturers continued to note rapid increases in raw material and fuel costs, whilst service providers highlighted higher wage bills to attract workers plus greater transportation fees and fuel costs.\nUS continues to be the world's \"strongest\" economy based on these soft surveys, even as the US Composite PMI dropped to 63.9...\nSource: Bloomberg\nCommenting on the PMI data, Chris Williamson,Chief Business Economist at IHS Markit, said:\n\n “The early PMI indicators point to further impressive growth of the US economy in June, rounding off an unprecedented growth spurt over the second quarter as a whole.\n\n\n “While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy.\n\n\n “Although price gauges have also slipped from May’s all-time highs, it’s clear that the economy continues to run very hot. Prices charged for goods and services are still rising very sharply,\n record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers’ warehouse stocks are being depleted at a worrying rate as firms struggle to meet demand.\n\n\n“While the second quarter will likely represent a peaking in the pace of economic growth, a concomitant peaking of inflation is far less assured.”\n\nSo - what happens next? Does all that \"hope\" collapse back to reality? Or is \"hope\" the new strategy?\nSource: Bloomberg\nGet back to work Mr.Powell and make it so!","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121628701,"gmtCreate":1624462665603,"gmtModify":1634005739366,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"I missed it","listText":"I missed it","text":"I missed it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121628701","repostId":"1155993250","repostType":4,"isVote":1,"tweetType":1,"viewCount":651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162549830,"gmtCreate":1624069151520,"gmtModify":1634011140992,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Value stocks&nbsp;","listText":"Value stocks&nbsp;","text":"Value stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162549830","repostId":"2144774740","repostType":4,"repost":{"id":"2144774740","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1624030096,"share":"https://www.laohu8.com/m/news/2144774740?lang=zh_CN&edition=full","pubTime":"2021-06-18 23:28","market":"us","language":"en","title":"Adobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2144774740","media":"Investors","summary":"Software giant Adobe is benefiting as the economy reopens following the Covid-19 pandemic, a senior executive says.","content":"<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，在该公司季节性疲软的第三财季，这种势头将持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</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>Adobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</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\">\nAdobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time smaller\">2021-06-18 23:28</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，在该公司季节性疲软的第三财季，这种势头将持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144774740","content_text":"Software giant Adobe is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.\nThe maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.\nThe San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.\nFor the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.\nADBE Stock Rises After Earnings Report\nIn morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.\n\"All three of our businesses — Creative Cloud, Document Cloud and Experience Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"\nThat momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.\n\"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"\nThe reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.\nAnalysts Raise Price Targets On Adobe Stock\nAt least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.\nMizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.\n\"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"\nOn June 11, ADBE stock broke out of a 40-week consolidation period at a buy point of 536.98, according to IBD MarketSmith charts.\nHowever, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.","news_type":1,"symbols_score_info":{"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162555814,"gmtCreate":1624069027738,"gmtModify":1634011144391,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Thank you for the&nbsp;alerts&nbsp;","listText":"Thank you for the&nbsp;alerts&nbsp;","text":"Thank you for the alerts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/162555814","repostId":"1166679093","repostType":4,"repost":{"id":"1166679093","kind":"news","pubTimestamp":1624065234,"share":"https://www.laohu8.com/m/news/1166679093?lang=zh_CN&edition=full","pubTime":"2021-06-19 09:13","market":"us","language":"en","title":"3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166679093","media":"fool","summary":"Meme stocks have been all the rage so far this year. That's understandable, with several of them del","content":"<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</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 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</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 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-06-19 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/\">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":{"AMC":"AMC院线","SNDL":"SNDL Inc.","CLOV":"Clover Health Corp"},"source_url":"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166679093","content_text":"Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.\nHowever, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.\nAMC Entertainment\nAMC Entertainment(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.\nThe consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.\nBut isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.\nHowever, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.\nClover Health Investments\nOnly a few days ago, it looked like Clover Health Investments(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.\nSince the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.\nClover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.\nStill, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.\nSundial Growers\nAt one point earlier this year, Sundial Growers(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.\nAnalysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.\nThere certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.\nSundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.\nHowever, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the Nasdaq stock exchange.","news_type":1,"symbols_score_info":{"AMC":0.9,"SNDL":0.9,"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":121624621,"gmtCreate":1624462784763,"gmtModify":1634005736955,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Good to know manufacturing hit record high&nbsp;","listText":"Good to know manufacturing hit record high&nbsp;","text":"Good to know manufacturing hit record high","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/121624621","repostId":"1165465805","repostType":4,"repost":{"id":"1165465805","kind":"news","pubTimestamp":1624456440,"share":"https://www.laohu8.com/m/news/1165465805?lang=zh_CN&edition=full","pubTime":"2021-06-23 21:54","market":"us","language":"en","title":"US Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High<blockquote>制造业调查创历史新高，美国6月服务业意外暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165465805","media":"zerohedge","summary":"Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in","content":"<p>Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in 2021 but analysts expected today's Markit PMIs to retrace some of those gains. However, reality was notably different with<b>Manufacturing jumping more than expected as Services plunged</b>...</p><p><blockquote>尽管硬经济数据连续令人失望，但“软”调查数据在2021年继续飙升，但分析师预计今天的Markit PMI将回吐部分涨幅。然而，现实与<b>随着服务业暴跌，制造业增长超出预期</b>...</blockquote></p><p> <ul>  <li><b>Markit US Manufacturing rose to 62.6</b>(from 62.1) beating expectations of 61.5.</li>  <li><b>Markit US Services plunged to 64.8</b>(from 70.4) hugely missing expectations of 70.0.</li> </ul> <img src=\"https://static.tigerbbs.com/35b0c420f75ee5896e70db8e0021e0b5\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><ul><li><b>Markit美国制造业升至62.6</b>（从62.1）超出预期的61.5。</li><li><b>Markit美国服务暴跌至64.8</b>（来自70.4）远远低于预期的70.0。</li></ul><i>资料来源：彭博社</i></blockquote></p><p> That is the<b>lowest reading since March for Services</b>and highest reading ever for Manufacturing.</p><p><blockquote>那就是<b>服务业读数为三月份以来最低</b>也是制造业有史以来的最高读数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/51111068502f0b7011947e68d4fcef9e\" tg-width=\"500\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><b>Employment issues remained prevalent</b>during June, as numerous panellists mentioned difficulties finding suitably trained candidates for current vacancies.</p><p><blockquote><b>就业问题仍然普遍存在</b>在6月份，许多小组成员提到很难为目前的空缺找到训练有素的候选人。</blockquote></p><p> <b>Price pressures also remained elevated in June.</b>The rate of input price inflation softened slightly but was the second-fastest on record. Manufacturers continued to note rapid increases in raw material and fuel costs, whilst service providers highlighted higher wage bills to attract workers plus greater transportation fees and fuel costs.</p><p><blockquote><b>6月份价格压力也仍然很大。</b>投入价格通胀率略有放缓，但仍为有记录以来第二快。制造商继续注意到原材料和燃料成本快速上涨，而服务提供商强调提高工资以吸引工人，加上更高的运输费用和燃料成本。</blockquote></p><p> US continues to be the world's \"strongest\" economy based on these soft surveys, even as the US Composite PMI dropped to 63.9...</p><p><blockquote>根据这些软调查，美国仍然是世界上“最强”的经济体，尽管美国综合PMI降至63.9...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84f14abd854febbd1482ff2bb17c56f6\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Commenting on the PMI data, Chris Williamson,Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p>   “The early PMI indicators point to further impressive growth of the US economy in June, rounding off an unprecedented growth spurt over the second quarter as a whole.    “While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy.    “Although price gauges have also slipped from May’s all-time highs, it’s clear that the economy continues to run very hot. Prices charged for goods and services are still rising very sharply,  <b>record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers’ warehouse stocks are being depleted at a worrying rate as firms struggle to meet demand.</b>    <b>“While the second quarter will likely represent a peaking in the pace of economic growth, a concomitant peaking of inflation is far less assured.”</b>  So - what happens next? Does all that \"hope\" collapse back to reality? Or is \"hope\" the new strategy?</p><p><blockquote>“早期PMI指标显示，6月份美国经济进一步实现令人印象深刻的增长，完成了整个第二季度前所未有的增长。”尽管制造业和服务业的产出增长和新订单流入均已脱离峰值，但这在很大程度上是由于产能限制限制了企业应对需求的能力，而不是经济降温。他说：“虽然价格指标也从5月份的历史高点回落，但很明显，经济仍然非常火爆。商品和服务的价格仍然大幅上涨，<b>创纪录的供应短缺正在变得更糟而不是更好，企业正在努力填补空缺，由于企业难以满足需求，制造商的仓库库存正在以令人担忧的速度耗尽。</b><b>“虽然第二季度可能代表经济增长速度见顶，但随之而来的通胀见顶的确定性要低得多。”</b>那么——接下来会发生什么？所有的“希望”都会崩溃回到现实吗？还是“希望”是新战略？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8cda4e45787d67eefabc511b96083584\" tg-width=\"500\" tg-height=\"269\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Get back to work Mr.Powell and make it so!</p><p><blockquote>鲍威尔先生，回去工作吧！</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High<blockquote>制造业调查创历史新高，美国6月服务业意外暴跌</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\">\nUS Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High<blockquote>制造业调查创历史新高，美国6月服务业意外暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 21:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in 2021 but analysts expected today's Markit PMIs to retrace some of those gains. However, reality was notably different with<b>Manufacturing jumping more than expected as Services plunged</b>...</p><p><blockquote>尽管硬经济数据连续令人失望，但“软”调查数据在2021年继续飙升，但分析师预计今天的Markit PMI将回吐部分涨幅。然而，现实与<b>随着服务业暴跌，制造业增长超出预期</b>...</blockquote></p><p> <ul>  <li><b>Markit US Manufacturing rose to 62.6</b>(from 62.1) beating expectations of 61.5.</li>  <li><b>Markit US Services plunged to 64.8</b>(from 70.4) hugely missing expectations of 70.0.</li> </ul> <img src=\"https://static.tigerbbs.com/35b0c420f75ee5896e70db8e0021e0b5\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><ul><li><b>Markit美国制造业升至62.6</b>（从62.1）超出预期的61.5。</li><li><b>Markit美国服务暴跌至64.8</b>（来自70.4）远远低于预期的70.0。</li></ul><i>资料来源：彭博社</i></blockquote></p><p> That is the<b>lowest reading since March for Services</b>and highest reading ever for Manufacturing.</p><p><blockquote>那就是<b>服务业读数为三月份以来最低</b>也是制造业有史以来的最高读数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/51111068502f0b7011947e68d4fcef9e\" tg-width=\"500\" tg-height=\"376\" referrerpolicy=\"no-referrer\"><b>Employment issues remained prevalent</b>during June, as numerous panellists mentioned difficulties finding suitably trained candidates for current vacancies.</p><p><blockquote><b>就业问题仍然普遍存在</b>在6月份，许多小组成员提到很难为目前的空缺找到训练有素的候选人。</blockquote></p><p> <b>Price pressures also remained elevated in June.</b>The rate of input price inflation softened slightly but was the second-fastest on record. Manufacturers continued to note rapid increases in raw material and fuel costs, whilst service providers highlighted higher wage bills to attract workers plus greater transportation fees and fuel costs.</p><p><blockquote><b>6月份价格压力也仍然很大。</b>投入价格通胀率略有放缓，但仍为有记录以来第二快。制造商继续注意到原材料和燃料成本快速上涨，而服务提供商强调提高工资以吸引工人，加上更高的运输费用和燃料成本。</blockquote></p><p> US continues to be the world's \"strongest\" economy based on these soft surveys, even as the US Composite PMI dropped to 63.9...</p><p><blockquote>根据这些软调查，美国仍然是世界上“最强”的经济体，尽管美国综合PMI降至63.9...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84f14abd854febbd1482ff2bb17c56f6\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Commenting on the PMI data, Chris Williamson,Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p>   “The early PMI indicators point to further impressive growth of the US economy in June, rounding off an unprecedented growth spurt over the second quarter as a whole.    “While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy.    “Although price gauges have also slipped from May’s all-time highs, it’s clear that the economy continues to run very hot. Prices charged for goods and services are still rising very sharply,  <b>record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers’ warehouse stocks are being depleted at a worrying rate as firms struggle to meet demand.</b>    <b>“While the second quarter will likely represent a peaking in the pace of economic growth, a concomitant peaking of inflation is far less assured.”</b>  So - what happens next? Does all that \"hope\" collapse back to reality? Or is \"hope\" the new strategy?</p><p><blockquote>“早期PMI指标显示，6月份美国经济进一步实现令人印象深刻的增长，完成了整个第二季度前所未有的增长。”尽管制造业和服务业的产出增长和新订单流入均已脱离峰值，但这在很大程度上是由于产能限制限制了企业应对需求的能力，而不是经济降温。他说：“虽然价格指标也从5月份的历史高点回落，但很明显，经济仍然非常火爆。商品和服务的价格仍然大幅上涨，<b>创纪录的供应短缺正在变得更糟而不是更好，企业正在努力填补空缺，由于企业难以满足需求，制造商的仓库库存正在以令人担忧的速度耗尽。</b><b>“虽然第二季度可能代表经济增长速度见顶，但随之而来的通胀见顶的确定性要低得多。”</b>那么——接下来会发生什么？所有的“希望”都会崩溃回到现实吗？还是“希望”是新战略？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8cda4e45787d67eefabc511b96083584\" tg-width=\"500\" tg-height=\"269\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Get back to work Mr.Powell and make it so!</p><p><blockquote>鲍威尔先生，回去工作吧！</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/us-services-sector-unexpectedly-plunges-june-manufacturing-survey-hits-record-high\">zerohedge</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/economics/us-services-sector-unexpectedly-plunges-june-manufacturing-survey-hits-record-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165465805","content_text":"Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in 2021 but analysts expected today's Markit PMIs to retrace some of those gains. However, reality was notably different withManufacturing jumping more than expected as Services plunged...\n\nMarkit US Manufacturing rose to 62.6(from 62.1) beating expectations of 61.5.\nMarkit US Services plunged to 64.8(from 70.4) hugely missing expectations of 70.0.\n\nSource: Bloomberg\nThat is thelowest reading since March for Servicesand highest reading ever for Manufacturing.\nEmployment issues remained prevalentduring June, as numerous panellists mentioned difficulties finding suitably trained candidates for current vacancies.\nPrice pressures also remained elevated in June.The rate of input price inflation softened slightly but was the second-fastest on record. Manufacturers continued to note rapid increases in raw material and fuel costs, whilst service providers highlighted higher wage bills to attract workers plus greater transportation fees and fuel costs.\nUS continues to be the world's \"strongest\" economy based on these soft surveys, even as the US Composite PMI dropped to 63.9...\nSource: Bloomberg\nCommenting on the PMI data, Chris Williamson,Chief Business Economist at IHS Markit, said:\n\n “The early PMI indicators point to further impressive growth of the US economy in June, rounding off an unprecedented growth spurt over the second quarter as a whole.\n\n\n “While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy.\n\n\n “Although price gauges have also slipped from May’s all-time highs, it’s clear that the economy continues to run very hot. Prices charged for goods and services are still rising very sharply,\n record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers’ warehouse stocks are being depleted at a worrying rate as firms struggle to meet demand.\n\n\n“While the second quarter will likely represent a peaking in the pace of economic growth, a concomitant peaking of inflation is far less assured.”\n\nSo - what happens next? Does all that \"hope\" collapse back to reality? Or is \"hope\" the new strategy?\nSource: Bloomberg\nGet back to work Mr.Powell and make it so!","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162555814,"gmtCreate":1624069027738,"gmtModify":1634011144391,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Thank you for the&nbsp;alerts&nbsp;","listText":"Thank you for the&nbsp;alerts&nbsp;","text":"Thank you for the alerts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/162555814","repostId":"1166679093","repostType":4,"repost":{"id":"1166679093","kind":"news","pubTimestamp":1624065234,"share":"https://www.laohu8.com/m/news/1166679093?lang=zh_CN&edition=full","pubTime":"2021-06-19 09:13","market":"us","language":"en","title":"3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166679093","media":"fool","summary":"Meme stocks have been all the rage so far this year. That's understandable, with several of them del","content":"<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</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 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</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 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-06-19 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/\">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":{"AMC":"AMC院线","SNDL":"SNDL Inc.","CLOV":"Clover Health Corp"},"source_url":"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166679093","content_text":"Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.\nHowever, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.\nAMC Entertainment\nAMC Entertainment(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.\nThe consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.\nBut isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.\nHowever, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.\nClover Health Investments\nOnly a few days ago, it looked like Clover Health Investments(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.\nSince the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.\nClover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.\nStill, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.\nSundial Growers\nAt one point earlier this year, Sundial Growers(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.\nAnalysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.\nThere certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.\nSundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.\nHowever, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the Nasdaq stock exchange.","news_type":1,"symbols_score_info":{"AMC":0.9,"SNDL":0.9,"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161904259,"gmtCreate":1623898977971,"gmtModify":1634026150834,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Good news&nbsp;","listText":"Good news&nbsp;","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161904259","repostId":"2144790466","repostType":4,"isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140041967,"gmtCreate":1625621099559,"gmtModify":1633939006286,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"30% upside 👍","listText":"30% upside 👍","text":"30% upside 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140041967","repostId":"1110936297","repostType":2,"isVote":1,"tweetType":1,"viewCount":1675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159286907,"gmtCreate":1624970192309,"gmtModify":1633946412457,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"[Strong]&nbsp;[Strong]&nbsp;","listText":"[Strong]&nbsp;[Strong]&nbsp;","text":"[Strong] [Strong]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159286907","repostId":"2146388793","repostType":4,"isVote":1,"tweetType":1,"viewCount":2893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121652410,"gmtCreate":1624463100330,"gmtModify":1634005730825,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Can still go in now?","listText":"Can still go in now?","text":"Can still go in now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121652410","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohu8.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</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>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</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; 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}\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\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</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>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162549830,"gmtCreate":1624069151520,"gmtModify":1634011140992,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"Value stocks&nbsp;","listText":"Value stocks&nbsp;","text":"Value stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162549830","repostId":"2144774740","repostType":4,"repost":{"id":"2144774740","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1624030096,"share":"https://www.laohu8.com/m/news/2144774740?lang=zh_CN&edition=full","pubTime":"2021-06-18 23:28","market":"us","language":"en","title":"Adobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2144774740","media":"Investors","summary":"Software giant Adobe is benefiting as the economy reopens following the Covid-19 pandemic, a senior executive says.","content":"<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，在该公司季节性疲软的第三财季，这种势头将持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</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>Adobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</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\">\nAdobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time smaller\">2021-06-18 23:28</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，在该公司季节性疲软的第三财季，这种势头将持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144774740","content_text":"Software giant Adobe is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.\nThe maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.\nThe San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.\nFor the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.\nADBE Stock Rises After Earnings Report\nIn morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.\n\"All three of our businesses — Creative Cloud, Document Cloud and Experience Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"\nThat momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.\n\"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"\nThe reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.\nAnalysts Raise Price Targets On Adobe Stock\nAt least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.\nMizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.\n\"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"\nOn June 11, ADBE stock broke out of a 40-week consolidation period at a buy point of 536.98, according to IBD MarketSmith charts.\nHowever, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.","news_type":1,"symbols_score_info":{"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168749773,"gmtCreate":1623984658892,"gmtModify":1634024686061,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"My wish come ture&nbsp;","listText":"My wish come ture&nbsp;","text":"My wish come 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ture","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168757747","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144961968,"gmtCreate":1626262078754,"gmtModify":1633928541992,"author":{"id":"3586911607763655","authorId":"3586911607763655","name":"龙䒜䒜","avatar":"https://static.tigerbbs.com/2b15380a0d5d5e4dbe508f7c2a1c47c1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586911607763655","authorIdStr":"3586911607763655"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144961968","repostId":"1158281742","repostType":4,"repost":{"id":"1158281742","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":1626249848,"share":"https://www.laohu8.com/m/news/1158281742?lang=zh_CN&edition=full","pubTime":"2021-07-14 16:04","market":"us","language":"en","title":"Apple shares rises nearly 1% in premarket trading.<blockquote>苹果股价在盘前交易中上涨近1%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158281742","media":"Tiger Newspress","summary":"Apple shares rises nearly 1% in premarket trading.\nApple Inc. has asked suppliers to build as many a","content":"<p>Apple&nbsp;shares rises nearly&nbsp;1% in premarket&nbsp;trading.</p><p><blockquote>苹果股价在盘前交易中上涨近1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35d519e7b8520bdf005ef08215187349\" tg-width=\"1290\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Apple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.</p><p><blockquote>据知情人士透露，苹果公司已要求供应商今年生产多达9000万部下一代iPhone，较其2020年iPhone出货量大幅增加。</blockquote></p><p> The Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.</p><p><blockquote>这家总部位于加利福尼亚州库比蒂诺的科技巨头近年来一直保持着从设备推出到年底的首次运行约7500万台的稳定水平。升级后的2021年预测表明，该公司预计将首次推出iPhone，因为新冠肺炎疫苗的推出将释放额外的需求。下一代iPhone将是苹果的第二款5G手机，这是推动用户升级的关键诱惑。</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>Apple shares rises nearly 1% in premarket trading.<blockquote>苹果股价在盘前交易中上涨近1%。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple shares rises nearly 1% in premarket trading.<blockquote>苹果股价在盘前交易中上涨近1%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-14 16:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple&nbsp;shares rises nearly&nbsp;1% in premarket&nbsp;trading.</p><p><blockquote>苹果股价在盘前交易中上涨近1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35d519e7b8520bdf005ef08215187349\" tg-width=\"1290\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Apple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.</p><p><blockquote>据知情人士透露，苹果公司已要求供应商今年生产多达9000万部下一代iPhone，较其2020年iPhone出货量大幅增加。</blockquote></p><p> The Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.</p><p><blockquote>这家总部位于加利福尼亚州库比蒂诺的科技巨头近年来一直保持着从设备推出到年底的首次运行约7500万台的稳定水平。升级后的2021年预测表明，该公司预计将首次推出iPhone，因为新冠肺炎疫苗的推出将释放额外的需求。下一代iPhone将是苹果的第二款5G手机，这是推动用户升级的关键诱惑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158281742","content_text":"Apple shares rises nearly 1% in premarket trading.\nApple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.\nThe Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}