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wallence82

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2022-01-01

Believe in Crsp will do better in 2022

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2021-12-30

I agree with the writer. Just keep buying

Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote>

2021-12-30

It a profitable company. Why investors keep dumping.

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2021-12-29

Agree

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

2021-12-29

Get a good VR to try

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2021-12-28

It's time to buy

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2021-12-27

Time for Tesla to the moon

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

2021-12-26

Why sold the stock?

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2021-12-24

Load up Coinbase for upcoming rally

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2021-12-23

The beginning of bull

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2021-12-22

Still a recommended buy for COIN

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2021-12-21

Unity

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2021-12-19

Always a supporter of fastly

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2021-12-17

Still a buy opportunity

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2021-12-16

Upstart is a good company not to miss

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2021-12-16

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

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

2021-12-15

Buy it. Do not let noise affected

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2021-12-14

Follow

Cathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood 出售价值 860 万美元的辉瑞股票，并在下跌时购买 Coinbase 和 Robinhood</blockquote>

2021-12-13

Is time

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2021-12-10

Great company

3 Things About Sea Limited That Smart Investors Know<blockquote>精明投资者了解的关于 Sea Limited 的 3 件事</blockquote>

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in Crsp will do better in 2022","listText":"Believe in Crsp will do better in 2022","text":"Believe in Crsp will do better in 2022","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692284846","repostId":"1149303444","repostType":2,"isVote":1,"tweetType":1,"viewCount":3606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692079649,"gmtCreate":1640817035413,"gmtModify":1640817035630,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"I agree with the writer. Just keep buying","listText":"I agree with the writer. Just keep buying","text":"I agree with the writer. Just keep buying","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692079649","repostId":"1102262158","repostType":2,"repost":{"id":"1102262158","kind":"news","pubTimestamp":1640670598,"share":"https://www.laohunote.com/m/news/1102262158?lang=zh_CN&edition=full","pubTime":"2021-12-28 13:49","market":"us","language":"en","title":"Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102262158","media":"Seeking Alpha","summary":"Summary\n\nSea Limited is a highly diversified business firing on all cylinders in some of the fastest","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li>  <li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li>  <li>I consider Sea one of my ten highest conviction investments.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an&nbsp;article&nbsp;highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p> Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p> It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></p><p> Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p> The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p> With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些比Free Fire更古老的手机游戏仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p> Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p> Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></p><p> In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p> While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p> Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p> This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p> I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p></p><p> <ul>  <li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li>  <li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li>  <li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li>  <li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li> </ul> <b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p> Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p> There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p> One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p> Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p> On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p> Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p> So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></p><p> After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p> Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p></p><p> The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p> Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p> For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p> To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p> If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></p><p> Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></p><p> So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很乐意支付 16 倍的市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></p><p> Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p> <b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p> The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p> Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p> Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理——加上 Garena 资助新细分市场并推动其病毒式采用的能力——实现了这一目标。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p></p><p> If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's,&nbsp;Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是 Sea 的三分之一或更多（2020 年，金融科技占 MercadoLibre 收入的 36%），那么今天仅以 7% 的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高 16 倍。事实上，这个倍数已经低于 Visa、万事达卡（纽约证券交易所股票代码：MA）和 Affirm（纳斯达克股票代码：AFRM）。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p> One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p> Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前股价的合理性。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></p><p> This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p> Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-28 13:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li>  <li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li>  <li>I consider Sea one of my ten highest conviction investments.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an&nbsp;article&nbsp;highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p> Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p> It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></p><p> Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p> The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p> With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些比Free Fire更古老的手机游戏仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p> Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p> Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></p><p> In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p> While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p> Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p> This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p> I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p></p><p> <ul>  <li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li>  <li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li>  <li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li>  <li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li> </ul> <b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p> Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p> There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p> One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p> Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p> On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p> Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p> So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></p><p> After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p> Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p></p><p> The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p> Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p> For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p> To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p> If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></p><p> Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></p><p> So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很乐意支付 16 倍的市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></p><p> Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p> <b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p> The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p> Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p> Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理——加上 Garena 资助新细分市场并推动其病毒式采用的能力——实现了这一目标。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p></p><p> If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's,&nbsp;Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是 Sea 的三分之一或更多（2020 年，金融科技占 MercadoLibre 收入的 36%），那么今天仅以 7% 的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高 16 倍。事实上，这个倍数已经低于 Visa、万事达卡（纽约证券交易所股票代码：MA）和 Affirm（纳斯达克股票代码：AFRM）。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p> One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p> Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前股价的合理性。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></p><p> This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p> Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476940-sea-limited-understand-the-recent-selloff\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4476940-sea-limited-understand-the-recent-selloff","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102262158","content_text":"Summary\n\nSea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.\nI dive into each of its segments to understand the recent selloff and justify the current valuation.\nI consider Sea one of my ten highest conviction investments.\n\nkokkai/iStock Unreleased via Getty Images\nThesis\nA by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.\nIntroduction\nI recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.\nFurthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.\nIt's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.\nBecause Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.\nGaming\nSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.\nThe game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.\nWith the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.\nRegardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.\nThus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.\nSource: Earnings Call Presentation\nIn Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.\nWhile 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).\nGarena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.\nThis means Garena is worth $23.5B based on the high end of management's guidance.\nI believe this valuation is actually conservative for a few reasons:\n\nNext year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.\nThe peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.\nGarena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.\nAlthough I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.\n\nE-Commerce\nSea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.\nThere's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.\nOne neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.\nSource: The Author, compiled from Alexa\nShopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.\nSource: The Author, compiled from AppAnnie\nOn the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.\nOf course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.\nSo why would a company with so much potential sell off?\nAfter the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.\nAnother complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.\nThe company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.\nDespite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.\nFor unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).\nTo understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.\nIf Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.\nGiven this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.\nSo I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.\nThus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.\nFinTech & Investments\nThe easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.\nThen there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.\nDespite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.\nIf one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.\nOne way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.\nFinally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.\nConclusion\nLooking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.\nThis optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.\nOnly fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":4767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692079011,"gmtCreate":1640816777533,"gmtModify":1640816777773,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"It a profitable company. Why investors keep dumping.","listText":"It a profitable company. Why investors keep dumping.","text":"It a profitable company. Why investors keep dumping.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692079011","repostId":"2194074487","repostType":2,"isVote":1,"tweetType":1,"viewCount":4143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696735096,"gmtCreate":1640765758331,"gmtModify":1640765773730,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/696735096","repostId":"1168845751","repostType":4,"repost":{"id":"1168845751","kind":"news","pubTimestamp":1640765334,"share":"https://www.laohunote.com/m/news/1168845751?lang=zh_CN&edition=full","pubTime":"2021-12-29 16:08","market":"us","language":"en","title":"Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid 股票：较 11 月高点下跌 33%，是时候转为看涨了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168845751","media":"Seeking Alpha","summary":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly su","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid 股价已较 11 月高点下跌 33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全部认购。</li><li>我们讨论为什么我们认为电动汽车投资者是时候看好 Lucid 股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group (LCID) 的股价已下跌 26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以读者如果需要入门可以参考一下。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>其股票遭受了成长型股票回调和美国证券交易委员会最近对其特殊目的收购公司合并的审查的双重打击，因此遭受了重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股定价仍存在溢价，但我们认为它现在的估值似乎更加合理。此外，定价溢价并没有阻止机构投资者完全抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是合适的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在看好 LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group 估计到 2030 年将生产 50 万辆汽车。然而，它计划到2022年和2023年分别只生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量是高度投机性的。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司清楚地展示了生产世界级豪华电动汽车的工程专业知识。让 Air Dream 赢得 2022 年 MotorTrend 年度汽车奖只是其迈向 2.5 万美元大众市场电动汽车目标的开始。成为新加冕的“范围之王”当然不是一个简单的壮举。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的荣誉。它显示了 Lucid 惊人的动力系统效率的明显优势。虽然其基本型号 Air Pure 的定价要高得多（7.74 万美元起），但我们应该期待未来会有更多迭代。罗林森的“向下移动”策略是特斯拉（TSLA）完善的一个久经考验的模型。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说这个策略是可行的。此外，Lucid 的垂直集成堆栈为该公司提供了在动力总成效率方面创造奇迹的关键优势。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。特斯拉做到了。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济，通过大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用较小的电池组来实现有竞争力的续航里程（例如，未来 400 英里），这将使我们花费更低。未来，我可以以每千瓦时 100 美元以下的价格购买电池，也许是 90 美元。然后我可以花2300美元买那个包的电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值 25,000 美元的汽车。这就是未来。（内部人士）尽管如此，彭博新能源财经估计，2022 年锂离子电池组成本将从今年的 132 美元小幅上涨至 135 美元。这也将标志着由于原材料成本飙升，我们在过去十年中首次看到电池组价格名义上涨。值得注意的是，它预计到 2030 年价格将是我们今天观察到的一半。因此，我们相信罗林森将在适当的时候推出大众市场汽车，因为它的产量增加。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能成功提高产量吗？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为 Lucid 仍需证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但仍需要证明自己的制造专业知识。但是，Lucid拥有成功的所有要素。从 2022 年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车有利。通用汽车 (GM) 和福特 (F) 将从 2022 年开始增加电动汽车的交付量。Rivian (RIVN) 正在加大其令人惊叹的电动卡车的生产。预计特斯拉明年的产量将达到 200 万台。一些投资者认为，更激烈的竞争将压垮像 Lucid 这样的新贵，该公司尚未证明其批量生产专业知识。这些担忧是合理的。制造业是一个不同的球类运动。我们并不是说 Lucid 不会遇到生产障碍。投资者应该假设该公司将遭受打嗝和瓶颈。但是，重要的是，竞争格局实际上有利于清醒，而不是禁止。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这些估计也与彭博 NEF 5.2% 的渗透率一致。第一大市场（中国）和第二大市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实仍处于起步阶段。是的，会有竞争。但要说竞争会扼杀 Lucid，我们认为，Lucid 已经证明其汽车技术不可信。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地驾驭长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括其期权）已全部认购。因此，该公司成功筹集了 1.99B 美元的净收益，这笔钱将用于提高产量等用途。值得注意的是，其每股 54.78 美元的转换价比其最后收盘价高出 41.7%，该收盘价必须在 2026 年 12 月之前转换。因此，我们相信这是机构界对 Lucid 的明确信任投票。该公司在交易中没有债务，现金和短期投资余额为$4.8B。它为 Lucid 提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“票据将按年利率 1.25% 计息。”因此，我们认为这是一个伟大且实惠的产品。首席财务官 Sherry House 也在最近的财报中强调了该公司坚如磐石的资产负债表。她补充道（编辑），这将有助于该公司获得增加生产资本支出所需的负担得起的资金：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至 9 月 30 日，我们今天处于一个非常好的位置，拥有 48 亿美元，这将使我们顺利度过 2022 年。明年你将会看到资本支出大幅增加。事实上，与今年相比，明年将部署数倍的资本。所以我们已经在做加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>你会注意到，我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们有机会提供极好的贷款来增值</i>.因此，我们对自己能做的事情感到非常满意，我们觉得我们正在提高公司高效、快速部署资本的能力。（Lucid 2021 年第三季度盈利看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid 股票和同行电动汽车/2023财年收入比较。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid 股票的估值（电动汽车/2023财年收入）与我们上次报道时相比大幅下降。尽管仍领先于特斯拉股票的估值，但其回落幅度与纯游戏同行大致一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的 18 倍。此外，读者应该注意，Lucid 已承诺到 2023 年车辆的运行率仅为 5 万辆。因此，即使我们以其2023财年收入倍数为基础，当它成功爬坡时，它甚至可能低估其中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为他们不必转移内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，估值环境升高会对纯粹游戏制造商的股价产生飞轮效应。这有助于他们以低成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（已编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资金随处可见且便宜。因此，对许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 稀释性 10% 的股权融资可以为三个以上的增量工厂和超过 750,000 台增量产能提供资金，使该公司成为相对大型的全球豪华汽车制造商。（Benzinga）因此，我们认为清醒的投资者不应担心其溢价估值。相反，Lucid 通过非常成功的票据发行利用了其溢价估值。这证明了Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需证明其产量提升能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对 LCID 股票的评级，仅供投机投资者买入。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid 股票：较 11 月高点下跌 33%，是时候转为看涨了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid 股票：较 11 月高点下跌 33%，是时候转为看涨了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-29 16:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid 股价已较 11 月高点下跌 33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全部认购。</li><li>我们讨论为什么我们认为电动汽车投资者是时候看好 Lucid 股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group (LCID) 的股价已下跌 26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以读者如果需要入门可以参考一下。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>其股票遭受了成长型股票回调和美国证券交易委员会最近对其特殊目的收购公司合并的审查的双重打击，因此遭受了重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股定价仍存在溢价，但我们认为它现在的估值似乎更加合理。此外，定价溢价并没有阻止机构投资者完全抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是合适的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在看好 LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group 估计到 2030 年将生产 50 万辆汽车。然而，它计划到2022年和2023年分别只生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量是高度投机性的。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司清楚地展示了生产世界级豪华电动汽车的工程专业知识。让 Air Dream 赢得 2022 年 MotorTrend 年度汽车奖只是其迈向 2.5 万美元大众市场电动汽车目标的开始。成为新加冕的“范围之王”当然不是一个简单的壮举。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的荣誉。它显示了 Lucid 惊人的动力系统效率的明显优势。虽然其基本型号 Air Pure 的定价要高得多（7.74 万美元起），但我们应该期待未来会有更多迭代。罗林森的“向下移动”策略是特斯拉（TSLA）完善的一个久经考验的模型。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说这个策略是可行的。此外，Lucid 的垂直集成堆栈为该公司提供了在动力总成效率方面创造奇迹的关键优势。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。特斯拉做到了。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济，通过大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用较小的电池组来实现有竞争力的续航里程（例如，未来 400 英里），这将使我们花费更低。未来，我可以以每千瓦时 100 美元以下的价格购买电池，也许是 90 美元。然后我可以花2300美元买那个包的电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值 25,000 美元的汽车。这就是未来。（内部人士）尽管如此，彭博新能源财经估计，2022 年锂离子电池组成本将从今年的 132 美元小幅上涨至 135 美元。这也将标志着由于原材料成本飙升，我们在过去十年中首次看到电池组价格名义上涨。值得注意的是，它预计到 2030 年价格将是我们今天观察到的一半。因此，我们相信罗林森将在适当的时候推出大众市场汽车，因为它的产量增加。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能成功提高产量吗？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为 Lucid 仍需证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但仍需要证明自己的制造专业知识。但是，Lucid拥有成功的所有要素。从 2022 年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车有利。通用汽车 (GM) 和福特 (F) 将从 2022 年开始增加电动汽车的交付量。Rivian (RIVN) 正在加大其令人惊叹的电动卡车的生产。预计特斯拉明年的产量将达到 200 万台。一些投资者认为，更激烈的竞争将压垮像 Lucid 这样的新贵，该公司尚未证明其批量生产专业知识。这些担忧是合理的。制造业是一个不同的球类运动。我们并不是说 Lucid 不会遇到生产障碍。投资者应该假设该公司将遭受打嗝和瓶颈。但是，重要的是，竞争格局实际上有利于清醒，而不是禁止。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这些估计也与彭博 NEF 5.2% 的渗透率一致。第一大市场（中国）和第二大市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实仍处于起步阶段。是的，会有竞争。但要说竞争会扼杀 Lucid，我们认为，Lucid 已经证明其汽车技术不可信。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地驾驭长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括其期权）已全部认购。因此，该公司成功筹集了 1.99B 美元的净收益，这笔钱将用于提高产量等用途。值得注意的是，其每股 54.78 美元的转换价比其最后收盘价高出 41.7%，该收盘价必须在 2026 年 12 月之前转换。因此，我们相信这是机构界对 Lucid 的明确信任投票。该公司在交易中没有债务，现金和短期投资余额为$4.8B。它为 Lucid 提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“票据将按年利率 1.25% 计息。”因此，我们认为这是一个伟大且实惠的产品。首席财务官 Sherry House 也在最近的财报中强调了该公司坚如磐石的资产负债表。她补充道（编辑），这将有助于该公司获得增加生产资本支出所需的负担得起的资金：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至 9 月 30 日，我们今天处于一个非常好的位置，拥有 48 亿美元，这将使我们顺利度过 2022 年。明年你将会看到资本支出大幅增加。事实上，与今年相比，明年将部署数倍的资本。所以我们已经在做加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>你会注意到，我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们有机会提供极好的贷款来增值</i>.因此，我们对自己能做的事情感到非常满意，我们觉得我们正在提高公司高效、快速部署资本的能力。（Lucid 2021 年第三季度盈利看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid 股票和同行电动汽车/2023财年收入比较。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid 股票的估值（电动汽车/2023财年收入）与我们上次报道时相比大幅下降。尽管仍领先于特斯拉股票的估值，但其回落幅度与纯游戏同行大致一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的 18 倍。此外，读者应该注意，Lucid 已承诺到 2023 年车辆的运行率仅为 5 万辆。因此，即使我们以其2023财年收入倍数为基础，当它成功爬坡时，它甚至可能低估其中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为他们不必转移内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，估值环境升高会对纯粹游戏制造商的股价产生飞轮效应。这有助于他们以低成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（已编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资金随处可见且便宜。因此，对许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 稀释性 10% 的股权融资可以为三个以上的增量工厂和超过 750,000 台增量产能提供资金，使该公司成为相对大型的全球豪华汽车制造商。（Benzinga）因此，我们认为清醒的投资者不应担心其溢价估值。相反，Lucid 通过非常成功的票据发行利用了其溢价估值。这证明了Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需证明其产量提升能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对 LCID 股票的评级，仅供投机投资者买入。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"source_url":"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168845751","content_text":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly successful convertible notes offering, which was fully subscribed.We discuss why we think it's time for EV investors to turn bullish on Lucid stock.Eugene Gologursky/Getty Images EntertainmentLucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.Therefore, we believe it's apt to discuss why we have revised our rating to Buy.Why We Are Turning Bullish on LCID NowLucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID's long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn't mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned \"range king\" is certainly no mean feat. It's a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson & Co. It shows the clear supremacy of Lucid's amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson's strategy of \"moving down the chain\" is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid's vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.Step one of that plan is we use efficiency to create long-range. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That's the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.Can Lucid Ramp Production Successfully?Let's put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It's riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we're not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF's 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It's important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it's a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that \"the notes will accrue interest at a rate of 1.25% per annum.\" Therefore, it's a great and affordable offering, we think. CFO Sherry House had also emphasized the company's rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):So, we're sitting in a terrific place today with $4.8 billion as of September 30, that's going to get us well through 2022. You're going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we're already doing that acceleration.We do think that there is increasing availability of capital to us today from a lot of different sources. You'll note that we still haven't even taken debt on.So we have the opportunity to provide terrific loan to value there if we chose to take on debt. So we're feeling really good about what we could do, and we feel like we are increasing the company's ability to deploy capital efficiently and quickly. (Lucid's FQ3'21 earnings call)Why Buy LCID Stock at Such a High Premium?Lucid stock & peers EV/FY23 Revenue comps. Data source: S&P Capital IQLucid stock's valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock's valuation, it has dropped back broadly in line with its pure-play peers. Also, it's no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.Moreover, the \"green tidal wave\" is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don't have to transit their ICE production lines. Valuations like this are \"perfect\" to issue convertible notes or equity offerings.Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers' stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid's business model is very robust, and that's critical.Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.Therefore, we revise our rating on LCID stock to Buy for speculative investors only.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":3324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696594424,"gmtCreate":1640730498384,"gmtModify":1640730498634,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Get a good VR to try&nbsp;","listText":"Get a good VR to try&nbsp;","text":"Get a good VR to try","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696594424","repostId":"2195436444","repostType":2,"isVote":1,"tweetType":1,"viewCount":3848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696103894,"gmtCreate":1640644768413,"gmtModify":1640644768626,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"It's time to buy","listText":"It's time to buy","text":"It's time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696103894","repostId":"1191134006","repostType":4,"isVote":1,"tweetType":1,"viewCount":3289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696024349,"gmtCreate":1640580058229,"gmtModify":1640580058443,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Time for Tesla to the moon","listText":"Time for Tesla to the moon","text":"Time for Tesla to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/696024349","repostId":"1138768744","repostType":2,"repost":{"id":"1138768744","kind":"news","pubTimestamp":1640576008,"share":"https://www.laohunote.com/m/news/1138768744?lang=zh_CN&edition=full","pubTime":"2021-12-27 11:33","market":"us","language":"en","title":"The next Tesla is proving hard to find<blockquote>下一个特斯拉很难找到</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138768744","media":"CNN Business","summary":"New York Finding the next Tesla among electric vehicle stocks is proving to be difficult.A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla  itself.Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on De","content":"<p><div> New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult. A number of upstart electric vehicle makers' stock prices soared in recent years, as investors ...</p><p><blockquote><div>纽约（CNN Business）事实证明，在电动汽车股票中找到下一个特斯拉是困难的。近年来，随着投资者……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页连接</a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The next Tesla is proving hard to find<blockquote>下一个特斯拉很难找到</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe next Tesla is proving hard to find<blockquote>下一个特斯拉很难找到</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-12-27 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult. A number of upstart electric vehicle makers' stock prices soared in recent years, as investors ...</p><p><blockquote><div>纽约（CNN Business）事实证明，在电动汽车股票中找到下一个特斯拉是困难的。近年来，随着投资者……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","RIVN":"Rivian Automotive, Inc.","LCID":"Lucid Group Inc"},"source_url":"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138768744","content_text":"New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.\nA number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.\nLucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.\nElectric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.\nRivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.\nEven Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.\nPart of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.\n\"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"\nBut much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.\nMuch of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.\n\"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"\nTesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.\nAlthough that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.\nThe two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.\nBut earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.\nThe founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.\nThe trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.","news_type":1,"symbols_score_info":{"RIDE":0.9,"LCID":0.9,"RIVN":0.9,"TSLA":0.9,"NKLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698466649,"gmtCreate":1640497776204,"gmtModify":1640497776471,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Why sold the stock?","listText":"Why sold the stock?","text":"Why sold the stock?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698466649","repostId":"2193491521","repostType":2,"isVote":1,"tweetType":1,"viewCount":2915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698888497,"gmtCreate":1640340170040,"gmtModify":1640340170269,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Load up Coinbase for upcoming rally","listText":"Load up Coinbase for upcoming rally","text":"Load up Coinbase for upcoming rally","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698888497","repostId":"2193138147","repostType":2,"isVote":1,"tweetType":1,"viewCount":3226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698094606,"gmtCreate":1640256509175,"gmtModify":1640256509451,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"The beginning of bull&nbsp;","listText":"The beginning of bull&nbsp;","text":"The beginning of bull","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698094606","repostId":"2192909527","repostType":2,"isVote":1,"tweetType":1,"viewCount":3613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691986326,"gmtCreate":1640125536491,"gmtModify":1640125536688,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Still a recommended buy for COIN","listText":"Still a recommended buy for COIN","text":"Still a recommended buy for COIN","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691986326","repostId":"2193165699","repostType":2,"isVote":1,"tweetType":1,"viewCount":1288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693286162,"gmtCreate":1640040776825,"gmtModify":1640040777060,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Unity","listText":"Unity","text":"Unity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693286162","repostId":"2192903795","repostType":2,"isVote":1,"tweetType":1,"viewCount":998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699462063,"gmtCreate":1639878299965,"gmtModify":1639878300215,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Always a supporter of fastly","listText":"Always a supporter of fastly","text":"Always a supporter of fastly","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699462063","repostId":"2191993742","repostType":2,"isVote":1,"tweetType":1,"viewCount":1146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699354697,"gmtCreate":1639752143013,"gmtModify":1639752295226,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Still a buy opportunity","listText":"Still a buy opportunity","text":"Still a buy opportunity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699354697","repostId":"2192987927","repostType":2,"isVote":1,"tweetType":1,"viewCount":1892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690325512,"gmtCreate":1639639296688,"gmtModify":1639640375184,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Upstart is a good company not to miss","listText":"Upstart is a good company not to miss","text":"Upstart is a good company not to miss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690325512","repostId":"2191933699","repostType":2,"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690306342,"gmtCreate":1639628278414,"gmtModify":1639628278601,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Apple is. Good company to invest. Ignore all the noise and just DCA","listText":"Apple is. Good company to invest. Ignore all the noise and just DCA","text":"Apple is. Good company to invest. Ignore all the noise and just DCA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690306342","repostId":"1156000862","repostType":4,"repost":{"id":"1156000862","kind":"news","pubTimestamp":1639622579,"share":"https://www.laohunote.com/m/news/1156000862?lang=zh_CN&edition=full","pubTime":"2021-12-16 10:42","market":"us","language":"en","title":"Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156000862","media":"Motley Fool","summary":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Rese","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>股份<b>苹果</b>美联储发表声明后，（纳斯达克股票代码：AAPL）周三上涨近 3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对不断上升的通胀。这一消息是在 11 月份批发价格飙升创纪录的 9.6% 之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储有望在明年开始加息。联邦公开市场委员会成员预测 2022 年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更激进的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开来，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而苹果高性能M1芯片的好评正在推动Mac和iPad的销售。这些趋势加在一起，可能会进一步推动这家科技巨头本已巨额利润。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近提高了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天的美联储声明和随后的市场反弹似乎表明再次购买高增长股票是可以的，许多投资者决定购买苹果股票，其股价也随之上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-16 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>股份<b>苹果</b>美联储发表声明后，（纳斯达克股票代码：AAPL）周三上涨近 3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对不断上升的通胀。这一消息是在 11 月份批发价格飙升创纪录的 9.6% 之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储有望在明年开始加息。联邦公开市场委员会成员预测 2022 年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更激进的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开来，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而苹果高性能M1芯片的好评正在推动Mac和iPad的销售。这些趋势加在一起，可能会进一步推动这家科技巨头本已巨额利润。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近提高了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天的美联储声明和随后的市场反弹似乎表明再次购买高增长股票是可以的，许多投资者决定购买苹果股票，其股价也随之上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156000862","content_text":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.\nSo what\nThe Federal Reserve plans to taper its asset purchases at a faster rate to combat rising inflation. The announcement came after wholesale prices surged a record 9.6% in November.\nThis tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.\nWhile a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.\nNow what\nThe news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.\nA 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.\nAdditionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.\nWith today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607548539,"gmtCreate":1639570646297,"gmtModify":1639571043787,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Buy it. Do not let noise affected","listText":"Buy it. Do not let noise affected","text":"Buy it. Do not let noise affected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607548539","repostId":"1150850336","repostType":2,"isVote":1,"tweetType":1,"viewCount":1424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607979908,"gmtCreate":1639481694988,"gmtModify":1639481695154,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Follow","listText":"Follow","text":"Follow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607979908","repostId":"1177762211","repostType":4,"repost":{"id":"1177762211","kind":"news","pubTimestamp":1639480939,"share":"https://www.laohunote.com/m/news/1177762211?lang=zh_CN&edition=full","pubTime":"2021-12-14 19:22","market":"us","language":"en","title":"Cathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood 出售价值 860 万美元的辉瑞股票，并在下跌时购买 Coinbase 和 Robinhood</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177762211","media":"Benzinga","summary":"Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth","content":"<p><div> Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth $8.59 million — in Pfizer Inc(NYSE:PFE) as the pharma stock closed a record high after a $6.7 ...</p><p><blockquote><div>凯西·伍德 (Cathie Wood) 领导的资金管理公司 Ark Invest 周一出售了辉瑞公司 (NYSE:PFE) 的 155,578 股股票，估计价值 859 万美元，该制药股在下跌 6.7 美元后收盘创下历史新高。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood 出售价值 860 万美元的辉瑞股票，并在下跌时购买 Coinbase 和 Robinhood</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Sells $8.6M Worth Shares In Pfizer, Buys Coinbase And Robinhood On The Dip<blockquote>Cathie Wood 出售价值 860 万美元的辉瑞股票，并在下跌时购买 Coinbase 和 Robinhood</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-14 19:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth $8.59 million — in Pfizer Inc(NYSE:PFE) as the pharma stock closed a record high after a $6.7 ...</p><p><blockquote><div>凯西·伍德 (Cathie Wood) 领导的资金管理公司 Ark Invest 周一出售了辉瑞公司 (NYSE:PFE) 的 155,578 股股票，估计价值 859 万美元，该制药股在下跌 6.7 美元后收盘创下历史新高。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","HOOD":"Robinhood","PFE":"辉瑞"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24585440/cathie-wood-sells-8-6m-worth-shares-in-pfizer-buys-coinbase-and-robinhood-on-the-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177762211","content_text":"Cathie Wood-led money managing firm Ark Invest on Monday sold 155,578 shares — estimated to be worth $8.59 million — in Pfizer Inc(NYSE:PFE) as the pharma stock closed a record high after a $6.7 billion acquisition.\nPfizer shares closed 4.59% higher at $55.20 a share on Monday. The stock has risen about 50% so far this year.\nPfizer on Monday said it will buy Arena Pharmaceuticals Inc(NASDAQ:ARNA) in an all-cash transaction that represents a total equity value of approximately $6.7 billion.\nBrokerage UBS upgraded Pfizer stock from a Neutral rating to a Buy rating and raised the price target to $60 a share from $52.\nArk Invest has been selling shares in Pfizer over the last few sessions after months of piling up the stock. The popular investment firm owns shares in the pharma company via the flagship pharma fund, the Ark Genomic Revolution ETF (BATS:ARKG).\nARKG held 1.23 million — worth $67.97 million — in Pfizer, ahead of Monday’s trade.\nHere are some of the other key Ark Trades on Monday:\n\nBought 50,855 shares — estimated to be worth $12.78 million — in CoinbaseGlobal Inc(NASDAQ:COIN). Shares closed 1.72% lower at $251.37 a share on Monday.\nBought 260,791 shares — estimated to be worth $5.13 million — in Robinhood Markets Inc(NASDAQ:HOOD) on the dip. The stock closed 2.14% lower at $19.70 a share.\nArk Invest also bought shares in Roku Inc(NASDAQ:ROKU) and UiPath Inc(NYSE:PATH) and sold shares in Boeing Co(NYSE:BA),Amazon.com Inc(NASDAQ:AMZN).","news_type":1,"symbols_score_info":{"HOOD":0.9,"COIN":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604680441,"gmtCreate":1639386640629,"gmtModify":1639386640793,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Is time","listText":"Is time","text":"Is time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604680441","repostId":"1145558870","repostType":2,"isVote":1,"tweetType":1,"viewCount":1319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605361960,"gmtCreate":1639115581752,"gmtModify":1639115581981,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564307944903490","authorIdStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Great company","listText":"Great company","text":"Great company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605361960","repostId":"1195107888","repostType":2,"repost":{"id":"1195107888","kind":"news","pubTimestamp":1639113421,"share":"https://www.laohunote.com/m/news/1195107888?lang=zh_CN&edition=full","pubTime":"2021-12-10 13:17","market":"us","language":"en","title":"3 Things About Sea Limited That Smart Investors Know<blockquote>精明投资者了解的关于 Sea Limited 的 3 件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195107888","media":"Motley Fool","summary":"Most investors likely know three things about Sea Limited(NYSE:SE): that it owns Shopee, the top e-c","content":"<p>Most investors likely know three things about&nbsp;<b>Sea Limited</b>(NYSE:SE): that it owns Shopee, the top e-commerce player in Southeast Asia and Taiwan; that it owns the mobile game publisher Garena; and that it is deeply unprofitable.</p><p><blockquote>大多数投资者可能知道三件事<b>海有限公司</b>（纽约证券交易所股票代码：SE）：其拥有东南亚和台湾顶级电子商务公司 Shopee；它拥有手机游戏发行商 Garena；而且完全无利可图。</blockquote></p><p> But this tech company is actually fairly complex, and to better understand its sprawling business, it's worth examining three finer points about it that garner a lot less attention: its dependence on&nbsp;<i>Free Fire;</i>&nbsp;its expansion plans in Latin America; and the growth of its fintech ecosystem.</p><p><blockquote>但这家科技公司实际上相当复杂，为了更好地了解其庞大的业务，值得研究一下它的三个较少受到关注的细节：它对<i>自由射击；</i>其在拉丁美洲的扩张计划；及其金融科技生态系统的增长。</blockquote></p><p> 1.<i>Free Fire</i>&nbsp;is the wind in Sea's sails</p><p><blockquote>1.<i>自由射击</i>风在大海的帆上吗</blockquote></p><p> Four years ago, Garena launched&nbsp;<i>Free Fire</i>, its first self-developed mobile game. The battle royale title, which was optimized for lower-end devices, quickly became one of the most popular mobile games in Southeast Asia and Latin America, and was the most-downloaded mobile game in the world in both 2019 and 2020, according to App Annie.</p><p><blockquote>四年前，Garena 推出<i>自由射击</i>，其首款自主研发的手机游戏。根据App Annie的数据，这款针对低端设备优化的大逃杀游戏迅速成为东南亚和拉丁美洲最受欢迎的手机游戏之一，并在2019年和2020年都是全球下载量最高的手机游戏。</blockquote></p><p> <i>Free Fire's</i>success significantly boosted Garena's margins, since it wasn't a licensed game like the publisher's earlier titles. As a result, Sea's digital entertainment segment (which houses Garena) started to generate even stronger adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth -- a sharp contrast to the company's e-commerce segment, which has been growing more unprofitable.<img src=\"https://static.tigerbbs.com/62a40cb0cfc26f2711593eeadadb17b1\" tg-width=\"794\" tg-height=\"200\" width=\"100%\" height=\"auto\">Therefore, Sea clearly needs&nbsp;<i>Free Fire</i>&nbsp;to keep generating that higher-margin revenue to subsidize the expansion of the Shopee e-commerce platform. That's a hefty burden to place on a 4-year-old mobile game.</p><p><blockquote><i>自由射击</i>成功大大提高了Garena的利润率，因为它不像该发行商早期的游戏那样是一款授权游戏。因此，Sea 的数字娱乐部门（拥有 Garena）开始产生更强劲的息税折旧摊销前调整后利润 (EBITDA) 增长——与该公司的电子商务部门形成鲜明对比，后者一直在增长无利可图。因此，Sea显然需要<i>自由射击</i>继续产生更高利润率的收入，以补贴 Shopee 电子商务平台的扩张。这对一个4岁的手机游戏来说是一个沉重的负担。</blockquote></p><p> Looking ahead, Garena's top priorities will be to maintain&nbsp;<i>Free Fire's</i>momentum, expand the franchise with new versions (like<i>Free Fire MAX</i>for higher-end devices), and launch more self-developed titles. Failing to achieve any of those goals could cause Sea's adjusted EBITDA to plummet.</p><p><blockquote>展望未来，Garena 的首要任务将是维持<i>自由射击</i>势头，用新版本扩展特许经营权（如<i>自由射击最大值</i>面向高端设备），并推出更多自主研发的游戏。未能实现这些目标中的任何一个都可能导致 Sea 调整后的 EBITDA 暴跌。</blockquote></p><p> 2. Shopee is gaining ground fast in Latin America</p><p><blockquote>2. Shopee在拉丁美洲迅速崛起</blockquote></p><p> When Shopee expanded into Brazil two years ago, skeptics predicted that it would be crushed by&nbsp;<b>MercadoLibre</b>(NASDAQ:MELI), the&nbsp;800-pound gorilla&nbsp;of Latin American e-commerce. However, Shopee launched aggressive marketing campaigns, offered steep discounts, and expanded into other Latin American markets.</p><p><blockquote>两年前，当 Shopee 扩展到巴西时，怀疑论者预测它会被压垮<b>自由市场</b>（纳斯达克股票代码：MELI），拉丁美洲电子商务界800磅重的大猩猩。然而，Shopee 发起了积极的营销活动，提供大幅折扣，并扩展到其他拉丁美洲市场。</blockquote></p><p> As a result, Shopee actually overtook MercadoLibre as the most-downloaded shopping app in Latin America earlier this year. By the end of August, Shopee's monthly active users (MAUs) in Latin America had risen 136% year over year to more than 30 million, according to Apptopia. MercadoLibre ended last quarter with 78.7 million unique active users.</p><p><blockquote>因此，今年早些时候，Shopee 实际上已经超过 MercadoLibre，成为拉丁美洲下载量最高的购物应用程序。根据 Apptopia 的数据，截至 8 月底，Shopee 在拉丁美洲的月活跃用户 (MAU) 同比增长 136%，超过 3000 万。MercadoLibre 上季度末拥有 7870 万独立活跃用户。</blockquote></p><p> Sea doesn't break out its Latin American results yet, but it's likely still racking up big losses as it expands through MercadoLibre's backyard. Last quarter, Sea said Shopee's adjusted EBITDA loss of $0.41 per order remained unchanged sequentially and year over year across all of its markets -- but narrowed by both metrics in its core Southeast Asia and Taiwan market.</p><p><blockquote>Sea 尚未公布其拉丁美洲业绩，但随着其通过 MercadoLibre 的后院扩张，它可能仍会遭受巨大损失。上个季度，Sea 表示，Shopee 所有市场的调整后 EBITDA 亏损为每订单 0.41 美元，环比和同比保持不变，但其核心东南亚和台湾市场的两项指标均有所收窄。</blockquote></p><p> In other words, Sea needs to continue narrowing Shopee's losses in Southeast Asia and Taiwan -- all while maintaining&nbsp;<i>Free Fire's</i>growth -- to stabilize its adjusted EBITDA as it expands its massive ecosystem.</p><p><blockquote>换句话说，Sea 需要继续缩小 Shopee 在东南亚和台湾的损失，同时维持<i>自由射击</i>增长——随着其庞大生态系统的扩张，稳定调整后的 EBITDA。</blockquote></p><p> 3. Sea Limited is evolving into a digital bank</p><p><blockquote>3. Sea Limited 正在发展成为一家数字银行</blockquote></p><p> Shopee isn't Sea's only unprofitable business. Its digital financial services segment, which houses the Sea&nbsp;Money payments platform and other fintech units, is losing money too. This business was also granted a full digital banking license in Singapore last December.</p><p><blockquote>Shopee 并不是 Sea 唯一无利可图的业务。其数字金融服务部门（包含 Sea Money payments 平台和其他金融科技部门）也在亏损。去年12月，该业务还在新加坡获得了完整的数字银行牌照。</blockquote></p><p> Sea launched the digital financial services segment in the fourth quarter of 2019, and both the total payment volume and the number of quarterly paying users on its mobile wallet app have skyrocketed in the two years since. Unfortunately, its losses are also widening:<img src=\"https://static.tigerbbs.com/40d393bcaa2441a53a52b8f0e431b310\" tg-width=\"791\" tg-height=\"241\" width=\"100%\" height=\"auto\">Once again, this highlights Sea's overwhelming dependence on&nbsp;<i>Free Fire</i>&nbsp;to do the heavy lifting and support its other, unprofitable businesses.</p><p><blockquote>Sea于2019年第四季度推出了数字金融服务部门，自那以后的两年里，其移动钱包应用程序的总支付量和季度支付用户数量都出现了飙升。不幸的是，它的损失也在扩大：这再次凸显了海洋对<i>自由射击</i>承担繁重的工作并支持其其他无利可图的业务。</blockquote></p><p> A wobbly (but promising) business model</p><p><blockquote>不稳定（但有前途）的商业模式</blockquote></p><p> These three points show us just how unusual Sea's business model is: It's an e-commerce and fintech giant that (for now) relies on the profits from a single mobile game to offset the staggering losses of its other high-growth businesses.</p><p><blockquote>这三点向我们展示了Sea的商业模式是多么不寻常：它是一家电子商务和金融科技巨头，（目前）依靠一款手机游戏的利润来抵消其他高增长业务的惊人亏损。</blockquote></p><p> On the bright side, Sea also raised about $6 billion in fresh capital earlier this year with a big secondary stock and convertible debt offering -- and it ended&nbsp;the third quarter&nbsp;with $11.1 billion in cash and equivalents on the books. Therefore, Sea can afford to keep bleeding red ink for the foreseeable future.</p><p><blockquote>从好的一面来看，Sea 今年早些时候还通过大规模二级股票和可转换债务发行筹集了约 60 亿美元的新资本，第三季度末其账面现金及等价物为 111 亿美元。因此，在可预见的未来，Sea有能力继续流血。</blockquote></p><p></p><p> I believe Sea still has plenty of growth potential, but it will remain a very volatile stock. Potential investors should be well aware of these risks before betting that the stock will generate multibagger gains.</p><p><blockquote>我相信Sea仍然有很大的增长潜力，但它仍将是一只波动性很大的股票。潜在投资者在押注该股票将产生多重收益之前，应该充分了解这些风险。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Things About Sea Limited That Smart Investors Know<blockquote>精明投资者了解的关于 Sea Limited 的 3 件事</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Things About Sea Limited That Smart Investors Know<blockquote>精明投资者了解的关于 Sea Limited 的 3 件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-10 13:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Most investors likely know three things about&nbsp;<b>Sea Limited</b>(NYSE:SE): that it owns Shopee, the top e-commerce player in Southeast Asia and Taiwan; that it owns the mobile game publisher Garena; and that it is deeply unprofitable.</p><p><blockquote>大多数投资者可能知道三件事<b>海有限公司</b>（纽约证券交易所股票代码：SE）：其拥有东南亚和台湾顶级电子商务公司 Shopee；它拥有手机游戏发行商 Garena；而且完全无利可图。</blockquote></p><p> But this tech company is actually fairly complex, and to better understand its sprawling business, it's worth examining three finer points about it that garner a lot less attention: its dependence on&nbsp;<i>Free Fire;</i>&nbsp;its expansion plans in Latin America; and the growth of its fintech ecosystem.</p><p><blockquote>但这家科技公司实际上相当复杂，为了更好地了解其庞大的业务，值得研究一下它的三个较少受到关注的细节：它对<i>自由射击；</i>其在拉丁美洲的扩张计划；及其金融科技生态系统的增长。</blockquote></p><p> 1.<i>Free Fire</i>&nbsp;is the wind in Sea's sails</p><p><blockquote>1.<i>自由射击</i>风在大海的帆上吗</blockquote></p><p> Four years ago, Garena launched&nbsp;<i>Free Fire</i>, its first self-developed mobile game. The battle royale title, which was optimized for lower-end devices, quickly became one of the most popular mobile games in Southeast Asia and Latin America, and was the most-downloaded mobile game in the world in both 2019 and 2020, according to App Annie.</p><p><blockquote>四年前，Garena 推出<i>自由射击</i>，其首款自主研发的手机游戏。根据App Annie的数据，这款针对低端设备优化的大逃杀游戏迅速成为东南亚和拉丁美洲最受欢迎的手机游戏之一，并在2019年和2020年都是全球下载量最高的手机游戏。</blockquote></p><p> <i>Free Fire's</i>success significantly boosted Garena's margins, since it wasn't a licensed game like the publisher's earlier titles. As a result, Sea's digital entertainment segment (which houses Garena) started to generate even stronger adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth -- a sharp contrast to the company's e-commerce segment, which has been growing more unprofitable.<img src=\"https://static.tigerbbs.com/62a40cb0cfc26f2711593eeadadb17b1\" tg-width=\"794\" tg-height=\"200\" width=\"100%\" height=\"auto\">Therefore, Sea clearly needs&nbsp;<i>Free Fire</i>&nbsp;to keep generating that higher-margin revenue to subsidize the expansion of the Shopee e-commerce platform. That's a hefty burden to place on a 4-year-old mobile game.</p><p><blockquote><i>自由射击</i>成功大大提高了Garena的利润率，因为它不像该发行商早期的游戏那样是一款授权游戏。因此，Sea 的数字娱乐部门（拥有 Garena）开始产生更强劲的息税折旧摊销前调整后利润 (EBITDA) 增长——与该公司的电子商务部门形成鲜明对比，后者一直在增长无利可图。因此，Sea显然需要<i>自由射击</i>继续产生更高利润率的收入，以补贴 Shopee 电子商务平台的扩张。这对一个4岁的手机游戏来说是一个沉重的负担。</blockquote></p><p> Looking ahead, Garena's top priorities will be to maintain&nbsp;<i>Free Fire's</i>momentum, expand the franchise with new versions (like<i>Free Fire MAX</i>for higher-end devices), and launch more self-developed titles. Failing to achieve any of those goals could cause Sea's adjusted EBITDA to plummet.</p><p><blockquote>展望未来，Garena 的首要任务将是维持<i>自由射击</i>势头，用新版本扩展特许经营权（如<i>自由射击最大值</i>面向高端设备），并推出更多自主研发的游戏。未能实现这些目标中的任何一个都可能导致 Sea 调整后的 EBITDA 暴跌。</blockquote></p><p> 2. Shopee is gaining ground fast in Latin America</p><p><blockquote>2. Shopee在拉丁美洲迅速崛起</blockquote></p><p> When Shopee expanded into Brazil two years ago, skeptics predicted that it would be crushed by&nbsp;<b>MercadoLibre</b>(NASDAQ:MELI), the&nbsp;800-pound gorilla&nbsp;of Latin American e-commerce. However, Shopee launched aggressive marketing campaigns, offered steep discounts, and expanded into other Latin American markets.</p><p><blockquote>两年前，当 Shopee 扩展到巴西时，怀疑论者预测它会被压垮<b>自由市场</b>（纳斯达克股票代码：MELI），拉丁美洲电子商务界800磅重的大猩猩。然而，Shopee 发起了积极的营销活动，提供大幅折扣，并扩展到其他拉丁美洲市场。</blockquote></p><p> As a result, Shopee actually overtook MercadoLibre as the most-downloaded shopping app in Latin America earlier this year. By the end of August, Shopee's monthly active users (MAUs) in Latin America had risen 136% year over year to more than 30 million, according to Apptopia. MercadoLibre ended last quarter with 78.7 million unique active users.</p><p><blockquote>因此，今年早些时候，Shopee 实际上已经超过 MercadoLibre，成为拉丁美洲下载量最高的购物应用程序。根据 Apptopia 的数据，截至 8 月底，Shopee 在拉丁美洲的月活跃用户 (MAU) 同比增长 136%，超过 3000 万。MercadoLibre 上季度末拥有 7870 万独立活跃用户。</blockquote></p><p> Sea doesn't break out its Latin American results yet, but it's likely still racking up big losses as it expands through MercadoLibre's backyard. Last quarter, Sea said Shopee's adjusted EBITDA loss of $0.41 per order remained unchanged sequentially and year over year across all of its markets -- but narrowed by both metrics in its core Southeast Asia and Taiwan market.</p><p><blockquote>Sea 尚未公布其拉丁美洲业绩，但随着其通过 MercadoLibre 的后院扩张，它可能仍会遭受巨大损失。上个季度，Sea 表示，Shopee 所有市场的调整后 EBITDA 亏损为每订单 0.41 美元，环比和同比保持不变，但其核心东南亚和台湾市场的两项指标均有所收窄。</blockquote></p><p> In other words, Sea needs to continue narrowing Shopee's losses in Southeast Asia and Taiwan -- all while maintaining&nbsp;<i>Free Fire's</i>growth -- to stabilize its adjusted EBITDA as it expands its massive ecosystem.</p><p><blockquote>换句话说，Sea 需要继续缩小 Shopee 在东南亚和台湾的损失，同时维持<i>自由射击</i>增长——随着其庞大生态系统的扩张，稳定调整后的 EBITDA。</blockquote></p><p> 3. Sea Limited is evolving into a digital bank</p><p><blockquote>3. Sea Limited 正在发展成为一家数字银行</blockquote></p><p> Shopee isn't Sea's only unprofitable business. Its digital financial services segment, which houses the Sea&nbsp;Money payments platform and other fintech units, is losing money too. This business was also granted a full digital banking license in Singapore last December.</p><p><blockquote>Shopee 并不是 Sea 唯一无利可图的业务。其数字金融服务部门（包含 Sea Money payments 平台和其他金融科技部门）也在亏损。去年12月，该业务还在新加坡获得了完整的数字银行牌照。</blockquote></p><p> Sea launched the digital financial services segment in the fourth quarter of 2019, and both the total payment volume and the number of quarterly paying users on its mobile wallet app have skyrocketed in the two years since. Unfortunately, its losses are also widening:<img src=\"https://static.tigerbbs.com/40d393bcaa2441a53a52b8f0e431b310\" tg-width=\"791\" tg-height=\"241\" width=\"100%\" height=\"auto\">Once again, this highlights Sea's overwhelming dependence on&nbsp;<i>Free Fire</i>&nbsp;to do the heavy lifting and support its other, unprofitable businesses.</p><p><blockquote>Sea于2019年第四季度推出了数字金融服务部门，自那以后的两年里，其移动钱包应用程序的总支付量和季度支付用户数量都出现了飙升。不幸的是，它的损失也在扩大：这再次凸显了海洋对<i>自由射击</i>承担繁重的工作并支持其其他无利可图的业务。</blockquote></p><p> A wobbly (but promising) business model</p><p><blockquote>不稳定（但有前途）的商业模式</blockquote></p><p> These three points show us just how unusual Sea's business model is: It's an e-commerce and fintech giant that (for now) relies on the profits from a single mobile game to offset the staggering losses of its other high-growth businesses.</p><p><blockquote>这三点向我们展示了Sea的商业模式是多么不寻常：它是一家电子商务和金融科技巨头，（目前）依靠一款手机游戏的利润来抵消其他高增长业务的惊人亏损。</blockquote></p><p> On the bright side, Sea also raised about $6 billion in fresh capital earlier this year with a big secondary stock and convertible debt offering -- and it ended&nbsp;the third quarter&nbsp;with $11.1 billion in cash and equivalents on the books. Therefore, Sea can afford to keep bleeding red ink for the foreseeable future.</p><p><blockquote>从好的一面来看，Sea 今年早些时候还通过大规模二级股票和可转换债务发行筹集了约 60 亿美元的新资本，第三季度末其账面现金及等价物为 111 亿美元。因此，在可预见的未来，Sea有能力继续流血。</blockquote></p><p></p><p> I believe Sea still has plenty of growth potential, but it will remain a very volatile stock. Potential investors should be well aware of these risks before betting that the stock will generate multibagger gains.</p><p><blockquote>我相信Sea仍然有很大的增长潜力，但它仍将是一只波动性很大的股票。潜在投资者在押注该股票将产生多重收益之前，应该充分了解这些风险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/09/3-things-about-sea-limited-that-smart-investors-kn/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://www.fool.com/investing/2021/12/09/3-things-about-sea-limited-that-smart-investors-kn/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195107888","content_text":"Most investors likely know three things about Sea Limited(NYSE:SE): that it owns Shopee, the top e-commerce player in Southeast Asia and Taiwan; that it owns the mobile game publisher Garena; and that it is deeply unprofitable.\nBut this tech company is actually fairly complex, and to better understand its sprawling business, it's worth examining three finer points about it that garner a lot less attention: its dependence on Free Fire; its expansion plans in Latin America; and the growth of its fintech ecosystem.\n1.Free Fire is the wind in Sea's sails\nFour years ago, Garena launched Free Fire, its first self-developed mobile game. The battle royale title, which was optimized for lower-end devices, quickly became one of the most popular mobile games in Southeast Asia and Latin America, and was the most-downloaded mobile game in the world in both 2019 and 2020, according to App Annie.\nFree Fire'ssuccess significantly boosted Garena's margins, since it wasn't a licensed game like the publisher's earlier titles. As a result, Sea's digital entertainment segment (which houses Garena) started to generate even stronger adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth -- a sharp contrast to the company's e-commerce segment, which has been growing more unprofitable.Therefore, Sea clearly needs Free Fire to keep generating that higher-margin revenue to subsidize the expansion of the Shopee e-commerce platform. That's a hefty burden to place on a 4-year-old mobile game.\nLooking ahead, Garena's top priorities will be to maintain Free Fire'smomentum, expand the franchise with new versions (likeFree Fire MAXfor higher-end devices), and launch more self-developed titles. Failing to achieve any of those goals could cause Sea's adjusted EBITDA to plummet.\n2. Shopee is gaining ground fast in Latin America\nWhen Shopee expanded into Brazil two years ago, skeptics predicted that it would be crushed by MercadoLibre(NASDAQ:MELI), the 800-pound gorilla of Latin American e-commerce. However, Shopee launched aggressive marketing campaigns, offered steep discounts, and expanded into other Latin American markets.\nAs a result, Shopee actually overtook MercadoLibre as the most-downloaded shopping app in Latin America earlier this year. By the end of August, Shopee's monthly active users (MAUs) in Latin America had risen 136% year over year to more than 30 million, according to Apptopia. MercadoLibre ended last quarter with 78.7 million unique active users.\nSea doesn't break out its Latin American results yet, but it's likely still racking up big losses as it expands through MercadoLibre's backyard. Last quarter, Sea said Shopee's adjusted EBITDA loss of $0.41 per order remained unchanged sequentially and year over year across all of its markets -- but narrowed by both metrics in its core Southeast Asia and Taiwan market.\nIn other words, Sea needs to continue narrowing Shopee's losses in Southeast Asia and Taiwan -- all while maintaining Free Fire'sgrowth -- to stabilize its adjusted EBITDA as it expands its massive ecosystem.\n3. Sea Limited is evolving into a digital bank\nShopee isn't Sea's only unprofitable business. Its digital financial services segment, which houses the Sea Money payments platform and other fintech units, is losing money too. This business was also granted a full digital banking license in Singapore last December.\nSea launched the digital financial services segment in the fourth quarter of 2019, and both the total payment volume and the number of quarterly paying users on its mobile wallet app have skyrocketed in the two years since. Unfortunately, its losses are also widening:Once again, this highlights Sea's overwhelming dependence on Free Fire to do the heavy lifting and support its other, unprofitable businesses.\nA wobbly (but promising) business model\nThese three points show us just how unusual Sea's business model is: It's an e-commerce and fintech giant that (for now) relies on the profits from a single mobile game to offset the staggering losses of its other high-growth businesses.\nOn the bright side, Sea also raised about $6 billion in fresh capital earlier this year with a big secondary stock and convertible debt offering -- and it ended the third quarter with $11.1 billion in cash and equivalents on the books. Therefore, Sea can afford to keep bleeding red ink for the foreseeable future.\nI believe Sea still has plenty of growth potential, but it will remain a very volatile stock. Potential investors should be well aware of these risks before betting that the stock will generate multibagger gains.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":137126017,"gmtCreate":1622331453239,"gmtModify":1634102346598,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"It will rise back","listText":"It will rise back","text":"It will rise back","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/137126017","repostId":"2138765488","repostType":4,"isVote":1,"tweetType":1,"viewCount":972,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":696735096,"gmtCreate":1640765758331,"gmtModify":1640765773730,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/696735096","repostId":"1168845751","repostType":4,"repost":{"id":"1168845751","kind":"news","pubTimestamp":1640765334,"share":"https://www.laohunote.com/m/news/1168845751?lang=zh_CN&edition=full","pubTime":"2021-12-29 16:08","market":"us","language":"en","title":"Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid 股票：较 11 月高点下跌 33%，是时候转为看涨了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168845751","media":"Seeking Alpha","summary":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly su","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid 股价已较 11 月高点下跌 33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全部认购。</li><li>我们讨论为什么我们认为电动汽车投资者是时候看好 Lucid 股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group (LCID) 的股价已下跌 26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以读者如果需要入门可以参考一下。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>其股票遭受了成长型股票回调和美国证券交易委员会最近对其特殊目的收购公司合并的审查的双重打击，因此遭受了重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股定价仍存在溢价，但我们认为它现在的估值似乎更加合理。此外，定价溢价并没有阻止机构投资者完全抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是合适的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在看好 LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group 估计到 2030 年将生产 50 万辆汽车。然而，它计划到2022年和2023年分别只生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量是高度投机性的。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司清楚地展示了生产世界级豪华电动汽车的工程专业知识。让 Air Dream 赢得 2022 年 MotorTrend 年度汽车奖只是其迈向 2.5 万美元大众市场电动汽车目标的开始。成为新加冕的“范围之王”当然不是一个简单的壮举。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的荣誉。它显示了 Lucid 惊人的动力系统效率的明显优势。虽然其基本型号 Air Pure 的定价要高得多（7.74 万美元起），但我们应该期待未来会有更多迭代。罗林森的“向下移动”策略是特斯拉（TSLA）完善的一个久经考验的模型。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说这个策略是可行的。此外，Lucid 的垂直集成堆栈为该公司提供了在动力总成效率方面创造奇迹的关键优势。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。特斯拉做到了。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济，通过大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用较小的电池组来实现有竞争力的续航里程（例如，未来 400 英里），这将使我们花费更低。未来，我可以以每千瓦时 100 美元以下的价格购买电池，也许是 90 美元。然后我可以花2300美元买那个包的电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值 25,000 美元的汽车。这就是未来。（内部人士）尽管如此，彭博新能源财经估计，2022 年锂离子电池组成本将从今年的 132 美元小幅上涨至 135 美元。这也将标志着由于原材料成本飙升，我们在过去十年中首次看到电池组价格名义上涨。值得注意的是，它预计到 2030 年价格将是我们今天观察到的一半。因此，我们相信罗林森将在适当的时候推出大众市场汽车，因为它的产量增加。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能成功提高产量吗？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为 Lucid 仍需证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但仍需要证明自己的制造专业知识。但是，Lucid拥有成功的所有要素。从 2022 年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车有利。通用汽车 (GM) 和福特 (F) 将从 2022 年开始增加电动汽车的交付量。Rivian (RIVN) 正在加大其令人惊叹的电动卡车的生产。预计特斯拉明年的产量将达到 200 万台。一些投资者认为，更激烈的竞争将压垮像 Lucid 这样的新贵，该公司尚未证明其批量生产专业知识。这些担忧是合理的。制造业是一个不同的球类运动。我们并不是说 Lucid 不会遇到生产障碍。投资者应该假设该公司将遭受打嗝和瓶颈。但是，重要的是，竞争格局实际上有利于清醒，而不是禁止。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这些估计也与彭博 NEF 5.2% 的渗透率一致。第一大市场（中国）和第二大市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实仍处于起步阶段。是的，会有竞争。但要说竞争会扼杀 Lucid，我们认为，Lucid 已经证明其汽车技术不可信。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地驾驭长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括其期权）已全部认购。因此，该公司成功筹集了 1.99B 美元的净收益，这笔钱将用于提高产量等用途。值得注意的是，其每股 54.78 美元的转换价比其最后收盘价高出 41.7%，该收盘价必须在 2026 年 12 月之前转换。因此，我们相信这是机构界对 Lucid 的明确信任投票。该公司在交易中没有债务，现金和短期投资余额为$4.8B。它为 Lucid 提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“票据将按年利率 1.25% 计息。”因此，我们认为这是一个伟大且实惠的产品。首席财务官 Sherry House 也在最近的财报中强调了该公司坚如磐石的资产负债表。她补充道（编辑），这将有助于该公司获得增加生产资本支出所需的负担得起的资金：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至 9 月 30 日，我们今天处于一个非常好的位置，拥有 48 亿美元，这将使我们顺利度过 2022 年。明年你将会看到资本支出大幅增加。事实上，与今年相比，明年将部署数倍的资本。所以我们已经在做加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>你会注意到，我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们有机会提供极好的贷款来增值</i>.因此，我们对自己能做的事情感到非常满意，我们觉得我们正在提高公司高效、快速部署资本的能力。（Lucid 2021 年第三季度盈利看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid 股票和同行电动汽车/2023财年收入比较。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid 股票的估值（电动汽车/2023财年收入）与我们上次报道时相比大幅下降。尽管仍领先于特斯拉股票的估值，但其回落幅度与纯游戏同行大致一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的 18 倍。此外，读者应该注意，Lucid 已承诺到 2023 年车辆的运行率仅为 5 万辆。因此，即使我们以其2023财年收入倍数为基础，当它成功爬坡时，它甚至可能低估其中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为他们不必转移内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，估值环境升高会对纯粹游戏制造商的股价产生飞轮效应。这有助于他们以低成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（已编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资金随处可见且便宜。因此，对许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 稀释性 10% 的股权融资可以为三个以上的增量工厂和超过 750,000 台增量产能提供资金，使该公司成为相对大型的全球豪华汽车制造商。（Benzinga）因此，我们认为清醒的投资者不应担心其溢价估值。相反，Lucid 通过非常成功的票据发行利用了其溢价估值。这证明了Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需证明其产量提升能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对 LCID 股票的评级，仅供投机投资者买入。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid 股票：较 11 月高点下跌 33%，是时候转为看涨了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLucid Stock: Down 33% From Its November High, It's Time To Turn Bullish<blockquote>Lucid 股票：较 11 月高点下跌 33%，是时候转为看涨了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-29 16:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Lucid stock has dropped 33% from its November high.</li><li>The company recently completed a highly successful convertible notes offering, which was fully subscribed.</li><li>We discuss why we think it&#39;s time for EV investors to turn bullish on Lucid stock.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b06efeb97c339c447478d616e8e4db7\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>Eugene Gologursky/Getty Images Entertainment</span></p><p><blockquote><ul><li>Lucid 股价已较 11 月高点下跌 33%。</li><li>该公司最近完成了一次非常成功的可转换票据发行，并获得了全部认购。</li><li>我们讨论为什么我们认为电动汽车投资者是时候看好 Lucid 股票了。</li></ul><p class=\"t-img-caption\"><span>尤金·戈洛古尔斯基/盖蒂图片社娱乐</span></p></blockquote></p><p>Lucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.</p><p><blockquote>自我们上一篇文章（中性评级）发表以来，Lucid Group (LCID) 的股价已下跌 26%，因为我们鼓励投资者保持耐心。我们还详细讨论了我们的论文，所以读者如果需要入门可以参考一下。</blockquote></p><p>Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.</p><p><blockquote>其股票遭受了成长型股票回调和美国证券交易委员会最近对其特殊目的收购公司合并的审查的双重打击，因此遭受了重创。</blockquote></p><p>While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.</p><p><blockquote>虽然该股定价仍存在溢价，但我们认为它现在的估值似乎更加合理。此外，定价溢价并没有阻止机构投资者完全抢购其可转换票据及其期权。</blockquote></p><p>Therefore, we believe it&#39;s apt to discuss why we have revised our rating to Buy.</p><p><blockquote>因此，我们认为讨论为什么我们将评级修改为买入是合适的。</blockquote></p><p>Why We Are Turning Bullish on LCID Now</p><p><blockquote>为什么我们现在看好 LCID</blockquote></p><p>Lucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID&#39;s long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn&#39;t mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned &#34;range king&#34; is certainly no mean feat. It&#39;s a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson &amp; Co. It shows the clear supremacy of Lucid&#39;s amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson&#39;s strategy of &#34;moving down the chain&#34; is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid&#39;s vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):</p><p><blockquote>Lucid Group 估计到 2030 年将生产 50 万辆汽车。然而，它计划到2022年和2023年分别只生产2万辆和5万辆。因此，我们认为LCID的长期产量预测目前充其量是高度投机性的。尽管如此，读者应该清楚，这并不意味着Lucid无法实现其目标。该公司清楚地展示了生产世界级豪华电动汽车的工程专业知识。让 Air Dream 赢得 2022 年 MotorTrend 年度汽车奖只是其迈向 2.5 万美元大众市场电动汽车目标的开始。成为新加冕的“范围之王”当然不是一个简单的壮举。这是世界级工程人才的标志，我们应该给予首席执行官彼得·罗林森公司足够的荣誉。它显示了 Lucid 惊人的动力系统效率的明显优势。虽然其基本型号 Air Pure 的定价要高得多（7.74 万美元起），但我们应该期待未来会有更多迭代。罗林森的“向下移动”策略是特斯拉（TSLA）完善的一个久经考验的模型。虽然有人可以说Lucid不是特斯拉（至少现在还不是），但我们也可以说这个策略是可行的。此外，Lucid 的垂直集成堆栈为该公司提供了在动力总成效率方面创造奇迹的关键优势。罗林森强调（编辑）：</blockquote></p><p>Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.<i>Step one of that plan is we use efficiency to create long-range</i>. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That&#39;s the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.</p><p><blockquote>雷克萨斯做到了。特斯拉做到了。伟大的品牌从高端产品开始，并逐渐使其更容易获得。<i>该计划第一步是利用效率创造长期</i>然后，我们就可以生产出像Air Pure这样的产品。我们仍然需要通过规模经济，通过大规模产业化来降低电池组和电芯的成本。由于电池组是电动汽车中最昂贵的单个组件，这意味着我们可以使用较小的电池组来实现有竞争力的续航里程（例如，未来 400 英里），这将使我们花费更低。未来，我可以以每千瓦时 100 美元以下的价格购买电池，也许是 90 美元。然后我可以花2300美元买那个包的电池。我可以花不到3000美元做一个包。然后我就可以拥有一辆价值 25,000 美元的汽车。这就是未来。（内部人士）尽管如此，彭博新能源财经估计，2022 年锂离子电池组成本将从今年的 132 美元小幅上涨至 135 美元。这也将标志着由于原材料成本飙升，我们在过去十年中首次看到电池组价格名义上涨。值得注意的是，它预计到 2030 年价格将是我们今天观察到的一半。因此，我们相信罗林森将在适当的时候推出大众市场汽车，因为它的产量增加。</blockquote></p><p><b>Can Lucid Ramp Production Successfully?</b></p><p><blockquote><b>Lucid能成功提高产量吗？</b></blockquote></p><p></p><p>Let&#39;s put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It&#39;s riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we&#39;re not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF&#39;s 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.</p><p><blockquote>这么说吧。我们认为 Lucid 仍需证明其产量增长。到2023年达到5万将是一个好的开始。它已经证明了自己的技术，但仍需要证明自己的制造专业知识。但是，Lucid拥有成功的所有要素。从 2022 年起，它将乘着美国主流电动汽车采用的绿色浪潮。监管环境对电动汽车有利。通用汽车 (GM) 和福特 (F) 将从 2022 年开始增加电动汽车的交付量。Rivian (RIVN) 正在加大其令人惊叹的电动卡车的生产。预计特斯拉明年的产量将达到 200 万台。一些投资者认为，更激烈的竞争将压垮像 Lucid 这样的新贵，该公司尚未证明其批量生产专业知识。这些担忧是合理的。制造业是一个不同的球类运动。我们并不是说 Lucid 不会遇到生产障碍。投资者应该假设该公司将遭受打嗝和瓶颈。但是，重要的是，竞争格局实际上有利于清醒，而不是禁止。美国电动汽车普及率略低于3%。此外，根据IHS Markit的数据，预计2022年美国电动汽车在新车销量中的份额将达到5%。这些估计也与彭博 NEF 5.2% 的渗透率一致。第一大市场（中国）和第二大市场（欧洲）的电动汽车渗透率已经达到两位数。因此，美国电动汽车市场确实仍处于起步阶段。是的，会有竞争。但要说竞争会扼杀 Lucid，我们认为，Lucid 已经证明其汽车技术不可信。美国电动汽车市场才刚刚起步，如果Lucid能够成功提高产量，它肯定可以很好地驾驭长期趋势。</blockquote></p><p>Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It&#39;s important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it&#39;s a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that &#34;the notes will accrue interest at a rate of 1.25% per annum.&#34; Therefore, it&#39;s a great and affordable offering, we think. CFO Sherry House had also emphasized the company&#39;s rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):</p><p><blockquote>值得注意的是，机构投资者对Lucid能够做到这一点非常有信心。该公司最近强调，其可转换票据发行（包括其期权）已全部认购。因此，该公司成功筹集了 1.99B 美元的净收益，这笔钱将用于提高产量等用途。值得注意的是，其每股 54.78 美元的转换价比其最后收盘价高出 41.7%，该收盘价必须在 2026 年 12 月之前转换。因此，我们相信这是机构界对 Lucid 的明确信任投票。该公司在交易中没有债务，现金和短期投资余额为$4.8B。它为 Lucid 提供了巨大的财务灵活性，可以为其发行定价，同时使股东和公司受益。投资者应注意，“票据将按年利率 1.25% 计息。”因此，我们认为这是一个伟大且实惠的产品。首席财务官 Sherry House 也在最近的财报中强调了该公司坚如磐石的资产负债表。她补充道（编辑），这将有助于该公司获得增加生产资本支出所需的负担得起的资金：</blockquote></p><p>So, we&#39;re sitting in a terrific place today with $4.8 billion as of September 30, that&#39;s going to get us well through 2022. You&#39;re going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we&#39;re already doing that acceleration.<i>We do think that there is increasing availability of capital to us today from a lot of different sources</i>. You&#39;ll note that we still haven&#39;t even taken debt on.<i>So we have the opportunity to provide terrific loan to value there if we chose to take on debt</i>. So we&#39;re feeling really good about what we could do, and we feel like we are increasing the company&#39;s ability to deploy capital efficiently and quickly. (Lucid&#39;s FQ3&#39;21 earnings call)<b>Why Buy LCID Stock at Such a High Premium?</b></p><p><blockquote>因此，截至 9 月 30 日，我们今天处于一个非常好的位置，拥有 48 亿美元，这将使我们顺利度过 2022 年。明年你将会看到资本支出大幅增加。事实上，与今年相比，明年将部署数倍的资本。所以我们已经在做加速了。<i>我们确实认为，今天我们从许多不同来源获得的资本越来越多</i>你会注意到，我们甚至还没有负债。<i>因此，如果我们选择承担债务，我们有机会提供极好的贷款来增值</i>.因此，我们对自己能做的事情感到非常满意，我们觉得我们正在提高公司高效、快速部署资本的能力。（Lucid 2021 年第三季度盈利看涨期权）<b>为什么要以如此高的溢价购买LCID股票？</b></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba3124f31c4a9080cab2f9604eef1e35\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"/><span>Lucid stock &amp; peers EV/FY23 Revenue comps. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid 股票和同行电动汽车/2023财年收入比较。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p>Lucid stock&#39;s valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock&#39;s valuation, it has dropped back broadly in line with its pure-play peers. Also, it&#39;s no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.</p><p><blockquote>Lucid 股票的估值（电动汽车/2023财年收入）与我们上次报道时相比大幅下降。尽管仍领先于特斯拉股票的估值，但其回落幅度与纯游戏同行大致一致。此外，正如我们之前指出的，它的交易价格不再是2023财年收入的 18 倍。此外，读者应该注意，Lucid 已承诺到 2023 年车辆的运行率仅为 5 万辆。因此，即使我们以其2023财年收入倍数为基础，当它成功爬坡时，它甚至可能低估其中期运行率。</blockquote></p><p></p><p>Moreover, the &#34;green tidal wave&#34; is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don&#39;t have to transit their ICE production lines. Valuations like this are &#34;perfect&#34; to issue convertible notes or equity offerings.</p><p><blockquote>此外，鉴于其巨大的机遇，“绿色浪潮”预计将从2022年起提振美国市场电动汽车股票的势头。因此，我们认为纯电动汽车制造商的估值将继续保持在高位，因为他们不必转移内燃机生产线。这样的估值对于发行可转换票据或股票发行来说是“完美的”。</blockquote></p><p>Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers&#39; stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):</p><p><blockquote>美国银行还强调，估值环境升高会对纯粹游戏制造商的股价产生飞轮效应。这有助于他们以低成本为增长提供资金。反过来，当他们实现产量增长时，它可以帮助推高股价。美国银行补充道（已编辑）：</blockquote></p><p>Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid&#39;s business model is very robust, and that&#39;s critical.</p><p><blockquote>在当前的市场条件下，电动汽车原始设备制造商的资金随处可见且便宜。因此，对许多股票，尤其是特斯拉和Lucid的动力/支撑将持续存在。与此同时，Lucid 稀释性 10% 的股权融资可以为三个以上的增量工厂和超过 750,000 台增量产能提供资金，使该公司成为相对大型的全球豪华汽车制造商。（Benzinga）因此，我们认为清醒的投资者不应担心其溢价估值。相反，Lucid 通过非常成功的票据发行利用了其溢价估值。这证明了Lucid商业模式的机构支持非常强大，这一点至关重要。</blockquote></p><p>Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.</p><p><blockquote>尽管如此，该公司仍需证明其产量提升能力。然而，我们认为其估值，加上其成功获得廉价资金，使其目前的价格值得买入。</blockquote></p><p>Therefore, we revise our rating on LCID stock to Buy for speculative investors only.</p><p><blockquote>因此，我们修改了对 LCID 股票的评级，仅供投机投资者买入。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"source_url":"https://seekingalpha.com/article/4477067-lucid-stock-down-33-percent-from-its-november-high-its-time-to-turn-bullish","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168845751","content_text":"SummaryLucid stock has dropped 33% from its November high.The company recently completed a highly successful convertible notes offering, which was fully subscribed.We discuss why we think it's time for EV investors to turn bullish on Lucid stock.Eugene Gologursky/Getty Images EntertainmentLucid Group(LCID) stock has fallen 26% since our previous article (Neutral rating) was published as we encouraged investors to be patient. We also discussed our thesis in detail, so readers can refer to it if they need a primer.Its stock was battered as it suffered the double whammy of growth stock retracement and the recent SEC scrutiny over its SPAC combination.While the stock is still priced at a premium, we believe that it seems more reasonably valued now. Moreover, being priced at a premium has not deterred institutional investors from fully snapping up its convertible notes offering, plus its option.Therefore, we believe it's apt to discuss why we have revised our rating to Buy.Why We Are Turning Bullish on LCID NowLucid Group estimates that it will produce 500K vehicles by 2030. However, it has planned for only 20K and 50K units by 2022 and 2023, respectively. Therefore, we believe that LCID's long-term production forecast is highly speculative at best for now. Nevertheless, readers should be clear that it doesn't mean that Lucid cannot meet its target. The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream winning the 2022 MotorTrend Car of the Year was just the start of its objective towards the $25K mass-market EV. Being the newly crowned \"range king\" is certainly no mean feat. It's a hallmark of world-class engineering talent that we should give sufficient due credit to CEO Peter Rawlinson & Co. It shows the clear supremacy of Lucid's amazing powertrain efficiency. While its base model Air Pure is priced at a significant premium (from $77.4K), we should expect more iterations moving forward. Rawlinson's strategy of \"moving down the chain\" is a well-proven model that Tesla (TSLA) has perfected. While one can argue that Lucid is no Tesla (at least not yet), we also can argue that the strategy can work. Moreover, Lucid's vertically-integrated stack gives the company the critical advantage to work wonders with its powertrain efficiency. Rawlinson emphasized (edited):Lexus did it. Tesla did it. Great brands have started with a high-end product and gradually made that more accessible.Step one of that plan is we use efficiency to create long-range. Then, we can then produce a product like Air Pure. We still need to get the cost of the battery pack and battery cells down through mass industrialization through the economy of scale. Because the battery pack is the most expensive single component in an electric car, it means that we can go for a competitive range — say, at 400 miles in the future — with a smaller pack, which is going to cost us less. In the future, I could buy cells at, say, under $100 a kilowatt-hour, maybe $90. I could then buy the cells for that pack for $2,300. I could build a pack for under $3,000. And then I could have a $25,000 car. That's the future. (Insider)Nevertheless,BloombergNEF estimates that we will observe a slight increase in lithium-ion battery pack cost to $135 in 2022, up from $132 this year. It also will mark the first time we see a nominal increase in battery pack prices in the last ten years due to the spike in raw material costs. Notably, it expects prices to be half of what we observe today by 2030. Hence, we trust that Rawlinson will get that mass-market car out in due course as it ramps production.Can Lucid Ramp Production Successfully?Let's put it this way. We think Lucid still needs to prove its production ramp. Getting to 50K by 2023 will be a good start. It has proven its technology, but it still needs to prove its manufacturing expertise. But, Lucid has got all the ingredients to be successful. It's riding the green tidal wave of mainstream EV adoption in the US from 2022. The regulatory climate is positive toward EVs. General Motors (GM) and Ford (F) will ramp their EV deliveries from 2022. Rivian (RIVN) is ramping production of their amazing EV trucks. Tesla is estimated to reach a 2M production run rate next year. Some investors believe that more intense competition will crush new upstarts like Lucid, which has not proven their volume production expertise. The concerns are valid. Manufacturing is a different ball game. And we're not saying that Lucid will not meet production hurdles along the way. Investors should assume that the company will suffer from hiccups and bottlenecks. But, importantly, the competitive landscape is actually conducive for Lucid and not prohibitive. The US EV penetration rate is just under 3%. Furthermore, according to IHS Markit, the US EV share of new car sales is estimated to reach 5% in 2022. The estimates also are in line with Bloomberg NEF's 5.2% penetration rate. The EV penetration rates in the No. 1 market (China) and the No. 2 market (Europe) are already in double digits. Therefore, the US EV market is really still in its infancy. Yes, there will be competition. But to say that the competition will stifle Lucid, which has proven its automobile technology is not credible, we think. The US EV market is just getting started, and Lucid can certainly ride the secular trend well if it can ramp production successfully.Notably, institutional investors are very confident that Lucid can do it. The company emphasized recently that its convertible notes offering, including its option, has been fully subscribed. Therefore, the company has managed to raise $1.99B in net proceeds, which will be used to ramp production, among other uses. It's important to note that its conversion price of $54.78 per share is 41.7% above its last closing price, which must be converted by December 2026. Therefore, we believe it's a clear vote of confidence the institutional community has given Lucid. The company was debt free coming into the transaction, with a cash and short-term investments balance of $4.8B. It has given Lucid tremendous financial flexibility to price its offering to benefit shareholders and the company at the same time. Investors should note that \"the notes will accrue interest at a rate of 1.25% per annum.\" Therefore, it's a great and affordable offering, we think. CFO Sherry House had also emphasized the company's rock-solid balance sheet in its recent earnings. It would help the company get the affordable funding it needs to ramp CapEx for production, as she added (edited):So, we're sitting in a terrific place today with $4.8 billion as of September 30, that's going to get us well through 2022. You're going to see a large capex increase happening next year. Actually, multiples ofcapexare going to be deployed next year vs. this year. So we're already doing that acceleration.We do think that there is increasing availability of capital to us today from a lot of different sources. You'll note that we still haven't even taken debt on.So we have the opportunity to provide terrific loan to value there if we chose to take on debt. So we're feeling really good about what we could do, and we feel like we are increasing the company's ability to deploy capital efficiently and quickly. (Lucid's FQ3'21 earnings call)Why Buy LCID Stock at Such a High Premium?Lucid stock & peers EV/FY23 Revenue comps. Data source: S&P Capital IQLucid stock's valuation (EV/FY23 Revenue) has dropped significantly from the previous time we covered it. Although still ahead of Tesla stock's valuation, it has dropped back broadly in line with its pure-play peers. Also, it's no longer trading at 18x FY23 revenue, as we noted previously. Moreover, readers should note that Lucid has committed to a run rate of just 50K vehicles by 2023. Therefore, even if we consider its FY23 revenue multiple as a basis, it might even understate its medium-term run rate when it successfully ramps.Moreover, the \"green tidal wave\" is expected to lift the momentum of EV stocks in the US market from 2022, given its massive opportunity. Therefore, we think valuations will continue to stay high for the pure-play EV makers, who don't have to transit their ICE production lines. Valuations like this are \"perfect\" to issue convertible notes or equity offerings.Bank of America also highlighted that an elevated valuation environment creates a flywheel effect on the pure-play makers' stock prices. It helps them to fund growth cheaply. And in turn, it can help drive up the stock price as they realize their production growth. BofA added (edited):Capital for EV OEMs is widely available and cheap in current market conditions. Therefore, momentum/support for many of the stocks, especially Tesla and Lucid, will persist. A 10% dilutive equity raise for Lucid, meanwhile, could fund over three incremental plants and more than 750,000 incremental units of capacity, making the company a relatively large global luxury automaker. (Benzinga)Hence, we believe Lucid investors should not be worried about its premium valuation. Instead, Lucid has capitalized on its premium valuation with its highly successful notes offering. It proves that the institutional support for Lucid's business model is very robust, and that's critical.Nevertheless, the company still needs to prove its production ramp capability. However, we think its valuation, coupled with its success in acquiring cheap funding, makes its current price a Buy.Therefore, we revise our rating on LCID stock to Buy for speculative investors only.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":3324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696024349,"gmtCreate":1640580058229,"gmtModify":1640580058443,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Time for Tesla to the moon","listText":"Time for Tesla to the moon","text":"Time for Tesla to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/696024349","repostId":"1138768744","repostType":2,"repost":{"id":"1138768744","kind":"news","pubTimestamp":1640576008,"share":"https://www.laohunote.com/m/news/1138768744?lang=zh_CN&edition=full","pubTime":"2021-12-27 11:33","market":"us","language":"en","title":"The next Tesla is proving hard to find<blockquote>下一个特斯拉很难找到</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138768744","media":"CNN Business","summary":"New York Finding the next Tesla among electric vehicle stocks is proving to be difficult.A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla  itself.Rivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on De","content":"<p><div> New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult. A number of upstart electric vehicle makers' stock prices soared in recent years, as investors ...</p><p><blockquote><div>纽约（CNN Business）事实证明，在电动汽车股票中找到下一个特斯拉是困难的。近年来，随着投资者……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页连接</a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The next Tesla is proving hard to find<blockquote>下一个特斯拉很难找到</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe next Tesla is proving hard to find<blockquote>下一个特斯拉很难找到</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-12-27 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult. A number of upstart electric vehicle makers' stock prices soared in recent years, as investors ...</p><p><blockquote><div>纽约（CNN Business）事实证明，在电动汽车股票中找到下一个特斯拉是困难的。近年来，随着投资者……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","RIVN":"Rivian Automotive, Inc.","LCID":"Lucid Group Inc"},"source_url":"https://edition.cnn.com/2021/12/26/investing/tesla-ev-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138768744","content_text":"New York (CNN Business)Finding the next Tesla among electric vehicle stocks is proving to be difficult.\nA number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla (TSLA) itself.\nLucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV. But company has also disclosed it faces subpoenas from the Securities and Exchange Commission about some of its claims and the SPAC deal, and shares are down from a November 16 peak.\nElectric truck maker Rivian had a huge hit with its November IPO, and it also won MotorTrend Truck of the Year honors. Rivian won the race to be the first all-electric pickup to reach market. Shares shot up 29% from the IPO price on its first day of trading, and gained another 71% over the next week.\nRivian was briefly the third-most-valuable automaker on the planet, behind only Tesla and Toyota, despite having yet to report any sales when it went public. When it finally reported its first sales on December 16 they fell short of expectations, and the company cited the same chip and parts shortages dogging the rest of the auto industry. Shares closed Thursday down 44% from that pre-report high, and the sales report proved to be a headwind for Lucid shares as well.\nEven Tesla, which earlier this year became only the sixth company to reach a $1 trillion market value, has encountered recent troubles. Shares sank as much as 27% from an all-time high set on November 4 through Tuesday -- before a late-week rally lifted it back above the $1 trillion mark. Still, it is trading 13% below its all-time peak.\nPart of the recent problem for EV stocks is the apparent demise of the Biden administration's Build Back Better bill, which had a number of goodies for the EV industry, including enhanced tax credits for buyers that would have allowed automakers to charge more for the vehicles. Build Back Better also includes money for a network of rapid charging stations, which would have answered potential EV buyers' concerns about running out of juice while on the road.\n\"That was a gut punch to the EV bulls,\" said Dan Ives, tech analyst for Wedbush Securities. \"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand.\"\nBut much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.\nMuch of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs. The concern is that even if consumer preferences and tougher environment rules are about to create a massive shift from gasoline-powered vehicles to electrics, stand-alone EV companies won't necessarily win the battle.\n\"There are going to be losers in the battle for EV market share,\" said Ives. \"Rivian coming out of gate with a delivery short fall, that couldn't have come at a worst time. It's a dark cloud on the pure play EV makers. And investors have a lot less patience with any execution missteps.\"\nTesla has grown to the point where it is profitable and large enough to grow even in the face of increased competition from the established automakers. It projects sales growth of 50% or better this year and beyond. And the stock has mostly bucked the declines in the sector, rising 51% so far this year.\nAlthough that is only a fraction of the 743% gain Tesla stock achieved in 2020, it's better than most of the established automakers other than Ford, whose shares are up 131% this year after posting significant gains in its own EV efforts.\nThe two most troubled EV stocks -- Nikola and Lordstown Motors -- lost 27% and 80% of their value, respectively, through Thursday's close, although Nikola's stock surged 18% Thursday after announcing it had finally made its first truck delivery.\nBut earlier in the week, Nikola agreed to pay a $125 million fine to settle charges Trevor Milton, its founder and former CEO, deceived investors. Milton was forced to resign in September 2020 after questions about company's claims first surfaced. He now faces federal criminal charges.\nThe founder and CEO of Lordstown was also forced to resign, and the company has expressed doubts that it can remain in business.\nThe trouble those companies had living up to their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they will be fully embraced by investors, Ives said.","news_type":1,"symbols_score_info":{"RIDE":0.9,"LCID":0.9,"RIVN":0.9,"TSLA":0.9,"NKLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862534342,"gmtCreate":1632888963194,"gmtModify":1632888963411,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"She sell we buy","listText":"She sell we buy","text":"She sell we buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/862534342","repostId":"1157077918","repostType":2,"repost":{"id":"1157077918","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632887649,"share":"https://www.laohunote.com/m/news/1157077918?lang=zh_CN&edition=full","pubTime":"2021-09-29 11:54","market":"us","language":"en","title":"Cathie Wood Sells Another $265M In Tesla On Tuesday — These Are Other Key Trades<blockquote>Cathie Wood 周二在特斯拉再出售 2.65 亿美元——这些是其他关键交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157077918","media":"Benzinga Earnings","summary":"Cathie Wood-led Ark Invest on Tuesday further sold shares to book profit in Tesla Inc TSLA-1.74%, it","content":"<p><b>Cathie Wood</b>-led Ark Invest on Tuesday further sold shares to book profit&nbsp;in&nbsp;<b>Tesla Inc</b>&nbsp;TSLA-1.74%, its largest single-day sell&nbsp;so far this month&nbsp;in the electric vehicle maker company’s stock.</p><p><blockquote><b>凯西·伍德</b>-led Ark Invest 周二进一步出售股票以实现利润<b>特斯拉公司</b>TSLA-1.74%，这是这家电动汽车制造商公司股票本月迄今为止最大的单日抛售。</blockquote></p><p> The popular money manager sold 340,618 shares — estimated to be worth $264.85 million — in the Palo Alto, California-based company.</p><p><blockquote>这位受欢迎的基金经理出售了这家总部位于加利福尼亚州帕洛阿尔托的公司的 340,618 股股票，估计价值 2.6485 亿美元。</blockquote></p><p> Tesla stock closed 1.74% lower at $777.56 on Tuesday. The company's stock has jumped 5.6% so far this month and the year-to-date gains are about 6.55%.</p><p><blockquote>特斯拉股价周二收盘下跌 1.74%，至 777.56 美元。该公司股价本月迄今已上涨 5.6%，年初至今涨幅约为 6.55%。</blockquote></p><p> The popular investment management firm deployed the&nbsp;<b>Ark Autonomous Technology &amp; RoboticsETF</b>&nbsp;ARKW, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;ARKW-4.08%&nbsp;and the<b>ArkInnovationETF</b>&nbsp;ARKK-4.16%&nbsp;to sell shares in Tesla.</p><p><blockquote>这家广受欢迎的投资管理公司部署了<b>方舟自主技术与机器人SETF</b>ARKW<b>方舟下一代互联网ETF</b>ARKW-4.08%和<b>阿金创新ETF</b>ARKK-4.16% 出售特斯拉股票。</blockquote></p><p> The hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding. Ark predicts Tesla will hit the$3,000 mark at the end of 2025.</p><p><blockquote>众所周知，该对冲基金看好特斯拉，这家电动汽车公司仍然是其最大的持股。Ark预测特斯拉将在2025年底达到3000美元大关。</blockquote></p><p> Including the latest sale, the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based money managing firm has sold about $594 million worth of shares&nbsp;so far in September in the<b>Elon Musk</b>-led company.</p><p><blockquote>包括最新的销售，<a href=\"https://laohu8.com/S/NWY\">纽约</a>- 总部位于 9 月份迄今已出售价值约 5.94 亿美元的股票<b>埃隆·马斯克</b>-领导公司。</blockquote></p><p> Ark held a total of about 4 million shares — worth $3.17 billion — in the electric vehicle company, ahead of Tuesday’s trades.</p><p><blockquote>在周二的交易之前，Ark 共持有这家电动汽车公司约 400 万股股票，价值 31.7 亿美元。</blockquote></p><p> <b>Here are some of the other key trades for Ark on Tuesday:</b></p><p><blockquote><b>以下是 Ark 周二的其他一些主要交易：</b></blockquote></p><p> <ul>  <li>Sold 68,883 shares — estimated to be worth $5.12 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a></b>&nbsp;SNAP-7.09%, on the day shares of the company closed 7.07% lower at $74.42 a share.</li>  <li>Sold 1,994 shares — estimated to be worth $5.4 million — in&nbsp;<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc</b>&nbsp;GOOG-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+ Free Alerts</a>GOOG<a href=\"https://laohu8.com/S/LLL\">L-3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+ Free Alerts</a>. Shares of the company closed 3.76% lower at $2,723.68 on Tuesday.</li>  <li>Snapped 184,199 shares — estimated to be worth $42.33 million — in&nbsp;<b>Coinbase Global Inc</b>&nbsp;COIN-1.03%, on the day shares closed 1.03% lower at $229.84.</li>  <li>Bought 205,707 shares — estimated to be worth $49.9 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SQ\">Square</a> Inc</b>&nbsp;SQ-5.96%, on the day shares of the<b>Jack Dorsey</b>-led company closed about&nbsp; 6% lower at $242.70.</li> </ul> </p><p><blockquote><ul><li>出售 68,883 股股票（估计价值 512 万美元）<b><a href=\"https://laohu8.com/S/SNAP\">Snap公司</a></b>SNAP-7.09%，当天该公司股价收盘下跌7.07%，至每股74.42美元。</li><li>年出售 1,994 股股票，估计价值 540 万美元<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>公司</b>谷歌-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+ 免费提醒</a>谷歌<a href=\"https://laohu8.com/S/LLL\">L一3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+ 免费提醒</a>该公司股价周二收盘下跌3.76%，至2,723.68美元。</li><li>抢购 184,199 股股票（估计价值 4,233 万美元）<b>比特币基地全球公司</b>COIN-1.03%，当天股价收盘下跌1.03%，至229.84美元。</li><li>购买了 205,707 股股票，估计价值 4,990 万美元<b><a href=\"https://laohu8.com/S/SQ\">平方</a>公司</b>SQ-5.96%，当日股价<b>杰克·多西</b>-led 公司收盘下跌约 6%，至 242.70 美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Sells Another $265M In Tesla On Tuesday — These Are Other Key Trades<blockquote>Cathie Wood 周二在特斯拉再出售 2.65 亿美元——这些是其他关键交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-29 11:54</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Cathie Wood</b>-led Ark Invest on Tuesday further sold shares to book profit&nbsp;in&nbsp;<b>Tesla Inc</b>&nbsp;TSLA-1.74%, its largest single-day sell&nbsp;so far this month&nbsp;in the electric vehicle maker company’s stock.</p><p><blockquote><b>凯西·伍德</b>-led Ark Invest 周二进一步出售股票以实现利润<b>特斯拉公司</b>TSLA-1.74%，这是这家电动汽车制造商公司股票本月迄今为止最大的单日抛售。</blockquote></p><p> The popular money manager sold 340,618 shares — estimated to be worth $264.85 million — in the Palo Alto, California-based company.</p><p><blockquote>这位受欢迎的基金经理出售了这家总部位于加利福尼亚州帕洛阿尔托的公司的 340,618 股股票，估计价值 2.6485 亿美元。</blockquote></p><p> Tesla stock closed 1.74% lower at $777.56 on Tuesday. The company's stock has jumped 5.6% so far this month and the year-to-date gains are about 6.55%.</p><p><blockquote>特斯拉股价周二收盘下跌 1.74%，至 777.56 美元。该公司股价本月迄今已上涨 5.6%，年初至今涨幅约为 6.55%。</blockquote></p><p> The popular investment management firm deployed the&nbsp;<b>Ark Autonomous Technology &amp; RoboticsETF</b>&nbsp;ARKW, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;ARKW-4.08%&nbsp;and the<b>ArkInnovationETF</b>&nbsp;ARKK-4.16%&nbsp;to sell shares in Tesla.</p><p><blockquote>这家广受欢迎的投资管理公司部署了<b>方舟自主技术与机器人SETF</b>ARKW<b>方舟下一代互联网ETF</b>ARKW-4.08%和<b>阿金创新ETF</b>ARKK-4.16% 出售特斯拉股票。</blockquote></p><p> The hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding. Ark predicts Tesla will hit the$3,000 mark at the end of 2025.</p><p><blockquote>众所周知，该对冲基金看好特斯拉，这家电动汽车公司仍然是其最大的持股。Ark预测特斯拉将在2025年底达到3000美元大关。</blockquote></p><p> Including the latest sale, the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based money managing firm has sold about $594 million worth of shares&nbsp;so far in September in the<b>Elon Musk</b>-led company.</p><p><blockquote>包括最新的销售，<a href=\"https://laohu8.com/S/NWY\">纽约</a>- 总部位于 9 月份迄今已出售价值约 5.94 亿美元的股票<b>埃隆·马斯克</b>-领导公司。</blockquote></p><p> Ark held a total of about 4 million shares — worth $3.17 billion — in the electric vehicle company, ahead of Tuesday’s trades.</p><p><blockquote>在周二的交易之前，Ark 共持有这家电动汽车公司约 400 万股股票，价值 31.7 亿美元。</blockquote></p><p> <b>Here are some of the other key trades for Ark on Tuesday:</b></p><p><blockquote><b>以下是 Ark 周二的其他一些主要交易：</b></blockquote></p><p> <ul>  <li>Sold 68,883 shares — estimated to be worth $5.12 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a></b>&nbsp;SNAP-7.09%, on the day shares of the company closed 7.07% lower at $74.42 a share.</li>  <li>Sold 1,994 shares — estimated to be worth $5.4 million — in&nbsp;<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc</b>&nbsp;GOOG-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+ Free Alerts</a>GOOG<a href=\"https://laohu8.com/S/LLL\">L-3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+ Free Alerts</a>. Shares of the company closed 3.76% lower at $2,723.68 on Tuesday.</li>  <li>Snapped 184,199 shares — estimated to be worth $42.33 million — in&nbsp;<b>Coinbase Global Inc</b>&nbsp;COIN-1.03%, on the day shares closed 1.03% lower at $229.84.</li>  <li>Bought 205,707 shares — estimated to be worth $49.9 million — in&nbsp;<b><a href=\"https://laohu8.com/S/SQ\">Square</a> Inc</b>&nbsp;SQ-5.96%, on the day shares of the<b>Jack Dorsey</b>-led company closed about&nbsp; 6% lower at $242.70.</li> </ul> </p><p><blockquote><ul><li>出售 68,883 股股票（估计价值 512 万美元）<b><a href=\"https://laohu8.com/S/SNAP\">Snap公司</a></b>SNAP-7.09%，当天该公司股价收盘下跌7.07%，至每股74.42美元。</li><li>年出售 1,994 股股票，估计价值 540 万美元<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>公司</b>谷歌-3.76%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOG\" target=\"_blank\">+ 免费提醒</a>谷歌<a href=\"https://laohu8.com/S/LLL\">L一3</a>.72%<a href=\"https://www.benzinga.com/profile/portfolio/?add_ticker=GOOGL\" target=\"_blank\">+ 免费提醒</a>该公司股价周二收盘下跌3.76%，至2,723.68美元。</li><li>抢购 184,199 股股票（估计价值 4,233 万美元）<b>比特币基地全球公司</b>COIN-1.03%，当天股价收盘下跌1.03%，至229.84美元。</li><li>购买了 205,707 股股票，估计价值 4,990 万美元<b><a href=\"https://laohu8.com/S/SQ\">平方</a>公司</b>SQ-5.96%，当日股价<b>杰克·多西</b>-led 公司收盘下跌约 6%，至 242.70 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157077918","content_text":"Cathie Wood-led Ark Invest on Tuesday further sold shares to book profit in Tesla Inc TSLA-1.74%, its largest single-day sell so far this month in the electric vehicle maker company’s stock.\nThe popular money manager sold 340,618 shares — estimated to be worth $264.85 million — in the Palo Alto, California-based company.\nTesla stock closed 1.74% lower at $777.56 on Tuesday. The company's stock has jumped 5.6% so far this month and the year-to-date gains are about 6.55%.\nThe popular investment management firm deployed the Ark Autonomous Technology & RoboticsETF ARKW, the Ark Next Generation Internet ETF ARKW-4.08% and theArkInnovationETF ARKK-4.16% to sell shares in Tesla.\nThe hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding. Ark predicts Tesla will hit the$3,000 mark at the end of 2025.\nIncluding the latest sale, the New York-based money managing firm has sold about $594 million worth of shares so far in September in theElon Musk-led company.\nArk held a total of about 4 million shares — worth $3.17 billion — in the electric vehicle company, ahead of Tuesday’s trades.\nHere are some of the other key trades for Ark on Tuesday:\n\nSold 68,883 shares — estimated to be worth $5.12 million — in Snap Inc SNAP-7.09%, on the day shares of the company closed 7.07% lower at $74.42 a share.\nSold 1,994 shares — estimated to be worth $5.4 million — in Alphabet Inc GOOG-3.76%+ Free AlertsGOOGL-3.72%+ Free Alerts. Shares of the company closed 3.76% lower at $2,723.68 on Tuesday.\nSnapped 184,199 shares — estimated to be worth $42.33 million — in Coinbase Global Inc COIN-1.03%, on the day shares closed 1.03% lower at $229.84.\nBought 205,707 shares — estimated to be worth $49.9 million — in Square Inc SQ-5.96%, on the day shares of theJack Dorsey-led company closed about  6% lower at $242.70.","news_type":1,"symbols_score_info":{"ARKIU":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":837523325,"gmtCreate":1629900537967,"gmtModify":1631890308956,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Buy Moderna","listText":"Buy Moderna","text":"Buy Moderna","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837523325","repostId":"2162051949","repostType":2,"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121441470,"gmtCreate":1624490776790,"gmtModify":1634005487991,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Do continue to support growth stocks.&nbsp;","listText":"Do continue to support growth stocks.&nbsp;","text":"Do continue to support growth stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/121441470","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":690306342,"gmtCreate":1639628278414,"gmtModify":1639628278601,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Apple is. Good company to invest. Ignore all the noise and just DCA","listText":"Apple is. Good company to invest. Ignore all the noise and just DCA","text":"Apple is. Good company to invest. Ignore all the noise and just DCA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690306342","repostId":"1156000862","repostType":4,"repost":{"id":"1156000862","kind":"news","pubTimestamp":1639622579,"share":"https://www.laohunote.com/m/news/1156000862?lang=zh_CN&edition=full","pubTime":"2021-12-16 10:42","market":"us","language":"en","title":"Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156000862","media":"Motley Fool","summary":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Rese","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>股份<b>苹果</b>美联储发表声明后，（纳斯达克股票代码：AAPL）周三上涨近 3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对不断上升的通胀。这一消息是在 11 月份批发价格飙升创纪录的 9.6% 之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储有望在明年开始加息。联邦公开市场委员会成员预测 2022 年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更激进的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开来，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而苹果高性能M1芯片的好评正在推动Mac和iPad的销售。这些趋势加在一起，可能会进一步推动这家科技巨头本已巨额利润。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近提高了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天的美联储声明和随后的市场反弹似乎表明再次购买高增长股票是可以的，许多投资者决定购买苹果股票，其股价也随之上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-16 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>股份<b>苹果</b>美联储发表声明后，（纳斯达克股票代码：AAPL）周三上涨近 3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对不断上升的通胀。这一消息是在 11 月份批发价格飙升创纪录的 9.6% 之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储有望在明年开始加息。联邦公开市场委员会成员预测 2022 年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更激进的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开来，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而苹果高性能M1芯片的好评正在推动Mac和iPad的销售。这些趋势加在一起，可能会进一步推动这家科技巨头本已巨额利润。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近提高了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天的美联储声明和随后的市场反弹似乎表明再次购买高增长股票是可以的，许多投资者决定购买苹果股票，其股价也随之上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156000862","content_text":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.\nSo what\nThe Federal Reserve plans to taper its asset purchases at a faster rate to combat rising inflation. The announcement came after wholesale prices surged a record 9.6% in November.\nThis tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.\nWhile a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.\nNow what\nThe news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.\nA 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.\nAdditionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.\nWith today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856691319,"gmtCreate":1635171938063,"gmtModify":1635171943851,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"This is a huge deal. Buy buy Tesla.&nbsp;","listText":"This is a huge deal. Buy buy Tesla.&nbsp;","text":"This is a huge deal. Buy buy Tesla.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856691319","repostId":"1112151752","repostType":2,"repost":{"id":"1112151752","kind":"news","pubTimestamp":1635171619,"share":"https://www.laohunote.com/m/news/1112151752?lang=zh_CN&edition=full","pubTime":"2021-10-25 22:20","market":"us","language":"en","title":"Tesla drives toward $1 trillion club on record Hertz order<blockquote>特斯拉凭借创纪录的赫兹订单迈向 1 万亿美元俱乐部</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112151752","media":"Reuters","summary":"(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by","content":"<p>(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order from Hertz, which announced plans to buy 100,000 electric rental cars.</p><p><blockquote>（路透社） - 特斯拉公司周一市值接近 1 万亿美元，这家由埃隆·马斯克 (Elon Musk) 创立的公司收到了赫兹 (Hertz) 有史以来最大的订单，赫兹宣布计划购买 10 万辆电动租赁汽车。</blockquote></p><p> Tesla shares opened up 4.5% at $950.53, a new record high, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.</p><p><blockquote>特斯拉股价开盘上涨 4.5%，至 950.53 美元，创历史新高。该公司的 Model 3 成为首款在欧洲新车月销量中名列前茅的电动汽车的消息也提振了股价。</blockquote></p><p> The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.</p><p><blockquote>赫兹传出这一消息之际，特斯拉正在应对积压的汽车未履行订单和持续的供应链中断，但它确实巩固了电动汽车的主流吸引力。</blockquote></p><p> Interim Hertz Chief Executive Mark Fields in an interview told Reuters the order, delivered by the end of 2022, will primarily be Model 3 vehicles. Tesla vehicles will start being available at Hertz rental facilities in November.</p><p><blockquote>赫兹临时首席执行官马克·菲尔兹在接受路透社采访时表示，该订单将于 2022 年底交付，主要是 Model 3 车辆。特斯拉汽车将于11月开始在赫兹租赁设施出售。</blockquote></p><p> “We absolutely believe that this is going to be competitive advantage for us,” Fields said of the Tesla order. “We want to be a leader in mobility... Getting customers experience with electrified vehicles is an absolute priority for us.”</p><p><blockquote>“菲尔兹在谈到特斯拉勋章时说：”我们绝对相信这将是我们的竞争优势。“我们希望成为移动出行领域的领导者......让客户体验电动汽车是我们的绝对首要任务”。</blockquote></p><p> Hertz has around 430,000 to 450,000 vehicles worldwide, Fields said. He said Hertz would work with other automakers producing electric vehicles.</p><p><blockquote>菲尔兹说，赫兹在全球拥有大约43万至45万辆汽车。他表示，赫兹将与其他生产电动汽车的汽车制造商合作。</blockquote></p><p> Tesla would have to top $995.75 to become a company worth a trillion dollars, according to Reuters calculations based on its latest filing. The world’s most valuable carmaker will join an elite club that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc</p><p><blockquote>根据路透社根据其最新文件计算，特斯拉必须超过 995.75 美元才能成为一家价值万亿美元的公司。世界上最有价值的汽车制造商将加入一个精英俱乐部，其中包括苹果公司、亚马逊公司、微软公司和Alphabet公司。</blockquote></p><p> The world's most valuable automaker delivered a recordhere241,300 electric cars globally in the third quarter, even as it warned that supply chain headwinds&nbsp;here&nbsp;would pressure margins.</p><p><blockquote>这家全球最有价值的汽车制造商第三季度在全球交付了创纪录的 241,300 辆电动汽车，尽管该公司警告称，供应链逆风将给利润率带来压力。</blockquote></p><p> Tesla’s cheapest Model 3 sedan starts at about $44,000, making this order worth about $4.4 billion, if the entire order were for its mass-market sedan.</p><p><blockquote>特斯拉最便宜的 Model 3 轿车起价约为 44,000 美元，如果整个订单都是大众市场轿车，那么这笔订单价值约为 44 亿美元。</blockquote></p><p> Fields declined to say how much Hertz was paying for the order. Tesla was not immediately available for comment.</p><p><blockquote>菲尔兹拒绝透露赫兹为该订单支付了多少费用。特斯拉没有立即置评。</blockquote></p><p> With the current order, Hertz said EVs will make up more than 20% of its global fleet.</p><p><blockquote>赫兹表示，根据目前的订单，电动汽车将占其全球车队的 20% 以上。</blockquote></p><p> “It (the order) puts an exclamation point under guidance for 50%+ growth in deliveries,” Roth Capital analyst Craig Irwin said. “Another solid piece of evidence EVs are going mainstream.”</p><p><blockquote>“罗斯资本（Roth Capital）分析师克雷格-欧文（Craig Irwin）说：”它（该命令）在交付量增长50%以上的指导下打了一个感叹号。“电动汽车正在成为主流的又一确凿证据”。</blockquote></p><p> The car rental firm also said it was installing thousands of chargers throughout its network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the United States and Europe.</p><p><blockquote>这家汽车租赁公司还表示，正在其整个网络中安装数千个充电器。租用特斯拉 Model 3 的客户将可以使用美国和欧洲的 3,000 个特斯拉超级充电站。</blockquote></p><p> “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim Chief Executive Officer Mark Fields.</p><p><blockquote>“赫兹临时首席执行官马克-菲尔兹（Mark Fields）说：”电动汽车现在已成为主流，我们才刚刚开始看到全球需求和兴趣不断上升。</blockquote></p><p> U.S. President Joe Biden has made it a priority to support the rollout of electric vehicles to combat climate change, but a lack of charging network infrastructure could remain a key hurdle to his ambitious plan.</p><p><blockquote>美国总统乔·拜登已将支持推出电动汽车以应对气候变化作为优先事项，但缺乏充电网络基础设施可能仍然是他雄心勃勃计划的主要障碍。</blockquote></p><p> Analysts at Morgan Stanley bumped their price target on Tesla by 33% as the brokerage expects the electric carmaker to keep posting higher volumes, reaching more than 8 million deliveries in 2030.</p><p><blockquote>摩根士丹利分析师将特斯拉的目标价上调了 33%，该经纪公司预计这家电动汽车制造商将继续保持更高的销量，到 2030 年交付量将超过 800 万辆。</blockquote></p><p> A Cox Automotive study said Americans are hesitant to buy EVs due to anxieties about the ranges of the vehicles and high price tags, as well as weak charging infrastructure.</p><p><blockquote>考克斯汽车公司的一项研究称，由于对车辆续航里程和高昂的价格标签以及薄弱的充电基础设施感到担忧，美国人对购买电动汽车犹豫不决。</blockquote></p><p> Bloomberg News was first to report about the order.</p><p><blockquote>彭博新闻社率先报道了这一命令。</blockquote></p><p> Hertz had filed for bankruptcy protection last year as travel demand sank during the height of the pandemic and talks with creditors failed to provide relief.</p><p><blockquote>赫兹去年申请破产保护，因为在疫情高峰期旅行需求下降，而且与债权人的谈判未能提供救济。</blockquote></p><p> It was rescued by a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.</p><p><blockquote>它被包括 Knighthead Capital Management、Certares Opportunities 和 Apollo Capital Management 在内的一群投资者拯救。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla drives toward $1 trillion club on record Hertz order<blockquote>特斯拉凭借创纪录的赫兹订单迈向 1 万亿美元俱乐部</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-25 22:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order from Hertz, which announced plans to buy 100,000 electric rental cars.</p><p><blockquote>（路透社） - 特斯拉公司周一市值接近 1 万亿美元，这家由埃隆·马斯克 (Elon Musk) 创立的公司收到了赫兹 (Hertz) 有史以来最大的订单，赫兹宣布计划购买 10 万辆电动租赁汽车。</blockquote></p><p> Tesla shares opened up 4.5% at $950.53, a new record high, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.</p><p><blockquote>特斯拉股价开盘上涨 4.5%，至 950.53 美元，创历史新高。该公司的 Model 3 成为首款在欧洲新车月销量中名列前茅的电动汽车的消息也提振了股价。</blockquote></p><p> The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.</p><p><blockquote>赫兹传出这一消息之际，特斯拉正在应对积压的汽车未履行订单和持续的供应链中断，但它确实巩固了电动汽车的主流吸引力。</blockquote></p><p> Interim Hertz Chief Executive Mark Fields in an interview told Reuters the order, delivered by the end of 2022, will primarily be Model 3 vehicles. Tesla vehicles will start being available at Hertz rental facilities in November.</p><p><blockquote>赫兹临时首席执行官马克·菲尔兹在接受路透社采访时表示，该订单将于 2022 年底交付，主要是 Model 3 车辆。特斯拉汽车将于11月开始在赫兹租赁设施出售。</blockquote></p><p> “We absolutely believe that this is going to be competitive advantage for us,” Fields said of the Tesla order. “We want to be a leader in mobility... Getting customers experience with electrified vehicles is an absolute priority for us.”</p><p><blockquote>“菲尔兹在谈到特斯拉勋章时说：”我们绝对相信这将是我们的竞争优势。“我们希望成为移动出行领域的领导者......让客户体验电动汽车是我们的绝对首要任务”。</blockquote></p><p> Hertz has around 430,000 to 450,000 vehicles worldwide, Fields said. He said Hertz would work with other automakers producing electric vehicles.</p><p><blockquote>菲尔兹说，赫兹在全球拥有大约43万至45万辆汽车。他表示，赫兹将与其他生产电动汽车的汽车制造商合作。</blockquote></p><p> Tesla would have to top $995.75 to become a company worth a trillion dollars, according to Reuters calculations based on its latest filing. The world’s most valuable carmaker will join an elite club that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc</p><p><blockquote>根据路透社根据其最新文件计算，特斯拉必须超过 995.75 美元才能成为一家价值万亿美元的公司。世界上最有价值的汽车制造商将加入一个精英俱乐部，其中包括苹果公司、亚马逊公司、微软公司和Alphabet公司。</blockquote></p><p> The world's most valuable automaker delivered a recordhere241,300 electric cars globally in the third quarter, even as it warned that supply chain headwinds&nbsp;here&nbsp;would pressure margins.</p><p><blockquote>这家全球最有价值的汽车制造商第三季度在全球交付了创纪录的 241,300 辆电动汽车，尽管该公司警告称，供应链逆风将给利润率带来压力。</blockquote></p><p> Tesla’s cheapest Model 3 sedan starts at about $44,000, making this order worth about $4.4 billion, if the entire order were for its mass-market sedan.</p><p><blockquote>特斯拉最便宜的 Model 3 轿车起价约为 44,000 美元，如果整个订单都是大众市场轿车，那么这笔订单价值约为 44 亿美元。</blockquote></p><p> Fields declined to say how much Hertz was paying for the order. Tesla was not immediately available for comment.</p><p><blockquote>菲尔兹拒绝透露赫兹为该订单支付了多少费用。特斯拉没有立即置评。</blockquote></p><p> With the current order, Hertz said EVs will make up more than 20% of its global fleet.</p><p><blockquote>赫兹表示，根据目前的订单，电动汽车将占其全球车队的 20% 以上。</blockquote></p><p> “It (the order) puts an exclamation point under guidance for 50%+ growth in deliveries,” Roth Capital analyst Craig Irwin said. “Another solid piece of evidence EVs are going mainstream.”</p><p><blockquote>“罗斯资本（Roth Capital）分析师克雷格-欧文（Craig Irwin）说：”它（该命令）在交付量增长50%以上的指导下打了一个感叹号。“电动汽车正在成为主流的又一确凿证据”。</blockquote></p><p> The car rental firm also said it was installing thousands of chargers throughout its network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the United States and Europe.</p><p><blockquote>这家汽车租赁公司还表示，正在其整个网络中安装数千个充电器。租用特斯拉 Model 3 的客户将可以使用美国和欧洲的 3,000 个特斯拉超级充电站。</blockquote></p><p> “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim Chief Executive Officer Mark Fields.</p><p><blockquote>“赫兹临时首席执行官马克-菲尔兹（Mark Fields）说：”电动汽车现在已成为主流，我们才刚刚开始看到全球需求和兴趣不断上升。</blockquote></p><p> U.S. President Joe Biden has made it a priority to support the rollout of electric vehicles to combat climate change, but a lack of charging network infrastructure could remain a key hurdle to his ambitious plan.</p><p><blockquote>美国总统乔·拜登已将支持推出电动汽车以应对气候变化作为优先事项，但缺乏充电网络基础设施可能仍然是他雄心勃勃计划的主要障碍。</blockquote></p><p> Analysts at Morgan Stanley bumped their price target on Tesla by 33% as the brokerage expects the electric carmaker to keep posting higher volumes, reaching more than 8 million deliveries in 2030.</p><p><blockquote>摩根士丹利分析师将特斯拉的目标价上调了 33%，该经纪公司预计这家电动汽车制造商将继续保持更高的销量，到 2030 年交付量将超过 800 万辆。</blockquote></p><p> A Cox Automotive study said Americans are hesitant to buy EVs due to anxieties about the ranges of the vehicles and high price tags, as well as weak charging infrastructure.</p><p><blockquote>考克斯汽车公司的一项研究称，由于对车辆续航里程和高昂的价格标签以及薄弱的充电基础设施感到担忧，美国人对购买电动汽车犹豫不决。</blockquote></p><p> Bloomberg News was first to report about the order.</p><p><blockquote>彭博新闻社率先报道了这一命令。</blockquote></p><p> Hertz had filed for bankruptcy protection last year as travel demand sank during the height of the pandemic and talks with creditors failed to provide relief.</p><p><blockquote>赫兹去年申请破产保护，因为在疫情高峰期旅行需求下降，而且与债权人的谈判未能提供救济。</blockquote></p><p> It was rescued by a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.</p><p><blockquote>它被包括 Knighthead Capital Management、Certares Opportunities 和 Apollo Capital Management 在内的一群投资者拯救。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/hertz-glo-hldg-tesla/update-5-tesla-drives-toward-1-trillion-club-on-record-hertz-order-idUSL4N2RL2TG\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/hertz-glo-hldg-tesla/update-5-tesla-drives-toward-1-trillion-club-on-record-hertz-order-idUSL4N2RL2TG","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112151752","content_text":"(Reuters) -Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order from Hertz, which announced plans to buy 100,000 electric rental cars.\nTesla shares opened up 4.5% at $950.53, a new record high, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.\nThe news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.\nInterim Hertz Chief Executive Mark Fields in an interview told Reuters the order, delivered by the end of 2022, will primarily be Model 3 vehicles. Tesla vehicles will start being available at Hertz rental facilities in November.\n“We absolutely believe that this is going to be competitive advantage for us,” Fields said of the Tesla order. “We want to be a leader in mobility... Getting customers experience with electrified vehicles is an absolute priority for us.”\nHertz has around 430,000 to 450,000 vehicles worldwide, Fields said. He said Hertz would work with other automakers producing electric vehicles.\nTesla would have to top $995.75 to become a company worth a trillion dollars, according to Reuters calculations based on its latest filing. The world’s most valuable carmaker will join an elite club that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc\nThe world's most valuable automaker delivered a recordhere241,300 electric cars globally in the third quarter, even as it warned that supply chain headwinds here would pressure margins.\nTesla’s cheapest Model 3 sedan starts at about $44,000, making this order worth about $4.4 billion, if the entire order were for its mass-market sedan.\nFields declined to say how much Hertz was paying for the order. Tesla was not immediately available for comment.\nWith the current order, Hertz said EVs will make up more than 20% of its global fleet.\n“It (the order) puts an exclamation point under guidance for 50%+ growth in deliveries,” Roth Capital analyst Craig Irwin said. “Another solid piece of evidence EVs are going mainstream.”\nThe car rental firm also said it was installing thousands of chargers throughout its network. Customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the United States and Europe.\n“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz interim Chief Executive Officer Mark Fields.\nU.S. President Joe Biden has made it a priority to support the rollout of electric vehicles to combat climate change, but a lack of charging network infrastructure could remain a key hurdle to his ambitious plan.\nAnalysts at Morgan Stanley bumped their price target on Tesla by 33% as the brokerage expects the electric carmaker to keep posting higher volumes, reaching more than 8 million deliveries in 2030.\nA Cox Automotive study said Americans are hesitant to buy EVs due to anxieties about the ranges of the vehicles and high price tags, as well as weak charging infrastructure.\nBloomberg News was first to report about the order.\nHertz had filed for bankruptcy protection last year as travel demand sank during the height of the pandemic and talks with creditors failed to provide relief.\nIt was rescued by a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879281335,"gmtCreate":1636728309619,"gmtModify":1636728309743,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"He sell we buy","listText":"He sell we buy","text":"He sell we buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879281335","repostId":"1108363615","repostType":2,"repost":{"id":"1108363615","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1636727635,"share":"https://www.laohunote.com/m/news/1108363615?lang=zh_CN&edition=full","pubTime":"2021-11-12 22:33","market":"us","language":"en","title":"Tesla shares fell more than 1% in morning trading<blockquote>特斯拉股价早盘下跌超过1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108363615","media":"Tiger Newspress","summary":"Tesla shares fell more than 1% in morning trading.Tesla Inc Chief Executive Officer Elon Musk disclo","content":"<p>Tesla&nbsp;shares&nbsp;fell&nbsp;more&nbsp;than&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/92a4ad4188b0f9937f5f99fdde05d569\" tg-width=\"879\" tg-height=\"615\" width=\"100%\" height=\"auto\">Tesla Inc&nbsp;Chief Executive Officer Elon Musk disclosed an additional share sale worth about $687 million in the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion in stock earlier in the week.</p><p><blockquote>特斯拉股价在早盘交易中下跌超过1%。监管文件显示，特斯拉公司首席执行官埃隆·马斯克 (Elon Musk) 在本周早些时候出售了约 50 亿美元的股票后，周五披露了这家电动汽车制造商价值约 6.87 亿美元的额外股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nTesla shares fell more than 1% in morning trading<blockquote>特斯拉股价早盘下跌超过1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-12 22:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;shares&nbsp;fell&nbsp;more&nbsp;than&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/92a4ad4188b0f9937f5f99fdde05d569\" tg-width=\"879\" tg-height=\"615\" width=\"100%\" height=\"auto\">Tesla Inc&nbsp;Chief Executive Officer Elon Musk disclosed an additional share sale worth about $687 million in the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion in stock earlier in the week.</p><p><blockquote>特斯拉股价在早盘交易中下跌超过1%。监管文件显示，特斯拉公司首席执行官埃隆·马斯克 (Elon Musk) 在本周早些时候出售了约 50 亿美元的股票后，周五披露了这家电动汽车制造商价值约 6.87 亿美元的额外股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSL":"1.25倍做多TSLA ETF-GraniteShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108363615","content_text":"Tesla shares fell more than 1% in morning trading.Tesla Inc Chief Executive Officer Elon Musk disclosed an additional share sale worth about $687 million in the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion in stock earlier in the week.","news_type":1,"symbols_score_info":{"TSL":0.9}},"isVote":1,"tweetType":1,"viewCount":1100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856918998,"gmtCreate":1635140185075,"gmtModify":1635140185357,"author":{"id":"3564307944903490","authorId":"3564307944903490","name":"wallence82","avatar":"https://static.tigerbbs.com/dea005ab03386f13fa25c505b9a3221a","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564307944903490","idStr":"3564307944903490"},"themes":[],"title":"","htmlText":"Ignore the noise. Facebook is a great fundamental company. Just buy.","listText":"Ignore the noise. Facebook is a great fundamental company. Just buy.","text":"Ignore the noise. Facebook is a great fundamental company. Just buy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/856918998","repostId":"1167039476","repostType":4,"isVote":1,"tweetType":1,"viewCount":851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}