Amazee的个人主页 - 老虎社区

Amazee

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2021-11-01

👍

@小虎活动:[Halloween Game] Trade or Treat!

2021-07-03

$Avid Bioservices, Inc.(CDMO)$💵

2021-06-28

Alright

Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>

2021-06-28

Nice

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2021-06-27

Up up up

2021-06-27

Okayy

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2021-06-27

Awesomeee

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2021-06-26

Boomm

Tesla recalls some imported and domestic Model 3 and Model Y in China<blockquote>特斯拉在华召回部分进口及国产Model 3和Model Y</blockquote>

2021-06-26

Alright..

These Stocks Could Have ‘Significant Upside’ From Infrastructure Spending<blockquote>这些股票可能因基础设施支出而“显着上涨”</blockquote>

2021-06-25

Go go

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2021-06-25

🤔

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2021-06-24

Nice

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2021-06-24

Awesome!

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2021-06-24

Sure

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2021-06-24

Oh

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2021-06-23

Sad

EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>

2021-06-23

Oh

Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>

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Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? 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Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":152595483,"gmtCreate":1625307652742,"gmtModify":1631884019978,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CDMO\">$Avid Bioservices, Inc.(CDMO)$</a>💵","listText":"<a href=\"https://laohu8.com/S/CDMO\">$Avid Bioservices, Inc.(CDMO)$</a>💵","text":"$Avid Bioservices, Inc.(CDMO)$💵","images":[{"img":"https://static.tigerbbs.com/d16ac2c48a883d31a640d4308105672a","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152595483","isVote":1,"tweetType":1,"viewCount":1039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":127801062,"gmtCreate":1624841821256,"gmtModify":1631884019984,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Alright","listText":"Alright","text":"Alright","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127801062","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://www.laohu8.com/m/news/1184001921?lang=zh_CN&edition=full","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</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>Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</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\">\nAmazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 11:15</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>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127803286,"gmtCreate":1624841800345,"gmtModify":1631884019998,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127803286","repostId":"1111453668","repostType":4,"isVote":1,"tweetType":1,"viewCount":3030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124748328,"gmtCreate":1624797594964,"gmtModify":1631884020016,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[{"img":"https://static.tigerbbs.com/755a45c0a42170ed28f7268c2cd264a6","width":"1080","height":"2110"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124748328","isVote":1,"tweetType":1,"viewCount":2180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":124741622,"gmtCreate":1624797511166,"gmtModify":1631884020036,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Okayy","listText":"Okayy","text":"Okayy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124741622","repostId":"1189436009","repostType":4,"isVote":1,"tweetType":1,"viewCount":1508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124741193,"gmtCreate":1624797489012,"gmtModify":1631884020052,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Awesomeee","listText":"Awesomeee","text":"Awesomeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124741193","repostId":"2146070550","repostType":4,"isVote":1,"tweetType":1,"viewCount":1250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125578229,"gmtCreate":1624682771761,"gmtModify":1631884020062,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Boomm","listText":"Boomm","text":"Boomm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125578229","repostId":"1132692662","repostType":4,"repost":{"id":"1132692662","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":1624680481,"share":"https://www.laohu8.com/m/news/1132692662?lang=zh_CN&edition=full","pubTime":"2021-06-26 12:08","market":"us","language":"en","title":"Tesla recalls some imported and domestic Model 3 and Model Y in China<blockquote>特斯拉在华召回部分进口及国产Model 3和Model Y</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132692662","media":"Tiger Newspress","summary":"Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.Tesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.Meanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.In response to the recall, Tesla said ","content":"<p>Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.</p><p><blockquote>据国家市场监督管理总局消息，近日，特斯拉备案了召回计划，决定自即日起召回部分车辆。</blockquote></p><p> Tesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.</p><p><blockquote>特斯拉决定召回2019年1月12日至2019年11月27日期间生产的35665辆进口Model 3。</blockquote></p><p> Meanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.</p><p><blockquote>同时，特斯拉将召回2019年12月19日至2021年6月7日生产的部分国产Model 3，共计211256辆；2021年1月1日至2021年6月7日期间生产的国产Model Y共计38599辆。</blockquote></p><p> Due to the problems of the active cruise control system of the vehicles within the scope of this recall, it is easy for the driver to activate the active cruise function by mistake in the following situations: when the vehicle is in D gear, the driver tries to switch the gear by pushing the right control lever again; When the vehicle turns sharply, the driver touches and moves the right control lever by mistake, etc. After the active cruise control is mistakenly activated, if the cruise speed set by the vehicle is not the current speed, and the current speed is lower than the set speed, the vehicle will accelerate to the set speed, resulting in a sudden increase in vehicle speed, which will affect the driver's expectation and lead to misjudgment of vehicle handling. In extreme cases, it may lead to vehicle collision, and there are potential safety hazards.</p><p><blockquote>本次召回范围内车辆由于主动巡航控制系统存在问题，在以下情况下驾驶员容易误激活主动巡航功能：当车辆挂入D挡时，驾驶员试图通过再次推动右侧操纵杆来切换挡位；车辆急转弯时，驾驶员误触并移动右侧操纵杆等。误启动主动巡航控制后，如果车辆设定的巡航速度不是当前速度，而当前速度低于设定速度，车辆就会加速到设定速度，造成车速突然升高，影响驾驶员的预期，导致车辆操控误判。极端情况下可能导致车辆碰撞，存在安全隐患。</blockquote></p><p> Tesla will upgrade the active cruise control software for the recalled vehicles free of charge through OTA technology, so users can complete the software upgrade without going to the store; For vehicles that cannot be recalled through OTA technology, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. will contact relevant users through Tesla service center to upgrade active cruise control software for vehicles free, so as to eliminate potential safety hazards.</p><p><blockquote>特斯拉将通过OTA技术为召回车辆免费升级主动巡航控制软件，用户无需到店即可完成软件升级；对于无法通过OTA技术召回的车辆，特斯拉（北京）有限公司和特斯拉（上海）有限公司将通过特斯拉服务中心联系相关用户，为车辆免费升级主动巡航控制软件，以消除安全隐患。</blockquote></p><p> In response to the recall, Tesla said on June 26 that for the vehicles (Model 3 / Model Y) within the scope of this recall, due to the fact that the active cruise control function may be activated by the driver by mistake, there are potential safety hazards in extreme cases. Tesla took the initiative to file the recall plan with the State Administration of market supervision and administration. Users do not need to go to the store to complete the OTA. Tesla said it apologized for the inconvenience caused by the recall.</p><p><blockquote>针对此次召回，特斯拉6月26日表示，本次召回范围内的车辆（Model 3/Model Y），由于主动巡航控制功能可能被驾驶员误激活，极端情况下存在安全隐患。特斯拉主动向国家市场监督管理总局备案了召回计划。用户无需前往门店即可完成OTA。特斯拉表示，对此次召回给您带来的不便表示歉意。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla recalls some imported and domestic Model 3 and Model Y in China<blockquote>特斯拉在华召回部分进口及国产Model 3和Model Y</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla recalls some imported and domestic Model 3 and Model Y in China<blockquote>特斯拉在华召回部分进口及国产Model 3和Model Y</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-26 12:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.</p><p><blockquote>据国家市场监督管理总局消息，近日，特斯拉备案了召回计划，决定自即日起召回部分车辆。</blockquote></p><p> Tesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.</p><p><blockquote>特斯拉决定召回2019年1月12日至2019年11月27日期间生产的35665辆进口Model 3。</blockquote></p><p> Meanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.</p><p><blockquote>同时，特斯拉将召回2019年12月19日至2021年6月7日生产的部分国产Model 3，共计211256辆；2021年1月1日至2021年6月7日期间生产的国产Model Y共计38599辆。</blockquote></p><p> Due to the problems of the active cruise control system of the vehicles within the scope of this recall, it is easy for the driver to activate the active cruise function by mistake in the following situations: when the vehicle is in D gear, the driver tries to switch the gear by pushing the right control lever again; When the vehicle turns sharply, the driver touches and moves the right control lever by mistake, etc. After the active cruise control is mistakenly activated, if the cruise speed set by the vehicle is not the current speed, and the current speed is lower than the set speed, the vehicle will accelerate to the set speed, resulting in a sudden increase in vehicle speed, which will affect the driver's expectation and lead to misjudgment of vehicle handling. In extreme cases, it may lead to vehicle collision, and there are potential safety hazards.</p><p><blockquote>本次召回范围内车辆由于主动巡航控制系统存在问题，在以下情况下驾驶员容易误激活主动巡航功能：当车辆挂入D挡时，驾驶员试图通过再次推动右侧操纵杆来切换挡位；车辆急转弯时，驾驶员误触并移动右侧操纵杆等。误启动主动巡航控制后，如果车辆设定的巡航速度不是当前速度，而当前速度低于设定速度，车辆就会加速到设定速度，造成车速突然升高，影响驾驶员的预期，导致车辆操控误判。极端情况下可能导致车辆碰撞，存在安全隐患。</blockquote></p><p> Tesla will upgrade the active cruise control software for the recalled vehicles free of charge through OTA technology, so users can complete the software upgrade without going to the store; For vehicles that cannot be recalled through OTA technology, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. will contact relevant users through Tesla service center to upgrade active cruise control software for vehicles free, so as to eliminate potential safety hazards.</p><p><blockquote>特斯拉将通过OTA技术为召回车辆免费升级主动巡航控制软件，用户无需到店即可完成软件升级；对于无法通过OTA技术召回的车辆，特斯拉（北京）有限公司和特斯拉（上海）有限公司将通过特斯拉服务中心联系相关用户，为车辆免费升级主动巡航控制软件，以消除安全隐患。</blockquote></p><p> In response to the recall, Tesla said on June 26 that for the vehicles (Model 3 / Model Y) within the scope of this recall, due to the fact that the active cruise control function may be activated by the driver by mistake, there are potential safety hazards in extreme cases. Tesla took the initiative to file the recall plan with the State Administration of market supervision and administration. Users do not need to go to the store to complete the OTA. Tesla said it apologized for the inconvenience caused by the recall.</p><p><blockquote>针对此次召回，特斯拉6月26日表示，本次召回范围内的车辆（Model 3/Model Y），由于主动巡航控制功能可能被驾驶员误激活，极端情况下存在安全隐患。特斯拉主动向国家市场监督管理总局备案了召回计划。用户无需前往门店即可完成OTA。特斯拉表示，对此次召回给您带来的不便表示歉意。</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":"1132692662","content_text":"Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.\nTesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.\nMeanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.\nDue to the problems of the active cruise control system of the vehicles within the scope of this recall, it is easy for the driver to activate the active cruise function by mistake in the following situations: when the vehicle is in D gear, the driver tries to switch the gear by pushing the right control lever again; When the vehicle turns sharply, the driver touches and moves the right control lever by mistake, etc. After the active cruise control is mistakenly activated, if the cruise speed set by the vehicle is not the current speed, and the current speed is lower than the set speed, the vehicle will accelerate to the set speed, resulting in a sudden increase in vehicle speed, which will affect the driver's expectation and lead to misjudgment of vehicle handling. In extreme cases, it may lead to vehicle collision, and there are potential safety hazards.\nTesla will upgrade the active cruise control software for the recalled vehicles free of charge through OTA technology, so users can complete the software upgrade without going to the store; For vehicles that cannot be recalled through OTA technology, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. will contact relevant users through Tesla service center to upgrade active cruise control software for vehicles free, so as to eliminate potential safety hazards.\nIn response to the recall, Tesla said on June 26 that for the vehicles (Model 3 / Model Y) within the scope of this recall, due to the fact that the active cruise control function may be activated by the driver by mistake, there are potential safety hazards in extreme cases. Tesla took the initiative to file the recall plan with the State Administration of market supervision and administration. Users do not need to go to the store to complete the OTA. Tesla said it apologized for the inconvenience caused by the recall.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125578139,"gmtCreate":1624682758821,"gmtModify":1631884020077,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Alright..&nbsp;","listText":"Alright..&nbsp;","text":"Alright..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125578139","repostId":"1112141657","repostType":4,"repost":{"id":"1112141657","kind":"news","pubTimestamp":1624674481,"share":"https://www.laohu8.com/m/news/1112141657?lang=zh_CN&edition=full","pubTime":"2021-06-26 10:28","market":"us","language":"en","title":"These Stocks Could Have ‘Significant Upside’ From Infrastructure Spending<blockquote>这些股票可能因基础设施支出而“显着上涨”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112141657","media":"Barrons","summary":"Wall Street has been pricing in an infrastructure bill since the White House unveiled the American J","content":"<p>Wall Street has been pricing in an infrastructure bill&nbsp;since the White House unveiled the American Jobs Plan in April. When agreement came this past week, the rally continued.</p><p><blockquote>自白宫四月份公布美国就业计划以来，华尔街一直在为基础设施法案定价。当上周达成协议时，涨势仍在继续。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;climbed 1% on Thursday, and the&nbsp;S&amp;P 500 Industrial Sector&nbsp;added about 0.8%, both outpacing the broader market, as President Joe Biden announced that he had come to an agreement with a group of Republican and Democratic senators on an infrastructure package of roughly $600 billion. And the industrial outperformance continued on Friday.</p><p><blockquote>道琼斯工业平均指数周四上涨1%，标准普尔500工业板块上涨约0.8%，均跑赢大盘，总统乔·拜登宣布他已与一群共和党和民主党参议员达成协议约6000亿美元的基础设施计划。周五工业表现继续优异。</blockquote></p><p> The package includes some $300 billion for roads, bridges, and other major transportation projects. An additional $266 billion includes water infrastructure, broadband, and power infrastructure. The spending is part of a larger package of approved spending that totals about $1.2 trillion over an eight-year period. The infrastructure bill must still be approved by Congress before Biden can sign it.</p><p><blockquote>该计划包括约3000亿美元用于道路、桥梁和其他主要交通项目。另外2660亿美元包括水利基础设施、宽带和电力基础设施。这笔支出是一个更大的批准支出计划的一部分，该计划在八年内总计约1.2万亿美元。基建法案仍需获得国会批准，拜登才能签署。</blockquote></p><p> Other priorities that Biden had outlined, such as more spending on child-care initiatives, will have to be pursued in a separate package devoted to “human infrastructure,” probably by using the budget reconciliation process in the Senate, where Democrats hold a tie-breaker vote. The bipartisan agreement would probably be tied to the reconciliation bill, as Biden has said he wants both on his desk at the same time.</p><p><blockquote>拜登概述的其他优先事项，如在儿童保育计划上增加支出，将不得不在一个专门用于“人类基础设施”的单独一揽子计划中进行，可能是通过使用参议院的预算和解程序，民主党在参议院举行平局投票。两党协议可能会与和解法案挂钩，因为拜登曾表示，他希望这两项法案同时放在他的办公桌上。</blockquote></p><p> Still, agreement on the physical infrastructure spending is a victory for political comity, the economy, and potentially a range of stocks and market sectors. “Roughly $600 billion in new spending for roads, bridges, public transit, and broadband as well as a host of other areas would likely be considered a ‘win’ for the White House,” Wells Fargo economist Michael Pugliese said in a note. “As in baseball, a win does not always have to be a home run. Sometimes it pays to just get on base.”</p><p><blockquote>尽管如此，就实体基础设施支出达成一致对于政治礼让、经济以及潜在的一系列股票和市场部门来说都是一场胜利。富国银行经济学家迈克尔·普列塞(Michael Pugliese)在一份报告中表示：“用于道路、桥梁、公共交通、宽带以及许多其他领域的大约6000亿美元的新支出可能被视为白宫的‘胜利’。”“就像在棒球比赛中一样，胜利并不总是必须是本垒打。有时只要上垒就可以了。”</blockquote></p><p> One way to play for further upside in the bipartisan deal is the package’s emphasis on expanding broadband, says Josh Duitz, who runs the $185 million Aberdeen Standard Global Infrastructure Income fund (ticker: ASGI). As of May 31, his portfolio’s holdings included&nbsp;American Tower(AMT). He added that&nbsp;Ferrovial(FER.Spain), a global infrastructure company that builds roads and other projects, would also benefit from the package. It’s another of his holdings. “This is just one more positive catalyst for infrastructure,” Duitz said.</p><p><blockquote>管理价值1.85亿美元的阿伯丁标准全球基础设施收入基金（股票代码：ASGI）的乔什·杜伊茨(Josh Duitz)表示，两党协议进一步发挥优势的一种方法是该计划强调扩大宽带。截至5月31日，他的投资组合持有的股票包括美国铁塔(AMT)。他补充说，建造道路和其他项目的全球基础设施公司Ferrovial(FER.Spain)也将从该计划中受益。这是他的另一个资产。“这只是基础设施的又一个积极催化剂，”杜伊茨说。</blockquote></p><p> Analysts at Stifel, meanwhile, believe the deal “generates significant upside” for machinery, construction materials, and rental companies.</p><p><blockquote>与此同时，Stifel的分析师认为，这笔交易为机械、建筑材料和租赁公司“带来了巨大的上涨空间”。</blockquote></p><p> Stifel said that the beneficiaries of the infrastructure bill include these five companies:Astec Industries(ASTE), whose products include asphalt and concrete;Martin Marietta Materials(MLM), which makes construction materials;Construction Partners(ROAD), which builds roadways;United Rentals(URI); and&nbsp;Vulcan Materials(VMC), which makes construction materials.</p><p><blockquote>Stifel表示，基建法案的受益者包括这五家公司：Astec Industries（ASTE），其产品包括沥青和混凝土；Martin Marietta Materials(MLM)，生产建筑材料；建筑合作伙伴（道路），建造道路；联合租赁公司(URI)；以及生产建筑材料的Vulcan Materials(VMC)。</blockquote></p><p> Separately on Friday, Jefferies upgraded Martin Marietta Materials and Vulcan Materials to Buy from Hold. It also raised the price targets to $424 and $207, respectively.</p><p><blockquote>另外，周五，杰富瑞将Martin Marietta Materials和Vulcan Materials的评级从持有上调至买入。它还将目标价分别上调至424美元和207美元。</blockquote></p><p> Stifel expects other companies to benefit, as well. Those include&nbsp;Caterpillar(CAT),Deere(DE),Manitowoc(MTW),Oshkosh(OSK), and&nbsp;Terex(TEX)—“each of which sells machinery into the infrastructure” market.</p><p><blockquote>Stifel预计其他公司也会受益。其中包括卡特彼勒(CAT)、Deere(DE)、马尼托瓦克(MTW)、奥什科什(OSK)和特雷克斯(TEX)——“每个公司都向基础设施市场销售机械”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These Stocks Could Have ‘Significant Upside’ From Infrastructure Spending<blockquote>这些股票可能因基础设施支出而“显着上涨”</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\">\nThese Stocks Could Have ‘Significant Upside’ From Infrastructure Spending<blockquote>这些股票可能因基础设施支出而“显着上涨”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-26 10:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street has been pricing in an infrastructure bill&nbsp;since the White House unveiled the American Jobs Plan in April. When agreement came this past week, the rally continued.</p><p><blockquote>自白宫四月份公布美国就业计划以来，华尔街一直在为基础设施法案定价。当上周达成协议时，涨势仍在继续。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;climbed 1% on Thursday, and the&nbsp;S&amp;P 500 Industrial Sector&nbsp;added about 0.8%, both outpacing the broader market, as President Joe Biden announced that he had come to an agreement with a group of Republican and Democratic senators on an infrastructure package of roughly $600 billion. And the industrial outperformance continued on Friday.</p><p><blockquote>道琼斯工业平均指数周四上涨1%，标准普尔500工业板块上涨约0.8%，均跑赢大盘，总统乔·拜登宣布他已与一群共和党和民主党参议员达成协议约6000亿美元的基础设施计划。周五工业表现继续优异。</blockquote></p><p> The package includes some $300 billion for roads, bridges, and other major transportation projects. An additional $266 billion includes water infrastructure, broadband, and power infrastructure. The spending is part of a larger package of approved spending that totals about $1.2 trillion over an eight-year period. The infrastructure bill must still be approved by Congress before Biden can sign it.</p><p><blockquote>该计划包括约3000亿美元用于道路、桥梁和其他主要交通项目。另外2660亿美元包括水利基础设施、宽带和电力基础设施。这笔支出是一个更大的批准支出计划的一部分，该计划在八年内总计约1.2万亿美元。基建法案仍需获得国会批准，拜登才能签署。</blockquote></p><p> Other priorities that Biden had outlined, such as more spending on child-care initiatives, will have to be pursued in a separate package devoted to “human infrastructure,” probably by using the budget reconciliation process in the Senate, where Democrats hold a tie-breaker vote. The bipartisan agreement would probably be tied to the reconciliation bill, as Biden has said he wants both on his desk at the same time.</p><p><blockquote>拜登概述的其他优先事项，如在儿童保育计划上增加支出，将不得不在一个专门用于“人类基础设施”的单独一揽子计划中进行，可能是通过使用参议院的预算和解程序，民主党在参议院举行平局投票。两党协议可能会与和解法案挂钩，因为拜登曾表示，他希望这两项法案同时放在他的办公桌上。</blockquote></p><p> Still, agreement on the physical infrastructure spending is a victory for political comity, the economy, and potentially a range of stocks and market sectors. “Roughly $600 billion in new spending for roads, bridges, public transit, and broadband as well as a host of other areas would likely be considered a ‘win’ for the White House,” Wells Fargo economist Michael Pugliese said in a note. “As in baseball, a win does not always have to be a home run. Sometimes it pays to just get on base.”</p><p><blockquote>尽管如此，就实体基础设施支出达成一致对于政治礼让、经济以及潜在的一系列股票和市场部门来说都是一场胜利。富国银行经济学家迈克尔·普列塞(Michael Pugliese)在一份报告中表示：“用于道路、桥梁、公共交通、宽带以及许多其他领域的大约6000亿美元的新支出可能被视为白宫的‘胜利’。”“就像在棒球比赛中一样，胜利并不总是必须是本垒打。有时只要上垒就可以了。”</blockquote></p><p> One way to play for further upside in the bipartisan deal is the package’s emphasis on expanding broadband, says Josh Duitz, who runs the $185 million Aberdeen Standard Global Infrastructure Income fund (ticker: ASGI). As of May 31, his portfolio’s holdings included&nbsp;American Tower(AMT). He added that&nbsp;Ferrovial(FER.Spain), a global infrastructure company that builds roads and other projects, would also benefit from the package. It’s another of his holdings. “This is just one more positive catalyst for infrastructure,” Duitz said.</p><p><blockquote>管理价值1.85亿美元的阿伯丁标准全球基础设施收入基金（股票代码：ASGI）的乔什·杜伊茨(Josh Duitz)表示，两党协议进一步发挥优势的一种方法是该计划强调扩大宽带。截至5月31日，他的投资组合持有的股票包括美国铁塔(AMT)。他补充说，建造道路和其他项目的全球基础设施公司Ferrovial(FER.Spain)也将从该计划中受益。这是他的另一个资产。“这只是基础设施的又一个积极催化剂，”杜伊茨说。</blockquote></p><p> Analysts at Stifel, meanwhile, believe the deal “generates significant upside” for machinery, construction materials, and rental companies.</p><p><blockquote>与此同时，Stifel的分析师认为，这笔交易为机械、建筑材料和租赁公司“带来了巨大的上涨空间”。</blockquote></p><p> Stifel said that the beneficiaries of the infrastructure bill include these five companies:Astec Industries(ASTE), whose products include asphalt and concrete;Martin Marietta Materials(MLM), which makes construction materials;Construction Partners(ROAD), which builds roadways;United Rentals(URI); and&nbsp;Vulcan Materials(VMC), which makes construction materials.</p><p><blockquote>Stifel表示，基建法案的受益者包括这五家公司：Astec Industries（ASTE），其产品包括沥青和混凝土；Martin Marietta Materials(MLM)，生产建筑材料；建筑合作伙伴（道路），建造道路；联合租赁公司(URI)；以及生产建筑材料的Vulcan Materials(VMC)。</blockquote></p><p> Separately on Friday, Jefferies upgraded Martin Marietta Materials and Vulcan Materials to Buy from Hold. It also raised the price targets to $424 and $207, respectively.</p><p><blockquote>另外，周五，杰富瑞将Martin Marietta Materials和Vulcan Materials的评级从持有上调至买入。它还将目标价分别上调至424美元和207美元。</blockquote></p><p> Stifel expects other companies to benefit, as well. Those include&nbsp;Caterpillar(CAT),Deere(DE),Manitowoc(MTW),Oshkosh(OSK), and&nbsp;Terex(TEX)—“each of which sells machinery into the infrastructure” market.</p><p><blockquote>Stifel预计其他公司也会受益。其中包括卡特彼勒(CAT)、Deere(DE)、马尼托瓦克(MTW)、奥什科什(OSK)和特雷克斯(TEX)——“每个公司都向基础设施市场销售机械”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-infrastructure-spending-51624667261?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MTW":"马尼托沃克","MLM":"马丁-玛丽埃塔材料","ASTE":"Astec实业","ROAD":"Construction Partners","OSK":"Oshkosh","VMC":"火神材料","CAT":"卡特彼勒","TEX":"特雷克斯","URI":"联合租赁","DE":"迪尔股份有限公司"},"source_url":"https://www.barrons.com/articles/stocks-infrastructure-spending-51624667261?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112141657","content_text":"Wall Street has been pricing in an infrastructure bill since the White House unveiled the American Jobs Plan in April. When agreement came this past week, the rally continued.\nThe Dow Jones Industrial Average climbed 1% on Thursday, and the S&P 500 Industrial Sector added about 0.8%, both outpacing the broader market, as President Joe Biden announced that he had come to an agreement with a group of Republican and Democratic senators on an infrastructure package of roughly $600 billion. And the industrial outperformance continued on Friday.\nThe package includes some $300 billion for roads, bridges, and other major transportation projects. An additional $266 billion includes water infrastructure, broadband, and power infrastructure. The spending is part of a larger package of approved spending that totals about $1.2 trillion over an eight-year period. The infrastructure bill must still be approved by Congress before Biden can sign it.\nOther priorities that Biden had outlined, such as more spending on child-care initiatives, will have to be pursued in a separate package devoted to “human infrastructure,” probably by using the budget reconciliation process in the Senate, where Democrats hold a tie-breaker vote. The bipartisan agreement would probably be tied to the reconciliation bill, as Biden has said he wants both on his desk at the same time.\nStill, agreement on the physical infrastructure spending is a victory for political comity, the economy, and potentially a range of stocks and market sectors. “Roughly $600 billion in new spending for roads, bridges, public transit, and broadband as well as a host of other areas would likely be considered a ‘win’ for the White House,” Wells Fargo economist Michael Pugliese said in a note. “As in baseball, a win does not always have to be a home run. Sometimes it pays to just get on base.”\nOne way to play for further upside in the bipartisan deal is the package’s emphasis on expanding broadband, says Josh Duitz, who runs the $185 million Aberdeen Standard Global Infrastructure Income fund (ticker: ASGI). As of May 31, his portfolio’s holdings included American Tower(AMT). He added that Ferrovial(FER.Spain), a global infrastructure company that builds roads and other projects, would also benefit from the package. It’s another of his holdings. “This is just one more positive catalyst for infrastructure,” Duitz said.\nAnalysts at Stifel, meanwhile, believe the deal “generates significant upside” for machinery, construction materials, and rental companies.\nStifel said that the beneficiaries of the infrastructure bill include these five companies:Astec Industries(ASTE), whose products include asphalt and concrete;Martin Marietta Materials(MLM), which makes construction materials;Construction Partners(ROAD), which builds roadways;United Rentals(URI); and Vulcan Materials(VMC), which makes construction materials.\nSeparately on Friday, Jefferies upgraded Martin Marietta Materials and Vulcan Materials to Buy from Hold. It also raised the price targets to $424 and $207, respectively.\nStifel expects other companies to benefit, as well. Those include Caterpillar(CAT),Deere(DE),Manitowoc(MTW),Oshkosh(OSK), and Terex(TEX)—“each of which sells machinery into the infrastructure” market.","news_type":1,"symbols_score_info":{"CAT":0.9,"OSK":0.9,"DE":0.9,"MTW":0.9,"ROAD":0.9,"MLM":0.9,"TEX":0.9,"VMC":0.9,"URI":0.9,"ASTE":0.9}},"isVote":1,"tweetType":1,"viewCount":1296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126527035,"gmtCreate":1624579491627,"gmtModify":1631884020096,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Go go&nbsp;","listText":"Go go&nbsp;","text":"Go 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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624371721,"share":"https://www.laohu8.com/m/news/1143759096?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:22","market":"us","language":"en","title":"EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143759096","media":"Tiger Newspress","summary":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,","content":"<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</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\">\nEV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143759096","content_text":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.\n\nLi Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes, According To Forbes.\nThe stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.\nThe outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.\nNow are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.\n[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?\nChinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.\nHowever, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.\nDespite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.\n[5/21/2021] How Do Chinese EV Stocks Compare?\nU.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.\nOur analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.\nNio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.\nXpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.\nLi Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.\n[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare\nThe Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysisNio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.\nOverview Of Nio, Li Auto & Xpeng’s Business\nNio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.\nLi Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.\nXpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.\nHow Have The Deliveries, Revenues & Margins Trended\nNio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.\nValuation\nNio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.\nWhile valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.\nElectric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing inElectric Vehicle Component Supplier Stockscan be a good alternative to play the growth in the EV market.","news_type":1,"symbols_score_info":{"TSLA":0.9,"LI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123109547,"gmtCreate":1624410925789,"gmtModify":1631889600051,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571867491614273","authorIdStr":"3571867491614273"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123109547","repostId":"2145657710","repostType":2,"repost":{"id":"2145657710","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1624390489,"share":"https://www.laohu8.com/m/news/2145657710?lang=zh_CN&edition=full","pubTime":"2021-06-23 03:34","market":"us","language":"en","title":"Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145657710","media":"T-Reuters","summary":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Au","content":"<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</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\">\nLynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-06-23 03:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","BGC":"BGC GROUP","TISI":"Team Inc"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145657710","content_text":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"TISI":1,"TSLA":0.9,"BGC":1}},"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":125578229,"gmtCreate":1624682771761,"gmtModify":1631884020062,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Boomm","listText":"Boomm","text":"Boomm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125578229","repostId":"1132692662","repostType":4,"repost":{"id":"1132692662","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":1624680481,"share":"https://www.laohu8.com/m/news/1132692662?lang=zh_CN&edition=full","pubTime":"2021-06-26 12:08","market":"us","language":"en","title":"Tesla recalls some imported and domestic Model 3 and Model Y in China<blockquote>特斯拉在华召回部分进口及国产Model 3和Model Y</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132692662","media":"Tiger Newspress","summary":"Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.Tesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.Meanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.In response to the recall, Tesla said ","content":"<p>Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.</p><p><blockquote>据国家市场监督管理总局消息，近日，特斯拉备案了召回计划，决定自即日起召回部分车辆。</blockquote></p><p> Tesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.</p><p><blockquote>特斯拉决定召回2019年1月12日至2019年11月27日期间生产的35665辆进口Model 3。</blockquote></p><p> Meanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.</p><p><blockquote>同时，特斯拉将召回2019年12月19日至2021年6月7日生产的部分国产Model 3，共计211256辆；2021年1月1日至2021年6月7日期间生产的国产Model Y共计38599辆。</blockquote></p><p> Due to the problems of the active cruise control system of the vehicles within the scope of this recall, it is easy for the driver to activate the active cruise function by mistake in the following situations: when the vehicle is in D gear, the driver tries to switch the gear by pushing the right control lever again; When the vehicle turns sharply, the driver touches and moves the right control lever by mistake, etc. After the active cruise control is mistakenly activated, if the cruise speed set by the vehicle is not the current speed, and the current speed is lower than the set speed, the vehicle will accelerate to the set speed, resulting in a sudden increase in vehicle speed, which will affect the driver's expectation and lead to misjudgment of vehicle handling. In extreme cases, it may lead to vehicle collision, and there are potential safety hazards.</p><p><blockquote>本次召回范围内车辆由于主动巡航控制系统存在问题，在以下情况下驾驶员容易误激活主动巡航功能：当车辆挂入D挡时，驾驶员试图通过再次推动右侧操纵杆来切换挡位；车辆急转弯时，驾驶员误触并移动右侧操纵杆等。误启动主动巡航控制后，如果车辆设定的巡航速度不是当前速度，而当前速度低于设定速度，车辆就会加速到设定速度，造成车速突然升高，影响驾驶员的预期，导致车辆操控误判。极端情况下可能导致车辆碰撞，存在安全隐患。</blockquote></p><p> Tesla will upgrade the active cruise control software for the recalled vehicles free of charge through OTA technology, so users can complete the software upgrade without going to the store; For vehicles that cannot be recalled through OTA technology, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. will contact relevant users through Tesla service center to upgrade active cruise control software for vehicles free, so as to eliminate potential safety hazards.</p><p><blockquote>特斯拉将通过OTA技术为召回车辆免费升级主动巡航控制软件，用户无需到店即可完成软件升级；对于无法通过OTA技术召回的车辆，特斯拉（北京）有限公司和特斯拉（上海）有限公司将通过特斯拉服务中心联系相关用户，为车辆免费升级主动巡航控制软件，以消除安全隐患。</blockquote></p><p> In response to the recall, Tesla said on June 26 that for the vehicles (Model 3 / Model Y) within the scope of this recall, due to the fact that the active cruise control function may be activated by the driver by mistake, there are potential safety hazards in extreme cases. Tesla took the initiative to file the recall plan with the State Administration of market supervision and administration. Users do not need to go to the store to complete the OTA. Tesla said it apologized for the inconvenience caused by the recall.</p><p><blockquote>针对此次召回，特斯拉6月26日表示，本次召回范围内的车辆（Model 3/Model Y），由于主动巡航控制功能可能被驾驶员误激活，极端情况下存在安全隐患。特斯拉主动向国家市场监督管理总局备案了召回计划。用户无需前往门店即可完成OTA。特斯拉表示，对此次召回给您带来的不便表示歉意。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla recalls some imported and domestic Model 3 and Model Y in China<blockquote>特斯拉在华召回部分进口及国产Model 3和Model Y</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla recalls some imported and domestic Model 3 and Model Y in China<blockquote>特斯拉在华召回部分进口及国产Model 3和Model Y</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-26 12:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.</p><p><blockquote>据国家市场监督管理总局消息，近日，特斯拉备案了召回计划，决定自即日起召回部分车辆。</blockquote></p><p> Tesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.</p><p><blockquote>特斯拉决定召回2019年1月12日至2019年11月27日期间生产的35665辆进口Model 3。</blockquote></p><p> Meanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.</p><p><blockquote>同时，特斯拉将召回2019年12月19日至2021年6月7日生产的部分国产Model 3，共计211256辆；2021年1月1日至2021年6月7日期间生产的国产Model Y共计38599辆。</blockquote></p><p> Due to the problems of the active cruise control system of the vehicles within the scope of this recall, it is easy for the driver to activate the active cruise function by mistake in the following situations: when the vehicle is in D gear, the driver tries to switch the gear by pushing the right control lever again; When the vehicle turns sharply, the driver touches and moves the right control lever by mistake, etc. After the active cruise control is mistakenly activated, if the cruise speed set by the vehicle is not the current speed, and the current speed is lower than the set speed, the vehicle will accelerate to the set speed, resulting in a sudden increase in vehicle speed, which will affect the driver's expectation and lead to misjudgment of vehicle handling. In extreme cases, it may lead to vehicle collision, and there are potential safety hazards.</p><p><blockquote>本次召回范围内车辆由于主动巡航控制系统存在问题，在以下情况下驾驶员容易误激活主动巡航功能：当车辆挂入D挡时，驾驶员试图通过再次推动右侧操纵杆来切换挡位；车辆急转弯时，驾驶员误触并移动右侧操纵杆等。误启动主动巡航控制后，如果车辆设定的巡航速度不是当前速度，而当前速度低于设定速度，车辆就会加速到设定速度，造成车速突然升高，影响驾驶员的预期，导致车辆操控误判。极端情况下可能导致车辆碰撞，存在安全隐患。</blockquote></p><p> Tesla will upgrade the active cruise control software for the recalled vehicles free of charge through OTA technology, so users can complete the software upgrade without going to the store; For vehicles that cannot be recalled through OTA technology, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. will contact relevant users through Tesla service center to upgrade active cruise control software for vehicles free, so as to eliminate potential safety hazards.</p><p><blockquote>特斯拉将通过OTA技术为召回车辆免费升级主动巡航控制软件，用户无需到店即可完成软件升级；对于无法通过OTA技术召回的车辆，特斯拉（北京）有限公司和特斯拉（上海）有限公司将通过特斯拉服务中心联系相关用户，为车辆免费升级主动巡航控制软件，以消除安全隐患。</blockquote></p><p> In response to the recall, Tesla said on June 26 that for the vehicles (Model 3 / Model Y) within the scope of this recall, due to the fact that the active cruise control function may be activated by the driver by mistake, there are potential safety hazards in extreme cases. Tesla took the initiative to file the recall plan with the State Administration of market supervision and administration. Users do not need to go to the store to complete the OTA. Tesla said it apologized for the inconvenience caused by the recall.</p><p><blockquote>针对此次召回，特斯拉6月26日表示，本次召回范围内的车辆（Model 3/Model Y），由于主动巡航控制功能可能被驾驶员误激活，极端情况下存在安全隐患。特斯拉主动向国家市场监督管理总局备案了召回计划。用户无需前往门店即可完成OTA。特斯拉表示，对此次召回给您带来的不便表示歉意。</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":"1132692662","content_text":"Recently, Tesla filed a recall plan and decided to recall some vehicles from now on,according to China's State Administration of market supervision.\nTesla decided to recall 35665 imported Model 3 produced between January 12, 2019 and November 27, 2019.\nMeanwhile, Tesla will recall some domestic Model 3 produced from December 19, 2019 to June 7, 2021, totaling 211256 vehicles; A total of 38599 domestic Model Y were produced from January 1, 2021 to June 7, 2021.\nDue to the problems of the active cruise control system of the vehicles within the scope of this recall, it is easy for the driver to activate the active cruise function by mistake in the following situations: when the vehicle is in D gear, the driver tries to switch the gear by pushing the right control lever again; When the vehicle turns sharply, the driver touches and moves the right control lever by mistake, etc. After the active cruise control is mistakenly activated, if the cruise speed set by the vehicle is not the current speed, and the current speed is lower than the set speed, the vehicle will accelerate to the set speed, resulting in a sudden increase in vehicle speed, which will affect the driver's expectation and lead to misjudgment of vehicle handling. In extreme cases, it may lead to vehicle collision, and there are potential safety hazards.\nTesla will upgrade the active cruise control software for the recalled vehicles free of charge through OTA technology, so users can complete the software upgrade without going to the store; For vehicles that cannot be recalled through OTA technology, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. will contact relevant users through Tesla service center to upgrade active cruise control software for vehicles free, so as to eliminate potential safety hazards.\nIn response to the recall, Tesla said on June 26 that for the vehicles (Model 3 / Model Y) within the scope of this recall, due to the fact that the active cruise control function may be activated by the driver by mistake, there are potential safety hazards in extreme cases. Tesla took the initiative to file the recall plan with the State Administration of market supervision and administration. Users do not need to go to the store to complete the OTA. Tesla said it apologized for the inconvenience caused by the recall.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124741193,"gmtCreate":1624797489012,"gmtModify":1631884020052,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Awesomeee","listText":"Awesomeee","text":"Awesomeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124741193","repostId":"2146070550","repostType":4,"isVote":1,"tweetType":1,"viewCount":1250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126522041,"gmtCreate":1624579440983,"gmtModify":1631884020095,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"🤔","listText":"🤔","text":"🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126522041","repostId":"2145042230","repostType":4,"isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123109547,"gmtCreate":1624410925789,"gmtModify":1631889600051,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123109547","repostId":"2145657710","repostType":2,"repost":{"id":"2145657710","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1624390489,"share":"https://www.laohu8.com/m/news/2145657710?lang=zh_CN&edition=full","pubTime":"2021-06-23 03:34","market":"us","language":"en","title":"Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145657710","media":"T-Reuters","summary":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Au","content":"<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</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\">\nLynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-06-23 03:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","BGC":"BGC GROUP","TISI":"Team Inc"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145657710","content_text":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"TISI":1,"TSLA":0.9,"BGC":1}},"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127801062,"gmtCreate":1624841821256,"gmtModify":1631884019984,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Alright","listText":"Alright","text":"Alright","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127801062","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://www.laohu8.com/m/news/1184001921?lang=zh_CN&edition=full","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</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>Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</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\">\nAmazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 11:15</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>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126527035,"gmtCreate":1624579491627,"gmtModify":1631884020096,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Go go&nbsp;","listText":"Go go&nbsp;","text":"Go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126527035","repostId":"1120836318","repostType":4,"isVote":1,"tweetType":1,"viewCount":1878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121727817,"gmtCreate":1624493314539,"gmtModify":1631889599997,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Sure","listText":"Sure","text":"Sure","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121727817","repostId":"1104273824","repostType":4,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121725748,"gmtCreate":1624493268484,"gmtModify":1631889600007,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121725748","repostId":"1118786565","repostType":4,"isVote":1,"tweetType":1,"viewCount":267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123103862,"gmtCreate":1624410936456,"gmtModify":1631889600031,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Sad","listText":"Sad","text":"Sad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123103862","repostId":"1143759096","repostType":4,"repost":{"id":"1143759096","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":1624371721,"share":"https://www.laohu8.com/m/news/1143759096?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:22","market":"us","language":"en","title":"EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143759096","media":"Tiger Newspress","summary":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,","content":"<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</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\">\nEV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143759096","content_text":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.\n\nLi Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes, According To Forbes.\nThe stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.\nThe outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.\nNow are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.\n[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?\nChinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.\nHowever, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.\nDespite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.\n[5/21/2021] How Do Chinese EV Stocks Compare?\nU.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.\nOur analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.\nNio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.\nXpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.\nLi Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.\n[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare\nThe Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysisNio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.\nOverview Of Nio, Li Auto & Xpeng’s Business\nNio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.\nLi Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.\nXpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.\nHow Have The Deliveries, Revenues & Margins Trended\nNio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.\nValuation\nNio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.\nWhile valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.\nElectric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing inElectric Vehicle Component Supplier Stockscan be a good alternative to play the growth in the EV market.","news_type":1,"symbols_score_info":{"TSLA":0.9,"LI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":843036576,"gmtCreate":1635781464482,"gmtModify":1635781464482,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/843036576","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":152595483,"gmtCreate":1625307652742,"gmtModify":1631884019978,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CDMO\">$Avid Bioservices, Inc.(CDMO)$</a>💵","listText":"<a href=\"https://laohu8.com/S/CDMO\">$Avid Bioservices, Inc.(CDMO)$</a>💵","text":"$Avid Bioservices, Inc.(CDMO)$💵","images":[{"img":"https://static.tigerbbs.com/d16ac2c48a883d31a640d4308105672a","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152595483","isVote":1,"tweetType":1,"viewCount":1039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":127803286,"gmtCreate":1624841800345,"gmtModify":1631884019998,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127803286","repostId":"1111453668","repostType":4,"isVote":1,"tweetType":1,"viewCount":3030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124748328,"gmtCreate":1624797594964,"gmtModify":1631884020016,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[{"img":"https://static.tigerbbs.com/755a45c0a42170ed28f7268c2cd264a6","width":"1080","height":"2110"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124748328","isVote":1,"tweetType":1,"viewCount":2180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":124741622,"gmtCreate":1624797511166,"gmtModify":1631884020036,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Okayy","listText":"Okayy","text":"Okayy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124741622","repostId":"1189436009","repostType":4,"isVote":1,"tweetType":1,"viewCount":1508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125578139,"gmtCreate":1624682758821,"gmtModify":1631884020077,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Alright..&nbsp;","listText":"Alright..&nbsp;","text":"Alright..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125578139","repostId":"1112141657","repostType":4,"repost":{"id":"1112141657","kind":"news","pubTimestamp":1624674481,"share":"https://www.laohu8.com/m/news/1112141657?lang=zh_CN&edition=full","pubTime":"2021-06-26 10:28","market":"us","language":"en","title":"These Stocks Could Have ‘Significant Upside’ From Infrastructure Spending<blockquote>这些股票可能因基础设施支出而“显着上涨”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112141657","media":"Barrons","summary":"Wall Street has been pricing in an infrastructure bill since the White House unveiled the American J","content":"<p>Wall Street has been pricing in an infrastructure bill&nbsp;since the White House unveiled the American Jobs Plan in April. When agreement came this past week, the rally continued.</p><p><blockquote>自白宫四月份公布美国就业计划以来，华尔街一直在为基础设施法案定价。当上周达成协议时，涨势仍在继续。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;climbed 1% on Thursday, and the&nbsp;S&amp;P 500 Industrial Sector&nbsp;added about 0.8%, both outpacing the broader market, as President Joe Biden announced that he had come to an agreement with a group of Republican and Democratic senators on an infrastructure package of roughly $600 billion. And the industrial outperformance continued on Friday.</p><p><blockquote>道琼斯工业平均指数周四上涨1%，标准普尔500工业板块上涨约0.8%，均跑赢大盘，总统乔·拜登宣布他已与一群共和党和民主党参议员达成协议约6000亿美元的基础设施计划。周五工业表现继续优异。</blockquote></p><p> The package includes some $300 billion for roads, bridges, and other major transportation projects. An additional $266 billion includes water infrastructure, broadband, and power infrastructure. The spending is part of a larger package of approved spending that totals about $1.2 trillion over an eight-year period. The infrastructure bill must still be approved by Congress before Biden can sign it.</p><p><blockquote>该计划包括约3000亿美元用于道路、桥梁和其他主要交通项目。另外2660亿美元包括水利基础设施、宽带和电力基础设施。这笔支出是一个更大的批准支出计划的一部分，该计划在八年内总计约1.2万亿美元。基建法案仍需获得国会批准，拜登才能签署。</blockquote></p><p> Other priorities that Biden had outlined, such as more spending on child-care initiatives, will have to be pursued in a separate package devoted to “human infrastructure,” probably by using the budget reconciliation process in the Senate, where Democrats hold a tie-breaker vote. The bipartisan agreement would probably be tied to the reconciliation bill, as Biden has said he wants both on his desk at the same time.</p><p><blockquote>拜登概述的其他优先事项，如在儿童保育计划上增加支出，将不得不在一个专门用于“人类基础设施”的单独一揽子计划中进行，可能是通过使用参议院的预算和解程序，民主党在参议院举行平局投票。两党协议可能会与和解法案挂钩，因为拜登曾表示，他希望这两项法案同时放在他的办公桌上。</blockquote></p><p> Still, agreement on the physical infrastructure spending is a victory for political comity, the economy, and potentially a range of stocks and market sectors. “Roughly $600 billion in new spending for roads, bridges, public transit, and broadband as well as a host of other areas would likely be considered a ‘win’ for the White House,” Wells Fargo economist Michael Pugliese said in a note. “As in baseball, a win does not always have to be a home run. Sometimes it pays to just get on base.”</p><p><blockquote>尽管如此，就实体基础设施支出达成一致对于政治礼让、经济以及潜在的一系列股票和市场部门来说都是一场胜利。富国银行经济学家迈克尔·普列塞(Michael Pugliese)在一份报告中表示：“用于道路、桥梁、公共交通、宽带以及许多其他领域的大约6000亿美元的新支出可能被视为白宫的‘胜利’。”“就像在棒球比赛中一样，胜利并不总是必须是本垒打。有时只要上垒就可以了。”</blockquote></p><p> One way to play for further upside in the bipartisan deal is the package’s emphasis on expanding broadband, says Josh Duitz, who runs the $185 million Aberdeen Standard Global Infrastructure Income fund (ticker: ASGI). As of May 31, his portfolio’s holdings included&nbsp;American Tower(AMT). He added that&nbsp;Ferrovial(FER.Spain), a global infrastructure company that builds roads and other projects, would also benefit from the package. It’s another of his holdings. “This is just one more positive catalyst for infrastructure,” Duitz said.</p><p><blockquote>管理价值1.85亿美元的阿伯丁标准全球基础设施收入基金（股票代码：ASGI）的乔什·杜伊茨(Josh Duitz)表示，两党协议进一步发挥优势的一种方法是该计划强调扩大宽带。截至5月31日，他的投资组合持有的股票包括美国铁塔(AMT)。他补充说，建造道路和其他项目的全球基础设施公司Ferrovial(FER.Spain)也将从该计划中受益。这是他的另一个资产。“这只是基础设施的又一个积极催化剂，”杜伊茨说。</blockquote></p><p> Analysts at Stifel, meanwhile, believe the deal “generates significant upside” for machinery, construction materials, and rental companies.</p><p><blockquote>与此同时，Stifel的分析师认为，这笔交易为机械、建筑材料和租赁公司“带来了巨大的上涨空间”。</blockquote></p><p> Stifel said that the beneficiaries of the infrastructure bill include these five companies:Astec Industries(ASTE), whose products include asphalt and concrete;Martin Marietta Materials(MLM), which makes construction materials;Construction Partners(ROAD), which builds roadways;United Rentals(URI); and&nbsp;Vulcan Materials(VMC), which makes construction materials.</p><p><blockquote>Stifel表示，基建法案的受益者包括这五家公司：Astec Industries（ASTE），其产品包括沥青和混凝土；Martin Marietta Materials(MLM)，生产建筑材料；建筑合作伙伴（道路），建造道路；联合租赁公司(URI)；以及生产建筑材料的Vulcan Materials(VMC)。</blockquote></p><p> Separately on Friday, Jefferies upgraded Martin Marietta Materials and Vulcan Materials to Buy from Hold. It also raised the price targets to $424 and $207, respectively.</p><p><blockquote>另外，周五，杰富瑞将Martin Marietta Materials和Vulcan Materials的评级从持有上调至买入。它还将目标价分别上调至424美元和207美元。</blockquote></p><p> Stifel expects other companies to benefit, as well. Those include&nbsp;Caterpillar(CAT),Deere(DE),Manitowoc(MTW),Oshkosh(OSK), and&nbsp;Terex(TEX)—“each of which sells machinery into the infrastructure” market.</p><p><blockquote>Stifel预计其他公司也会受益。其中包括卡特彼勒(CAT)、Deere(DE)、马尼托瓦克(MTW)、奥什科什(OSK)和特雷克斯(TEX)——“每个公司都向基础设施市场销售机械”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These Stocks Could Have ‘Significant Upside’ From Infrastructure Spending<blockquote>这些股票可能因基础设施支出而“显着上涨”</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\">\nThese Stocks Could Have ‘Significant Upside’ From Infrastructure Spending<blockquote>这些股票可能因基础设施支出而“显着上涨”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-26 10:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street has been pricing in an infrastructure bill&nbsp;since the White House unveiled the American Jobs Plan in April. When agreement came this past week, the rally continued.</p><p><blockquote>自白宫四月份公布美国就业计划以来，华尔街一直在为基础设施法案定价。当上周达成协议时，涨势仍在继续。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;climbed 1% on Thursday, and the&nbsp;S&amp;P 500 Industrial Sector&nbsp;added about 0.8%, both outpacing the broader market, as President Joe Biden announced that he had come to an agreement with a group of Republican and Democratic senators on an infrastructure package of roughly $600 billion. And the industrial outperformance continued on Friday.</p><p><blockquote>道琼斯工业平均指数周四上涨1%，标准普尔500工业板块上涨约0.8%，均跑赢大盘，总统乔·拜登宣布他已与一群共和党和民主党参议员达成协议约6000亿美元的基础设施计划。周五工业表现继续优异。</blockquote></p><p> The package includes some $300 billion for roads, bridges, and other major transportation projects. An additional $266 billion includes water infrastructure, broadband, and power infrastructure. The spending is part of a larger package of approved spending that totals about $1.2 trillion over an eight-year period. The infrastructure bill must still be approved by Congress before Biden can sign it.</p><p><blockquote>该计划包括约3000亿美元用于道路、桥梁和其他主要交通项目。另外2660亿美元包括水利基础设施、宽带和电力基础设施。这笔支出是一个更大的批准支出计划的一部分，该计划在八年内总计约1.2万亿美元。基建法案仍需获得国会批准，拜登才能签署。</blockquote></p><p> Other priorities that Biden had outlined, such as more spending on child-care initiatives, will have to be pursued in a separate package devoted to “human infrastructure,” probably by using the budget reconciliation process in the Senate, where Democrats hold a tie-breaker vote. The bipartisan agreement would probably be tied to the reconciliation bill, as Biden has said he wants both on his desk at the same time.</p><p><blockquote>拜登概述的其他优先事项，如在儿童保育计划上增加支出，将不得不在一个专门用于“人类基础设施”的单独一揽子计划中进行，可能是通过使用参议院的预算和解程序，民主党在参议院举行平局投票。两党协议可能会与和解法案挂钩，因为拜登曾表示，他希望这两项法案同时放在他的办公桌上。</blockquote></p><p> Still, agreement on the physical infrastructure spending is a victory for political comity, the economy, and potentially a range of stocks and market sectors. “Roughly $600 billion in new spending for roads, bridges, public transit, and broadband as well as a host of other areas would likely be considered a ‘win’ for the White House,” Wells Fargo economist Michael Pugliese said in a note. “As in baseball, a win does not always have to be a home run. Sometimes it pays to just get on base.”</p><p><blockquote>尽管如此，就实体基础设施支出达成一致对于政治礼让、经济以及潜在的一系列股票和市场部门来说都是一场胜利。富国银行经济学家迈克尔·普列塞(Michael Pugliese)在一份报告中表示：“用于道路、桥梁、公共交通、宽带以及许多其他领域的大约6000亿美元的新支出可能被视为白宫的‘胜利’。”“就像在棒球比赛中一样，胜利并不总是必须是本垒打。有时只要上垒就可以了。”</blockquote></p><p> One way to play for further upside in the bipartisan deal is the package’s emphasis on expanding broadband, says Josh Duitz, who runs the $185 million Aberdeen Standard Global Infrastructure Income fund (ticker: ASGI). As of May 31, his portfolio’s holdings included&nbsp;American Tower(AMT). He added that&nbsp;Ferrovial(FER.Spain), a global infrastructure company that builds roads and other projects, would also benefit from the package. It’s another of his holdings. “This is just one more positive catalyst for infrastructure,” Duitz said.</p><p><blockquote>管理价值1.85亿美元的阿伯丁标准全球基础设施收入基金（股票代码：ASGI）的乔什·杜伊茨(Josh Duitz)表示，两党协议进一步发挥优势的一种方法是该计划强调扩大宽带。截至5月31日，他的投资组合持有的股票包括美国铁塔(AMT)。他补充说，建造道路和其他项目的全球基础设施公司Ferrovial(FER.Spain)也将从该计划中受益。这是他的另一个资产。“这只是基础设施的又一个积极催化剂，”杜伊茨说。</blockquote></p><p> Analysts at Stifel, meanwhile, believe the deal “generates significant upside” for machinery, construction materials, and rental companies.</p><p><blockquote>与此同时，Stifel的分析师认为，这笔交易为机械、建筑材料和租赁公司“带来了巨大的上涨空间”。</blockquote></p><p> Stifel said that the beneficiaries of the infrastructure bill include these five companies:Astec Industries(ASTE), whose products include asphalt and concrete;Martin Marietta Materials(MLM), which makes construction materials;Construction Partners(ROAD), which builds roadways;United Rentals(URI); and&nbsp;Vulcan Materials(VMC), which makes construction materials.</p><p><blockquote>Stifel表示，基建法案的受益者包括这五家公司：Astec Industries（ASTE），其产品包括沥青和混凝土；Martin Marietta Materials(MLM)，生产建筑材料；建筑合作伙伴（道路），建造道路；联合租赁公司(URI)；以及生产建筑材料的Vulcan Materials(VMC)。</blockquote></p><p> Separately on Friday, Jefferies upgraded Martin Marietta Materials and Vulcan Materials to Buy from Hold. It also raised the price targets to $424 and $207, respectively.</p><p><blockquote>另外，周五，杰富瑞将Martin Marietta Materials和Vulcan Materials的评级从持有上调至买入。它还将目标价分别上调至424美元和207美元。</blockquote></p><p> Stifel expects other companies to benefit, as well. Those include&nbsp;Caterpillar(CAT),Deere(DE),Manitowoc(MTW),Oshkosh(OSK), and&nbsp;Terex(TEX)—“each of which sells machinery into the infrastructure” market.</p><p><blockquote>Stifel预计其他公司也会受益。其中包括卡特彼勒(CAT)、Deere(DE)、马尼托瓦克(MTW)、奥什科什(OSK)和特雷克斯(TEX)——“每个公司都向基础设施市场销售机械”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-infrastructure-spending-51624667261?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MTW":"马尼托沃克","MLM":"马丁-玛丽埃塔材料","ASTE":"Astec实业","ROAD":"Construction Partners","OSK":"Oshkosh","VMC":"火神材料","CAT":"卡特彼勒","TEX":"特雷克斯","URI":"联合租赁","DE":"迪尔股份有限公司"},"source_url":"https://www.barrons.com/articles/stocks-infrastructure-spending-51624667261?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112141657","content_text":"Wall Street has been pricing in an infrastructure bill since the White House unveiled the American Jobs Plan in April. When agreement came this past week, the rally continued.\nThe Dow Jones Industrial Average climbed 1% on Thursday, and the S&P 500 Industrial Sector added about 0.8%, both outpacing the broader market, as President Joe Biden announced that he had come to an agreement with a group of Republican and Democratic senators on an infrastructure package of roughly $600 billion. And the industrial outperformance continued on Friday.\nThe package includes some $300 billion for roads, bridges, and other major transportation projects. An additional $266 billion includes water infrastructure, broadband, and power infrastructure. The spending is part of a larger package of approved spending that totals about $1.2 trillion over an eight-year period. The infrastructure bill must still be approved by Congress before Biden can sign it.\nOther priorities that Biden had outlined, such as more spending on child-care initiatives, will have to be pursued in a separate package devoted to “human infrastructure,” probably by using the budget reconciliation process in the Senate, where Democrats hold a tie-breaker vote. The bipartisan agreement would probably be tied to the reconciliation bill, as Biden has said he wants both on his desk at the same time.\nStill, agreement on the physical infrastructure spending is a victory for political comity, the economy, and potentially a range of stocks and market sectors. “Roughly $600 billion in new spending for roads, bridges, public transit, and broadband as well as a host of other areas would likely be considered a ‘win’ for the White House,” Wells Fargo economist Michael Pugliese said in a note. “As in baseball, a win does not always have to be a home run. Sometimes it pays to just get on base.”\nOne way to play for further upside in the bipartisan deal is the package’s emphasis on expanding broadband, says Josh Duitz, who runs the $185 million Aberdeen Standard Global Infrastructure Income fund (ticker: ASGI). As of May 31, his portfolio’s holdings included American Tower(AMT). He added that Ferrovial(FER.Spain), a global infrastructure company that builds roads and other projects, would also benefit from the package. It’s another of his holdings. “This is just one more positive catalyst for infrastructure,” Duitz said.\nAnalysts at Stifel, meanwhile, believe the deal “generates significant upside” for machinery, construction materials, and rental companies.\nStifel said that the beneficiaries of the infrastructure bill include these five companies:Astec Industries(ASTE), whose products include asphalt and concrete;Martin Marietta Materials(MLM), which makes construction materials;Construction Partners(ROAD), which builds roadways;United Rentals(URI); and Vulcan Materials(VMC), which makes construction materials.\nSeparately on Friday, Jefferies upgraded Martin Marietta Materials and Vulcan Materials to Buy from Hold. It also raised the price targets to $424 and $207, respectively.\nStifel expects other companies to benefit, as well. Those include Caterpillar(CAT),Deere(DE),Manitowoc(MTW),Oshkosh(OSK), and Terex(TEX)—“each of which sells machinery into the infrastructure” market.","news_type":1,"symbols_score_info":{"CAT":0.9,"OSK":0.9,"DE":0.9,"MTW":0.9,"ROAD":0.9,"MLM":0.9,"TEX":0.9,"VMC":0.9,"URI":0.9,"ASTE":0.9}},"isVote":1,"tweetType":1,"viewCount":1296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121753658,"gmtCreate":1624493410774,"gmtModify":1631889599971,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121753658","repostId":"1155637149","repostType":4,"isVote":1,"tweetType":1,"viewCount":500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121750027,"gmtCreate":1624493342669,"gmtModify":1631889599983,"author":{"id":"3571867491614273","authorId":"3571867491614273","name":"Amazee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571867491614273","idStr":"3571867491614273"},"themes":[],"htmlText":"Awesome!&nbsp;","listText":"Awesome!&nbsp;","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121750027","repostId":"1155993250","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}