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2021-08-18

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2021-08-12

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Nio released earnings Wednesday. Here’s how to value its stock compared to Tesla, Ford and other rivals<blockquote>蔚来周三发布了财报。以下是与特斯拉、福特和其他竞争对手相比如何评估其股票的价值</blockquote>

2021-08-12

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2021-08-03

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2021-07-07

good counter to share

2021-07-05

$LIZHI Inc(LIZI)$floating

2021-07-05

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2021-06-30

$LIZHI Inc(LIZI)$Waiting for an action

2021-06-30

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@何安迪:中免赴港二次上市，招股书里说了啥

2021-06-29

$LIZHI Inc(LIZI)$what will the performance of it tonight?

2021-06-29

$LIZHI Inc(LIZI)$up up up

2021-06-26

$LIZHI Inc(LIZI)$It is coming back strong. Continue to go upside on next week

2021-06-25

$LIZHI Inc(LIZI)$Up up

2021-06-24

$LIZHI Inc(LIZI)$Up Up

2021-06-23

$LIZHI Inc(LIZI)$Hold it

2021-06-22

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2021-06-18

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2021-06-18

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2021-06-17

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2021-06-16

$LIZHI Inc(LIZI)$Wish to come back

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to invest&nbsp;","listText":"Start to invest&nbsp;","text":"Start to invest","images":[{"img":"https://static.tigerbbs.com/74d92e1edafe749ec328494fc31ee871","width":"1080","height":"2049"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831896513","isVote":1,"tweetType":1,"viewCount":1183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":895338478,"gmtCreate":1628723585494,"gmtModify":1631890188967,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895338478","repostId":"1158059019","repostType":4,"repost":{"id":"1158059019","kind":"news","pubTimestamp":1628723143,"share":"https://www.laohu8.com/m/news/1158059019?lang=zh_CN&edition=full","pubTime":"2021-08-12 07:05","market":"us","language":"en","title":"Nio released earnings Wednesday. Here’s how to value its stock compared to Tesla, Ford and other rivals<blockquote>蔚来周三发布了财报。以下是与特斯拉、福特和其他竞争对手相比如何评估其股票的价值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158059019","media":"Market Wacth","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle mak","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker’s prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than <a href=\"https://laohu8.com/S/F\">Ford</a> Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它大于<a href=\"https://laohu8.com/S/F\">福特</a>汽车公司，成立于1903年。</blockquote></p><p> That might make sense to you as an investor — after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford’s have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does NioNIO,-0.57%,which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么，周三股市收盘后公布第二季度业绩的NioNIO(-0.57%)在投资论点中处于什么位置呢？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> Doubling car production</p><p><blockquote>汽车产量翻倍</blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here’s a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:<img src=\"https://static.tigerbbs.com/aab892102ecbb4cc4eda647df8269bb9\" tg-width=\"791\" tg-height=\"468\" referrerpolicy=\"no-referrer\">Click on the tickers for more about each company.</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：单击股票代码了解有关每家公司的更多信息。</blockquote></p><p> You can see that those valuations are about the future, when innovators in the EV space — Tesla Inc.TSLA,-0.31%and Nio, on this list — may (or may not) become as large as legacy players.</p><p><blockquote>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——特斯拉公司（TSLA，-0.31%）和蔚来（在此名单上）——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, FordF,+0.80%churns out mostly internal combustion engine (ICE) vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特汽车主要生产内燃机(ICE)汽车，其生产速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don’t all report their unit sales the same way. Most don’t break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp.TM,+0.82%7203,+0.98%reported that “electrified vehicle” sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司(Toyota Motor Corp.TM,+0.82%7203,+0.98%)报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> <ul>  <li>HEV – hybrid EVs that are not plug-ins.</li>  <li>PHEV – plug-in electric vehicles.</li>  <li>BEV – battery electric vehicles.</li>  <li>FCEV – fuel-cell electric vehicles.</li> </ul> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota’s PHEV sales made up 1.4% of the total.</p><p><blockquote><ul><li>HEV-非插电式混合动力电动汽车。</li><li>插电式电动汽车。</li><li>纯电动汽车。</li><li>FCEV-燃料电池电动汽车。</li></ul>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AGVWAGY,+1.52%VOW,+0.60%reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众AGVWAGY,+1.52%VOW,+0.60%报告电动汽车销量包括PHEV（占第二季度销量的6.7%）或BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%,better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn’t yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%（更广为人知的名称是BWM Group），第二季度电动汽车交付量的细分尚未公布，但2021年上半年，电动汽车交付量为153,243辆。交付了153,243辆电动汽车或插电式混合动力汽车，占总交付量的11.4%。</blockquote></p><p> Valuation to earnings estimates</p><p><blockquote>估值与盈利预测之比</blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Inc.AMZN,-0.86%,which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。一个例子是<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>Inc.AMZN，-0.86%，几十年来，该公司一直以高市盈率交易，因为它致力于扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors’ enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn’t available for all the companies listed here, so we’re using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:<img src=\"https://static.tigerbbs.com/40736da9fceac6db6166c509e26745b4\" tg-width=\"786\" tg-height=\"541\" referrerpolicy=\"no-referrer\">Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 IndexSPX,+0.25%trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数SPX,+0.25%的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> Valuation to sales</p><p><blockquote>估值与销售额之比</blockquote></p><p> <a href=\"https://laohu8.com/S/FORD\">Forward</a> price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: <a href=\"https://laohu8.com/S/ISBC\">Investors</a> love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla’s stock has risen 150%.</p><p><blockquote><a href=\"https://laohu8.com/S/FORD\">向前</a>市销率估算对于利润较低或净亏损的早期公司可能更有用。同样的扭曲也适用：<a href=\"https://laohu8.com/S/ISBC\">投资者</a>现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，你可能会为它们付出太多。</blockquote></p><p> Here’s a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:<img src=\"https://static.tigerbbs.com/c8a9291d237f12d658a1f5194ee8b9ef\" tg-width=\"783\" tg-height=\"446\" referrerpolicy=\"no-referrer\">For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> Analysts’ opinions</p><p><blockquote>分析师观点</blockquote></p><p> Here’s a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:<img src=\"https://static.tigerbbs.com/f738c7bce6230dbfd6e1f87a8fc98186\" tg-width=\"785\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p></p>","source":"lsy1604288433698","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio released earnings Wednesday. Here’s how to value its stock compared to Tesla, Ford and other rivals<blockquote>蔚来周三发布了财报。以下是与特斯拉、福特和其他竞争对手相比如何评估其股票的价值</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio released earnings Wednesday. Here’s how to value its stock compared to Tesla, Ford and other rivals<blockquote>蔚来周三发布了财报。以下是与特斯拉、福特和其他竞争对手相比如何评估其股票的价值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-08-12 07:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker’s prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than <a href=\"https://laohu8.com/S/F\">Ford</a> Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它大于<a href=\"https://laohu8.com/S/F\">福特</a>汽车公司，成立于1903年。</blockquote></p><p> That might make sense to you as an investor — after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford’s have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does NioNIO,-0.57%,which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么，周三股市收盘后公布第二季度业绩的NioNIO(-0.57%)在投资论点中处于什么位置呢？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> Doubling car production</p><p><blockquote>汽车产量翻倍</blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here’s a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:<img src=\"https://static.tigerbbs.com/aab892102ecbb4cc4eda647df8269bb9\" tg-width=\"791\" tg-height=\"468\" referrerpolicy=\"no-referrer\">Click on the tickers for more about each company.</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：单击股票代码了解有关每家公司的更多信息。</blockquote></p><p> You can see that those valuations are about the future, when innovators in the EV space — Tesla Inc.TSLA,-0.31%and Nio, on this list — may (or may not) become as large as legacy players.</p><p><blockquote>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——特斯拉公司（TSLA，-0.31%）和蔚来（在此名单上）——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, FordF,+0.80%churns out mostly internal combustion engine (ICE) vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特汽车主要生产内燃机(ICE)汽车，其生产速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don’t all report their unit sales the same way. Most don’t break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp.TM,+0.82%7203,+0.98%reported that “electrified vehicle” sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司(Toyota Motor Corp.TM,+0.82%7203,+0.98%)报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> <ul>  <li>HEV – hybrid EVs that are not plug-ins.</li>  <li>PHEV – plug-in electric vehicles.</li>  <li>BEV – battery electric vehicles.</li>  <li>FCEV – fuel-cell electric vehicles.</li> </ul> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota’s PHEV sales made up 1.4% of the total.</p><p><blockquote><ul><li>HEV-非插电式混合动力电动汽车。</li><li>插电式电动汽车。</li><li>纯电动汽车。</li><li>FCEV-燃料电池电动汽车。</li></ul>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AGVWAGY,+1.52%VOW,+0.60%reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众AGVWAGY,+1.52%VOW,+0.60%报告电动汽车销量包括PHEV（占第二季度销量的6.7%）或BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%,better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn’t yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%（更广为人知的名称是BWM Group），第二季度电动汽车交付量的细分尚未公布，但2021年上半年，电动汽车交付量为153,243辆。交付了153,243辆电动汽车或插电式混合动力汽车，占总交付量的11.4%。</blockquote></p><p> Valuation to earnings estimates</p><p><blockquote>估值与盈利预测之比</blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Inc.AMZN,-0.86%,which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。一个例子是<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>Inc.AMZN，-0.86%，几十年来，该公司一直以高市盈率交易，因为它致力于扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors’ enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn’t available for all the companies listed here, so we’re using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:<img src=\"https://static.tigerbbs.com/40736da9fceac6db6166c509e26745b4\" tg-width=\"786\" tg-height=\"541\" referrerpolicy=\"no-referrer\">Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 IndexSPX,+0.25%trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数SPX,+0.25%的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> Valuation to sales</p><p><blockquote>估值与销售额之比</blockquote></p><p> <a href=\"https://laohu8.com/S/FORD\">Forward</a> price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: <a href=\"https://laohu8.com/S/ISBC\">Investors</a> love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla’s stock has risen 150%.</p><p><blockquote><a href=\"https://laohu8.com/S/FORD\">向前</a>市销率估算对于利润较低或净亏损的早期公司可能更有用。同样的扭曲也适用：<a href=\"https://laohu8.com/S/ISBC\">投资者</a>现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，你可能会为它们付出太多。</blockquote></p><p> Here’s a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:<img src=\"https://static.tigerbbs.com/c8a9291d237f12d658a1f5194ee8b9ef\" tg-width=\"783\" tg-height=\"446\" referrerpolicy=\"no-referrer\">For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> Analysts’ opinions</p><p><blockquote>分析师观点</blockquote></p><p> Here’s a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:<img src=\"https://static.tigerbbs.com/f738c7bce6230dbfd6e1f87a8fc98186\" tg-width=\"785\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158059019","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker’s prospects.\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor — after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford’s have almost doubled after cratering in the previous decade.\nSo where does NioNIO,-0.57%,which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere’s a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:Click on the tickers for more about each company.\nYou can see that those valuations are about the future, when innovators in the EV space — Tesla Inc.TSLA,-0.31%and Nio, on this list — may (or may not) become as large as legacy players.\nFor now, FordF,+0.80%churns out mostly internal combustion engine (ICE) vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don’t all report their unit sales the same way. Most don’t break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp.TM,+0.82%7203,+0.98%reported that “electrified vehicle” sales made up 26.6% of total auto sales during the second quarter. But that category includes:\n\nHEV – hybrid EVs that are not plug-ins.\nPHEV – plug-in electric vehicles.\nBEV – battery electric vehicles.\nFCEV – fuel-cell electric vehicles.\n\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota’s PHEV sales made up 1.4% of the total.\nVolkswagen AGVWAGY,+1.52%VOW,+0.60%reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%,better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn’t yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc.AMZN,-0.86%,which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors’ enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn’t available for all the companies listed here, so we’re using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 IndexSPX,+0.25%trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla’s stock has risen 150%.\nHere’s a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:For reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\nAnalysts’ opinions\nHere’s a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. 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6月28日，中国中免发布了《关于向香港联交所递交境外上市外资股（H股）上市申请并刊发申请资料的公告》，并已经于6月25日递交了发行上市申请。 如果二次上市成功，中国中免的身影将同时出现在A股和港股上。坊间传闻，中免将募集70亿至100亿美元，成为阿里回归香港以来规模最大的IPO，未来中国中免总市值或许将再上一个台阶。<a href=\"https://laohu8.com/S/601888\">$中国中免(601888)$</a> 中免业务 追溯历史，中免的业务最早可以追溯到1984年，母公司为中国旅游集团，旗下拥有六大业务，涉及旅行、投资、金融、资产等，其中旅游零售业务的代表，就是cdf中免集团。 做免税业务的，有一样东西特别重要，也特别的值钱，就是免税牌照。免税牌照相当于入场券，而且全国总共只有8张。 当初王府井就因为这么一张牌照，股价连续两天涨停，而这么稀少珍贵的牌照，中免手里有3张。2019年，中免的国内市场占有率已经高达85%。 根据弗若斯特沙利文的资料，如果按照零售销售额计算，中免的全球排名在过去10年不断提升，从2010年的19名，提升到2015年的12名，2019年冲到了第四名，2020年位列全球第一，在全球旅游零售行业占据着市场份额的22.6%。 从业务上看，中免拥有全国最多的免税点，经营店铺194间，其中6家境外免税店。中免的免税业务，涵盖机场免税店、市内免税店、海外免税店以及离岛免税店，手里握有三亚国际免税城、北京大兴机场10年免税经营权，2020年国际旅客吞吐量前10大机场中的9个机场的免税店专营权。 在疫情未爆发前，全球的旅行零售市场增长稳定，市场规模从2016年的人民币4379亿元增长至2019年的人民币5991亿元，复合年增长率为11.0%。而中国的免税品市场正以更快的速度增长，从2016年至2019年，复合年增长率为28.8%。 2020","listText":"事件： 6月28日，中国中免发布了《关于向香港联交所递交境外上市外资股（H股）上市申请并刊发申请资料的公告》，并已经于6月25日递交了发行上市申请。 如果二次上市成功，中国中免的身影将同时出现在A股和港股上。坊间传闻，中免将募集70亿至100亿美元，成为阿里回归香港以来规模最大的IPO，未来中国中免总市值或许将再上一个台阶。<a href=\"https://laohu8.com/S/601888\">$中国中免(601888)$</a> 中免业务 追溯历史，中免的业务最早可以追溯到1984年，母公司为中国旅游集团，旗下拥有六大业务，涉及旅行、投资、金融、资产等，其中旅游零售业务的代表，就是cdf中免集团。 做免税业务的，有一样东西特别重要，也特别的值钱，就是免税牌照。免税牌照相当于入场券，而且全国总共只有8张。 当初王府井就因为这么一张牌照，股价连续两天涨停，而这么稀少珍贵的牌照，中免手里有3张。2019年，中免的国内市场占有率已经高达85%。 根据弗若斯特沙利文的资料，如果按照零售销售额计算，中免的全球排名在过去10年不断提升，从2010年的19名，提升到2015年的12名，2019年冲到了第四名，2020年位列全球第一，在全球旅游零售行业占据着市场份额的22.6%。 从业务上看，中免拥有全国最多的免税点，经营店铺194间，其中6家境外免税店。中免的免税业务，涵盖机场免税店、市内免税店、海外免税店以及离岛免税店，手里握有三亚国际免税城、北京大兴机场10年免税经营权，2020年国际旅客吞吐量前10大机场中的9个机场的免税店专营权。 在疫情未爆发前，全球的旅行零售市场增长稳定，市场规模从2016年的人民币4379亿元增长至2019年的人民币5991亿元，复合年增长率为11.0%。而中国的免税品市场正以更快的速度增长，从2016年至2019年，复合年增长率为28.8%。 2020","text":"事件： 6月28日，中国中免发布了《关于向香港联交所递交境外上市外资股（H股）上市申请并刊发申请资料的公告》，并已经于6月25日递交了发行上市申请。 如果二次上市成功，中国中免的身影将同时出现在A股和港股上。坊间传闻，中免将募集70亿至100亿美元，成为阿里回归香港以来规模最大的IPO，未来中国中免总市值或许将再上一个台阶。$中国中免(601888)$ 中免业务 追溯历史，中免的业务最早可以追溯到1984年，母公司为中国旅游集团，旗下拥有六大业务，涉及旅行、投资、金融、资产等，其中旅游零售业务的代表，就是cdf中免集团。 做免税业务的，有一样东西特别重要，也特别的值钱，就是免税牌照。免税牌照相当于入场券，而且全国总共只有8张。 当初王府井就因为这么一张牌照，股价连续两天涨停，而这么稀少珍贵的牌照，中免手里有3张。2019年，中免的国内市场占有率已经高达85%。 根据弗若斯特沙利文的资料，如果按照零售销售额计算，中免的全球排名在过去10年不断提升，从2010年的19名，提升到2015年的12名，2019年冲到了第四名，2020年位列全球第一，在全球旅游零售行业占据着市场份额的22.6%。 从业务上看，中免拥有全国最多的免税点，经营店铺194间，其中6家境外免税店。中免的免税业务，涵盖机场免税店、市内免税店、海外免税店以及离岛免税店，手里握有三亚国际免税城、北京大兴机场10年免税经营权，2020年国际旅客吞吐量前10大机场中的9个机场的免税店专营权。 在疫情未爆发前，全球的旅行零售市场增长稳定，市场规模从2016年的人民币4379亿元增长至2019年的人民币5991亿元，复合年增长率为11.0%。而中国的免税品市场正以更快的速度增长，从2016年至2019年，复合年增长率为28.8%。 2020","images":[{"img":"https://static.tigerbbs.com/cc11f488d805726838838594cce4bfe2","width":"554","height":"295"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159673461","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159674047,"gmtCreate":1624967333389,"gmtModify":1631888847735,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>what will the performance of it 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Continue to go upside on next week","images":[{"img":"https://static.tigerbbs.com/0c682b79acf7180f6f168cd038a04be6","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125814585","isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":125083640,"gmtCreate":1624636788280,"gmtModify":1631888847744,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Up up","listText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Up up","text":"$LIZHI Inc(LIZI)$Up 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it","images":[{"img":"https://static.tigerbbs.com/754c10ee6e07f3ce49c92ebcab9f4d05","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121000844","isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129158567,"gmtCreate":1624366542759,"gmtModify":1631890188988,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"What do you think about this counter?","listText":"What do you think about this counter?","text":"What do you think about this counter?","images":[{"img":"https://static.tigerbbs.com/77add6926d91f0179462588a835f2963","width":"1080","height":"2329"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129158567","isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":162910230,"gmtCreate":1624030896720,"gmtModify":1631884082390,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"New watch","listText":"New watch","text":"New watch","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162910230","isVote":1,"tweetType":1,"viewCount":250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162932654,"gmtCreate":1624030702078,"gmtModify":1631890188991,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162932654","repostId":"1192473918","repostType":4,"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163277077,"gmtCreate":1623887692899,"gmtModify":1631890188996,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"This counter for sharing","listText":"This counter for sharing","text":"This counter for sharing","images":[{"img":"https://static.tigerbbs.com/de3d7028908fef585979948bbd5f9c88","width":"1080","height":"2097"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/163277077","isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":169720337,"gmtCreate":1623851457329,"gmtModify":1631888847773,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Wish to come back","listText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Wish to come back","text":"$LIZHI Inc(LIZI)$Wish to come back","images":[{"img":"https://static.tigerbbs.com/daf16bf7bf800de920686168fc355f91","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169720337","isVote":1,"tweetType":1,"viewCount":778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":133745225,"gmtCreate":1621814146067,"gmtModify":1634186486579,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Tiger financial quater report is going to&nbsp;release today.","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Tiger financial quater report is going to&nbsp;release today.","text":"$Tiger Brokers(TIGR)$Tiger financial quater report is going to release today.","images":[{"img":"https://static.tigerbbs.com/d7800f2785f085554e95d44522717729","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/133745225","isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3525814947090770","authorId":"3525814947090770","name":"RichRabbit","avatar":"https://static.tigerbbs.com/8c5c05230b0c8b4df3ed14962846ad37","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3525814947090770","idStr":"3525814947090770"},"content":"tomorrow，before market opens","text":"tomorrow，before market opens","html":"tomorrow，before market opens"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":133358879,"gmtCreate":1621706979491,"gmtModify":1634187061467,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Wish to make it to usd1.0 again","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Wish to make it to usd1.0 again","text":"$Sundial Growers Inc.(SNDL)$Wish to make it to usd1.0 again","images":[{"img":"https://static.tigerbbs.com/a04c219caadc96890f87d975e8a7ee58","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/133358879","isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":382263181,"gmtCreate":1613453151843,"gmtModify":1634553616669,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"I believe on it. TSMC is already in uptrend and another level is awaiting for it.","listText":"I believe on it. TSMC is already in uptrend and another level is awaiting for it.","text":"I believe on it. TSMC is already in uptrend and another level is awaiting for it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/382263181","repostId":"1146484369","repostType":4,"repost":{"id":"1146484369","kind":"news","pubTimestamp":1613452596,"share":"https://www.laohu8.com/m/news/1146484369?lang=zh_CN&edition=full","pubTime":"2021-02-16 13:16","market":"us","language":"en","title":"TSMC Could Soon Make Apple's AR Dreams a Reality<blockquote>台积电可能很快就会让苹果的AR梦想成为现实</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146484369","media":"Motley Fool","summary":"The world's largest contract chipmaker might be making Apple's most advanced displays.\nApple (NASDAQ","content":"<p>The world's largest contract chipmaker might be making Apple's most advanced displays.</p><p><blockquote>全球最大的合同芯片制造商可能正在生产苹果最先进的显示器。</blockquote></p><p> <b>Apple</b>&nbsp;(NASDAQ:AAPL)&nbsp;is partnering with&nbsp;<b>Taiwan Semiconductor Manufacturing</b>&nbsp;(NYSE:TSM)&nbsp;to produce micro OLED displays for its long-rumored augmented reality devices at a secretive facility in&nbsp;Taiwan, according to Nikkei Asia Review.</p><p><blockquote><b>苹果</b>（纳斯达克：AAPL）正在与<b>台积电</b>据《日经亚洲评论》报道，（纽约证券交易所股票代码：TSM）将在台湾的一个秘密工厂为其传闻已久的增强现实设备生产微型OLED显示器。</blockquote></p><p> That Feb. 10 announcement is surprising since TSMC mainly manufactures semiconductors on silicon wafers instead of display panels on glass substrates. However, Apple's micro OLED displays will be built directly on chip wafers to make them smaller, thinner, and more power-efficient than regular OLED screens.</p><p><blockquote>2月10日的公告令人惊讶，因为台积电主要在硅片上制造半导体，而不是在玻璃基板上制造显示面板。然而，苹果的micro OLED显示器将直接构建在芯片晶圆上，使其比常规OLED屏幕更小、更薄、更节能。</blockquote></p><p> These new screens are reportedly less than one inch wide and would be well-suited for AR devices like headsets and glasses, which need to be lightweight and last for a long time on a single charge.</p><p><blockquote>据报道，这些新屏幕的宽度不到一英寸，非常适合耳机和眼镜等AR设备，这些设备需要重量轻，一次充电可以持续很长时间。</blockquote></p><p> Nikkei's sources claim the screens are still being tested, and they will take \"several years\" to enter mass production -- which&nbsp;supports rumors&nbsp;that Apple will be launching AR devices over the next few years. The facility is also testing out larger micro-LED screens for upcoming Apple Watches, iPads, and MacBooks.</p><p><blockquote>日经新闻的消息人士称，这些屏幕仍在测试中，需要“几年时间”才能进入大规模生产——这支持了苹果将在未来几年内推出AR设备的传言。该工厂还在为即将推出的苹果手表、iPad和MacBook测试更大的微型LED屏幕。</blockquote></p><p> <b>How will this deal help Apple?</b></p><p><blockquote><b>这笔交易将如何帮助苹果？</b></blockquote></p><p> Apple's near-term goals are simple. It needs to keep selling more iPhones, which generated over half its revenue last year, to tether more users to its expanding ecosystem of services, which include the App Store, Apple Music, Apple TV+, Apple Arcade, Apple Pay, and other services.</p><p><blockquote>苹果的近期目标很简单。它需要继续向其不断扩大的服务生态系统（包括App Store、苹果音乐、苹果TV+、苹果Arcade、苹果Pay和其他服务）销售更多iPhone（去年收入的一半以上）。</blockquote></p><p> Meanwhile, it needs to keep refreshing its iPad, Mac, Watch, and AirPods segments. But looking further ahead, Apple will eventually need to launch a completely new line of hardware devices, and AR headsets and glasses will likely represent that next big leap.</p><p><blockquote>与此同时，它需要不断刷新其iPad、Mac、Watch和AirPods细分市场。但展望未来，苹果最终将需要推出一系列全新的硬件设备，而AR头显和眼镜可能会代表下一个重大飞跃。</blockquote></p><p> That's why Apple has boosted its presence in the AR market in recent years. It launched ARKit, a software development kit for AR apps on iOS, back in 2017. It added 3D-sensing cameras to its iPhones to encourage developers to create more AR apps and patented several designs for AR glasses.</p><p><blockquote>这就是为什么苹果近年来加大了在AR市场的影响力。早在2017年，它就推出了ARKit，这是一个用于iOS上AR应用程序的软件开发工具包。它在iPhone上添加了3D传感摄像头，以鼓励开发者创建更多的AR应用程序，并为AR眼镜的几项设计申请了专利。</blockquote></p><p> It also gobbled up smaller AR and VR companies, including Metaio, Flyby Media, SensoMotoric Instruments, and Akonia Holographics, and assembled a team of industry experts to develop new products. However, Apple already reportedly scrapped several of its ambitious AR/VR projects, and it's still unclear how the tech giant plans to proceed in the slippery, nascent market.</p><p><blockquote>它还吞并了较小的AR和VR公司，包括Metaio、Flyby Media、SensoMotoric Instruments和Akonia Holographics，并组建了一个行业专家团队来开发新产品。然而，据报道，苹果已经取消了几个雄心勃勃的AR/VR项目，目前还不清楚这家科技巨头计划如何在这个不稳定的新兴市场中前进。</blockquote></p><p> The latest rumors suggest Apple could launch an AR headset in 2022 and a pair of lightweight AR glasses in 2023. Those launch dates suggest Apple could wait for early movers like&nbsp;<b>Microsoft</b>&nbsp;and Magic Leap to expose the market's flaws before launching disruptive user-friendly products, as it previously did with MP3 players, smartphones, tablet computers, and smartwatches.</p><p><blockquote>最新传言称，苹果可能会在2022年推出一款AR头显，并在2023年推出一副轻量级AR眼镜。这些发布日期表明苹果可以等待这样的先行者<b>微软</b>Magic Leap在推出颠覆性的用户友好型产品之前揭露市场的缺陷，就像它之前在MP3播放器、智能手机、平板电脑和智能手表上所做的那样。</blockquote></p><p> If Apple's AR glasses gain mainstream momentum, it would diversify the company's hardware business away from the iPhone while locking more users into its walled garden. It could also pave the way for the eventual launch of the long-rumored \"Apple Car\" tethered to its AR services.</p><p><blockquote>如果苹果的AR眼镜获得主流势头，它将使该公司的硬件业务多元化，远离iPhone，同时将更多用户锁定在其围墙花园中。这也可能为传闻已久的与其AR服务相关的“苹果汽车”的最终推出铺平道路。</blockquote></p><p> <b>How will this deal help TSMC?</b></p><p><blockquote><b>这笔交易将如何帮助台积电？</b></blockquote></p><p> TSMC, the world's largest contract chipmaker, has produced Apple's first-party chips for years. Apple accounted for&nbsp;just over a fifth of TSMC's revenue in 2020, with most of its orders boosting the 5nm and 7nm nodes, which accounted for 41% of its top line.</p><p><blockquote>台积电是全球最大的代工芯片制造商，多年来一直生产苹果的第一方芯片。2020年，苹果占台积电收入的五分之一多一点，其大部分订单都来自5纳米和7纳米节点，这两个节点占其营收的41%。</blockquote></p><p> TSMC's top rival,<b>Samsung</b>, also&nbsp;manufactures chips for Apple. However, Samsung also produces LCD and&nbsp;OLED displays for Apple's devices. Therefore, Apple's decision to partner with TSMC to produce micro OLED screens marks a deliberate shift away from Samsung, which could also have produced micro-LED and OLED displays with its in-house chip foundry.</p><p><blockquote>台积电的头号竞争对手，<b>三星</b>，还为苹果制造芯片。然而，三星也为苹果的设备生产LCD和OLED显示屏。因此，苹果决定与台积电合作生产micro OLED屏幕，标志着它有意远离三星，三星也可以通过其内部芯片代工厂生产micro-LED和OLED显示屏。</blockquote></p><p> It makes more sense for Apple to partner with TSMC, for two reasons: Samsung is still its biggest competitor in the smartphone market, and splitting its orders between two or more suppliers gives it more clout in price negotiations.</p><p><blockquote>苹果与台积电合作更有意义，原因有二：三星仍是其在智能手机市场最大的竞争对手，将订单分给两家或更多供应商，使其在价格谈判中拥有更大的影响力。</blockquote></p><p> Apple clearly benefits from this partnership, but it could also help TSMC reduce its dependence on the maturing smartphone market, which accounted for 48% of its revenue in 2020. As the AR market expands, other companies could also follow Apple's lead and tap TSMC to manufacture similar advanced screens for their devices -- which would open up new sources of revenue growth&nbsp;beyond semiconductors.</p><p><blockquote>苹果显然从这种合作关系中受益，但它也可以帮助台积电减少对成熟的智能手机市场的依赖，该市场在2020年占其收入的48%。随着AR市场的扩大，其他公司也可以效仿苹果，利用台积电为其设备制造类似的先进屏幕——这将开辟半导体之外的新收入增长来源。</blockquote></p><p> <b>The bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This deal won't move the needle for Apple or TSMC anytime soon. But it could still be a win-win deal over the long term -- Apple would reduce its dependence on Samsung and advance its AR plans, while TSMC would tighten its relationship with Apple and diversify its business away from smartphone chips.</p><p><blockquote>这笔交易不会很快对苹果或台积电产生影响。但从长远来看，这仍然可能是一笔双赢的交易——苹果将减少对三星的依赖并推进其AR计划，而台积电将加强与苹果的关系，并将其业务多元化，远离智能手机芯片。</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>TSMC Could Soon Make Apple's AR Dreams a Reality<blockquote>台积电可能很快就会让苹果的AR梦想成为现实</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\">\nTSMC Could Soon Make Apple's AR Dreams a Reality<blockquote>台积电可能很快就会让苹果的AR梦想成为现实</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-02-16 13:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The world's largest contract chipmaker might be making Apple's most advanced displays.</p><p><blockquote>全球最大的合同芯片制造商可能正在生产苹果最先进的显示器。</blockquote></p><p> <b>Apple</b>&nbsp;(NASDAQ:AAPL)&nbsp;is partnering with&nbsp;<b>Taiwan Semiconductor Manufacturing</b>&nbsp;(NYSE:TSM)&nbsp;to produce micro OLED displays for its long-rumored augmented reality devices at a secretive facility in&nbsp;Taiwan, according to Nikkei Asia Review.</p><p><blockquote><b>苹果</b>（纳斯达克：AAPL）正在与<b>台积电</b>据《日经亚洲评论》报道，（纽约证券交易所股票代码：TSM）将在台湾的一个秘密工厂为其传闻已久的增强现实设备生产微型OLED显示器。</blockquote></p><p> That Feb. 10 announcement is surprising since TSMC mainly manufactures semiconductors on silicon wafers instead of display panels on glass substrates. However, Apple's micro OLED displays will be built directly on chip wafers to make them smaller, thinner, and more power-efficient than regular OLED screens.</p><p><blockquote>2月10日的公告令人惊讶，因为台积电主要在硅片上制造半导体，而不是在玻璃基板上制造显示面板。然而，苹果的micro OLED显示器将直接构建在芯片晶圆上，使其比常规OLED屏幕更小、更薄、更节能。</blockquote></p><p> These new screens are reportedly less than one inch wide and would be well-suited for AR devices like headsets and glasses, which need to be lightweight and last for a long time on a single charge.</p><p><blockquote>据报道，这些新屏幕的宽度不到一英寸，非常适合耳机和眼镜等AR设备，这些设备需要重量轻，一次充电可以持续很长时间。</blockquote></p><p> Nikkei's sources claim the screens are still being tested, and they will take \"several years\" to enter mass production -- which&nbsp;supports rumors&nbsp;that Apple will be launching AR devices over the next few years. The facility is also testing out larger micro-LED screens for upcoming Apple Watches, iPads, and MacBooks.</p><p><blockquote>日经新闻的消息人士称，这些屏幕仍在测试中，需要“几年时间”才能进入大规模生产——这支持了苹果将在未来几年内推出AR设备的传言。该工厂还在为即将推出的苹果手表、iPad和MacBook测试更大的微型LED屏幕。</blockquote></p><p> <b>How will this deal help Apple?</b></p><p><blockquote><b>这笔交易将如何帮助苹果？</b></blockquote></p><p> Apple's near-term goals are simple. It needs to keep selling more iPhones, which generated over half its revenue last year, to tether more users to its expanding ecosystem of services, which include the App Store, Apple Music, Apple TV+, Apple Arcade, Apple Pay, and other services.</p><p><blockquote>苹果的近期目标很简单。它需要继续向其不断扩大的服务生态系统（包括App Store、苹果音乐、苹果TV+、苹果Arcade、苹果Pay和其他服务）销售更多iPhone（去年收入的一半以上）。</blockquote></p><p> Meanwhile, it needs to keep refreshing its iPad, Mac, Watch, and AirPods segments. But looking further ahead, Apple will eventually need to launch a completely new line of hardware devices, and AR headsets and glasses will likely represent that next big leap.</p><p><blockquote>与此同时，它需要不断刷新其iPad、Mac、Watch和AirPods细分市场。但展望未来，苹果最终将需要推出一系列全新的硬件设备，而AR头显和眼镜可能会代表下一个重大飞跃。</blockquote></p><p> That's why Apple has boosted its presence in the AR market in recent years. It launched ARKit, a software development kit for AR apps on iOS, back in 2017. It added 3D-sensing cameras to its iPhones to encourage developers to create more AR apps and patented several designs for AR glasses.</p><p><blockquote>这就是为什么苹果近年来加大了在AR市场的影响力。早在2017年，它就推出了ARKit，这是一个用于iOS上AR应用程序的软件开发工具包。它在iPhone上添加了3D传感摄像头，以鼓励开发者创建更多的AR应用程序，并为AR眼镜的几项设计申请了专利。</blockquote></p><p> It also gobbled up smaller AR and VR companies, including Metaio, Flyby Media, SensoMotoric Instruments, and Akonia Holographics, and assembled a team of industry experts to develop new products. However, Apple already reportedly scrapped several of its ambitious AR/VR projects, and it's still unclear how the tech giant plans to proceed in the slippery, nascent market.</p><p><blockquote>它还吞并了较小的AR和VR公司，包括Metaio、Flyby Media、SensoMotoric Instruments和Akonia Holographics，并组建了一个行业专家团队来开发新产品。然而，据报道，苹果已经取消了几个雄心勃勃的AR/VR项目，目前还不清楚这家科技巨头计划如何在这个不稳定的新兴市场中前进。</blockquote></p><p> The latest rumors suggest Apple could launch an AR headset in 2022 and a pair of lightweight AR glasses in 2023. Those launch dates suggest Apple could wait for early movers like&nbsp;<b>Microsoft</b>&nbsp;and Magic Leap to expose the market's flaws before launching disruptive user-friendly products, as it previously did with MP3 players, smartphones, tablet computers, and smartwatches.</p><p><blockquote>最新传言称，苹果可能会在2022年推出一款AR头显，并在2023年推出一副轻量级AR眼镜。这些发布日期表明苹果可以等待这样的先行者<b>微软</b>Magic Leap在推出颠覆性的用户友好型产品之前揭露市场的缺陷，就像它之前在MP3播放器、智能手机、平板电脑和智能手表上所做的那样。</blockquote></p><p> If Apple's AR glasses gain mainstream momentum, it would diversify the company's hardware business away from the iPhone while locking more users into its walled garden. It could also pave the way for the eventual launch of the long-rumored \"Apple Car\" tethered to its AR services.</p><p><blockquote>如果苹果的AR眼镜获得主流势头，它将使该公司的硬件业务多元化，远离iPhone，同时将更多用户锁定在其围墙花园中。这也可能为传闻已久的与其AR服务相关的“苹果汽车”的最终推出铺平道路。</blockquote></p><p> <b>How will this deal help TSMC?</b></p><p><blockquote><b>这笔交易将如何帮助台积电？</b></blockquote></p><p> TSMC, the world's largest contract chipmaker, has produced Apple's first-party chips for years. Apple accounted for&nbsp;just over a fifth of TSMC's revenue in 2020, with most of its orders boosting the 5nm and 7nm nodes, which accounted for 41% of its top line.</p><p><blockquote>台积电是全球最大的代工芯片制造商，多年来一直生产苹果的第一方芯片。2020年，苹果占台积电收入的五分之一多一点，其大部分订单都来自5纳米和7纳米节点，这两个节点占其营收的41%。</blockquote></p><p> TSMC's top rival,<b>Samsung</b>, also&nbsp;manufactures chips for Apple. However, Samsung also produces LCD and&nbsp;OLED displays for Apple's devices. Therefore, Apple's decision to partner with TSMC to produce micro OLED screens marks a deliberate shift away from Samsung, which could also have produced micro-LED and OLED displays with its in-house chip foundry.</p><p><blockquote>台积电的头号竞争对手，<b>三星</b>，还为苹果制造芯片。然而，三星也为苹果的设备生产LCD和OLED显示屏。因此，苹果决定与台积电合作生产micro OLED屏幕，标志着它有意远离三星，三星也可以通过其内部芯片代工厂生产micro-LED和OLED显示屏。</blockquote></p><p> It makes more sense for Apple to partner with TSMC, for two reasons: Samsung is still its biggest competitor in the smartphone market, and splitting its orders between two or more suppliers gives it more clout in price negotiations.</p><p><blockquote>苹果与台积电合作更有意义，原因有二：三星仍是其在智能手机市场最大的竞争对手，将订单分给两家或更多供应商，使其在价格谈判中拥有更大的影响力。</blockquote></p><p> Apple clearly benefits from this partnership, but it could also help TSMC reduce its dependence on the maturing smartphone market, which accounted for 48% of its revenue in 2020. As the AR market expands, other companies could also follow Apple's lead and tap TSMC to manufacture similar advanced screens for their devices -- which would open up new sources of revenue growth&nbsp;beyond semiconductors.</p><p><blockquote>苹果显然从这种合作关系中受益，但它也可以帮助台积电减少对成熟的智能手机市场的依赖，该市场在2020年占其收入的48%。随着AR市场的扩大，其他公司也可以效仿苹果，利用台积电为其设备制造类似的先进屏幕——这将开辟半导体之外的新收入增长来源。</blockquote></p><p> <b>The bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This deal won't move the needle for Apple or TSMC anytime soon. But it could still be a win-win deal over the long term -- Apple would reduce its dependence on Samsung and advance its AR plans, while TSMC would tighten its relationship with Apple and diversify its business away from smartphone chips.</p><p><blockquote>这笔交易不会很快对苹果或台积电产生影响。但从长远来看，这仍然可能是一笔双赢的交易——苹果将减少对三星的依赖并推进其AR计划，而台积电将加强与苹果的关系，并将其业务多元化，远离智能手机芯片。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/15/tsmc-could-soon-make-apple-ar-dreams-a-reality/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/02/15/tsmc-could-soon-make-apple-ar-dreams-a-reality/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146484369","content_text":"The world's largest contract chipmaker might be making Apple's most advanced displays.\nApple (NASDAQ:AAPL) is partnering with Taiwan Semiconductor Manufacturing (NYSE:TSM) to produce micro OLED displays for its long-rumored augmented reality devices at a secretive facility in Taiwan, according to Nikkei Asia Review.\nThat Feb. 10 announcement is surprising since TSMC mainly manufactures semiconductors on silicon wafers instead of display panels on glass substrates. However, Apple's micro OLED displays will be built directly on chip wafers to make them smaller, thinner, and more power-efficient than regular OLED screens.\nThese new screens are reportedly less than one inch wide and would be well-suited for AR devices like headsets and glasses, which need to be lightweight and last for a long time on a single charge.\nNikkei's sources claim the screens are still being tested, and they will take \"several years\" to enter mass production -- which supports rumors that Apple will be launching AR devices over the next few years. The facility is also testing out larger micro-LED screens for upcoming Apple Watches, iPads, and MacBooks.\nHow will this deal help Apple?\nApple's near-term goals are simple. It needs to keep selling more iPhones, which generated over half its revenue last year, to tether more users to its expanding ecosystem of services, which include the App Store, Apple Music, Apple TV+, Apple Arcade, Apple Pay, and other services.\nMeanwhile, it needs to keep refreshing its iPad, Mac, Watch, and AirPods segments. But looking further ahead, Apple will eventually need to launch a completely new line of hardware devices, and AR headsets and glasses will likely represent that next big leap.\nThat's why Apple has boosted its presence in the AR market in recent years. It launched ARKit, a software development kit for AR apps on iOS, back in 2017. It added 3D-sensing cameras to its iPhones to encourage developers to create more AR apps and patented several designs for AR glasses.\nIt also gobbled up smaller AR and VR companies, including Metaio, Flyby Media, SensoMotoric Instruments, and Akonia Holographics, and assembled a team of industry experts to develop new products. However, Apple already reportedly scrapped several of its ambitious AR/VR projects, and it's still unclear how the tech giant plans to proceed in the slippery, nascent market.\nThe latest rumors suggest Apple could launch an AR headset in 2022 and a pair of lightweight AR glasses in 2023. Those launch dates suggest Apple could wait for early movers like Microsoft and Magic Leap to expose the market's flaws before launching disruptive user-friendly products, as it previously did with MP3 players, smartphones, tablet computers, and smartwatches.\nIf Apple's AR glasses gain mainstream momentum, it would diversify the company's hardware business away from the iPhone while locking more users into its walled garden. It could also pave the way for the eventual launch of the long-rumored \"Apple Car\" tethered to its AR services.\nHow will this deal help TSMC?\nTSMC, the world's largest contract chipmaker, has produced Apple's first-party chips for years. Apple accounted for just over a fifth of TSMC's revenue in 2020, with most of its orders boosting the 5nm and 7nm nodes, which accounted for 41% of its top line.\nTSMC's top rival,Samsung, also manufactures chips for Apple. However, Samsung also produces LCD and OLED displays for Apple's devices. Therefore, Apple's decision to partner with TSMC to produce micro OLED screens marks a deliberate shift away from Samsung, which could also have produced micro-LED and OLED displays with its in-house chip foundry.\nIt makes more sense for Apple to partner with TSMC, for two reasons: Samsung is still its biggest competitor in the smartphone market, and splitting its orders between two or more suppliers gives it more clout in price negotiations.\nApple clearly benefits from this partnership, but it could also help TSMC reduce its dependence on the maturing smartphone market, which accounted for 48% of its revenue in 2020. As the AR market expands, other companies could also follow Apple's lead and tap TSMC to manufacture similar advanced screens for their devices -- which would open up new sources of revenue growth beyond semiconductors.\nThe bottom line\nThis deal won't move the needle for Apple or TSMC anytime soon. But it could still be a win-win deal over the long term -- Apple would reduce its dependence on Samsung and advance its AR plans, while TSMC would tighten its relationship with Apple and diversify its business away from smartphone chips.","news_type":1,"symbols_score_info":{"TSM":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348931823,"gmtCreate":1617877394262,"gmtModify":1634296018872,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Follow me .&nbsp;Buy when dip.&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Follow me .&nbsp;Buy when dip.&nbsp;","text":"$Tiger Brokers(TIGR)$Follow me . Buy when dip.","images":[{"img":"https://static.tigerbbs.com/69a30b2fac4b3b62995803d295832ed3","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/348931823","isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":327347242,"gmtCreate":1616064755686,"gmtModify":1631890626014,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CANG\">$Cango Inc.(CANG)$</a>Gogo","listText":"<a href=\"https://laohu8.com/S/CANG\">$Cango Inc.(CANG)$</a>Gogo","text":"$Cango Inc.(CANG)$Gogo","images":[{"img":"https://static.tigerbbs.com/0d0ec2eb2457427689a398ead0cc13de","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/327347242","isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":320539534,"gmtCreate":1615136144428,"gmtModify":1703484932293,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"This counter swing strongly and need to monitor frequently if you tend to invest on it","listText":"This counter swing strongly and need to monitor frequently if you tend to invest on it","text":"This counter swing strongly and need to monitor frequently if you tend to invest on it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/320539534","repostId":"1169596583","repostType":4,"repost":{"id":"1169596583","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614958557,"share":"https://www.laohu8.com/m/news/1169596583?lang=zh_CN&edition=full","pubTime":"2021-03-05 23:35","market":"us","language":"en","title":"Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169596583","media":"老虎资讯综合","summary":"(March 5)&nbsp;Palantir plunged more than 13%.","content":"<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><blockquote>（3月5日）Palantir暴跌超13%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-05 23:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><blockquote>（3月5日）Palantir暴跌超13%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169596583","content_text":"(March 5) Palantir plunged more than 13%.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365057044,"gmtCreate":1614683273388,"gmtModify":1703479801770,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>This counter do have a potential to grow to next level after the&nbsp;market recovery. Try to check it through and no harm to that.","listText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>This counter do have a potential to grow to next level after the&nbsp;market recovery. Try to check it through and no harm to that.","text":"$BlackBerry(BB)$This counter do have a potential to grow to next level after the market recovery. Try to check it through and no harm to that.","images":[{"img":"https://static.tigerbbs.com/c86a998404c27db4173f8e71da7b0e4c","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365057044","isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":384671770,"gmtCreate":1613652243990,"gmtModify":1634552784987,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"coin pleas","listText":"coin pleas","text":"coin pleas","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/384671770","repostId":"1102078157","repostType":4,"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895338478,"gmtCreate":1628723585494,"gmtModify":1631890188967,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895338478","repostId":"1158059019","repostType":4,"repost":{"id":"1158059019","kind":"news","pubTimestamp":1628723143,"share":"https://www.laohu8.com/m/news/1158059019?lang=zh_CN&edition=full","pubTime":"2021-08-12 07:05","market":"us","language":"en","title":"Nio released earnings Wednesday. Here’s how to value its stock compared to Tesla, Ford and other rivals<blockquote>蔚来周三发布了财报。以下是与特斯拉、福特和其他竞争对手相比如何评估其股票的价值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158059019","media":"Market Wacth","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle mak","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker’s prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than <a href=\"https://laohu8.com/S/F\">Ford</a> Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它大于<a href=\"https://laohu8.com/S/F\">福特</a>汽车公司，成立于1903年。</blockquote></p><p> That might make sense to you as an investor — after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford’s have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does NioNIO,-0.57%,which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么，周三股市收盘后公布第二季度业绩的NioNIO(-0.57%)在投资论点中处于什么位置呢？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> Doubling car production</p><p><blockquote>汽车产量翻倍</blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here’s a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:<img src=\"https://static.tigerbbs.com/aab892102ecbb4cc4eda647df8269bb9\" tg-width=\"791\" tg-height=\"468\" referrerpolicy=\"no-referrer\">Click on the tickers for more about each company.</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：单击股票代码了解有关每家公司的更多信息。</blockquote></p><p> You can see that those valuations are about the future, when innovators in the EV space — Tesla Inc.TSLA,-0.31%and Nio, on this list — may (or may not) become as large as legacy players.</p><p><blockquote>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——特斯拉公司（TSLA，-0.31%）和蔚来（在此名单上）——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, FordF,+0.80%churns out mostly internal combustion engine (ICE) vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特汽车主要生产内燃机(ICE)汽车，其生产速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don’t all report their unit sales the same way. Most don’t break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp.TM,+0.82%7203,+0.98%reported that “electrified vehicle” sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司(Toyota Motor Corp.TM,+0.82%7203,+0.98%)报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> <ul>  <li>HEV – hybrid EVs that are not plug-ins.</li>  <li>PHEV – plug-in electric vehicles.</li>  <li>BEV – battery electric vehicles.</li>  <li>FCEV – fuel-cell electric vehicles.</li> </ul> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota’s PHEV sales made up 1.4% of the total.</p><p><blockquote><ul><li>HEV-非插电式混合动力电动汽车。</li><li>插电式电动汽车。</li><li>纯电动汽车。</li><li>FCEV-燃料电池电动汽车。</li></ul>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AGVWAGY,+1.52%VOW,+0.60%reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众AGVWAGY,+1.52%VOW,+0.60%报告电动汽车销量包括PHEV（占第二季度销量的6.7%）或BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%,better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn’t yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%（更广为人知的名称是BWM Group），第二季度电动汽车交付量的细分尚未公布，但2021年上半年，电动汽车交付量为153,243辆。交付了153,243辆电动汽车或插电式混合动力汽车，占总交付量的11.4%。</blockquote></p><p> Valuation to earnings estimates</p><p><blockquote>估值与盈利预测之比</blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Inc.AMZN,-0.86%,which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。一个例子是<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>Inc.AMZN，-0.86%，几十年来，该公司一直以高市盈率交易，因为它致力于扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors’ enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn’t available for all the companies listed here, so we’re using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:<img src=\"https://static.tigerbbs.com/40736da9fceac6db6166c509e26745b4\" tg-width=\"786\" tg-height=\"541\" referrerpolicy=\"no-referrer\">Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 IndexSPX,+0.25%trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数SPX,+0.25%的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> Valuation to sales</p><p><blockquote>估值与销售额之比</blockquote></p><p> <a href=\"https://laohu8.com/S/FORD\">Forward</a> price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: <a href=\"https://laohu8.com/S/ISBC\">Investors</a> love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla’s stock has risen 150%.</p><p><blockquote><a href=\"https://laohu8.com/S/FORD\">向前</a>市销率估算对于利润较低或净亏损的早期公司可能更有用。同样的扭曲也适用：<a href=\"https://laohu8.com/S/ISBC\">投资者</a>现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，你可能会为它们付出太多。</blockquote></p><p> Here’s a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:<img src=\"https://static.tigerbbs.com/c8a9291d237f12d658a1f5194ee8b9ef\" tg-width=\"783\" tg-height=\"446\" referrerpolicy=\"no-referrer\">For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> Analysts’ opinions</p><p><blockquote>分析师观点</blockquote></p><p> Here’s a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:<img src=\"https://static.tigerbbs.com/f738c7bce6230dbfd6e1f87a8fc98186\" tg-width=\"785\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p></p>","source":"lsy1604288433698","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio released earnings Wednesday. Here’s how to value its stock compared to Tesla, Ford and other rivals<blockquote>蔚来周三发布了财报。以下是与特斯拉、福特和其他竞争对手相比如何评估其股票的价值</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio released earnings Wednesday. Here’s how to value its stock compared to Tesla, Ford and other rivals<blockquote>蔚来周三发布了财报。以下是与特斯拉、福特和其他竞争对手相比如何评估其股票的价值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-08-12 07:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker’s prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than <a href=\"https://laohu8.com/S/F\">Ford</a> Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它大于<a href=\"https://laohu8.com/S/F\">福特</a>汽车公司，成立于1903年。</blockquote></p><p> That might make sense to you as an investor — after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford’s have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does NioNIO,-0.57%,which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么，周三股市收盘后公布第二季度业绩的NioNIO(-0.57%)在投资论点中处于什么位置呢？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> Doubling car production</p><p><blockquote>汽车产量翻倍</blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here’s a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:<img src=\"https://static.tigerbbs.com/aab892102ecbb4cc4eda647df8269bb9\" tg-width=\"791\" tg-height=\"468\" referrerpolicy=\"no-referrer\">Click on the tickers for more about each company.</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：单击股票代码了解有关每家公司的更多信息。</blockquote></p><p> You can see that those valuations are about the future, when innovators in the EV space — Tesla Inc.TSLA,-0.31%and Nio, on this list — may (or may not) become as large as legacy players.</p><p><blockquote>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——特斯拉公司（TSLA，-0.31%）和蔚来（在此名单上）——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, FordF,+0.80%churns out mostly internal combustion engine (ICE) vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特汽车主要生产内燃机(ICE)汽车，其生产速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don’t all report their unit sales the same way. Most don’t break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp.TM,+0.82%7203,+0.98%reported that “electrified vehicle” sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司(Toyota Motor Corp.TM,+0.82%7203,+0.98%)报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> <ul>  <li>HEV – hybrid EVs that are not plug-ins.</li>  <li>PHEV – plug-in electric vehicles.</li>  <li>BEV – battery electric vehicles.</li>  <li>FCEV – fuel-cell electric vehicles.</li> </ul> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota’s PHEV sales made up 1.4% of the total.</p><p><blockquote><ul><li>HEV-非插电式混合动力电动汽车。</li><li>插电式电动汽车。</li><li>纯电动汽车。</li><li>FCEV-燃料电池电动汽车。</li></ul>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AGVWAGY,+1.52%VOW,+0.60%reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众AGVWAGY,+1.52%VOW,+0.60%报告电动汽车销量包括PHEV（占第二季度销量的6.7%）或BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%,better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn’t yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%（更广为人知的名称是BWM Group），第二季度电动汽车交付量的细分尚未公布，但2021年上半年，电动汽车交付量为153,243辆。交付了153,243辆电动汽车或插电式混合动力汽车，占总交付量的11.4%。</blockquote></p><p> Valuation to earnings estimates</p><p><blockquote>估值与盈利预测之比</blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Inc.AMZN,-0.86%,which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。一个例子是<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>Inc.AMZN，-0.86%，几十年来，该公司一直以高市盈率交易，因为它致力于扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors’ enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn’t available for all the companies listed here, so we’re using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:<img src=\"https://static.tigerbbs.com/40736da9fceac6db6166c509e26745b4\" tg-width=\"786\" tg-height=\"541\" referrerpolicy=\"no-referrer\">Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 IndexSPX,+0.25%trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数SPX,+0.25%的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> Valuation to sales</p><p><blockquote>估值与销售额之比</blockquote></p><p> <a href=\"https://laohu8.com/S/FORD\">Forward</a> price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: <a href=\"https://laohu8.com/S/ISBC\">Investors</a> love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla’s stock has risen 150%.</p><p><blockquote><a href=\"https://laohu8.com/S/FORD\">向前</a>市销率估算对于利润较低或净亏损的早期公司可能更有用。同样的扭曲也适用：<a href=\"https://laohu8.com/S/ISBC\">投资者</a>现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，你可能会为它们付出太多。</blockquote></p><p> Here’s a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:<img src=\"https://static.tigerbbs.com/c8a9291d237f12d658a1f5194ee8b9ef\" tg-width=\"783\" tg-height=\"446\" referrerpolicy=\"no-referrer\">For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> Analysts’ opinions</p><p><blockquote>分析师观点</blockquote></p><p> Here’s a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:<img src=\"https://static.tigerbbs.com/f738c7bce6230dbfd6e1f87a8fc98186\" tg-width=\"785\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158059019","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker’s prospects.\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor — after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford’s have almost doubled after cratering in the previous decade.\nSo where does NioNIO,-0.57%,which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere’s a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:Click on the tickers for more about each company.\nYou can see that those valuations are about the future, when innovators in the EV space — Tesla Inc.TSLA,-0.31%and Nio, on this list — may (or may not) become as large as legacy players.\nFor now, FordF,+0.80%churns out mostly internal combustion engine (ICE) vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don’t all report their unit sales the same way. Most don’t break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp.TM,+0.82%7203,+0.98%reported that “electrified vehicle” sales made up 26.6% of total auto sales during the second quarter. But that category includes:\n\nHEV – hybrid EVs that are not plug-ins.\nPHEV – plug-in electric vehicles.\nBEV – battery electric vehicles.\nFCEV – fuel-cell electric vehicles.\n\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota’s PHEV sales made up 1.4% of the total.\nVolkswagen AGVWAGY,+1.52%VOW,+0.60%reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke AktiengesellschaftBMWYY,+0.56%BMW,+0.54%,better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn’t yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc.AMZN,-0.86%,which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors’ enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn’t available for all the companies listed here, so we’re using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 IndexSPX,+0.25%trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla’s stock has risen 150%.\nHere’s a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:For reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\nAnalysts’ opinions\nHere’s a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1,"symbols_score_info":{"NIO":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169720337,"gmtCreate":1623851457329,"gmtModify":1631888847773,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Wish to come back","listText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Wish to come back","text":"$LIZHI Inc(LIZI)$Wish to come 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up","images":[{"img":"https://static.tigerbbs.com/4ff704c6851881f12b3f370ee5eb9806","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/138517668","isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":194020558,"gmtCreate":1621327326174,"gmtModify":1634192420879,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Still have room to up","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Still have room to up","text":"$Tiger Brokers(TIGR)$Still have room to up","images":[{"img":"https://static.tigerbbs.com/3385ebca6c7a7dcfcf6a4651ee39fbdc","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/194020558","isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":114826204,"gmtCreate":1623067270608,"gmtModify":1631888847825,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Go go.&nbsp;","listText":"<a href=\"https://laohu8.com/S/LIZI\">$LIZHI Inc(LIZI)$</a>Go go.&nbsp;","text":"$LIZHI Inc(LIZI)$Go go.","images":[{"img":"https://static.tigerbbs.com/8153d8d28379a41a2b7e88693c056bb0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/114826204","isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":378501496,"gmtCreate":1619048774815,"gmtModify":1634289013538,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>slowly recover","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>slowly recover","text":"$Tiger Brokers(TIGR)$slowly recover","images":[{"img":"https://static.tigerbbs.com/a65db74ea7ddaadd1404160027457012","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378501496","isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322030857,"gmtCreate":1615730447979,"gmtModify":1703492435884,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"buy when dip","listText":"buy when dip","text":"buy when dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322030857","repostId":"1104628946","repostType":4,"repost":{"id":"1104628946","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":1615561247,"share":"https://www.laohu8.com/m/news/1104628946?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:00","market":"us","language":"en","title":"Marijuana stocks fall<blockquote>大麻库存下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104628946","media":"Tiger Newspress","summary":"Tilray Inc down 6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.","content":"<p>Tilray&nbsp;Inc&nbsp;down&nbsp;6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.</p><p><blockquote>Tilray Inc下跌6%，Aphria、Canopy、Aurora、Sundial Growers和Cronos下跌3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/78fc26b0f02217c25526a73d40b1f353\" tg-width=\"420\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Marijuana stocks fall<blockquote>大麻库存下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarijuana stocks fall<blockquote>大麻库存下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-12 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tilray&nbsp;Inc&nbsp;down&nbsp;6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.</p><p><blockquote>Tilray Inc下跌6%，Aphria、Canopy、Aurora、Sundial Growers和Cronos下跌3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/78fc26b0f02217c25526a73d40b1f353\" tg-width=\"420\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRON":"Cronos Group Inc.","ACB":"奥罗拉大麻公司","CGC":"Canopy Growth Corporation","SNDL":"SNDL Inc.","APHA":"Aphria Inc.","TLRY":"Tilray Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104628946","content_text":"Tilray Inc down 6%,Aphria,Canopy,Aurora,Sundial Growers and Cronos down 3%.","news_type":1,"symbols_score_info":{"TLRY":0.9,"SNDL":0.9,"APHA":0.9,"ACB":0.9,"CGC":0.9,"CRON":0.9}},"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326670649,"gmtCreate":1615642391081,"gmtModify":1703491845342,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574420069737654","idStr":"3574420069737654"},"themes":[],"htmlText":"Will this stock recover soon?","listText":"Will this stock recover soon?","text":"Will this stock recover 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Thanks","listText":"'like'&nbsp;me. Thanks","text":"'like' me. 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