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Christyne

Christyne

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2021-06-18

Good

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

2021-06-24

Interesting

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2021-06-19

Interesting

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2021-06-25

[Cool]

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2021-06-16

Nice

Nio ET7 Will Be Equipped With 'High-Performance' LiDAR, Says Supplier<blockquote>供应商称蔚来ET7将配备“高性能”激光雷达</blockquote>

2021-06-15

Interesting article！

'Gonna Need More Stimmies' - US Retail Sales Plunged In May<blockquote>“需要更多刺激”——美国五月份零售额暴跌</blockquote>

2021-06-18

Good

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2021-06-24

Nice

IPO Watch: Bright Health, Monte Rosa, Confluent to Start Trading Today<blockquote>IPO观察：Bright Health、Monte Rosa、Confluent今天开始交易</blockquote>

2021-06-22

Nice

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2021-06-18

Nice

Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>

2021-06-16

Good article

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2021-06-19

Interesting

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

2021-06-25

Nice

Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>

2021-06-19

Interesting

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2021-06-17

Good

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2021-06-16

Nice article

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2021-06-17

Good

Goldman-backed SPAC to take Mirion Tech public in $2.6 billion deal<blockquote>高盛支持的SPAC将以26亿美元的交易让Mirion Tech上市</blockquote>

2021-06-16

Nice

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2021-06-16

Nice

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2021-06-17

Good

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But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-25 17:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&amp;P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116076888","content_text":"New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.\nTesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.\nFord (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.\nAnd GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.\nIt seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.\nTesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.\nYet Tesla is one of the most polarizing stocks on Wall Street.\nAccording to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.\nSkeptics have many questions about Tesla and Musk\nThe consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.\nTesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.\nAnd Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.\nStill, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.\nFor example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.\nThe Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.\nThe stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.\nSo even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.\nTesla is nothing if not volatile.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122665076,"gmtCreate":1624617932695,"gmtModify":1631889082024,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122665076","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":2602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126053597,"gmtCreate":1624539034619,"gmtModify":1631889082032,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/126053597","repostId":"1186095717","repostType":4,"repost":{"id":"1186095717","kind":"news","pubTimestamp":1624538824,"share":"https://www.laohu8.com/m/news/1186095717?lang=zh_CN&edition=full","pubTime":"2021-06-24 20:47","market":"us","language":"en","title":"IPO Watch: Bright Health, Monte Rosa, Confluent to Start Trading Today<blockquote>IPO观察：Bright Health、Monte Rosa、Confluent今天开始交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186095717","media":"The Wall Street Journal","summary":"Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shar","content":"<p>Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shares in its initial public offering at $18 apiece.</p><p><blockquote>Bright Health Group将于今天开始在纽约证券交易所交易，股票代码为BHG。该公司在首次公开募股中以每股18美元的价格出售股票。</blockquote></p><p> Monte Rosa Therapeutics Inc. will join the Nasdaq Global Select Market as GLUE after selling shares at $19 each.</p><p><blockquote>Monte Rosa Therapeutics Inc.以每股19美元的价格出售股票后，将作为胶水加入纳斯达克全球精选市场。</blockquote></p><p> Confluent Inc. will make its debut as CFLT. The company's shares were sold in the IPO for $36 each.</p><p><blockquote>Confluent Inc.将以CFLT的身份首次亮相。该公司的股票在IPO中以每股36美元的价格出售。</blockquote></p><p> Miromatrix Medical will make its debut on the Nasdaq as MIRO after selling shares at $9 each.</p><p><blockquote>Miromatrix Medical以每股9美元的价格出售股票后，将以MIRO的名义在纳斯达克首次亮相。</blockquote></p><p> Grove Inc. will trade as GRVI after selling its stock in the IPO at $5 apiece.</p><p><blockquote>Grove Inc.在IPO中以每股5美元的价格出售其股票后，将以GRVI的名义进行交易。</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>IPO Watch: Bright Health, Monte Rosa, Confluent to Start Trading Today<blockquote>IPO观察：Bright Health、Monte Rosa、Confluent今天开始交易</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\">\nIPO Watch: Bright Health, Monte Rosa, Confluent to Start Trading Today<blockquote>IPO观察：Bright Health、Monte Rosa、Confluent今天开始交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-24 20:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shares in its initial public offering at $18 apiece.</p><p><blockquote>Bright Health Group将于今天开始在纽约证券交易所交易，股票代码为BHG。该公司在首次公开募股中以每股18美元的价格出售股票。</blockquote></p><p> Monte Rosa Therapeutics Inc. will join the Nasdaq Global Select Market as GLUE after selling shares at $19 each.</p><p><blockquote>Monte Rosa Therapeutics Inc.以每股19美元的价格出售股票后，将作为胶水加入纳斯达克全球精选市场。</blockquote></p><p> Confluent Inc. will make its debut as CFLT. The company's shares were sold in the IPO for $36 each.</p><p><blockquote>Confluent Inc.将以CFLT的身份首次亮相。该公司的股票在IPO中以每股36美元的价格出售。</blockquote></p><p> Miromatrix Medical will make its debut on the Nasdaq as MIRO after selling shares at $9 each.</p><p><blockquote>Miromatrix Medical以每股9美元的价格出售股票后，将以MIRO的名义在纳斯达克首次亮相。</blockquote></p><p> Grove Inc. will trade as GRVI after selling its stock in the IPO at $5 apiece.</p><p><blockquote>Grove Inc.在IPO中以每股5美元的价格出售其股票后，将以GRVI的名义进行交易。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/livecoverage/stock-market-news-live-updates-062421/card/ktmYlQj6UfmkqxIEmORt\">The Wall Street Journal</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":{"GLUE":"Monte Rosa Therapeutics","CFLT":"Confluent, Inc."},"source_url":"https://www.wsj.com/livecoverage/stock-market-news-live-updates-062421/card/ktmYlQj6UfmkqxIEmORt","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186095717","content_text":"Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shares in its initial public offering at $18 apiece.\nMonte Rosa Therapeutics Inc. will join the Nasdaq Global Select Market as GLUE after selling shares at $19 each.\nConfluent Inc. will make its debut as CFLT. The company's shares were sold in the IPO for $36 each.\nMiromatrix Medical will make its debut on the Nasdaq as MIRO after selling shares at $9 each.\nGrove Inc. will trade as GRVI after selling its stock in the IPO at $5 apiece.","news_type":1,"symbols_score_info":{"MIRO":0.9,"BHG":0.9,"CFLT":0.9,"GRVI":0.9,"GLUE":0.9}},"isVote":1,"tweetType":1,"viewCount":2437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121738468,"gmtCreate":1624492088154,"gmtModify":1631889082028,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/121738468","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":1147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129345528,"gmtCreate":1624361849964,"gmtModify":1631889082035,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129345528","repostId":"2145056554","repostType":4,"isVote":1,"tweetType":1,"viewCount":897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165062443,"gmtCreate":1624081916182,"gmtModify":1631889082039,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/165062443","repostId":"1175119628","repostType":4,"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165062603,"gmtCreate":1624081902102,"gmtModify":1631889082040,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165062603","repostId":"1166679093","repostType":4,"repost":{"id":"1166679093","kind":"news","pubTimestamp":1624065234,"share":"https://www.laohu8.com/m/news/1166679093?lang=zh_CN&edition=full","pubTime":"2021-06-19 09:13","market":"us","language":"en","title":"3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166679093","media":"fool","summary":"Meme stocks have been all the rage so far this year. That's understandable, with several of them del","content":"<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-06-19 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp","AMC":"AMC院线","SNDL":"SNDL Inc."},"source_url":"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166679093","content_text":"Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.\nHowever, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.\nAMC Entertainment\nAMC Entertainment(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.\nThe consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.\nBut isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.\nHowever, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.\nClover Health Investments\nOnly a few days ago, it looked like Clover Health Investments(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.\nSince the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.\nClover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.\nStill, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.\nSundial Growers\nAt one point earlier this year, Sundial Growers(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.\nAnalysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.\nThere certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.\nSundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.\nHowever, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the Nasdaq stock exchange.","news_type":1,"symbols_score_info":{"SNDL":0.9,"CLOV":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165062925,"gmtCreate":1624081885167,"gmtModify":1631889082042,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165062925","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":1359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166929889,"gmtCreate":1623988727341,"gmtModify":1631889082048,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166929889","repostId":"1112448941","repostType":4,"repost":{"id":"1112448941","kind":"news","pubTimestamp":1623984287,"share":"https://www.laohu8.com/m/news/1112448941?lang=zh_CN&edition=full","pubTime":"2021-06-18 10:44","market":"us","language":"en","title":"Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112448941","media":"Barrons","summary":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies","content":"<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 10:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WDC":"西部数据","STX":"希捷科技"},"source_url":"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112448941","content_text":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.\n, Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.\nChia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.\nIn a research note on Thursday, Loop Capital analyst Ananda Baruah asserts that both SeagateTechnology Holdings (ticker: STX) and Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.\nIf that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.\nWhile the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and NetApp(NTAP).\nHe contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”\nWith distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.\nBaruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The S&P 500 index is down 0.04%.","news_type":1,"symbols_score_info":{"WDC":0.9,"STX":0.9}},"isVote":1,"tweetType":1,"viewCount":1063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166929009,"gmtCreate":1623988711401,"gmtModify":1631889082049,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/166929009","repostId":"1168762020","repostType":4,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohu8.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率也会扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率也会扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":1498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166920664,"gmtCreate":1623988688958,"gmtModify":1631893030065,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166920664","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161567862,"gmtCreate":1623935583456,"gmtModify":1631893030068,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161567862","repostId":"2144749891","repostType":4,"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161565408,"gmtCreate":1623935531204,"gmtModify":1631893030085,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161565408","repostId":"1178576120","repostType":4,"isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161565964,"gmtCreate":1623935505758,"gmtModify":1631893030086,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161565964","repostId":"1121317952","repostType":4,"repost":{"id":"1121317952","kind":"news","pubTimestamp":1623934346,"share":"https://www.laohu8.com/m/news/1121317952?lang=zh_CN&edition=full","pubTime":"2021-06-17 20:52","market":"us","language":"en","title":"Goldman-backed SPAC to take Mirion Tech public in $2.6 billion deal<blockquote>高盛支持的SPAC将以26亿美元的交易让Mirion Tech上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121317952","media":"Reuters","summary":"-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.The deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity  of $900 million from investors such as Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.PIPE als","content":"<p>-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.</p><p><blockquote>-辐射检测提供商Mirion Technologies Inc周四表示，将通过与高盛集团支持的特殊目的收购公司合并上市，该交易对合并后实体的估值为26亿美元。</blockquote></p><p> The deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity (PIPE) of $900 million from investors such as Fidelity Management &amp; Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.</p><p><blockquote>与GS Acquisition Holdings Corp II的交易将得到富达管理与研究公司有限责任公司、贝莱德、路博迈基金和骏利亨德森投资者等投资者9亿美元的公共股权私人投资(PIPE)的支持。</blockquote></p><p> PIPE also includes a $200 million investment from Goldman Sachs.</p><p><blockquote>PIPE还包括高盛的2亿美元投资。</blockquote></p><p> Mirion is owned by London-based private equity firm Charterhouse Capital Partners, which revived a sale of the company earlier this year after halting a previous attempt in 2019, according to a report by Bloomberg.</p><p><blockquote>据彭博社报道，Mirion归总部位于伦敦的私募股权公司Charterhouse Capital Partners所有，该公司在2019年停止了之前的尝试后，于今年早些时候恢复了该公司的出售。</blockquote></p><p> Charterhouse bought Mirion in 2015 for $750 million.</p><p><blockquote>Charterhouse于2015年以7.5亿美元收购了Mirion。</blockquote></p><p> Mirion has pursued a string of acquisitions to expand its gamut of services that include detection, measurement and analysis solutions to the nuclear, defence, medical end markets. Its most recent acquisitions include Germany-based Dosimetrics GmbH and Sun Nuclear Corp.</p><p><blockquote>Mirion进行了一系列收购，以扩大其服务范围，包括核、国防和医疗终端市场的检测、测量和分析解决方案。其最近的收购包括总部位于德国的Dosimetrics GmbH和Sun Nuclear Corp。</blockquote></p><p> GS Acquisition, a special purpose acquisition company (SPAC), went public in a $700 million IPO in June last year.</p><p><blockquote>GS Acquisition是一家特殊目的收购公司（SPAC），去年6月以7亿美元的IPO上市。</blockquote></p><p> SPACs are shell companies which raise funds through an initial public offering to take a private company public through a merger at a later date.</p><p><blockquote>SPAC是空壳公司，通过首次公开募股筹集资金，以便在以后通过合并使私营公司上市。</blockquote></p><p> Concerns that SPACs have taken pre-revenue, loss-making electric vehicle makers public at very high valuations have turned PIPE investors away in recent weeks.</p><p><blockquote>最近几周，人们担心SPAC以非常高的估值让尚未盈利、亏损的电动汽车制造商上市，这让PIPE投资者望而却步。</blockquote></p><p> Mirion will list on the New York Stock Exchange under the ticker symbol “MIR”, after the deal closes in the second half of the year.</p><p><blockquote>交易于今年下半年完成后，Mirion将在纽约证券交易所上市，股票代码为“MIR”。</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>Goldman-backed SPAC to take Mirion Tech public in $2.6 billion deal<blockquote>高盛支持的SPAC将以26亿美元的交易让Mirion Tech上市</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\">\nGoldman-backed SPAC to take Mirion Tech public in $2.6 billion deal<blockquote>高盛支持的SPAC将以26亿美元的交易让Mirion Tech上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-17 20:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.</p><p><blockquote>-辐射检测提供商Mirion Technologies Inc周四表示，将通过与高盛集团支持的特殊目的收购公司合并上市，该交易对合并后实体的估值为26亿美元。</blockquote></p><p> The deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity (PIPE) of $900 million from investors such as Fidelity Management &amp; Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.</p><p><blockquote>与GS Acquisition Holdings Corp II的交易将得到富达管理与研究公司有限责任公司、贝莱德、路博迈基金和骏利亨德森投资者等投资者9亿美元的公共股权私人投资(PIPE)的支持。</blockquote></p><p> PIPE also includes a $200 million investment from Goldman Sachs.</p><p><blockquote>PIPE还包括高盛的2亿美元投资。</blockquote></p><p> Mirion is owned by London-based private equity firm Charterhouse Capital Partners, which revived a sale of the company earlier this year after halting a previous attempt in 2019, according to a report by Bloomberg.</p><p><blockquote>据彭博社报道，Mirion归总部位于伦敦的私募股权公司Charterhouse Capital Partners所有，该公司在2019年停止了之前的尝试后，于今年早些时候恢复了该公司的出售。</blockquote></p><p> Charterhouse bought Mirion in 2015 for $750 million.</p><p><blockquote>Charterhouse于2015年以7.5亿美元收购了Mirion。</blockquote></p><p> Mirion has pursued a string of acquisitions to expand its gamut of services that include detection, measurement and analysis solutions to the nuclear, defence, medical end markets. Its most recent acquisitions include Germany-based Dosimetrics GmbH and Sun Nuclear Corp.</p><p><blockquote>Mirion进行了一系列收购，以扩大其服务范围，包括核、国防和医疗终端市场的检测、测量和分析解决方案。其最近的收购包括总部位于德国的Dosimetrics GmbH和Sun Nuclear Corp。</blockquote></p><p> GS Acquisition, a special purpose acquisition company (SPAC), went public in a $700 million IPO in June last year.</p><p><blockquote>GS Acquisition是一家特殊目的收购公司（SPAC），去年6月以7亿美元的IPO上市。</blockquote></p><p> SPACs are shell companies which raise funds through an initial public offering to take a private company public through a merger at a later date.</p><p><blockquote>SPAC是空壳公司，通过首次公开募股筹集资金，以便在以后通过合并使私营公司上市。</blockquote></p><p> Concerns that SPACs have taken pre-revenue, loss-making electric vehicle makers public at very high valuations have turned PIPE investors away in recent weeks.</p><p><blockquote>最近几周，人们担心SPAC以非常高的估值让尚未盈利、亏损的电动汽车制造商上市，这让PIPE投资者望而却步。</blockquote></p><p> Mirion will list on the New York Stock Exchange under the ticker symbol “MIR”, after the deal closes in the second half of the year.</p><p><blockquote>交易于今年下半年完成后，Mirion将在纽约证券交易所上市，股票代码为“MIR”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://wwww.reuters.com/article/mirion-tech-ma-gs-acquisition/update-1-goldman-backed-spac-to-take-mirion-tech-public-in-2-6-bln-deal-idUSL3N2NZ354\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GSAH.U":"GS Acquisition Holdings Corp II"},"source_url":"https://wwww.reuters.com/article/mirion-tech-ma-gs-acquisition/update-1-goldman-backed-spac-to-take-mirion-tech-public-in-2-6-bln-deal-idUSL3N2NZ354","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121317952","content_text":"-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.\nThe deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity (PIPE) of $900 million from investors such as Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.\nPIPE also includes a $200 million investment from Goldman Sachs.\nMirion is owned by London-based private equity firm Charterhouse Capital Partners, which revived a sale of the company earlier this year after halting a previous attempt in 2019, according to a report by Bloomberg.\nCharterhouse bought Mirion in 2015 for $750 million.\nMirion has pursued a string of acquisitions to expand its gamut of services that include detection, measurement and analysis solutions to the nuclear, defence, medical end markets. Its most recent acquisitions include Germany-based Dosimetrics GmbH and Sun Nuclear Corp.\nGS Acquisition, a special purpose acquisition company (SPAC), went public in a $700 million IPO in June last year.\nSPACs are shell companies which raise funds through an initial public offering to take a private company public through a merger at a later date.\nConcerns that SPACs have taken pre-revenue, loss-making electric vehicle makers public at very high valuations have turned PIPE investors away in recent weeks.\nMirion will list on the New York Stock Exchange under the ticker symbol “MIR”, after the deal closes in the second half of the year.","news_type":1,"symbols_score_info":{"GSAH.U":0.9}},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161562321,"gmtCreate":1623935483363,"gmtModify":1631893030077,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161562321","repostId":"2144493207","repostType":4,"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161208195,"gmtCreate":1623926669617,"gmtModify":1631893030078,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Nicd","listText":"Nicd","text":"Nicd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161208195","repostId":"2144743318","repostType":4,"isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169507938,"gmtCreate":1623841341624,"gmtModify":1631893030085,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169507938","repostId":"1166103542","repostType":4,"repost":{"id":"1166103542","kind":"news","pubTimestamp":1623835778,"share":"https://www.laohu8.com/m/news/1166103542?lang=zh_CN&edition=full","pubTime":"2021-06-16 17:29","market":"us","language":"en","title":"Nio ET7 Will Be Equipped With 'High-Performance' LiDAR, Says Supplier<blockquote>供应商称蔚来ET7将配备“高性能”激光雷达</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166103542","media":"benzinga","summary":"Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7","content":"<p><div> Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7 sedan with a \"high-performance product\" that can detect up to 500 meters, cnEV postreported. What ...</p><p><blockquote><div>据《cnEV邮报》报道，蔚来公司的激光雷达供应商Innovusion周三表示，将为这家电动汽车制造商的ET7轿车配备一款“高性能产品”，探测距离可达500米。什么...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio ET7 Will Be Equipped With 'High-Performance' LiDAR, Says Supplier<blockquote>供应商称蔚来ET7将配备“高性能”激光雷达</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 ET7 Will Be Equipped With 'High-Performance' LiDAR, Says Supplier<blockquote>供应商称蔚来ET7将配备“高性能”激光雷达</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-16 17:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7 sedan with a \"high-performance product\" that can detect up to 500 meters, cnEV postreported. What ...</p><p><blockquote><div>据《cnEV邮报》报道，蔚来公司的激光雷达供应商Innovusion周三表示，将为这家电动汽车制造商的ET7轿车配备一款“高性能产品”，探测距离可达500米。什么...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166103542","content_text":"Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7 sedan with a \"high-performance product\" that can detect up to 500 meters, cnEV postreported.\nWhat Happened:Bao Junwei, co-founder and Chief Executive Officer at Innovusion said its LiDAR technology works on the L3 and L4 autonomous driving and complements the L2 autonomous driving.\nNio is expected to begin deliveries of its premium electric sedan ET7 in the first quarter of next year. The Chinese electric vehicle maker, which revealed ET7 earlier this year, is eyeing international expansion after establishing itself in China.\nLidar, short for light detection and ranging sensors, uses laser light pulses to help vehicles perceive their surroundings. The technology is increasingly being seen as a key for automakers having self-driving ambitions.\nPrice Action:Nio shares closed 3% lower at $45.15 on Tuesday.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169504160,"gmtCreate":1623841322850,"gmtModify":1631893030085,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"&nbsp;Nice&nbsp;","listText":"&nbsp;Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169504160","repostId":"1105866425","repostType":4,"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169505498,"gmtCreate":1623841313214,"gmtModify":1631893030088,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169505498","repostId":"2143956957","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169506579,"gmtCreate":1623841259091,"gmtModify":1631893030089,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581556079916824","idStr":"3581556079916824"},"themes":[],"htmlText":"Good article&nbsp;","listText":"Good article&nbsp;","text":"Good article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169506579","repostId":"2143279592","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":166929009,"gmtCreate":1623988711401,"gmtModify":1631889082049,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/166929009","repostId":"1168762020","repostType":4,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohu8.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率也会扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率也会扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":1498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121738468,"gmtCreate":1624492088154,"gmtModify":1631889082028,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/121738468","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":1147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165062443,"gmtCreate":1624081916182,"gmtModify":1631889082039,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/165062443","repostId":"1175119628","repostType":4,"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122665076,"gmtCreate":1624617932695,"gmtModify":1631889082024,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122665076","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":2602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169507938,"gmtCreate":1623841341624,"gmtModify":1631893030085,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169507938","repostId":"1166103542","repostType":4,"repost":{"id":"1166103542","kind":"news","pubTimestamp":1623835778,"share":"https://www.laohu8.com/m/news/1166103542?lang=zh_CN&edition=full","pubTime":"2021-06-16 17:29","market":"us","language":"en","title":"Nio ET7 Will Be Equipped With 'High-Performance' LiDAR, Says Supplier<blockquote>供应商称蔚来ET7将配备“高性能”激光雷达</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166103542","media":"benzinga","summary":"Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7","content":"<p><div> Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7 sedan with a \"high-performance product\" that can detect up to 500 meters, cnEV postreported. What ...</p><p><blockquote><div>据《cnEV邮报》报道，蔚来公司的激光雷达供应商Innovusion周三表示，将为这家电动汽车制造商的ET7轿车配备一款“高性能产品”，探测距离可达500米。什么...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio ET7 Will Be Equipped With 'High-Performance' LiDAR, Says Supplier<blockquote>供应商称蔚来ET7将配备“高性能”激光雷达</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 ET7 Will Be Equipped With 'High-Performance' LiDAR, Says Supplier<blockquote>供应商称蔚来ET7将配备“高性能”激光雷达</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-16 17:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7 sedan with a \"high-performance product\" that can detect up to 500 meters, cnEV postreported. What ...</p><p><blockquote><div>据《cnEV邮报》报道，蔚来公司的激光雷达供应商Innovusion周三表示，将为这家电动汽车制造商的ET7轿车配备一款“高性能产品”，探测距离可达500米。什么...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://www.benzinga.com/news/21/06/21582411/nio-et7-will-be-equipped-with-high-performance-lidar-says-supplier","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166103542","content_text":"Nio Inc’s LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7 sedan with a \"high-performance product\" that can detect up to 500 meters, cnEV postreported.\nWhat Happened:Bao Junwei, co-founder and Chief Executive Officer at Innovusion said its LiDAR technology works on the L3 and L4 autonomous driving and complements the L2 autonomous driving.\nNio is expected to begin deliveries of its premium electric sedan ET7 in the first quarter of next year. The Chinese electric vehicle maker, which revealed ET7 earlier this year, is eyeing international expansion after establishing itself in China.\nLidar, short for light detection and ranging sensors, uses laser light pulses to help vehicles perceive their surroundings. The technology is increasingly being seen as a key for automakers having self-driving ambitions.\nPrice Action:Nio shares closed 3% lower at $45.15 on Tuesday.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187468504,"gmtCreate":1623762241808,"gmtModify":1634028783316,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Interesting article！","listText":"Interesting article！","text":"Interesting article！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/187468504","repostId":"1175229651","repostType":4,"repost":{"id":"1175229651","kind":"news","pubTimestamp":1623761854,"share":"https://www.laohu8.com/m/news/1175229651?lang=zh_CN&edition=full","pubTime":"2021-06-15 20:57","market":"us","language":"en","title":"'Gonna Need More Stimmies' - US Retail Sales Plunged In May<blockquote>“需要更多刺激”——美国五月份零售额暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175229651","media":"zerohedge","summary":"With a lack of stimmies to keep the spending dream alive, analysts expected a 0.8% MoM plunge in ret","content":"<p>With a lack of stimmies to keep the spending dream alive, analysts expected a 0.8% MoM plunge in retail sales (<i>confirming BofA's recent perfect streak of predictions</i>), but the data was even worse, tumbling 1.3% MoM...</p><p><blockquote>由于缺乏刺激来维持消费梦想，分析师预计零售额环比下降0.8%（<i>证实了美国银行最近的完美预测</i>），但数据更糟糕，环比下跌1.3%...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/45b8615441c602f54053c2e255ce180a\" tg-width=\"500\" tg-height=\"274\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Given the expected impact of autos from the chip shortage,<b>a \"cleaner\" number of the Ex-Autos print which was also a disaster,</b>tumbling 0.7% MoM (much worse than the 0.4% improvement expected)</p><p><blockquote>鉴于芯片短缺对汽车的预期影响，<b>一个“更干净”的前汽车指纹也是一场灾难，</b>环比下跌0.7%（远低于预期的0.4%）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29613437d5cc305349ea8b7f9b50ab0f\" tg-width=\"500\" tg-height=\"272\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> BofA's forecasts nailed it again:</p><p><blockquote>美国银行的预测再次证明了这一点：</blockquote></p><p> <ul>  <li>BofA said retail headline -1.4%, came in at -1.4%</li>  <li>BofA said retail ex auto -0.6%, came in at -0.7%</li> </ul> Building Materials saw the biggest drop, along with Motor Vehicles (as noted above). Nonstore retailers (online) also saw a decline in sales...</p><p><blockquote><ul><li>美国银行表示，零售整体为-1.4%，实际为-1.4%</li><li>美国银行表示，不包括汽车在内的零售业为-0.6%，为-0.7%</li></ul>建筑材料和机动车辆（如上所述）的跌幅最大。非商店零售商（在线）的销售额也有所下降...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d94f95a16decd0cf5893fd4408feb6c\" tg-width=\"500\" tg-height=\"435\">As the base effect wears off so the insane YoY comps ease back too...</p><p><blockquote>随着基数效应的消退，疯狂的同比增长也会放缓……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/049936d252903cc97f3b4cd8abec9044\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Finally, we note that retail inventories (supply) has reached a record low relative to retail sales (demand)...</p><p><blockquote>最后，我们注意到，相对于零售额（需求），零售库存（供应）已达到历史新低...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70b0549aa7160c7d4b2b96a17a25d15d\" tg-width=\"500\" tg-height=\"271\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> How will The Fed interpret this? Transitory supply distress?</p><p><blockquote>美联储对此将如何解读？短暂的供应困境？</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>'Gonna Need More Stimmies' - US Retail Sales Plunged In May<blockquote>“需要更多刺激”——美国五月份零售额暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Gonna Need More Stimmies' - US Retail Sales Plunged In May<blockquote>“需要更多刺激”——美国五月份零售额暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 20:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With a lack of stimmies to keep the spending dream alive, analysts expected a 0.8% MoM plunge in retail sales (<i>confirming BofA's recent perfect streak of predictions</i>), but the data was even worse, tumbling 1.3% MoM...</p><p><blockquote>由于缺乏刺激来维持消费梦想，分析师预计零售额环比下降0.8%（<i>证实了美国银行最近的完美预测</i>），但数据更糟糕，环比下跌1.3%...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/45b8615441c602f54053c2e255ce180a\" tg-width=\"500\" tg-height=\"274\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Given the expected impact of autos from the chip shortage,<b>a \"cleaner\" number of the Ex-Autos print which was also a disaster,</b>tumbling 0.7% MoM (much worse than the 0.4% improvement expected)</p><p><blockquote>鉴于芯片短缺对汽车的预期影响，<b>一个“更干净”的前汽车指纹也是一场灾难，</b>环比下跌0.7%（远低于预期的0.4%）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29613437d5cc305349ea8b7f9b50ab0f\" tg-width=\"500\" tg-height=\"272\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> BofA's forecasts nailed it again:</p><p><blockquote>美国银行的预测再次证明了这一点：</blockquote></p><p> <ul>  <li>BofA said retail headline -1.4%, came in at -1.4%</li>  <li>BofA said retail ex auto -0.6%, came in at -0.7%</li> </ul> Building Materials saw the biggest drop, along with Motor Vehicles (as noted above). Nonstore retailers (online) also saw a decline in sales...</p><p><blockquote><ul><li>美国银行表示，零售整体为-1.4%，实际为-1.4%</li><li>美国银行表示，不包括汽车在内的零售业为-0.6%，为-0.7%</li></ul>建筑材料和机动车辆（如上所述）的跌幅最大。非商店零售商（在线）的销售额也有所下降...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d94f95a16decd0cf5893fd4408feb6c\" tg-width=\"500\" tg-height=\"435\">As the base effect wears off so the insane YoY comps ease back too...</p><p><blockquote>随着基数效应的消退，疯狂的同比增长也会放缓……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/049936d252903cc97f3b4cd8abec9044\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Finally, we note that retail inventories (supply) has reached a record low relative to retail sales (demand)...</p><p><blockquote>最后，我们注意到，相对于零售额（需求），零售库存（供应）已达到历史新低...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70b0549aa7160c7d4b2b96a17a25d15d\" tg-width=\"500\" tg-height=\"271\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> How will The Fed interpret this? Transitory supply distress?</p><p><blockquote>美联储对此将如何解读？短暂的供应困境？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/personal-finance/gonna-need-more-stimmies-us-retail-sales-plunged-may\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/personal-finance/gonna-need-more-stimmies-us-retail-sales-plunged-may","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175229651","content_text":"With a lack of stimmies to keep the spending dream alive, analysts expected a 0.8% MoM plunge in retail sales (confirming BofA's recent perfect streak of predictions), but the data was even worse, tumbling 1.3% MoM...\nSource: Bloomberg\nGiven the expected impact of autos from the chip shortage,a \"cleaner\" number of the Ex-Autos print which was also a disaster,tumbling 0.7% MoM (much worse than the 0.4% improvement expected)\nSource: Bloomberg\nBofA's forecasts nailed it again:\n\nBofA said retail headline -1.4%, came in at -1.4%\nBofA said retail ex auto -0.6%, came in at -0.7%\n\nBuilding Materials saw the biggest drop, along with Motor Vehicles (as noted above). Nonstore retailers (online) also saw a decline in sales...\nAs the base effect wears off so the insane YoY comps ease back too...\nSource: Bloomberg\nFinally, we note that retail inventories (supply) has reached a record low relative to retail sales (demand)...\nSource: Bloomberg\nHow will The Fed interpret this? Transitory supply distress?","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166920664,"gmtCreate":1623988688958,"gmtModify":1631893030065,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166920664","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126053597,"gmtCreate":1624539034619,"gmtModify":1631889082032,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/126053597","repostId":"1186095717","repostType":4,"repost":{"id":"1186095717","kind":"news","pubTimestamp":1624538824,"share":"https://www.laohu8.com/m/news/1186095717?lang=zh_CN&edition=full","pubTime":"2021-06-24 20:47","market":"us","language":"en","title":"IPO Watch: Bright Health, Monte Rosa, Confluent to Start Trading Today<blockquote>IPO观察：Bright Health、Monte Rosa、Confluent今天开始交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186095717","media":"The Wall Street Journal","summary":"Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shar","content":"<p>Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shares in its initial public offering at $18 apiece.</p><p><blockquote>Bright Health Group将于今天开始在纽约证券交易所交易，股票代码为BHG。该公司在首次公开募股中以每股18美元的价格出售股票。</blockquote></p><p> Monte Rosa Therapeutics Inc. will join the Nasdaq Global Select Market as GLUE after selling shares at $19 each.</p><p><blockquote>Monte Rosa Therapeutics Inc.以每股19美元的价格出售股票后，将作为胶水加入纳斯达克全球精选市场。</blockquote></p><p> Confluent Inc. will make its debut as CFLT. The company's shares were sold in the IPO for $36 each.</p><p><blockquote>Confluent Inc.将以CFLT的身份首次亮相。该公司的股票在IPO中以每股36美元的价格出售。</blockquote></p><p> Miromatrix Medical will make its debut on the Nasdaq as MIRO after selling shares at $9 each.</p><p><blockquote>Miromatrix Medical以每股9美元的价格出售股票后，将以MIRO的名义在纳斯达克首次亮相。</blockquote></p><p> Grove Inc. will trade as GRVI after selling its stock in the IPO at $5 apiece.</p><p><blockquote>Grove Inc.在IPO中以每股5美元的价格出售其股票后，将以GRVI的名义进行交易。</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>IPO Watch: Bright Health, Monte Rosa, Confluent to Start Trading Today<blockquote>IPO观察：Bright Health、Monte Rosa、Confluent今天开始交易</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\">\nIPO Watch: Bright Health, Monte Rosa, Confluent to Start Trading Today<blockquote>IPO观察：Bright Health、Monte Rosa、Confluent今天开始交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-24 20:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shares in its initial public offering at $18 apiece.</p><p><blockquote>Bright Health Group将于今天开始在纽约证券交易所交易，股票代码为BHG。该公司在首次公开募股中以每股18美元的价格出售股票。</blockquote></p><p> Monte Rosa Therapeutics Inc. will join the Nasdaq Global Select Market as GLUE after selling shares at $19 each.</p><p><blockquote>Monte Rosa Therapeutics Inc.以每股19美元的价格出售股票后，将作为胶水加入纳斯达克全球精选市场。</blockquote></p><p> Confluent Inc. will make its debut as CFLT. The company's shares were sold in the IPO for $36 each.</p><p><blockquote>Confluent Inc.将以CFLT的身份首次亮相。该公司的股票在IPO中以每股36美元的价格出售。</blockquote></p><p> Miromatrix Medical will make its debut on the Nasdaq as MIRO after selling shares at $9 each.</p><p><blockquote>Miromatrix Medical以每股9美元的价格出售股票后，将以MIRO的名义在纳斯达克首次亮相。</blockquote></p><p> Grove Inc. will trade as GRVI after selling its stock in the IPO at $5 apiece.</p><p><blockquote>Grove Inc.在IPO中以每股5美元的价格出售其股票后，将以GRVI的名义进行交易。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/livecoverage/stock-market-news-live-updates-062421/card/ktmYlQj6UfmkqxIEmORt\">The Wall Street Journal</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":{"GLUE":"Monte Rosa Therapeutics","CFLT":"Confluent, Inc."},"source_url":"https://www.wsj.com/livecoverage/stock-market-news-live-updates-062421/card/ktmYlQj6UfmkqxIEmORt","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186095717","content_text":"Bright Health Group will start trading on the NYSE today under the ticker BHG. The company sold shares in its initial public offering at $18 apiece.\nMonte Rosa Therapeutics Inc. will join the Nasdaq Global Select Market as GLUE after selling shares at $19 each.\nConfluent Inc. will make its debut as CFLT. The company's shares were sold in the IPO for $36 each.\nMiromatrix Medical will make its debut on the Nasdaq as MIRO after selling shares at $9 each.\nGrove Inc. will trade as GRVI after selling its stock in the IPO at $5 apiece.","news_type":1,"symbols_score_info":{"MIRO":0.9,"BHG":0.9,"CFLT":0.9,"GRVI":0.9,"GLUE":0.9}},"isVote":1,"tweetType":1,"viewCount":2437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129345528,"gmtCreate":1624361849964,"gmtModify":1631889082035,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129345528","repostId":"2145056554","repostType":4,"isVote":1,"tweetType":1,"viewCount":897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166929889,"gmtCreate":1623988727341,"gmtModify":1631889082048,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166929889","repostId":"1112448941","repostType":4,"repost":{"id":"1112448941","kind":"news","pubTimestamp":1623984287,"share":"https://www.laohu8.com/m/news/1112448941?lang=zh_CN&edition=full","pubTime":"2021-06-18 10:44","market":"us","language":"en","title":"Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112448941","media":"Barrons","summary":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies","content":"<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 10:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WDC":"西部数据","STX":"希捷科技"},"source_url":"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112448941","content_text":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.\n, Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.\nChia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.\nIn a research note on Thursday, Loop Capital analyst Ananda Baruah asserts that both SeagateTechnology Holdings (ticker: STX) and Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.\nIf that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.\nWhile the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and NetApp(NTAP).\nHe contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”\nWith distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.\nBaruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The S&P 500 index is down 0.04%.","news_type":1,"symbols_score_info":{"WDC":0.9,"STX":0.9}},"isVote":1,"tweetType":1,"viewCount":1063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169506579,"gmtCreate":1623841259091,"gmtModify":1631893030089,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Good article&nbsp;","listText":"Good article&nbsp;","text":"Good article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169506579","repostId":"2143279592","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165062603,"gmtCreate":1624081902102,"gmtModify":1631889082040,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165062603","repostId":"1166679093","repostType":4,"repost":{"id":"1166679093","kind":"news","pubTimestamp":1624065234,"share":"https://www.laohu8.com/m/news/1166679093?lang=zh_CN&edition=full","pubTime":"2021-06-19 09:13","market":"us","language":"en","title":"3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166679093","media":"fool","summary":"Meme stocks have been all the rage so far this year. That's understandable, with several of them del","content":"<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Meme Stocks Wall Street Predicts Will Plunge More Than 20%<blockquote>华尔街预测3只模因股将暴跌20%以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-06-19 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.</p><p><blockquote>今年到目前为止，模因股票风靡一时。这是可以理解的，其中一些公司实现了三位数甚至四位数的百分比增长。</blockquote></p><p> However, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.</p><p><blockquote>然而，上升的可以下降。分析师预计，推动一些最受欢迎股票大幅上涨的网络狂热不会持续下去。以下是华尔街认为未来12个月内将暴跌20%以上的三只模因股票。</blockquote></p><p> AMC Entertainment</p><p><blockquote>AMC院线</blockquote></p><p> <b>AMC Entertainment</b>(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.</p><p><blockquote><b>AMC院线</b>（纽约证券交易所股票代码：AMC）被评为所有模因股票中表现最好的。今年迄今为止，这家电影院运营商的股价已飙升近2,500%。</blockquote></p><p> The consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.</p><p><blockquote>不过，分析师的共识是，该股可能会损失当前价值的90%。即使是Refinitiv调查的最乐观的分析师对AMC的目标价也比当前股价低70%以上。</blockquote></p><p> But isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.</p><p><blockquote>但AMC的业务不是在回暖吗？是的。限制的放松使该公司能够重新开放99%的美国影院。随着州和地方政府施加的座位容量限制的提高，AMC可能会受益。今年夏天和今年晚些时候上映的多部可能会大受欢迎的电影也应该会有所帮助。</blockquote></p><p> However, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.</p><p><blockquote>然而，华尔街显然认为AMC的股价已经远远超出了其业务前景。该股目前的交易价格比COVID-19大流行之前高出近八倍。</blockquote></p><p> Clover Health Investments</p><p><blockquote>三叶草健康投资</blockquote></p><p> Only a few days ago, it looked like&nbsp;<b>Clover Health Investments</b>(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.</p><p><blockquote>就在几天前，看起来<b>三叶草健康投资</b>（纳斯达克股票代码：CLOV）可能会将AMC推到最热门的模因股票旁边。散户投资者将Clover视为主要的空头挤压候选者。</blockquote></p><p> Since the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.</p><p><blockquote>自6月初以来，Clover Health的股价已上涨超过65%。然而，分析师预计这些涨幅不会持续下去。该股的平均目标价比当前股价低25%。</blockquote></p><p> Clover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.</p><p><blockquote>Clover Health的估值似乎确实已经失控。该医疗保健股目前的交易价格是过去12个月销售额的170多倍。这是一个令人流鼻血的水平，特别是考虑到该公司是美国调查的对象。司法部和证券交易委员会。</blockquote></p><p> Still, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.</p><p><blockquote>尽管如此，Clover Health今年的财务业绩可能会有所改善。该公司希望通过瞄准原来的医疗保险计划来大幅增加其会员。除了当前的Medicare Advantage业务之外，这也是一个重大的新市场机会。</blockquote></p><p> Sundial Growers</p><p><blockquote>日晷种植者</blockquote></p><p> At one point earlier this year,&nbsp;<b>Sundial Growers</b>(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.</p><p><blockquote>今年早些时候，<b>日晷种植者</b>（纳斯达克股票代码：SNDL）似乎是成为模因股票最大赢家的合法竞争者。加拿大大麻股票今年迄今已上涨超过520%，随后回吐了大部分涨幅。不过，Sundial的股价在2021年仍上涨了一倍多。</blockquote></p><p> Analysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.</p><p><blockquote>分析师预计大麻库存可能会进一步下跌。Sundial的共识目标价较其当前股价有23%的折扣。一位分析师甚至认为该股可能下跌55%。</blockquote></p><p> There certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.</p><p><blockquote>当然有理由对Sundial的核心大麻业务持悲观态度。该公司2021年第一季度的大麻净收入同比下降。尽管日晷正在采取措施，希望能够扭转局面，但这些努力是否会成功还有待观察。</blockquote></p><p> Sundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.</p><p><blockquote>Sundial的商业交易可能会给投资者带来乐观的理由。毕竟，由于其投资，该公司第一季度调整后息税折旧摊销前利润(EBITDA)为正。</blockquote></p><p> However, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the&nbsp;<b>Nasdaq</b>&nbsp;stock exchange.</p><p><blockquote>然而，Sundial用于进行这些投资的现金是以其股票进一步稀释为代价的。该公司无法承受任何额外的稀释，除非采取绝望的措施来维持其在<b>纳斯达克</b>证券交易所。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp","AMC":"AMC院线","SNDL":"SNDL Inc."},"source_url":"https://www.fool.com/investing/2021/06/18/3-meme-stocks-wall-street-predicts-will-plunge-mor/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166679093","content_text":"Meme stocks have been all the rage so far this year. That's understandable, with several of them delivering triple-digit and even four-digit percentage gains.\nHowever, what goes up can come down. Analysts don't expect the online frenzy fueling the ginormous jumps for some of the most popular stocks will be sustainable. Here are three meme stocks that Wall Street thinks will plunge by more than 20% within the next 12 months.\nAMC Entertainment\nAMC Entertainment(NYSE:AMC)ranks as the best-performing meme stock of all. Shares of the movie theater operator have skyrocketed close to 2,500% year to date.\nThe consensus among analysts, though, is that the stock could lose 90% of its current value. Even the most optimistic analyst surveyed by Refinitiv has a price target for AMC that's more than 70% below the current share price.\nBut isn't AMC's business picking up? Yep. The easing of restrictions has enabled the company to reopen 99% of its U.S. theaters. AMC could benefit as seating capacity limitations imposed by state and local governments are raised. Thereleases of multiple movies this summerand later this year that are likely to be hits should also help.\nHowever, Wall Street clearly believes that AMC's share price has gotten way ahead of its business prospects. The stock is trading at nearly eight times higher than it was before the COVID-19 pandemic.\nClover Health Investments\nOnly a few days ago, it looked like Clover Health Investments(NASDAQ:CLOV)might push AMC to the side as the hottest meme stock. Retail investors viewed Clover as a primeshort squeezecandidate.\nSince the beginning of June, shares of Clover Health have jumped more than 65%. Analysts, however, don't expect those gains to last. The average price target for the stock is 25% below the current share price.\nClover Health's valuation does seem to have gotten out of hand. The healthcare stock currently trades at more than 170 times trailing-12-month sales. That's a nosebleed level, especially considering that the company is the subject of investigations by the U.S. Department of Justice and the Securities and Exchange Commission.\nStill, Clover Health could deliver improving financial results this year. The company hopes to significantly increase its membership by targeting the original Medicare program. This represents a major new market opportunity in addition to its current Medicare Advantage business.\nSundial Growers\nAt one point earlier this year, Sundial Growers(NASDAQ:SNDL)appeared to be a legitimate contender to become the biggest winner among meme stocks. The Canadian marijuana stock vaulted more than 520% higher year to date before giving up much of its gains. However, Sundial's share price has still more than doubled in 2021.\nAnalysts anticipate that the pot stock could fall even further. The consensus price target for Sundial reflects a 23% discount to its current share price. One analyst even thinks the stock could sink 55%.\nThere certainly are reasons to be pessimistic about Sundial's core cannabis business. The company's net cannabis revenue fell year over year in the first quarter of 2021. Although Sundial is taking steps that it hopes will turn things around, it remains to be seen if those efforts will succeed.\nSundial's business deals could give investors reasons for optimism. After all, the company posted positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 due to its investments.\nHowever, the cash that Sundial is using to make these investments has come at the cost of increased dilution of its stock. The company can't afford any additional dilution without having to resort to desperate measures to keep its listing on the Nasdaq stock exchange.","news_type":1,"symbols_score_info":{"SNDL":0.9,"CLOV":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122620318,"gmtCreate":1624618151534,"gmtModify":1631889082018,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122620318","repostId":"1116076888","repostType":4,"repost":{"id":"1116076888","kind":"news","pubTimestamp":1624612129,"share":"https://www.laohu8.com/m/news/1116076888?lang=zh_CN&edition=full","pubTime":"2021-06-25 17:08","market":"us","language":"en","title":"Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116076888","media":"cnn","summary":"New York Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.Tesla  shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand thei","content":"<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&amp;P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-25 17:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&amp;P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116076888","content_text":"New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.\nTesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.\nFord (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.\nAnd GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.\nIt seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.\nTesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.\nYet Tesla is one of the most polarizing stocks on Wall Street.\nAccording to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.\nSkeptics have many questions about Tesla and Musk\nThe consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.\nTesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.\nAnd Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.\nStill, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.\nFor example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.\nThe Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.\nThe stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.\nSo even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.\nTesla is nothing if not volatile.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165062925,"gmtCreate":1624081885167,"gmtModify":1631889082042,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165062925","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":1359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161567862,"gmtCreate":1623935583456,"gmtModify":1631893030068,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161567862","repostId":"2144749891","repostType":4,"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169506302,"gmtCreate":1623841235106,"gmtModify":1634027288111,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Nice article&nbsp;","listText":"Nice article&nbsp;","text":"Nice article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169506302","repostId":"2143795927","repostType":4,"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161565964,"gmtCreate":1623935505758,"gmtModify":1631893030086,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161565964","repostId":"1121317952","repostType":4,"repost":{"id":"1121317952","kind":"news","pubTimestamp":1623934346,"share":"https://www.laohu8.com/m/news/1121317952?lang=zh_CN&edition=full","pubTime":"2021-06-17 20:52","market":"us","language":"en","title":"Goldman-backed SPAC to take Mirion Tech public in $2.6 billion deal<blockquote>高盛支持的SPAC将以26亿美元的交易让Mirion Tech上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121317952","media":"Reuters","summary":"-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.The deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity  of $900 million from investors such as Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.PIPE als","content":"<p>-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.</p><p><blockquote>-辐射检测提供商Mirion Technologies Inc周四表示，将通过与高盛集团支持的特殊目的收购公司合并上市，该交易对合并后实体的估值为26亿美元。</blockquote></p><p> The deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity (PIPE) of $900 million from investors such as Fidelity Management &amp; Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.</p><p><blockquote>与GS Acquisition Holdings Corp II的交易将得到富达管理与研究公司有限责任公司、贝莱德、路博迈基金和骏利亨德森投资者等投资者9亿美元的公共股权私人投资(PIPE)的支持。</blockquote></p><p> PIPE also includes a $200 million investment from Goldman Sachs.</p><p><blockquote>PIPE还包括高盛的2亿美元投资。</blockquote></p><p> Mirion is owned by London-based private equity firm Charterhouse Capital Partners, which revived a sale of the company earlier this year after halting a previous attempt in 2019, according to a report by Bloomberg.</p><p><blockquote>据彭博社报道，Mirion归总部位于伦敦的私募股权公司Charterhouse Capital Partners所有，该公司在2019年停止了之前的尝试后，于今年早些时候恢复了该公司的出售。</blockquote></p><p> Charterhouse bought Mirion in 2015 for $750 million.</p><p><blockquote>Charterhouse于2015年以7.5亿美元收购了Mirion。</blockquote></p><p> Mirion has pursued a string of acquisitions to expand its gamut of services that include detection, measurement and analysis solutions to the nuclear, defence, medical end markets. Its most recent acquisitions include Germany-based Dosimetrics GmbH and Sun Nuclear Corp.</p><p><blockquote>Mirion进行了一系列收购，以扩大其服务范围，包括核、国防和医疗终端市场的检测、测量和分析解决方案。其最近的收购包括总部位于德国的Dosimetrics GmbH和Sun Nuclear Corp。</blockquote></p><p> GS Acquisition, a special purpose acquisition company (SPAC), went public in a $700 million IPO in June last year.</p><p><blockquote>GS Acquisition是一家特殊目的收购公司（SPAC），去年6月以7亿美元的IPO上市。</blockquote></p><p> SPACs are shell companies which raise funds through an initial public offering to take a private company public through a merger at a later date.</p><p><blockquote>SPAC是空壳公司，通过首次公开募股筹集资金，以便在以后通过合并使私营公司上市。</blockquote></p><p> Concerns that SPACs have taken pre-revenue, loss-making electric vehicle makers public at very high valuations have turned PIPE investors away in recent weeks.</p><p><blockquote>最近几周，人们担心SPAC以非常高的估值让尚未盈利、亏损的电动汽车制造商上市，这让PIPE投资者望而却步。</blockquote></p><p> Mirion will list on the New York Stock Exchange under the ticker symbol “MIR”, after the deal closes in the second half of the year.</p><p><blockquote>交易于今年下半年完成后，Mirion将在纽约证券交易所上市，股票代码为“MIR”。</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>Goldman-backed SPAC to take Mirion Tech public in $2.6 billion deal<blockquote>高盛支持的SPAC将以26亿美元的交易让Mirion Tech上市</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman-backed SPAC to take Mirion Tech public in $2.6 billion deal<blockquote>高盛支持的SPAC将以26亿美元的交易让Mirion Tech上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-17 20:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.</p><p><blockquote>-辐射检测提供商Mirion Technologies Inc周四表示，将通过与高盛集团支持的特殊目的收购公司合并上市，该交易对合并后实体的估值为26亿美元。</blockquote></p><p> The deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity (PIPE) of $900 million from investors such as Fidelity Management &amp; Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.</p><p><blockquote>与GS Acquisition Holdings Corp II的交易将得到富达管理与研究公司有限责任公司、贝莱德、路博迈基金和骏利亨德森投资者等投资者9亿美元的公共股权私人投资(PIPE)的支持。</blockquote></p><p> PIPE also includes a $200 million investment from Goldman Sachs.</p><p><blockquote>PIPE还包括高盛的2亿美元投资。</blockquote></p><p> Mirion is owned by London-based private equity firm Charterhouse Capital Partners, which revived a sale of the company earlier this year after halting a previous attempt in 2019, according to a report by Bloomberg.</p><p><blockquote>据彭博社报道，Mirion归总部位于伦敦的私募股权公司Charterhouse Capital Partners所有，该公司在2019年停止了之前的尝试后，于今年早些时候恢复了该公司的出售。</blockquote></p><p> Charterhouse bought Mirion in 2015 for $750 million.</p><p><blockquote>Charterhouse于2015年以7.5亿美元收购了Mirion。</blockquote></p><p> Mirion has pursued a string of acquisitions to expand its gamut of services that include detection, measurement and analysis solutions to the nuclear, defence, medical end markets. Its most recent acquisitions include Germany-based Dosimetrics GmbH and Sun Nuclear Corp.</p><p><blockquote>Mirion进行了一系列收购，以扩大其服务范围，包括核、国防和医疗终端市场的检测、测量和分析解决方案。其最近的收购包括总部位于德国的Dosimetrics GmbH和Sun Nuclear Corp。</blockquote></p><p> GS Acquisition, a special purpose acquisition company (SPAC), went public in a $700 million IPO in June last year.</p><p><blockquote>GS Acquisition是一家特殊目的收购公司（SPAC），去年6月以7亿美元的IPO上市。</blockquote></p><p> SPACs are shell companies which raise funds through an initial public offering to take a private company public through a merger at a later date.</p><p><blockquote>SPAC是空壳公司，通过首次公开募股筹集资金，以便在以后通过合并使私营公司上市。</blockquote></p><p> Concerns that SPACs have taken pre-revenue, loss-making electric vehicle makers public at very high valuations have turned PIPE investors away in recent weeks.</p><p><blockquote>最近几周，人们担心SPAC以非常高的估值让尚未盈利、亏损的电动汽车制造商上市，这让PIPE投资者望而却步。</blockquote></p><p> Mirion will list on the New York Stock Exchange under the ticker symbol “MIR”, after the deal closes in the second half of the year.</p><p><blockquote>交易于今年下半年完成后，Mirion将在纽约证券交易所上市，股票代码为“MIR”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://wwww.reuters.com/article/mirion-tech-ma-gs-acquisition/update-1-goldman-backed-spac-to-take-mirion-tech-public-in-2-6-bln-deal-idUSL3N2NZ354\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GSAH.U":"GS Acquisition Holdings Corp II"},"source_url":"https://wwww.reuters.com/article/mirion-tech-ma-gs-acquisition/update-1-goldman-backed-spac-to-take-mirion-tech-public-in-2-6-bln-deal-idUSL3N2NZ354","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121317952","content_text":"-Radiation detection provider Mirion Technologies Inc said on Thursday it will go public through a merger with a Goldman Sachs Group Inc-backed special purpose acquisition company, in a deal that values the combined entity at $2.6 billion.\nThe deal with GS Acquisition Holdings Corp II will be supported by a private investment in public equity (PIPE) of $900 million from investors such as Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.\nPIPE also includes a $200 million investment from Goldman Sachs.\nMirion is owned by London-based private equity firm Charterhouse Capital Partners, which revived a sale of the company earlier this year after halting a previous attempt in 2019, according to a report by Bloomberg.\nCharterhouse bought Mirion in 2015 for $750 million.\nMirion has pursued a string of acquisitions to expand its gamut of services that include detection, measurement and analysis solutions to the nuclear, defence, medical end markets. Its most recent acquisitions include Germany-based Dosimetrics GmbH and Sun Nuclear Corp.\nGS Acquisition, a special purpose acquisition company (SPAC), went public in a $700 million IPO in June last year.\nSPACs are shell companies which raise funds through an initial public offering to take a private company public through a merger at a later date.\nConcerns that SPACs have taken pre-revenue, loss-making electric vehicle makers public at very high valuations have turned PIPE investors away in recent weeks.\nMirion will list on the New York Stock Exchange under the ticker symbol “MIR”, after the deal closes in the second half of the year.","news_type":1,"symbols_score_info":{"GSAH.U":0.9}},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169504160,"gmtCreate":1623841322850,"gmtModify":1631893030085,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"&nbsp;Nice&nbsp;","listText":"&nbsp;Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169504160","repostId":"1105866425","repostType":4,"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169505498,"gmtCreate":1623841313214,"gmtModify":1631893030088,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169505498","repostId":"2143956957","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161562321,"gmtCreate":1623935483363,"gmtModify":1631893030077,"author":{"id":"3581556079916824","authorId":"3581556079916824","name":"Christyne","avatar":"https://static.tigerbbs.com/0992968866edbb36b61df9f9a1d29da9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581556079916824","authorIdStr":"3581556079916824"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161562321","repostId":"2144493207","repostType":4,"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}