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2021-07-09

Good [Miser] [Miser]

Apple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote>

2021-07-09

hmmm[Glance]

抱歉，原内容已删除

2021-07-09

[Miser] [Miser]

GameStop Short Seller Melvin Capital Ended 2021 First-Half With 46% Loss: Report<blockquote>游戏驿站卖空者Melvin Capital 2021年上半年亏损46%：报告</blockquote>

2021-07-09

[What] [What]

抱歉，原内容已删除

2021-06-23

[Duh] [Duh]

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

2021-06-19

[Observation] [Observation]

抱歉，原内容已删除

2021-06-19

[Eye] [Eye]

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

2021-06-18

🤞🏻🤞🏻

Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>

2021-06-18

💰💰

Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>

2021-06-18

🙏🏻🙏🏻

Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>

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22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares surges&nbsp;1.4%,climbing to a new&nbsp;record high.</p><p><blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ec1879e2b236e7f57fd94e6811ef06e\" tg-width=\"792\" tg-height=\"628\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173679159","content_text":"Apple shares surges 1.4%,climbing to a new record 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[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141927115","repostId":"1113072261","repostType":4,"repost":{"id":"1113072261","kind":"news","pubTimestamp":1625823554,"share":"https://www.laohu8.com/m/news/1113072261?lang=zh_CN&edition=full","pubTime":"2021-07-09 17:39","market":"us","language":"en","title":"GameStop Short Seller Melvin Capital Ended 2021 First-Half With 46% Loss: Report<blockquote>游戏驿站卖空者Melvin Capital 2021年上半年亏损46%：报告</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113072261","media":"Benzinga","summary":"GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of","content":"<p><div> GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of 46%, Bloomberg reported Thursday, citing people familiar with the matter. What Happened:Founded in ...</p><p><blockquote><div>彭博社周四援引知情人士的话报道称，游戏驿站公司卖空者Melvin Capital Management LP 2021年上半年亏损46%。发生了什么：成立于...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">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>GameStop Short Seller Melvin Capital Ended 2021 First-Half With 46% Loss: Report<blockquote>游戏驿站卖空者Melvin Capital 2021年上半年亏损46%：报告</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\">\nGameStop Short Seller Melvin Capital Ended 2021 First-Half With 46% Loss: Report<blockquote>游戏驿站卖空者Melvin Capital 2021年上半年亏损46%：报告</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-09 17:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of 46%, Bloomberg reported Thursday, citing people familiar with the matter. What Happened:Founded in ...</p><p><blockquote><div>彭博社周四援引知情人士的话报道称，游戏驿站公司卖空者Melvin Capital Management LP 2021年上半年亏损46%。发生了什么：成立于...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">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/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">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":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113072261","content_text":"GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of 46%, Bloomberg reported Thursday, citing people familiar with the matter.\nWhat Happened:Founded in 2014 by Gabe Plotkin, a former portfolio manager for Steve Cohen, Melvin Capital was at the heart of the GameStop saga earlier this year.\nThe hedge fund, which managed $11 billion in assets as of June 1, is taking smaller-sized positions to limit exposure to single companies, as per the report.\nPlotkin has reportedly instructed his team of data scientists to watch social media and message boards to look for shares that are seeing high support from retail investors.\nWhy It Matters:Melvin Capital’s first-half results indicate the hedge fund is struggling to rebound from thelossesit incurred from betting against GameStop and other stonks - stocks popular with retail investors.\nMelvin Capital said in May it has closed out of all its public bearish positions in the first quarter. This included its listed put options in GameStop.\nIt was reported in June that London-based White Square Capital is shutting down after suffering huge losses during the retail trading frenzy earlier in the year. This marked one of the first hedge fund closures following the surge in shares of stonks.\nIn early June,AMC Entertainment Holdings Inc. and GameStop short-seller losses swelled up to$12 billionon a year-to-date basis. Both the stocks continue to seehigh interestfrom retail investors.\nPrice Action: AMC Entertainment shares closed almost 6.4% higher in Thursday’s regular trading session at $47.94, while GameStop shares closed almost 0.4% higher at $191.38.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141922499,"gmtCreate":1625834993011,"gmtModify":1631891338722,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585138754791241","idStr":"3585138754791241"},"themes":[],"htmlText":"[What]&nbsp;[What]&nbsp;","listText":"[What]&nbsp;[What]&nbsp;","text":"[What] [What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141922499","repostId":"2150374037","repostType":4,"isVote":1,"tweetType":1,"viewCount":1497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129431148,"gmtCreate":1624380199984,"gmtModify":1631891338738,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585138754791241","idStr":"3585138754791241"},"themes":[],"htmlText":"[Duh]&nbsp;[Duh]&nbsp;","listText":"[Duh]&nbsp;[Duh]&nbsp;","text":"[Duh] [Duh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129431148","repostId":"1143759096","repostType":4,"repost":{"id":"1143759096","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624371721,"share":"https://www.laohu8.com/m/news/1143759096?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:22","market":"us","language":"en","title":"EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143759096","media":"Tiger Newspress","summary":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,","content":"<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143759096","content_text":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.\n\nLi Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes, According To Forbes.\nThe stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.\nThe outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.\nNow are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.\n[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?\nChinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.\nHowever, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.\nDespite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.\n[5/21/2021] How Do Chinese EV Stocks Compare?\nU.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.\nOur analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.\nNio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.\nXpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.\nLi Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.\n[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare\nThe Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysisNio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.\nOverview Of Nio, Li Auto & Xpeng’s Business\nNio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.\nLi Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.\nXpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.\nHow Have The Deliveries, Revenues & Margins Trended\nNio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.\nValuation\nNio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.\nWhile valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.\nElectric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing inElectric Vehicle Component Supplier Stockscan be a good alternative to play the growth in the EV market.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9,"XPEV":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":1885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162378935,"gmtCreate":1624037401627,"gmtModify":1631891338753,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585138754791241","idStr":"3585138754791241"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162378935","repostId":"1183646767","repostType":2,"isVote":1,"tweetType":1,"viewCount":1623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162943763,"gmtCreate":1624032656152,"gmtModify":1631891338759,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585138754791241","idStr":"3585138754791241"},"themes":[],"htmlText":"[Eye]&nbsp;[Eye]&nbsp;","listText":"[Eye]&nbsp;[Eye]&nbsp;","text":"[Eye] [Eye]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162943763","repostId":"2144774740","repostType":4,"repost":{"id":"2144774740","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1624030096,"share":"https://www.laohu8.com/m/news/2144774740?lang=zh_CN&edition=full","pubTime":"2021-06-18 23:28","market":"us","language":"en","title":"Adobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2144774740","media":"Investors","summary":"Software giant Adobe is benefiting as the economy reopens following the Covid-19 pandemic, a senior executive says.","content":"<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，这种势头将在该公司季节性疲软的第三财季持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time smaller\">2021-06-18 23:28</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，这种势头将在该公司季节性疲软的第三财季持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144774740","content_text":"Software giant Adobe is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.\nThe maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.\nThe San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.\nFor the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.\nADBE Stock Rises After Earnings Report\nIn morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.\n\"All three of our businesses — Creative Cloud, Document Cloud and Experience Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"\nThat momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.\n\"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"\nThe reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.\nAnalysts Raise Price Targets On Adobe Stock\nAt least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.\nMizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.\n\"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"\nOn June 11, ADBE stock broke out of a 40-week consolidation period at a buy point of 536.98, according to IBD MarketSmith charts.\nHowever, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.","news_type":1,"symbols_score_info":{"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166405727,"gmtCreate":1624020931369,"gmtModify":1631891338775,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585138754791241","idStr":"3585138754791241"},"themes":[],"htmlText":"🤞🏻🤞🏻","listText":"🤞🏻🤞🏻","text":"🤞🏻🤞🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166405727","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</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 09:07</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>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">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":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166408752,"gmtCreate":1624020831576,"gmtModify":1631891338787,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585138754791241","idStr":"3585138754791241"},"themes":[],"htmlText":"💰💰","listText":"💰💰","text":"💰💰","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166408752","repostId":"1147049745","repostType":4,"repost":{"id":"1147049745","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624018214,"share":"https://www.laohu8.com/m/news/1147049745?lang=zh_CN&edition=full","pubTime":"2021-06-18 20:10","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147049745","media":"Tiger Newspress","summary":"U.S. stock futures fell on Friday as the S&P 500 and the Dow Jones Industrial Average are on pace to","content":"<p>U.S. stock futures fell on Friday as the S&amp;P 500 and the Dow Jones Industrial Average are on pace to post a losing week after the Federal Reserve's latest policy update.</p><p><blockquote>美国股指期货周五下跌，因为在美联储最新政策更新后，标普500和道琼斯工业平均指数预计将出现本周下跌。</blockquote></p><p> At 8:05 a.m. ET, Dow E-minis were down 153 points, or 0.45%, S&amp;P 500 E-minis were down 14.75 points, or 0.35% and Nasdaq 100 E-minis fell 18.5 points, or 0.13%.</p><p><blockquote>截至美国东部时间上午8:05，道指E-minis下跌153点，跌幅0.45%，标普500 E-minis下跌14.75点，跌幅0.35%，纳斯达克100 E-minis下跌18.5点，跌幅0.13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25234fe10c0fe8a9e73f2cec66447216\" tg-width=\"1003\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:05</span></p></blockquote></p><p> The blue-chip Dow has lost 1.9% week to date, on pace for its worst week since January. The S&amp;P 500 has fallen 0.6%. But the Nasdaq has gained 0.65% on the week.</p><p><blockquote>蓝筹股道琼斯指数本周迄今已下跌1.9%，创下1月份以来最糟糕的一周。标普500下跌0.6%。但纳斯达克本周上涨了0.65%。</blockquote></p><p> The decline in stocks came amid a drastic flattening of the so-called Treasury yield curve&nbsp;where the yields of shorter-duration Treasurys, like the&nbsp;2-year note, rose, while longer duration yields, such as the benchmark 10-year fell.&nbsp;The retreat in long-dated bonds reflects less optimism toward the economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.</p><p><blockquote>股市下跌之际，所谓的国债收益率曲线急剧变平，2年期国债等短期国债收益率上升，而基准10年期国债等长期国债收益率下降。长期债券的回落反映了对经济增长的不太乐观，而短期收益率的跃升则显示了美联储加息的预期。</blockquote></p><p> The central bank's hawkish pivot on Wednesday&nbsp;caused volatile stock and bond market moves. Fed officials added two rate hikes to their 2023 forecast and increased their inflation projection for the year, while Fed Chairman Jerome Powell said officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.</p><p><blockquote>央行周三的鹰派转向导致股市和债市波动。美联储官员在2023年的预测中增加了两次加息，并提高了今年的通胀预测，而美联储主席鲍威尔表示，官员们已经讨论了缩减债券购买，并将在某个时候开始放缓资产购买。</blockquote></p><p> Friday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.</p><p><blockquote>周五也恰逢季度“四重巫术”，指数和股票的期权和期货到期。许多人预计，鉴于这一事件，交易将更加波动。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Adobe(ADBE) </b>– Adobe reported quarterly profit of $3.03 per share, 21 cents a share above estimates. The software company's revenue also topped Wall Street forecasts and Adobe gave stronger-than-expected current-quarter guidance. Its shares rose 3.1% in premarket trading.</p><p><blockquote><b>Adobe(ADBE)</b>-Adobe报告季度利润为每股3.03美元，比预期高出每股21美分。该软件公司的收入也超出了华尔街的预期，Adobe给出了强于预期的本季度指引。其股价在盘前交易中上涨3.1%。</blockquote></p><p> <b>Smith &amp; Wesson(SWBI) </b>– Smith &amp; Wesson reported better-than-expected profit and sales for its latest quarter, as the gun maker's sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.</p><p><blockquote><b>史密斯威森(SWBI)</b>-Smith&amp;Wesson报告其最新季度的利润和销售额好于预期，该枪支制造商的销售额与去年同期相比飙升了67%。该公司指出，其出货量增长了70%，而行业整体增长率为42%。股价在盘前交易中上涨4.7%。</blockquote></p><p> <b>Orphazyme(ORPH)</b> – Orphazyme plunged 52.6% in the premarket after the Food and Drug Administration rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C. The Denmark-based biotech company had seen volatile trading in its shares in recent days after it picked up social media attention, falling 10.2% Thursday after a more than 61% surge Wednesday.</p><p><blockquote><b>Orphazyme(ORPH)</b>-在美国食品和药物管理局拒绝其对尼曼-皮克病C型遗传疾病的实验性治疗后，Orphazyme在盘前暴跌52.6%。这家总部位于丹麦的生物技术公司最近几天股价波动较大社交媒体关注度在周三飙升超过61%后，周四下跌10.2%。</blockquote></p><p> <b>Delta Air Lines(DAL)</b> – The stock added 1.1% in the premarket following a double upgrade at Wolfe Research to \"outperform\" from \"underperform.\" Wolfe said it sees business travel benefiting from pent-up demand later this summer, although it doesn't think it will return to pre-Covid levels.</p><p><blockquote><b>达美航空(DAL)</b>-Wolfe Research将评级从“跑输大盘”上调至“跑赢大盘”，该股盘前上涨1.1%。沃尔夫表示，预计今年夏天晚些时候商务旅行将受益于被压抑的需求，尽管它认为不会恢复到新冠疫情爆发前的水平。</blockquote></p><p> <b>Manchester United(MANU) </b>– Manchester United lost $30.2 million for the first three months of this year, due largely to the absence of fans at its games because of the coronavirus pandemic. All of the team's 2020-21 season games were played without spectators.</p><p><blockquote><b>曼联(MANU)</b>-曼联今年前三个月损失了3020万美元，主要是由于冠状病毒大流行导致球迷缺席比赛。球队2020-21赛季的所有比赛都是在没有观众的情况下进行的。</blockquote></p><p> <b>ArcelorMittal(MT) </b>– ArcelorMittal sold its remaining 38.2 million shares of steel producerCleveland-Cliffs(CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in premarket action, while Cleveland-Cliffs added 0.3%.</p><p><blockquote><b>安赛乐米塔尔(MT)</b>-安赛乐米塔尔出售了钢铁生产商克利夫兰克利夫斯(CLF)剩余的3820万股股票。该矿业公司将利用所得款项为7.5亿美元的股票回购提供资金。阿塞洛-米塔尔(Arcelor-Mittal)盘前上涨1%，克利夫兰克利夫斯(Cleveland-Cliffs)上涨0.3%。</blockquote></p><p> <b>Carnival(CCL) </b>– The cruise line operator disclosed a March data breach that may have exposed personal information of customers of its Carnival, Holland America and Princess brands. It did not disclose how many may have been affected.</p><p><blockquote><b>嘉年华(CCL)</b>-该邮轮运营商披露了3月份的数据泄露事件，该事件可能暴露了其嘉年华、荷美和公主品牌客户的个人信息。它没有透露有多少人可能受到影响。</blockquote></p><p> <b>Fox Corp.(FOXA) </b>– Fox increased its stock repurchase program by $2 billion to a total of $4 billion, helping to send its shares higher by 2.8% in the premarket.</p><p><blockquote><b>福克斯公司(FOXA)</b>-福克斯将股票回购计划增加了20亿美元，总额达到40亿美元，帮助其股价在盘前上涨2.8%。</blockquote></p><p> <b>Pilgrim's Pride(PPC) </b>– Pilgrim's Pride expanded its prepared foods and branded products business by purchasing Kerry Group's Meats and Meals business. The poultry producer will pay the Ireland-based company about $947 million for that unit.</p><p><blockquote><b>朝圣者的骄傲(PPC)</b>–Pilgrim's Pride透过收购嘉里集团的肉类及膳食业务，扩展其熟食及品牌产品业务。这家家禽生产商将向这家总部位于爱尔兰的公司支付约9.47亿美元购买该设备。</blockquote></p><p> <b>Hasbro(HAS),Mattel(MAT) </b>– The toymakers are on watch following a New York Post report warning of a potential toy shortage this coming holiday season. The paper said thousands of toys ready for shipment remain stockpiled in China due to the lack of shipping containers available for export.</p><p><blockquote><b>孩之宝(HAS)、美泰(MAT)</b>-《纽约邮报》的一篇报道警告即将到来的假期可能会出现玩具短缺，玩具制造商正在密切关注。该报称，由于缺乏可供出口的集装箱，数千件准备装运的玩具仍储存在中国。</blockquote></p><p> <b>Biogen(BIIB)</b> – The drugmaker's stock was upgraded to \"overweight\" from \"neutral\" at Piper Sandler, which cites a number of factors including the likelihood that doctors will prescribe Biogen's newly approved Alzheimer's drug Aduhelm. Biogen shares rose 1.7% in the premarket.</p><p><blockquote><b>Biogen(BIIB)</b>–Piper Sandler将该制药商的股票从“中性”上调至“跑赢大盘”，该评级引用了许多因素，包括医生可能会开百健新批准的阿尔茨海默病药物Aduhelm。百健(Biogen)股价盘前上涨1.7%。</blockquote></p><p></p><p> <b>Citigroup(C) </b>– The bank's stock remains on watch after declining for the past 11 consecutive trading days, losing 14% over that time.</p><p><blockquote><b>花旗集团(C)</b>-该银行股价在过去连续11个交易日下跌后仍受到关注，在此期间下跌了14%。</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>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</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\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 20:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock futures fell on Friday as the S&amp;P 500 and the Dow Jones Industrial Average are on pace to post a losing week after the Federal Reserve's latest policy update.</p><p><blockquote>美国股指期货周五下跌，因为在美联储最新政策更新后，标普500和道琼斯工业平均指数预计将出现本周下跌。</blockquote></p><p> At 8:05 a.m. ET, Dow E-minis were down 153 points, or 0.45%, S&amp;P 500 E-minis were down 14.75 points, or 0.35% and Nasdaq 100 E-minis fell 18.5 points, or 0.13%.</p><p><blockquote>截至美国东部时间上午8:05，道指E-minis下跌153点，跌幅0.45%，标普500 E-minis下跌14.75点，跌幅0.35%，纳斯达克100 E-minis下跌18.5点，跌幅0.13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25234fe10c0fe8a9e73f2cec66447216\" tg-width=\"1003\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:05</span></p></blockquote></p><p> The blue-chip Dow has lost 1.9% week to date, on pace for its worst week since January. The S&amp;P 500 has fallen 0.6%. But the Nasdaq has gained 0.65% on the week.</p><p><blockquote>蓝筹股道琼斯指数本周迄今已下跌1.9%，创下1月份以来最糟糕的一周。标普500下跌0.6%。但纳斯达克本周上涨了0.65%。</blockquote></p><p> The decline in stocks came amid a drastic flattening of the so-called Treasury yield curve&nbsp;where the yields of shorter-duration Treasurys, like the&nbsp;2-year note, rose, while longer duration yields, such as the benchmark 10-year fell.&nbsp;The retreat in long-dated bonds reflects less optimism toward the economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.</p><p><blockquote>股市下跌之际，所谓的国债收益率曲线急剧变平，2年期国债等短期国债收益率上升，而基准10年期国债等长期国债收益率下降。长期债券的回落反映了对经济增长的不太乐观，而短期收益率的跃升则显示了美联储加息的预期。</blockquote></p><p> The central bank's hawkish pivot on Wednesday&nbsp;caused volatile stock and bond market moves. Fed officials added two rate hikes to their 2023 forecast and increased their inflation projection for the year, while Fed Chairman Jerome Powell said officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.</p><p><blockquote>央行周三的鹰派转向导致股市和债市波动。美联储官员在2023年的预测中增加了两次加息，并提高了今年的通胀预测，而美联储主席鲍威尔表示，官员们已经讨论了缩减债券购买，并将在某个时候开始放缓资产购买。</blockquote></p><p> Friday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.</p><p><blockquote>周五也恰逢季度“四重巫术”，指数和股票的期权和期货到期。许多人预计，鉴于这一事件，交易将更加波动。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Adobe(ADBE) </b>– Adobe reported quarterly profit of $3.03 per share, 21 cents a share above estimates. The software company's revenue also topped Wall Street forecasts and Adobe gave stronger-than-expected current-quarter guidance. Its shares rose 3.1% in premarket trading.</p><p><blockquote><b>Adobe(ADBE)</b>-Adobe报告季度利润为每股3.03美元，比预期高出每股21美分。该软件公司的收入也超出了华尔街的预期，Adobe给出了强于预期的本季度指引。其股价在盘前交易中上涨3.1%。</blockquote></p><p> <b>Smith &amp; Wesson(SWBI) </b>– Smith &amp; Wesson reported better-than-expected profit and sales for its latest quarter, as the gun maker's sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.</p><p><blockquote><b>史密斯威森(SWBI)</b>-Smith&amp;Wesson报告其最新季度的利润和销售额好于预期，该枪支制造商的销售额与去年同期相比飙升了67%。该公司指出，其出货量增长了70%，而行业整体增长率为42%。股价在盘前交易中上涨4.7%。</blockquote></p><p> <b>Orphazyme(ORPH)</b> – Orphazyme plunged 52.6% in the premarket after the Food and Drug Administration rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C. The Denmark-based biotech company had seen volatile trading in its shares in recent days after it picked up social media attention, falling 10.2% Thursday after a more than 61% surge Wednesday.</p><p><blockquote><b>Orphazyme(ORPH)</b>-在美国食品和药物管理局拒绝其对尼曼-皮克病C型遗传疾病的实验性治疗后，Orphazyme在盘前暴跌52.6%。这家总部位于丹麦的生物技术公司最近几天股价波动较大社交媒体关注度在周三飙升超过61%后，周四下跌10.2%。</blockquote></p><p> <b>Delta Air Lines(DAL)</b> – The stock added 1.1% in the premarket following a double upgrade at Wolfe Research to \"outperform\" from \"underperform.\" Wolfe said it sees business travel benefiting from pent-up demand later this summer, although it doesn't think it will return to pre-Covid levels.</p><p><blockquote><b>达美航空(DAL)</b>-Wolfe Research将评级从“跑输大盘”上调至“跑赢大盘”，该股盘前上涨1.1%。沃尔夫表示，预计今年夏天晚些时候商务旅行将受益于被压抑的需求，尽管它认为不会恢复到新冠疫情爆发前的水平。</blockquote></p><p> <b>Manchester United(MANU) </b>– Manchester United lost $30.2 million for the first three months of this year, due largely to the absence of fans at its games because of the coronavirus pandemic. All of the team's 2020-21 season games were played without spectators.</p><p><blockquote><b>曼联(MANU)</b>-曼联今年前三个月损失了3020万美元，主要是由于冠状病毒大流行导致球迷缺席比赛。球队2020-21赛季的所有比赛都是在没有观众的情况下进行的。</blockquote></p><p> <b>ArcelorMittal(MT) </b>– ArcelorMittal sold its remaining 38.2 million shares of steel producerCleveland-Cliffs(CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in premarket action, while Cleveland-Cliffs added 0.3%.</p><p><blockquote><b>安赛乐米塔尔(MT)</b>-安赛乐米塔尔出售了钢铁生产商克利夫兰克利夫斯(CLF)剩余的3820万股股票。该矿业公司将利用所得款项为7.5亿美元的股票回购提供资金。阿塞洛-米塔尔(Arcelor-Mittal)盘前上涨1%，克利夫兰克利夫斯(Cleveland-Cliffs)上涨0.3%。</blockquote></p><p> <b>Carnival(CCL) </b>– The cruise line operator disclosed a March data breach that may have exposed personal information of customers of its Carnival, Holland America and Princess brands. It did not disclose how many may have been affected.</p><p><blockquote><b>嘉年华(CCL)</b>-该邮轮运营商披露了3月份的数据泄露事件，该事件可能暴露了其嘉年华、荷美和公主品牌客户的个人信息。它没有透露有多少人可能受到影响。</blockquote></p><p> <b>Fox Corp.(FOXA) </b>– Fox increased its stock repurchase program by $2 billion to a total of $4 billion, helping to send its shares higher by 2.8% in the premarket.</p><p><blockquote><b>福克斯公司(FOXA)</b>-福克斯将股票回购计划增加了20亿美元，总额达到40亿美元，帮助其股价在盘前上涨2.8%。</blockquote></p><p> <b>Pilgrim's Pride(PPC) </b>– Pilgrim's Pride expanded its prepared foods and branded products business by purchasing Kerry Group's Meats and Meals business. The poultry producer will pay the Ireland-based company about $947 million for that unit.</p><p><blockquote><b>朝圣者的骄傲(PPC)</b>–Pilgrim's Pride透过收购嘉里集团的肉类及膳食业务，扩展其熟食及品牌产品业务。这家家禽生产商将向这家总部位于爱尔兰的公司支付约9.47亿美元购买该设备。</blockquote></p><p> <b>Hasbro(HAS),Mattel(MAT) </b>– The toymakers are on watch following a New York Post report warning of a potential toy shortage this coming holiday season. The paper said thousands of toys ready for shipment remain stockpiled in China due to the lack of shipping containers available for export.</p><p><blockquote><b>孩之宝(HAS)、美泰(MAT)</b>-《纽约邮报》的一篇报道警告即将到来的假期可能会出现玩具短缺，玩具制造商正在密切关注。该报称，由于缺乏可供出口的集装箱，数千件准备装运的玩具仍储存在中国。</blockquote></p><p> <b>Biogen(BIIB)</b> – The drugmaker's stock was upgraded to \"overweight\" from \"neutral\" at Piper Sandler, which cites a number of factors including the likelihood that doctors will prescribe Biogen's newly approved Alzheimer's drug Aduhelm. Biogen shares rose 1.7% in the premarket.</p><p><blockquote><b>Biogen(BIIB)</b>–Piper Sandler将该制药商的股票从“中性”上调至“跑赢大盘”，该评级引用了许多因素，包括医生可能会开百健新批准的阿尔茨海默病药物Aduhelm。百健(Biogen)股价盘前上涨1.7%。</blockquote></p><p></p><p> <b>Citigroup(C) </b>– The bank's stock remains on watch after declining for the past 11 consecutive trading days, losing 14% over that time.</p><p><blockquote><b>花旗集团(C)</b>-该银行股价在过去连续11个交易日下跌后仍受到关注，在此期间下跌了14%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147049745","content_text":"U.S. stock futures fell on Friday as the S&P 500 and the Dow Jones Industrial Average are on pace to post a losing week after the Federal Reserve's latest policy update.\nAt 8:05 a.m. ET, Dow E-minis were down 153 points, or 0.45%, S&P 500 E-minis were down 14.75 points, or 0.35% and Nasdaq 100 E-minis fell 18.5 points, or 0.13%.\n*Source From Tiger Trade, EST 08:05\nThe blue-chip Dow has lost 1.9% week to date, on pace for its worst week since January. The S&P 500 has fallen 0.6%. But the Nasdaq has gained 0.65% on the week.\nThe decline in stocks came amid a drastic flattening of the so-called Treasury yield curve where the yields of shorter-duration Treasurys, like the 2-year note, rose, while longer duration yields, such as the benchmark 10-year fell. The retreat in long-dated bonds reflects less optimism toward the economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.\nThe central bank's hawkish pivot on Wednesday caused volatile stock and bond market moves. Fed officials added two rate hikes to their 2023 forecast and increased their inflation projection for the year, while Fed Chairman Jerome Powell said officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.\nFriday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.\nStocks making the biggest moves in the premarket:\nAdobe(ADBE) – Adobe reported quarterly profit of $3.03 per share, 21 cents a share above estimates. The software company's revenue also topped Wall Street forecasts and Adobe gave stronger-than-expected current-quarter guidance. Its shares rose 3.1% in premarket trading.\nSmith & Wesson(SWBI) – Smith & Wesson reported better-than-expected profit and sales for its latest quarter, as the gun maker's sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.\nOrphazyme(ORPH) – Orphazyme plunged 52.6% in the premarket after the Food and Drug Administration rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C. The Denmark-based biotech company had seen volatile trading in its shares in recent days after it picked up social media attention, falling 10.2% Thursday after a more than 61% surge Wednesday.\nDelta Air Lines(DAL) – The stock added 1.1% in the premarket following a double upgrade at Wolfe Research to \"outperform\" from \"underperform.\" Wolfe said it sees business travel benefiting from pent-up demand later this summer, although it doesn't think it will return to pre-Covid levels.\nManchester United(MANU) – Manchester United lost $30.2 million for the first three months of this year, due largely to the absence of fans at its games because of the coronavirus pandemic. All of the team's 2020-21 season games were played without spectators.\nArcelorMittal(MT) – ArcelorMittal sold its remaining 38.2 million shares of steel producerCleveland-Cliffs(CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in premarket action, while Cleveland-Cliffs added 0.3%.\nCarnival(CCL) – The cruise line operator disclosed a March data breach that may have exposed personal information of customers of its Carnival, Holland America and Princess brands. It did not disclose how many may have been affected.\nFox Corp.(FOXA) – Fox increased its stock repurchase program by $2 billion to a total of $4 billion, helping to send its shares higher by 2.8% in the premarket.\nPilgrim's Pride(PPC) – Pilgrim's Pride expanded its prepared foods and branded products business by purchasing Kerry Group's Meats and Meals business. The poultry producer will pay the Ireland-based company about $947 million for that unit.\nHasbro(HAS),Mattel(MAT) – The toymakers are on watch following a New York Post report warning of a potential toy shortage this coming holiday season. The paper said thousands of toys ready for shipment remain stockpiled in China due to the lack of shipping containers available for export.\nBiogen(BIIB) – The drugmaker's stock was upgraded to \"overweight\" from \"neutral\" at Piper Sandler, which cites a number of factors including the likelihood that doctors will prescribe Biogen's newly approved Alzheimer's drug Aduhelm. Biogen shares rose 1.7% in the premarket.\nCitigroup(C) – The bank's stock remains on watch after declining for the past 11 consecutive trading days, losing 14% over that time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166403954,"gmtCreate":1624020709878,"gmtModify":1631891338797,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585138754791241","idStr":"3585138754791241"},"themes":[],"htmlText":"🙏🏻🙏🏻","listText":"🙏🏻🙏🏻","text":"🙏🏻🙏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166403954","repostId":"1142916683","repostType":4,"repost":{"id":"1142916683","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624003342,"share":"https://www.laohu8.com/m/news/1142916683?lang=zh_CN&edition=full","pubTime":"2021-06-18 16:02","market":"us","language":"en","title":"Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142916683","media":"Tiger Newspress","summary":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial foreca","content":"<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</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>Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</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\">\nOrphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142916683","content_text":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.\nOrphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.\nAs a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.\n\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.\nOrphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.","news_type":1,"symbols_score_info":{"ORPH":0.9}},"isVote":1,"tweetType":1,"viewCount":1613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":141922499,"gmtCreate":1625834993011,"gmtModify":1631891338722,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"[What]&nbsp;[What]&nbsp;","listText":"[What]&nbsp;[What]&nbsp;","text":"[What] [What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141922499","repostId":"2150374037","repostType":4,"isVote":1,"tweetType":1,"viewCount":1497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162943763,"gmtCreate":1624032656152,"gmtModify":1631891338759,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"[Eye]&nbsp;[Eye]&nbsp;","listText":"[Eye]&nbsp;[Eye]&nbsp;","text":"[Eye] [Eye]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162943763","repostId":"2144774740","repostType":4,"repost":{"id":"2144774740","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1624030096,"share":"https://www.laohu8.com/m/news/2144774740?lang=zh_CN&edition=full","pubTime":"2021-06-18 23:28","market":"us","language":"en","title":"Adobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2144774740","media":"Investors","summary":"Software giant Adobe is benefiting as the economy reopens following the Covid-19 pandemic, a senior executive says.","content":"<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，这种势头将在该公司季节性疲软的第三财季持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdobe Getting Lift From Economic Reopening Post-Pandemic<blockquote>Adobe从大流行后经济重新开放中获得提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time smaller\">2021-06-18 23:28</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p><p><blockquote>软件巨头<b><a href=\"https://laohu8.com/S/ADBE\">土坯</a></b>一位高管表示，随着Covid-19大流行消退，经济重新开放，该公司正在受益。该公司的季度报告证明了这一点。ADBE股价周五上涨。</blockquote></p><p> The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p><p><blockquote>这家数字媒体和营销软件制造商周四晚些时候公布的第二财季收益轻松超出预期。Adobe还指导了本季度的上述观点。</blockquote></p><p> The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p><p><blockquote>这家总部位于加利福尼亚州圣何塞的公司在截至6月4日的季度销售额为38.4亿美元，调整后每股收益为3.03美元。与去年同期相比，Adobe盈利增长24%，销售额增长23%。</blockquote></p><p> For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p><p><blockquote>Adobe预计本季度调整后每股收益为3美元，增长17%，销售额为38.8亿美元，增长20%。</blockquote></p><p> <h2>ADBE Stock Rises After Earnings Report</h2> In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p><p><blockquote><h2>ADBE股价在收益报告后上涨</h2>今天股市早盘交易中，ADBE股价上涨2.2%，接近563.35点。盘中早些时候，ADBE股价创下570点的历史新高。</blockquote></p><p> \"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p><p><blockquote>“我们的三项业务——创意云、文档云和<a href=\"https://laohu8.com/S/EXP.AU\">经验</a>云——本季度刚刚以出色的表现击败了它，”首席财务官约翰·墨菲(John Murphy)告诉《投资者商业日报》。“以个性化方式进行内容创作和客户体验参与正在我们所有业务中引起共鸣。它确实推动了业务的发展势头和加速。”</blockquote></p><p> That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p><p><blockquote>墨菲表示，这种势头将在该公司季节性疲软的第三财季持续下去。本季度包括夏季的六月、七月和八月。</blockquote></p><p> \"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p><p><blockquote>墨菲表示：“宏观经济稳定给了很多企业再次投资的信心。”“企业正在优先考虑数字化转型。”</blockquote></p><p> The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p><p><blockquote>他表示，疫情过后经济的重新开放和重返办公室应该会为Adobe的业务提供推动力。</blockquote></p><p> <h2>Analysts Raise Price Targets On Adobe Stock</h2> At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p><p><blockquote><h2>分析师提高Adobe股票的目标价</h2>财报发布后，至少15名华尔街分析师上调了ADBE股票的目标价。</blockquote></p><p> Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p><p><blockquote>瑞穗证券分析师Gregg Moskowitz重申了对ADBE股票的买入评级，并将目标价从600点上调至640点。</blockquote></p><p> \"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p><p><blockquote>莫斯科维茨在给客户的一份报告中表示：“Adobe广泛的软件解决方案组合使其成为内容创建、消费和协作的黄金标准。”“Adobe凭借其全面的端到端产品使其与竞争对手区分开来，处于有利地位，可以从数字化转型中受益。”</blockquote></p><p> On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p><p><blockquote>根据IBD MarketSmith图表，6月11日，ADBE股票突破了40周的盘整期，买入点为536.98。</blockquote></p><p> However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p><p><blockquote>然而，IBD排行榜分析为投资者提供了较大盘整格局中杯基的早期买入点525.54。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144774740","content_text":"Software giant Adobe is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.\nThe maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.\nThe San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.\nFor the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.\nADBE Stock Rises After Earnings Report\nIn morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.\n\"All three of our businesses — Creative Cloud, Document Cloud and Experience Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"\nThat momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.\n\"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"\nThe reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.\nAnalysts Raise Price Targets On Adobe Stock\nAt least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.\nMizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.\n\"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"\nOn June 11, ADBE stock broke out of a 40-week consolidation period at a buy point of 536.98, according to IBD MarketSmith charts.\nHowever, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.","news_type":1,"symbols_score_info":{"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166408752,"gmtCreate":1624020831576,"gmtModify":1631891338787,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"💰💰","listText":"💰💰","text":"💰💰","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166408752","repostId":"1147049745","repostType":4,"repost":{"id":"1147049745","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624018214,"share":"https://www.laohu8.com/m/news/1147049745?lang=zh_CN&edition=full","pubTime":"2021-06-18 20:10","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147049745","media":"Tiger Newspress","summary":"U.S. stock futures fell on Friday as the S&P 500 and the Dow Jones Industrial Average are on pace to","content":"<p>U.S. stock futures fell on Friday as the S&amp;P 500 and the Dow Jones Industrial Average are on pace to post a losing week after the Federal Reserve's latest policy update.</p><p><blockquote>美国股指期货周五下跌，因为在美联储最新政策更新后，标普500和道琼斯工业平均指数预计将出现本周下跌。</blockquote></p><p> At 8:05 a.m. ET, Dow E-minis were down 153 points, or 0.45%, S&amp;P 500 E-minis were down 14.75 points, or 0.35% and Nasdaq 100 E-minis fell 18.5 points, or 0.13%.</p><p><blockquote>截至美国东部时间上午8:05，道指E-minis下跌153点，跌幅0.45%，标普500 E-minis下跌14.75点，跌幅0.35%，纳斯达克100 E-minis下跌18.5点，跌幅0.13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25234fe10c0fe8a9e73f2cec66447216\" tg-width=\"1003\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:05</span></p></blockquote></p><p> The blue-chip Dow has lost 1.9% week to date, on pace for its worst week since January. The S&amp;P 500 has fallen 0.6%. But the Nasdaq has gained 0.65% on the week.</p><p><blockquote>蓝筹股道琼斯指数本周迄今已下跌1.9%，创下1月份以来最糟糕的一周。标普500下跌0.6%。但纳斯达克本周上涨了0.65%。</blockquote></p><p> The decline in stocks came amid a drastic flattening of the so-called Treasury yield curve&nbsp;where the yields of shorter-duration Treasurys, like the&nbsp;2-year note, rose, while longer duration yields, such as the benchmark 10-year fell.&nbsp;The retreat in long-dated bonds reflects less optimism toward the economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.</p><p><blockquote>股市下跌之际，所谓的国债收益率曲线急剧变平，2年期国债等短期国债收益率上升，而基准10年期国债等长期国债收益率下降。长期债券的回落反映了对经济增长的不太乐观，而短期收益率的跃升则显示了美联储加息的预期。</blockquote></p><p> The central bank's hawkish pivot on Wednesday&nbsp;caused volatile stock and bond market moves. Fed officials added two rate hikes to their 2023 forecast and increased their inflation projection for the year, while Fed Chairman Jerome Powell said officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.</p><p><blockquote>央行周三的鹰派转向导致股市和债市波动。美联储官员在2023年的预测中增加了两次加息，并提高了今年的通胀预测，而美联储主席鲍威尔表示，官员们已经讨论了缩减债券购买，并将在某个时候开始放缓资产购买。</blockquote></p><p> Friday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.</p><p><blockquote>周五也恰逢季度“四重巫术”，指数和股票的期权和期货到期。许多人预计，鉴于这一事件，交易将更加波动。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Adobe(ADBE) </b>– Adobe reported quarterly profit of $3.03 per share, 21 cents a share above estimates. The software company's revenue also topped Wall Street forecasts and Adobe gave stronger-than-expected current-quarter guidance. Its shares rose 3.1% in premarket trading.</p><p><blockquote><b>Adobe(ADBE)</b>-Adobe报告季度利润为每股3.03美元，比预期高出每股21美分。该软件公司的收入也超出了华尔街的预期，Adobe给出了强于预期的本季度指引。其股价在盘前交易中上涨3.1%。</blockquote></p><p> <b>Smith &amp; Wesson(SWBI) </b>– Smith &amp; Wesson reported better-than-expected profit and sales for its latest quarter, as the gun maker's sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.</p><p><blockquote><b>史密斯威森(SWBI)</b>-Smith&amp;Wesson报告其最新季度的利润和销售额好于预期，该枪支制造商的销售额与去年同期相比飙升了67%。该公司指出，其出货量增长了70%，而行业整体增长率为42%。股价在盘前交易中上涨4.7%。</blockquote></p><p> <b>Orphazyme(ORPH)</b> – Orphazyme plunged 52.6% in the premarket after the Food and Drug Administration rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C. The Denmark-based biotech company had seen volatile trading in its shares in recent days after it picked up social media attention, falling 10.2% Thursday after a more than 61% surge Wednesday.</p><p><blockquote><b>Orphazyme(ORPH)</b>-在美国食品和药物管理局拒绝其对尼曼-皮克病C型遗传疾病的实验性治疗后，Orphazyme在盘前暴跌52.6%。这家总部位于丹麦的生物技术公司最近几天股价波动较大社交媒体关注度在周三飙升超过61%后，周四下跌10.2%。</blockquote></p><p> <b>Delta Air Lines(DAL)</b> – The stock added 1.1% in the premarket following a double upgrade at Wolfe Research to \"outperform\" from \"underperform.\" Wolfe said it sees business travel benefiting from pent-up demand later this summer, although it doesn't think it will return to pre-Covid levels.</p><p><blockquote><b>达美航空(DAL)</b>-Wolfe Research将评级从“跑输大盘”上调至“跑赢大盘”，该股盘前上涨1.1%。沃尔夫表示，预计今年夏天晚些时候商务旅行将受益于被压抑的需求，尽管它认为不会恢复到新冠疫情爆发前的水平。</blockquote></p><p> <b>Manchester United(MANU) </b>– Manchester United lost $30.2 million for the first three months of this year, due largely to the absence of fans at its games because of the coronavirus pandemic. All of the team's 2020-21 season games were played without spectators.</p><p><blockquote><b>曼联(MANU)</b>-曼联今年前三个月损失了3020万美元，主要是由于冠状病毒大流行导致球迷缺席比赛。球队2020-21赛季的所有比赛都是在没有观众的情况下进行的。</blockquote></p><p> <b>ArcelorMittal(MT) </b>– ArcelorMittal sold its remaining 38.2 million shares of steel producerCleveland-Cliffs(CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in premarket action, while Cleveland-Cliffs added 0.3%.</p><p><blockquote><b>安赛乐米塔尔(MT)</b>-安赛乐米塔尔出售了钢铁生产商克利夫兰克利夫斯(CLF)剩余的3820万股股票。该矿业公司将利用所得款项为7.5亿美元的股票回购提供资金。阿塞洛-米塔尔(Arcelor-Mittal)盘前上涨1%，克利夫兰克利夫斯(Cleveland-Cliffs)上涨0.3%。</blockquote></p><p> <b>Carnival(CCL) </b>– The cruise line operator disclosed a March data breach that may have exposed personal information of customers of its Carnival, Holland America and Princess brands. It did not disclose how many may have been affected.</p><p><blockquote><b>嘉年华(CCL)</b>-该邮轮运营商披露了3月份的数据泄露事件，该事件可能暴露了其嘉年华、荷美和公主品牌客户的个人信息。它没有透露有多少人可能受到影响。</blockquote></p><p> <b>Fox Corp.(FOXA) </b>– Fox increased its stock repurchase program by $2 billion to a total of $4 billion, helping to send its shares higher by 2.8% in the premarket.</p><p><blockquote><b>福克斯公司(FOXA)</b>-福克斯将股票回购计划增加了20亿美元，总额达到40亿美元，帮助其股价在盘前上涨2.8%。</blockquote></p><p> <b>Pilgrim's Pride(PPC) </b>– Pilgrim's Pride expanded its prepared foods and branded products business by purchasing Kerry Group's Meats and Meals business. The poultry producer will pay the Ireland-based company about $947 million for that unit.</p><p><blockquote><b>朝圣者的骄傲(PPC)</b>–Pilgrim's Pride透过收购嘉里集团的肉类及膳食业务，扩展其熟食及品牌产品业务。这家家禽生产商将向这家总部位于爱尔兰的公司支付约9.47亿美元购买该设备。</blockquote></p><p> <b>Hasbro(HAS),Mattel(MAT) </b>– The toymakers are on watch following a New York Post report warning of a potential toy shortage this coming holiday season. The paper said thousands of toys ready for shipment remain stockpiled in China due to the lack of shipping containers available for export.</p><p><blockquote><b>孩之宝(HAS)、美泰(MAT)</b>-《纽约邮报》的一篇报道警告即将到来的假期可能会出现玩具短缺，玩具制造商正在密切关注。该报称，由于缺乏可供出口的集装箱，数千件准备装运的玩具仍储存在中国。</blockquote></p><p> <b>Biogen(BIIB)</b> – The drugmaker's stock was upgraded to \"overweight\" from \"neutral\" at Piper Sandler, which cites a number of factors including the likelihood that doctors will prescribe Biogen's newly approved Alzheimer's drug Aduhelm. Biogen shares rose 1.7% in the premarket.</p><p><blockquote><b>Biogen(BIIB)</b>–Piper Sandler将该制药商的股票从“中性”上调至“跑赢大盘”，该评级引用了许多因素，包括医生可能会开百健新批准的阿尔茨海默病药物Aduhelm。百健(Biogen)股价盘前上涨1.7%。</blockquote></p><p></p><p> <b>Citigroup(C) </b>– The bank's stock remains on watch after declining for the past 11 consecutive trading days, losing 14% over that time.</p><p><blockquote><b>花旗集团(C)</b>-该银行股价在过去连续11个交易日下跌后仍受到关注，在此期间下跌了14%。</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>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</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\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 20:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock futures fell on Friday as the S&amp;P 500 and the Dow Jones Industrial Average are on pace to post a losing week after the Federal Reserve's latest policy update.</p><p><blockquote>美国股指期货周五下跌，因为在美联储最新政策更新后，标普500和道琼斯工业平均指数预计将出现本周下跌。</blockquote></p><p> At 8:05 a.m. ET, Dow E-minis were down 153 points, or 0.45%, S&amp;P 500 E-minis were down 14.75 points, or 0.35% and Nasdaq 100 E-minis fell 18.5 points, or 0.13%.</p><p><blockquote>截至美国东部时间上午8:05，道指E-minis下跌153点，跌幅0.45%，标普500 E-minis下跌14.75点，跌幅0.35%，纳斯达克100 E-minis下跌18.5点，跌幅0.13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25234fe10c0fe8a9e73f2cec66447216\" tg-width=\"1003\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:05</span></p></blockquote></p><p> The blue-chip Dow has lost 1.9% week to date, on pace for its worst week since January. The S&amp;P 500 has fallen 0.6%. But the Nasdaq has gained 0.65% on the week.</p><p><blockquote>蓝筹股道琼斯指数本周迄今已下跌1.9%，创下1月份以来最糟糕的一周。标普500下跌0.6%。但纳斯达克本周上涨了0.65%。</blockquote></p><p> The decline in stocks came amid a drastic flattening of the so-called Treasury yield curve&nbsp;where the yields of shorter-duration Treasurys, like the&nbsp;2-year note, rose, while longer duration yields, such as the benchmark 10-year fell.&nbsp;The retreat in long-dated bonds reflects less optimism toward the economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.</p><p><blockquote>股市下跌之际，所谓的国债收益率曲线急剧变平，2年期国债等短期国债收益率上升，而基准10年期国债等长期国债收益率下降。长期债券的回落反映了对经济增长的不太乐观，而短期收益率的跃升则显示了美联储加息的预期。</blockquote></p><p> The central bank's hawkish pivot on Wednesday&nbsp;caused volatile stock and bond market moves. Fed officials added two rate hikes to their 2023 forecast and increased their inflation projection for the year, while Fed Chairman Jerome Powell said officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.</p><p><blockquote>央行周三的鹰派转向导致股市和债市波动。美联储官员在2023年的预测中增加了两次加息，并提高了今年的通胀预测，而美联储主席鲍威尔表示，官员们已经讨论了缩减债券购买，并将在某个时候开始放缓资产购买。</blockquote></p><p> Friday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.</p><p><blockquote>周五也恰逢季度“四重巫术”，指数和股票的期权和期货到期。许多人预计，鉴于这一事件，交易将更加波动。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Adobe(ADBE) </b>– Adobe reported quarterly profit of $3.03 per share, 21 cents a share above estimates. The software company's revenue also topped Wall Street forecasts and Adobe gave stronger-than-expected current-quarter guidance. Its shares rose 3.1% in premarket trading.</p><p><blockquote><b>Adobe(ADBE)</b>-Adobe报告季度利润为每股3.03美元，比预期高出每股21美分。该软件公司的收入也超出了华尔街的预期，Adobe给出了强于预期的本季度指引。其股价在盘前交易中上涨3.1%。</blockquote></p><p> <b>Smith &amp; Wesson(SWBI) </b>– Smith &amp; Wesson reported better-than-expected profit and sales for its latest quarter, as the gun maker's sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.</p><p><blockquote><b>史密斯威森(SWBI)</b>-Smith&amp;Wesson报告其最新季度的利润和销售额好于预期，该枪支制造商的销售额与去年同期相比飙升了67%。该公司指出，其出货量增长了70%，而行业整体增长率为42%。股价在盘前交易中上涨4.7%。</blockquote></p><p> <b>Orphazyme(ORPH)</b> – Orphazyme plunged 52.6% in the premarket after the Food and Drug Administration rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C. The Denmark-based biotech company had seen volatile trading in its shares in recent days after it picked up social media attention, falling 10.2% Thursday after a more than 61% surge Wednesday.</p><p><blockquote><b>Orphazyme(ORPH)</b>-在美国食品和药物管理局拒绝其对尼曼-皮克病C型遗传疾病的实验性治疗后，Orphazyme在盘前暴跌52.6%。这家总部位于丹麦的生物技术公司最近几天股价波动较大社交媒体关注度在周三飙升超过61%后，周四下跌10.2%。</blockquote></p><p> <b>Delta Air Lines(DAL)</b> – The stock added 1.1% in the premarket following a double upgrade at Wolfe Research to \"outperform\" from \"underperform.\" Wolfe said it sees business travel benefiting from pent-up demand later this summer, although it doesn't think it will return to pre-Covid levels.</p><p><blockquote><b>达美航空(DAL)</b>-Wolfe Research将评级从“跑输大盘”上调至“跑赢大盘”，该股盘前上涨1.1%。沃尔夫表示，预计今年夏天晚些时候商务旅行将受益于被压抑的需求，尽管它认为不会恢复到新冠疫情爆发前的水平。</blockquote></p><p> <b>Manchester United(MANU) </b>– Manchester United lost $30.2 million for the first three months of this year, due largely to the absence of fans at its games because of the coronavirus pandemic. All of the team's 2020-21 season games were played without spectators.</p><p><blockquote><b>曼联(MANU)</b>-曼联今年前三个月损失了3020万美元，主要是由于冠状病毒大流行导致球迷缺席比赛。球队2020-21赛季的所有比赛都是在没有观众的情况下进行的。</blockquote></p><p> <b>ArcelorMittal(MT) </b>– ArcelorMittal sold its remaining 38.2 million shares of steel producerCleveland-Cliffs(CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in premarket action, while Cleveland-Cliffs added 0.3%.</p><p><blockquote><b>安赛乐米塔尔(MT)</b>-安赛乐米塔尔出售了钢铁生产商克利夫兰克利夫斯(CLF)剩余的3820万股股票。该矿业公司将利用所得款项为7.5亿美元的股票回购提供资金。阿塞洛-米塔尔(Arcelor-Mittal)盘前上涨1%，克利夫兰克利夫斯(Cleveland-Cliffs)上涨0.3%。</blockquote></p><p> <b>Carnival(CCL) </b>– The cruise line operator disclosed a March data breach that may have exposed personal information of customers of its Carnival, Holland America and Princess brands. It did not disclose how many may have been affected.</p><p><blockquote><b>嘉年华(CCL)</b>-该邮轮运营商披露了3月份的数据泄露事件，该事件可能暴露了其嘉年华、荷美和公主品牌客户的个人信息。它没有透露有多少人可能受到影响。</blockquote></p><p> <b>Fox Corp.(FOXA) </b>– Fox increased its stock repurchase program by $2 billion to a total of $4 billion, helping to send its shares higher by 2.8% in the premarket.</p><p><blockquote><b>福克斯公司(FOXA)</b>-福克斯将股票回购计划增加了20亿美元，总额达到40亿美元，帮助其股价在盘前上涨2.8%。</blockquote></p><p> <b>Pilgrim's Pride(PPC) </b>– Pilgrim's Pride expanded its prepared foods and branded products business by purchasing Kerry Group's Meats and Meals business. The poultry producer will pay the Ireland-based company about $947 million for that unit.</p><p><blockquote><b>朝圣者的骄傲(PPC)</b>–Pilgrim's Pride透过收购嘉里集团的肉类及膳食业务，扩展其熟食及品牌产品业务。这家家禽生产商将向这家总部位于爱尔兰的公司支付约9.47亿美元购买该设备。</blockquote></p><p> <b>Hasbro(HAS),Mattel(MAT) </b>– The toymakers are on watch following a New York Post report warning of a potential toy shortage this coming holiday season. The paper said thousands of toys ready for shipment remain stockpiled in China due to the lack of shipping containers available for export.</p><p><blockquote><b>孩之宝(HAS)、美泰(MAT)</b>-《纽约邮报》的一篇报道警告即将到来的假期可能会出现玩具短缺，玩具制造商正在密切关注。该报称，由于缺乏可供出口的集装箱，数千件准备装运的玩具仍储存在中国。</blockquote></p><p> <b>Biogen(BIIB)</b> – The drugmaker's stock was upgraded to \"overweight\" from \"neutral\" at Piper Sandler, which cites a number of factors including the likelihood that doctors will prescribe Biogen's newly approved Alzheimer's drug Aduhelm. Biogen shares rose 1.7% in the premarket.</p><p><blockquote><b>Biogen(BIIB)</b>–Piper Sandler将该制药商的股票从“中性”上调至“跑赢大盘”，该评级引用了许多因素，包括医生可能会开百健新批准的阿尔茨海默病药物Aduhelm。百健(Biogen)股价盘前上涨1.7%。</blockquote></p><p></p><p> <b>Citigroup(C) </b>– The bank's stock remains on watch after declining for the past 11 consecutive trading days, losing 14% over that time.</p><p><blockquote><b>花旗集团(C)</b>-该银行股价在过去连续11个交易日下跌后仍受到关注，在此期间下跌了14%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147049745","content_text":"U.S. stock futures fell on Friday as the S&P 500 and the Dow Jones Industrial Average are on pace to post a losing week after the Federal Reserve's latest policy update.\nAt 8:05 a.m. ET, Dow E-minis were down 153 points, or 0.45%, S&P 500 E-minis were down 14.75 points, or 0.35% and Nasdaq 100 E-minis fell 18.5 points, or 0.13%.\n*Source From Tiger Trade, EST 08:05\nThe blue-chip Dow has lost 1.9% week to date, on pace for its worst week since January. The S&P 500 has fallen 0.6%. But the Nasdaq has gained 0.65% on the week.\nThe decline in stocks came amid a drastic flattening of the so-called Treasury yield curve where the yields of shorter-duration Treasurys, like the 2-year note, rose, while longer duration yields, such as the benchmark 10-year fell. The retreat in long-dated bonds reflects less optimism toward the economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.\nThe central bank's hawkish pivot on Wednesday caused volatile stock and bond market moves. Fed officials added two rate hikes to their 2023 forecast and increased their inflation projection for the year, while Fed Chairman Jerome Powell said officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.\nFriday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.\nStocks making the biggest moves in the premarket:\nAdobe(ADBE) – Adobe reported quarterly profit of $3.03 per share, 21 cents a share above estimates. The software company's revenue also topped Wall Street forecasts and Adobe gave stronger-than-expected current-quarter guidance. Its shares rose 3.1% in premarket trading.\nSmith & Wesson(SWBI) – Smith & Wesson reported better-than-expected profit and sales for its latest quarter, as the gun maker's sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.\nOrphazyme(ORPH) – Orphazyme plunged 52.6% in the premarket after the Food and Drug Administration rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C. The Denmark-based biotech company had seen volatile trading in its shares in recent days after it picked up social media attention, falling 10.2% Thursday after a more than 61% surge Wednesday.\nDelta Air Lines(DAL) – The stock added 1.1% in the premarket following a double upgrade at Wolfe Research to \"outperform\" from \"underperform.\" Wolfe said it sees business travel benefiting from pent-up demand later this summer, although it doesn't think it will return to pre-Covid levels.\nManchester United(MANU) – Manchester United lost $30.2 million for the first three months of this year, due largely to the absence of fans at its games because of the coronavirus pandemic. All of the team's 2020-21 season games were played without spectators.\nArcelorMittal(MT) – ArcelorMittal sold its remaining 38.2 million shares of steel producerCleveland-Cliffs(CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in premarket action, while Cleveland-Cliffs added 0.3%.\nCarnival(CCL) – The cruise line operator disclosed a March data breach that may have exposed personal information of customers of its Carnival, Holland America and Princess brands. It did not disclose how many may have been affected.\nFox Corp.(FOXA) – Fox increased its stock repurchase program by $2 billion to a total of $4 billion, helping to send its shares higher by 2.8% in the premarket.\nPilgrim's Pride(PPC) – Pilgrim's Pride expanded its prepared foods and branded products business by purchasing Kerry Group's Meats and Meals business. The poultry producer will pay the Ireland-based company about $947 million for that unit.\nHasbro(HAS),Mattel(MAT) – The toymakers are on watch following a New York Post report warning of a potential toy shortage this coming holiday season. The paper said thousands of toys ready for shipment remain stockpiled in China due to the lack of shipping containers available for export.\nBiogen(BIIB) – The drugmaker's stock was upgraded to \"overweight\" from \"neutral\" at Piper Sandler, which cites a number of factors including the likelihood that doctors will prescribe Biogen's newly approved Alzheimer's drug Aduhelm. Biogen shares rose 1.7% in the premarket.\nCitigroup(C) – The bank's stock remains on watch after declining for the past 11 consecutive trading days, losing 14% over that time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141127136,"gmtCreate":1625842920325,"gmtModify":1631891338686,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"Good [Miser]&nbsp;[Miser]&nbsp;","listText":"Good [Miser]&nbsp;[Miser]&nbsp;","text":"Good [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141127136","repostId":"1173679159","repostType":4,"repost":{"id":"1173679159","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625842396,"share":"https://www.laohu8.com/m/news/1173679159?lang=zh_CN&edition=full","pubTime":"2021-07-09 22:53","market":"us","language":"en","title":"Apple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173679159","media":"Tiger Newspress","summary":"Apple shares surges 1.4%,climbing to a new record high.","content":"<p>Apple shares surges&nbsp;1.4%,climbing to a new&nbsp;record high.</p><p><blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ec1879e2b236e7f57fd94e6811ef06e\" tg-width=\"792\" tg-height=\"628\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple shares surges 1.4%,climbing to a new record high.<blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-09 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares surges&nbsp;1.4%,climbing to a new&nbsp;record high.</p><p><blockquote>苹果股价飙升1.4%，攀升至历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ec1879e2b236e7f57fd94e6811ef06e\" tg-width=\"792\" tg-height=\"628\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173679159","content_text":"Apple shares surges 1.4%,climbing to a new record high.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141959340,"gmtCreate":1625835301680,"gmtModify":1631891338699,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"hmmm[Glance]&nbsp;","listText":"hmmm[Glance]&nbsp;","text":"hmmm[Glance]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141959340","repostId":"1131542169","repostType":4,"isVote":1,"tweetType":1,"viewCount":1655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141927115,"gmtCreate":1625835184537,"gmtModify":1631891338718,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141927115","repostId":"1113072261","repostType":4,"repost":{"id":"1113072261","kind":"news","pubTimestamp":1625823554,"share":"https://www.laohu8.com/m/news/1113072261?lang=zh_CN&edition=full","pubTime":"2021-07-09 17:39","market":"us","language":"en","title":"GameStop Short Seller Melvin Capital Ended 2021 First-Half With 46% Loss: Report<blockquote>游戏驿站卖空者Melvin Capital 2021年上半年亏损46%：报告</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113072261","media":"Benzinga","summary":"GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of","content":"<p><div> GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of 46%, Bloomberg reported Thursday, citing people familiar with the matter. What Happened:Founded in ...</p><p><blockquote><div>彭博社周四援引知情人士的话报道称，游戏驿站公司卖空者Melvin Capital Management LP 2021年上半年亏损46%。发生了什么：成立于...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">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>GameStop Short Seller Melvin Capital Ended 2021 First-Half With 46% Loss: Report<blockquote>游戏驿站卖空者Melvin Capital 2021年上半年亏损46%：报告</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\">\nGameStop Short Seller Melvin Capital Ended 2021 First-Half With 46% Loss: Report<blockquote>游戏驿站卖空者Melvin Capital 2021年上半年亏损46%：报告</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-09 17:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of 46%, Bloomberg reported Thursday, citing people familiar with the matter. What Happened:Founded in ...</p><p><blockquote><div>彭博社周四援引知情人士的话报道称，游戏驿站公司卖空者Melvin Capital Management LP 2021年上半年亏损46%。发生了什么：成立于...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">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/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report\">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":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.benzinga.com/news/21/07/21909875/gamestop-short-seller-melvin-capital-ended-2021-first-half-with-46-loss-report","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113072261","content_text":"GameStop Corp. short seller Melvin Capital Management LP ended the first half of 2021 with a loss of 46%, Bloomberg reported Thursday, citing people familiar with the matter.\nWhat Happened:Founded in 2014 by Gabe Plotkin, a former portfolio manager for Steve Cohen, Melvin Capital was at the heart of the GameStop saga earlier this year.\nThe hedge fund, which managed $11 billion in assets as of June 1, is taking smaller-sized positions to limit exposure to single companies, as per the report.\nPlotkin has reportedly instructed his team of data scientists to watch social media and message boards to look for shares that are seeing high support from retail investors.\nWhy It Matters:Melvin Capital’s first-half results indicate the hedge fund is struggling to rebound from thelossesit incurred from betting against GameStop and other stonks - stocks popular with retail investors.\nMelvin Capital said in May it has closed out of all its public bearish positions in the first quarter. This included its listed put options in GameStop.\nIt was reported in June that London-based White Square Capital is shutting down after suffering huge losses during the retail trading frenzy earlier in the year. This marked one of the first hedge fund closures following the surge in shares of stonks.\nIn early June,AMC Entertainment Holdings Inc. and GameStop short-seller losses swelled up to$12 billionon a year-to-date basis. Both the stocks continue to seehigh interestfrom retail investors.\nPrice Action: AMC Entertainment shares closed almost 6.4% higher in Thursday’s regular trading session at $47.94, while GameStop shares closed almost 0.4% higher at $191.38.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129431148,"gmtCreate":1624380199984,"gmtModify":1631891338738,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"[Duh]&nbsp;[Duh]&nbsp;","listText":"[Duh]&nbsp;[Duh]&nbsp;","text":"[Duh] [Duh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129431148","repostId":"1143759096","repostType":4,"repost":{"id":"1143759096","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624371721,"share":"https://www.laohu8.com/m/news/1143759096?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:22","market":"us","language":"en","title":"EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143759096","media":"Tiger Newspress","summary":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,","content":"<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股早盘下跌。中国电动汽车股在近期上涨和计划加息后已完全定价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22)&nbsp;EV stocks fell in morning trading.&nbsp;Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,&nbsp;LI&nbsp;fell&nbsp;about&nbsp;2%.</p><p><blockquote>（6月22日）EV股早盘走低，特斯拉跌0.33%，小鹏跌超5%，蔚来跌超3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b>&nbsp;<b>According&nbsp;To&nbsp;Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后已完全定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>中国电动汽车企业的股价在上个月飙升，很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）的股价在上个月上涨了近38%，理想汽车（纳斯达克：LI）上涨45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近58%。现在，尽管这三家公司公布的5月份交付数据好坏参半，蔚来和理想汽车的交付量均较4月份有所下降，而小鹏汽车的销量略有增长，但考虑到半导体的情况，销售数据可能并不像预期的那么糟糕。扰乱汽车行业的短缺。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的生产。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量为14,500至15,500辆，环比增长22%。该公司表示，鉴于升级版Li One SUV的订单强于预期，因此对实际数字将超过指引持乐观态度。蔚来还重申了2021年Q2交付量为21,000至22,000辆汽车的指引，这意味着它可能在6月份交付创纪录的8,200辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平值得买入吗？虽然增长前景肯定强劲，但以目前的估值来看，这些股票看起来并不便宜。蔚来的预期收入为14倍，理想汽车的预期收入为9倍，小鹏汽车的预期收入约为16倍。电动汽车估值面临的近期威胁包括通胀上升和美联储最近的评论，美联储目前显然正在考虑在2023年而不是2024年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车半导体紧缩最糟糕的时期结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）提供的5月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来5月份共交付6,711辆汽车，较4月份下降5.5%，但小鹏汽车上个月的交付量增长了约10%，达到5,686辆，尽管这一数字低于1月份6,015辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2倍至6倍），但对于快速增长的公司来说，环比数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里变得更好。例如，蔚来重申了2021年第二季度21,000至22,000辆汽车的交付指引，这意味着它可能在6月份交付多达8,200辆汽车，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，蔚来仍在中国电动汽车市场保持着自己的地位。蔚来股价在周二交易中上涨了近10%，而小鹏汽车的股价在报告发布后上涨了约8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近有所上涨，但在目前的水平上，这些股票可能仍然值得考虑。蔚来股价今年迄今仍下跌约20%，而小鹏汽车则下跌约22%。请参阅我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>了解三家在美国上市的中国电动汽车公司的财务和估值指标概览。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票相比如何？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车公司蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自1月初以来，其股价均下跌了约30%。那么这些股票在调整后的比较如何呢？虽然与理想汽车相比，蔚来和小鹏汽车的价格仍然较高，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis&nbsp;<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>&nbsp;compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>比较了在美国上市的主要中国电动汽车公司的财务表现和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的公司，其交易价格约为预期收入的10.5倍。根据普遍预测，今年收入可能增长110%以上。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也受到更多关注，该公司被视为特斯拉在华最直接的竞争对手。2021年第一季度的毛利率为19.5%，高于一年前的负12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为2021年预计收入的10倍。据普遍估计，今年的销售额增长预计将是三家公司中最强劲的，将增长超过150%。除了较高的预期增长外，由于该公司在自动驾驶领域的进展，投资者一直对该公司给予溢价。小鹏汽车目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。尽管小鹏汽车的毛利率有所改善，较第一季度升至11%左右，而一年前为负值，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为2021年预计收入的6倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至2020年第四季度，毛利率为17.5%（该公司尚未报告第一季度业绩）。估值较低可能是由于该公司专注于单一产品——李想ONE，这是一款同样配备小型汽油发动机的电动SUV，也是由于理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车对比如何</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng &amp; Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的50%以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到2025年，中国销售的所有新车中约有25%是电动汽车，高于目前的约5%。[1]虽然特斯拉在上海新工厂的生产推动下是中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所代码：XPEV）和理想汽车（纳斯达克代码：LI）这三家相对年轻的在美国上市的中国电动汽车公司也获得了关注。根据我们的分析<b>蔚来、小鹏汽车和理想汽车：中国电动汽车股票比较如何？</b>我们比较了在美国上市的主要中国电动汽车公司的财务表现和估值。部分分析总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto &amp; Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏汽车业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供ES8、ES6和EC6三款高端电动SUV，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务（BaaS）——允许客户订阅汽车电池，而不是预先付费。尽管该公司扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约5,000辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国是有限的。该公司的混合动力战略似乎正在取得成效——其售价约为46,000美元的Li ONE SUV在2020年9月成为中国新能源汽车领域最畅销的SUV。新能源领域包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括G3 SUV和P7四门轿车在内的高端电动汽车，这些汽车大致定位为特斯拉Model Y SUV和Model 3轿车的竞争对手，尽管它们的价格更实惠，G3的基本版起售价约为22,000美元补贴后。G3 SUV是2019年中国电动SUV销量前三名之一。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已在广东省自己的工厂开始生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues &amp; Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&amp;D and SG&amp;A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在2019年交付了约1.3万辆汽车，理想汽车汽车在去年年底才开始生产，交付了约1000辆汽车。虽然蔚来今年的交付量可能接近4万辆左右，但理想汽车和小鹏汽车可能会交付约2.5万辆汽车，其中理想汽车的增幅最高。2019年，蔚来的收入为11亿美元，而理想汽车约为4000万美元，小鹏汽车约为3.3亿美元。蔚来今年的收入可能增长95%，而小鹏汽车的收入可能增长约120%。由于与研发和SG&amp;A相关的成本相对于收入仍然很高，这三家公司仍然严重亏损。2019年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏汽车的利润率为-160%。然而，随着销量的回升，利润率可能会在2020年大幅提高。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至2020年10月28日，蔚来的市值约为370亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约7倍。理想汽车和小鹏汽车均于8月左右在美国上市，希望利用估值飙升的机会，市值分别约为150亿美元和140亿美元。相对而言，蔚来的交易价格约为2020年预计收入的15倍，理想汽车的交易价格约为12倍，而小鹏汽车的交易价格约为20倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能押注这些公司将继续在国内市场增长，同时最终利用中国相对低成本的制造业以及该国的电池和汽车生态系统在全球电动汽车领域发挥更大的作用零部件供应商。在这三家公司中，考虑到蔚来稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，它可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约为2020年收入的12倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通的未来，但选择正确的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可以成为电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143759096","content_text":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.\n\nLi Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes, According To Forbes.\nThe stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.\nThe outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.\nNow are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.\n[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?\nChinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.\nHowever, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.\nDespite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.\n[5/21/2021] How Do Chinese EV Stocks Compare?\nU.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.\nOur analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.\nNio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.\nXpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.\nLi Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.\n[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare\nThe Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysisNio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.\nOverview Of Nio, Li Auto & Xpeng’s Business\nNio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.\nLi Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.\nXpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.\nHow Have The Deliveries, Revenues & Margins Trended\nNio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.\nValuation\nNio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.\nWhile valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.\nElectric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing inElectric Vehicle Component Supplier Stockscan be a good alternative to play the growth in the EV market.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9,"XPEV":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":1885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162378935,"gmtCreate":1624037401627,"gmtModify":1631891338753,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162378935","repostId":"1183646767","repostType":2,"isVote":1,"tweetType":1,"viewCount":1623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166405727,"gmtCreate":1624020931369,"gmtModify":1631891338775,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"🤞🏻🤞🏻","listText":"🤞🏻🤞🏻","text":"🤞🏻🤞🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166405727","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</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 09:07</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>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">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":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166403954,"gmtCreate":1624020709878,"gmtModify":1631891338797,"author":{"id":"3585138754791241","authorId":"3585138754791241","name":"Imurfilter","avatar":"https://static.tigerbbs.com/9ad856b9dccd9171c23d4c10d83aea78","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585138754791241","authorIdStr":"3585138754791241"},"themes":[],"htmlText":"🙏🏻🙏🏻","listText":"🙏🏻🙏🏻","text":"🙏🏻🙏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166403954","repostId":"1142916683","repostType":4,"repost":{"id":"1142916683","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624003342,"share":"https://www.laohu8.com/m/news/1142916683?lang=zh_CN&edition=full","pubTime":"2021-06-18 16:02","market":"us","language":"en","title":"Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142916683","media":"Tiger Newspress","summary":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial foreca","content":"<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</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>Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</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\">\nOrphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142916683","content_text":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.\nOrphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.\nAs a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.\n\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.\nOrphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.","news_type":1,"symbols_score_info":{"ORPH":0.9}},"isVote":1,"tweetType":1,"viewCount":1613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}