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2021-05-29

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2021-06-06

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Zillow: Significant Downside Remains

2021-06-04

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Is Lucid Motors Or Fisker The Better EV Stock To Buy?

2021-06-06

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2021-06-02

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2021-07-25

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2021-07-11

你的婚礼

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2021-06-06

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U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO

2021-07-13

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2021-06-08

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2021-06-03

Hello everybody

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2021-05-29

Ok

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2021-05-29

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2021-07-17

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2021-06-04

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2021-06-04

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2021-07-30

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2021-07-23

Good

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2021-07-17

最近卖了很多mi

小米逆袭全球第二，苹果没拦住

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11:51","market":"hk","language":"zh","title":"小米逆袭全球第二，苹果没拦住","url":"https://stock-news.laohu8.com/highlight/detail?id=1166843923","media":"虎嗅APP","summary":"小米往前一小步，苹果都成了背景板。\n7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在微博宣布，“Canalys发布了第二季度全球智能手机市占率排名，小米手机销量超越了苹果，首次","content":"<p>小米往前一小步，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>都成了背景板。</p>\n<p>7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在<a href=\"https://laohu8.com/S/WB\">微博</a>宣布，“Canalys发布了第二季度全球<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>手机市占率排名，小米手机销量超越了苹果，首次晋升全球第二。”</p>\n<p><img src=\"https://static.tigerbbs.com/24c9c57286064d558a5c76d659cd4537\" tg-width=\"638\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p>\n<p>你没有看错，小米超越苹果，“摸”到了全球第二的位置——这是小米自创立以来，首次在全球总销量上超越苹果。而就在前一天，雷军刚在福布斯中国发布最佳CEO榜中，荣登首位。</p>\n<p><img src=\"https://static.tigerbbs.com/fc9a77be49c8d254e7f797551c8c6774\" tg-width=\"640\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p>\n<p>难怪雷军在全员信中将之称为“天大的好消息”，他说：“小米第一次成为全球第二，这是个梦幻般的成就，是小米发展史上的重大里程碑！”</p>\n<p>Canalys（市场调研机构）报告显示，2021Q2全球智能机出货量增长了12%，<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>以19%的全球市场份额位列榜首；小米以 17%的全球市场份额屈居第二；苹果则滑落至全球第三，仅剩14%的全球市场份额；OPPO、vivo分别以10%的全球市场份额位列第四、第五。</p>\n<p><img src=\"https://static.tigerbbs.com/502c766a856f58aca5e5673ec09132e0\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p>\n<p>值得注意的是，五大厂商中，小米第二季度销量增速惊人，同比增长高达83%。</p>\n<p>小米亮眼的成绩自然刺激到了资本市场的神经——受此消息影响，7月16日港股开盘，小米股价就迅速拉涨，截至7月16日港股收盘，小米集团港股涨4.82%，报28.25港元/股，总市值达7086亿港元。</p>\n<p>挤下苹果，小米凭什么？</p>\n<p>如果只看国内的话，Canalys公布的2021Q1国内手机市场份额数据，vivo以23%的市场份额以及79%的增长速度排名第一，而小米在国内连前三都没挤进去，屈居第四。</p>\n<p>那么，小米2021Q2力压苹果的销量从何而来呢？答案就在那83%的增长里，而这83%的新增量中有70%来源于海外市场。</p>\n<p>数据显示，2021Q2，华为海外市场份额萎缩最明显的欧洲，大多数原本与华为合作的运营商选择了小米，小米因此成为欧洲市场仅次于三星的第二大手机厂商，份额占比达23%，同比增长85%。</p>\n<p><img src=\"https://static.tigerbbs.com/abd636d54752c003dd239858ccac8c0f\" tg-width=\"1000\" tg-height=\"645\" referrerpolicy=\"no-referrer\"></p>\n<p>此外，小米本季度也在积极开拓非洲市场、拉丁美洲市场，两地增长分别达150%、300%。这主要源于疫情使该地区智能机、智能设备需求大幅度增加，而小米迅速填补了这部分市场需求。</p>\n<p>这既得益于小米的全球化运营能力，比如整合渠道合作伙伴、更精细化管理旧库存等，也归功于小米手机为符合当地各种技术标准所做的各种努力。</p>\n<p><img src=\"https://static.tigerbbs.com/a0eb1fa086a28a0e651e66b20a022632\" tg-width=\"1000\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p>\n<p>其实，小米的统治力Q1季度就已露出端倪——Canalys报告显示，2021Q1，小米全球主要市场市占率及排名分别是，印度地区市占率28.3%，排名第一；欧洲地区市占率22.7%，排名第二；亚太地区市占率17.5%，排名第二；拉美地区市占率达11.5%，排名第三；非洲地区市占率7.2%，排名第四。</p>\n<p>其中，尤以欧洲市场的爆发最为典型。</p>\n<p>根据小米2021Q1财报显示，欧洲市场智能手机销量同比增长85.1%，首次达到第二。其中，西欧智能手机市占率稳居第三，销量同比增长86.1%；东欧智能手机市占率连续两个季度第一，销量同比增长81.1%；西班牙智能手机市占率连续五个季度稳居第一。</p>\n<p><img src=\"https://static.tigerbbs.com/1b0841e12c9b8b2eaaf9dde419fabf7f\" tg-width=\"1000\" tg-height=\"1251\" referrerpolicy=\"no-referrer\"></p>\n<p>除了销量增长势头强劲外，小米手机的质量也得到了欧洲市场的普遍认可。</p>\n<p>2021年5月，Computer Bild（德国三大评测机构之一）在报告中称，小米11 Ultra不仅是最好的小米智能手机，也是目前最好的安卓手机，在智能手机对比测试中已经把三星、华为、一加等公司甩在了后面。</p>\n<p>Computer Bild还在专业报告中指出，“从设计上来说，小米11Ultra具备卓越的速度和强大的显示效果。它有一个凸起的相机，除了长焦镜头和其他镜头外，还装有很酷的辅助显示屏，可以显示信息、图像或文字，或者在用主摄像头自拍时，充当取景器。”</p>\n<p>至于拉美、非洲地区，小米2021Q1智能手机销量同比增长分别为161.7%、191%，拉美地区中的智利市场异军突起。</p>\n<p>据市场研究机构Strategy Analytics 数据显示，2021Q1 智利智能手机销量290万部，小米以50万部的销量夺得市场第三名，年同比增长高达1025%，成为该地区增长最快的智能手机品牌。与此同时，小米在智利的市场占有率也从去年同期的2.4%&nbsp;上升至15.5%。</p>\n<p><img src=\"https://static.tigerbbs.com/99eaa22550e8dbd53ec5e6163d34246c\" tg-width=\"1000\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 分析称：</p>\n<blockquote>\n “&nbsp;小米旗下的红米手机具有很高的性价比，这使得该款手机在因为疫情而\"&nbsp;消费 降级&nbsp;\"&nbsp;的智利消费者中获得了强烈认可，从而帮助小米在该地区获得了销量第三名的位置，也进一步提高了市场占有率。”\n</blockquote>\n<p>而小米集团合伙人、总裁王翔则表示，小米已经成为一家真正的全球化企业，产品进入近一百个国家，营收一半来源于海外市场。“不单单在发展中国家，如中国、印度、亚太地区，也进入了发达国家的地区和市场。我们的市场有战略纵深，所以能让我们走到今天这一步。”</p>\n<p>华为跌倒，小米吃饱？</p>\n<p>有人对小米的逆袭拍手叫好，自然也会有人冷嘲热讽，戏称其是“华为跌倒，小米吃饱”。</p>\n<p>不可否认，分食华为全球智能手机市场份额，确实是头部手机厂商增速加快的原因之一。</p>\n<p>2019年5月以来，美国将华为列入“实体清单”，在<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>宣布停止提供安卓系统和谷歌GMS后，华为的海外销量及市场份额暴跌。</p>\n<p>根据Canalys数据，华为2019Q2海外市场销量为2140万台，2020年Q2，这个数字只剩下了1560万台，同比下降27%，到了2021Q1，华为仅占全球智能手机销量4%，排名第六，位于三星、苹果、小米、OPPO、vivo之后。</p>\n<p>当时，日本经济新闻等媒体猜测，这些市场份额会被三星全盘收下，不过从目前来看，华为缺位后，小米才是这场“分食华为抢位战”中的最大受益者。</p>\n<p>在欧洲，2019年Q2，小米销量还只有430万台，市占率9.6%，排名第四；2020年Q2，小米销量已经超过华为，达到710万台，市占率17%，排名第三。2021Q1小米在欧洲地区市占率22.7%，排名第二，不到两年，小米在欧洲的市占率翻了两倍不止，业务突飞猛进。</p>\n<p>至于拉丁美洲，2020年第四季度华为跌出当地智能手机销量前五后，小米便很快接管了大部分原本属于华为市场份额。</p>\n<p>其实，去年并非小米第一次征战拉丁美洲——早在2015年7月，小米就曾宣布进军巴西市场，但当时巴西经济状况不佳，民众也没有线上消费习惯，再加上高昂的税收和苛刻的贸易保护政策，让小米寸步难行。2016年5月份，小米宣布改变巴西市场策略，短期之内不再发布新款手机，团队也将返回中国，进军拉美的尝试以失败告终。</p>\n<p><img src=\"https://static.tigerbbs.com/3b19b647933c7f1f6140c481d04d5e4f\" tg-width=\"908\" tg-height=\"445\" referrerpolicy=\"no-referrer\"></p>\n<p>再回拉丁美洲市场，小米的策略和打法成熟了许多——在地域上，先选择了贸易政策更为开放的智利作为第一站；在销售策略上，努力配合拉美国家线下消费的习惯，在一些大型商场和手机专卖店进行产品销售，再逐步布局实体“米店”，直到2019年4月27日，小米首家智利“米店”才在智利首都圣地亚哥东部繁华商圈开业。</p>\n<p>功夫不负有心人，学会“因地制宜”的小米终于在2021Q1将智利市占率从2020年同期的2.4% 提升至15.5%。</p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 认为，“（在智利）华为手机此段时间的‘失利’确实利好小米，但更大的增长空间源于小米自身。\"</p>\n<p>除此之外，小米成为全球第二，和苹果自身也有一定关系。</p>\n<p>2021Q2季度苹果处于销售淡季，销量偏低并不意外。比如从Counterpoint发布的苹果公司2018Q1~2021Q1的iPhone销量便可以看出：</p>\n<p><img src=\"https://static.tigerbbs.com/917e7355c2da26dfc6ab177c14a9ba39\" tg-width=\"1000\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n<p>苹果营收和利润向来有很强的季节性</p>\n<p>Q1通常是苹果销量偏高的季度，Q2销量通常会比前一季度大幅减少，Q3则是全年销量的低谷，因为9~10月份是苹果主要产品线iPhone新品发布时间，新产品发布前，分销商的存货量会逐渐控制减少，并为新品发布作准备，Q4新品发布后，销量又会大幅攀升。</p>\n<p>值得注意的是，国外的上市公司财季周期与国内不同。苹果的财年周期是上一年的9月28日至今年的9月27日。因此我们这里讨论的Q2，对应为苹果公司Q3，即销量低迷的季度。</p>\n<p>反观小米，2021Q2季度海外市场疯狂扩张，增速强劲，这一时期销量赶超苹果并非没有可能，只不过大家没有预料到，小米的增速能达到83%。</p>\n<p>至于Canalys 研究经理 Ben Stanton认为，“小米已经将目光投向下一个目标：取代三星，成为全球头号厂商。”</p>\n<p>短期来看，并不现实。</p>\n<p>首先，虽然小米如今占据着全球手机市场17%的份额，与三星仅剩2%的差距，但要知道，从产品到供应链垂直整合能力，三星都比小米厉害，尤其供应链上下游整合能力小米更是差距巨大——三星自产芯片、屏幕、存储和组装工厂，而小米则严重依赖供应商。</p>\n<p>其次，小米仅仅是销量挤到了全球第二的位置，但2020年三星和苹果却拿走了全球手机产业链大部分利润。</p>\n<p>OPPO中国区总裁就曾在接受采访时表示，在中国手机市场当中，高端机型的市场份额接近25%，其中苹果占到44%，考虑到未来华为可能会缺席这场竞赛，如果其他国产厂商无法及时填补这个空缺话，很有可能会被苹果继续侵蚀。</p>\n<p>所以，小米能在第二的位置“苟住”已属不易，就别再给小米冲第一的“幻觉”了。</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>小米逆袭全球第二，苹果没拦住</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米逆袭全球第二，苹果没拦住\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time\">2021-07-17 11:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>小米往前一小步，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>都成了背景板。</p>\n<p>7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在<a href=\"https://laohu8.com/S/WB\">微博</a>宣布，“Canalys发布了第二季度全球<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>手机市占率排名，小米手机销量超越了苹果，首次晋升全球第二。”</p>\n<p><img src=\"https://static.tigerbbs.com/24c9c57286064d558a5c76d659cd4537\" tg-width=\"638\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p>\n<p>你没有看错，小米超越苹果，“摸”到了全球第二的位置——这是小米自创立以来，首次在全球总销量上超越苹果。而就在前一天，雷军刚在福布斯中国发布最佳CEO榜中，荣登首位。</p>\n<p><img src=\"https://static.tigerbbs.com/fc9a77be49c8d254e7f797551c8c6774\" tg-width=\"640\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p>\n<p>难怪雷军在全员信中将之称为“天大的好消息”，他说：“小米第一次成为全球第二，这是个梦幻般的成就，是小米发展史上的重大里程碑！”</p>\n<p>Canalys（市场调研机构）报告显示，2021Q2全球智能机出货量增长了12%，<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>以19%的全球市场份额位列榜首；小米以 17%的全球市场份额屈居第二；苹果则滑落至全球第三，仅剩14%的全球市场份额；OPPO、vivo分别以10%的全球市场份额位列第四、第五。</p>\n<p><img src=\"https://static.tigerbbs.com/502c766a856f58aca5e5673ec09132e0\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p>\n<p>值得注意的是，五大厂商中，小米第二季度销量增速惊人，同比增长高达83%。</p>\n<p>小米亮眼的成绩自然刺激到了资本市场的神经——受此消息影响，7月16日港股开盘，小米股价就迅速拉涨，截至7月16日港股收盘，小米集团港股涨4.82%，报28.25港元/股，总市值达7086亿港元。</p>\n<p>挤下苹果，小米凭什么？</p>\n<p>如果只看国内的话，Canalys公布的2021Q1国内手机市场份额数据，vivo以23%的市场份额以及79%的增长速度排名第一，而小米在国内连前三都没挤进去，屈居第四。</p>\n<p>那么，小米2021Q2力压苹果的销量从何而来呢？答案就在那83%的增长里，而这83%的新增量中有70%来源于海外市场。</p>\n<p>数据显示，2021Q2，华为海外市场份额萎缩最明显的欧洲，大多数原本与华为合作的运营商选择了小米，小米因此成为欧洲市场仅次于三星的第二大手机厂商，份额占比达23%，同比增长85%。</p>\n<p><img src=\"https://static.tigerbbs.com/abd636d54752c003dd239858ccac8c0f\" tg-width=\"1000\" tg-height=\"645\" referrerpolicy=\"no-referrer\"></p>\n<p>此外，小米本季度也在积极开拓非洲市场、拉丁美洲市场，两地增长分别达150%、300%。这主要源于疫情使该地区智能机、智能设备需求大幅度增加，而小米迅速填补了这部分市场需求。</p>\n<p>这既得益于小米的全球化运营能力，比如整合渠道合作伙伴、更精细化管理旧库存等，也归功于小米手机为符合当地各种技术标准所做的各种努力。</p>\n<p><img src=\"https://static.tigerbbs.com/a0eb1fa086a28a0e651e66b20a022632\" tg-width=\"1000\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p>\n<p>其实，小米的统治力Q1季度就已露出端倪——Canalys报告显示，2021Q1，小米全球主要市场市占率及排名分别是，印度地区市占率28.3%，排名第一；欧洲地区市占率22.7%，排名第二；亚太地区市占率17.5%，排名第二；拉美地区市占率达11.5%，排名第三；非洲地区市占率7.2%，排名第四。</p>\n<p>其中，尤以欧洲市场的爆发最为典型。</p>\n<p>根据小米2021Q1财报显示，欧洲市场智能手机销量同比增长85.1%，首次达到第二。其中，西欧智能手机市占率稳居第三，销量同比增长86.1%；东欧智能手机市占率连续两个季度第一，销量同比增长81.1%；西班牙智能手机市占率连续五个季度稳居第一。</p>\n<p><img src=\"https://static.tigerbbs.com/1b0841e12c9b8b2eaaf9dde419fabf7f\" tg-width=\"1000\" tg-height=\"1251\" referrerpolicy=\"no-referrer\"></p>\n<p>除了销量增长势头强劲外，小米手机的质量也得到了欧洲市场的普遍认可。</p>\n<p>2021年5月，Computer Bild（德国三大评测机构之一）在报告中称，小米11 Ultra不仅是最好的小米智能手机，也是目前最好的安卓手机，在智能手机对比测试中已经把三星、华为、一加等公司甩在了后面。</p>\n<p>Computer Bild还在专业报告中指出，“从设计上来说，小米11Ultra具备卓越的速度和强大的显示效果。它有一个凸起的相机，除了长焦镜头和其他镜头外，还装有很酷的辅助显示屏，可以显示信息、图像或文字，或者在用主摄像头自拍时，充当取景器。”</p>\n<p>至于拉美、非洲地区，小米2021Q1智能手机销量同比增长分别为161.7%、191%，拉美地区中的智利市场异军突起。</p>\n<p>据市场研究机构Strategy Analytics 数据显示，2021Q1 智利智能手机销量290万部，小米以50万部的销量夺得市场第三名，年同比增长高达1025%，成为该地区增长最快的智能手机品牌。与此同时，小米在智利的市场占有率也从去年同期的2.4%&nbsp;上升至15.5%。</p>\n<p><img src=\"https://static.tigerbbs.com/99eaa22550e8dbd53ec5e6163d34246c\" tg-width=\"1000\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 分析称：</p>\n<blockquote>\n “&nbsp;小米旗下的红米手机具有很高的性价比，这使得该款手机在因为疫情而\"&nbsp;消费 降级&nbsp;\"&nbsp;的智利消费者中获得了强烈认可，从而帮助小米在该地区获得了销量第三名的位置，也进一步提高了市场占有率。”\n</blockquote>\n<p>而小米集团合伙人、总裁王翔则表示，小米已经成为一家真正的全球化企业，产品进入近一百个国家，营收一半来源于海外市场。“不单单在发展中国家，如中国、印度、亚太地区，也进入了发达国家的地区和市场。我们的市场有战略纵深，所以能让我们走到今天这一步。”</p>\n<p>华为跌倒，小米吃饱？</p>\n<p>有人对小米的逆袭拍手叫好，自然也会有人冷嘲热讽，戏称其是“华为跌倒，小米吃饱”。</p>\n<p>不可否认，分食华为全球智能手机市场份额，确实是头部手机厂商增速加快的原因之一。</p>\n<p>2019年5月以来，美国将华为列入“实体清单”，在<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>宣布停止提供安卓系统和谷歌GMS后，华为的海外销量及市场份额暴跌。</p>\n<p>根据Canalys数据，华为2019Q2海外市场销量为2140万台，2020年Q2，这个数字只剩下了1560万台，同比下降27%，到了2021Q1，华为仅占全球智能手机销量4%，排名第六，位于三星、苹果、小米、OPPO、vivo之后。</p>\n<p>当时，日本经济新闻等媒体猜测，这些市场份额会被三星全盘收下，不过从目前来看，华为缺位后，小米才是这场“分食华为抢位战”中的最大受益者。</p>\n<p>在欧洲，2019年Q2，小米销量还只有430万台，市占率9.6%，排名第四；2020年Q2，小米销量已经超过华为，达到710万台，市占率17%，排名第三。2021Q1小米在欧洲地区市占率22.7%，排名第二，不到两年，小米在欧洲的市占率翻了两倍不止，业务突飞猛进。</p>\n<p>至于拉丁美洲，2020年第四季度华为跌出当地智能手机销量前五后，小米便很快接管了大部分原本属于华为市场份额。</p>\n<p>其实，去年并非小米第一次征战拉丁美洲——早在2015年7月，小米就曾宣布进军巴西市场，但当时巴西经济状况不佳，民众也没有线上消费习惯，再加上高昂的税收和苛刻的贸易保护政策，让小米寸步难行。2016年5月份，小米宣布改变巴西市场策略，短期之内不再发布新款手机，团队也将返回中国，进军拉美的尝试以失败告终。</p>\n<p><img src=\"https://static.tigerbbs.com/3b19b647933c7f1f6140c481d04d5e4f\" tg-width=\"908\" tg-height=\"445\" referrerpolicy=\"no-referrer\"></p>\n<p>再回拉丁美洲市场，小米的策略和打法成熟了许多——在地域上，先选择了贸易政策更为开放的智利作为第一站；在销售策略上，努力配合拉美国家线下消费的习惯，在一些大型商场和手机专卖店进行产品销售，再逐步布局实体“米店”，直到2019年4月27日，小米首家智利“米店”才在智利首都圣地亚哥东部繁华商圈开业。</p>\n<p>功夫不负有心人，学会“因地制宜”的小米终于在2021Q1将智利市占率从2020年同期的2.4% 提升至15.5%。</p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 认为，“（在智利）华为手机此段时间的‘失利’确实利好小米，但更大的增长空间源于小米自身。\"</p>\n<p>除此之外，小米成为全球第二，和苹果自身也有一定关系。</p>\n<p>2021Q2季度苹果处于销售淡季，销量偏低并不意外。比如从Counterpoint发布的苹果公司2018Q1~2021Q1的iPhone销量便可以看出：</p>\n<p><img src=\"https://static.tigerbbs.com/917e7355c2da26dfc6ab177c14a9ba39\" tg-width=\"1000\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n<p>苹果营收和利润向来有很强的季节性</p>\n<p>Q1通常是苹果销量偏高的季度，Q2销量通常会比前一季度大幅减少，Q3则是全年销量的低谷，因为9~10月份是苹果主要产品线iPhone新品发布时间，新产品发布前，分销商的存货量会逐渐控制减少，并为新品发布作准备，Q4新品发布后，销量又会大幅攀升。</p>\n<p>值得注意的是，国外的上市公司财季周期与国内不同。苹果的财年周期是上一年的9月28日至今年的9月27日。因此我们这里讨论的Q2，对应为苹果公司Q3，即销量低迷的季度。</p>\n<p>反观小米，2021Q2季度海外市场疯狂扩张，增速强劲，这一时期销量赶超苹果并非没有可能，只不过大家没有预料到，小米的增速能达到83%。</p>\n<p>至于Canalys 研究经理 Ben Stanton认为，“小米已经将目光投向下一个目标：取代三星，成为全球头号厂商。”</p>\n<p>短期来看，并不现实。</p>\n<p>首先，虽然小米如今占据着全球手机市场17%的份额，与三星仅剩2%的差距，但要知道，从产品到供应链垂直整合能力，三星都比小米厉害，尤其供应链上下游整合能力小米更是差距巨大——三星自产芯片、屏幕、存储和组装工厂，而小米则严重依赖供应商。</p>\n<p>其次，小米仅仅是销量挤到了全球第二的位置，但2020年三星和苹果却拿走了全球手机产业链大部分利润。</p>\n<p>OPPO中国区总裁就曾在接受采访时表示，在中国手机市场当中，高端机型的市场份额接近25%，其中苹果占到44%，考虑到未来华为可能会缺席这场竞赛，如果其他国产厂商无法及时填补这个空缺话，很有可能会被苹果继续侵蚀。</p>\n<p>所以，小米能在第二的位置“苟住”已属不易，就别再给小米冲第一的“幻觉”了。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c9710c2d10626e3300cf4e73167b810","relate_stocks":{"AAPL":"苹果","01810":"小米集团-W","03086":"华夏纳指","09086":"华夏纳指-U"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166843923","content_text":"小米往前一小步，苹果都成了背景板。\n7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在微博宣布，“Canalys发布了第二季度全球智能手机市占率排名，小米手机销量超越了苹果，首次晋升全球第二。”\n\n你没有看错，小米超越苹果，“摸”到了全球第二的位置——这是小米自创立以来，首次在全球总销量上超越苹果。而就在前一天，雷军刚在福布斯中国发布最佳CEO榜中，荣登首位。\n\n难怪雷军在全员信中将之称为“天大的好消息”，他说：“小米第一次成为全球第二，这是个梦幻般的成就，是小米发展史上的重大里程碑！”\nCanalys（市场调研机构）报告显示，2021Q2全球智能机出货量增长了12%，三星以19%的全球市场份额位列榜首；小米以 17%的全球市场份额屈居第二；苹果则滑落至全球第三，仅剩14%的全球市场份额；OPPO、vivo分别以10%的全球市场份额位列第四、第五。\n\n值得注意的是，五大厂商中，小米第二季度销量增速惊人，同比增长高达83%。\n小米亮眼的成绩自然刺激到了资本市场的神经——受此消息影响，7月16日港股开盘，小米股价就迅速拉涨，截至7月16日港股收盘，小米集团港股涨4.82%，报28.25港元/股，总市值达7086亿港元。\n挤下苹果，小米凭什么？\n如果只看国内的话，Canalys公布的2021Q1国内手机市场份额数据，vivo以23%的市场份额以及79%的增长速度排名第一，而小米在国内连前三都没挤进去，屈居第四。\n那么，小米2021Q2力压苹果的销量从何而来呢？答案就在那83%的增长里，而这83%的新增量中有70%来源于海外市场。\n数据显示，2021Q2，华为海外市场份额萎缩最明显的欧洲，大多数原本与华为合作的运营商选择了小米，小米因此成为欧洲市场仅次于三星的第二大手机厂商，份额占比达23%，同比增长85%。\n\n此外，小米本季度也在积极开拓非洲市场、拉丁美洲市场，两地增长分别达150%、300%。这主要源于疫情使该地区智能机、智能设备需求大幅度增加，而小米迅速填补了这部分市场需求。\n这既得益于小米的全球化运营能力，比如整合渠道合作伙伴、更精细化管理旧库存等，也归功于小米手机为符合当地各种技术标准所做的各种努力。\n\n其实，小米的统治力Q1季度就已露出端倪——Canalys报告显示，2021Q1，小米全球主要市场市占率及排名分别是，印度地区市占率28.3%，排名第一；欧洲地区市占率22.7%，排名第二；亚太地区市占率17.5%，排名第二；拉美地区市占率达11.5%，排名第三；非洲地区市占率7.2%，排名第四。\n其中，尤以欧洲市场的爆发最为典型。\n根据小米2021Q1财报显示，欧洲市场智能手机销量同比增长85.1%，首次达到第二。其中，西欧智能手机市占率稳居第三，销量同比增长86.1%；东欧智能手机市占率连续两个季度第一，销量同比增长81.1%；西班牙智能手机市占率连续五个季度稳居第一。\n\n除了销量增长势头强劲外，小米手机的质量也得到了欧洲市场的普遍认可。\n2021年5月，Computer Bild（德国三大评测机构之一）在报告中称，小米11 Ultra不仅是最好的小米智能手机，也是目前最好的安卓手机，在智能手机对比测试中已经把三星、华为、一加等公司甩在了后面。\nComputer Bild还在专业报告中指出，“从设计上来说，小米11Ultra具备卓越的速度和强大的显示效果。它有一个凸起的相机，除了长焦镜头和其他镜头外，还装有很酷的辅助显示屏，可以显示信息、图像或文字，或者在用主摄像头自拍时，充当取景器。”\n至于拉美、非洲地区，小米2021Q1智能手机销量同比增长分别为161.7%、191%，拉美地区中的智利市场异军突起。\n据市场研究机构Strategy Analytics 数据显示，2021Q1 智利智能手机销量290万部，小米以50万部的销量夺得市场第三名，年同比增长高达1025%，成为该地区增长最快的智能手机品牌。与此同时，小米在智利的市场占有率也从去年同期的2.4% 上升至15.5%。\n\n对此，Strategy Analytics 高级分析师 Rajeev Nair 分析称：\n\n “ 小米旗下的红米手机具有很高的性价比，这使得该款手机在因为疫情而\" 消费 降级 \" 的智利消费者中获得了强烈认可，从而帮助小米在该地区获得了销量第三名的位置，也进一步提高了市场占有率。”\n\n而小米集团合伙人、总裁王翔则表示，小米已经成为一家真正的全球化企业，产品进入近一百个国家，营收一半来源于海外市场。“不单单在发展中国家，如中国、印度、亚太地区，也进入了发达国家的地区和市场。我们的市场有战略纵深，所以能让我们走到今天这一步。”\n华为跌倒，小米吃饱？\n有人对小米的逆袭拍手叫好，自然也会有人冷嘲热讽，戏称其是“华为跌倒，小米吃饱”。\n不可否认，分食华为全球智能手机市场份额，确实是头部手机厂商增速加快的原因之一。\n2019年5月以来，美国将华为列入“实体清单”，在谷歌宣布停止提供安卓系统和谷歌GMS后，华为的海外销量及市场份额暴跌。\n根据Canalys数据，华为2019Q2海外市场销量为2140万台，2020年Q2，这个数字只剩下了1560万台，同比下降27%，到了2021Q1，华为仅占全球智能手机销量4%，排名第六，位于三星、苹果、小米、OPPO、vivo之后。\n当时，日本经济新闻等媒体猜测，这些市场份额会被三星全盘收下，不过从目前来看，华为缺位后，小米才是这场“分食华为抢位战”中的最大受益者。\n在欧洲，2019年Q2，小米销量还只有430万台，市占率9.6%，排名第四；2020年Q2，小米销量已经超过华为，达到710万台，市占率17%，排名第三。2021Q1小米在欧洲地区市占率22.7%，排名第二，不到两年，小米在欧洲的市占率翻了两倍不止，业务突飞猛进。\n至于拉丁美洲，2020年第四季度华为跌出当地智能手机销量前五后，小米便很快接管了大部分原本属于华为市场份额。\n其实，去年并非小米第一次征战拉丁美洲——早在2015年7月，小米就曾宣布进军巴西市场，但当时巴西经济状况不佳，民众也没有线上消费习惯，再加上高昂的税收和苛刻的贸易保护政策，让小米寸步难行。2016年5月份，小米宣布改变巴西市场策略，短期之内不再发布新款手机，团队也将返回中国，进军拉美的尝试以失败告终。\n\n再回拉丁美洲市场，小米的策略和打法成熟了许多——在地域上，先选择了贸易政策更为开放的智利作为第一站；在销售策略上，努力配合拉美国家线下消费的习惯，在一些大型商场和手机专卖店进行产品销售，再逐步布局实体“米店”，直到2019年4月27日，小米首家智利“米店”才在智利首都圣地亚哥东部繁华商圈开业。\n功夫不负有心人，学会“因地制宜”的小米终于在2021Q1将智利市占率从2020年同期的2.4% 提升至15.5%。\n对此，Strategy Analytics 高级分析师 Rajeev Nair 认为，“（在智利）华为手机此段时间的‘失利’确实利好小米，但更大的增长空间源于小米自身。\"\n除此之外，小米成为全球第二，和苹果自身也有一定关系。\n2021Q2季度苹果处于销售淡季，销量偏低并不意外。比如从Counterpoint发布的苹果公司2018Q1~2021Q1的iPhone销量便可以看出：\n\n苹果营收和利润向来有很强的季节性\nQ1通常是苹果销量偏高的季度，Q2销量通常会比前一季度大幅减少，Q3则是全年销量的低谷，因为9~10月份是苹果主要产品线iPhone新品发布时间，新产品发布前，分销商的存货量会逐渐控制减少，并为新品发布作准备，Q4新品发布后，销量又会大幅攀升。\n值得注意的是，国外的上市公司财季周期与国内不同。苹果的财年周期是上一年的9月28日至今年的9月27日。因此我们这里讨论的Q2，对应为苹果公司Q3，即销量低迷的季度。\n反观小米，2021Q2季度海外市场疯狂扩张，增速强劲，这一时期销量赶超苹果并非没有可能，只不过大家没有预料到，小米的增速能达到83%。\n至于Canalys 研究经理 Ben Stanton认为，“小米已经将目光投向下一个目标：取代三星，成为全球头号厂商。”\n短期来看，并不现实。\n首先，虽然小米如今占据着全球手机市场17%的份额，与三星仅剩2%的差距，但要知道，从产品到供应链垂直整合能力，三星都比小米厉害，尤其供应链上下游整合能力小米更是差距巨大——三星自产芯片、屏幕、存储和组装工厂，而小米则严重依赖供应商。\n其次，小米仅仅是销量挤到了全球第二的位置，但2020年三星和苹果却拿走了全球手机产业链大部分利润。\nOPPO中国区总裁就曾在接受采访时表示，在中国手机市场当中，高端机型的市场份额接近25%，其中苹果占到44%，考虑到未来华为可能会缺席这场竞赛，如果其他国产厂商无法及时填补这个空缺话，很有可能会被苹果继续侵蚀。\n所以，小米能在第二的位置“苟住”已属不易，就别再给小米冲第一的“幻觉”了。","news_type":1,"symbols_score_info":{"01810":0.9,"03086":0.9,"09086":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1790,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":179234901,"gmtCreate":1626531505503,"gmtModify":1633926024201,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"😉","listText":"😉","text":"😉","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179234901","repostId":"1169032103","repostType":4,"isVote":1,"tweetType":1,"viewCount":1142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170512800,"gmtCreate":1626442407900,"gmtModify":1633926727549,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170512800","repostId":"1178066057","repostType":4,"isVote":1,"tweetType":1,"viewCount":1109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145306268,"gmtCreate":1626188386154,"gmtModify":1633929218246,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"好好哦","listText":"好好哦","text":"好好哦","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145306268","repostId":"1150061108","repostType":4,"repost":{"id":"1150061108","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626187931,"share":"https://www.laohu8.com/m/news/1150061108?lang=&edition=full","pubTime":"2021-07-13 22:52","market":"sh","language":"zh","title":"宣布全员涨薪两个月！京东涨超5%","url":"https://stock-news.laohu8.com/highlight/detail?id=1150061108","media":"老虎资讯综合","summary":"周二盘中京东股价拉升走强，现涨幅为5.4%，报77.15美元，暂成交5.28亿美元，最新总市值为1192.6亿美元。此前公司宣布全员涨薪两个月。\n\n13日，东哥刷屏了，一片好评。今日刚刚宣布全员涨薪两","content":"<p>周二盘中<a href=\"https://laohu8.com/S/JD\">京东</a>股价拉升走强，现涨幅为5.4%，报77.15美元，暂成交5.28亿美元，最新总市值为1192.6亿美元。此前公司宣布全员涨薪两个月。</p>\n<p><img src=\"https://static.tigerbbs.com/cf5dbb4c3c77cccbea0831fab75fb370\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>13日，东哥刷屏了，一片好评。今日刚刚宣布全员涨薪两个月，不得不说，刘强东对员工的确实在，不少网友表示，东子我想做你兄弟！</p>\n<p><img src=\"https://static.tigerbbs.com/6466afb5a49f1a8f5817c3c474e644e5\" tg-width=\"402\" tg-height=\"94\" referrerpolicy=\"no-referrer\"></p>\n<p><b>京东宣布两年内加薪至16薪</b></p>\n<p>7月13日，京东集团宣布自2021年7月1日开始到2023年7月1日，用两年时间，将员工平均年薪由14薪逐步涨至16薪，在2021年7月1日之前的基础上直接涨薪两个月。</p>\n<p><img src=\"https://static.tigerbbs.com/a688abe07456f2ebb73312d1e8894f98\" tg-width=\"717\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p>\n<p><b>京东快递小哥收入有多少？</b></p>\n<p>公开数据显示，截至2021年一季度末，京东体系上市公司及非上市公司员工数约37万人；这其中，仅过去的一年间，<a href=\"https://laohu8.com/S/02618\">京东物流</a>就为其24万一线员工支出了261亿元的薪酬福利，人均年支出近11万元，同时，京东也每年为员工缴纳包括商业险在内的六险一金，确保他们医有所保、老有所养。业内人士一致认为，京东为关注员工保障树立了行业标杆。</p>\n<p><img src=\"https://static.tigerbbs.com/dbed9624b108465c961ae6b3cce593c4\" tg-width=\"693\" tg-height=\"462\" referrerpolicy=\"no-referrer\"></p>\n<p>据了解，京东一直秉承这样的经营理念 ：如果京东有机会赚一块钱，只拿走其中的七毛，要给合作伙伴多留三毛，剩下的七毛中的三毛五留给员工作为福利和激励，剩下的三毛五留给企业未来的发展。其中意思是说，把三毛留给合作伙伴，就是要让合作伙伴有创新发展的后劲；把三毛五留给团队，就是要让团队有拼搏的干劲。</p>\n<p>根据京东最新财报显示，今年一季度京东净收入为人民币2031.76亿元（约310亿美元），同比增长39%；净利润为人民币36.42亿元（6亿美元），去年同期为人民币11亿元。</p>\n<p>截至2021年3月31日，京东过去12个月的活跃购买用户数近5亿，较2020年第一季度末大幅净增1.12亿，创历史最大同期增幅。</p>\n<p>此外，2020年全年京东净收入为7458亿元人民币，全年京东经营利润为123亿元，去年同期为90亿元。2020年Non-GAAP下经营利润为153亿元，归属于普通股东的净利润为494亿元。</p>\n<p><b>刘强东：京东一线员工收入足以支撑一个家庭的生计</b></p>\n<p>6月18日上午，京东集团董事局主席兼首席执行官刘强东发表了一封题为《心存敬畏 永葆情怀》的致股东信，其中提到，京东有20多万一线员工，他们中有80％都是来自于并不富裕的农村地区，他们用自己勤劳的双手创造着属于自己的幸福，而公司的责任，就为他们的这份幸福提供坚实的保障。2020年，京东物流集团对每位一线员工的年均支出近11万元，他们的收入足以支撑起一个家庭的生计，不仅在北京、上海、深圳这样大城市，我们在东北和西北省份的很多快递员月收入也能过万元。</p>\n<p>更早前，刘强东视察京东宿迁呼叫中心新建的员工宿舍楼。结果，当他看到所谓的高级单身公寓样板间，居然准备住四到六个人，卫生间还是那种蹲便器，而且跟淋浴放在一块，刘强东的自尊心被刺痛了。</p>\n<p>刘强东当场拍板：京东的员工宿舍，每间最多只能住两个人，工作满三年以上的员工，每人单独一个房间。</p>\n<p><img src=\"https://static.tigerbbs.com/201caeb51ec8a928726842d9721e5d86\" tg-width=\"647\" tg-height=\"697\" referrerpolicy=\"no-referrer\"></p>\n<p>这位充满江湖义气的创业者喜欢称呼快递员为“兄弟”。年底他有宴请老员工的习惯，挨桌敬酒，iPad和iPhone 是常备礼物。他有一个梦想：退休时员工能说“他是一个好人”。</p>\n<p>刘强东也曾在央视放出豪言</p>\n<p><img src=\"https://static.tigerbbs.com/1ec387c4109fece77ba1c29786a1f6a8\" tg-width=\"485\" tg-height=\"671\" referrerpolicy=\"no-referrer\"></p>\n<p><b>网友评论</b></p>\n<p>互联网行业正在重新思考和定义员工及人才的价值。快手、字节跳动近期先后宣布取消大小周。今次京东开始启动涨薪计划，同样是力求留住并吸引更多高质量人才的加入。换言之，互联网人才争夺战正在进入新的阶段。</p>\n<p><img src=\"https://static.tigerbbs.com/2dbd4f540b742e64bab6cc759b9551b9\" tg-width=\"416\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/da5c64899b09a412be66f9f8a98893e4\" tg-width=\"401\" tg-height=\"268\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/ece61a5a7440895cd6638a715e400bca\" tg-width=\"393\" tg-height=\"158\" referrerpolicy=\"no-referrer\"></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>宣布全员涨薪两个月！京东涨超5%</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n宣布全员涨薪两个月！京东涨超5%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-07-13 22:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>周二盘中<a href=\"https://laohu8.com/S/JD\">京东</a>股价拉升走强，现涨幅为5.4%，报77.15美元，暂成交5.28亿美元，最新总市值为1192.6亿美元。此前公司宣布全员涨薪两个月。</p>\n<p><img src=\"https://static.tigerbbs.com/cf5dbb4c3c77cccbea0831fab75fb370\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>13日，东哥刷屏了，一片好评。今日刚刚宣布全员涨薪两个月，不得不说，刘强东对员工的确实在，不少网友表示，东子我想做你兄弟！</p>\n<p><img src=\"https://static.tigerbbs.com/6466afb5a49f1a8f5817c3c474e644e5\" tg-width=\"402\" tg-height=\"94\" referrerpolicy=\"no-referrer\"></p>\n<p><b>京东宣布两年内加薪至16薪</b></p>\n<p>7月13日，京东集团宣布自2021年7月1日开始到2023年7月1日，用两年时间，将员工平均年薪由14薪逐步涨至16薪，在2021年7月1日之前的基础上直接涨薪两个月。</p>\n<p><img src=\"https://static.tigerbbs.com/a688abe07456f2ebb73312d1e8894f98\" tg-width=\"717\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p>\n<p><b>京东快递小哥收入有多少？</b></p>\n<p>公开数据显示，截至2021年一季度末，京东体系上市公司及非上市公司员工数约37万人；这其中，仅过去的一年间，<a href=\"https://laohu8.com/S/02618\">京东物流</a>就为其24万一线员工支出了261亿元的薪酬福利，人均年支出近11万元，同时，京东也每年为员工缴纳包括商业险在内的六险一金，确保他们医有所保、老有所养。业内人士一致认为，京东为关注员工保障树立了行业标杆。</p>\n<p><img src=\"https://static.tigerbbs.com/dbed9624b108465c961ae6b3cce593c4\" tg-width=\"693\" tg-height=\"462\" referrerpolicy=\"no-referrer\"></p>\n<p>据了解，京东一直秉承这样的经营理念 ：如果京东有机会赚一块钱，只拿走其中的七毛，要给合作伙伴多留三毛，剩下的七毛中的三毛五留给员工作为福利和激励，剩下的三毛五留给企业未来的发展。其中意思是说，把三毛留给合作伙伴，就是要让合作伙伴有创新发展的后劲；把三毛五留给团队，就是要让团队有拼搏的干劲。</p>\n<p>根据京东最新财报显示，今年一季度京东净收入为人民币2031.76亿元（约310亿美元），同比增长39%；净利润为人民币36.42亿元（6亿美元），去年同期为人民币11亿元。</p>\n<p>截至2021年3月31日，京东过去12个月的活跃购买用户数近5亿，较2020年第一季度末大幅净增1.12亿，创历史最大同期增幅。</p>\n<p>此外，2020年全年京东净收入为7458亿元人民币，全年京东经营利润为123亿元，去年同期为90亿元。2020年Non-GAAP下经营利润为153亿元，归属于普通股东的净利润为494亿元。</p>\n<p><b>刘强东：京东一线员工收入足以支撑一个家庭的生计</b></p>\n<p>6月18日上午，京东集团董事局主席兼首席执行官刘强东发表了一封题为《心存敬畏 永葆情怀》的致股东信，其中提到，京东有20多万一线员工，他们中有80％都是来自于并不富裕的农村地区，他们用自己勤劳的双手创造着属于自己的幸福，而公司的责任，就为他们的这份幸福提供坚实的保障。2020年，京东物流集团对每位一线员工的年均支出近11万元，他们的收入足以支撑起一个家庭的生计，不仅在北京、上海、深圳这样大城市，我们在东北和西北省份的很多快递员月收入也能过万元。</p>\n<p>更早前，刘强东视察京东宿迁呼叫中心新建的员工宿舍楼。结果，当他看到所谓的高级单身公寓样板间，居然准备住四到六个人，卫生间还是那种蹲便器，而且跟淋浴放在一块，刘强东的自尊心被刺痛了。</p>\n<p>刘强东当场拍板：京东的员工宿舍，每间最多只能住两个人，工作满三年以上的员工，每人单独一个房间。</p>\n<p><img src=\"https://static.tigerbbs.com/201caeb51ec8a928726842d9721e5d86\" tg-width=\"647\" tg-height=\"697\" referrerpolicy=\"no-referrer\"></p>\n<p>这位充满江湖义气的创业者喜欢称呼快递员为“兄弟”。年底他有宴请老员工的习惯，挨桌敬酒，iPad和iPhone 是常备礼物。他有一个梦想：退休时员工能说“他是一个好人”。</p>\n<p>刘强东也曾在央视放出豪言</p>\n<p><img src=\"https://static.tigerbbs.com/1ec387c4109fece77ba1c29786a1f6a8\" tg-width=\"485\" tg-height=\"671\" referrerpolicy=\"no-referrer\"></p>\n<p><b>网友评论</b></p>\n<p>互联网行业正在重新思考和定义员工及人才的价值。快手、字节跳动近期先后宣布取消大小周。今次京东开始启动涨薪计划，同样是力求留住并吸引更多高质量人才的加入。换言之，互联网人才争夺战正在进入新的阶段。</p>\n<p><img src=\"https://static.tigerbbs.com/2dbd4f540b742e64bab6cc759b9551b9\" tg-width=\"416\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/da5c64899b09a412be66f9f8a98893e4\" tg-width=\"401\" tg-height=\"268\" referrerpolicy=\"no-referrer\"></p>\n<p><img src=\"https://static.tigerbbs.com/ece61a5a7440895cd6638a715e400bca\" tg-width=\"393\" tg-height=\"158\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/028bf7c7eafdcd11c8df76a91d4805e0","relate_stocks":{"JD":"京东"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150061108","content_text":"周二盘中京东股价拉升走强，现涨幅为5.4%，报77.15美元，暂成交5.28亿美元，最新总市值为1192.6亿美元。此前公司宣布全员涨薪两个月。\n\n13日，东哥刷屏了，一片好评。今日刚刚宣布全员涨薪两个月，不得不说，刘强东对员工的确实在，不少网友表示，东子我想做你兄弟！\n\n京东宣布两年内加薪至16薪\n7月13日，京东集团宣布自2021年7月1日开始到2023年7月1日，用两年时间，将员工平均年薪由14薪逐步涨至16薪，在2021年7月1日之前的基础上直接涨薪两个月。\n\n京东快递小哥收入有多少？\n公开数据显示，截至2021年一季度末，京东体系上市公司及非上市公司员工数约37万人；这其中，仅过去的一年间，京东物流就为其24万一线员工支出了261亿元的薪酬福利，人均年支出近11万元，同时，京东也每年为员工缴纳包括商业险在内的六险一金，确保他们医有所保、老有所养。业内人士一致认为，京东为关注员工保障树立了行业标杆。\n\n据了解，京东一直秉承这样的经营理念 ：如果京东有机会赚一块钱，只拿走其中的七毛，要给合作伙伴多留三毛，剩下的七毛中的三毛五留给员工作为福利和激励，剩下的三毛五留给企业未来的发展。其中意思是说，把三毛留给合作伙伴，就是要让合作伙伴有创新发展的后劲；把三毛五留给团队，就是要让团队有拼搏的干劲。\n根据京东最新财报显示，今年一季度京东净收入为人民币2031.76亿元（约310亿美元），同比增长39%；净利润为人民币36.42亿元（6亿美元），去年同期为人民币11亿元。\n截至2021年3月31日，京东过去12个月的活跃购买用户数近5亿，较2020年第一季度末大幅净增1.12亿，创历史最大同期增幅。\n此外，2020年全年京东净收入为7458亿元人民币，全年京东经营利润为123亿元，去年同期为90亿元。2020年Non-GAAP下经营利润为153亿元，归属于普通股东的净利润为494亿元。\n刘强东：京东一线员工收入足以支撑一个家庭的生计\n6月18日上午，京东集团董事局主席兼首席执行官刘强东发表了一封题为《心存敬畏 永葆情怀》的致股东信，其中提到，京东有20多万一线员工，他们中有80％都是来自于并不富裕的农村地区，他们用自己勤劳的双手创造着属于自己的幸福，而公司的责任，就为他们的这份幸福提供坚实的保障。2020年，京东物流集团对每位一线员工的年均支出近11万元，他们的收入足以支撑起一个家庭的生计，不仅在北京、上海、深圳这样大城市，我们在东北和西北省份的很多快递员月收入也能过万元。\n更早前，刘强东视察京东宿迁呼叫中心新建的员工宿舍楼。结果，当他看到所谓的高级单身公寓样板间，居然准备住四到六个人，卫生间还是那种蹲便器，而且跟淋浴放在一块，刘强东的自尊心被刺痛了。\n刘强东当场拍板：京东的员工宿舍，每间最多只能住两个人，工作满三年以上的员工，每人单独一个房间。\n\n这位充满江湖义气的创业者喜欢称呼快递员为“兄弟”。年底他有宴请老员工的习惯，挨桌敬酒，iPad和iPhone 是常备礼物。他有一个梦想：退休时员工能说“他是一个好人”。\n刘强东也曾在央视放出豪言\n\n网友评论\n互联网行业正在重新思考和定义员工及人才的价值。快手、字节跳动近期先后宣布取消大小周。今次京东开始启动涨薪计划，同样是力求留住并吸引更多高质量人才的加入。换言之，互联网人才争夺战正在进入新的阶段。","news_type":1,"symbols_score_info":{"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":142676209,"gmtCreate":1626149714201,"gmtModify":1633929621253,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"赞","listText":"赞","text":"赞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142676209","repostId":"1185408592","repostType":4,"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":148794191,"gmtCreate":1626014653813,"gmtModify":1633930911244,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"你的婚礼","listText":"你的婚礼","text":"你的婚礼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148794191","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":3734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":148795774,"gmtCreate":1626014602698,"gmtModify":1633930911466,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"你的婚礼","listText":"你的婚礼","text":"你的婚礼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148795774","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":1577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":114557975,"gmtCreate":1623081801597,"gmtModify":1634037133781,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/114557975","repostId":"1196162025","repostType":4,"isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114554091,"gmtCreate":1623081737813,"gmtModify":1634037134841,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Can give me a nice day","listText":"Can give me a nice day","text":"Can give me a nice day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114554091","repostId":"1108033863","repostType":4,"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115680539,"gmtCreate":1622985750121,"gmtModify":1634096405032,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Ada BI hu","listText":"Ada BI hu","text":"Ada BI hu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115680539","repostId":"2141402879","repostType":4,"repost":{"id":"2141402879","kind":"highlight","pubTimestamp":1622942472,"share":"https://www.laohu8.com/m/news/2141402879?lang=&edition=full","pubTime":"2021-06-06 09:21","market":"us","language":"en","title":"Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others","url":"https://stock-news.laohu8.com/highlight/detail?id=2141402879","media":"MarketWatch","summary":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\n","content":"<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p>\n<p>Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p>\n<p>Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p>\n<p>Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p>\n<p>Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p>\n<p>Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p>\n<p>Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p>\n<p><b>Doubling revenue, but still in the red</b></p>\n<p>Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p>\n<p>The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p>\n<p>Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p>\n<p><b>Squarely its biggest customer</b></p>\n<p>Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p>\n<p>\"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p>\n<p>\"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p>\n<p>Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p>\n<p>Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p>\n<p>\"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p>\n<p><b>Meet the competition</b></p>\n<p>Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p>\n<p>Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p>\n<p>While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p>\n<p>\"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p>\n<p>MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p>\n<p><b>About interchange</b></p>\n<p>Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p>\n<p>Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p>\n<p>\"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and &gt;2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p>\n<p>Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p>\n<p><b>A big market</b></p>\n<p>Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p>\n<p>\"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p>\n<p>Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p>","source":"lsy1603348471595","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>Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMarqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 09:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\nSquare Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology...</p>\n\n<a href=\"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MQ":"Marqeta, Inc.","DASH":"DoorDash, Inc."},"source_url":"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141402879","content_text":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\nSquare Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.\nInvestors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.\nCompanies from Instacart to DoorDash Inc. $(DASH)$ to Affirm Holdings Inc. $(AFRM)$ rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.\nOakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.\nSquare Inc. $(SQ)$ is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.\nMarqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.\nHere are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.\nDoubling revenue, but still in the red\nMarqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.\nThe company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.\nMarqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.\nSquarely its biggest customer\nMarqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.\n\"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.\n\"It's unprecedented to see a company going public with that much of business coming from one customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.\nMarqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive one-year periods after that.\nBernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.\n\"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.\nMeet the competition\nMarqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. $(GPN)$ and Fiserv Inc. $(FISV)$ as well as \"emerging providers\" like Stripe and Adyen NV .\nRawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.\nWhile Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.\n\"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"\nMKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"\nAbout interchange\nMarqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.\nCard networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.\n\"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and >2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"\nRawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"\nA big market\nMarqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.\n\"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.\nRawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.","news_type":1,"symbols_score_info":{"DASH":0.9,"MQ":0.9}},"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617435,"gmtCreate":1622985688327,"gmtModify":1634096405497,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115617435","repostId":"1156802172","repostType":4,"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617697,"gmtCreate":1622985652319,"gmtModify":1634096405856,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/115617697","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","kind":"news","pubTimestamp":1622951745,"share":"https://www.laohu8.com/m/news/1120164826?lang=&edition=full","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>\n <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>\n <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>\n <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p>\n<p><b>Investment Rationale</b></p>\n<p>Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p>\n<p>Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p>\n<p>But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p>\n<p>When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p>\n<p>However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p>\n<p><b>Q1 Earnings</b></p>\n<p>Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p>\n<p>The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p>\n<p>However, as can be seen in the graphic below, the margins are - so far - quite puny:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p>\n<p>As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p>\n<p><b>Going Forward</b></p>\n<p>The chart below is the company's guidance for Q2:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p>\n<p>At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p>\n<p>In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p>\n<p><b>Valuation</b></p>\n<p>So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p>\n<p>Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p>\n<p>That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p>\n<p>Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p>\n<p><b>Risks</b></p>\n<p>The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p>\n<p>The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p>\n<p>That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p>\n<p><b>Summary &amp; Conclusion</b></p>\n<p>While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p>\n<p>I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></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>Zillow: Significant Downside Remains</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nZillow: Significant Downside Remains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 11:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433217-zillow-significant-downside-remains><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData byYCharts","news_type":1,"symbols_score_info":{"Z":0.9}},"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617978,"gmtCreate":1622985633394,"gmtModify":1634096406197,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115617978","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p>\n<ul>\n <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>\n <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>\n <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li>\n</ul>\n<p>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p>\n<p>Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p>\n<p>Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p>\n<p>Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p>\n<p>Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p>\n<p>BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p>\n<p>Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p>\n<p>Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p>\n<p>Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p>\n<p>Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p>","source":"lsy1603787993745","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>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 09:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TASK":"TaskUs Inc.","MQ":"Marqeta, Inc.",".SPX":"S&P 500 Index","LFST":"LifeStance Health Group, Inc.",".DJI":"道琼斯","ZETA":"Zeta Global Holdings Corp.","MNDY":"Monday.com Ltd.",".IXIC":"NASDAQ Composite","BZ":"BOSS直聘","DIBS":"1stdibs.com Inc.","ZME":"掌门教育"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"BZ":0.9,"DIBS":0.9,"LFST":0.9,"MNDY":0.9,"MQ":0.9,"TASK":0.9,"ZETA":0.9,"ZME":0.9}},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116747786,"gmtCreate":1622821295745,"gmtModify":1634097634449,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116747786","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116742507,"gmtCreate":1622821125409,"gmtModify":1634097637098,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/116742507","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116742069,"gmtCreate":1622821088351,"gmtModify":1634097637338,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116742069","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":137363202,"gmtCreate":1622301205206,"gmtModify":1634102434754,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like+comment [Smile]&nbsp;","listText":"Like+comment [Smile]&nbsp;","text":"Like+comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/137363202","repostId":"2138488929","repostType":4,"isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617697,"gmtCreate":1622985652319,"gmtModify":1634096405856,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/115617697","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","kind":"news","pubTimestamp":1622951745,"share":"https://www.laohu8.com/m/news/1120164826?lang=&edition=full","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>\n <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>\n <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>\n <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p>\n<p><b>Investment Rationale</b></p>\n<p>Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p>\n<p>Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p>\n<p>But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p>\n<p>When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p>\n<p>However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p>\n<p><b>Q1 Earnings</b></p>\n<p>Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p>\n<p>The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p>\n<p>However, as can be seen in the graphic below, the margins are - so far - quite puny:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p>\n<p>As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p>\n<p><b>Going Forward</b></p>\n<p>The chart below is the company's guidance for Q2:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p>\n<p>At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p>\n<p>In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p>\n<p><b>Valuation</b></p>\n<p>So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p>\n<p>Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p>\n<p>That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p>\n<p>Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p>\n<p><b>Risks</b></p>\n<p>The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p>\n<p>The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p>\n<p>That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p>\n<p><b>Summary &amp; Conclusion</b></p>\n<p>While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p>\n<p>I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></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>Zillow: Significant Downside Remains</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nZillow: Significant Downside Remains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 11:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433217-zillow-significant-downside-remains><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData byYCharts","news_type":1,"symbols_score_info":{"Z":0.9}},"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116768045,"gmtCreate":1622819774887,"gmtModify":1634097657879,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116768045","repostId":"1153560369","repostType":4,"repost":{"id":"1153560369","kind":"news","pubTimestamp":1622817697,"share":"https://www.laohu8.com/m/news/1153560369?lang=&edition=full","pubTime":"2021-06-04 22:41","market":"us","language":"en","title":"Is Lucid Motors Or Fisker The Better EV Stock To Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1153560369","media":"seekingalpha","summary":"Summary\n\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sale","content":"<p><b>Summary</b></p>\n<ul>\n <li>Electric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth of 43% year-over-year observed in 2020.</li>\n <li>Europe is expected to have more than 300 EV models by 2025, while the U.S. is expected to have more than 130 EV models by 2026.</li>\n <li>Two of the up-and-coming EV startups include Lucid Motors and Fisker, both California-based with production and delivery expected by the end of 2021 and 2022, respectively.</li>\n <li>We believe both companies are undervalued at the moment, with significant upside potential of more than 150%.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a5b427058aa1c9aea96553593b7ed1e\" tg-width=\"768\" tg-height=\"510\"><span>Photo by domin_domin/E+ via Getty Images</span></p>\n<p>Electric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth observed in 2020 despite a slump in global automotive sales due to COVID-related impacts. Instead of being overshadowed by the on-and-off lockdowns and lingering wariness of economic uncertainty, global EV sales continued its growth momentum in 2020,rising 43% year-over-year&nbsp;while overall automotive sales dropped by 20%. The evolving consumer sentiment on EVs resulting from increasing affordability and practicality thanks to technological advancements, combined with government intervention through subsidies and climate change policies are expected to supercharge the EV sales figures further within the decade; EV sales are expected to exceed 31.1 million units and represent 32% of global new car sales by 2030.</p>\n<p>The next decade will be an era of electrification with significant opportunities for the sector as EVs take the center stage. The European Federation for Transport and Environment predicts&nbsp;more than 300 available EV models&nbsp;within the European automotive market by 2025, while the IHS Markit predicts more than&nbsp;130 available EV models in the U.S. by 2026.</p>\n<p>Two of the up and coming brands to break into the U.S. and European EV market include Lucid Motors ((NYSE:CCIV)or “Lucid”) and Fisker(NYSE:FSR). The two California-based companies have already debuted their respective flagship vehicles with reservations now open; initial deliveries are expected in late 2021 for Lucid and late 2022 for Fisker. In addition to their astonishing vehicles, both stock picks have also been showstoppers in the latest tech rally, with share prices peaking at 187% for Fisker and 480% for Lucid since their respective IPO and pre-IPO announcements.</p>\n<p><b>Fisker Inc.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3d67f9efb3fba9a363fca7f11f130a7\" tg-width=\"640\" tg-height=\"410\"><span>Source:fiskerinc.com</span></p>\n<p>Launched in 2016, the Southern California-based EV maker builds its brand on the mission to provide a “clean future for all” by creating the “world’s most emotional and sustainable vehicles”. The company is currently led by co-founders Henrik Fisker and Dr. Geeta Gupta-Fisker, alongside a strong executive team with years of industry experience in their respective trades. Henrik Fisker is best known for his disruptive designs within the luxury car sector for notable brands including BMW and Aston Martin. Prior to launching Fisker Inc., Henrik Fisker co-founded “Fisker Automotive”, which was best known for producing the world’s first luxury hybrid supercar, Fisker Karma, before its demise in 2012 due to bankruptcy. Giving the fast-changing sector another shot, the car designer has returned to the arena this time with the lessons from his past experience and an innovative business model – the “asset-lean” approach.</p>\n<p><b>The “Asset-Lean Approach”</b></p>\n<p>Fisker’s asset-lean approach entails outsourcing the business components where differentiation is deemed non-essential, including platform engineering, production and assembly, the charging network, and other fleet management services. The business model will not only allow the company to significantly shorten the typical timeline of 60 months, from concept to delivery, to&nbsp;29 months, but also enable greater capital deployment towards areas critical to customer experience, including design, software, user interface, and advanced driver-assistance systems (“ADAS”). The lowered costs achieved through this business model will also enable Fisker to keep the prices of their vehicles at an affordable range without compromising on quality.</p>\n<p>Fisker’s flagship model will be the&nbsp;Fisker Ocean SUV, which is expected to begin production on November 17, 2022 with initial deliveries to be made across Europe and the U.S. before the end next year. As part of the brand’s asset-lean mandate, Fisker has forged a&nbsp;Partnership with Magna Steyr(“Magna”) to co-engineer and produce the Fisker Ocean. The two companies are currently collaborating to create a unique “FM29” platform that will be used as the foundation for their flagship SUV, as well as at least one other Fisker model. By leveraging Magna’s existing technology and established manufacturing facilities, the EV maker will be able to accelerate the timeline of bringing their vehicle to market, while also reducing vehicle development costs. The cross-compatible platform will also allow Fisker to achieve volume pricing on supplies with quality vendors, thus further reducing the costs of building its vehicles to both increase affordability for customers while boosting margins for the company. The Fisker Ocean will be selling at a low entry price of $37,499, with the most premium trims offered at $69,900; combined with a driving range of up to 350 miles, the all-electric SUV trumps its peers within the price category, whose average travel range&nbsp;sits around 250 miles. The Fisker Ocean is aiming to become a “premium with volume” model, with anticipated productions of more than 100,000 units per year.</p>\n<p>A similar approach is also applied to the development and production of their second model,PEAR. Fisker has entered into an&nbsp;agreement with Foxconn– widely known for their production of iPhones in collaboration with Apple – to engineer and produce a brand-new platform for the revolutionary vehicle at a sub-$30,000 price tag. Model details are currently limited, but the new model is expected to feature a unique design and revolutionary experience that will differentiate it from any existing segment of EVs. PEAR’s start of production is slated for Q4 2023, with initial full-year productions expected to hit 250,000 units. The vehicle will first roll out in the U.S. with further expansion into the Chinese, European and Indian markets.</p>\n<p><b>Inherent Risks of Fisker’s Business Model</b></p>\n<p><b>Significant Reliance on Production Partners</b></p>\n<p>Fisker’s business model entails outsourcing a part of their engineering and production processes to third-parties. The company’s substantial reliance on their relationships with third-party manufacturers and suppliers subjects them to significant risks with respect to operations, such as delays caused by quality control issues or capacity constraints. Magna Steyr currently produces for established auto brands including&nbsp;BMW, Daimler, and Jaguar Land Rover. With annual production capacity of approximately 200,000 vehicles, adding Fisker to their production line would mean 50,000 units allocated to each partner of Magna’s on average. Considering Fisker’s call for annual productions of 100,000 units of the Fisker Ocean, Magna may be required to drop one of its existing partners, reduce production levels for other customers, or invest in extending their production capacity to meet the performance targets, resulting in high opportunity costs for the manufacturing giant. In order to incentivize their production partner for success of the Ocean program and mitigate the risk of delays caused by capacity constraints, Fisker has offered Magna a 6% stake in the company, exercisable through achievement of “interrelated performance conditions” (pg. 97 of the 2020 10K).</p>\n<p>The same risks apply to Fisker’s partnership with Foxconn to produce PEAR. Foxconn has no prior experience in the manufacturing process of vehicles, which subjects Fisker to potential risks related to quality control and delays. Foxconn is one of the many existing manufacturing industry veterans who have recently started to tap into the OEM opportunities within the growing EV sector. The electronics manufacturer plans to convert its idle plant in Wisconsin to facilitate their EV production ambitions. While Fisker intends to leverage Foxconn’s manufacturing expertise, Foxconn seeks to utilize the experience from producing Fisker’s EVs to&nbsp;pave its way into the larger EV market, with plans to produce EVs for other companies using the same platform in the long-run. Despite Foxconn’s lack of experience in EV production, the partners hope to take advantage of their “minimal automotive legacy to enable a full clean-sheet approach in all aspects”, and compete against experienced car manufacturers who may be restricted by the burden of existing contracts.</p>\n<p><b>Exposure to Inconsistency in Product Quality</b></p>\n<p>Working with multiple partners may also expose the company to inconsistency in the quality of their vehicles, and ultimately impact consumer confidence in the brand. In the unfortunate event that a jointly manufactured vehicle with one partner becomes faulty, it could significantly damage Fisker’s reputation and consumer confidence in the brand.</p>\n<p>In addition, consumers may start to take interest in the respective Fisker vehicle’s production partners, given the collaborative nature of Fisker’s business model compared to other brands whose manufacturers are seldom broadcasted as part of the marketing strategy. The highly collaborative nature of Fisker’s business model may cause consumers to start weighing their purchase decisions on the quality and reputation of the manufacturers instead of the brand, which strips Fisker of its credit in the development process of its vehicles.</p>\n<p><b>Overly Aggressive Targets</b></p>\n<p>As mentioned above, Fisker plans to produce at least 100,000 units of the Fisker Ocean on an annual basis, and 250,000 units of PEAR within the first full year of productions. However, these high figures draw curiosity on whether they are reasonably achievable. Under these production targets, Fisker would produce approximately 350,000 units of their vehicles by 2024. This would represent a 7% market share based on forecasted EV sales of&nbsp;6.2 million units by 2024, which is substantial for an EV startup after just two full years of operations with only two models available for sale. And in comparison to the globally recognized industry leader, Tesla, the assumed 7% market share would be double of Tesla’s global EV sales market share achieved in 2020 of&nbsp;close to 4%. Even if Fisker can offer customers with a pricing advantage, it would be challenging to achieve a 7% market share of global EV sales, especially given the large influx of competing models that will be introduced in the next few years. Based on our consideration of Fisker and their operating partners’ production capacities and anticipated EV demands, we believe these sales volume forecasts would more likely be achieved by 2026.</p>\n<p><b>Financial Outlook</b></p>\n<p>Following Fisker’s IPO through a&nbsp;SPAC reverse merger&nbsp;sponsored by Spartan Energy Acquisition in October 2020, the company received $1 billion in capital injections, which was just the right amount needed to develop and produce the Fisker Ocean SUV according to Fisker’s business plans. With start of productions for the Fisker Ocean just 18 months out, the company continues to execute the development process according to plan and within budget, ending the first quarter with cash and cash equivalents of $985.4 million while maintaining a debt-free balance sheet. And with the newest PEAR model, the company does not anticipate significant capital investments until 2023, which they plan to partially fund with cash generated from operations through Fisker Ocean sales, in addition to external financing obtained from either debt or equity issuances.</p>\n<p>We are predicting revenues of $1.2 to $1.4 billion by 2023, generated primarily from sales of approximately 20,000 Fisker Ocean SUVs following its first full year in the market, and a small volume of the PEAR model given its expected deliveries starting Q4 2023. Our forecasts predict a lower sales volume for the flagship SUV that is on par with recent electric SUV launches observed across the European and the U.S. EV market. We believe Fisker will achieve their annual production target for the Fisker Ocean of 100,000 units in late 2025 or early 2026 as consumer demand and brand reception ramps up.</p>\n<p>Total revenues are expected to grow at a CAGR of approximately 30% into 2030 considering Fisker’s continued expansion beyond the American and European markets and into the Chinese and Indian markets, as well as the anticipated growth in sales volumes with the launch of two other models in addition to the Fisker Ocean and PEAR model before 2025. We are expecting the company to start realizing profits of between $157 million to $285 million by 2024 championed by continued sales growth, and a lifetime gross profit margin between 19% and 25% based on Fisker’s business plan.</p>\n<p><i>i. Base Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/bc16e7b0a00d872cb9a339ed0e5f5aec\" tg-width=\"640\" tg-height=\"264\"></p>\n<p><i>ii. Bull Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/a29e2cf2a5b538f356c802408f4a4b22\" tg-width=\"640\" tg-height=\"260\"></p>\n<p><i>iii. Bear Case Financial Forecasts:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/372ca6f8d253e742af8bce8fc078734c\" tg-width=\"640\" tg-height=\"259\"><span>Source: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and ourinternal financial forecasts.</span></p>\n<p><b>Valuation</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/985813dcd25b735d9596a849970216ee\" tg-width=\"640\" tg-height=\"232\"><span>Author, with data from our internal valuation model</span></p>\n<p>Based on the above analysis on Fisker’s fundamentals and growth prospects, our valuation for the business yields an equity value of approximately $4.6 billion (base case) to $10.3 billion (bull case), which translates to $16.29 and $36.94 per share. This represents an upside potential of approximately 11% to 151% based on the last traded price of $14.69 on June 2nd.</p>\n<p><i>i. Base Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/c0832647b2ae0a671bc2bf99d66f6df4\" tg-width=\"640\" tg-height=\"297\"></p>\n<p><i>ii. Bull Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/fc71a141c6aba19be9f07bcfef67aac7\" tg-width=\"640\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p>\n<p><i>iii. Bear Case Valuation:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b71936724a89c41dde8bb61620357e3\" tg-width=\"640\" tg-height=\"304\"><span>Source: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and our internal valuation model.</span></p>\n<p><b>Lucid Motors Inc.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b8bb28783a9c0e183733805b450beae8\" tg-width=\"1280\" tg-height=\"720\"><span>Source:lucidmotors.com</span></p>\n<p>Founded in 2007, Lucid Motors was previously known as Atieva, a notable manufacturer of EV batteries and powertrains. In 2016, the company officially rebranded to Lucid Motors under the leadership of Peter Rawlinson, former Chief Vehicle Engineer at Tesla. Currently the CEO and CTO of Lucid, Peter Rawlinson led the company to developing the&nbsp;first Formula-E battery pack&nbsp;capable of powering the cars for the entire race. The technology was later evolved into the battery pack now used in the&nbsp;Lucid Air, the automaker’s flagship luxury electric sedan introduced in late 2016.</p>\n<p>The company builds its success on a commitment to develop a world-class, high-performance EV. The Lucid Air’s powertrain is capable of more than 500 miles in range with a full charge, setting a record-high standard for the industry. In addition to their world-class battery technology, the company also operates under the core belief that the future will be tech-driven, and this is what will differentiate them from the surge of new EV models produced by traditional automakers just to satisfy evolving consumer demands. Similar to Fisker’s vehicles, Lucid has prioritized connectivity within their vehicles, offering over-the-air updates to car owners at ease. The company’s vehicles are also equipped with advanced ADAS features like automatic emergency braking, cross-traffic alerts, and a driver monitoring system; level 3 autonomous driving features are also expected to roll out through over-the-air updates when testing is complete with regulatory approval achieved. The Lucid Air will also be one of the first EVs to incorporate facial ID recognition, which will be integrated with predictive analytics technology within the vehicle to automatically load profiles and preferences that are preset or learned over time based on the driver’s behaviour.</p>\n<p>The brand is currently positioned for the “post-luxury” market, which Lucid defines as those looking for a luxurious yet non-extravagant experience. Lucid is not afraid to put a premium on their flagship vehicle, which is equipped with some of the most advanced technologies along with a premium exterior and interior composition – the Lucid Air is priced from $77,400 for the base model to $169,000 for the top-tier Dream Edition.</p>\n<p><b>A Highly Integrated Automaker</b></p>\n<p>In contrast to Fisker, Lucid builds its business on a highly integrated model. Lucid performs their own in-house R&amp;D for almost every aspect of its vehicles, including the powertrain, battery technology, infotainment, HVAC, integrated safety, chassis, and ADAS systems. The automaker will also internalize the EV production process at their Arizona manufacturing facility – the first of its kind in North America. The Arizona manufacturing facility will comprise of multiple components, including the “Advanced Manufacturing Plant” (“AMP-1”) which is currently producing the Lucid Air. Phase two expansion is also well underway for AMP-1 as Lucid prepares for the production of their premiere SUV,Project Gravity. Production capacity at AMP-1 is currently 30,000 units per year, and will expand up to 400,000 units per year as sales volumes ramp up with more models added to the line-up. The Arizona manufacturing facility will also house the “Lucid Powertrain Manufacturing Plant” (“LPM-1”), which is where Lucid will be manufacturing their powertrain technology, including battery packs, electric motors, and in-home charging units. Although a capital-intensive project for an EV start-up, the Arizona manufacturing facility will allow greater operational and cost efficiencies for Lucid through vertical integration, as well as greater control over quality and consistency of outputs.</p>\n<p>Similar to Fisker, Lucid plans to reuse their engineered platform, the “Lucid Electric Advanced Platform” (“LEAP”), on other vehicle variants to maximize return on their initial capital investments, and enable greater speed and efficiency in bringing their vehicles to market. And true to their business model, Lucid’s LEAP platform is designed and developed fully in-house. The platform includes their signature battery pack and battery management software, electric motors, power electronics, transmission, control software, and boost charger.</p>\n<p><b>Inherent Challenges of Operating a World-Class Manufacturing Facility for a Newcomer</b></p>\n<p><b>A Capital-Intensive Effort</b></p>\n<p>As mentioned above, Lucid’s newest Arizona manufacturing facility is a highly capital-intensive project for a new entrant in the EV sector who is already carrying the expensive burden of R&amp;D on their first vehicle. Despite already having previous experience in manufacturing their Formula E battery system in-house in Silicon Valley, the Arizona production plant will be operating on a far grander scale, encompassing both parts production and vehicle assembly. In addition to the $700 million planned investment for building the factory, it will also cost Lucid $1.8 million per year to rent the land on which the factory sits on. Similar to many of recent new entrants within the sector, Lucid has already had its brush with bankruptcy once; the company was ultimately saved by a $1 billion capital injection from&nbsp;Saudi Arabia’s Public Investment Fund. Since then, the company has been operating according to plan and on track to commencing delivery of the Lucid Air before the end of 2021. Their latest SPAC reverse merger with Churchill Capital Corp IV will also provide the company with $4.4 billion of capital, which will further bolster their liquidity needed for continued development and expansion.</p>\n<p><b>A Limited Target Audience</b></p>\n<p>Lucid has also positioned itself as a luxury premium EV maker that caters to a niche market within the already-competitive landscape, which further narrows their market share. However, it is evident that the company has acknowledged this challenge since inception considering the unique offerings featured in the Lucid Air, including a powertrain that enables a travel range of more than 500 miles with one full charge, which differentiates them from others within the same price category.</p>\n<p><b>Diverse Revenue Streams</b></p>\n<p>A key competitive advantage for Lucid is their ability to maintain diverse revenue streams. In addition to the production and sales of vehicles, the company is also known for their extensive expertise in developing battery management systems. The global EV battery market is expected to soar in the next five years, with an&nbsp;estimated value of $37.69 million&nbsp;by 2025 due to growing EV sales propelled by the change in consumer attitude and government intervention through financial incentives and strict climate change policies. Lucid plans to leverage their existing expertise and capitalize on the future growth opportunities brought forth by the electrification wave, including the development of an “Energy Storage System” (“ESS”). ESS leverages Lucid’s existing battery and power electronics technologies, which allows the company to maximize return on their capital investments already deployed.</p>\n<p>Lucid is also an ongoing supplier of battery packs and software for all OEM racing teams in Formula E. The company plans to evolve their existing battery technology to widen the range of its compatibility with other products, including aircrafts, eVTOL, and other commercial machinery. The growth opportunity would be easily executable through mass production at their new battery manufacturing plant, LPM-1, in the Arizona factory. Again, the opportunity would allow Lucid to maximize return on their capital investments already deployed in both developing their state-of-the-art battery systems and construction of their battery manufacturing plant.</p>\n<p><b>Financial Performance</b></p>\n<p>The company has yet to release any public filings of their complete financial records. However, the latest Analyst Day Presentation indicates that the company has secured more than 9,000 reservations of the Lucid Air to date, with 500 units of which representing the limited production Dream Edition model currently priced at a premium of $169,900 and fully reserved, which indicates robust demand and increasing customer traction. This translates to revenues of at least $84.95 million generated from the Lucid Air Dream Edition, and $657.9 million from other Lucid Air models based on the conservative assumption that they are all base models priced at $77,400. It is worth noting that current reservations are fully cancellable and refundable; however, even if actual sales drop 10% from the number of current reservations, the company is still expected to generate total revenues of at least $712.6 million.</p>\n<p>We are predicting revenues of $2.2 billion to $2.3 billion in 2022 considering a full year of productions and sales of the Lucid Air, consistent with management’s forecasts within the Analyst Day Presentation. Total revenues are expected to grow at a CAGR of 30% to 40% into 2030 considering Lucid’s expanding portfolio of premium-priced vehicles, combined with a&nbsp;global sales footprint&nbsp;across North America, Europe and the Middle East. We are expecting the company to start realizing profits of between $631 million to $915 million by 2025 as consumer demand and brand reception ramps up.</p>\n<p><i>i. Base Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/1e5729ab372255e42956fd0c35a91f50\" tg-width=\"640\" tg-height=\"237\"></p>\n<p><i>ii. Bull Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/56b6ba74ec468be67491e2e1dc942f22\" tg-width=\"640\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p>\n<p><i>iii. Bear Case Financial Forecasts:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b194fbb93dd81b6c79120ef86df6fd7\" tg-width=\"640\" tg-height=\"239\"><span>Source: Author, with data from the May 2021 Analyst Day Presentation and ourinternal financial forecasts</span></p>\n<p><b>Valuation</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78c375cacc8c0978717e14611659a9e7\" tg-width=\"640\" tg-height=\"211\"><span>Source: Author, with data from our internal valuation model (LCID_-_Valuation.pdf).</span></p>\n<p>Based on the above analysis on Lucid’s current reservation rates and growth prospects, our valuation for the business yields an equity value of approximately $9.6 billion (base case) to $14.1 billion (bull case), which translates to $36.54 and $53.83 per share. This represents an upside potential of approximately 55% to 129% based on the last traded price of $23.55 on June 2nd.</p>\n<p><i>i. Base Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/03f41f8b2bd3382a38f13d4cac18f3ce\" tg-width=\"640\" tg-height=\"309\"></p>\n<p><i>ii. Bull Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/e505e76632b9ca8142c4238a345f7eb3\" tg-width=\"640\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p>\n<p><i>iii. Bear Case Valuation:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df96ba5195d156c938f941d22d9f89c7\" tg-width=\"640\" tg-height=\"308\"><span>Source: Author, with data from the May 2021 Analyst Day Presentation and our internal valuation model.</span></p>\n<p><b>Conclusion: Lucid Motors Vs. Fisker</b></p>\n<p>Based on our analysis, both companies are well-positioned to capitalize on the up-and-coming era of global transition to EVs. Despite operating under business models on two extremes, both Fisker and Lucid show capability in countering the inherent disadvantages of their respective business models with unique offerings. Fisker’s asset-lean business model allows for higher capital deployment to other areas deemed more critical for enhancing customer service, and lower production costs to provide affordable pricing for buyers, while Lucid’s capital-intensive and vertically integrated strategy is compensated by greater operational and cost efficiencies achievable through economies of scale thanks to their cross-compatible, state-of-the-art battery technology. Both companies will also be catering to the needs of different markets – Fisker’s top selling point is affordability, while Lucid is positioned to satisfy the needs of those looking for a luxurious yet non-extravagant experience. Both companies intend to adopt a direct sales strategy to maximize customer experience, with showrooms and experience centers to open across the U.S. and Europe.</p>\n<p>Although our valuation shows Fisker yielding a slightly higher upside potential than Lucid, we believe the latter makes a safer investment in the near-term given the Lucid Air has already entered the production stage with strong reservation rates and deliveries expected to commence before the end of the year, while the Fisker Ocean is still in testing phase, with core technical features yet to be announced to the public and start of production still 18 months out. However, we are confident that both EV makers are equipped with the talent and resources to excel in the industry in the long-run.</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>Is Lucid Motors Or Fisker The Better EV Stock To Buy?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nIs Lucid Motors Or Fisker The Better EV Stock To Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 22:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433105-lucid-motors-fisker-better-ev-stock-buy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth of 43% year-over-year observed in 2020.\nEurope is expected to have more than 300 EV models ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433105-lucid-motors-fisker-better-ev-stock-buy\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FSR":"菲斯克","LCDX":"CALIBER IMAGING & DIAGNOSTICS INC"},"source_url":"https://seekingalpha.com/article/4433105-lucid-motors-fisker-better-ev-stock-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153560369","content_text":"Summary\n\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth of 43% year-over-year observed in 2020.\nEurope is expected to have more than 300 EV models by 2025, while the U.S. is expected to have more than 130 EV models by 2026.\nTwo of the up-and-coming EV startups include Lucid Motors and Fisker, both California-based with production and delivery expected by the end of 2021 and 2022, respectively.\nWe believe both companies are undervalued at the moment, with significant upside potential of more than 150%.\n\nPhoto by domin_domin/E+ via Getty Images\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth observed in 2020 despite a slump in global automotive sales due to COVID-related impacts. Instead of being overshadowed by the on-and-off lockdowns and lingering wariness of economic uncertainty, global EV sales continued its growth momentum in 2020,rising 43% year-over-year while overall automotive sales dropped by 20%. The evolving consumer sentiment on EVs resulting from increasing affordability and practicality thanks to technological advancements, combined with government intervention through subsidies and climate change policies are expected to supercharge the EV sales figures further within the decade; EV sales are expected to exceed 31.1 million units and represent 32% of global new car sales by 2030.\nThe next decade will be an era of electrification with significant opportunities for the sector as EVs take the center stage. The European Federation for Transport and Environment predicts more than 300 available EV models within the European automotive market by 2025, while the IHS Markit predicts more than 130 available EV models in the U.S. by 2026.\nTwo of the up and coming brands to break into the U.S. and European EV market include Lucid Motors ((NYSE:CCIV)or “Lucid”) and Fisker(NYSE:FSR). The two California-based companies have already debuted their respective flagship vehicles with reservations now open; initial deliveries are expected in late 2021 for Lucid and late 2022 for Fisker. In addition to their astonishing vehicles, both stock picks have also been showstoppers in the latest tech rally, with share prices peaking at 187% for Fisker and 480% for Lucid since their respective IPO and pre-IPO announcements.\nFisker Inc.\nSource:fiskerinc.com\nLaunched in 2016, the Southern California-based EV maker builds its brand on the mission to provide a “clean future for all” by creating the “world’s most emotional and sustainable vehicles”. The company is currently led by co-founders Henrik Fisker and Dr. Geeta Gupta-Fisker, alongside a strong executive team with years of industry experience in their respective trades. Henrik Fisker is best known for his disruptive designs within the luxury car sector for notable brands including BMW and Aston Martin. Prior to launching Fisker Inc., Henrik Fisker co-founded “Fisker Automotive”, which was best known for producing the world’s first luxury hybrid supercar, Fisker Karma, before its demise in 2012 due to bankruptcy. Giving the fast-changing sector another shot, the car designer has returned to the arena this time with the lessons from his past experience and an innovative business model – the “asset-lean” approach.\nThe “Asset-Lean Approach”\nFisker’s asset-lean approach entails outsourcing the business components where differentiation is deemed non-essential, including platform engineering, production and assembly, the charging network, and other fleet management services. The business model will not only allow the company to significantly shorten the typical timeline of 60 months, from concept to delivery, to 29 months, but also enable greater capital deployment towards areas critical to customer experience, including design, software, user interface, and advanced driver-assistance systems (“ADAS”). The lowered costs achieved through this business model will also enable Fisker to keep the prices of their vehicles at an affordable range without compromising on quality.\nFisker’s flagship model will be the Fisker Ocean SUV, which is expected to begin production on November 17, 2022 with initial deliveries to be made across Europe and the U.S. before the end next year. As part of the brand’s asset-lean mandate, Fisker has forged a Partnership with Magna Steyr(“Magna”) to co-engineer and produce the Fisker Ocean. The two companies are currently collaborating to create a unique “FM29” platform that will be used as the foundation for their flagship SUV, as well as at least one other Fisker model. By leveraging Magna’s existing technology and established manufacturing facilities, the EV maker will be able to accelerate the timeline of bringing their vehicle to market, while also reducing vehicle development costs. The cross-compatible platform will also allow Fisker to achieve volume pricing on supplies with quality vendors, thus further reducing the costs of building its vehicles to both increase affordability for customers while boosting margins for the company. The Fisker Ocean will be selling at a low entry price of $37,499, with the most premium trims offered at $69,900; combined with a driving range of up to 350 miles, the all-electric SUV trumps its peers within the price category, whose average travel range sits around 250 miles. The Fisker Ocean is aiming to become a “premium with volume” model, with anticipated productions of more than 100,000 units per year.\nA similar approach is also applied to the development and production of their second model,PEAR. Fisker has entered into an agreement with Foxconn– widely known for their production of iPhones in collaboration with Apple – to engineer and produce a brand-new platform for the revolutionary vehicle at a sub-$30,000 price tag. Model details are currently limited, but the new model is expected to feature a unique design and revolutionary experience that will differentiate it from any existing segment of EVs. PEAR’s start of production is slated for Q4 2023, with initial full-year productions expected to hit 250,000 units. The vehicle will first roll out in the U.S. with further expansion into the Chinese, European and Indian markets.\nInherent Risks of Fisker’s Business Model\nSignificant Reliance on Production Partners\nFisker’s business model entails outsourcing a part of their engineering and production processes to third-parties. The company’s substantial reliance on their relationships with third-party manufacturers and suppliers subjects them to significant risks with respect to operations, such as delays caused by quality control issues or capacity constraints. Magna Steyr currently produces for established auto brands including BMW, Daimler, and Jaguar Land Rover. With annual production capacity of approximately 200,000 vehicles, adding Fisker to their production line would mean 50,000 units allocated to each partner of Magna’s on average. Considering Fisker’s call for annual productions of 100,000 units of the Fisker Ocean, Magna may be required to drop one of its existing partners, reduce production levels for other customers, or invest in extending their production capacity to meet the performance targets, resulting in high opportunity costs for the manufacturing giant. In order to incentivize their production partner for success of the Ocean program and mitigate the risk of delays caused by capacity constraints, Fisker has offered Magna a 6% stake in the company, exercisable through achievement of “interrelated performance conditions” (pg. 97 of the 2020 10K).\nThe same risks apply to Fisker’s partnership with Foxconn to produce PEAR. Foxconn has no prior experience in the manufacturing process of vehicles, which subjects Fisker to potential risks related to quality control and delays. Foxconn is one of the many existing manufacturing industry veterans who have recently started to tap into the OEM opportunities within the growing EV sector. The electronics manufacturer plans to convert its idle plant in Wisconsin to facilitate their EV production ambitions. While Fisker intends to leverage Foxconn’s manufacturing expertise, Foxconn seeks to utilize the experience from producing Fisker’s EVs to pave its way into the larger EV market, with plans to produce EVs for other companies using the same platform in the long-run. Despite Foxconn’s lack of experience in EV production, the partners hope to take advantage of their “minimal automotive legacy to enable a full clean-sheet approach in all aspects”, and compete against experienced car manufacturers who may be restricted by the burden of existing contracts.\nExposure to Inconsistency in Product Quality\nWorking with multiple partners may also expose the company to inconsistency in the quality of their vehicles, and ultimately impact consumer confidence in the brand. In the unfortunate event that a jointly manufactured vehicle with one partner becomes faulty, it could significantly damage Fisker’s reputation and consumer confidence in the brand.\nIn addition, consumers may start to take interest in the respective Fisker vehicle’s production partners, given the collaborative nature of Fisker’s business model compared to other brands whose manufacturers are seldom broadcasted as part of the marketing strategy. The highly collaborative nature of Fisker’s business model may cause consumers to start weighing their purchase decisions on the quality and reputation of the manufacturers instead of the brand, which strips Fisker of its credit in the development process of its vehicles.\nOverly Aggressive Targets\nAs mentioned above, Fisker plans to produce at least 100,000 units of the Fisker Ocean on an annual basis, and 250,000 units of PEAR within the first full year of productions. However, these high figures draw curiosity on whether they are reasonably achievable. Under these production targets, Fisker would produce approximately 350,000 units of their vehicles by 2024. This would represent a 7% market share based on forecasted EV sales of 6.2 million units by 2024, which is substantial for an EV startup after just two full years of operations with only two models available for sale. And in comparison to the globally recognized industry leader, Tesla, the assumed 7% market share would be double of Tesla’s global EV sales market share achieved in 2020 of close to 4%. Even if Fisker can offer customers with a pricing advantage, it would be challenging to achieve a 7% market share of global EV sales, especially given the large influx of competing models that will be introduced in the next few years. Based on our consideration of Fisker and their operating partners’ production capacities and anticipated EV demands, we believe these sales volume forecasts would more likely be achieved by 2026.\nFinancial Outlook\nFollowing Fisker’s IPO through a SPAC reverse merger sponsored by Spartan Energy Acquisition in October 2020, the company received $1 billion in capital injections, which was just the right amount needed to develop and produce the Fisker Ocean SUV according to Fisker’s business plans. With start of productions for the Fisker Ocean just 18 months out, the company continues to execute the development process according to plan and within budget, ending the first quarter with cash and cash equivalents of $985.4 million while maintaining a debt-free balance sheet. And with the newest PEAR model, the company does not anticipate significant capital investments until 2023, which they plan to partially fund with cash generated from operations through Fisker Ocean sales, in addition to external financing obtained from either debt or equity issuances.\nWe are predicting revenues of $1.2 to $1.4 billion by 2023, generated primarily from sales of approximately 20,000 Fisker Ocean SUVs following its first full year in the market, and a small volume of the PEAR model given its expected deliveries starting Q4 2023. Our forecasts predict a lower sales volume for the flagship SUV that is on par with recent electric SUV launches observed across the European and the U.S. EV market. We believe Fisker will achieve their annual production target for the Fisker Ocean of 100,000 units in late 2025 or early 2026 as consumer demand and brand reception ramps up.\nTotal revenues are expected to grow at a CAGR of approximately 30% into 2030 considering Fisker’s continued expansion beyond the American and European markets and into the Chinese and Indian markets, as well as the anticipated growth in sales volumes with the launch of two other models in addition to the Fisker Ocean and PEAR model before 2025. We are expecting the company to start realizing profits of between $157 million to $285 million by 2024 championed by continued sales growth, and a lifetime gross profit margin between 19% and 25% based on Fisker’s business plan.\ni. Base Case Financial Forecasts:\n\nii. Bull Case Financial Forecasts:\n\niii. Bear Case Financial Forecasts:\nSource: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and ourinternal financial forecasts.\nValuation\nAuthor, with data from our internal valuation model\nBased on the above analysis on Fisker’s fundamentals and growth prospects, our valuation for the business yields an equity value of approximately $4.6 billion (base case) to $10.3 billion (bull case), which translates to $16.29 and $36.94 per share. This represents an upside potential of approximately 11% to 151% based on the last traded price of $14.69 on June 2nd.\ni. Base Case Valuation:\n\nii. Bull Case Valuation:\n\niii. Bear Case Valuation:\nSource: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and our internal valuation model.\nLucid Motors Inc.\nSource:lucidmotors.com\nFounded in 2007, Lucid Motors was previously known as Atieva, a notable manufacturer of EV batteries and powertrains. In 2016, the company officially rebranded to Lucid Motors under the leadership of Peter Rawlinson, former Chief Vehicle Engineer at Tesla. Currently the CEO and CTO of Lucid, Peter Rawlinson led the company to developing the first Formula-E battery pack capable of powering the cars for the entire race. The technology was later evolved into the battery pack now used in the Lucid Air, the automaker’s flagship luxury electric sedan introduced in late 2016.\nThe company builds its success on a commitment to develop a world-class, high-performance EV. The Lucid Air’s powertrain is capable of more than 500 miles in range with a full charge, setting a record-high standard for the industry. In addition to their world-class battery technology, the company also operates under the core belief that the future will be tech-driven, and this is what will differentiate them from the surge of new EV models produced by traditional automakers just to satisfy evolving consumer demands. Similar to Fisker’s vehicles, Lucid has prioritized connectivity within their vehicles, offering over-the-air updates to car owners at ease. The company’s vehicles are also equipped with advanced ADAS features like automatic emergency braking, cross-traffic alerts, and a driver monitoring system; level 3 autonomous driving features are also expected to roll out through over-the-air updates when testing is complete with regulatory approval achieved. The Lucid Air will also be one of the first EVs to incorporate facial ID recognition, which will be integrated with predictive analytics technology within the vehicle to automatically load profiles and preferences that are preset or learned over time based on the driver’s behaviour.\nThe brand is currently positioned for the “post-luxury” market, which Lucid defines as those looking for a luxurious yet non-extravagant experience. Lucid is not afraid to put a premium on their flagship vehicle, which is equipped with some of the most advanced technologies along with a premium exterior and interior composition – the Lucid Air is priced from $77,400 for the base model to $169,000 for the top-tier Dream Edition.\nA Highly Integrated Automaker\nIn contrast to Fisker, Lucid builds its business on a highly integrated model. Lucid performs their own in-house R&D for almost every aspect of its vehicles, including the powertrain, battery technology, infotainment, HVAC, integrated safety, chassis, and ADAS systems. The automaker will also internalize the EV production process at their Arizona manufacturing facility – the first of its kind in North America. The Arizona manufacturing facility will comprise of multiple components, including the “Advanced Manufacturing Plant” (“AMP-1”) which is currently producing the Lucid Air. Phase two expansion is also well underway for AMP-1 as Lucid prepares for the production of their premiere SUV,Project Gravity. Production capacity at AMP-1 is currently 30,000 units per year, and will expand up to 400,000 units per year as sales volumes ramp up with more models added to the line-up. The Arizona manufacturing facility will also house the “Lucid Powertrain Manufacturing Plant” (“LPM-1”), which is where Lucid will be manufacturing their powertrain technology, including battery packs, electric motors, and in-home charging units. Although a capital-intensive project for an EV start-up, the Arizona manufacturing facility will allow greater operational and cost efficiencies for Lucid through vertical integration, as well as greater control over quality and consistency of outputs.\nSimilar to Fisker, Lucid plans to reuse their engineered platform, the “Lucid Electric Advanced Platform” (“LEAP”), on other vehicle variants to maximize return on their initial capital investments, and enable greater speed and efficiency in bringing their vehicles to market. And true to their business model, Lucid’s LEAP platform is designed and developed fully in-house. The platform includes their signature battery pack and battery management software, electric motors, power electronics, transmission, control software, and boost charger.\nInherent Challenges of Operating a World-Class Manufacturing Facility for a Newcomer\nA Capital-Intensive Effort\nAs mentioned above, Lucid’s newest Arizona manufacturing facility is a highly capital-intensive project for a new entrant in the EV sector who is already carrying the expensive burden of R&D on their first vehicle. Despite already having previous experience in manufacturing their Formula E battery system in-house in Silicon Valley, the Arizona production plant will be operating on a far grander scale, encompassing both parts production and vehicle assembly. In addition to the $700 million planned investment for building the factory, it will also cost Lucid $1.8 million per year to rent the land on which the factory sits on. Similar to many of recent new entrants within the sector, Lucid has already had its brush with bankruptcy once; the company was ultimately saved by a $1 billion capital injection from Saudi Arabia’s Public Investment Fund. Since then, the company has been operating according to plan and on track to commencing delivery of the Lucid Air before the end of 2021. Their latest SPAC reverse merger with Churchill Capital Corp IV will also provide the company with $4.4 billion of capital, which will further bolster their liquidity needed for continued development and expansion.\nA Limited Target Audience\nLucid has also positioned itself as a luxury premium EV maker that caters to a niche market within the already-competitive landscape, which further narrows their market share. However, it is evident that the company has acknowledged this challenge since inception considering the unique offerings featured in the Lucid Air, including a powertrain that enables a travel range of more than 500 miles with one full charge, which differentiates them from others within the same price category.\nDiverse Revenue Streams\nA key competitive advantage for Lucid is their ability to maintain diverse revenue streams. In addition to the production and sales of vehicles, the company is also known for their extensive expertise in developing battery management systems. The global EV battery market is expected to soar in the next five years, with an estimated value of $37.69 million by 2025 due to growing EV sales propelled by the change in consumer attitude and government intervention through financial incentives and strict climate change policies. Lucid plans to leverage their existing expertise and capitalize on the future growth opportunities brought forth by the electrification wave, including the development of an “Energy Storage System” (“ESS”). ESS leverages Lucid’s existing battery and power electronics technologies, which allows the company to maximize return on their capital investments already deployed.\nLucid is also an ongoing supplier of battery packs and software for all OEM racing teams in Formula E. The company plans to evolve their existing battery technology to widen the range of its compatibility with other products, including aircrafts, eVTOL, and other commercial machinery. The growth opportunity would be easily executable through mass production at their new battery manufacturing plant, LPM-1, in the Arizona factory. Again, the opportunity would allow Lucid to maximize return on their capital investments already deployed in both developing their state-of-the-art battery systems and construction of their battery manufacturing plant.\nFinancial Performance\nThe company has yet to release any public filings of their complete financial records. However, the latest Analyst Day Presentation indicates that the company has secured more than 9,000 reservations of the Lucid Air to date, with 500 units of which representing the limited production Dream Edition model currently priced at a premium of $169,900 and fully reserved, which indicates robust demand and increasing customer traction. This translates to revenues of at least $84.95 million generated from the Lucid Air Dream Edition, and $657.9 million from other Lucid Air models based on the conservative assumption that they are all base models priced at $77,400. It is worth noting that current reservations are fully cancellable and refundable; however, even if actual sales drop 10% from the number of current reservations, the company is still expected to generate total revenues of at least $712.6 million.\nWe are predicting revenues of $2.2 billion to $2.3 billion in 2022 considering a full year of productions and sales of the Lucid Air, consistent with management’s forecasts within the Analyst Day Presentation. Total revenues are expected to grow at a CAGR of 30% to 40% into 2030 considering Lucid’s expanding portfolio of premium-priced vehicles, combined with a global sales footprint across North America, Europe and the Middle East. We are expecting the company to start realizing profits of between $631 million to $915 million by 2025 as consumer demand and brand reception ramps up.\ni. Base Case Financial Forecasts:\n\nii. Bull Case Financial Forecasts:\n\niii. Bear Case Financial Forecasts:\nSource: Author, with data from the May 2021 Analyst Day Presentation and ourinternal financial forecasts\nValuation\nSource: Author, with data from our internal valuation model (LCID_-_Valuation.pdf).\nBased on the above analysis on Lucid’s current reservation rates and growth prospects, our valuation for the business yields an equity value of approximately $9.6 billion (base case) to $14.1 billion (bull case), which translates to $36.54 and $53.83 per share. This represents an upside potential of approximately 55% to 129% based on the last traded price of $23.55 on June 2nd.\ni. Base Case Valuation:\n\nii. Bull Case Valuation:\n\niii. Bear Case Valuation:\nSource: Author, with data from the May 2021 Analyst Day Presentation and our internal valuation model.\nConclusion: Lucid Motors Vs. Fisker\nBased on our analysis, both companies are well-positioned to capitalize on the up-and-coming era of global transition to EVs. Despite operating under business models on two extremes, both Fisker and Lucid show capability in countering the inherent disadvantages of their respective business models with unique offerings. Fisker’s asset-lean business model allows for higher capital deployment to other areas deemed more critical for enhancing customer service, and lower production costs to provide affordable pricing for buyers, while Lucid’s capital-intensive and vertically integrated strategy is compensated by greater operational and cost efficiencies achievable through economies of scale thanks to their cross-compatible, state-of-the-art battery technology. Both companies will also be catering to the needs of different markets – Fisker’s top selling point is affordability, while Lucid is positioned to satisfy the needs of those looking for a luxurious yet non-extravagant experience. Both companies intend to adopt a direct sales strategy to maximize customer experience, with showrooms and experience centers to open across the U.S. and Europe.\nAlthough our valuation shows Fisker yielding a slightly higher upside potential than Lucid, we believe the latter makes a safer investment in the near-term given the Lucid Air has already entered the production stage with strong reservation rates and deliveries expected to commence before the end of the year, while the Fisker Ocean is still in testing phase, with core technical features yet to be announced to the public and start of production still 18 months out. However, we are confident that both EV makers are equipped with the talent and resources to excel in the industry in the long-run.","news_type":1,"symbols_score_info":{"FSR":0.9,"LCDX":0.9}},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617435,"gmtCreate":1622985688327,"gmtModify":1634096405497,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this 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09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p>\n<ul>\n <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>\n <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>\n <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li>\n</ul>\n<p>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p>\n<p>Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p>\n<p>Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p>\n<p>Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p>\n<p>Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p>\n<p>BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p>\n<p>Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p>\n<p>Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p>\n<p>Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p>\n<p>Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p>","source":"lsy1603787993745","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>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 09:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TASK":"TaskUs Inc.","MQ":"Marqeta, Inc.",".SPX":"S&P 500 Index","LFST":"LifeStance Health Group, Inc.",".DJI":"道琼斯","ZETA":"Zeta Global Holdings Corp.","MNDY":"Monday.com Ltd.",".IXIC":"NASDAQ Composite","BZ":"BOSS直聘","DIBS":"1stdibs.com Inc.","ZME":"掌门教育"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT 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11:51","market":"hk","language":"zh","title":"小米逆袭全球第二，苹果没拦住","url":"https://stock-news.laohu8.com/highlight/detail?id=1166843923","media":"虎嗅APP","summary":"小米往前一小步，苹果都成了背景板。\n7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在微博宣布，“Canalys发布了第二季度全球智能手机市占率排名，小米手机销量超越了苹果，首次","content":"<p>小米往前一小步，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>都成了背景板。</p>\n<p>7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在<a href=\"https://laohu8.com/S/WB\">微博</a>宣布，“Canalys发布了第二季度全球<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>手机市占率排名，小米手机销量超越了苹果，首次晋升全球第二。”</p>\n<p><img src=\"https://static.tigerbbs.com/24c9c57286064d558a5c76d659cd4537\" tg-width=\"638\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p>\n<p>你没有看错，小米超越苹果，“摸”到了全球第二的位置——这是小米自创立以来，首次在全球总销量上超越苹果。而就在前一天，雷军刚在福布斯中国发布最佳CEO榜中，荣登首位。</p>\n<p><img src=\"https://static.tigerbbs.com/fc9a77be49c8d254e7f797551c8c6774\" tg-width=\"640\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p>\n<p>难怪雷军在全员信中将之称为“天大的好消息”，他说：“小米第一次成为全球第二，这是个梦幻般的成就，是小米发展史上的重大里程碑！”</p>\n<p>Canalys（市场调研机构）报告显示，2021Q2全球智能机出货量增长了12%，<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>以19%的全球市场份额位列榜首；小米以 17%的全球市场份额屈居第二；苹果则滑落至全球第三，仅剩14%的全球市场份额；OPPO、vivo分别以10%的全球市场份额位列第四、第五。</p>\n<p><img src=\"https://static.tigerbbs.com/502c766a856f58aca5e5673ec09132e0\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p>\n<p>值得注意的是，五大厂商中，小米第二季度销量增速惊人，同比增长高达83%。</p>\n<p>小米亮眼的成绩自然刺激到了资本市场的神经——受此消息影响，7月16日港股开盘，小米股价就迅速拉涨，截至7月16日港股收盘，小米集团港股涨4.82%，报28.25港元/股，总市值达7086亿港元。</p>\n<p>挤下苹果，小米凭什么？</p>\n<p>如果只看国内的话，Canalys公布的2021Q1国内手机市场份额数据，vivo以23%的市场份额以及79%的增长速度排名第一，而小米在国内连前三都没挤进去，屈居第四。</p>\n<p>那么，小米2021Q2力压苹果的销量从何而来呢？答案就在那83%的增长里，而这83%的新增量中有70%来源于海外市场。</p>\n<p>数据显示，2021Q2，华为海外市场份额萎缩最明显的欧洲，大多数原本与华为合作的运营商选择了小米，小米因此成为欧洲市场仅次于三星的第二大手机厂商，份额占比达23%，同比增长85%。</p>\n<p><img src=\"https://static.tigerbbs.com/abd636d54752c003dd239858ccac8c0f\" tg-width=\"1000\" tg-height=\"645\" referrerpolicy=\"no-referrer\"></p>\n<p>此外，小米本季度也在积极开拓非洲市场、拉丁美洲市场，两地增长分别达150%、300%。这主要源于疫情使该地区智能机、智能设备需求大幅度增加，而小米迅速填补了这部分市场需求。</p>\n<p>这既得益于小米的全球化运营能力，比如整合渠道合作伙伴、更精细化管理旧库存等，也归功于小米手机为符合当地各种技术标准所做的各种努力。</p>\n<p><img src=\"https://static.tigerbbs.com/a0eb1fa086a28a0e651e66b20a022632\" tg-width=\"1000\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p>\n<p>其实，小米的统治力Q1季度就已露出端倪——Canalys报告显示，2021Q1，小米全球主要市场市占率及排名分别是，印度地区市占率28.3%，排名第一；欧洲地区市占率22.7%，排名第二；亚太地区市占率17.5%，排名第二；拉美地区市占率达11.5%，排名第三；非洲地区市占率7.2%，排名第四。</p>\n<p>其中，尤以欧洲市场的爆发最为典型。</p>\n<p>根据小米2021Q1财报显示，欧洲市场智能手机销量同比增长85.1%，首次达到第二。其中，西欧智能手机市占率稳居第三，销量同比增长86.1%；东欧智能手机市占率连续两个季度第一，销量同比增长81.1%；西班牙智能手机市占率连续五个季度稳居第一。</p>\n<p><img src=\"https://static.tigerbbs.com/1b0841e12c9b8b2eaaf9dde419fabf7f\" tg-width=\"1000\" tg-height=\"1251\" referrerpolicy=\"no-referrer\"></p>\n<p>除了销量增长势头强劲外，小米手机的质量也得到了欧洲市场的普遍认可。</p>\n<p>2021年5月，Computer Bild（德国三大评测机构之一）在报告中称，小米11 Ultra不仅是最好的小米智能手机，也是目前最好的安卓手机，在智能手机对比测试中已经把三星、华为、一加等公司甩在了后面。</p>\n<p>Computer Bild还在专业报告中指出，“从设计上来说，小米11Ultra具备卓越的速度和强大的显示效果。它有一个凸起的相机，除了长焦镜头和其他镜头外，还装有很酷的辅助显示屏，可以显示信息、图像或文字，或者在用主摄像头自拍时，充当取景器。”</p>\n<p>至于拉美、非洲地区，小米2021Q1智能手机销量同比增长分别为161.7%、191%，拉美地区中的智利市场异军突起。</p>\n<p>据市场研究机构Strategy Analytics 数据显示，2021Q1 智利智能手机销量290万部，小米以50万部的销量夺得市场第三名，年同比增长高达1025%，成为该地区增长最快的智能手机品牌。与此同时，小米在智利的市场占有率也从去年同期的2.4%&nbsp;上升至15.5%。</p>\n<p><img src=\"https://static.tigerbbs.com/99eaa22550e8dbd53ec5e6163d34246c\" tg-width=\"1000\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 分析称：</p>\n<blockquote>\n “&nbsp;小米旗下的红米手机具有很高的性价比，这使得该款手机在因为疫情而\"&nbsp;消费 降级&nbsp;\"&nbsp;的智利消费者中获得了强烈认可，从而帮助小米在该地区获得了销量第三名的位置，也进一步提高了市场占有率。”\n</blockquote>\n<p>而小米集团合伙人、总裁王翔则表示，小米已经成为一家真正的全球化企业，产品进入近一百个国家，营收一半来源于海外市场。“不单单在发展中国家，如中国、印度、亚太地区，也进入了发达国家的地区和市场。我们的市场有战略纵深，所以能让我们走到今天这一步。”</p>\n<p>华为跌倒，小米吃饱？</p>\n<p>有人对小米的逆袭拍手叫好，自然也会有人冷嘲热讽，戏称其是“华为跌倒，小米吃饱”。</p>\n<p>不可否认，分食华为全球智能手机市场份额，确实是头部手机厂商增速加快的原因之一。</p>\n<p>2019年5月以来，美国将华为列入“实体清单”，在<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>宣布停止提供安卓系统和谷歌GMS后，华为的海外销量及市场份额暴跌。</p>\n<p>根据Canalys数据，华为2019Q2海外市场销量为2140万台，2020年Q2，这个数字只剩下了1560万台，同比下降27%，到了2021Q1，华为仅占全球智能手机销量4%，排名第六，位于三星、苹果、小米、OPPO、vivo之后。</p>\n<p>当时，日本经济新闻等媒体猜测，这些市场份额会被三星全盘收下，不过从目前来看，华为缺位后，小米才是这场“分食华为抢位战”中的最大受益者。</p>\n<p>在欧洲，2019年Q2，小米销量还只有430万台，市占率9.6%，排名第四；2020年Q2，小米销量已经超过华为，达到710万台，市占率17%，排名第三。2021Q1小米在欧洲地区市占率22.7%，排名第二，不到两年，小米在欧洲的市占率翻了两倍不止，业务突飞猛进。</p>\n<p>至于拉丁美洲，2020年第四季度华为跌出当地智能手机销量前五后，小米便很快接管了大部分原本属于华为市场份额。</p>\n<p>其实，去年并非小米第一次征战拉丁美洲——早在2015年7月，小米就曾宣布进军巴西市场，但当时巴西经济状况不佳，民众也没有线上消费习惯，再加上高昂的税收和苛刻的贸易保护政策，让小米寸步难行。2016年5月份，小米宣布改变巴西市场策略，短期之内不再发布新款手机，团队也将返回中国，进军拉美的尝试以失败告终。</p>\n<p><img src=\"https://static.tigerbbs.com/3b19b647933c7f1f6140c481d04d5e4f\" tg-width=\"908\" tg-height=\"445\" referrerpolicy=\"no-referrer\"></p>\n<p>再回拉丁美洲市场，小米的策略和打法成熟了许多——在地域上，先选择了贸易政策更为开放的智利作为第一站；在销售策略上，努力配合拉美国家线下消费的习惯，在一些大型商场和手机专卖店进行产品销售，再逐步布局实体“米店”，直到2019年4月27日，小米首家智利“米店”才在智利首都圣地亚哥东部繁华商圈开业。</p>\n<p>功夫不负有心人，学会“因地制宜”的小米终于在2021Q1将智利市占率从2020年同期的2.4% 提升至15.5%。</p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 认为，“（在智利）华为手机此段时间的‘失利’确实利好小米，但更大的增长空间源于小米自身。\"</p>\n<p>除此之外，小米成为全球第二，和苹果自身也有一定关系。</p>\n<p>2021Q2季度苹果处于销售淡季，销量偏低并不意外。比如从Counterpoint发布的苹果公司2018Q1~2021Q1的iPhone销量便可以看出：</p>\n<p><img src=\"https://static.tigerbbs.com/917e7355c2da26dfc6ab177c14a9ba39\" tg-width=\"1000\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n<p>苹果营收和利润向来有很强的季节性</p>\n<p>Q1通常是苹果销量偏高的季度，Q2销量通常会比前一季度大幅减少，Q3则是全年销量的低谷，因为9~10月份是苹果主要产品线iPhone新品发布时间，新产品发布前，分销商的存货量会逐渐控制减少，并为新品发布作准备，Q4新品发布后，销量又会大幅攀升。</p>\n<p>值得注意的是，国外的上市公司财季周期与国内不同。苹果的财年周期是上一年的9月28日至今年的9月27日。因此我们这里讨论的Q2，对应为苹果公司Q3，即销量低迷的季度。</p>\n<p>反观小米，2021Q2季度海外市场疯狂扩张，增速强劲，这一时期销量赶超苹果并非没有可能，只不过大家没有预料到，小米的增速能达到83%。</p>\n<p>至于Canalys 研究经理 Ben Stanton认为，“小米已经将目光投向下一个目标：取代三星，成为全球头号厂商。”</p>\n<p>短期来看，并不现实。</p>\n<p>首先，虽然小米如今占据着全球手机市场17%的份额，与三星仅剩2%的差距，但要知道，从产品到供应链垂直整合能力，三星都比小米厉害，尤其供应链上下游整合能力小米更是差距巨大——三星自产芯片、屏幕、存储和组装工厂，而小米则严重依赖供应商。</p>\n<p>其次，小米仅仅是销量挤到了全球第二的位置，但2020年三星和苹果却拿走了全球手机产业链大部分利润。</p>\n<p>OPPO中国区总裁就曾在接受采访时表示，在中国手机市场当中，高端机型的市场份额接近25%，其中苹果占到44%，考虑到未来华为可能会缺席这场竞赛，如果其他国产厂商无法及时填补这个空缺话，很有可能会被苹果继续侵蚀。</p>\n<p>所以，小米能在第二的位置“苟住”已属不易，就别再给小米冲第一的“幻觉”了。</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>小米逆袭全球第二，苹果没拦住</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米逆袭全球第二，苹果没拦住\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time\">2021-07-17 11:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>小米往前一小步，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>都成了背景板。</p>\n<p>7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在<a href=\"https://laohu8.com/S/WB\">微博</a>宣布，“Canalys发布了第二季度全球<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>手机市占率排名，小米手机销量超越了苹果，首次晋升全球第二。”</p>\n<p><img src=\"https://static.tigerbbs.com/24c9c57286064d558a5c76d659cd4537\" tg-width=\"638\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p>\n<p>你没有看错，小米超越苹果，“摸”到了全球第二的位置——这是小米自创立以来，首次在全球总销量上超越苹果。而就在前一天，雷军刚在福布斯中国发布最佳CEO榜中，荣登首位。</p>\n<p><img src=\"https://static.tigerbbs.com/fc9a77be49c8d254e7f797551c8c6774\" tg-width=\"640\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p>\n<p>难怪雷军在全员信中将之称为“天大的好消息”，他说：“小米第一次成为全球第二，这是个梦幻般的成就，是小米发展史上的重大里程碑！”</p>\n<p>Canalys（市场调研机构）报告显示，2021Q2全球智能机出货量增长了12%，<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>以19%的全球市场份额位列榜首；小米以 17%的全球市场份额屈居第二；苹果则滑落至全球第三，仅剩14%的全球市场份额；OPPO、vivo分别以10%的全球市场份额位列第四、第五。</p>\n<p><img src=\"https://static.tigerbbs.com/502c766a856f58aca5e5673ec09132e0\" tg-width=\"740\" tg-height=\"414\" referrerpolicy=\"no-referrer\"></p>\n<p>值得注意的是，五大厂商中，小米第二季度销量增速惊人，同比增长高达83%。</p>\n<p>小米亮眼的成绩自然刺激到了资本市场的神经——受此消息影响，7月16日港股开盘，小米股价就迅速拉涨，截至7月16日港股收盘，小米集团港股涨4.82%，报28.25港元/股，总市值达7086亿港元。</p>\n<p>挤下苹果，小米凭什么？</p>\n<p>如果只看国内的话，Canalys公布的2021Q1国内手机市场份额数据，vivo以23%的市场份额以及79%的增长速度排名第一，而小米在国内连前三都没挤进去，屈居第四。</p>\n<p>那么，小米2021Q2力压苹果的销量从何而来呢？答案就在那83%的增长里，而这83%的新增量中有70%来源于海外市场。</p>\n<p>数据显示，2021Q2，华为海外市场份额萎缩最明显的欧洲，大多数原本与华为合作的运营商选择了小米，小米因此成为欧洲市场仅次于三星的第二大手机厂商，份额占比达23%，同比增长85%。</p>\n<p><img src=\"https://static.tigerbbs.com/abd636d54752c003dd239858ccac8c0f\" tg-width=\"1000\" tg-height=\"645\" referrerpolicy=\"no-referrer\"></p>\n<p>此外，小米本季度也在积极开拓非洲市场、拉丁美洲市场，两地增长分别达150%、300%。这主要源于疫情使该地区智能机、智能设备需求大幅度增加，而小米迅速填补了这部分市场需求。</p>\n<p>这既得益于小米的全球化运营能力，比如整合渠道合作伙伴、更精细化管理旧库存等，也归功于小米手机为符合当地各种技术标准所做的各种努力。</p>\n<p><img src=\"https://static.tigerbbs.com/a0eb1fa086a28a0e651e66b20a022632\" tg-width=\"1000\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p>\n<p>其实，小米的统治力Q1季度就已露出端倪——Canalys报告显示，2021Q1，小米全球主要市场市占率及排名分别是，印度地区市占率28.3%，排名第一；欧洲地区市占率22.7%，排名第二；亚太地区市占率17.5%，排名第二；拉美地区市占率达11.5%，排名第三；非洲地区市占率7.2%，排名第四。</p>\n<p>其中，尤以欧洲市场的爆发最为典型。</p>\n<p>根据小米2021Q1财报显示，欧洲市场智能手机销量同比增长85.1%，首次达到第二。其中，西欧智能手机市占率稳居第三，销量同比增长86.1%；东欧智能手机市占率连续两个季度第一，销量同比增长81.1%；西班牙智能手机市占率连续五个季度稳居第一。</p>\n<p><img src=\"https://static.tigerbbs.com/1b0841e12c9b8b2eaaf9dde419fabf7f\" tg-width=\"1000\" tg-height=\"1251\" referrerpolicy=\"no-referrer\"></p>\n<p>除了销量增长势头强劲外，小米手机的质量也得到了欧洲市场的普遍认可。</p>\n<p>2021年5月，Computer Bild（德国三大评测机构之一）在报告中称，小米11 Ultra不仅是最好的小米智能手机，也是目前最好的安卓手机，在智能手机对比测试中已经把三星、华为、一加等公司甩在了后面。</p>\n<p>Computer Bild还在专业报告中指出，“从设计上来说，小米11Ultra具备卓越的速度和强大的显示效果。它有一个凸起的相机，除了长焦镜头和其他镜头外，还装有很酷的辅助显示屏，可以显示信息、图像或文字，或者在用主摄像头自拍时，充当取景器。”</p>\n<p>至于拉美、非洲地区，小米2021Q1智能手机销量同比增长分别为161.7%、191%，拉美地区中的智利市场异军突起。</p>\n<p>据市场研究机构Strategy Analytics 数据显示，2021Q1 智利智能手机销量290万部，小米以50万部的销量夺得市场第三名，年同比增长高达1025%，成为该地区增长最快的智能手机品牌。与此同时，小米在智利的市场占有率也从去年同期的2.4%&nbsp;上升至15.5%。</p>\n<p><img src=\"https://static.tigerbbs.com/99eaa22550e8dbd53ec5e6163d34246c\" tg-width=\"1000\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 分析称：</p>\n<blockquote>\n “&nbsp;小米旗下的红米手机具有很高的性价比，这使得该款手机在因为疫情而\"&nbsp;消费 降级&nbsp;\"&nbsp;的智利消费者中获得了强烈认可，从而帮助小米在该地区获得了销量第三名的位置，也进一步提高了市场占有率。”\n</blockquote>\n<p>而小米集团合伙人、总裁王翔则表示，小米已经成为一家真正的全球化企业，产品进入近一百个国家，营收一半来源于海外市场。“不单单在发展中国家，如中国、印度、亚太地区，也进入了发达国家的地区和市场。我们的市场有战略纵深，所以能让我们走到今天这一步。”</p>\n<p>华为跌倒，小米吃饱？</p>\n<p>有人对小米的逆袭拍手叫好，自然也会有人冷嘲热讽，戏称其是“华为跌倒，小米吃饱”。</p>\n<p>不可否认，分食华为全球智能手机市场份额，确实是头部手机厂商增速加快的原因之一。</p>\n<p>2019年5月以来，美国将华为列入“实体清单”，在<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>宣布停止提供安卓系统和谷歌GMS后，华为的海外销量及市场份额暴跌。</p>\n<p>根据Canalys数据，华为2019Q2海外市场销量为2140万台，2020年Q2，这个数字只剩下了1560万台，同比下降27%，到了2021Q1，华为仅占全球智能手机销量4%，排名第六，位于三星、苹果、小米、OPPO、vivo之后。</p>\n<p>当时，日本经济新闻等媒体猜测，这些市场份额会被三星全盘收下，不过从目前来看，华为缺位后，小米才是这场“分食华为抢位战”中的最大受益者。</p>\n<p>在欧洲，2019年Q2，小米销量还只有430万台，市占率9.6%，排名第四；2020年Q2，小米销量已经超过华为，达到710万台，市占率17%，排名第三。2021Q1小米在欧洲地区市占率22.7%，排名第二，不到两年，小米在欧洲的市占率翻了两倍不止，业务突飞猛进。</p>\n<p>至于拉丁美洲，2020年第四季度华为跌出当地智能手机销量前五后，小米便很快接管了大部分原本属于华为市场份额。</p>\n<p>其实，去年并非小米第一次征战拉丁美洲——早在2015年7月，小米就曾宣布进军巴西市场，但当时巴西经济状况不佳，民众也没有线上消费习惯，再加上高昂的税收和苛刻的贸易保护政策，让小米寸步难行。2016年5月份，小米宣布改变巴西市场策略，短期之内不再发布新款手机，团队也将返回中国，进军拉美的尝试以失败告终。</p>\n<p><img src=\"https://static.tigerbbs.com/3b19b647933c7f1f6140c481d04d5e4f\" tg-width=\"908\" tg-height=\"445\" referrerpolicy=\"no-referrer\"></p>\n<p>再回拉丁美洲市场，小米的策略和打法成熟了许多——在地域上，先选择了贸易政策更为开放的智利作为第一站；在销售策略上，努力配合拉美国家线下消费的习惯，在一些大型商场和手机专卖店进行产品销售，再逐步布局实体“米店”，直到2019年4月27日，小米首家智利“米店”才在智利首都圣地亚哥东部繁华商圈开业。</p>\n<p>功夫不负有心人，学会“因地制宜”的小米终于在2021Q1将智利市占率从2020年同期的2.4% 提升至15.5%。</p>\n<p>对此，Strategy Analytics 高级分析师 Rajeev Nair 认为，“（在智利）华为手机此段时间的‘失利’确实利好小米，但更大的增长空间源于小米自身。\"</p>\n<p>除此之外，小米成为全球第二，和苹果自身也有一定关系。</p>\n<p>2021Q2季度苹果处于销售淡季，销量偏低并不意外。比如从Counterpoint发布的苹果公司2018Q1~2021Q1的iPhone销量便可以看出：</p>\n<p><img src=\"https://static.tigerbbs.com/917e7355c2da26dfc6ab177c14a9ba39\" tg-width=\"1000\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n<p>苹果营收和利润向来有很强的季节性</p>\n<p>Q1通常是苹果销量偏高的季度，Q2销量通常会比前一季度大幅减少，Q3则是全年销量的低谷，因为9~10月份是苹果主要产品线iPhone新品发布时间，新产品发布前，分销商的存货量会逐渐控制减少，并为新品发布作准备，Q4新品发布后，销量又会大幅攀升。</p>\n<p>值得注意的是，国外的上市公司财季周期与国内不同。苹果的财年周期是上一年的9月28日至今年的9月27日。因此我们这里讨论的Q2，对应为苹果公司Q3，即销量低迷的季度。</p>\n<p>反观小米，2021Q2季度海外市场疯狂扩张，增速强劲，这一时期销量赶超苹果并非没有可能，只不过大家没有预料到，小米的增速能达到83%。</p>\n<p>至于Canalys 研究经理 Ben Stanton认为，“小米已经将目光投向下一个目标：取代三星，成为全球头号厂商。”</p>\n<p>短期来看，并不现实。</p>\n<p>首先，虽然小米如今占据着全球手机市场17%的份额，与三星仅剩2%的差距，但要知道，从产品到供应链垂直整合能力，三星都比小米厉害，尤其供应链上下游整合能力小米更是差距巨大——三星自产芯片、屏幕、存储和组装工厂，而小米则严重依赖供应商。</p>\n<p>其次，小米仅仅是销量挤到了全球第二的位置，但2020年三星和苹果却拿走了全球手机产业链大部分利润。</p>\n<p>OPPO中国区总裁就曾在接受采访时表示，在中国手机市场当中，高端机型的市场份额接近25%，其中苹果占到44%，考虑到未来华为可能会缺席这场竞赛，如果其他国产厂商无法及时填补这个空缺话，很有可能会被苹果继续侵蚀。</p>\n<p>所以，小米能在第二的位置“苟住”已属不易，就别再给小米冲第一的“幻觉”了。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c9710c2d10626e3300cf4e73167b810","relate_stocks":{"AAPL":"苹果","01810":"小米集团-W","03086":"华夏纳指","09086":"华夏纳指-U"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166843923","content_text":"小米往前一小步，苹果都成了背景板。\n7月16日凌晨，小米集团创始人、董事长兼CEO雷军按捺不住内心的激动，在微博宣布，“Canalys发布了第二季度全球智能手机市占率排名，小米手机销量超越了苹果，首次晋升全球第二。”\n\n你没有看错，小米超越苹果，“摸”到了全球第二的位置——这是小米自创立以来，首次在全球总销量上超越苹果。而就在前一天，雷军刚在福布斯中国发布最佳CEO榜中，荣登首位。\n\n难怪雷军在全员信中将之称为“天大的好消息”，他说：“小米第一次成为全球第二，这是个梦幻般的成就，是小米发展史上的重大里程碑！”\nCanalys（市场调研机构）报告显示，2021Q2全球智能机出货量增长了12%，三星以19%的全球市场份额位列榜首；小米以 17%的全球市场份额屈居第二；苹果则滑落至全球第三，仅剩14%的全球市场份额；OPPO、vivo分别以10%的全球市场份额位列第四、第五。\n\n值得注意的是，五大厂商中，小米第二季度销量增速惊人，同比增长高达83%。\n小米亮眼的成绩自然刺激到了资本市场的神经——受此消息影响，7月16日港股开盘，小米股价就迅速拉涨，截至7月16日港股收盘，小米集团港股涨4.82%，报28.25港元/股，总市值达7086亿港元。\n挤下苹果，小米凭什么？\n如果只看国内的话，Canalys公布的2021Q1国内手机市场份额数据，vivo以23%的市场份额以及79%的增长速度排名第一，而小米在国内连前三都没挤进去，屈居第四。\n那么，小米2021Q2力压苹果的销量从何而来呢？答案就在那83%的增长里，而这83%的新增量中有70%来源于海外市场。\n数据显示，2021Q2，华为海外市场份额萎缩最明显的欧洲，大多数原本与华为合作的运营商选择了小米，小米因此成为欧洲市场仅次于三星的第二大手机厂商，份额占比达23%，同比增长85%。\n\n此外，小米本季度也在积极开拓非洲市场、拉丁美洲市场，两地增长分别达150%、300%。这主要源于疫情使该地区智能机、智能设备需求大幅度增加，而小米迅速填补了这部分市场需求。\n这既得益于小米的全球化运营能力，比如整合渠道合作伙伴、更精细化管理旧库存等，也归功于小米手机为符合当地各种技术标准所做的各种努力。\n\n其实，小米的统治力Q1季度就已露出端倪——Canalys报告显示，2021Q1，小米全球主要市场市占率及排名分别是，印度地区市占率28.3%，排名第一；欧洲地区市占率22.7%，排名第二；亚太地区市占率17.5%，排名第二；拉美地区市占率达11.5%，排名第三；非洲地区市占率7.2%，排名第四。\n其中，尤以欧洲市场的爆发最为典型。\n根据小米2021Q1财报显示，欧洲市场智能手机销量同比增长85.1%，首次达到第二。其中，西欧智能手机市占率稳居第三，销量同比增长86.1%；东欧智能手机市占率连续两个季度第一，销量同比增长81.1%；西班牙智能手机市占率连续五个季度稳居第一。\n\n除了销量增长势头强劲外，小米手机的质量也得到了欧洲市场的普遍认可。\n2021年5月，Computer Bild（德国三大评测机构之一）在报告中称，小米11 Ultra不仅是最好的小米智能手机，也是目前最好的安卓手机，在智能手机对比测试中已经把三星、华为、一加等公司甩在了后面。\nComputer Bild还在专业报告中指出，“从设计上来说，小米11Ultra具备卓越的速度和强大的显示效果。它有一个凸起的相机，除了长焦镜头和其他镜头外，还装有很酷的辅助显示屏，可以显示信息、图像或文字，或者在用主摄像头自拍时，充当取景器。”\n至于拉美、非洲地区，小米2021Q1智能手机销量同比增长分别为161.7%、191%，拉美地区中的智利市场异军突起。\n据市场研究机构Strategy Analytics 数据显示，2021Q1 智利智能手机销量290万部，小米以50万部的销量夺得市场第三名，年同比增长高达1025%，成为该地区增长最快的智能手机品牌。与此同时，小米在智利的市场占有率也从去年同期的2.4% 上升至15.5%。\n\n对此，Strategy Analytics 高级分析师 Rajeev Nair 分析称：\n\n “ 小米旗下的红米手机具有很高的性价比，这使得该款手机在因为疫情而\" 消费 降级 \" 的智利消费者中获得了强烈认可，从而帮助小米在该地区获得了销量第三名的位置，也进一步提高了市场占有率。”\n\n而小米集团合伙人、总裁王翔则表示，小米已经成为一家真正的全球化企业，产品进入近一百个国家，营收一半来源于海外市场。“不单单在发展中国家，如中国、印度、亚太地区，也进入了发达国家的地区和市场。我们的市场有战略纵深，所以能让我们走到今天这一步。”\n华为跌倒，小米吃饱？\n有人对小米的逆袭拍手叫好，自然也会有人冷嘲热讽，戏称其是“华为跌倒，小米吃饱”。\n不可否认，分食华为全球智能手机市场份额，确实是头部手机厂商增速加快的原因之一。\n2019年5月以来，美国将华为列入“实体清单”，在谷歌宣布停止提供安卓系统和谷歌GMS后，华为的海外销量及市场份额暴跌。\n根据Canalys数据，华为2019Q2海外市场销量为2140万台，2020年Q2，这个数字只剩下了1560万台，同比下降27%，到了2021Q1，华为仅占全球智能手机销量4%，排名第六，位于三星、苹果、小米、OPPO、vivo之后。\n当时，日本经济新闻等媒体猜测，这些市场份额会被三星全盘收下，不过从目前来看，华为缺位后，小米才是这场“分食华为抢位战”中的最大受益者。\n在欧洲，2019年Q2，小米销量还只有430万台，市占率9.6%，排名第四；2020年Q2，小米销量已经超过华为，达到710万台，市占率17%，排名第三。2021Q1小米在欧洲地区市占率22.7%，排名第二，不到两年，小米在欧洲的市占率翻了两倍不止，业务突飞猛进。\n至于拉丁美洲，2020年第四季度华为跌出当地智能手机销量前五后，小米便很快接管了大部分原本属于华为市场份额。\n其实，去年并非小米第一次征战拉丁美洲——早在2015年7月，小米就曾宣布进军巴西市场，但当时巴西经济状况不佳，民众也没有线上消费习惯，再加上高昂的税收和苛刻的贸易保护政策，让小米寸步难行。2016年5月份，小米宣布改变巴西市场策略，短期之内不再发布新款手机，团队也将返回中国，进军拉美的尝试以失败告终。\n\n再回拉丁美洲市场，小米的策略和打法成熟了许多——在地域上，先选择了贸易政策更为开放的智利作为第一站；在销售策略上，努力配合拉美国家线下消费的习惯，在一些大型商场和手机专卖店进行产品销售，再逐步布局实体“米店”，直到2019年4月27日，小米首家智利“米店”才在智利首都圣地亚哥东部繁华商圈开业。\n功夫不负有心人，学会“因地制宜”的小米终于在2021Q1将智利市占率从2020年同期的2.4% 提升至15.5%。\n对此，Strategy Analytics 高级分析师 Rajeev Nair 认为，“（在智利）华为手机此段时间的‘失利’确实利好小米，但更大的增长空间源于小米自身。\"\n除此之外，小米成为全球第二，和苹果自身也有一定关系。\n2021Q2季度苹果处于销售淡季，销量偏低并不意外。比如从Counterpoint发布的苹果公司2018Q1~2021Q1的iPhone销量便可以看出：\n\n苹果营收和利润向来有很强的季节性\nQ1通常是苹果销量偏高的季度，Q2销量通常会比前一季度大幅减少，Q3则是全年销量的低谷，因为9~10月份是苹果主要产品线iPhone新品发布时间，新产品发布前，分销商的存货量会逐渐控制减少，并为新品发布作准备，Q4新品发布后，销量又会大幅攀升。\n值得注意的是，国外的上市公司财季周期与国内不同。苹果的财年周期是上一年的9月28日至今年的9月27日。因此我们这里讨论的Q2，对应为苹果公司Q3，即销量低迷的季度。\n反观小米，2021Q2季度海外市场疯狂扩张，增速强劲，这一时期销量赶超苹果并非没有可能，只不过大家没有预料到，小米的增速能达到83%。\n至于Canalys 研究经理 Ben Stanton认为，“小米已经将目光投向下一个目标：取代三星，成为全球头号厂商。”\n短期来看，并不现实。\n首先，虽然小米如今占据着全球手机市场17%的份额，与三星仅剩2%的差距，但要知道，从产品到供应链垂直整合能力，三星都比小米厉害，尤其供应链上下游整合能力小米更是差距巨大——三星自产芯片、屏幕、存储和组装工厂，而小米则严重依赖供应商。\n其次，小米仅仅是销量挤到了全球第二的位置，但2020年三星和苹果却拿走了全球手机产业链大部分利润。\nOPPO中国区总裁就曾在接受采访时表示，在中国手机市场当中，高端机型的市场份额接近25%，其中苹果占到44%，考虑到未来华为可能会缺席这场竞赛，如果其他国产厂商无法及时填补这个空缺话，很有可能会被苹果继续侵蚀。\n所以，小米能在第二的位置“苟住”已属不易，就别再给小米冲第一的“幻觉”了。","news_type":1,"symbols_score_info":{"01810":0.9,"03086":0.9,"09086":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1790,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}