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trioace

trioace

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2021-09-01

$Tiger Brokers(TIGR)$pls go up. [保佑] [保佑] [保佑]

2021-08-18

$Alibaba(BABA)$when will u rebounce?

2021-08-09

[愤怒] [愤怒] [愤怒]

抱歉，原内容已删除

2021-08-04

[鼓掌] [鼓掌] [鼓掌] //@Cwk31: [Smile] [Smile] [Smile]

抱歉，原内容已删除

2021-08-04

[抱拳] [抱拳] [抱拳]

抱歉，原内容已删除

2021-08-02

[强] [强] [强]

AMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote>

2021-08-02

[开心] [开心] [开心]

Semiconductor stocks rally after ON Semi's strong earnings<blockquote>半导体股因 Semi 强劲盈利而上涨</blockquote>

2021-07-11

[得意] [得意] [得意]

抱歉，原内容已删除

2021-06-30

$Exela Technologies, Inc.(XELA)$early start. [财迷]

2021-06-28

How far can it go?

2021-06-28

Waiting.....

US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>

2021-06-26

Anyone has a letter " T" to spare. I can exchange all other letters for the "T".

2021-06-26

$Apple(AAPL)$new kid on the block. [财迷]

2021-06-26

Drop like waterfall.

2021-06-24

Flying to 700?

2021-06-24

$Orphazyme A/S(ORPH)$why did it happen?

2021-06-23

$Apple(AAPL)$so happy

2021-06-23

Flying today

2021-06-22

Can buy?

2021-06-22

Read

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

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href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pls go up.&nbsp;[保佑]&nbsp;[保佑]&nbsp;[保佑]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pls go up.&nbsp;[保佑]&nbsp;[保佑]&nbsp;[保佑]&nbsp;","text":"$Tiger Brokers(TIGR)$pls go up. [保佑] [保佑] [保佑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":1,"link":"https://laohu8.com/post/816945505","isVote":1,"tweetType":1,"viewCount":4527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833861500,"gmtCreate":1629216595700,"gmtModify":1631889851198,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>when will u rebounce?","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>when will u rebounce?","text":"$Alibaba(BABA)$when will u rebounce?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/833861500","isVote":1,"tweetType":1,"viewCount":3088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898866196,"gmtCreate":1628485087815,"gmtModify":1631889851216,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[愤怒]&nbsp;[愤怒]&nbsp;[愤怒]&nbsp;","listText":"[愤怒]&nbsp;[愤怒]&nbsp;[愤怒]&nbsp;","text":"[愤怒] [愤怒] [愤怒]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898866196","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":3697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890869234,"gmtCreate":1628092258528,"gmtModify":1631889851229,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[鼓掌]&nbsp;[鼓掌]&nbsp;[鼓掌]&nbsp;//<a href=\"https://laohu8.com/U/3581838261240416\">@Cwk31</a>: [Smile] &nbsp; [Smile] &nbsp; [Smile] &nbsp;","listText":"[鼓掌]&nbsp;[鼓掌]&nbsp;[鼓掌]&nbsp;//<a href=\"https://laohu8.com/U/3581838261240416\">@Cwk31</a>: [Smile] &nbsp; [Smile] &nbsp; [Smile] &nbsp;","text":"[鼓掌] [鼓掌] [鼓掌] //@Cwk31: [Smile] [Smile] [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890869234","repostId":"1154563656","repostType":4,"isVote":1,"tweetType":1,"viewCount":4891,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890887307,"gmtCreate":1628092132409,"gmtModify":1631889851243,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[抱拳]&nbsp;[抱拳]&nbsp;[抱拳]&nbsp;","listText":"[抱拳]&nbsp;[抱拳]&nbsp;[抱拳]&nbsp;","text":"[抱拳] [抱拳] [抱拳]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890887307","repostId":"2156106357","repostType":4,"isVote":1,"tweetType":1,"viewCount":4887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804954364,"gmtCreate":1627917749058,"gmtModify":1631889851262,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","listText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","text":"[强] [强] [强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/804954364","repostId":"1135561812","repostType":4,"repost":{"id":"1135561812","kind":"news","pubTimestamp":1627637430,"share":"https://www.laohunote.com/m/news/1135561812?lang=zh_CN&edition=full","pubTime":"2021-07-30 17:30","market":"us","language":"en","title":"AMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135561812","media":"seekingalpha","summary":"AMD's margin gains are driven by growing strength in end markets.AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors  and Radeon graphic cards. The uptick in g","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's margin gains are driven by growing strength in end markets.</li>  <li>AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.</li>  <li>The semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.</li>  <li>AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6e179318de667e33987f1b4a2afb27\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Jay_Zynism/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 的利润率增长是由终端市场不断增长的实力推动的。</li><li>AMD 将 2021 财年的收入指引上调了 $1.0B，毛利率接近 50%。</li><li>即使增长放缓，这家半导体公司明年也可能成为价值 60 亿美元的自由现金流业务。</li><li>AMD 的美元销售额增长比 Nvidia 便宜，而且 AMD 甚至可能增长得更快。</li></ul><p class=\"t-img-caption\"><span>Jay_Zynism/iStock 来自盖蒂图片社</span></p></blockquote></p><p> AMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.</p><p><blockquote>AMD (AMD) 昨天引起了轰动，这家半导体公司公布的增长和利润率甚至好于预期。AMD 的收入加速增长和毛利率的强劲扩张为该股上涨提供了有力的理由。</blockquote></p><p> <b>Why AMD is worth $120</b></p><p><blockquote><b>为什么 AMD 值 120 美元</b></blockquote></p><p> Before I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.</p><p><blockquote>在深入探讨 AMD 的最新业绩之前，让我们快速回顾一下该公司上一季度的业绩指引。AMD 预计 21 年第二季度的收入至少为 35 亿美元，“高情况 ”指导意味着收入环比增长 7%，毛利率为 47%。</blockquote></p><p> I expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.</p><p><blockquote>我预计 AMD 的收入将达到指导的上限（37 亿美元），最低自由现金流为 8.95 亿美元（环比增长 8%），自由现金流利润率为 24%。鉴于高价 Ryzen 台式机和笔记本电脑处理器和 GPU 的销售加速，以及终端市场广泛实力推动的平均售价/平均售价上涨，我预计 AMD 将超出自己的利润率指导，在 21 年第二季度的毛利率为 48%。我还预测，由于 CPU 和 GPU 平均售价的强劲，AMD 的毛利率指引将会更新。我在《AMD: 年自由现金流迈向 50 亿美元》一书中详细阐述了我对 AMD 21 年第二季度收益的预测。</blockquote></p><p> Turning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.</p><p><blockquote>从 AMD 的实际业绩来看，这家半导体公司再次证明了它正在全力以赴。AMD 21 年第二季度收入为 38.5 亿美元，比高端指引高出 1.5 亿美元，环比增长 12%，图形/计算和企业市场的收入势头仍在继续。由于客户端和图形处理器销售额的增长以及平均售价的增强，图形/计算收入环比增长 7%，达到 22.5 亿美元。Enterprise 已成为 AMD 近几个季度销售增长的驱动力，21 年第二季度的收入为 16 亿美元，环比增长 19%。继 AMD 在 21 年第一季度实现 5% 的环比收入增长后，21 年第二季度企业收入继续加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ec3e9d1f0b7d59915f9db8790725803\" tg-width=\"1039\" tg-height=\"587\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.</p><p><blockquote>不过，AMD 21 年第二季度财报中最有趣的发现是毛利率的趋势。AMD 的毛利率跃升 4 个百分点，达到 48%，比指导高出 1 个百分点，原因是价格较高的 Ryzen 处理器（移动和台式机）和 Radeon 显卡的更好组合。21 年第二季度毛利率的上升标志着 AMD 连续第三个季度利润率扩张，我认为 AMD 还没有看到这一趋势的终结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dca6426ffa1332827a6774554d499c36\" tg-width=\"1048\" tg-height=\"566\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> Turning to cash flow.</p><p><blockquote>转向现金流。</blockquote></p><p> AMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.</p><p><blockquote>AMD 报告的经营活动现金流为 9.52 亿美元，自由现金流为 8.88 亿美元，比我的预期少了 700 万美元，但仍几乎是一年前的六倍。随着 AMD 在计算/图形和企业终端市场继续看到强劲的收入增长，我相信到明年年底，AMD 的自由现金流利润率可能会增长到 30%。AMD 将 2021 财年的收入指引（稍后讨论）上调了 $1.0B，这意味着我也在更新今年和明年的自由现金流预期。</blockquote></p><p> AMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.</p><p><blockquote>AMD 预计今年的收入为 15.6B 美元。假设自由现金流利润率稳定在 23-24%，AMD 预计自由现金流为 $3.6B 至 $3.7B。明年的收入预测尚未更新，但 AMD 在 2022 财年的收入至少应为 200 亿美元（假设同比增长 25%），这意味着明年的自由现金流将达到 46 亿至 48 亿美元.这些预测并没有考虑到 AMD 第三代 EPYC Milan 服务器处理器和价格更高的 GPU 可能会提高 AMD 的自由现金流利润率。明年 30% 的自由现金流利润率意味着自由现金流为 $6.0B。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ea23b7429f2edd8ce6dda945a88daa7\" tg-width=\"819\" tg-height=\"593\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> AMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.</p><p><blockquote><table><tbody><tr></tr></tbody></table>AMD 的收入指引为 4.1B 美元 +/- 1 亿美元，该公司更新了 2021 财年收入和毛利率指引（如预期）。AMD 目前预计 2021 财年收入增长 60%（之前为 50%），毛利率为 48%（之前为 47%）。假设收入增长 60%，AMD 目前的全年收入为 156 亿美元（之前为 146 亿美元），因此 AMD 的新指导评级为 10 亿美元的额外收入，而到目前为止，这些收入还没有计入 AMD 的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e5c3c579e4a6472ae2c495a325b9a2b\" tg-width=\"1038\" tg-height=\"572\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> AMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.</p><p><blockquote>AMD 较高的毛利率和销售指引为该公司股票的估值创造了强大的动力。由于 AMD 股价最近下跌，以及 10 亿美元收入的增加，AMD 的美元销售额增长在财报公布后变得更加便宜。AMD 的美元销售额增长率低于 Nvidia，而且 AMD 的增长速度可能会更快： AMD 的收入指导评级为同比增长 60%，而对 Nvidia 的预测则意味着 2021 财年的收入 “仅 ”同比增长 49%。AMD 的市值与收益比为 42.5，对于一家收入增长 60%、毛利率接近 50% 的公司来说，这个比率很低。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/653c9dd9d37a4abd742703bd87dd3534\" tg-width=\"908\" tg-height=\"312\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Nvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.</p><p><blockquote><table><tbody><tr></tr></tbody></table>根据 2022 财年每股收益 17.29 美元计算，英伟达的市盈率为 44.5。如果 AMD 的盈利增长（2022 财年每股收益为 2.71 美元）与 Nvidia 的估值相同，AMD 的公允价格将为 120 美元（2.71 美元 x 44.5 盈利乘数系数），表明上涨空间为 17%。</blockquote></p><p> <b>Challenges to my price target</b></p><p><blockquote><b>我的价格目标面临的挑战</b></blockquote></p><p> The biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.</p><p><blockquote>AMD 最大的机遇和最大的风险都与毛利率有关。AMD 今年的收入加速和利润率增长强劲，这也是我相信 AMD 可以进行更高估值的主要原因。但毛利率不可能每个季度增长 3-4 个百分点。如果 AMD 的毛利率扩张放缓，或者更糟的是，毛利率回落至 40%，AMD 的股票回报率可能会下降。毛利率趋势的逆转将改变我对 AMD 的看法，并使我 120 美元的股价目标处于危险之中。</blockquote></p><p> Softening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.</p><p><blockquote>CPU 和图形芯片的平均售价疲软可能会成为煤矿中的金丝雀，并可能预示着 AMD 的终端市场疲软。终端市场疲软意味着 AMD 的收入增长将放缓，这可能导致 AMD 利润估值的盈利乘数系数降低。我不认为AMD基于盈利被高估，但市场可能随时不同意我的评估。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> AMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.</p><p><blockquote>AMD 报告第二季度收入增长和毛利率令人印象深刻。AMD 上调的指引和环比收入加速表明 CPU 和 GPU 的终端市场比预期强劲得多。这可能会导致 AMD 的收入再次加速增长，并在平均售价上升的支撑下，继续扩大到 50%。AMD 的风险状况仍然严重偏向上行。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-30 17:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's margin gains are driven by growing strength in end markets.</li>  <li>AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.</li>  <li>The semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.</li>  <li>AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6e179318de667e33987f1b4a2afb27\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Jay_Zynism/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 的利润率增长是由终端市场不断增长的实力推动的。</li><li>AMD 将 2021 财年的收入指引上调了 $1.0B，毛利率接近 50%。</li><li>即使增长放缓，这家半导体公司明年也可能成为价值 60 亿美元的自由现金流业务。</li><li>AMD 的美元销售额增长比 Nvidia 便宜，而且 AMD 甚至可能增长得更快。</li></ul><p class=\"t-img-caption\"><span>Jay_Zynism/iStock 来自盖蒂图片社</span></p></blockquote></p><p> AMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.</p><p><blockquote>AMD (AMD) 昨天引起了轰动，这家半导体公司公布的增长和利润率甚至好于预期。AMD 的收入加速增长和毛利率的强劲扩张为该股上涨提供了有力的理由。</blockquote></p><p> <b>Why AMD is worth $120</b></p><p><blockquote><b>为什么 AMD 值 120 美元</b></blockquote></p><p> Before I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.</p><p><blockquote>在深入探讨 AMD 的最新业绩之前，让我们快速回顾一下该公司上一季度的业绩指引。AMD 预计 21 年第二季度的收入至少为 35 亿美元，“高情况 ”指导意味着收入环比增长 7%，毛利率为 47%。</blockquote></p><p> I expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.</p><p><blockquote>我预计 AMD 的收入将达到指导的上限（37 亿美元），最低自由现金流为 8.95 亿美元（环比增长 8%），自由现金流利润率为 24%。鉴于高价 Ryzen 台式机和笔记本电脑处理器和 GPU 的销售加速，以及终端市场广泛实力推动的平均售价/平均售价上涨，我预计 AMD 将超出自己的利润率指导，在 21 年第二季度的毛利率为 48%。我还预测，由于 CPU 和 GPU 平均售价的强劲，AMD 的毛利率指引将会更新。我在《AMD: 年自由现金流迈向 50 亿美元》一书中详细阐述了我对 AMD 21 年第二季度收益的预测。</blockquote></p><p> Turning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.</p><p><blockquote>从 AMD 的实际业绩来看，这家半导体公司再次证明了它正在全力以赴。AMD 21 年第二季度收入为 38.5 亿美元，比高端指引高出 1.5 亿美元，环比增长 12%，图形/计算和企业市场的收入势头仍在继续。由于客户端和图形处理器销售额的增长以及平均售价的增强，图形/计算收入环比增长 7%，达到 22.5 亿美元。Enterprise 已成为 AMD 近几个季度销售增长的驱动力，21 年第二季度的收入为 16 亿美元，环比增长 19%。继 AMD 在 21 年第一季度实现 5% 的环比收入增长后，21 年第二季度企业收入继续加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ec3e9d1f0b7d59915f9db8790725803\" tg-width=\"1039\" tg-height=\"587\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.</p><p><blockquote>不过，AMD 21 年第二季度财报中最有趣的发现是毛利率的趋势。AMD 的毛利率跃升 4 个百分点，达到 48%，比指导高出 1 个百分点，原因是价格较高的 Ryzen 处理器（移动和台式机）和 Radeon 显卡的更好组合。21 年第二季度毛利率的上升标志着 AMD 连续第三个季度利润率扩张，我认为 AMD 还没有看到这一趋势的终结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dca6426ffa1332827a6774554d499c36\" tg-width=\"1048\" tg-height=\"566\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> Turning to cash flow.</p><p><blockquote>转向现金流。</blockquote></p><p> AMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.</p><p><blockquote>AMD 报告的经营活动现金流为 9.52 亿美元，自由现金流为 8.88 亿美元，比我的预期少了 700 万美元，但仍几乎是一年前的六倍。随着 AMD 在计算/图形和企业终端市场继续看到强劲的收入增长，我相信到明年年底，AMD 的自由现金流利润率可能会增长到 30%。AMD 将 2021 财年的收入指引（稍后讨论）上调了 $1.0B，这意味着我也在更新今年和明年的自由现金流预期。</blockquote></p><p> AMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.</p><p><blockquote>AMD 预计今年的收入为 15.6B 美元。假设自由现金流利润率稳定在 23-24%，AMD 预计自由现金流为 $3.6B 至 $3.7B。明年的收入预测尚未更新，但 AMD 在 2022 财年的收入至少应为 200 亿美元（假设同比增长 25%），这意味着明年的自由现金流将达到 46 亿至 48 亿美元.这些预测并没有考虑到 AMD 第三代 EPYC Milan 服务器处理器和价格更高的 GPU 可能会提高 AMD 的自由现金流利润率。明年 30% 的自由现金流利润率意味着自由现金流为 $6.0B。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ea23b7429f2edd8ce6dda945a88daa7\" tg-width=\"819\" tg-height=\"593\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> AMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.</p><p><blockquote><table><tbody><tr></tr></tbody></table>AMD 的收入指引为 4.1B 美元 +/- 1 亿美元，该公司更新了 2021 财年收入和毛利率指引（如预期）。AMD 目前预计 2021 财年收入增长 60%（之前为 50%），毛利率为 48%（之前为 47%）。假设收入增长 60%，AMD 目前的全年收入为 156 亿美元（之前为 146 亿美元），因此 AMD 的新指导评级为 10 亿美元的额外收入，而到目前为止，这些收入还没有计入 AMD 的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e5c3c579e4a6472ae2c495a325b9a2b\" tg-width=\"1038\" tg-height=\"572\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> AMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.</p><p><blockquote>AMD 较高的毛利率和销售指引为该公司股票的估值创造了强大的动力。由于 AMD 股价最近下跌，以及 10 亿美元收入的增加，AMD 的美元销售额增长在财报公布后变得更加便宜。AMD 的美元销售额增长率低于 Nvidia，而且 AMD 的增长速度可能会更快： AMD 的收入指导评级为同比增长 60%，而对 Nvidia 的预测则意味着 2021 财年的收入 “仅 ”同比增长 49%。AMD 的市值与收益比为 42.5，对于一家收入增长 60%、毛利率接近 50% 的公司来说，这个比率很低。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/653c9dd9d37a4abd742703bd87dd3534\" tg-width=\"908\" tg-height=\"312\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Nvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.</p><p><blockquote><table><tbody><tr></tr></tbody></table>根据 2022 财年每股收益 17.29 美元计算，英伟达的市盈率为 44.5。如果 AMD 的盈利增长（2022 财年每股收益为 2.71 美元）与 Nvidia 的估值相同，AMD 的公允价格将为 120 美元（2.71 美元 x 44.5 盈利乘数系数），表明上涨空间为 17%。</blockquote></p><p> <b>Challenges to my price target</b></p><p><blockquote><b>我的价格目标面临的挑战</b></blockquote></p><p> The biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.</p><p><blockquote>AMD 最大的机遇和最大的风险都与毛利率有关。AMD 今年的收入加速和利润率增长强劲，这也是我相信 AMD 可以进行更高估值的主要原因。但毛利率不可能每个季度增长 3-4 个百分点。如果 AMD 的毛利率扩张放缓，或者更糟的是，毛利率回落至 40%，AMD 的股票回报率可能会下降。毛利率趋势的逆转将改变我对 AMD 的看法，并使我 120 美元的股价目标处于危险之中。</blockquote></p><p> Softening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.</p><p><blockquote>CPU 和图形芯片的平均售价疲软可能会成为煤矿中的金丝雀，并可能预示着 AMD 的终端市场疲软。终端市场疲软意味着 AMD 的收入增长将放缓，这可能导致 AMD 利润估值的盈利乘数系数降低。我不认为AMD基于盈利被高估，但市场可能随时不同意我的评估。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> AMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.</p><p><blockquote>AMD 报告第二季度收入增长和毛利率令人印象深刻。AMD 上调的指引和环比收入加速表明 CPU 和 GPU 的终端市场比预期强劲得多。这可能会导致 AMD 的收入再次加速增长，并在平均售价上升的支撑下，继续扩大到 50%。AMD 的风险状况仍然严重偏向上行。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4442955-amd-still-growing-still-undervalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4442955-amd-still-growing-still-undervalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135561812","content_text":"Summary\n\nAMD's margin gains are driven by growing strength in end markets.\nAMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.\nThe semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.\nAMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.\n\nJay_Zynism/iStock via Getty Images\nAMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.\nWhy AMD is worth $120\nBefore I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.\nI expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.\nTurning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.\n(Source:AMD)\nThe most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.\n(Source:AMD)\nTurning to cash flow.\nAMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.\nAMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.\n(Source: Author)\n\n\n\n\n\nAMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.\n(Source:AMD)\nAMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.\n(Source: Author)\n\n\n\n\n\nNvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.\nChallenges to my price target\nThe biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.\nSoftening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.\nFinal thoughts\nAMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":4626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804955471,"gmtCreate":1627917722493,"gmtModify":1631889851280,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","listText":"[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","text":"[开心] [开心] [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804955471","repostId":"1183793139","repostType":4,"repost":{"id":"1183793139","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627914562,"share":"https://www.laohunote.com/m/news/1183793139?lang=zh_CN&edition=full","pubTime":"2021-08-02 22:29","market":"us","language":"en","title":"Semiconductor stocks rally after ON Semi's strong earnings<blockquote>半导体股因 Semi 强劲盈利而上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183793139","media":"Tiger Newspress","summary":"(August 2) The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broa","content":"<p>(August 2)&nbsp;The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broader tech sector (NYSEARCA:XLK) after chipmaker ON Semiconductor (NASDAQ:ON) reported strong earnings and an upside forecast despite the continuing supply chain constraints.</p><p><blockquote>（8 月 2 日）芯片制造商 ON Semiconductor (NASDAQ:ON) 公布强劲盈利和上行预测后，费城半导体指数上涨 1.6%，跑赢了更广泛科技板块 (NYSEARCA:XLK) 0.3% 的涨幅，尽管供应链持续受到限制。</blockquote></p><p> ON Semiconductor stock surges over&nbsp;14%&nbsp;after record earnings that beat expectations, upbeat outlook.</p><p><blockquote>盈利创纪录超出预期，前景乐观，半导体股价飙升超过 14%。</blockquote></p><p> Shares of <a href=\"https://laohu8.com/S/ON\">ON Semiconductor Corp.</a> (ON) shot up over&nbsp;14% in morning trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets.</p><p><blockquote>股份<a href=\"https://laohu8.com/S/ON\">安森美半导体公司</a>(ON) 在周一早盘交易中飙升超过 14%，此前这家芯片制造商公布了创纪录的调整后利润和收入，超出预期，并提供了乐观的前景，理由是汽车和工业终端市场需求加速。</blockquote></p><p> <ul>  <li>Net income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period.</li>  <li>Excluding nonrecurring items, adjusted earnings per share increased to a record 63 cents from 12 cents, beating the FactSet consensus of 49 cents.</li>  <li>Revenue grew 37.6% to $1.67 billion, above the FactSet consensus of $1.62 billion.</li>  <li>For the third quarter, the company expects adjusted EPS of 68 cents to 80 cents and revenue of $1.66 billion to $1.76 billion, above the FactSet consensus for EPS of 51 cents and revenue of $1.61 billion.</li>  <li>Gross margin is expected to improve to 38.8% to 40.9% in the third quarter from 38.3% in the second quarter.</li> </ul> The stock has rallied 19.3% year to date through Friday, while the PHLX Semiconductor Index has run up 20.1% and the S&amp;P 500 has advanced 17.0%.</p><p><blockquote><ul><li>净利润为 1.841 亿美元，即每股收益 42 美分，去年同期亏损 14 亿美元，即每股收益 42 美分。</li><li>不包括非经常性项目，调整后每股收益从 12 美分增至创纪录的 63 美分，超过了 FactSet 共识的 49 美分。</li><li>收入增长 37.6%，达到 16.7 亿美元，高于 FactSet 共识的 16.2 亿美元。</li><li>该公司预计第三季度调整后每股收益为 68 美分至 80 美分，收入为 16.6 亿美元至 17.6 亿美元，高于 FactSet 普遍预期的每股收益为 51 美分，收入为 16.1 亿美元。</li><li>毛利率预计将从第二季度的38.3%改善至第三季度的38.8%至40.9%。</li></ul>截至周五，该股今年迄今已上涨 19.3%，而 PHLX 半导体指数上涨 20.1%，标普500上涨 17.0%。</blockquote></p><p> MKM Partners notes that ON called out \"accelerating demand for the auto and industrial end markets\" even as the global chip shortage continues.</p><p><blockquote>MKM Partners 指出，尽管全球芯片短缺仍在继续，但 ON 仍呼吁“汽车和工业终端市场的需求加速”。</blockquote></p><p> Top semiconductor gainers include ON's auto chip peers Microchip (MCHP +3.3%) and NXP Semiconductors (NXPI +2.6%) with the latter reporting earnings today after the bell. Semiconductor equipment players Applied Materials (AMAT +3.2%) and Lam Research (LRCX +2.0%) are also among the top tech gainers.</p><p><blockquote>半导体涨幅最大的公司包括 ON 的汽车芯片同行 Microchip (MCHP +3.3%) 和恩智浦半导体 (NXPI +2.6%)，后者今天盘后公布了财报。半导体设备公司应用材料公司 (AMAT +3.2%) 和 Lam Research (LRCX +2.0%) 也是科技涨幅最大的公司之一。</blockquote></p><p> Silicon Labs (SLAB +4.2%) continues to rally after announcing plans for a $1B modified Dutch auction.</p><p><blockquote>Silicon Labs (SLAB +4.2%) 在宣布计划进行 10 亿美元的修改荷兰拍卖后继续上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29705170f6277ecc6c92943d45c08bb7\" tg-width=\"315\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Semiconductor stocks rally after ON Semi's strong earnings<blockquote>半导体股因 Semi 强劲盈利而上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSemiconductor stocks rally after ON Semi's strong earnings<blockquote>半导体股因 Semi 强劲盈利而上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 22:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 2)&nbsp;The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broader tech sector (NYSEARCA:XLK) after chipmaker ON Semiconductor (NASDAQ:ON) reported strong earnings and an upside forecast despite the continuing supply chain constraints.</p><p><blockquote>（8 月 2 日）芯片制造商 ON Semiconductor (NASDAQ:ON) 公布强劲盈利和上行预测后，费城半导体指数上涨 1.6%，跑赢了更广泛科技板块 (NYSEARCA:XLK) 0.3% 的涨幅，尽管供应链持续受到限制。</blockquote></p><p> ON Semiconductor stock surges over&nbsp;14%&nbsp;after record earnings that beat expectations, upbeat outlook.</p><p><blockquote>盈利创纪录超出预期，前景乐观，半导体股价飙升超过 14%。</blockquote></p><p> Shares of <a href=\"https://laohu8.com/S/ON\">ON Semiconductor Corp.</a> (ON) shot up over&nbsp;14% in morning trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets.</p><p><blockquote>股份<a href=\"https://laohu8.com/S/ON\">安森美半导体公司</a>(ON) 在周一早盘交易中飙升超过 14%，此前这家芯片制造商公布了创纪录的调整后利润和收入，超出预期，并提供了乐观的前景，理由是汽车和工业终端市场需求加速。</blockquote></p><p> <ul>  <li>Net income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period.</li>  <li>Excluding nonrecurring items, adjusted earnings per share increased to a record 63 cents from 12 cents, beating the FactSet consensus of 49 cents.</li>  <li>Revenue grew 37.6% to $1.67 billion, above the FactSet consensus of $1.62 billion.</li>  <li>For the third quarter, the company expects adjusted EPS of 68 cents to 80 cents and revenue of $1.66 billion to $1.76 billion, above the FactSet consensus for EPS of 51 cents and revenue of $1.61 billion.</li>  <li>Gross margin is expected to improve to 38.8% to 40.9% in the third quarter from 38.3% in the second quarter.</li> </ul> The stock has rallied 19.3% year to date through Friday, while the PHLX Semiconductor Index has run up 20.1% and the S&amp;P 500 has advanced 17.0%.</p><p><blockquote><ul><li>净利润为 1.841 亿美元，即每股收益 42 美分，去年同期亏损 14 亿美元，即每股收益 42 美分。</li><li>不包括非经常性项目，调整后每股收益从 12 美分增至创纪录的 63 美分，超过了 FactSet 共识的 49 美分。</li><li>收入增长 37.6%，达到 16.7 亿美元，高于 FactSet 共识的 16.2 亿美元。</li><li>该公司预计第三季度调整后每股收益为 68 美分至 80 美分，收入为 16.6 亿美元至 17.6 亿美元，高于 FactSet 普遍预期的每股收益为 51 美分，收入为 16.1 亿美元。</li><li>毛利率预计将从第二季度的38.3%改善至第三季度的38.8%至40.9%。</li></ul>截至周五，该股今年迄今已上涨 19.3%，而 PHLX 半导体指数上涨 20.1%，标普500上涨 17.0%。</blockquote></p><p> MKM Partners notes that ON called out \"accelerating demand for the auto and industrial end markets\" even as the global chip shortage continues.</p><p><blockquote>MKM Partners 指出，尽管全球芯片短缺仍在继续，但 ON 仍呼吁“汽车和工业终端市场的需求加速”。</blockquote></p><p> Top semiconductor gainers include ON's auto chip peers Microchip (MCHP +3.3%) and NXP Semiconductors (NXPI +2.6%) with the latter reporting earnings today after the bell. Semiconductor equipment players Applied Materials (AMAT +3.2%) and Lam Research (LRCX +2.0%) are also among the top tech gainers.</p><p><blockquote>半导体涨幅最大的公司包括 ON 的汽车芯片同行 Microchip (MCHP +3.3%) 和恩智浦半导体 (NXPI +2.6%)，后者今天盘后公布了财报。半导体设备公司应用材料公司 (AMAT +3.2%) 和 Lam Research (LRCX +2.0%) 也是科技涨幅最大的公司之一。</blockquote></p><p> Silicon Labs (SLAB +4.2%) continues to rally after announcing plans for a $1B modified Dutch auction.</p><p><blockquote>Silicon Labs (SLAB +4.2%) 在宣布计划进行 10 亿美元的修改荷兰拍卖后继续上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29705170f6277ecc6c92943d45c08bb7\" tg-width=\"315\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183793139","content_text":"(August 2) The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broader tech sector (NYSEARCA:XLK) after chipmaker ON Semiconductor (NASDAQ:ON) reported strong earnings and an upside forecast despite the continuing supply chain constraints.\nON Semiconductor stock surges over 14% after record earnings that beat expectations, upbeat outlook.\nShares of ON Semiconductor Corp. (ON) shot up over 14% in morning trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets.\n\nNet income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period.\nExcluding nonrecurring items, adjusted earnings per share increased to a record 63 cents from 12 cents, beating the FactSet consensus of 49 cents.\nRevenue grew 37.6% to $1.67 billion, above the FactSet consensus of $1.62 billion.\nFor the third quarter, the company expects adjusted EPS of 68 cents to 80 cents and revenue of $1.66 billion to $1.76 billion, above the FactSet consensus for EPS of 51 cents and revenue of $1.61 billion.\nGross margin is expected to improve to 38.8% to 40.9% in the third quarter from 38.3% in the second quarter.\n\nThe stock has rallied 19.3% year to date through Friday, while the PHLX Semiconductor Index has run up 20.1% and the S&P 500 has advanced 17.0%.\nMKM Partners notes that ON called out \"accelerating demand for the auto and industrial end markets\" even as the global chip shortage continues.\nTop semiconductor gainers include ON's auto chip peers Microchip (MCHP +3.3%) and NXP Semiconductors (NXPI +2.6%) with the latter reporting earnings today after the bell. Semiconductor equipment players Applied Materials (AMAT +3.2%) and Lam Research (LRCX +2.0%) are also among the top tech gainers.\nSilicon Labs (SLAB +4.2%) continues to rally after announcing plans for a $1B modified Dutch auction.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":148676737,"gmtCreate":1625974936529,"gmtModify":1631889851293,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","listText":"[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","text":"[得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/148676737","repostId":"2150326565","repostType":4,"isVote":1,"tweetType":1,"viewCount":4014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":153798430,"gmtCreate":1625048287220,"gmtModify":1631889851304,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>early start.&nbsp;[财迷]&nbsp;","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>early start.&nbsp;[财迷]&nbsp;","text":"$Exela Technologies, Inc.(XELA)$early start. [财迷]","images":[{"img":"https://static.tigerbbs.com/144e274d4cf72d98bf8442b34699ef92","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/153798430","isVote":1,"tweetType":1,"viewCount":3867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":150869600,"gmtCreate":1624893023500,"gmtModify":1633947350074,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"How far can it go?","listText":"How far can it go?","text":"How far can it go?","images":[{"img":"https://static.tigerbbs.com/fc93c1c40ee1d1bdbf8a7c1bcc49b3e3","width":"1080","height":"2332"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/150869600","isVote":1,"tweetType":1,"viewCount":4710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":150068388,"gmtCreate":1624876181944,"gmtModify":1633947648481,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"Waiting.....","listText":"Waiting.....","text":"Waiting.....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150068388","repostId":"1150095060","repostType":4,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohunote.com/m/news/1150095060?lang=zh_CN&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></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>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-28 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DDL":"叮咚买菜","DIDI":"滴滴(已退市)","CVRX":"CVRx, Inc.","HEPS":"D-MARKET Electronic Services & Trading","CURV":"Torrid Holdings","XMTR":"Xometry, Inc.","DNUT":"Krispy Kreme, Inc.","ABOS":"Acumen Pharmaceuticals, Inc.","LZ":"LegalZoom.com, Inc","S":"SentinelOne, Inc","EVCM":"EverCommerce Inc.","INTA":"Intapp, Inc.","YOU":"Clear Secure, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"DDL":0.9,"HKIB":0.9,"ABOS":0.9,"S":0.9,"DNUT":0.9,"IAS":0.9,"EVCM":0.9,"CVRX":0.9,"HEPS":0.9,"INTA":0.9,"LZ":0.9,"YOU":0.9,"CURV":0.9,"XMTR":0.9,"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125607564,"gmtCreate":1624670246058,"gmtModify":1633949855773,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"Anyone has a letter \" T\" to spare. I can exchange all other letters for the \"T\".&nbsp;","listText":"Anyone has a letter \" T\" to spare. I can exchange all other letters for the \"T\".&nbsp;","text":"Anyone has a letter \" T\" to spare. I can exchange all other letters for the \"T\".","images":[{"img":"https://static.tigerbbs.com/0e9f8374fb004d8036ee3160d1006498","width":"540","height":"960"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125607564","isVote":1,"tweetType":1,"viewCount":1124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":125608091,"gmtCreate":1624670033113,"gmtModify":1633949861028,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>new kid on the block.&nbsp;[财迷]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>new kid on the block.&nbsp;[财迷]&nbsp;","text":"$Apple(AAPL)$new kid on the block. 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happy","images":[{"img":"https://static.tigerbbs.com/1b6eef1c2fa756567dfc7d05230a69c0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121610103","isVote":1,"tweetType":1,"viewCount":1417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":121107659,"gmtCreate":1624455957271,"gmtModify":1634005906072,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"Flying today","listText":"Flying today","text":"Flying today","images":[{"img":"https://static.tigerbbs.com/77eeee01b2b43fd71e11154c5d14bf1a","width":"1080","height":"2332"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121107659","isVote":1,"tweetType":1,"viewCount":1131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129696553,"gmtCreate":1624370381072,"gmtModify":1634007140493,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"Can buy?","listText":"Can buy?","text":"Can buy?","images":[{"img":"https://static.tigerbbs.com/426cac0de1a3414d8b972a55be65d964","width":"1080","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129696553","isVote":1,"tweetType":1,"viewCount":1307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129698388,"gmtCreate":1624370321444,"gmtModify":1634007141430,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586423910879559","idStr":"3586423910879559"},"themes":[],"title":"","htmlText":"Read&nbsp;","listText":"Read&nbsp;","text":"Read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129698388","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohunote.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%。</li><li>DUV光刻预计到2025年将以8.4%的CAGR增长，EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML 在 EUV 中占据垄断地位，而在 DUV 中面临的竞争非常有限，这两个平台对于半导体制造工艺都绝对至关重要。</li><li>作为一家真正的创新者，ASML 拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受旅程方面做得很好，但对于潜在股东来说，安全边际很小，他们可能会通过美元成本平均法将脚趾浸入水中，以从推动 ASML 的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>微距照片/iStock via Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding (ASML) 拥有无与伦比的市场地位，其最先进的技术平台 EUV 光刻没有竞争对手。同样，它在 DUV 内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识掌握着非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象还有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于整体GDP的行业。然而，市场早已认识到 ASML 的杰出潜力和潜在历程，但仍然可能低估了其潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇文章，讲述了如何避免拥有太多半导体曝光。在分解了半导体制造的价值链后，我在评论部分收到了许多关于ASML的问题，并决定进行后续跟进。我选择 ASML 是因为它独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器公司（TXN）和博通公司（AVGO）的股票，接触到了半导体价值链的制造层面，但如果进一步深入价值链，投资者就可以以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触到大多数制造商，这使得它变得非常有趣，因为你可以采用 “我真的不介意谁赢，只要他们在竞争 ”的口头禅。因此，价值链上游的潜在风险敞口引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于 ASML 的追随者来说，这并不奇怪，但 ASML 在未来十年将推动其收入的产品中占据主导地位，那就是 EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方，都很难找到一家处于类似优势竞争地位的公司。ASML 提供光刻设备，光刻是通过光源以多种光谱打印芯片特征的艺术，其中最先进的是 EUV，它是 DUV（深紫外光刻）的下一代。对于 DUV 来说，尽管 ASML 拥有超过 85% 的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV在比DUV小近15倍的光波长（13.5nm对193nm）下工作。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将成为3nm等前沿芯片的半导体制造商严重依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来是一笔相当划算的交易，但只有一家公司能够做到这一点，那就是 ASML。对于每一代新的 EUV 机器，其产量都会随着更高的吞吐量和更少的停机问题而变得更好，这意味着 ASML 实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都是关于过程知识的行业。台积电（TSM）能够生产5纳米芯片，因为它能够生产7纳米，它将能够生产3纳米，因为它可以生产5纳米，并且已经这样做了一百万次，这也是为什么它对英特尔公司（INTC）如此不利，以至于它不得不承认其在7纳米技术方面的持续问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到 5 纳米，就没有 3 纳米，正如我之前的文章中所讨论的那样。ASML 也是如此，因为如果竞争对手进入 EUV 领域，他们将落后 ASML 很多年，因为他们将面临十多年前 EUV 早期困扰 ASML 的同样问题。我收录了他们最近一次投资者日的一些插图，该活动于 2018 年 11 月举行，下一次将于 2021 年 9 月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第6页。</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了 ASML 在其 EUV 生命周期中获得的工艺知识。这也为每一代新产品带来了更好的 EUV 机械，生产率的提高也证明了这一点。同样，考虑到竞争对手采用 EUV 技术需要大量的时间和资金，我无法想象还有什么比这更有利的竞争形势了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第16页。</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>根据摩尔定律，半导体制造是一个残酷的行业，研发支出巨大（ASML 花费了 60 亿欧元的研发支出才发明了 EUV）推动芯片改进，这意味着 ASML 已经在研究下一代技术，即高 NA-EUV。High NA-EUV 还需要一段时间，下面的时间表有点过时，但其技术将显着改善 EUV 平台，并在本十年后为行业提供动力。开发技术、提高良率和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍然有很多机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第21页。</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML 本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面规划了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的 DUV 平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第25页。</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上半导体行业的整体增长率预计至少在 2028 年之前将超过整体 GDP，复合年增长率为 8.6%。台积电、英特尔和三星电子公司 (OTC: SSNLF) 的最新通讯显示了该行业的实力和增长潜力，他们对未来十年的资本支出合计预期将超过 2000 亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图可以看出，ASML 预计通过升级来增加客户价值，他们的 DUV 路线图就是一个例子，说明 EUV 的收入基础如何在未来几年扩大，就像 DUV 的情况一样通过该公司称之为安装基地管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，DUV产品和商业机会，第10页。</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总是有可能有一个强有力的竞争者进入市场，试图挑战 ASML，但公司在该技术还处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现。到来并对 EUV 产生了 EUV 对 DUV 的影响。可能当然，很可能，没那么多。为了说明这一点，我插入了 ASML 自己对光刻技术如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是创造更强大、更快、更便宜的芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案相结合，帮助优化生产并实现经济实惠的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图（称为“掩模”或“十字线”）投射。在光中编码图案后，系统的光学器件会收缩并将图案聚焦到光敏硅晶片上。图案被打印后，系统稍微移动晶圆，并在晶圆上制作另一份拷贝。重复这一过程，直到晶片被图案覆盖，完成一层晶片。为了制造整个微芯片，这个过程一层一层地重复，堆叠图案以创建集成电路（IC）。最简单的芯片大约有10层，而最复杂的芯片可以有150多层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于功能最小的最关键层，而ArF、KrF和i-line DUV系统用于功能较小的不太关键层。</i>”<i>ASML 2020 年年度报告，光刻的作用，第 12 页。</i><p class=\"t-img-caption\"><span>ASML 2020 年年度报告，光刻的作用，第 12 页。</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果不熟悉，他们应该拿起一本书来教育自己。读完这一部分后，鉴于我对 ASML 的地位和竞争力的大力倡导，作为作者，我很容易觉得自己患有确认性偏见。不过，我一直在努力找出可能严重影响 ASML 的情况，但老实说，我找不到。当然，还有与地缘政治紧张局势相关的风险，这也反映在 2016 年的股价上，以及目前整个行业正在发生的供应链中断的风险以及人才竞争。这些都是公司自己在2020年年度报告第21页中提到的，没有一个行业没有潜在的风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>总而言之：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML 开创了 EUV 光刻技术，看不到竞争对手</li><li>EUV 将使摩尔定律得以延续，并将推动 ASML 及其客户在未来十年内的长期价值</li><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%，超过整体 GDP，ASML 是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动对 ASML 产品的需求</li><li>在安装基地管理、利润率提高以及制造商对领先芯片 EUV 机器的依赖方面扩展 EUV 业务的前进道路</li><li>ASML 是尖端芯片制造的重要参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML 做得很好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>强劲的收入增长</li><li>强劲的利润率扩张</li><li>自由现金流大幅改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来巩固其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是 2021 年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于 2021 年第二季度的业绩，他们预计收入增长略有下降，为 41 亿欧元，毛利率为 49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是已安装基础管理中的发展，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从 2019 年到 2020 年同比增长 29%，远远超过 18% 的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021 年第一季度，第 8 页。</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是市场估计是否低估了 ASML 的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了 ASML 的潜力还是高估了？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>ASML 在整个 2028 年之前都受到分析师的广泛关注，但一旦我们超过 2025 年（这是不止一位分析师关注的最后一年），覆盖范围就会减弱。目前的估计显示，从2020年到2028年，收入CAGR增长率为11.1%，但如果我们排除2021年，这显示出恒星增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到 2028 年，整个行业的复合年增长率将达到 8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果将 2020 年至 2021 年的大幅跃升排除在外，ASML 的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑到一些支持 ASML 前景可能更加乐观的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业2020-2028年CAGR预测为8.6%。</li><li>DUV 2020-2025 年复合年增长率预测为 8.4%，仍是 ASML 最大的产品类别。</li><li>EUV CAGR 2020-2027 预测为 12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML 展示了其通过“安装基础管理”扩大机械生态系统的计划取得的进展，将总潜在市场增加了两位数以上，2018 年销售额为 20%，2025 年估计为 50%。</li><li>ASML 在 DUV 沉浸式细分市场占据主导地位，这是 DUV 中利润率较高的部分，因为其在 DUV 中唯一的两个竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向 EUV 过渡，对 DUV 的需求也将随之增长。芯片堆叠工艺通过其制造受益于这两个系统。</li></ul>更不用说潜在的价格上涨，这些价格上涨可能会波及到其客户，因为ASML在DUV中占据85%的强势市场地位，在EUV中占据垄断地位，同时还将在本十年中期将高NA-EUV推向市场，因此他们可能会争夺ASML的产能。如今，客户为 EUV 机器支付大约 1.3-1.5 亿美元，而 DUV 机器的收入约为 1 亿美元。ASML 超额交付的最大障碍是其目前在交付 EUV 系统的能力方面的产能限制，每年上限为 40 至 50 个系统，随着需求的增长，该公司当然会努力扩大这一产能限制多年来。另一方面，随着 ASML 努力扩大产能，这也可能成为价格上涨的驱动因素。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图制定一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否会成立，或者它们是过于积极还是过于消极。我只想强调的是，考虑到目前发生的一切以及 ASML 的市场地位，我认为该公司的表现会比目前的预期还要好并非不合理。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>股价距离 52 周高点仅一步之遥，自 2020 年初以来一直处于上涨状态，自 2020 年 10 月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但市盈率却大幅扩大，随后所有其他参数都出现了爆炸式增长。股市早已认识到 ASML 的故事和潜力，华尔街分析师目前的目标是每股 722 美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供目标价的 30 位分析师中，非常看涨的比例自 2016 年以来从未更高，56% 的分析师表示非常看涨。在相信此类声明时保持谨慎是一种心理练习，尤其是因为该股在过去几年中只知道一个方向——上涨。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>当考虑如下所示的五年期限时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅增长，分别为 55 和 15.7。然而，与三年前相比，该公司处于一个非常不同的位置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极进展，ASML 还通过 2021 年 100 亿欧元的股票回购计划向股东返还大量资本，但不幸的是，该计划仅导致当前流通股减少 0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对 ASML 未来几年的预测也清楚地表明了对未来几年的坚定信心，由于该公司强大的产品组合和市场主导地位，近年来该公司的预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信现有股东持有现有股份对自己有好处，因为这家公司前景光明。过去一年，我一直在关注 ASML，我非常遗憾地说，我从来没有抽出时间好好研究过它，只是远远地看了一眼，得出的结论是，该股可能会在某个时候出现一次不错的回调。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得-林奇（Peter Lynch）的名言：“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对 ASML 的前景和潜在发展历程非常着迷，但以目前的价格来看，我对其前景和缺乏安全边际仍然犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML 的估值有很大的增长潜力，如果要加上目前的水平，我认为美元成本平均法是当前价格的谨慎策略，同时如果我们在 2021 年底前看到回调，则保留为满载货车备份的可能性。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML 在其两大主要产品（DUV 和 EUV 光刻）中占据主导地位。它的市场得到了令人难以置信的强劲顺风的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，没有真正的竞争，为预计到 2028 年复合年增长率将达到 8.6% 的行业提供机械和工具，其 DUV 和 EUV 平台的增长可能会更加强劲，同时还预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML 没有什么坏话可说，但不幸的是，股市早已认识到其惊人的故事和潜力。有了如此强劲的前景，现有股东在持有股票方面做得很好，只是享受未来的旅程，但对于潜在股东来说，随着市值最近大幅扩大，似乎还有一点安全边际。股票交易距离 52 周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得-林奇（Peter Lynch）所说，“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”。这正是我在很长一段时间里从远处看待 ASML 时陷入的谬误。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了 ASML 的真实潜力，但任何将未来 5-10 年的预测都伴随着极大的不确定性和猜测。正如我所展示的，ASML 的股价每年容易出现一到两次挫折，因此美元成本平均法可以作为一种方法，在此过程中慢慢建仓，从而获得对公司的敞口。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%。</li><li>DUV光刻预计到2025年将以8.4%的CAGR增长，EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML 在 EUV 中占据垄断地位，而在 DUV 中面临的竞争非常有限，这两个平台对于半导体制造工艺都绝对至关重要。</li><li>作为一家真正的创新者，ASML 拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受旅程方面做得很好，但对于潜在股东来说，安全边际很小，他们可能会通过美元成本平均法将脚趾浸入水中，以从推动 ASML 的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>微距照片/iStock via Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding (ASML) 拥有无与伦比的市场地位，其最先进的技术平台 EUV 光刻没有竞争对手。同样，它在 DUV 内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识掌握着非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象还有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于整体GDP的行业。然而，市场早已认识到 ASML 的杰出潜力和潜在历程，但仍然可能低估了其潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇文章，讲述了如何避免拥有太多半导体曝光。在分解了半导体制造的价值链后，我在评论部分收到了许多关于ASML的问题，并决定进行后续跟进。我选择 ASML 是因为它独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器公司（TXN）和博通公司（AVGO）的股票，接触到了半导体价值链的制造层面，但如果进一步深入价值链，投资者就可以以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触到大多数制造商，这使得它变得非常有趣，因为你可以采用 “我真的不介意谁赢，只要他们在竞争 ”的口头禅。因此，价值链上游的潜在风险敞口引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于 ASML 的追随者来说，这并不奇怪，但 ASML 在未来十年将推动其收入的产品中占据主导地位，那就是 EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方，都很难找到一家处于类似优势竞争地位的公司。ASML 提供光刻设备，光刻是通过光源以多种光谱打印芯片特征的艺术，其中最先进的是 EUV，它是 DUV（深紫外光刻）的下一代。对于 DUV 来说，尽管 ASML 拥有超过 85% 的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV在比DUV小近15倍的光波长（13.5nm对193nm）下工作。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将成为3nm等前沿芯片的半导体制造商严重依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来是一笔相当划算的交易，但只有一家公司能够做到这一点，那就是 ASML。对于每一代新的 EUV 机器，其产量都会随着更高的吞吐量和更少的停机问题而变得更好，这意味着 ASML 实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都是关于过程知识的行业。台积电（TSM）能够生产5纳米芯片，因为它能够生产7纳米，它将能够生产3纳米，因为它可以生产5纳米，并且已经这样做了一百万次，这也是为什么它对英特尔公司（INTC）如此不利，以至于它不得不承认其在7纳米技术方面的持续问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到 5 纳米，就没有 3 纳米，正如我之前的文章中所讨论的那样。ASML 也是如此，因为如果竞争对手进入 EUV 领域，他们将落后 ASML 很多年，因为他们将面临十多年前 EUV 早期困扰 ASML 的同样问题。我收录了他们最近一次投资者日的一些插图，该活动于 2018 年 11 月举行，下一次将于 2021 年 9 月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第6页。</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了 ASML 在其 EUV 生命周期中获得的工艺知识。这也为每一代新产品带来了更好的 EUV 机械，生产率的提高也证明了这一点。同样，考虑到竞争对手采用 EUV 技术需要大量的时间和资金，我无法想象还有什么比这更有利的竞争形势了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第16页。</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>根据摩尔定律，半导体制造是一个残酷的行业，研发支出巨大（ASML 花费了 60 亿欧元的研发支出才发明了 EUV）推动芯片改进，这意味着 ASML 已经在研究下一代技术，即高 NA-EUV。High NA-EUV 还需要一段时间，下面的时间表有点过时，但其技术将显着改善 EUV 平台，并在本十年后为行业提供动力。开发技术、提高良率和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍然有很多机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第21页。</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML 本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面规划了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的 DUV 平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第25页。</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上半导体行业的整体增长率预计至少在 2028 年之前将超过整体 GDP，复合年增长率为 8.6%。台积电、英特尔和三星电子公司 (OTC: SSNLF) 的最新通讯显示了该行业的实力和增长潜力，他们对未来十年的资本支出合计预期将超过 2000 亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图可以看出，ASML 预计通过升级来增加客户价值，他们的 DUV 路线图就是一个例子，说明 EUV 的收入基础如何在未来几年扩大，就像 DUV 的情况一样通过该公司称之为安装基地管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，DUV产品和商业机会，第10页。</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总是有可能有一个强有力的竞争者进入市场，试图挑战 ASML，但公司在该技术还处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现。到来并对 EUV 产生了 EUV 对 DUV 的影响。可能当然，很可能，没那么多。为了说明这一点，我插入了 ASML 自己对光刻技术如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是创造更强大、更快、更便宜的芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案相结合，帮助优化生产并实现经济实惠的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图（称为“掩模”或“十字线”）投射。在光中编码图案后，系统的光学器件会收缩并将图案聚焦到光敏硅晶片上。图案被打印后，系统稍微移动晶圆，并在晶圆上制作另一份拷贝。重复这一过程，直到晶片被图案覆盖，完成一层晶片。为了制造整个微芯片，这个过程一层一层地重复，堆叠图案以创建集成电路（IC）。最简单的芯片大约有10层，而最复杂的芯片可以有150多层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于功能最小的最关键层，而ArF、KrF和i-line DUV系统用于功能较小的不太关键层。</i>”<i>ASML 2020 年年度报告，光刻的作用，第 12 页。</i><p class=\"t-img-caption\"><span>ASML 2020 年年度报告，光刻的作用，第 12 页。</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果不熟悉，他们应该拿起一本书来教育自己。读完这一部分后，鉴于我对 ASML 的地位和竞争力的大力倡导，作为作者，我很容易觉得自己患有确认性偏见。不过，我一直在努力找出可能严重影响 ASML 的情况，但老实说，我找不到。当然，还有与地缘政治紧张局势相关的风险，这也反映在 2016 年的股价上，以及目前整个行业正在发生的供应链中断的风险以及人才竞争。这些都是公司自己在2020年年度报告第21页中提到的，没有一个行业没有潜在的风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>总而言之：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML 开创了 EUV 光刻技术，看不到竞争对手</li><li>EUV 将使摩尔定律得以延续，并将推动 ASML 及其客户在未来十年内的长期价值</li><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%，超过整体 GDP，ASML 是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动对 ASML 产品的需求</li><li>在安装基地管理、利润率提高以及制造商对领先芯片 EUV 机器的依赖方面扩展 EUV 业务的前进道路</li><li>ASML 是尖端芯片制造的重要参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML 做得很好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>强劲的收入增长</li><li>强劲的利润率扩张</li><li>自由现金流大幅改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来巩固其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是 2021 年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于 2021 年第二季度的业绩，他们预计收入增长略有下降，为 41 亿欧元，毛利率为 49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是已安装基础管理中的发展，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从 2019 年到 2020 年同比增长 29%，远远超过 18% 的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021 年第一季度，第 8 页。</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是市场估计是否低估了 ASML 的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了 ASML 的潜力还是高估了？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>ASML 在整个 2028 年之前都受到分析师的广泛关注，但一旦我们超过 2025 年（这是不止一位分析师关注的最后一年），覆盖范围就会减弱。目前的估计显示，从2020年到2028年，收入CAGR增长率为11.1%，但如果我们排除2021年，这显示出恒星增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到 2028 年，整个行业的复合年增长率将达到 8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果将 2020 年至 2021 年的大幅跃升排除在外，ASML 的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑到一些支持 ASML 前景可能更加乐观的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业2020-2028年CAGR预测为8.6%。</li><li>DUV 2020-2025 年复合年增长率预测为 8.4%，仍是 ASML 最大的产品类别。</li><li>EUV CAGR 2020-2027 预测为 12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML 展示了其通过“安装基础管理”扩大机械生态系统的计划取得的进展，将总潜在市场增加了两位数以上，2018 年销售额为 20%，2025 年估计为 50%。</li><li>ASML 在 DUV 沉浸式细分市场占据主导地位，这是 DUV 中利润率较高的部分，因为其在 DUV 中唯一的两个竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向 EUV 过渡，对 DUV 的需求也将随之增长。芯片堆叠工艺通过其制造受益于这两个系统。</li></ul>更不用说潜在的价格上涨，这些价格上涨可能会波及到其客户，因为ASML在DUV中占据85%的强势市场地位，在EUV中占据垄断地位，同时还将在本十年中期将高NA-EUV推向市场，因此他们可能会争夺ASML的产能。如今，客户为 EUV 机器支付大约 1.3-1.5 亿美元，而 DUV 机器的收入约为 1 亿美元。ASML 超额交付的最大障碍是其目前在交付 EUV 系统的能力方面的产能限制，每年上限为 40 至 50 个系统，随着需求的增长，该公司当然会努力扩大这一产能限制多年来。另一方面，随着 ASML 努力扩大产能，这也可能成为价格上涨的驱动因素。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图制定一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否会成立，或者它们是过于积极还是过于消极。我只想强调的是，考虑到目前发生的一切以及 ASML 的市场地位，我认为该公司的表现会比目前的预期还要好并非不合理。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>股价距离 52 周高点仅一步之遥，自 2020 年初以来一直处于上涨状态，自 2020 年 10 月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但市盈率却大幅扩大，随后所有其他参数都出现了爆炸式增长。股市早已认识到 ASML 的故事和潜力，华尔街分析师目前的目标是每股 722 美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供目标价的 30 位分析师中，非常看涨的比例自 2016 年以来从未更高，56% 的分析师表示非常看涨。在相信此类声明时保持谨慎是一种心理练习，尤其是因为该股在过去几年中只知道一个方向——上涨。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>当考虑如下所示的五年期限时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅增长，分别为 55 和 15.7。然而，与三年前相比，该公司处于一个非常不同的位置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极进展，ASML 还通过 2021 年 100 亿欧元的股票回购计划向股东返还大量资本，但不幸的是，该计划仅导致当前流通股减少 0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对 ASML 未来几年的预测也清楚地表明了对未来几年的坚定信心，由于该公司强大的产品组合和市场主导地位，近年来该公司的预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信现有股东持有现有股份对自己有好处，因为这家公司前景光明。过去一年，我一直在关注 ASML，我非常遗憾地说，我从来没有抽出时间好好研究过它，只是远远地看了一眼，得出的结论是，该股可能会在某个时候出现一次不错的回调。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得-林奇（Peter Lynch）的名言：“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对 ASML 的前景和潜在发展历程非常着迷，但以目前的价格来看，我对其前景和缺乏安全边际仍然犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML 的估值有很大的增长潜力，如果要加上目前的水平，我认为美元成本平均法是当前价格的谨慎策略，同时如果我们在 2021 年底前看到回调，则保留为满载货车备份的可能性。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML 在其两大主要产品（DUV 和 EUV 光刻）中占据主导地位。它的市场得到了令人难以置信的强劲顺风的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，没有真正的竞争，为预计到 2028 年复合年增长率将达到 8.6% 的行业提供机械和工具，其 DUV 和 EUV 平台的增长可能会更加强劲，同时还预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML 没有什么坏话可说，但不幸的是，股市早已认识到其惊人的故事和潜力。有了如此强劲的前景，现有股东在持有股票方面做得很好，只是享受未来的旅程，但对于潜在股东来说，随着市值最近大幅扩大，似乎还有一点安全边际。股票交易距离 52 周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得-林奇（Peter Lynch）所说，“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”。这正是我在很长一段时间里从远处看待 ASML 时陷入的谬误。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了 ASML 的真实潜力，但任何将未来 5-10 年的预测都伴随着极大的不确定性和猜测。正如我所展示的，ASML 的股价每年容易出现一到两次挫折，因此美元成本平均法可以作为一种方法，在此过程中慢慢建仓，从而获得对公司的敞口。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":816945505,"gmtCreate":1630462925007,"gmtModify":1631889851154,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pls go up.&nbsp;[保佑]&nbsp;[保佑]&nbsp;[保佑]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pls go up.&nbsp;[保佑]&nbsp;[保佑]&nbsp;[保佑]&nbsp;","text":"$Tiger Brokers(TIGR)$pls go up. [保佑] [保佑] [保佑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":1,"link":"https://laohu8.com/post/816945505","isVote":1,"tweetType":1,"viewCount":4527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833861500,"gmtCreate":1629216595700,"gmtModify":1631889851198,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>when will u rebounce?","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>when will u rebounce?","text":"$Alibaba(BABA)$when will u rebounce?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/833861500","isVote":1,"tweetType":1,"viewCount":3088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148676737,"gmtCreate":1625974936529,"gmtModify":1631889851293,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","listText":"[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","text":"[得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/148676737","repostId":"2150326565","repostType":4,"isVote":1,"tweetType":1,"viewCount":4014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":153798430,"gmtCreate":1625048287220,"gmtModify":1631889851304,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>early start.&nbsp;[财迷]&nbsp;","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>early start.&nbsp;[财迷]&nbsp;","text":"$Exela Technologies, Inc.(XELA)$early start. [财迷]","images":[{"img":"https://static.tigerbbs.com/144e274d4cf72d98bf8442b34699ef92","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/153798430","isVote":1,"tweetType":1,"viewCount":3867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":150068388,"gmtCreate":1624876181944,"gmtModify":1633947648481,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"Waiting.....","listText":"Waiting.....","text":"Waiting.....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150068388","repostId":"1150095060","repostType":4,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohunote.com/m/news/1150095060?lang=zh_CN&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></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>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-28 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DDL":"叮咚买菜","DIDI":"滴滴(已退市)","CVRX":"CVRx, Inc.","HEPS":"D-MARKET Electronic Services & Trading","CURV":"Torrid Holdings","XMTR":"Xometry, Inc.","DNUT":"Krispy Kreme, Inc.","ABOS":"Acumen Pharmaceuticals, Inc.","LZ":"LegalZoom.com, Inc","S":"SentinelOne, Inc","EVCM":"EverCommerce Inc.","INTA":"Intapp, Inc.","YOU":"Clear Secure, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"DDL":0.9,"HKIB":0.9,"ABOS":0.9,"S":0.9,"DNUT":0.9,"IAS":0.9,"EVCM":0.9,"CVRX":0.9,"HEPS":0.9,"INTA":0.9,"LZ":0.9,"YOU":0.9,"CURV":0.9,"XMTR":0.9,"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890887307,"gmtCreate":1628092132409,"gmtModify":1631889851243,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[抱拳]&nbsp;[抱拳]&nbsp;[抱拳]&nbsp;","listText":"[抱拳]&nbsp;[抱拳]&nbsp;[抱拳]&nbsp;","text":"[抱拳] [抱拳] [抱拳]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890887307","repostId":"2156106357","repostType":4,"isVote":1,"tweetType":1,"viewCount":4887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":898866196,"gmtCreate":1628485087815,"gmtModify":1631889851216,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[愤怒]&nbsp;[愤怒]&nbsp;[愤怒]&nbsp;","listText":"[愤怒]&nbsp;[愤怒]&nbsp;[愤怒]&nbsp;","text":"[愤怒] [愤怒] [愤怒]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898866196","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":3697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804955471,"gmtCreate":1627917722493,"gmtModify":1631889851280,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","listText":"[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","text":"[开心] [开心] [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804955471","repostId":"1183793139","repostType":4,"repost":{"id":"1183793139","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627914562,"share":"https://www.laohunote.com/m/news/1183793139?lang=zh_CN&edition=full","pubTime":"2021-08-02 22:29","market":"us","language":"en","title":"Semiconductor stocks rally after ON Semi's strong earnings<blockquote>半导体股因 Semi 强劲盈利而上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183793139","media":"Tiger Newspress","summary":"(August 2) The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broa","content":"<p>(August 2)&nbsp;The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broader tech sector (NYSEARCA:XLK) after chipmaker ON Semiconductor (NASDAQ:ON) reported strong earnings and an upside forecast despite the continuing supply chain constraints.</p><p><blockquote>（8 月 2 日）芯片制造商 ON Semiconductor (NASDAQ:ON) 公布强劲盈利和上行预测后，费城半导体指数上涨 1.6%，跑赢了更广泛科技板块 (NYSEARCA:XLK) 0.3% 的涨幅，尽管供应链持续受到限制。</blockquote></p><p> ON Semiconductor stock surges over&nbsp;14%&nbsp;after record earnings that beat expectations, upbeat outlook.</p><p><blockquote>盈利创纪录超出预期，前景乐观，半导体股价飙升超过 14%。</blockquote></p><p> Shares of <a href=\"https://laohu8.com/S/ON\">ON Semiconductor Corp.</a> (ON) shot up over&nbsp;14% in morning trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets.</p><p><blockquote>股份<a href=\"https://laohu8.com/S/ON\">安森美半导体公司</a>(ON) 在周一早盘交易中飙升超过 14%，此前这家芯片制造商公布了创纪录的调整后利润和收入，超出预期，并提供了乐观的前景，理由是汽车和工业终端市场需求加速。</blockquote></p><p> <ul>  <li>Net income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period.</li>  <li>Excluding nonrecurring items, adjusted earnings per share increased to a record 63 cents from 12 cents, beating the FactSet consensus of 49 cents.</li>  <li>Revenue grew 37.6% to $1.67 billion, above the FactSet consensus of $1.62 billion.</li>  <li>For the third quarter, the company expects adjusted EPS of 68 cents to 80 cents and revenue of $1.66 billion to $1.76 billion, above the FactSet consensus for EPS of 51 cents and revenue of $1.61 billion.</li>  <li>Gross margin is expected to improve to 38.8% to 40.9% in the third quarter from 38.3% in the second quarter.</li> </ul> The stock has rallied 19.3% year to date through Friday, while the PHLX Semiconductor Index has run up 20.1% and the S&amp;P 500 has advanced 17.0%.</p><p><blockquote><ul><li>净利润为 1.841 亿美元，即每股收益 42 美分，去年同期亏损 14 亿美元，即每股收益 42 美分。</li><li>不包括非经常性项目，调整后每股收益从 12 美分增至创纪录的 63 美分，超过了 FactSet 共识的 49 美分。</li><li>收入增长 37.6%，达到 16.7 亿美元，高于 FactSet 共识的 16.2 亿美元。</li><li>该公司预计第三季度调整后每股收益为 68 美分至 80 美分，收入为 16.6 亿美元至 17.6 亿美元，高于 FactSet 普遍预期的每股收益为 51 美分，收入为 16.1 亿美元。</li><li>毛利率预计将从第二季度的38.3%改善至第三季度的38.8%至40.9%。</li></ul>截至周五，该股今年迄今已上涨 19.3%，而 PHLX 半导体指数上涨 20.1%，标普500上涨 17.0%。</blockquote></p><p> MKM Partners notes that ON called out \"accelerating demand for the auto and industrial end markets\" even as the global chip shortage continues.</p><p><blockquote>MKM Partners 指出，尽管全球芯片短缺仍在继续，但 ON 仍呼吁“汽车和工业终端市场的需求加速”。</blockquote></p><p> Top semiconductor gainers include ON's auto chip peers Microchip (MCHP +3.3%) and NXP Semiconductors (NXPI +2.6%) with the latter reporting earnings today after the bell. Semiconductor equipment players Applied Materials (AMAT +3.2%) and Lam Research (LRCX +2.0%) are also among the top tech gainers.</p><p><blockquote>半导体涨幅最大的公司包括 ON 的汽车芯片同行 Microchip (MCHP +3.3%) 和恩智浦半导体 (NXPI +2.6%)，后者今天盘后公布了财报。半导体设备公司应用材料公司 (AMAT +3.2%) 和 Lam Research (LRCX +2.0%) 也是科技涨幅最大的公司之一。</blockquote></p><p> Silicon Labs (SLAB +4.2%) continues to rally after announcing plans for a $1B modified Dutch auction.</p><p><blockquote>Silicon Labs (SLAB +4.2%) 在宣布计划进行 10 亿美元的修改荷兰拍卖后继续上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29705170f6277ecc6c92943d45c08bb7\" tg-width=\"315\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Semiconductor stocks rally after ON Semi's strong earnings<blockquote>半导体股因 Semi 强劲盈利而上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSemiconductor stocks rally after ON Semi's strong earnings<blockquote>半导体股因 Semi 强劲盈利而上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 22:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 2)&nbsp;The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broader tech sector (NYSEARCA:XLK) after chipmaker ON Semiconductor (NASDAQ:ON) reported strong earnings and an upside forecast despite the continuing supply chain constraints.</p><p><blockquote>（8 月 2 日）芯片制造商 ON Semiconductor (NASDAQ:ON) 公布强劲盈利和上行预测后，费城半导体指数上涨 1.6%，跑赢了更广泛科技板块 (NYSEARCA:XLK) 0.3% 的涨幅，尽管供应链持续受到限制。</blockquote></p><p> ON Semiconductor stock surges over&nbsp;14%&nbsp;after record earnings that beat expectations, upbeat outlook.</p><p><blockquote>盈利创纪录超出预期，前景乐观，半导体股价飙升超过 14%。</blockquote></p><p> Shares of <a href=\"https://laohu8.com/S/ON\">ON Semiconductor Corp.</a> (ON) shot up over&nbsp;14% in morning trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets.</p><p><blockquote>股份<a href=\"https://laohu8.com/S/ON\">安森美半导体公司</a>(ON) 在周一早盘交易中飙升超过 14%，此前这家芯片制造商公布了创纪录的调整后利润和收入，超出预期，并提供了乐观的前景，理由是汽车和工业终端市场需求加速。</blockquote></p><p> <ul>  <li>Net income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period.</li>  <li>Excluding nonrecurring items, adjusted earnings per share increased to a record 63 cents from 12 cents, beating the FactSet consensus of 49 cents.</li>  <li>Revenue grew 37.6% to $1.67 billion, above the FactSet consensus of $1.62 billion.</li>  <li>For the third quarter, the company expects adjusted EPS of 68 cents to 80 cents and revenue of $1.66 billion to $1.76 billion, above the FactSet consensus for EPS of 51 cents and revenue of $1.61 billion.</li>  <li>Gross margin is expected to improve to 38.8% to 40.9% in the third quarter from 38.3% in the second quarter.</li> </ul> The stock has rallied 19.3% year to date through Friday, while the PHLX Semiconductor Index has run up 20.1% and the S&amp;P 500 has advanced 17.0%.</p><p><blockquote><ul><li>净利润为 1.841 亿美元，即每股收益 42 美分，去年同期亏损 14 亿美元，即每股收益 42 美分。</li><li>不包括非经常性项目，调整后每股收益从 12 美分增至创纪录的 63 美分，超过了 FactSet 共识的 49 美分。</li><li>收入增长 37.6%，达到 16.7 亿美元，高于 FactSet 共识的 16.2 亿美元。</li><li>该公司预计第三季度调整后每股收益为 68 美分至 80 美分，收入为 16.6 亿美元至 17.6 亿美元，高于 FactSet 普遍预期的每股收益为 51 美分，收入为 16.1 亿美元。</li><li>毛利率预计将从第二季度的38.3%改善至第三季度的38.8%至40.9%。</li></ul>截至周五，该股今年迄今已上涨 19.3%，而 PHLX 半导体指数上涨 20.1%，标普500上涨 17.0%。</blockquote></p><p> MKM Partners notes that ON called out \"accelerating demand for the auto and industrial end markets\" even as the global chip shortage continues.</p><p><blockquote>MKM Partners 指出，尽管全球芯片短缺仍在继续，但 ON 仍呼吁“汽车和工业终端市场的需求加速”。</blockquote></p><p> Top semiconductor gainers include ON's auto chip peers Microchip (MCHP +3.3%) and NXP Semiconductors (NXPI +2.6%) with the latter reporting earnings today after the bell. Semiconductor equipment players Applied Materials (AMAT +3.2%) and Lam Research (LRCX +2.0%) are also among the top tech gainers.</p><p><blockquote>半导体涨幅最大的公司包括 ON 的汽车芯片同行 Microchip (MCHP +3.3%) 和恩智浦半导体 (NXPI +2.6%)，后者今天盘后公布了财报。半导体设备公司应用材料公司 (AMAT +3.2%) 和 Lam Research (LRCX +2.0%) 也是科技涨幅最大的公司之一。</blockquote></p><p> Silicon Labs (SLAB +4.2%) continues to rally after announcing plans for a $1B modified Dutch auction.</p><p><blockquote>Silicon Labs (SLAB +4.2%) 在宣布计划进行 10 亿美元的修改荷兰拍卖后继续上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29705170f6277ecc6c92943d45c08bb7\" tg-width=\"315\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183793139","content_text":"(August 2) The Philadelphia Semiconductor Index is up 1.6%, outperforming the 0.3% gain for the broader tech sector (NYSEARCA:XLK) after chipmaker ON Semiconductor (NASDAQ:ON) reported strong earnings and an upside forecast despite the continuing supply chain constraints.\nON Semiconductor stock surges over 14% after record earnings that beat expectations, upbeat outlook.\nShares of ON Semiconductor Corp. (ON) shot up over 14% in morning trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets.\n\nNet income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period.\nExcluding nonrecurring items, adjusted earnings per share increased to a record 63 cents from 12 cents, beating the FactSet consensus of 49 cents.\nRevenue grew 37.6% to $1.67 billion, above the FactSet consensus of $1.62 billion.\nFor the third quarter, the company expects adjusted EPS of 68 cents to 80 cents and revenue of $1.66 billion to $1.76 billion, above the FactSet consensus for EPS of 51 cents and revenue of $1.61 billion.\nGross margin is expected to improve to 38.8% to 40.9% in the third quarter from 38.3% in the second quarter.\n\nThe stock has rallied 19.3% year to date through Friday, while the PHLX Semiconductor Index has run up 20.1% and the S&P 500 has advanced 17.0%.\nMKM Partners notes that ON called out \"accelerating demand for the auto and industrial end markets\" even as the global chip shortage continues.\nTop semiconductor gainers include ON's auto chip peers Microchip (MCHP +3.3%) and NXP Semiconductors (NXPI +2.6%) with the latter reporting earnings today after the bell. Semiconductor equipment players Applied Materials (AMAT +3.2%) and Lam Research (LRCX +2.0%) are also among the top tech gainers.\nSilicon Labs (SLAB +4.2%) continues to rally after announcing plans for a $1B modified Dutch auction.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804954364,"gmtCreate":1627917749058,"gmtModify":1631889851262,"author":{"id":"3586423910879559","authorId":"3586423910879559","name":"trioace","avatar":"https://static.tigerbbs.com/07d4b93c504b8c0867e1fd1d9be8a80e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586423910879559","authorIdStr":"3586423910879559"},"themes":[],"title":"","htmlText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","listText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","text":"[强] [强] [强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/804954364","repostId":"1135561812","repostType":4,"repost":{"id":"1135561812","kind":"news","pubTimestamp":1627637430,"share":"https://www.laohunote.com/m/news/1135561812?lang=zh_CN&edition=full","pubTime":"2021-07-30 17:30","market":"us","language":"en","title":"AMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135561812","media":"seekingalpha","summary":"AMD's margin gains are driven by growing strength in end markets.AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors  and Radeon graphic cards. The uptick in g","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's margin gains are driven by growing strength in end markets.</li>  <li>AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.</li>  <li>The semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.</li>  <li>AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6e179318de667e33987f1b4a2afb27\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Jay_Zynism/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 的利润率增长是由终端市场不断增长的实力推动的。</li><li>AMD 将 2021 财年的收入指引上调了 $1.0B，毛利率接近 50%。</li><li>即使增长放缓，这家半导体公司明年也可能成为价值 60 亿美元的自由现金流业务。</li><li>AMD 的美元销售额增长比 Nvidia 便宜，而且 AMD 甚至可能增长得更快。</li></ul><p class=\"t-img-caption\"><span>Jay_Zynism/iStock 来自盖蒂图片社</span></p></blockquote></p><p> AMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.</p><p><blockquote>AMD (AMD) 昨天引起了轰动，这家半导体公司公布的增长和利润率甚至好于预期。AMD 的收入加速增长和毛利率的强劲扩张为该股上涨提供了有力的理由。</blockquote></p><p> <b>Why AMD is worth $120</b></p><p><blockquote><b>为什么 AMD 值 120 美元</b></blockquote></p><p> Before I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.</p><p><blockquote>在深入探讨 AMD 的最新业绩之前，让我们快速回顾一下该公司上一季度的业绩指引。AMD 预计 21 年第二季度的收入至少为 35 亿美元，“高情况 ”指导意味着收入环比增长 7%，毛利率为 47%。</blockquote></p><p> I expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.</p><p><blockquote>我预计 AMD 的收入将达到指导的上限（37 亿美元），最低自由现金流为 8.95 亿美元（环比增长 8%），自由现金流利润率为 24%。鉴于高价 Ryzen 台式机和笔记本电脑处理器和 GPU 的销售加速，以及终端市场广泛实力推动的平均售价/平均售价上涨，我预计 AMD 将超出自己的利润率指导，在 21 年第二季度的毛利率为 48%。我还预测，由于 CPU 和 GPU 平均售价的强劲，AMD 的毛利率指引将会更新。我在《AMD: 年自由现金流迈向 50 亿美元》一书中详细阐述了我对 AMD 21 年第二季度收益的预测。</blockquote></p><p> Turning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.</p><p><blockquote>从 AMD 的实际业绩来看，这家半导体公司再次证明了它正在全力以赴。AMD 21 年第二季度收入为 38.5 亿美元，比高端指引高出 1.5 亿美元，环比增长 12%，图形/计算和企业市场的收入势头仍在继续。由于客户端和图形处理器销售额的增长以及平均售价的增强，图形/计算收入环比增长 7%，达到 22.5 亿美元。Enterprise 已成为 AMD 近几个季度销售增长的驱动力，21 年第二季度的收入为 16 亿美元，环比增长 19%。继 AMD 在 21 年第一季度实现 5% 的环比收入增长后，21 年第二季度企业收入继续加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ec3e9d1f0b7d59915f9db8790725803\" tg-width=\"1039\" tg-height=\"587\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.</p><p><blockquote>不过，AMD 21 年第二季度财报中最有趣的发现是毛利率的趋势。AMD 的毛利率跃升 4 个百分点，达到 48%，比指导高出 1 个百分点，原因是价格较高的 Ryzen 处理器（移动和台式机）和 Radeon 显卡的更好组合。21 年第二季度毛利率的上升标志着 AMD 连续第三个季度利润率扩张，我认为 AMD 还没有看到这一趋势的终结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dca6426ffa1332827a6774554d499c36\" tg-width=\"1048\" tg-height=\"566\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> Turning to cash flow.</p><p><blockquote>转向现金流。</blockquote></p><p> AMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.</p><p><blockquote>AMD 报告的经营活动现金流为 9.52 亿美元，自由现金流为 8.88 亿美元，比我的预期少了 700 万美元，但仍几乎是一年前的六倍。随着 AMD 在计算/图形和企业终端市场继续看到强劲的收入增长，我相信到明年年底，AMD 的自由现金流利润率可能会增长到 30%。AMD 将 2021 财年的收入指引（稍后讨论）上调了 $1.0B，这意味着我也在更新今年和明年的自由现金流预期。</blockquote></p><p> AMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.</p><p><blockquote>AMD 预计今年的收入为 15.6B 美元。假设自由现金流利润率稳定在 23-24%，AMD 预计自由现金流为 $3.6B 至 $3.7B。明年的收入预测尚未更新，但 AMD 在 2022 财年的收入至少应为 200 亿美元（假设同比增长 25%），这意味着明年的自由现金流将达到 46 亿至 48 亿美元.这些预测并没有考虑到 AMD 第三代 EPYC Milan 服务器处理器和价格更高的 GPU 可能会提高 AMD 的自由现金流利润率。明年 30% 的自由现金流利润率意味着自由现金流为 $6.0B。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ea23b7429f2edd8ce6dda945a88daa7\" tg-width=\"819\" tg-height=\"593\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> AMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.</p><p><blockquote><table><tbody><tr></tr></tbody></table>AMD 的收入指引为 4.1B 美元 +/- 1 亿美元，该公司更新了 2021 财年收入和毛利率指引（如预期）。AMD 目前预计 2021 财年收入增长 60%（之前为 50%），毛利率为 48%（之前为 47%）。假设收入增长 60%，AMD 目前的全年收入为 156 亿美元（之前为 146 亿美元），因此 AMD 的新指导评级为 10 亿美元的额外收入，而到目前为止，这些收入还没有计入 AMD 的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e5c3c579e4a6472ae2c495a325b9a2b\" tg-width=\"1038\" tg-height=\"572\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> AMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.</p><p><blockquote>AMD 较高的毛利率和销售指引为该公司股票的估值创造了强大的动力。由于 AMD 股价最近下跌，以及 10 亿美元收入的增加，AMD 的美元销售额增长在财报公布后变得更加便宜。AMD 的美元销售额增长率低于 Nvidia，而且 AMD 的增长速度可能会更快： AMD 的收入指导评级为同比增长 60%，而对 Nvidia 的预测则意味着 2021 财年的收入 “仅 ”同比增长 49%。AMD 的市值与收益比为 42.5，对于一家收入增长 60%、毛利率接近 50% 的公司来说，这个比率很低。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/653c9dd9d37a4abd742703bd87dd3534\" tg-width=\"908\" tg-height=\"312\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Nvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.</p><p><blockquote><table><tbody><tr></tr></tbody></table>根据 2022 财年每股收益 17.29 美元计算，英伟达的市盈率为 44.5。如果 AMD 的盈利增长（2022 财年每股收益为 2.71 美元）与 Nvidia 的估值相同，AMD 的公允价格将为 120 美元（2.71 美元 x 44.5 盈利乘数系数），表明上涨空间为 17%。</blockquote></p><p> <b>Challenges to my price target</b></p><p><blockquote><b>我的价格目标面临的挑战</b></blockquote></p><p> The biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.</p><p><blockquote>AMD 最大的机遇和最大的风险都与毛利率有关。AMD 今年的收入加速和利润率增长强劲，这也是我相信 AMD 可以进行更高估值的主要原因。但毛利率不可能每个季度增长 3-4 个百分点。如果 AMD 的毛利率扩张放缓，或者更糟的是，毛利率回落至 40%，AMD 的股票回报率可能会下降。毛利率趋势的逆转将改变我对 AMD 的看法，并使我 120 美元的股价目标处于危险之中。</blockquote></p><p> Softening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.</p><p><blockquote>CPU 和图形芯片的平均售价疲软可能会成为煤矿中的金丝雀，并可能预示着 AMD 的终端市场疲软。终端市场疲软意味着 AMD 的收入增长将放缓，这可能导致 AMD 利润估值的盈利乘数系数降低。我不认为AMD基于盈利被高估，但市场可能随时不同意我的评估。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> AMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.</p><p><blockquote>AMD 报告第二季度收入增长和毛利率令人印象深刻。AMD 上调的指引和环比收入加速表明 CPU 和 GPU 的终端市场比预期强劲得多。这可能会导致 AMD 的收入再次加速增长，并在平均售价上升的支撑下，继续扩大到 50%。AMD 的风险状况仍然严重偏向上行。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-30 17:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's margin gains are driven by growing strength in end markets.</li>  <li>AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.</li>  <li>The semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.</li>  <li>AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6e179318de667e33987f1b4a2afb27\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Jay_Zynism/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 的利润率增长是由终端市场不断增长的实力推动的。</li><li>AMD 将 2021 财年的收入指引上调了 $1.0B，毛利率接近 50%。</li><li>即使增长放缓，这家半导体公司明年也可能成为价值 60 亿美元的自由现金流业务。</li><li>AMD 的美元销售额增长比 Nvidia 便宜，而且 AMD 甚至可能增长得更快。</li></ul><p class=\"t-img-caption\"><span>Jay_Zynism/iStock 来自盖蒂图片社</span></p></blockquote></p><p> AMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.</p><p><blockquote>AMD (AMD) 昨天引起了轰动，这家半导体公司公布的增长和利润率甚至好于预期。AMD 的收入加速增长和毛利率的强劲扩张为该股上涨提供了有力的理由。</blockquote></p><p> <b>Why AMD is worth $120</b></p><p><blockquote><b>为什么 AMD 值 120 美元</b></blockquote></p><p> Before I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.</p><p><blockquote>在深入探讨 AMD 的最新业绩之前，让我们快速回顾一下该公司上一季度的业绩指引。AMD 预计 21 年第二季度的收入至少为 35 亿美元，“高情况 ”指导意味着收入环比增长 7%，毛利率为 47%。</blockquote></p><p> I expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.</p><p><blockquote>我预计 AMD 的收入将达到指导的上限（37 亿美元），最低自由现金流为 8.95 亿美元（环比增长 8%），自由现金流利润率为 24%。鉴于高价 Ryzen 台式机和笔记本电脑处理器和 GPU 的销售加速，以及终端市场广泛实力推动的平均售价/平均售价上涨，我预计 AMD 将超出自己的利润率指导，在 21 年第二季度的毛利率为 48%。我还预测，由于 CPU 和 GPU 平均售价的强劲，AMD 的毛利率指引将会更新。我在《AMD: 年自由现金流迈向 50 亿美元》一书中详细阐述了我对 AMD 21 年第二季度收益的预测。</blockquote></p><p> Turning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.</p><p><blockquote>从 AMD 的实际业绩来看，这家半导体公司再次证明了它正在全力以赴。AMD 21 年第二季度收入为 38.5 亿美元，比高端指引高出 1.5 亿美元，环比增长 12%，图形/计算和企业市场的收入势头仍在继续。由于客户端和图形处理器销售额的增长以及平均售价的增强，图形/计算收入环比增长 7%，达到 22.5 亿美元。Enterprise 已成为 AMD 近几个季度销售增长的驱动力，21 年第二季度的收入为 16 亿美元，环比增长 19%。继 AMD 在 21 年第一季度实现 5% 的环比收入增长后，21 年第二季度企业收入继续加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ec3e9d1f0b7d59915f9db8790725803\" tg-width=\"1039\" tg-height=\"587\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.</p><p><blockquote>不过，AMD 21 年第二季度财报中最有趣的发现是毛利率的趋势。AMD 的毛利率跃升 4 个百分点，达到 48%，比指导高出 1 个百分点，原因是价格较高的 Ryzen 处理器（移动和台式机）和 Radeon 显卡的更好组合。21 年第二季度毛利率的上升标志着 AMD 连续第三个季度利润率扩张，我认为 AMD 还没有看到这一趋势的终结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dca6426ffa1332827a6774554d499c36\" tg-width=\"1048\" tg-height=\"566\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> Turning to cash flow.</p><p><blockquote>转向现金流。</blockquote></p><p> AMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.</p><p><blockquote>AMD 报告的经营活动现金流为 9.52 亿美元，自由现金流为 8.88 亿美元，比我的预期少了 700 万美元，但仍几乎是一年前的六倍。随着 AMD 在计算/图形和企业终端市场继续看到强劲的收入增长，我相信到明年年底，AMD 的自由现金流利润率可能会增长到 30%。AMD 将 2021 财年的收入指引（稍后讨论）上调了 $1.0B，这意味着我也在更新今年和明年的自由现金流预期。</blockquote></p><p> AMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.</p><p><blockquote>AMD 预计今年的收入为 15.6B 美元。假设自由现金流利润率稳定在 23-24%，AMD 预计自由现金流为 $3.6B 至 $3.7B。明年的收入预测尚未更新，但 AMD 在 2022 财年的收入至少应为 200 亿美元（假设同比增长 25%），这意味着明年的自由现金流将达到 46 亿至 48 亿美元.这些预测并没有考虑到 AMD 第三代 EPYC Milan 服务器处理器和价格更高的 GPU 可能会提高 AMD 的自由现金流利润率。明年 30% 的自由现金流利润率意味着自由现金流为 $6.0B。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ea23b7429f2edd8ce6dda945a88daa7\" tg-width=\"819\" tg-height=\"593\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> AMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.</p><p><blockquote><table><tbody><tr></tr></tbody></table>AMD 的收入指引为 4.1B 美元 +/- 1 亿美元，该公司更新了 2021 财年收入和毛利率指引（如预期）。AMD 目前预计 2021 财年收入增长 60%（之前为 50%），毛利率为 48%（之前为 47%）。假设收入增长 60%，AMD 目前的全年收入为 156 亿美元（之前为 146 亿美元），因此 AMD 的新指导评级为 10 亿美元的额外收入，而到目前为止，这些收入还没有计入 AMD 的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e5c3c579e4a6472ae2c495a325b9a2b\" tg-width=\"1038\" tg-height=\"572\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> AMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.</p><p><blockquote>AMD 较高的毛利率和销售指引为该公司股票的估值创造了强大的动力。由于 AMD 股价最近下跌，以及 10 亿美元收入的增加，AMD 的美元销售额增长在财报公布后变得更加便宜。AMD 的美元销售额增长率低于 Nvidia，而且 AMD 的增长速度可能会更快： AMD 的收入指导评级为同比增长 60%，而对 Nvidia 的预测则意味着 2021 财年的收入 “仅 ”同比增长 49%。AMD 的市值与收益比为 42.5，对于一家收入增长 60%、毛利率接近 50% 的公司来说，这个比率很低。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/653c9dd9d37a4abd742703bd87dd3534\" tg-width=\"908\" tg-height=\"312\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Nvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.</p><p><blockquote><table><tbody><tr></tr></tbody></table>根据 2022 财年每股收益 17.29 美元计算，英伟达的市盈率为 44.5。如果 AMD 的盈利增长（2022 财年每股收益为 2.71 美元）与 Nvidia 的估值相同，AMD 的公允价格将为 120 美元（2.71 美元 x 44.5 盈利乘数系数），表明上涨空间为 17%。</blockquote></p><p> <b>Challenges to my price target</b></p><p><blockquote><b>我的价格目标面临的挑战</b></blockquote></p><p> The biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.</p><p><blockquote>AMD 最大的机遇和最大的风险都与毛利率有关。AMD 今年的收入加速和利润率增长强劲，这也是我相信 AMD 可以进行更高估值的主要原因。但毛利率不可能每个季度增长 3-4 个百分点。如果 AMD 的毛利率扩张放缓，或者更糟的是，毛利率回落至 40%，AMD 的股票回报率可能会下降。毛利率趋势的逆转将改变我对 AMD 的看法，并使我 120 美元的股价目标处于危险之中。</blockquote></p><p> Softening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.</p><p><blockquote>CPU 和图形芯片的平均售价疲软可能会成为煤矿中的金丝雀，并可能预示着 AMD 的终端市场疲软。终端市场疲软意味着 AMD 的收入增长将放缓，这可能导致 AMD 利润估值的盈利乘数系数降低。我不认为AMD基于盈利被高估，但市场可能随时不同意我的评估。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> AMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.</p><p><blockquote>AMD 报告第二季度收入增长和毛利率令人印象深刻。AMD 上调的指引和环比收入加速表明 CPU 和 GPU 的终端市场比预期强劲得多。这可能会导致 AMD 的收入再次加速增长，并在平均售价上升的支撑下，继续扩大到 50%。AMD 的风险状况仍然严重偏向上行。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4442955-amd-still-growing-still-undervalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4442955-amd-still-growing-still-undervalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135561812","content_text":"Summary\n\nAMD's margin gains are driven by growing strength in end markets.\nAMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.\nThe semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.\nAMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.\n\nJay_Zynism/iStock via Getty Images\nAMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.\nWhy AMD is worth $120\nBefore I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.\nI expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.\nTurning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.\n(Source:AMD)\nThe most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.\n(Source:AMD)\nTurning to cash flow.\nAMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.\nAMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.\n(Source: Author)\n\n\n\n\n\nAMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.\n(Source:AMD)\nAMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.\n(Source: Author)\n\n\n\n\n\nNvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.\nChallenges to my price target\nThe biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.\nSoftening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.\nFinal thoughts\nAMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":4626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}