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jhkaine

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2021-08-28

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Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>

2021-08-23

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2021-08-22

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2021-08-22

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2021-08-20

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2021-08-20

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2021-08-20

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@小虎AV: 【特斯拉发布特斯拉机器人】特斯拉发布仿生机器人：Tesla Bot 目前这款机器人还是研发阶段，Elon Musk 表示将在明年推出原型机。特斯拉推出这款机器人的目的，是代替人类完成重复性高、危险性高或者无聊的工作。机器人身高约 1.7 米，重量约 110 斤，可以举起 40 斤的重物，最快移动速度是每小时 8 公里。Elon Musk 开玩笑说，如果这货真的造反了，你还是跑的过它的 [二哈] 机器人面部将有一块屏幕，用于提供信息展示，整个身体采用轻量级材料，手部可以实现 “人类手部等级” 的操作。机器人全身有 40 个关节驱动器，脚部拥有力度反馈传感器。机器人头部拥有用于导航的摄像头，通过神经元网络计算系统来驱动身体。在特斯拉的设想中，这款机器人可以实现语音交互，比如你跟机器人说，去便利店帮我买点东西，机器人就去买了。对于很多日常的操作，你依然可以自己去完成，但是如果你不想去做，也可以交给机器人去完成。以后会不会真的每个家庭都拥有一款自己的机器人？就像现在大家拥有自己的手机平板一样。视频来自微博：钟文泽 $特斯拉(TSLA)$

2021-08-19

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2021-08-18

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2021-08-17

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Genting to benefit from SG’s high vaccination rate, possible reopening: OCBC Investments<blockquote>华侨银行投资：云顶将受益于新加坡的高疫苗接种率，可能重新开放</blockquote>

2021-08-17

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JPMorgan Lists The Bull And Bear Cases For Markets<blockquote>摩根大通列出了市场的牛市和熊市案例</blockquote>

2021-08-14

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Chasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote>

2021-08-14

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2021-08-10

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2021-08-09

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2021-08-08

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iPhone新专利曝光刘海设计有望取消

2021-08-08

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2021-08-02

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Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>

2021-08-02

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Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>

2021-08-02

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This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835255619,"gmtCreate":1629723514531,"gmtModify":1633682943686,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please 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like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832684978","repostId":"2161149745","repostType":4,"isVote":1,"tweetType":1,"viewCount":2042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832685299,"gmtCreate":1629621266011,"gmtModify":1633683700889,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832685299","repostId":"2161743804","repostType":4,"isVote":1,"tweetType":1,"viewCount":1305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836996127,"gmtCreate":1629444590869,"gmtModify":1633684785260,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836996127","repostId":"2160798900","repostType":4,"isVote":1,"tweetType":1,"viewCount":1653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836998728,"gmtCreate":1629444524564,"gmtModify":1633684785482,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836998728","repostId":"2160558796","repostType":4,"isVote":1,"tweetType":1,"viewCount":2774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836998812,"gmtCreate":1629444502736,"gmtModify":1633684785807,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836998812","repostId":"836017142","repostType":1,"repost":{"id":836017142,"gmtCreate":1629437354885,"gmtModify":1629438545042,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/162e12f8dcec770ec19f66f2abb0d5db","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514329116425907","idStr":"3514329116425907"},"themes":[],"htmlText":"\n \n \n  【特斯拉发布特斯拉机器人】特斯拉发布仿生机器人：Tesla Bot 目前这款机器人还是研发阶段，Elon Musk 表示将在明年推出原型机。特斯拉推出这款机器人的目的，是代替人类完成重复性高、危险性高或者无聊的工作。 机器人身高约 1.7 米，重量约 110 斤，可以举起 40 斤的重物，最快移动速度是每小时 8 公里。Elon Musk 开玩笑说，如果这货真的造反了，你还是跑的过它的 [二哈] 机器人面部将有一块屏幕，用于提供信息展示，整个身体采用轻量级材料，手部可以实现 “人类手部等级” 的操作。机器人全身有 40 个关节驱动器，脚部拥有力度反馈传感器。 机器人头部拥有用于导航的摄像头，通过神经元网络计算系统来驱动身体。 在特斯拉的设想中，这款机器人可以实现语音交互，比如你跟机器人说，去便利店帮我买点东西，机器人就去买了。对于很多日常的操作，你依然可以自己去完成，但是如果你不想去做，也可以交给机器人去完成。 以后会不会真的每个家庭都拥有一款自己的机器人？就像现在大家拥有自己的手机平板一样。视频来自微博：钟文泽 <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>\n \n","listText":"【特斯拉发布特斯拉机器人】特斯拉发布仿生机器人：Tesla Bot 目前这款机器人还是研发阶段，Elon Musk 表示将在明年推出原型机。特斯拉推出这款机器人的目的，是代替人类完成重复性高、危险性高或者无聊的工作。 机器人身高约 1.7 米，重量约 110 斤，可以举起 40 斤的重物，最快移动速度是每小时 8 公里。Elon Musk 开玩笑说，如果这货真的造反了，你还是跑的过它的 [二哈] 机器人面部将有一块屏幕，用于提供信息展示，整个身体采用轻量级材料，手部可以实现 “人类手部等级” 的操作。机器人全身有 40 个关节驱动器，脚部拥有力度反馈传感器。 机器人头部拥有用于导航的摄像头，通过神经元网络计算系统来驱动身体。 在特斯拉的设想中，这款机器人可以实现语音交互，比如你跟机器人说，去便利店帮我买点东西，机器人就去买了。对于很多日常的操作，你依然可以自己去完成，但是如果你不想去做，也可以交给机器人去完成。 以后会不会真的每个家庭都拥有一款自己的机器人？就像现在大家拥有自己的手机平板一样。视频来自微博：钟文泽 <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>","text":"【特斯拉发布特斯拉机器人】特斯拉发布仿生机器人：Tesla Bot 目前这款机器人还是研发阶段，Elon Musk 表示将在明年推出原型机。特斯拉推出这款机器人的目的，是代替人类完成重复性高、危险性高或者无聊的工作。 机器人身高约 1.7 米，重量约 110 斤，可以举起 40 斤的重物，最快移动速度是每小时 8 公里。Elon Musk 开玩笑说，如果这货真的造反了，你还是跑的过它的 [二哈] 机器人面部将有一块屏幕，用于提供信息展示，整个身体采用轻量级材料，手部可以实现 “人类手部等级” 的操作。机器人全身有 40 个关节驱动器，脚部拥有力度反馈传感器。 机器人头部拥有用于导航的摄像头，通过神经元网络计算系统来驱动身体。 在特斯拉的设想中，这款机器人可以实现语音交互，比如你跟机器人说，去便利店帮我买点东西，机器人就去买了。对于很多日常的操作，你依然可以自己去完成，但是如果你不想去做，也可以交给机器人去完成。 以后会不会真的每个家庭都拥有一款自己的机器人？就像现在大家拥有自己的手机平板一样。视频来自微博：钟文泽 $特斯拉(TSLA)$","images":[{"img":"https://static.tigerbbs.com/cc699a9d5ed2ae8aa5871d98acccd758","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836017142","isVote":1,"tweetType":2,"object":{"id":"02cadb2b1a9542f6a2dc1fab2ae54b57","tweetId":"836017142","videoUrl":"https://1254107296.vod2.myqcloud.com/73ba5544vodgzp1254107296/6df840453701925922964211881/csvh8oiX4MwA.mp4","poster":"https://static.tigerbbs.com/cc699a9d5ed2ae8aa5871d98acccd758"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838886512,"gmtCreate":1629385289336,"gmtModify":1633685226332,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/838886512","repostId":"2160760655","repostType":4,"isVote":1,"tweetType":1,"viewCount":2222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831335856,"gmtCreate":1629287331175,"gmtModify":1633685976704,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831335856","repostId":"1154025781","repostType":4,"isVote":1,"tweetType":1,"viewCount":1319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833906658,"gmtCreate":1629193793674,"gmtModify":1633686677738,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833906658","repostId":"1140485506","repostType":4,"repost":{"id":"1140485506","kind":"news","pubTimestamp":1629190441,"share":"https://www.laohu8.com/m/news/1140485506?lang=zh_CN&edition=full","pubTime":"2021-08-17 16:54","market":"sg","language":"en","title":"Genting to benefit from SG’s high vaccination rate, possible reopening: OCBC Investments<blockquote>华侨银行投资：云顶将受益于新加坡的高疫苗接种率，可能重新开放</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140485506","media":"Singapore Business","summary":"Singapore has reached a 75% vaccination rate as of 15 Augu\nst.\n\nGenting Singapore will benefit from ","content":"<p>  <b><i>Singapore has reached a 75% vaccination rate as of 15 Augu</i></b>  <b><i>st.</i></b>  Genting Singapore will benefit from the easing of restrictions and selective opening of borders by end-2021 due to high inoculation rate, OCBC Investment Research said, following an increase in profit in the first half.</p><p><blockquote><b><i>截至8月15日，新加坡已达到75%的疫苗接种率</i></b><b><i>圣。</i></b>华侨银行投资研究部表示，继上半年利润增长后，由于接种率高，云顶新加坡将受益于2021年底前限制的放松和边境的选择性开放。</blockquote></p><p> OCBC Investment expects Singapore to be on track of its target to reach 80% full-vaccination rates by September which will result in more social activities and resumption of travel in the same month.</p><p><blockquote>华侨银行投资预计，新加坡将在9月份实现80%的全面疫苗接种率的目标，这将导致更多的社交活动和旅行在同月恢复。</blockquote></p><p> “Whilst we believe the demand is likely to remain largely supported by local demand in the second half of 2021, Genting will benefit from Singapore’s high inoculation rate which will create opportunities for a gradual and selective opening of borders by the end of 2021,” it said.</p><p><blockquote>“虽然我们认为2021年下半年需求可能仍主要由当地需求支撑，但云顶将受益于新加坡的高接种率，这将为到2021年底逐步和选择性开放边境创造机会，”它说。</blockquote></p><p> As of 15 August, 75% of Singapore’s population have been vaccinated.</p><p><blockquote>截至8月15日，新加坡75%的人口已经接种了疫苗。</blockquote></p><p> Genting Singapore reported a S$88.2m profit for the first half from a loss of S$116.7m in the same period last year, mainly on the back of higher gaming revenue which soared 61.4% year-on-year. Its total revenue grew 23.7% YoY to S$554.8m from S$448.3m.</p><p><blockquote>云顶新加坡公布上半年利润8820万新元，去年同期亏损1.167亿新元，主要得益于博彩收入同比飙升61.4%。其总收入同比增长23.7%，从4.483亿新元增至5.548亿新元。</blockquote></p><p> It also noted that Genting, as one of the remaining two bidders, said winners for the Yokohama Integrated Resort bid will likely be announced in September.</p><p><blockquote>它还指出，云顶作为其余两家竞标者之一，表示横滨综合度假村竞标的获胜者可能会在9月份宣布。</blockquote></p><p></p>","source":"lsy1618986048053","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>Genting to benefit from SG’s high vaccination rate, possible reopening: OCBC Investments<blockquote>华侨银行投资：云顶将受益于新加坡的高疫苗接种率，可能重新开放</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\">\nGenting to benefit from SG’s high vaccination rate, possible reopening: OCBC Investments<blockquote>华侨银行投资：云顶将受益于新加坡的高疫苗接种率，可能重新开放</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-08-17 16:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><i>Singapore has reached a 75% vaccination rate as of 15 Augu</i></b>  <b><i>st.</i></b>  Genting Singapore will benefit from the easing of restrictions and selective opening of borders by end-2021 due to high inoculation rate, OCBC Investment Research said, following an increase in profit in the first half.</p><p><blockquote><b><i>截至8月15日，新加坡已达到75%的疫苗接种率</i></b><b><i>圣。</i></b>华侨银行投资研究部表示，继上半年利润增长后，由于接种率高，云顶新加坡将受益于2021年底前限制的放松和边境的选择性开放。</blockquote></p><p> OCBC Investment expects Singapore to be on track of its target to reach 80% full-vaccination rates by September which will result in more social activities and resumption of travel in the same month.</p><p><blockquote>华侨银行投资预计，新加坡将在9月份实现80%的全面疫苗接种率的目标，这将导致更多的社交活动和旅行在同月恢复。</blockquote></p><p> “Whilst we believe the demand is likely to remain largely supported by local demand in the second half of 2021, Genting will benefit from Singapore’s high inoculation rate which will create opportunities for a gradual and selective opening of borders by the end of 2021,” it said.</p><p><blockquote>“虽然我们认为2021年下半年需求可能仍主要由当地需求支撑，但云顶将受益于新加坡的高接种率，这将为到2021年底逐步和选择性开放边境创造机会，”它说。</blockquote></p><p> As of 15 August, 75% of Singapore’s population have been vaccinated.</p><p><blockquote>截至8月15日，新加坡75%的人口已经接种了疫苗。</blockquote></p><p> Genting Singapore reported a S$88.2m profit for the first half from a loss of S$116.7m in the same period last year, mainly on the back of higher gaming revenue which soared 61.4% year-on-year. Its total revenue grew 23.7% YoY to S$554.8m from S$448.3m.</p><p><blockquote>云顶新加坡公布上半年利润8820万新元，去年同期亏损1.167亿新元，主要得益于博彩收入同比飙升61.4%。其总收入同比增长23.7%，从4.483亿新元增至5.548亿新元。</blockquote></p><p> It also noted that Genting, as one of the remaining two bidders, said winners for the Yokohama Integrated Resort bid will likely be announced in September.</p><p><blockquote>它还指出，云顶作为其余两家竞标者之一，表示横滨综合度假村竞标的获胜者可能会在9月份宣布。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/hotels-tourism/news/genting-benefit-sgs-high-vaccination-rate-possible-reopening-ocbc-investments\">Singapore Business</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":{},"source_url":"https://sbr.com.sg/hotels-tourism/news/genting-benefit-sgs-high-vaccination-rate-possible-reopening-ocbc-investments","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140485506","content_text":"Singapore has reached a 75% vaccination rate as of 15 Augu\nst.\n\nGenting Singapore will benefit from the easing of restrictions and selective opening of borders by end-2021 due to high inoculation rate, OCBC Investment Research said, following an increase in profit in the first half.\nOCBC Investment expects Singapore to be on track of its target to reach 80% full-vaccination rates by September which will result in more social activities and resumption of travel in the same month.\n“Whilst we believe the demand is likely to remain largely supported by local demand in the second half of 2021, Genting will benefit from Singapore’s high inoculation rate which will create opportunities for a gradual and selective opening of borders by the end of 2021,” it said.\nAs of 15 August, 75% of Singapore’s population have been vaccinated.\nGenting Singapore reported a S$88.2m profit for the first half from a loss of S$116.7m in the same period last year, mainly on the back of higher gaming revenue which soared 61.4% year-on-year. Its total revenue grew 23.7% YoY to S$554.8m from S$448.3m.\nIt also noted that Genting, as one of the remaining two bidders, said winners for the Yokohama Integrated Resort bid will likely be announced in September.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833908735,"gmtCreate":1629193760627,"gmtModify":1633686678163,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833908735","repostId":"1123297263","repostType":4,"repost":{"id":"1123297263","kind":"news","pubTimestamp":1629192705,"share":"https://www.laohu8.com/m/news/1123297263?lang=zh_CN&edition=full","pubTime":"2021-08-17 17:31","market":"us","language":"en","title":"JPMorgan Lists The Bull And Bear Cases For Markets<blockquote>摩根大通列出了市场的牛市和熊市案例</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123297263","media":"zerohedge","summary":"With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltu","content":"<p>With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltup in the market that has now pushed the S&amp;P 100% higher from the pandemic bottom in March 2020 and is trading at a new all time high as of this moment, this morning JPMorgan - which has been one of the most vocally bullish banks even if it has called for outperformance of value stocks which have lost their mojo in the past 3 months as the reflation case was abandoned by markets - published its Bull and Bear Cases, including several key risks that the bank's strategist believe will define markets for the next few months.</p><p><blockquote>随着大多数银行因未能预测市场崩溃而道歉（见高盛和摩根士丹利），市场崩溃已将标准普尔指数从2020年3月的大流行底部推高100%，目前交易价格创下历史新高，今天上午摩根大通（JPMorgan）一直是最积极乐观的银行之一，尽管它呼吁价值股表现优异，但由于通货再膨胀案例被市场放弃，这些股票在过去3个月中失去了魔力——发布了牛市和熊市案例，包括该行策略师认为将定义未来几个月市场的几个关键风险。</blockquote></p><p> <u><b>BULL CASE:</b></u></p><p><blockquote><u><b>牛市案例：</b></u></blockquote></p><p> <ol>  <li><b>Earnings momentum</b>– JPM's chief equity strategist increased his EPS estimates on 7/20/21 to $205 for 2021, $230for 2022, and $250 for 2023; all are above Street consensus</li>  <li><b>Accelerating buybacks</b>– As of 8/6/21 there were $477bn of announced buybacks, implying $800bn annualized number which would trail only 2018 in $-volume and exceed 2019’s $702bn</li>  <li><b>Improving COVID environment</b>–this will boost Consumer spending and job growth; JPM cites Marko Kolanovic' view that the effective reproduction number (Rt) is declining in 40 of 50 states</li>  <li><b>More stimulus</b>– the most likely is infrastructure,<b>which could be $550bn or ~$4T</b></li>  <li><b>China growth reboot</b>– China may decide to add more fiscal &amp; monetary stimulus helping boost RoW</li>  <li><b>Improved labor markets</b>– this would also have positive, direct impacts on GDP.</li> </ol> <u><b>BEAR CASE:</b></u></p><p><blockquote><ol><li><b>盈利势头</b>-摩根大通首席股票策略师于2011年7月20日将2021年每股收益预期上调至205美元、2022年230美元和2023年250美元；一切都超出了街头共识</li><li><b>加速回购</b>-截至2011年8月6日，已宣布的回购金额为4770亿美元，这意味着年化数字为8000亿美元，仅落后于2018年，超过2019年的7020亿美元</li><li><b>改善COVID环境</b>-这将促进消费者支出和就业增长；摩根大通援引Marko Kolanovic的观点，即50个州中有40个州的有效繁殖数量(Rt)正在下降</li><li><b>更多刺激</b>-最有可能的是基础设施，<b>可能是5500亿美元或约4T美元</b></li><li><b>中国增长重启</b>-中国可能决定增加更多财政和货币刺激措施，以帮助提振RoW</li><li><b>改善劳动力市场</b>-这也将对国内生产总值产生积极的直接影响。</li></ol><u><b>熊案例：</b></u></blockquote></p><p> <ol>  <li><b>COVID expands/mutates</b>– JPM says that there is evidence that Delta-variant is more harmful on children than other strains and the under 18 year old hospitalization rate is the highest of the pandemic (WaPo); given children under 12 are ineligible for vaccines JPM believes that \"<i><b>we may see lockdowns reinstated to protect kids</b></i>\"</li>  <li><b>Online schooling</b>– A move to delay or cancel in-person learning is market negative given the impacts on the labor market, spending without stimulus, and sentiment;</li>  <li><b>Fed policy mistake</b>– The bank believes that at this stage, it would be too early for the Fed to announce tapering which could mean that unemployment does not reach February 2020 levels as financial conditions tighten;</li>  <li><b>China’s COVID-Zero policy hurts global growth</b>– the shutdown of the world’s 3rd busiest port in China in response to one positive case triggering global delays include at the Port of Los Angeles but generally the policy has led most economists to downgrade growth.</li>  <li><b>Government Shutdown</b>– US fiscal policy has been a tailwind throughout the pandemic but the fighting surrounding infra and the debt ceiling could lead to another shutdown according to JPM; the 2011 shutdown led to a US credit downgrade on 8/5/11 triggering a 1.29% decline in the SPX in Aug/Sept with the 10Y yield falling from 2.40% on 8/4 to 1.92% on 9/30</li> </ol> <u><b>RISKS:</b></u></p><p><blockquote><ol><li><b>COVID扩大/变异</b>-JPM表示，有证据表明Delta变种对儿童的危害比其他毒株更大，18岁以下的住院率是疫情中最高的（WaPo）；鉴于12岁以下儿童没有资格接种疫苗，摩根大通认为“<i><b>我们可能会看到恢复封锁以保护儿童</b></i>\"</li><li><b>在线学校教育</b>-考虑到对劳动力市场、无刺激支出和情绪的影响，推迟或取消面对面学习的举措对市场不利；</li><li><b>美联储政策失误</b>-该行认为，在现阶段，美联储宣布缩减规模还为时过早，这可能意味着随着金融状况收紧，失业率不会达到2020年2月的水平；</li><li><b>中国的零新冠政策损害了全球增长</b>-中国关闭了世界第三繁忙的港口，以应对洛杉矶港等引发全球延误的积极案例，但总体而言，该政策导致大多数经济学家下调了增长评级。</li><li><b>政府关门</b>-摩根大通表示，美国财政政策在整个疫情期间一直是顺风车，但围绕基础设施和债务上限的斗争可能会导致另一次政府关门；2011年政府关门导致美国信用评级于2011年8月5日下调，引发SPX指数在8月/9月下跌1.29%，10年期收益率从8月4日的2.40%跌至9月30日的1.92%</li></ol><u><b>风险：</b></u></blockquote></p><p> <ol>  <li><b>Geopolitics</b>– the top risk is the situation in Afghanistan which could spill across the region potentially bringing American/Allied, Chinese, or Russian, forces to the region or a prolonged basis; at best this is a humanitarian crisis that triggers waves of refugees;</li>  <li><b>US Consumer fails to boost the economy</b>– while much focus has been on stimulus and savings rates, one hidden source of level is the proliferation of Buy Now, Pay Later (“BNPL”) that grew from $9.5bn in 2019 to $19bn in 2020 (CNBC) and may grow exponentially from here given new entrants like Apple and M&amp;A. There is evidence that BNPL represents hidden leverage and thus could mute the impact of normalizing savings rates and/or become a new source of economy-wide credit risk.</li>  <li><b>Rates/USD</b>– a surge in yields, a plunge in dollars, or inflation expectations jumping materially could drive volatility into Equity markets; and,</li>  <li><b>Financial conditions</b>– could become a headwind, stalling growth.</li> </ol></p><p><blockquote><ol><li><b>地缘政治学</b>-最大的风险是阿富汗局势，它可能蔓延到整个地区，有可能将美国/盟国、中国或俄罗斯的部队带到该地区或长期驻扎；这充其量是一场引发难民潮的人道主义危机；</li><li><b>美国消费者未能提振经济</b>-虽然很多焦点都集中在刺激和储蓄率上，但水平的一个隐藏来源是先买后付（“BNPL”）的激增，从2019年的95亿美元增长到2020年的190亿美元（CNBC），并且可能会呈指数级增长考虑到苹果和并购等新进入者，从这里开始。有证据表明，BNPL代表着隐性杠杆，因此可能会削弱储蓄率正常化的影响和/或成为整个经济信用风险的新来源。</li><li><b>费率/美元</b>-收益率飙升、美元暴跌或通胀预期大幅跃升可能会导致股市波动；并且，</li><li><b>财务状况</b>-可能成为阻力，阻碍增长。</li></ol></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>JPMorgan Lists The Bull And Bear Cases For Markets<blockquote>摩根大通列出了市场的牛市和熊市案例</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\">\nJPMorgan Lists The Bull And Bear Cases For Markets<blockquote>摩根大通列出了市场的牛市和熊市案例</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-08-17 17:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltup in the market that has now pushed the S&amp;P 100% higher from the pandemic bottom in March 2020 and is trading at a new all time high as of this moment, this morning JPMorgan - which has been one of the most vocally bullish banks even if it has called for outperformance of value stocks which have lost their mojo in the past 3 months as the reflation case was abandoned by markets - published its Bull and Bear Cases, including several key risks that the bank's strategist believe will define markets for the next few months.</p><p><blockquote>随着大多数银行因未能预测市场崩溃而道歉（见高盛和摩根士丹利），市场崩溃已将标准普尔指数从2020年3月的大流行底部推高100%，目前交易价格创下历史新高，今天上午摩根大通（JPMorgan）一直是最积极乐观的银行之一，尽管它呼吁价值股表现优异，但由于通货再膨胀案例被市场放弃，这些股票在过去3个月中失去了魔力——发布了牛市和熊市案例，包括该行策略师认为将定义未来几个月市场的几个关键风险。</blockquote></p><p> <u><b>BULL CASE:</b></u></p><p><blockquote><u><b>牛市案例：</b></u></blockquote></p><p> <ol>  <li><b>Earnings momentum</b>– JPM's chief equity strategist increased his EPS estimates on 7/20/21 to $205 for 2021, $230for 2022, and $250 for 2023; all are above Street consensus</li>  <li><b>Accelerating buybacks</b>– As of 8/6/21 there were $477bn of announced buybacks, implying $800bn annualized number which would trail only 2018 in $-volume and exceed 2019’s $702bn</li>  <li><b>Improving COVID environment</b>–this will boost Consumer spending and job growth; JPM cites Marko Kolanovic' view that the effective reproduction number (Rt) is declining in 40 of 50 states</li>  <li><b>More stimulus</b>– the most likely is infrastructure,<b>which could be $550bn or ~$4T</b></li>  <li><b>China growth reboot</b>– China may decide to add more fiscal &amp; monetary stimulus helping boost RoW</li>  <li><b>Improved labor markets</b>– this would also have positive, direct impacts on GDP.</li> </ol> <u><b>BEAR CASE:</b></u></p><p><blockquote><ol><li><b>盈利势头</b>-摩根大通首席股票策略师于2011年7月20日将2021年每股收益预期上调至205美元、2022年230美元和2023年250美元；一切都超出了街头共识</li><li><b>加速回购</b>-截至2011年8月6日，已宣布的回购金额为4770亿美元，这意味着年化数字为8000亿美元，仅落后于2018年，超过2019年的7020亿美元</li><li><b>改善COVID环境</b>-这将促进消费者支出和就业增长；摩根大通援引Marko Kolanovic的观点，即50个州中有40个州的有效繁殖数量(Rt)正在下降</li><li><b>更多刺激</b>-最有可能的是基础设施，<b>可能是5500亿美元或约4T美元</b></li><li><b>中国增长重启</b>-中国可能决定增加更多财政和货币刺激措施，以帮助提振RoW</li><li><b>改善劳动力市场</b>-这也将对国内生产总值产生积极的直接影响。</li></ol><u><b>熊案例：</b></u></blockquote></p><p> <ol>  <li><b>COVID expands/mutates</b>– JPM says that there is evidence that Delta-variant is more harmful on children than other strains and the under 18 year old hospitalization rate is the highest of the pandemic (WaPo); given children under 12 are ineligible for vaccines JPM believes that \"<i><b>we may see lockdowns reinstated to protect kids</b></i>\"</li>  <li><b>Online schooling</b>– A move to delay or cancel in-person learning is market negative given the impacts on the labor market, spending without stimulus, and sentiment;</li>  <li><b>Fed policy mistake</b>– The bank believes that at this stage, it would be too early for the Fed to announce tapering which could mean that unemployment does not reach February 2020 levels as financial conditions tighten;</li>  <li><b>China’s COVID-Zero policy hurts global growth</b>– the shutdown of the world’s 3rd busiest port in China in response to one positive case triggering global delays include at the Port of Los Angeles but generally the policy has led most economists to downgrade growth.</li>  <li><b>Government Shutdown</b>– US fiscal policy has been a tailwind throughout the pandemic but the fighting surrounding infra and the debt ceiling could lead to another shutdown according to JPM; the 2011 shutdown led to a US credit downgrade on 8/5/11 triggering a 1.29% decline in the SPX in Aug/Sept with the 10Y yield falling from 2.40% on 8/4 to 1.92% on 9/30</li> </ol> <u><b>RISKS:</b></u></p><p><blockquote><ol><li><b>COVID扩大/变异</b>-JPM表示，有证据表明Delta变种对儿童的危害比其他毒株更大，18岁以下的住院率是疫情中最高的（WaPo）；鉴于12岁以下儿童没有资格接种疫苗，摩根大通认为“<i><b>我们可能会看到恢复封锁以保护儿童</b></i>\"</li><li><b>在线学校教育</b>-考虑到对劳动力市场、无刺激支出和情绪的影响，推迟或取消面对面学习的举措对市场不利；</li><li><b>美联储政策失误</b>-该行认为，在现阶段，美联储宣布缩减规模还为时过早，这可能意味着随着金融状况收紧，失业率不会达到2020年2月的水平；</li><li><b>中国的零新冠政策损害了全球增长</b>-中国关闭了世界第三繁忙的港口，以应对洛杉矶港等引发全球延误的积极案例，但总体而言，该政策导致大多数经济学家下调了增长评级。</li><li><b>政府关门</b>-摩根大通表示，美国财政政策在整个疫情期间一直是顺风车，但围绕基础设施和债务上限的斗争可能会导致另一次政府关门；2011年政府关门导致美国信用评级于2011年8月5日下调，引发SPX指数在8月/9月下跌1.29%，10年期收益率从8月4日的2.40%跌至9月30日的1.92%</li></ol><u><b>风险：</b></u></blockquote></p><p> <ol>  <li><b>Geopolitics</b>– the top risk is the situation in Afghanistan which could spill across the region potentially bringing American/Allied, Chinese, or Russian, forces to the region or a prolonged basis; at best this is a humanitarian crisis that triggers waves of refugees;</li>  <li><b>US Consumer fails to boost the economy</b>– while much focus has been on stimulus and savings rates, one hidden source of level is the proliferation of Buy Now, Pay Later (“BNPL”) that grew from $9.5bn in 2019 to $19bn in 2020 (CNBC) and may grow exponentially from here given new entrants like Apple and M&amp;A. There is evidence that BNPL represents hidden leverage and thus could mute the impact of normalizing savings rates and/or become a new source of economy-wide credit risk.</li>  <li><b>Rates/USD</b>– a surge in yields, a plunge in dollars, or inflation expectations jumping materially could drive volatility into Equity markets; and,</li>  <li><b>Financial conditions</b>– could become a headwind, stalling growth.</li> </ol></p><p><blockquote><ol><li><b>地缘政治学</b>-最大的风险是阿富汗局势，它可能蔓延到整个地区，有可能将美国/盟国、中国或俄罗斯的部队带到该地区或长期驻扎；这充其量是一场引发难民潮的人道主义危机；</li><li><b>美国消费者未能提振经济</b>-虽然很多焦点都集中在刺激和储蓄率上，但水平的一个隐藏来源是先买后付（“BNPL”）的激增，从2019年的95亿美元增长到2020年的190亿美元（CNBC），并且可能会呈指数级增长考虑到苹果和并购等新进入者，从这里开始。有证据表明，BNPL代表着隐性杠杆，因此可能会削弱储蓄率正常化的影响和/或成为整个经济信用风险的新来源。</li><li><b>费率/美元</b>-收益率飙升、美元暴跌或通胀预期大幅跃升可能会导致股市波动；并且，</li><li><b>财务状况</b>-可能成为阻力，阻碍增长。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/jpmorgan-lists-bull-and-bear-cases-markets\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/jpmorgan-lists-bull-and-bear-cases-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123297263","content_text":"With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltup in the market that has now pushed the S&P 100% higher from the pandemic bottom in March 2020 and is trading at a new all time high as of this moment, this morning JPMorgan - which has been one of the most vocally bullish banks even if it has called for outperformance of value stocks which have lost their mojo in the past 3 months as the reflation case was abandoned by markets - published its Bull and Bear Cases, including several key risks that the bank's strategist believe will define markets for the next few months.\nBULL CASE:\n\nEarnings momentum– JPM's chief equity strategist increased his EPS estimates on 7/20/21 to $205 for 2021, $230for 2022, and $250 for 2023; all are above Street consensus\nAccelerating buybacks– As of 8/6/21 there were $477bn of announced buybacks, implying $800bn annualized number which would trail only 2018 in $-volume and exceed 2019’s $702bn\nImproving COVID environment–this will boost Consumer spending and job growth; JPM cites Marko Kolanovic' view that the effective reproduction number (Rt) is declining in 40 of 50 states\nMore stimulus– the most likely is infrastructure,which could be $550bn or ~$4T\nChina growth reboot– China may decide to add more fiscal & monetary stimulus helping boost RoW\nImproved labor markets– this would also have positive, direct impacts on GDP.\n\nBEAR CASE:\n\nCOVID expands/mutates– JPM says that there is evidence that Delta-variant is more harmful on children than other strains and the under 18 year old hospitalization rate is the highest of the pandemic (WaPo); given children under 12 are ineligible for vaccines JPM believes that \"we may see lockdowns reinstated to protect kids\"\nOnline schooling– A move to delay or cancel in-person learning is market negative given the impacts on the labor market, spending without stimulus, and sentiment;\nFed policy mistake– The bank believes that at this stage, it would be too early for the Fed to announce tapering which could mean that unemployment does not reach February 2020 levels as financial conditions tighten;\nChina’s COVID-Zero policy hurts global growth– the shutdown of the world’s 3rd busiest port in China in response to one positive case triggering global delays include at the Port of Los Angeles but generally the policy has led most economists to downgrade growth.\nGovernment Shutdown– US fiscal policy has been a tailwind throughout the pandemic but the fighting surrounding infra and the debt ceiling could lead to another shutdown according to JPM; the 2011 shutdown led to a US credit downgrade on 8/5/11 triggering a 1.29% decline in the SPX in Aug/Sept with the 10Y yield falling from 2.40% on 8/4 to 1.92% on 9/30\n\nRISKS:\n\nGeopolitics– the top risk is the situation in Afghanistan which could spill across the region potentially bringing American/Allied, Chinese, or Russian, forces to the region or a prolonged basis; at best this is a humanitarian crisis that triggers waves of refugees;\nUS Consumer fails to boost the economy– while much focus has been on stimulus and savings rates, one hidden source of level is the proliferation of Buy Now, Pay Later (“BNPL”) that grew from $9.5bn in 2019 to $19bn in 2020 (CNBC) and may grow exponentially from here given new entrants like Apple and M&A. There is evidence that BNPL represents hidden leverage and thus could mute the impact of normalizing savings rates and/or become a new source of economy-wide credit risk.\nRates/USD– a surge in yields, a plunge in dollars, or inflation expectations jumping materially could drive volatility into Equity markets; and,\nFinancial conditions– could become a headwind, stalling growth.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897692756,"gmtCreate":1628910309275,"gmtModify":1633688555795,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/897692756","repostId":"2159521376","repostType":4,"repost":{"id":"2159521376","kind":"highlight","pubTimestamp":1628906786,"share":"https://www.laohu8.com/m/news/2159521376?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:06","market":"us","language":"en","title":"Chasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159521376","media":"MarketWatch","summary":"At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles ","content":"<p>At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.</p><p><blockquote>在总统乔·拜登的敦促下，汽车行业承诺到2030年将电动汽车产量提高到约占美国总销量的一半，这一计划让人们燃起了电动汽车从小众转向主流的希望。</blockquote></p><p> EVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.</p><p><blockquote>根据彭博新能源财经的数据，2020年电动汽车占美国汽车销量的2.4%，高于五年前的0.7%。该研究提供商预计，到2025年，这一份额将增至11%；预计到2030年，美国销售的汽车中有三分之一以上将是电动汽车。</blockquote></p><p> Several auto makers had already announced bigger EV ambitions even before the White House call.</p><p><blockquote>甚至在白宫看涨期权之前，几家汽车制造商就已经宣布了更大的电动汽车雄心。</blockquote></p><p> Here are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.</p><p><blockquote>以下是各主要汽车制造商对电动汽车的既定计划，包括（如果有）投资金额以及他们希望推向市场的车型范围。</blockquote></p><p> This information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.</p><p><blockquote>这些信息是根据公司网站、之前的报告和彭博新能源财经的预测整理而成，并将定期更新。</blockquote></p><p> <b>Audi</b></p><p><blockquote><b>奥迪</b></blockquote></p><p> Audi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.</p><p><blockquote>德国大众汽车公司旗下以豪华汽车闻名的奥迪品牌承诺，到2025年，纯电动汽车将占其销量的35%。届时，奥迪买家将有约20款电动车型可供选择。</blockquote></p><p> <b>BMW</b></p><p><blockquote><b>宝马</b></blockquote></p><p> BMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.</p><p><blockquote>德国豪华汽车制造商宝马公司是最早的电动汽车创新者之一。八年前，该公司推出了i3紧凑型电动汽车，当时是特斯拉汽车为数不多的有力竞争对手之一。</blockquote></p><p> BMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.</p><p><blockquote>宝马的电动汽车产品线已经放缓，但该汽车制造商承诺，今年其欧洲销量的25%将是全电动和混合动力汽车，到2030年，其Mini品牌的所有销量都将是纯电动汽车。预计未来几年将推出10多种电池电动汽车车型。</blockquote></p><p> <b>Daimler/Mercedes-Benz</b></p><p><blockquote><b>戴姆勒/奔驰</b></blockquote></p><p> Mercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.</p><p><blockquote>戴姆勒股份公司旗下的梅赛德斯-奔驰预计，到2025年，其销量的15%至25%将来自电动汽车销量；到2030年，这一比例预计将增长至50%。梅赛德斯-奔驰计划在2021年底推出三款新的电动乘用车车型，并在2022年推出更多车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec4b2abd59e5b19c9eec0034342af25e\" tg-width=\"700\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>SOURCE: MERCEDES</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：梅赛德斯</span></p></blockquote></p><p> <b>Ford</b></p><p><blockquote><b>福特</b></blockquote></p><p> Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a> has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.</p><p><blockquote>福特汽车公司。<a href=\"https://laohu8.com/S/F\">$(F)$</a>曾表示，到2030年，其全球销量的40%将是电动汽车。福特的目标是到2022年推出数十款电动车型，这一年也将标志着其备受期待的全电动F-150 Lightning皮卡的首次亮相。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a44fec36dac046911679a2ba769cb2b\" tg-width=\"700\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>The Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特F-150 Lightning作者：杰夫·科瓦尔斯基/法新社/盖蒂图片社</span></p></blockquote></p><p> Ford has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.</p><p><blockquote>福特称Lightning是其超过220亿美元电动汽车押注的“支柱”，其中包括野马及其全顺货车等其他畅销汽车的电动汽车车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87df52ddef1af1d1342d685897e83652\" tg-width=\"700\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>SOURCE: FORD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福特</span></p></blockquote></p><p> <b>GM</b></p><p><blockquote><b>GM</b></blockquote></p><p> General Motors Co. <a href=\"https://laohu8.com/S/GM\">$(GM)$</a> surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.</p><p><blockquote>通用汽车公司。<a href=\"https://laohu8.com/S/GM\">$(GM)$</a>一月份，该公司表示计划到2035年逐步淘汰所有内燃机汽车，届时只销售零排放汽车，令华尔街感到惊讶。该汽车制造商还承诺到2040年实现碳中和。</blockquote></p><p> GM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.</p><p><blockquote>通用汽车表示，到本世纪中期，将在全球范围内提供30款全电动车型，到2025年底，该公司40%的美国车型将是纯电动汽车。其悍马电动车预计将于明年上市，并于今年秋季开始生产。</blockquote></p><p> <b>Honda</b></p><p><blockquote><b>本田</b></blockquote></p><p> The Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.</p><p><blockquote>这家日本制造商(7267.TO)拥有同名本田品牌和豪华汽车品牌讴歌，预计到2030年其销售额的40%将来自电动汽车和燃料电池电动汽车。2020年4月，本田和通用汽车宣布合作开发使用通用汽车Ultium电池的本田电动汽车。</blockquote></p><p> <b>Hyundai</b></p><p><blockquote><b>现代</b></blockquote></p><p> The Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.</p><p><blockquote>这家还拥有起亚的韩国汽车制造商的目标是到2025年，其起亚和现代品牌销量的40%来自电动汽车和燃料电池电动汽车。其现代品牌计划届时推出30多款电动乘用车。</blockquote></p><p> <b>Mazda</b></p><p><blockquote><b>马自达</b></blockquote></p><p> Mazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.</p><p><blockquote>马自达计划到2030年提供5%的汽车为纯电动汽车，但电动汽车销量占总销量的百分比目标目前尚不清楚。马自达不在美国提供电动汽车，但在其他地方销售一些电动汽车和混合动力车型。</blockquote></p><p> <b>Nissan</b></p><p><blockquote><b>日产</b></blockquote></p><p> Nissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> Model S.</p><p><blockquote>日产汽车有限公司是最早提供全电动汽车的汽车制造商之一，多年来，对于那些没有足够财力购买特斯拉公司的人来说，日产聆风是为数不多的选择之一。<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>S型。</blockquote></p><p></p><p> Nissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.</p><p><blockquote>日产计划明年在中国推出20款电动汽车车型，而在美国，该公司最近表示，计划到2030年，其美国汽车销量的40%以上将是全电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbdfabce43725b3d966cf5db5b820f6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>The Nissan Leaf NISSAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>日产聆风日产</span></p></blockquote></p><p> <b>Porsche</b></p><p><blockquote><b>保时捷</b></blockquote></p><p> The car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.</p><p><blockquote>这家汽车制造商几乎是跑车的代名词，其目标是到2025年让电动汽车占其销量的一半。</blockquote></p><p> <b>Stellantis</b></p><p><blockquote><b>Stellantis</b></blockquote></p><p> <a href=\"https://laohu8.com/S/STLA\">Stellantis NV</a> (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.</p><p><blockquote><a href=\"https://laohu8.com/S/STLA\">斯特兰蒂斯公司</a>(STLA.MI)是今年早些时候由菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobiles NV)和法国PSA集团合并而成的全球汽车制造商，该公司7月份表示，到2025年，将在电动汽车和相关技术上投资350亿美元。</blockquote></p><p> By that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.</p><p><blockquote>到那一年，Stellantis预计其美国销售额的31%和欧洲销售额的38%将来自电动汽车，预计到2030年，这一比例将增长到美国销售额的35%和欧洲销售额的70%。</blockquote></p><p> <b>Subaru</b></p><p><blockquote><b>斯巴鲁</b></blockquote></p><p> The Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.</p><p><blockquote>预计到2030年，这家日本制造商40%的销售额将来自电动汽车和混合动力电动汽车。</blockquote></p><p> <b>Toyota</b></p><p><blockquote><b>丰田</b></blockquote></p><p> Some 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.</p><p><blockquote>预计到2030年，这家全球第一汽车制造商(7203.TO)约70%的销售额将来自电动汽车和燃料电池电动汽车。丰田计划到2025年提供15款纯电动汽车车型。当然，这家汽车制造商在二十年前就推出了混合动力丰田普锐斯。</blockquote></p><p> <b>Volkswagen</b></p><p><blockquote><b>大众汽车</b></blockquote></p><p> The car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.</p><p><blockquote>预计到2030年，该汽车制造商70%的欧洲销量来自电动汽车，50%的美国销量来自电动汽车。大众汽车承诺到2025年在电动汽车上花费约400亿美元。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</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\">\nChasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 10:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.</p><p><blockquote>在总统乔·拜登的敦促下，汽车行业承诺到2030年将电动汽车产量提高到约占美国总销量的一半，这一计划让人们燃起了电动汽车从小众转向主流的希望。</blockquote></p><p> EVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.</p><p><blockquote>根据彭博新能源财经的数据，2020年电动汽车占美国汽车销量的2.4%，高于五年前的0.7%。该研究提供商预计，到2025年，这一份额将增至11%；预计到2030年，美国销售的汽车中有三分之一以上将是电动汽车。</blockquote></p><p> Several auto makers had already announced bigger EV ambitions even before the White House call.</p><p><blockquote>甚至在白宫看涨期权之前，几家汽车制造商就已经宣布了更大的电动汽车雄心。</blockquote></p><p> Here are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.</p><p><blockquote>以下是各主要汽车制造商对电动汽车的既定计划，包括（如果有）投资金额以及他们希望推向市场的车型范围。</blockquote></p><p> This information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.</p><p><blockquote>这些信息是根据公司网站、之前的报告和彭博新能源财经的预测整理而成，并将定期更新。</blockquote></p><p> <b>Audi</b></p><p><blockquote><b>奥迪</b></blockquote></p><p> Audi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.</p><p><blockquote>德国大众汽车公司旗下以豪华汽车闻名的奥迪品牌承诺，到2025年，纯电动汽车将占其销量的35%。届时，奥迪买家将有约20款电动车型可供选择。</blockquote></p><p> <b>BMW</b></p><p><blockquote><b>宝马</b></blockquote></p><p> BMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.</p><p><blockquote>德国豪华汽车制造商宝马公司是最早的电动汽车创新者之一。八年前，该公司推出了i3紧凑型电动汽车，当时是特斯拉汽车为数不多的有力竞争对手之一。</blockquote></p><p> BMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.</p><p><blockquote>宝马的电动汽车产品线已经放缓，但该汽车制造商承诺，今年其欧洲销量的25%将是全电动和混合动力汽车，到2030年，其Mini品牌的所有销量都将是纯电动汽车。预计未来几年将推出10多种电池电动汽车车型。</blockquote></p><p> <b>Daimler/Mercedes-Benz</b></p><p><blockquote><b>戴姆勒/奔驰</b></blockquote></p><p> Mercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.</p><p><blockquote>戴姆勒股份公司旗下的梅赛德斯-奔驰预计，到2025年，其销量的15%至25%将来自电动汽车销量；到2030年，这一比例预计将增长至50%。梅赛德斯-奔驰计划在2021年底推出三款新的电动乘用车车型，并在2022年推出更多车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec4b2abd59e5b19c9eec0034342af25e\" tg-width=\"700\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>SOURCE: MERCEDES</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：梅赛德斯</span></p></blockquote></p><p> <b>Ford</b></p><p><blockquote><b>福特</b></blockquote></p><p> Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a> has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.</p><p><blockquote>福特汽车公司。<a href=\"https://laohu8.com/S/F\">$(F)$</a>曾表示，到2030年，其全球销量的40%将是电动汽车。福特的目标是到2022年推出数十款电动车型，这一年也将标志着其备受期待的全电动F-150 Lightning皮卡的首次亮相。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a44fec36dac046911679a2ba769cb2b\" tg-width=\"700\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>The Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特F-150 Lightning作者：杰夫·科瓦尔斯基/法新社/盖蒂图片社</span></p></blockquote></p><p> Ford has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.</p><p><blockquote>福特称Lightning是其超过220亿美元电动汽车押注的“支柱”，其中包括野马及其全顺货车等其他畅销汽车的电动汽车车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87df52ddef1af1d1342d685897e83652\" tg-width=\"700\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>SOURCE: FORD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福特</span></p></blockquote></p><p> <b>GM</b></p><p><blockquote><b>GM</b></blockquote></p><p> General Motors Co. <a href=\"https://laohu8.com/S/GM\">$(GM)$</a> surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.</p><p><blockquote>通用汽车公司。<a href=\"https://laohu8.com/S/GM\">$(GM)$</a>一月份，该公司表示计划到2035年逐步淘汰所有内燃机汽车，届时只销售零排放汽车，令华尔街感到惊讶。该汽车制造商还承诺到2040年实现碳中和。</blockquote></p><p> GM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.</p><p><blockquote>通用汽车表示，到本世纪中期，将在全球范围内提供30款全电动车型，到2025年底，该公司40%的美国车型将是纯电动汽车。其悍马电动车预计将于明年上市，并于今年秋季开始生产。</blockquote></p><p> <b>Honda</b></p><p><blockquote><b>本田</b></blockquote></p><p> The Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.</p><p><blockquote>这家日本制造商(7267.TO)拥有同名本田品牌和豪华汽车品牌讴歌，预计到2030年其销售额的40%将来自电动汽车和燃料电池电动汽车。2020年4月，本田和通用汽车宣布合作开发使用通用汽车Ultium电池的本田电动汽车。</blockquote></p><p> <b>Hyundai</b></p><p><blockquote><b>现代</b></blockquote></p><p> The Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.</p><p><blockquote>这家还拥有起亚的韩国汽车制造商的目标是到2025年，其起亚和现代品牌销量的40%来自电动汽车和燃料电池电动汽车。其现代品牌计划届时推出30多款电动乘用车。</blockquote></p><p> <b>Mazda</b></p><p><blockquote><b>马自达</b></blockquote></p><p> Mazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.</p><p><blockquote>马自达计划到2030年提供5%的汽车为纯电动汽车，但电动汽车销量占总销量的百分比目标目前尚不清楚。马自达不在美国提供电动汽车，但在其他地方销售一些电动汽车和混合动力车型。</blockquote></p><p> <b>Nissan</b></p><p><blockquote><b>日产</b></blockquote></p><p> Nissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> Model S.</p><p><blockquote>日产汽车有限公司是最早提供全电动汽车的汽车制造商之一，多年来，对于那些没有足够财力购买特斯拉公司的人来说，日产聆风是为数不多的选择之一。<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>S型。</blockquote></p><p></p><p> Nissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.</p><p><blockquote>日产计划明年在中国推出20款电动汽车车型，而在美国，该公司最近表示，计划到2030年，其美国汽车销量的40%以上将是全电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbdfabce43725b3d966cf5db5b820f6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>The Nissan Leaf NISSAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>日产聆风日产</span></p></blockquote></p><p> <b>Porsche</b></p><p><blockquote><b>保时捷</b></blockquote></p><p> The car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.</p><p><blockquote>这家汽车制造商几乎是跑车的代名词，其目标是到2025年让电动汽车占其销量的一半。</blockquote></p><p> <b>Stellantis</b></p><p><blockquote><b>Stellantis</b></blockquote></p><p> <a href=\"https://laohu8.com/S/STLA\">Stellantis NV</a> (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.</p><p><blockquote><a href=\"https://laohu8.com/S/STLA\">斯特兰蒂斯公司</a>(STLA.MI)是今年早些时候由菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobiles NV)和法国PSA集团合并而成的全球汽车制造商，该公司7月份表示，到2025年，将在电动汽车和相关技术上投资350亿美元。</blockquote></p><p> By that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.</p><p><blockquote>到那一年，Stellantis预计其美国销售额的31%和欧洲销售额的38%将来自电动汽车，预计到2030年，这一比例将增长到美国销售额的35%和欧洲销售额的70%。</blockquote></p><p> <b>Subaru</b></p><p><blockquote><b>斯巴鲁</b></blockquote></p><p> The Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.</p><p><blockquote>预计到2030年，这家日本制造商40%的销售额将来自电动汽车和混合动力电动汽车。</blockquote></p><p> <b>Toyota</b></p><p><blockquote><b>丰田</b></blockquote></p><p> Some 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.</p><p><blockquote>预计到2030年，这家全球第一汽车制造商(7203.TO)约70%的销售额将来自电动汽车和燃料电池电动汽车。丰田计划到2025年提供15款纯电动汽车车型。当然，这家汽车制造商在二十年前就推出了混合动力丰田普锐斯。</blockquote></p><p> <b>Volkswagen</b></p><p><blockquote><b>大众汽车</b></blockquote></p><p> The car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.</p><p><blockquote>预计到2030年，该汽车制造商70%的欧洲销量来自电动汽车，50%的美国销量来自电动汽车。大众汽车承诺到2025年在电动汽车上花费约400亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/chasing-tesla-here-are-the-current-electric-vehicle-plans-of-every-major-car-maker-11628876816?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","HMC":"本田汽车","GM":"通用汽车","TM":"丰田汽车","DDAIF":"戴姆勒汽车","VLKAF":"Volkswagen AG","F":"福特汽车","FUJHF":"Subaru Corporation ","NSANY":"日产汽车","HYEVF":"Hyundai Elevator Co Ltd.","STLA":"Stellantis NV"},"source_url":"https://www.marketwatch.com/story/chasing-tesla-here-are-the-current-electric-vehicle-plans-of-every-major-car-maker-11628876816?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159521376","content_text":"At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.\nEVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.\nSeveral auto makers had already announced bigger EV ambitions even before the White House call.\nHere are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.\nThis information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.\nAudi\nAudi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.\nBMW\nBMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.\nBMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.\nDaimler/Mercedes-Benz\nMercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.\nSOURCE: MERCEDES\nFord\nFord Motor Co. $(F)$ has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.\nThe Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES\nFord has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.\nSOURCE: FORD\nGM\nGeneral Motors Co. $(GM)$ surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.\nGM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.\nHonda\nThe Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.\nHyundai\nThe Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.\nMazda\nMazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.\nNissan\nNissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. $(TSLA)$ Model S.\nNissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.\nThe Nissan Leaf NISSAN\nPorsche\nThe car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.\nStellantis\nStellantis NV (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.\nBy that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.\nSubaru\nThe Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.\nToyota\nSome 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.\nVolkswagen\nThe car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.","news_type":1,"symbols_score_info":{"VLKAF":0.9,"HYEVF":0.9,"TM":0.9,"NSANY":0.9,"FUJHF":0.9,"F":0.9,"STLA":0.9,"AUDVF":0.9,"HMC":0.9,"GM":0.9,"DDAIF":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897692225,"gmtCreate":1628910256767,"gmtModify":1633688556138,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897692225","repostId":"1167599158","repostType":4,"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896888168,"gmtCreate":1628569123754,"gmtModify":1633746074014,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896888168","repostId":"1146451488","repostType":4,"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898553484,"gmtCreate":1628513246148,"gmtModify":1633746565196,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898553484","repostId":"2158445463","repostType":4,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891613303,"gmtCreate":1628385714402,"gmtModify":1633751350000,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891613303","repostId":"2157449747","repostType":2,"repost":{"id":"2157449747","kind":"news","pubTimestamp":1628382414,"share":"https://www.laohu8.com/m/news/2157449747?lang=zh_CN&edition=full","pubTime":"2021-08-08 08:26","market":"us","language":"zh","title":"iPhone新专利曝光 刘海设计有望取消","url":"https://stock-news.laohu8.com/highlight/detail?id=2157449747","media":"DoNews","summary":"DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了苹果一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。这项技术其实并不难实现，借助机械组件和柔性屏就可以轻松完成。值得一提的是，苹果的全面屏方案在执行时并非是移动整个显示面板，而是在整个面板上制定一个区域作为可移动窗口。","content":"<html><body><article><p>DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了<a href=\"https://laohu8.com/S/AAPL\">苹果</a>一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。</p><p>据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。</p><p>这项技术其实并不难实现，借助机械组件和柔性屏就可以轻松完成。值得一提的是，苹果的全面屏方案在执行时并非是移动整个显示面板，而是在整个面板上制定一个区域作为可移动窗口。</p></article></body></html>","source":"tencent","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>iPhone新专利曝光 刘海设计有望取消</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; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\niPhone新专利曝光 刘海设计有望取消\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-08 08:26 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080808274279de1353&s=b><strong>DoNews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了苹果一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。这项技术其实并不难实现，借助机械组件和柔性屏就...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080808274279de1353&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d776d009b18d65f20684c952b9f84cf8","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080808274279de1353&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2157449747","content_text":"DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了苹果一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。这项技术其实并不难实现，借助机械组件和柔性屏就可以轻松完成。值得一提的是，苹果的全面屏方案在执行时并非是移动整个显示面板，而是在整个面板上制定一个区域作为可移动窗口。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891619192,"gmtCreate":1628385652616,"gmtModify":1633751350792,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891619192","repostId":"2157492839","repostType":4,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805660828,"gmtCreate":1627876630764,"gmtModify":1633755686754,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Like me","listText":"Like me","text":"Like me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805660828","repostId":"1190185935","repostType":4,"repost":{"id":"1190185935","kind":"news","pubTimestamp":1627874910,"share":"https://www.laohu8.com/m/news/1190185935?lang=zh_CN&edition=full","pubTime":"2021-08-02 11:28","market":"us","language":"en","title":"Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190185935","media":"seekingalpha","summary":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</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>Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</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\">\nExpedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-02 11:28</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>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated\">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":{"EXPE":"Expedia"},"source_url":"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190185935","content_text":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.\nWith business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.\nI am bullish on the company's 5-year prospects.\n\nArtMarie/E+ via Getty Images\nTravel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.\nExpedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.\nNow, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.\nNegative Approach: Overvalued? Competition?\nBefore getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.\nDebt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.\nEven so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.\nThe main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.\nEven so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.\nCompany Valuation: Perfection\nLooking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.\nFirst, let's look at expected EPS growth through the next 5 years.\n\nGiven that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.\n\nAs we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.\nBalance Sheets and Other Competition\nThere are 2 more factors worth considering, one positive and one negative.\nThe positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.\nExpedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.\nThe negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.\nAn inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.\nOverall: Perfectly Situated\nWith the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.\nAnother positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.\nI don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.\nOverall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.\nI am bullish on Expedia's 5-year prospects.","news_type":1,"symbols_score_info":{"EXPE":0.9}},"isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805660121,"gmtCreate":1627876620263,"gmtModify":1633755686875,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Like me","listText":"Like me","text":"Like me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805660121","repostId":"1190185935","repostType":4,"repost":{"id":"1190185935","kind":"news","pubTimestamp":1627874910,"share":"https://www.laohu8.com/m/news/1190185935?lang=zh_CN&edition=full","pubTime":"2021-08-02 11:28","market":"us","language":"en","title":"Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190185935","media":"seekingalpha","summary":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</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>Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</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\">\nExpedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-02 11:28</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>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated\">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":{"EXPE":"Expedia"},"source_url":"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190185935","content_text":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.\nWith business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.\nI am bullish on the company's 5-year prospects.\n\nArtMarie/E+ via Getty Images\nTravel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.\nExpedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.\nNow, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.\nNegative Approach: Overvalued? Competition?\nBefore getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.\nDebt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.\nEven so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.\nThe main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.\nEven so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.\nCompany Valuation: Perfection\nLooking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.\nFirst, let's look at expected EPS growth through the next 5 years.\n\nGiven that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.\n\nAs we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.\nBalance Sheets and Other Competition\nThere are 2 more factors worth considering, one positive and one negative.\nThe positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.\nExpedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.\nThe negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.\nAn inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.\nOverall: Perfectly Situated\nWith the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.\nAnother positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.\nI don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.\nOverall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.\nI am bullish on Expedia's 5-year prospects.","news_type":1,"symbols_score_info":{"EXPE":0.9}},"isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805660991,"gmtCreate":1627876594313,"gmtModify":1633755687098,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090202836844260","idStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/805660991","repostId":"1125189901","repostType":4,"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":897692756,"gmtCreate":1628910309275,"gmtModify":1633688555795,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/897692756","repostId":"2159521376","repostType":4,"repost":{"id":"2159521376","kind":"highlight","pubTimestamp":1628906786,"share":"https://www.laohu8.com/m/news/2159521376?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:06","market":"us","language":"en","title":"Chasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159521376","media":"MarketWatch","summary":"At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles ","content":"<p>At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.</p><p><blockquote>在总统乔·拜登的敦促下，汽车行业承诺到2030年将电动汽车产量提高到约占美国总销量的一半，这一计划让人们燃起了电动汽车从小众转向主流的希望。</blockquote></p><p> EVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.</p><p><blockquote>根据彭博新能源财经的数据，2020年电动汽车占美国汽车销量的2.4%，高于五年前的0.7%。该研究提供商预计，到2025年，这一份额将增至11%；预计到2030年，美国销售的汽车中有三分之一以上将是电动汽车。</blockquote></p><p> Several auto makers had already announced bigger EV ambitions even before the White House call.</p><p><blockquote>甚至在白宫看涨期权之前，几家汽车制造商就已经宣布了更大的电动汽车雄心。</blockquote></p><p> Here are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.</p><p><blockquote>以下是各主要汽车制造商对电动汽车的既定计划，包括（如果有）投资金额以及他们希望推向市场的车型范围。</blockquote></p><p> This information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.</p><p><blockquote>这些信息是根据公司网站、之前的报告和彭博新能源财经的预测整理而成，并将定期更新。</blockquote></p><p> <b>Audi</b></p><p><blockquote><b>奥迪</b></blockquote></p><p> Audi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.</p><p><blockquote>德国大众汽车公司旗下以豪华汽车闻名的奥迪品牌承诺，到2025年，纯电动汽车将占其销量的35%。届时，奥迪买家将有约20款电动车型可供选择。</blockquote></p><p> <b>BMW</b></p><p><blockquote><b>宝马</b></blockquote></p><p> BMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.</p><p><blockquote>德国豪华汽车制造商宝马公司是最早的电动汽车创新者之一。八年前，该公司推出了i3紧凑型电动汽车，当时是特斯拉汽车为数不多的有力竞争对手之一。</blockquote></p><p> BMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.</p><p><blockquote>宝马的电动汽车产品线已经放缓，但该汽车制造商承诺，今年其欧洲销量的25%将是全电动和混合动力汽车，到2030年，其Mini品牌的所有销量都将是纯电动汽车。预计未来几年将推出10多种电池电动汽车车型。</blockquote></p><p> <b>Daimler/Mercedes-Benz</b></p><p><blockquote><b>戴姆勒/奔驰</b></blockquote></p><p> Mercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.</p><p><blockquote>戴姆勒股份公司旗下的梅赛德斯-奔驰预计，到2025年，其销量的15%至25%将来自电动汽车销量；到2030年，这一比例预计将增长至50%。梅赛德斯-奔驰计划在2021年底推出三款新的电动乘用车车型，并在2022年推出更多车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec4b2abd59e5b19c9eec0034342af25e\" tg-width=\"700\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>SOURCE: MERCEDES</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：梅赛德斯</span></p></blockquote></p><p> <b>Ford</b></p><p><blockquote><b>福特</b></blockquote></p><p> Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a> has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.</p><p><blockquote>福特汽车公司。<a href=\"https://laohu8.com/S/F\">$(F)$</a>曾表示，到2030年，其全球销量的40%将是电动汽车。福特的目标是到2022年推出数十款电动车型，这一年也将标志着其备受期待的全电动F-150 Lightning皮卡的首次亮相。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a44fec36dac046911679a2ba769cb2b\" tg-width=\"700\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>The Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特F-150 Lightning作者：杰夫·科瓦尔斯基/法新社/盖蒂图片社</span></p></blockquote></p><p> Ford has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.</p><p><blockquote>福特称Lightning是其超过220亿美元电动汽车押注的“支柱”，其中包括野马及其全顺货车等其他畅销汽车的电动汽车车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87df52ddef1af1d1342d685897e83652\" tg-width=\"700\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>SOURCE: FORD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福特</span></p></blockquote></p><p> <b>GM</b></p><p><blockquote><b>GM</b></blockquote></p><p> General Motors Co. <a href=\"https://laohu8.com/S/GM\">$(GM)$</a> surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.</p><p><blockquote>通用汽车公司。<a href=\"https://laohu8.com/S/GM\">$(GM)$</a>一月份，该公司表示计划到2035年逐步淘汰所有内燃机汽车，届时只销售零排放汽车，令华尔街感到惊讶。该汽车制造商还承诺到2040年实现碳中和。</blockquote></p><p> GM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.</p><p><blockquote>通用汽车表示，到本世纪中期，将在全球范围内提供30款全电动车型，到2025年底，该公司40%的美国车型将是纯电动汽车。其悍马电动车预计将于明年上市，并于今年秋季开始生产。</blockquote></p><p> <b>Honda</b></p><p><blockquote><b>本田</b></blockquote></p><p> The Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.</p><p><blockquote>这家日本制造商(7267.TO)拥有同名本田品牌和豪华汽车品牌讴歌，预计到2030年其销售额的40%将来自电动汽车和燃料电池电动汽车。2020年4月，本田和通用汽车宣布合作开发使用通用汽车Ultium电池的本田电动汽车。</blockquote></p><p> <b>Hyundai</b></p><p><blockquote><b>现代</b></blockquote></p><p> The Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.</p><p><blockquote>这家还拥有起亚的韩国汽车制造商的目标是到2025年，其起亚和现代品牌销量的40%来自电动汽车和燃料电池电动汽车。其现代品牌计划届时推出30多款电动乘用车。</blockquote></p><p> <b>Mazda</b></p><p><blockquote><b>马自达</b></blockquote></p><p> Mazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.</p><p><blockquote>马自达计划到2030年提供5%的汽车为纯电动汽车，但电动汽车销量占总销量的百分比目标目前尚不清楚。马自达不在美国提供电动汽车，但在其他地方销售一些电动汽车和混合动力车型。</blockquote></p><p> <b>Nissan</b></p><p><blockquote><b>日产</b></blockquote></p><p> Nissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> Model S.</p><p><blockquote>日产汽车有限公司是最早提供全电动汽车的汽车制造商之一，多年来，对于那些没有足够财力购买特斯拉公司的人来说，日产聆风是为数不多的选择之一。<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>S型。</blockquote></p><p></p><p> Nissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.</p><p><blockquote>日产计划明年在中国推出20款电动汽车车型，而在美国，该公司最近表示，计划到2030年，其美国汽车销量的40%以上将是全电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbdfabce43725b3d966cf5db5b820f6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>The Nissan Leaf NISSAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>日产聆风日产</span></p></blockquote></p><p> <b>Porsche</b></p><p><blockquote><b>保时捷</b></blockquote></p><p> The car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.</p><p><blockquote>这家汽车制造商几乎是跑车的代名词，其目标是到2025年让电动汽车占其销量的一半。</blockquote></p><p> <b>Stellantis</b></p><p><blockquote><b>Stellantis</b></blockquote></p><p> <a href=\"https://laohu8.com/S/STLA\">Stellantis NV</a> (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.</p><p><blockquote><a href=\"https://laohu8.com/S/STLA\">斯特兰蒂斯公司</a>(STLA.MI)是今年早些时候由菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobiles NV)和法国PSA集团合并而成的全球汽车制造商，该公司7月份表示，到2025年，将在电动汽车和相关技术上投资350亿美元。</blockquote></p><p> By that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.</p><p><blockquote>到那一年，Stellantis预计其美国销售额的31%和欧洲销售额的38%将来自电动汽车，预计到2030年，这一比例将增长到美国销售额的35%和欧洲销售额的70%。</blockquote></p><p> <b>Subaru</b></p><p><blockquote><b>斯巴鲁</b></blockquote></p><p> The Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.</p><p><blockquote>预计到2030年，这家日本制造商40%的销售额将来自电动汽车和混合动力电动汽车。</blockquote></p><p> <b>Toyota</b></p><p><blockquote><b>丰田</b></blockquote></p><p> Some 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.</p><p><blockquote>预计到2030年，这家全球第一汽车制造商(7203.TO)约70%的销售额将来自电动汽车和燃料电池电动汽车。丰田计划到2025年提供15款纯电动汽车车型。当然，这家汽车制造商在二十年前就推出了混合动力丰田普锐斯。</blockquote></p><p> <b>Volkswagen</b></p><p><blockquote><b>大众汽车</b></blockquote></p><p> The car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.</p><p><blockquote>预计到2030年，该汽车制造商70%的欧洲销量来自电动汽车，50%的美国销量来自电动汽车。大众汽车承诺到2025年在电动汽车上花费约400亿美元。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</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\">\nChasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 10:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.</p><p><blockquote>在总统乔·拜登的敦促下，汽车行业承诺到2030年将电动汽车产量提高到约占美国总销量的一半，这一计划让人们燃起了电动汽车从小众转向主流的希望。</blockquote></p><p> EVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.</p><p><blockquote>根据彭博新能源财经的数据，2020年电动汽车占美国汽车销量的2.4%，高于五年前的0.7%。该研究提供商预计，到2025年，这一份额将增至11%；预计到2030年，美国销售的汽车中有三分之一以上将是电动汽车。</blockquote></p><p> Several auto makers had already announced bigger EV ambitions even before the White House call.</p><p><blockquote>甚至在白宫看涨期权之前，几家汽车制造商就已经宣布了更大的电动汽车雄心。</blockquote></p><p> Here are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.</p><p><blockquote>以下是各主要汽车制造商对电动汽车的既定计划，包括（如果有）投资金额以及他们希望推向市场的车型范围。</blockquote></p><p> This information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.</p><p><blockquote>这些信息是根据公司网站、之前的报告和彭博新能源财经的预测整理而成，并将定期更新。</blockquote></p><p> <b>Audi</b></p><p><blockquote><b>奥迪</b></blockquote></p><p> Audi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.</p><p><blockquote>德国大众汽车公司旗下以豪华汽车闻名的奥迪品牌承诺，到2025年，纯电动汽车将占其销量的35%。届时，奥迪买家将有约20款电动车型可供选择。</blockquote></p><p> <b>BMW</b></p><p><blockquote><b>宝马</b></blockquote></p><p> BMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.</p><p><blockquote>德国豪华汽车制造商宝马公司是最早的电动汽车创新者之一。八年前，该公司推出了i3紧凑型电动汽车，当时是特斯拉汽车为数不多的有力竞争对手之一。</blockquote></p><p> BMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.</p><p><blockquote>宝马的电动汽车产品线已经放缓，但该汽车制造商承诺，今年其欧洲销量的25%将是全电动和混合动力汽车，到2030年，其Mini品牌的所有销量都将是纯电动汽车。预计未来几年将推出10多种电池电动汽车车型。</blockquote></p><p> <b>Daimler/Mercedes-Benz</b></p><p><blockquote><b>戴姆勒/奔驰</b></blockquote></p><p> Mercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.</p><p><blockquote>戴姆勒股份公司旗下的梅赛德斯-奔驰预计，到2025年，其销量的15%至25%将来自电动汽车销量；到2030年，这一比例预计将增长至50%。梅赛德斯-奔驰计划在2021年底推出三款新的电动乘用车车型，并在2022年推出更多车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec4b2abd59e5b19c9eec0034342af25e\" tg-width=\"700\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>SOURCE: MERCEDES</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：梅赛德斯</span></p></blockquote></p><p> <b>Ford</b></p><p><blockquote><b>福特</b></blockquote></p><p> Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a> has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.</p><p><blockquote>福特汽车公司。<a href=\"https://laohu8.com/S/F\">$(F)$</a>曾表示，到2030年，其全球销量的40%将是电动汽车。福特的目标是到2022年推出数十款电动车型，这一年也将标志着其备受期待的全电动F-150 Lightning皮卡的首次亮相。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a44fec36dac046911679a2ba769cb2b\" tg-width=\"700\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>The Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特F-150 Lightning作者：杰夫·科瓦尔斯基/法新社/盖蒂图片社</span></p></blockquote></p><p> Ford has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.</p><p><blockquote>福特称Lightning是其超过220亿美元电动汽车押注的“支柱”，其中包括野马及其全顺货车等其他畅销汽车的电动汽车车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87df52ddef1af1d1342d685897e83652\" tg-width=\"700\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>SOURCE: FORD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福特</span></p></blockquote></p><p> <b>GM</b></p><p><blockquote><b>GM</b></blockquote></p><p> General Motors Co. <a href=\"https://laohu8.com/S/GM\">$(GM)$</a> surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.</p><p><blockquote>通用汽车公司。<a href=\"https://laohu8.com/S/GM\">$(GM)$</a>一月份，该公司表示计划到2035年逐步淘汰所有内燃机汽车，届时只销售零排放汽车，令华尔街感到惊讶。该汽车制造商还承诺到2040年实现碳中和。</blockquote></p><p> GM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.</p><p><blockquote>通用汽车表示，到本世纪中期，将在全球范围内提供30款全电动车型，到2025年底，该公司40%的美国车型将是纯电动汽车。其悍马电动车预计将于明年上市，并于今年秋季开始生产。</blockquote></p><p> <b>Honda</b></p><p><blockquote><b>本田</b></blockquote></p><p> The Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.</p><p><blockquote>这家日本制造商(7267.TO)拥有同名本田品牌和豪华汽车品牌讴歌，预计到2030年其销售额的40%将来自电动汽车和燃料电池电动汽车。2020年4月，本田和通用汽车宣布合作开发使用通用汽车Ultium电池的本田电动汽车。</blockquote></p><p> <b>Hyundai</b></p><p><blockquote><b>现代</b></blockquote></p><p> The Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.</p><p><blockquote>这家还拥有起亚的韩国汽车制造商的目标是到2025年，其起亚和现代品牌销量的40%来自电动汽车和燃料电池电动汽车。其现代品牌计划届时推出30多款电动乘用车。</blockquote></p><p> <b>Mazda</b></p><p><blockquote><b>马自达</b></blockquote></p><p> Mazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.</p><p><blockquote>马自达计划到2030年提供5%的汽车为纯电动汽车，但电动汽车销量占总销量的百分比目标目前尚不清楚。马自达不在美国提供电动汽车，但在其他地方销售一些电动汽车和混合动力车型。</blockquote></p><p> <b>Nissan</b></p><p><blockquote><b>日产</b></blockquote></p><p> Nissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> Model S.</p><p><blockquote>日产汽车有限公司是最早提供全电动汽车的汽车制造商之一，多年来，对于那些没有足够财力购买特斯拉公司的人来说，日产聆风是为数不多的选择之一。<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>S型。</blockquote></p><p></p><p> Nissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.</p><p><blockquote>日产计划明年在中国推出20款电动汽车车型，而在美国，该公司最近表示，计划到2030年，其美国汽车销量的40%以上将是全电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbdfabce43725b3d966cf5db5b820f6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>The Nissan Leaf NISSAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>日产聆风日产</span></p></blockquote></p><p> <b>Porsche</b></p><p><blockquote><b>保时捷</b></blockquote></p><p> The car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.</p><p><blockquote>这家汽车制造商几乎是跑车的代名词，其目标是到2025年让电动汽车占其销量的一半。</blockquote></p><p> <b>Stellantis</b></p><p><blockquote><b>Stellantis</b></blockquote></p><p> <a href=\"https://laohu8.com/S/STLA\">Stellantis NV</a> (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.</p><p><blockquote><a href=\"https://laohu8.com/S/STLA\">斯特兰蒂斯公司</a>(STLA.MI)是今年早些时候由菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobiles NV)和法国PSA集团合并而成的全球汽车制造商，该公司7月份表示，到2025年，将在电动汽车和相关技术上投资350亿美元。</blockquote></p><p> By that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.</p><p><blockquote>到那一年，Stellantis预计其美国销售额的31%和欧洲销售额的38%将来自电动汽车，预计到2030年，这一比例将增长到美国销售额的35%和欧洲销售额的70%。</blockquote></p><p> <b>Subaru</b></p><p><blockquote><b>斯巴鲁</b></blockquote></p><p> The Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.</p><p><blockquote>预计到2030年，这家日本制造商40%的销售额将来自电动汽车和混合动力电动汽车。</blockquote></p><p> <b>Toyota</b></p><p><blockquote><b>丰田</b></blockquote></p><p> Some 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.</p><p><blockquote>预计到2030年，这家全球第一汽车制造商(7203.TO)约70%的销售额将来自电动汽车和燃料电池电动汽车。丰田计划到2025年提供15款纯电动汽车车型。当然，这家汽车制造商在二十年前就推出了混合动力丰田普锐斯。</blockquote></p><p> <b>Volkswagen</b></p><p><blockquote><b>大众汽车</b></blockquote></p><p> The car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.</p><p><blockquote>预计到2030年，该汽车制造商70%的欧洲销量来自电动汽车，50%的美国销量来自电动汽车。大众汽车承诺到2025年在电动汽车上花费约400亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/chasing-tesla-here-are-the-current-electric-vehicle-plans-of-every-major-car-maker-11628876816?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","HMC":"本田汽车","GM":"通用汽车","TM":"丰田汽车","DDAIF":"戴姆勒汽车","VLKAF":"Volkswagen AG","F":"福特汽车","FUJHF":"Subaru Corporation ","NSANY":"日产汽车","HYEVF":"Hyundai Elevator Co Ltd.","STLA":"Stellantis NV"},"source_url":"https://www.marketwatch.com/story/chasing-tesla-here-are-the-current-electric-vehicle-plans-of-every-major-car-maker-11628876816?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159521376","content_text":"At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.\nEVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.\nSeveral auto makers had already announced bigger EV ambitions even before the White House call.\nHere are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.\nThis information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.\nAudi\nAudi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.\nBMW\nBMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.\nBMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.\nDaimler/Mercedes-Benz\nMercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.\nSOURCE: MERCEDES\nFord\nFord Motor Co. $(F)$ has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.\nThe Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES\nFord has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.\nSOURCE: FORD\nGM\nGeneral Motors Co. $(GM)$ surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.\nGM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.\nHonda\nThe Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.\nHyundai\nThe Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.\nMazda\nMazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.\nNissan\nNissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. $(TSLA)$ Model S.\nNissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.\nThe Nissan Leaf NISSAN\nPorsche\nThe car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.\nStellantis\nStellantis NV (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.\nBy that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.\nSubaru\nThe Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.\nToyota\nSome 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.\nVolkswagen\nThe car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.","news_type":1,"symbols_score_info":{"VLKAF":0.9,"HYEVF":0.9,"TM":0.9,"NSANY":0.9,"FUJHF":0.9,"F":0.9,"STLA":0.9,"AUDVF":0.9,"HMC":0.9,"GM":0.9,"DDAIF":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835255619,"gmtCreate":1629723514531,"gmtModify":1633682943686,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/835255619","repostId":"1161322494","repostType":4,"isVote":1,"tweetType":1,"viewCount":1231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813800705,"gmtCreate":1630162208807,"gmtModify":1704956650754,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/813800705","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohu8.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838886512,"gmtCreate":1629385289336,"gmtModify":1633685226332,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/838886512","repostId":"2160760655","repostType":4,"isVote":1,"tweetType":1,"viewCount":2222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802214807,"gmtCreate":1627782453509,"gmtModify":1633756474091,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802214807","repostId":"1167073573","repostType":4,"isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805660828,"gmtCreate":1627876630764,"gmtModify":1633755686754,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Like me","listText":"Like me","text":"Like me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805660828","repostId":"1190185935","repostType":4,"repost":{"id":"1190185935","kind":"news","pubTimestamp":1627874910,"share":"https://www.laohu8.com/m/news/1190185935?lang=zh_CN&edition=full","pubTime":"2021-08-02 11:28","market":"us","language":"en","title":"Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190185935","media":"seekingalpha","summary":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</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>Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</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\">\nExpedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-02 11:28</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>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated\">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":{"EXPE":"Expedia"},"source_url":"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190185935","content_text":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.\nWith business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.\nI am bullish on the company's 5-year prospects.\n\nArtMarie/E+ via Getty Images\nTravel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.\nExpedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.\nNow, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.\nNegative Approach: Overvalued? Competition?\nBefore getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.\nDebt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.\nEven so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.\nThe main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.\nEven so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.\nCompany Valuation: Perfection\nLooking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.\nFirst, let's look at expected EPS growth through the next 5 years.\n\nGiven that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.\n\nAs we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.\nBalance Sheets and Other Competition\nThere are 2 more factors worth considering, one positive and one negative.\nThe positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.\nExpedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.\nThe negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.\nAn inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.\nOverall: Perfectly Situated\nWith the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.\nAnother positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.\nI don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.\nOverall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.\nI am bullish on Expedia's 5-year prospects.","news_type":1,"symbols_score_info":{"EXPE":0.9}},"isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805660991,"gmtCreate":1627876594313,"gmtModify":1633755687098,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please 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like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831335856","repostId":"1154025781","repostType":4,"isVote":1,"tweetType":1,"viewCount":1319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896888168,"gmtCreate":1628569123754,"gmtModify":1633746074014,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896888168","repostId":"1146451488","repostType":4,"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805660121,"gmtCreate":1627876620263,"gmtModify":1633755686875,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Like me","listText":"Like me","text":"Like me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805660121","repostId":"1190185935","repostType":4,"repost":{"id":"1190185935","kind":"news","pubTimestamp":1627874910,"share":"https://www.laohu8.com/m/news/1190185935?lang=zh_CN&edition=full","pubTime":"2021-08-02 11:28","market":"us","language":"en","title":"Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190185935","media":"seekingalpha","summary":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</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>Expedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</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\">\nExpedia: Perfectly Valued, Perfectly Situated<blockquote>Expedia：物超所值，地理位置优越</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-02 11:28</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>Expedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.</li>  <li>With business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.</li>  <li>I am bullish on the company's 5-year prospects.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c936ae728a0a5e399ec9eb9f9d5a71d\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>ArtMarie/E+ via Getty Images</span></p><p><blockquote><ul><li>封锁导致全球旅行关闭后，Expedia的收入大幅下降。现在，由于旅游业尚未恢复，它们的交易价格高于大流行前的水平。</li><li>由于商务和国际旅行预计将在2020年底或2021年初回升，我相信该公司的估值非常理想，并且能够利用稳定增长的优势。</li><li>我看好该公司的5年前景。</li></ul><p class=\"t-img-caption\"><span>ArtMarie/E+来自Getty Images</span></p></blockquote></p><p> Travel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.</p><p><blockquote>在COVID-19大流行期间，各种形式的旅行都受到了关闭和封锁的最大打击，航班取消，酒店关闭，个人和公司在近一年的时间里将旅行减少到接近于零。</blockquote></p><p> Expedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.</p><p><blockquote>Expedia(EXPE)通过其各种产品成为旅游行业的主要参与者，提供航班、酒店、汽车租赁、短期公寓租赁、邮轮预订等数据库。在疫情期间，他们的收入从2019年的超过120亿美元暴跌至2020年的略高于50亿美元，随后暂停派息，并报告2020年亏损超过15亿美元。</blockquote></p><p> Now, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.</p><p><blockquote>现在，随着复苏的进行和零售旅游达到创纪录的重新开业数量，Expedia有几个积极和消极的方面需要考虑。负面因素是股价，目前股价大约是大流行开始前的两倍，但预计旅游业在相当长一段时间内不会恢复到这些水平。积极的一面是，我们现在有一个明确的迹象表明，旅游业增长预计将在相当长一段时间内保持高位，从而实现更高的行业估值。让我们探索这些催化剂，看看该公司相对于行业及其最接近的同行的地位。</blockquote></p><p> <b>Negative Approach: Overvalued? Competition?</b></p><p><blockquote><b>消极方法：估值过高？竞争？</b></blockquote></p><p> Before getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.</p><p><blockquote>在讨论股价和对话的竞争部分之前，让我们探讨一下Expedia的其他一些负面因素。</blockquote></p><p> Debt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.</p><p><blockquote>随着向各个行业的扩张和整合，2019年债务和利息支出激增。债务从2019年的42亿美元增加到2020年的82亿美元，利息支出也几乎翻了一番，从不到2亿美元增加到最近公司更新的4.08亿美元。这可能是公司的一个战略错误，因为我们现在预计未来几年利率将会上升，这意味着如果不这样做，公司的利息支出可能会增加近一倍，到2023年将接近7.5亿美元制定退休或重组部分债务的计划。</blockquote></p><p> Even so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.</p><p><blockquote>即便如此，该公司确实拥有很高的现金头寸，理论上他们可以用它比预期更早地偿还一些高息债务，以避免这笔费用。我将在文章后面讨论他们的现金状况。</blockquote></p><p> The main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.</p><p><blockquote>当我第一次看到该公司股价全面回升时，我的主要负面看法是他们的估值。在COVID-19大流行导致worldwide travel关闭之前，该公司的交易价格约为每股120.00美元，目前的交易价格约为每股170.00美元，在各个峰值上涨了约50%。尽管旅行和收入预计要到24个月后才能恢复到大流行前的水平，如果我们没有看到预期的国际旅行回升，甚至会更长时间，但这种情况仍在发生，因为目前国内旅行激增正在弥补商务和国际旅行疲软的影响。</blockquote></p><p> Even so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.</p><p><blockquote>即便如此，根据分析师预测对该公司的估值和市盈率，以及我认为该公司好于预期的实际业绩，表明该公司由于缺乏更好的术语，表现完美且估值公平。</blockquote></p><p> <b>Company Valuation: Perfection</b></p><p><blockquote><b>公司估值：完美</b></blockquote></p><p> Looking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.</p><p><blockquote>光看公司自己的预测是不够的，因为在这个相对饱和的行业中，竞争压力仍然很大。让我们相对于Booking Holdings(BKNG)来评估该公司，后者是目前全球最大的在线旅游公司，也是Expedia在公开市场上最接近的竞争对手。</blockquote></p><p> First, let's look at&nbsp;expected EPS growth&nbsp;through the next 5 years.</p><p><blockquote>首先，让我们看看未来5年的预期每股收益增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8564ffd38e826bfa96a0864185eba3f\" tg-width=\"905\" tg-height=\"351\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.</p><p><blockquote>鉴于Expedia正在摆脱每股亏损，而Booking则设法保持盈利，因此了解2022年至2025年的预期增长以进行比较非常重要。在此期间，Expedia的每股收益将增长82%，而Booking的每股收益将增长62%。我认为，与Booking相比，这使得Expedia在估值倍数方面具有优势。让我们看看倍数。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3f8870ade9bafc30cdd64dcaa252ef94\" tg-width=\"905\" tg-height=\"213\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.</p><p><blockquote>正如我们所看到的，尽管Expedia预计在未来5年内的增长速度将略快于Booking，但它们的市盈率仍略低至偶数倍。现在，Booking的估值可能略有高估，而Expedia的估值合理，但我相信，基于上述因素，并考虑到我相信Expedia可以继续享受更高的利润率（Expedia目前拥有68%的毛利率，而Booking的毛利率为64%），这两种情况都是正确的，Booking的估值略有高估，而Expedia的估值则略有低估。</blockquote></p><p> <b>Balance Sheets and Other Competition</b></p><p><blockquote><b>资产负债表和其他竞争</b></blockquote></p><p> There are 2 more factors worth considering, one positive and one negative.</p><p><blockquote>还有两个因素值得考虑，一个是积极的，一个是消极的。</blockquote></p><p> The positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.</p><p><blockquote>积极因素是公司的资产负债表。尽管他们持有超过80亿美元的巨额债务头寸，并且利息支出可能会随着利率的上升而上升，但在整个大流行期间的成本削减举措的帮助下，他们持有有史以来最大的现金头寸之一，包括暂停他们的股息，这是我将在下一部分讨论的一个因素。</blockquote></p><p> Expedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.</p><p><blockquote>Expedia目前持有近43亿美元现金及等价物，以及另外2300万美元的短期投资。这使得他们的净债务头寸低于45亿美元，随着利率小幅上升，预计未来几年的现金流足以支付利息和重组费用。</blockquote></p><p> The negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.</p><p><blockquote>这里的负面因素是直接和间接竞争。如前所述，像Booking这样的公司是他们的主要竞争对手，但也有可能拥有卓越算法的新网站随时可能出现并夺走业务。这方面的一个例子是Skyscanner(TCOM)等各种网站，它对Expedia等网站的作用就像Expedia对酒店和航空公司网站的作用一样，偶尔可以通过向Expedia的竞争对手之一预订来节省大量费用。这些网站的出现不会损害其核心销售流，但可能会给公司的利润率带来巨大压力。</blockquote></p><p> An inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.</p><p><blockquote>该公司面临竞争压力的一种无机方式来自最初的航空公司、酒店、汽车租赁和邮轮公司本身，这些公司近年来大力开发自己的网站、应用程序和奖励中心，以激励客户直接向他们预订，为他们节省了向Expedia等第三方网站和应用程序的预订费用。随着这些竞争压力的增加，Expedia和其他在线旅游预订公司降低佣金和价格以适应不断上升的压力，其利润率可能会受到打击。</blockquote></p><p> <b>Overall: Perfectly Situated</b></p><p><blockquote><b>总体：地理位置优越</b></blockquote></p><p> With the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.</p><p><blockquote>随着整个行业，尤其是Expedia预计将在未来5年内稳步增长，随着他们从COVID-19大流行的暴跌中恢复过来，投资者可能会从Expedia中享受每年8%左右的稳定增长率，鉴于目前的整体估值，几乎肯定会高于整体市场。</blockquote></p><p> Another positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.</p><p><blockquote>Expedia的另一个积极因素是股息回报。在疫情肆虐期间，他们于2020年底暂停派息，以节省成本，每年保留近2亿美元的现金。正如他们在同一份新闻稿中所说，这不仅仅是一个疯狂的猜测，我预计他们会在恢复并重新获得现金流产生能力时返还股息。</blockquote></p><p> I don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.</p><p><blockquote>我不知道他们是否会恢复到1.34美元的年度股息，年收益率为0.83%，但我会等待与他们预期派息率相关的进一步消息。其中的推测部分是，考虑到预期现金流，我们可以看到股息支付的跃升，并且我们可能会看到超过1%的收益率，使每年的总潜在回报率接近10%，这可以吸引长期投资者。</blockquote></p><p> Overall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.</p><p><blockquote>总体而言，我相信随着商务和国际旅行在今年年底或明年初反弹，Expedia的估值非常高，并且完全有能力利用稳定增长，恢复到甚至超过我们在大流行前看到的水平。</blockquote></p><p> I am bullish on Expedia's 5-year prospects.</p><p><blockquote>我看好Expedia的5年前景。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated\">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":{"EXPE":"Expedia"},"source_url":"https://seekingalpha.com/article/4443422-expedia-perfectly-valued-perfectly-situated","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190185935","content_text":"Summary\n\nExpedia's income plunged after lockdowns shut down travel across the world. Now, they are trading above pre-pandemic levels with travel not yet recovered.\nWith business and international travel expected to pick up in late 2020 or early 2021, I believe the company is perfectly valued and situated to take advantage of steady growth.\nI am bullish on the company's 5-year prospects.\n\nArtMarie/E+ via Getty Images\nTravel, in all of its forms, has taken the biggest hit from closures and lockdown during the COVID-19 pandemic as flights were cancelled, hotels shuttered and individuals and companies reducing travel to near zero for nearly a year.\nExpedia (EXPE), through its various offerings, is a major player in the travel industry, where it offers a database of flights, hotels, car rentals, short-term apartment rentals, cruise bookings and more. During the pandemic, they've seen their revenues plunge from over $12 billion in 2019 to just over $5 billion in 2020 and subsequently suspended their dividend and reported a wide loss of over $1.5 billion for 2020.\nNow, with the recovery underway and retail travel reaching record reopening numbers, there are several positives and negatives to consider with Expedia. The negative one being share price, with them currently trading at roughly double where they were before the pandemic even started, yet travel is not expected to return to those levels for quite some time. The positive side of this is that we now have a clear indication that travel growth is expected to remain high for quite some time, allowing for higher industry valuations. Let's explore these catalysts and see where the company stands relative to the industry and its closest peers.\nNegative Approach: Overvalued? Competition?\nBefore getting to the share price and competitive parts of the conversation, let's explore some other negative elements to Expedia.\nDebt and interest expense had surged in2019following expansion into various industries and consolidation. Debt went from $4.2 billion in 2019 to $8.2 billion in 2020 and interest expense nearlydoubledas well, from under $200 million to $408 million in the most recent company update. This may have been a strategic mistake on behalf of the company since we're now expecting interest rates to increase over the coming years, meaning that the company can see interest expense nearly double and approach $750 million by 2023 if they don't put a plan to retire or restructure some of the debt.\nEven so, the company does have a high cash position and they can, in theory, use it to pay down some of their high interest debt earlier than expected to avoid this charge. I'll discuss their cash situation later in the article.\nThe main negative approach I had when I first saw the company's share price recovery in full effect is their valuation. Before the COVID-19 pandemic shut down worldwide travel, the company was trading around the $120.00 per share levels and are now trading around $170.00 per share, roughly 50% higher at various peaks. This is happening even as travel, and revenues, are not expected to recover to pre-pandemic levels until 24 months from now and even longer if we don't see the expected international travel pick up, since right now domestic travel surges are compensating for softer business and international travel.\nEven so, a look at the company's valuation and multiples based off analyst projections, along with what I believe will be a better-than-expected actual results from the company, shows that the company is, for lack of a better term, perfectly and fairly valued.\nCompany Valuation: Perfection\nLooking at the company's own projections isn't enough here, since competitive pressures remain high in this relatively saturated industry. Let's evaluate the company relative to Booking Holdings (BKNG), which is currently the world's largest online travel company and Expedia's closest competitor in the public markets.\nFirst, let's look at expected EPS growth through the next 5 years.\n\nGiven that Expedia is coming out of a loss per share while Booking managed to maintain a profit, it's important to look at the expected growth from 2022 to 2025 to get a sense of comparison. Over that time period, Expedia is set to grow EPS by 82% while Booking is set to grow EPS by 62%. This given Expedia an advantage, I believe, in valuation multiples when compared to Booking. Let's look at multiples.\n\nAs we can see, even though Expedia is expected to grow at a slightly faster rate over the next 5 years than Booking is, they're trading at slightly lower to even multiples. Now, it's possible that Booking is slightly overvalued while Expedia is fairly valued, but I believe that based off the aforementioned factors and given that I believe Expedia can continue to enjoy higher margins (Expedia currently holds a 68% gross margin while Booking a 64% margin), that both cases are true and that Booking is slightly overvalued while Expedia is ever-so-slightly undervalued.\nBalance Sheets and Other Competition\nThere are 2 more factors worth considering, one positive and one negative.\nThe positive factor is the company's balance sheet. Even though they hold a large debt position of over $8 billion and are likely to see interest expense rise as interest rates do, they hold one of their largest cash positions they've even had, aided by cost cutting initiatives throughout the pandemic, including suspending their dividend, a factor I'll get into in the next segment.\nExpedia currently holds almost$4.3 billionin cash and equivalents and another $23 million in short term investments. This puts their net debt position at under $4.5 billion with expected cash flows over the next few years being enough to cover interest and restructuring charges as interest rates inch higher.\nThe negative factor here is direct and indirect competition. As mentioned earlier, companies like Booking are their main competitive headwinds but there is also the constant possibility that new websites with superior algorithms may spur up at any moment and take away business. An example of this are various sites like Skyscanner (TCOM), which does to sites like Expedia what Expedia does to hotel and airlines sites and occasionally can find significant savings by booking with one of Expedia's competitors. The emergence of these sites won't hurt their core sales stream but can put significant pressure on the company's margins.\nAn inorganic way that the company faces competitive pressures is from the original airlines, hotel, car rental and cruise companies themselves, which in recent years have made a big push to develop their own websites, applications and rewards centers to incentivize customers to book directly with them, saving them the booking costs to these third party sites and apps like Expedia. As these competitive pressures grow, Expedia and other online travel booking companies can see their margin take a hit as they lower commissions and prices to adapt to the rising pressures.\nOverall: Perfectly Situated\nWith the industry overall and Expedia in particular expected to grow steadily over the next 5 years, as they recover from the COVID-19 pandemic plunge, investors will likely enjoy a steady growth rate of around 8% annually from Expedia, which given current overall valuations, will almost certainly be higher than the overall market.\nAnother positive factor for Expedia is the return of their dividend. They suspended their dividend back in late 2020 to save costs as the pandemic raged on, keeping nearly $200 million annually in cash. As they stated in that same release, so this isn't just a wild speculation, I expect them to return the dividend as they recover and regain their cash flow generating capabilities.\nI don't know if they'll return to the $1.34 annual dividend for a yield of 0.83% annually, but I'll await further news related to their expected payout ratio. The speculative part of this is that we can see a jump in dividend payout given expected cash flows and it's possible we see a yield of over 1%, bringing total potential return closer to 10% annually, which can entice long term investors.\nOverall, I believe Expedia is perfectly valued and perfectly situated to take advantage of the steady growth back to and beyond levels we saw pre-pandemic as business and international travel bounces back late this year or early next year.\nI am bullish on Expedia's 5-year prospects.","news_type":1,"symbols_score_info":{"EXPE":0.9}},"isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891613303,"gmtCreate":1628385714402,"gmtModify":1633751350000,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891613303","repostId":"2157449747","repostType":2,"repost":{"id":"2157449747","kind":"news","pubTimestamp":1628382414,"share":"https://www.laohu8.com/m/news/2157449747?lang=zh_CN&edition=full","pubTime":"2021-08-08 08:26","market":"us","language":"zh","title":"iPhone新专利曝光 刘海设计有望取消","url":"https://stock-news.laohu8.com/highlight/detail?id=2157449747","media":"DoNews","summary":"DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了苹果一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。这项技术其实并不难实现，借助机械组件和柔性屏就可以轻松完成。值得一提的是，苹果的全面屏方案在执行时并非是移动整个显示面板，而是在整个面板上制定一个区域作为可移动窗口。","content":"<html><body><article><p>DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了<a href=\"https://laohu8.com/S/AAPL\">苹果</a>一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。</p><p>据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。</p><p>这项技术其实并不难实现，借助机械组件和柔性屏就可以轻松完成。值得一提的是，苹果的全面屏方案在执行时并非是移动整个显示面板，而是在整个面板上制定一个区域作为可移动窗口。</p></article></body></html>","source":"tencent","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>iPhone新专利曝光 刘海设计有望取消</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{ 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\niPhone新专利曝光 刘海设计有望取消\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-08 08:26 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080808274279de1353&s=b><strong>DoNews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了苹果一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。这项技术其实并不难实现，借助机械组件和柔性屏就...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080808274279de1353&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d776d009b18d65f20684c952b9f84cf8","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080808274279de1353&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2157449747","content_text":"DoNews 8月8日 消息（丁凡）近日，美国专利和商标局授予了苹果一项名为“可调节显示窗口的电子设备”专利。资料显示，该专利或可以让苹果饱受用户诟病的小刘海消失。而苹果新专利显示，iPhone可以移动显示屏来解决传感器裸露问题。据悉，苹果计划为iPhone打造一块没有任何空洞的显示屏，在需要请前置镜头工作室，移动显示面板，为显示器创造一个透光窗口。这项技术其实并不难实现，借助机械组件和柔性屏就可以轻松完成。值得一提的是，苹果的全面屏方案在执行时并非是移动整个显示面板，而是在整个面板上制定一个区域作为可移动窗口。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891619192,"gmtCreate":1628385652616,"gmtModify":1633751350792,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891619192","repostId":"2157492839","repostType":4,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833908735,"gmtCreate":1629193760627,"gmtModify":1633686678163,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833908735","repostId":"1123297263","repostType":4,"repost":{"id":"1123297263","kind":"news","pubTimestamp":1629192705,"share":"https://www.laohu8.com/m/news/1123297263?lang=zh_CN&edition=full","pubTime":"2021-08-17 17:31","market":"us","language":"en","title":"JPMorgan Lists The Bull And Bear Cases For Markets<blockquote>摩根大通列出了市场的牛市和熊市案例</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123297263","media":"zerohedge","summary":"With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltu","content":"<p>With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltup in the market that has now pushed the S&amp;P 100% higher from the pandemic bottom in March 2020 and is trading at a new all time high as of this moment, this morning JPMorgan - which has been one of the most vocally bullish banks even if it has called for outperformance of value stocks which have lost their mojo in the past 3 months as the reflation case was abandoned by markets - published its Bull and Bear Cases, including several key risks that the bank's strategist believe will define markets for the next few months.</p><p><blockquote>随着大多数银行因未能预测市场崩溃而道歉（见高盛和摩根士丹利），市场崩溃已将标准普尔指数从2020年3月的大流行底部推高100%，目前交易价格创下历史新高，今天上午摩根大通（JPMorgan）一直是最积极乐观的银行之一，尽管它呼吁价值股表现优异，但由于通货再膨胀案例被市场放弃，这些股票在过去3个月中失去了魔力——发布了牛市和熊市案例，包括该行策略师认为将定义未来几个月市场的几个关键风险。</blockquote></p><p> <u><b>BULL CASE:</b></u></p><p><blockquote><u><b>牛市案例：</b></u></blockquote></p><p> <ol>  <li><b>Earnings momentum</b>– JPM's chief equity strategist increased his EPS estimates on 7/20/21 to $205 for 2021, $230for 2022, and $250 for 2023; all are above Street consensus</li>  <li><b>Accelerating buybacks</b>– As of 8/6/21 there were $477bn of announced buybacks, implying $800bn annualized number which would trail only 2018 in $-volume and exceed 2019’s $702bn</li>  <li><b>Improving COVID environment</b>–this will boost Consumer spending and job growth; JPM cites Marko Kolanovic' view that the effective reproduction number (Rt) is declining in 40 of 50 states</li>  <li><b>More stimulus</b>– the most likely is infrastructure,<b>which could be $550bn or ~$4T</b></li>  <li><b>China growth reboot</b>– China may decide to add more fiscal &amp; monetary stimulus helping boost RoW</li>  <li><b>Improved labor markets</b>– this would also have positive, direct impacts on GDP.</li> </ol> <u><b>BEAR CASE:</b></u></p><p><blockquote><ol><li><b>盈利势头</b>-摩根大通首席股票策略师于2011年7月20日将2021年每股收益预期上调至205美元、2022年230美元和2023年250美元；一切都超出了街头共识</li><li><b>加速回购</b>-截至2011年8月6日，已宣布的回购金额为4770亿美元，这意味着年化数字为8000亿美元，仅落后于2018年，超过2019年的7020亿美元</li><li><b>改善COVID环境</b>-这将促进消费者支出和就业增长；摩根大通援引Marko Kolanovic的观点，即50个州中有40个州的有效繁殖数量(Rt)正在下降</li><li><b>更多刺激</b>-最有可能的是基础设施，<b>可能是5500亿美元或约4T美元</b></li><li><b>中国增长重启</b>-中国可能决定增加更多财政和货币刺激措施，以帮助提振RoW</li><li><b>改善劳动力市场</b>-这也将对国内生产总值产生积极的直接影响。</li></ol><u><b>熊案例：</b></u></blockquote></p><p> <ol>  <li><b>COVID expands/mutates</b>– JPM says that there is evidence that Delta-variant is more harmful on children than other strains and the under 18 year old hospitalization rate is the highest of the pandemic (WaPo); given children under 12 are ineligible for vaccines JPM believes that \"<i><b>we may see lockdowns reinstated to protect kids</b></i>\"</li>  <li><b>Online schooling</b>– A move to delay or cancel in-person learning is market negative given the impacts on the labor market, spending without stimulus, and sentiment;</li>  <li><b>Fed policy mistake</b>– The bank believes that at this stage, it would be too early for the Fed to announce tapering which could mean that unemployment does not reach February 2020 levels as financial conditions tighten;</li>  <li><b>China’s COVID-Zero policy hurts global growth</b>– the shutdown of the world’s 3rd busiest port in China in response to one positive case triggering global delays include at the Port of Los Angeles but generally the policy has led most economists to downgrade growth.</li>  <li><b>Government Shutdown</b>– US fiscal policy has been a tailwind throughout the pandemic but the fighting surrounding infra and the debt ceiling could lead to another shutdown according to JPM; the 2011 shutdown led to a US credit downgrade on 8/5/11 triggering a 1.29% decline in the SPX in Aug/Sept with the 10Y yield falling from 2.40% on 8/4 to 1.92% on 9/30</li> </ol> <u><b>RISKS:</b></u></p><p><blockquote><ol><li><b>COVID扩大/变异</b>-JPM表示，有证据表明Delta变种对儿童的危害比其他毒株更大，18岁以下的住院率是疫情中最高的（WaPo）；鉴于12岁以下儿童没有资格接种疫苗，摩根大通认为“<i><b>我们可能会看到恢复封锁以保护儿童</b></i>\"</li><li><b>在线学校教育</b>-考虑到对劳动力市场、无刺激支出和情绪的影响，推迟或取消面对面学习的举措对市场不利；</li><li><b>美联储政策失误</b>-该行认为，在现阶段，美联储宣布缩减规模还为时过早，这可能意味着随着金融状况收紧，失业率不会达到2020年2月的水平；</li><li><b>中国的零新冠政策损害了全球增长</b>-中国关闭了世界第三繁忙的港口，以应对洛杉矶港等引发全球延误的积极案例，但总体而言，该政策导致大多数经济学家下调了增长评级。</li><li><b>政府关门</b>-摩根大通表示，美国财政政策在整个疫情期间一直是顺风车，但围绕基础设施和债务上限的斗争可能会导致另一次政府关门；2011年政府关门导致美国信用评级于2011年8月5日下调，引发SPX指数在8月/9月下跌1.29%，10年期收益率从8月4日的2.40%跌至9月30日的1.92%</li></ol><u><b>风险：</b></u></blockquote></p><p> <ol>  <li><b>Geopolitics</b>– the top risk is the situation in Afghanistan which could spill across the region potentially bringing American/Allied, Chinese, or Russian, forces to the region or a prolonged basis; at best this is a humanitarian crisis that triggers waves of refugees;</li>  <li><b>US Consumer fails to boost the economy</b>– while much focus has been on stimulus and savings rates, one hidden source of level is the proliferation of Buy Now, Pay Later (“BNPL”) that grew from $9.5bn in 2019 to $19bn in 2020 (CNBC) and may grow exponentially from here given new entrants like Apple and M&amp;A. There is evidence that BNPL represents hidden leverage and thus could mute the impact of normalizing savings rates and/or become a new source of economy-wide credit risk.</li>  <li><b>Rates/USD</b>– a surge in yields, a plunge in dollars, or inflation expectations jumping materially could drive volatility into Equity markets; and,</li>  <li><b>Financial conditions</b>– could become a headwind, stalling growth.</li> </ol></p><p><blockquote><ol><li><b>地缘政治学</b>-最大的风险是阿富汗局势，它可能蔓延到整个地区，有可能将美国/盟国、中国或俄罗斯的部队带到该地区或长期驻扎；这充其量是一场引发难民潮的人道主义危机；</li><li><b>美国消费者未能提振经济</b>-虽然很多焦点都集中在刺激和储蓄率上，但水平的一个隐藏来源是先买后付（“BNPL”）的激增，从2019年的95亿美元增长到2020年的190亿美元（CNBC），并且可能会呈指数级增长考虑到苹果和并购等新进入者，从这里开始。有证据表明，BNPL代表着隐性杠杆，因此可能会削弱储蓄率正常化的影响和/或成为整个经济信用风险的新来源。</li><li><b>费率/美元</b>-收益率飙升、美元暴跌或通胀预期大幅跃升可能会导致股市波动；并且，</li><li><b>财务状况</b>-可能成为阻力，阻碍增长。</li></ol></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>JPMorgan Lists The Bull And Bear Cases For Markets<blockquote>摩根大通列出了市场的牛市和熊市案例</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\">\nJPMorgan Lists The Bull And Bear Cases For Markets<blockquote>摩根大通列出了市场的牛市和熊市案例</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-08-17 17:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltup in the market that has now pushed the S&amp;P 100% higher from the pandemic bottom in March 2020 and is trading at a new all time high as of this moment, this morning JPMorgan - which has been one of the most vocally bullish banks even if it has called for outperformance of value stocks which have lost their mojo in the past 3 months as the reflation case was abandoned by markets - published its Bull and Bear Cases, including several key risks that the bank's strategist believe will define markets for the next few months.</p><p><blockquote>随着大多数银行因未能预测市场崩溃而道歉（见高盛和摩根士丹利），市场崩溃已将标准普尔指数从2020年3月的大流行底部推高100%，目前交易价格创下历史新高，今天上午摩根大通（JPMorgan）一直是最积极乐观的银行之一，尽管它呼吁价值股表现优异，但由于通货再膨胀案例被市场放弃，这些股票在过去3个月中失去了魔力——发布了牛市和熊市案例，包括该行策略师认为将定义未来几个月市场的几个关键风险。</blockquote></p><p> <u><b>BULL CASE:</b></u></p><p><blockquote><u><b>牛市案例：</b></u></blockquote></p><p> <ol>  <li><b>Earnings momentum</b>– JPM's chief equity strategist increased his EPS estimates on 7/20/21 to $205 for 2021, $230for 2022, and $250 for 2023; all are above Street consensus</li>  <li><b>Accelerating buybacks</b>– As of 8/6/21 there were $477bn of announced buybacks, implying $800bn annualized number which would trail only 2018 in $-volume and exceed 2019’s $702bn</li>  <li><b>Improving COVID environment</b>–this will boost Consumer spending and job growth; JPM cites Marko Kolanovic' view that the effective reproduction number (Rt) is declining in 40 of 50 states</li>  <li><b>More stimulus</b>– the most likely is infrastructure,<b>which could be $550bn or ~$4T</b></li>  <li><b>China growth reboot</b>– China may decide to add more fiscal &amp; monetary stimulus helping boost RoW</li>  <li><b>Improved labor markets</b>– this would also have positive, direct impacts on GDP.</li> </ol> <u><b>BEAR CASE:</b></u></p><p><blockquote><ol><li><b>盈利势头</b>-摩根大通首席股票策略师于2011年7月20日将2021年每股收益预期上调至205美元、2022年230美元和2023年250美元；一切都超出了街头共识</li><li><b>加速回购</b>-截至2011年8月6日，已宣布的回购金额为4770亿美元，这意味着年化数字为8000亿美元，仅落后于2018年，超过2019年的7020亿美元</li><li><b>改善COVID环境</b>-这将促进消费者支出和就业增长；摩根大通援引Marko Kolanovic的观点，即50个州中有40个州的有效繁殖数量(Rt)正在下降</li><li><b>更多刺激</b>-最有可能的是基础设施，<b>可能是5500亿美元或约4T美元</b></li><li><b>中国增长重启</b>-中国可能决定增加更多财政和货币刺激措施，以帮助提振RoW</li><li><b>改善劳动力市场</b>-这也将对国内生产总值产生积极的直接影响。</li></ol><u><b>熊案例：</b></u></blockquote></p><p> <ol>  <li><b>COVID expands/mutates</b>– JPM says that there is evidence that Delta-variant is more harmful on children than other strains and the under 18 year old hospitalization rate is the highest of the pandemic (WaPo); given children under 12 are ineligible for vaccines JPM believes that \"<i><b>we may see lockdowns reinstated to protect kids</b></i>\"</li>  <li><b>Online schooling</b>– A move to delay or cancel in-person learning is market negative given the impacts on the labor market, spending without stimulus, and sentiment;</li>  <li><b>Fed policy mistake</b>– The bank believes that at this stage, it would be too early for the Fed to announce tapering which could mean that unemployment does not reach February 2020 levels as financial conditions tighten;</li>  <li><b>China’s COVID-Zero policy hurts global growth</b>– the shutdown of the world’s 3rd busiest port in China in response to one positive case triggering global delays include at the Port of Los Angeles but generally the policy has led most economists to downgrade growth.</li>  <li><b>Government Shutdown</b>– US fiscal policy has been a tailwind throughout the pandemic but the fighting surrounding infra and the debt ceiling could lead to another shutdown according to JPM; the 2011 shutdown led to a US credit downgrade on 8/5/11 triggering a 1.29% decline in the SPX in Aug/Sept with the 10Y yield falling from 2.40% on 8/4 to 1.92% on 9/30</li> </ol> <u><b>RISKS:</b></u></p><p><blockquote><ol><li><b>COVID扩大/变异</b>-JPM表示，有证据表明Delta变种对儿童的危害比其他毒株更大，18岁以下的住院率是疫情中最高的（WaPo）；鉴于12岁以下儿童没有资格接种疫苗，摩根大通认为“<i><b>我们可能会看到恢复封锁以保护儿童</b></i>\"</li><li><b>在线学校教育</b>-考虑到对劳动力市场、无刺激支出和情绪的影响，推迟或取消面对面学习的举措对市场不利；</li><li><b>美联储政策失误</b>-该行认为，在现阶段，美联储宣布缩减规模还为时过早，这可能意味着随着金融状况收紧，失业率不会达到2020年2月的水平；</li><li><b>中国的零新冠政策损害了全球增长</b>-中国关闭了世界第三繁忙的港口，以应对洛杉矶港等引发全球延误的积极案例，但总体而言，该政策导致大多数经济学家下调了增长评级。</li><li><b>政府关门</b>-摩根大通表示，美国财政政策在整个疫情期间一直是顺风车，但围绕基础设施和债务上限的斗争可能会导致另一次政府关门；2011年政府关门导致美国信用评级于2011年8月5日下调，引发SPX指数在8月/9月下跌1.29%，10年期收益率从8月4日的2.40%跌至9月30日的1.92%</li></ol><u><b>风险：</b></u></blockquote></p><p> <ol>  <li><b>Geopolitics</b>– the top risk is the situation in Afghanistan which could spill across the region potentially bringing American/Allied, Chinese, or Russian, forces to the region or a prolonged basis; at best this is a humanitarian crisis that triggers waves of refugees;</li>  <li><b>US Consumer fails to boost the economy</b>– while much focus has been on stimulus and savings rates, one hidden source of level is the proliferation of Buy Now, Pay Later (“BNPL”) that grew from $9.5bn in 2019 to $19bn in 2020 (CNBC) and may grow exponentially from here given new entrants like Apple and M&amp;A. There is evidence that BNPL represents hidden leverage and thus could mute the impact of normalizing savings rates and/or become a new source of economy-wide credit risk.</li>  <li><b>Rates/USD</b>– a surge in yields, a plunge in dollars, or inflation expectations jumping materially could drive volatility into Equity markets; and,</li>  <li><b>Financial conditions</b>– could become a headwind, stalling growth.</li> </ol></p><p><blockquote><ol><li><b>地缘政治学</b>-最大的风险是阿富汗局势，它可能蔓延到整个地区，有可能将美国/盟国、中国或俄罗斯的部队带到该地区或长期驻扎；这充其量是一场引发难民潮的人道主义危机；</li><li><b>美国消费者未能提振经济</b>-虽然很多焦点都集中在刺激和储蓄率上，但水平的一个隐藏来源是先买后付（“BNPL”）的激增，从2019年的95亿美元增长到2020年的190亿美元（CNBC），并且可能会呈指数级增长考虑到苹果和并购等新进入者，从这里开始。有证据表明，BNPL代表着隐性杠杆，因此可能会削弱储蓄率正常化的影响和/或成为整个经济信用风险的新来源。</li><li><b>费率/美元</b>-收益率飙升、美元暴跌或通胀预期大幅跃升可能会导致股市波动；并且，</li><li><b>财务状况</b>-可能成为阻力，阻碍增长。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/jpmorgan-lists-bull-and-bear-cases-markets\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/jpmorgan-lists-bull-and-bear-cases-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123297263","content_text":"With most banks publishing mea culpas (seeGoldmanandMorgan Stanley) for failing to predict the meltup in the market that has now pushed the S&P 100% higher from the pandemic bottom in March 2020 and is trading at a new all time high as of this moment, this morning JPMorgan - which has been one of the most vocally bullish banks even if it has called for outperformance of value stocks which have lost their mojo in the past 3 months as the reflation case was abandoned by markets - published its Bull and Bear Cases, including several key risks that the bank's strategist believe will define markets for the next few months.\nBULL CASE:\n\nEarnings momentum– JPM's chief equity strategist increased his EPS estimates on 7/20/21 to $205 for 2021, $230for 2022, and $250 for 2023; all are above Street consensus\nAccelerating buybacks– As of 8/6/21 there were $477bn of announced buybacks, implying $800bn annualized number which would trail only 2018 in $-volume and exceed 2019’s $702bn\nImproving COVID environment–this will boost Consumer spending and job growth; JPM cites Marko Kolanovic' view that the effective reproduction number (Rt) is declining in 40 of 50 states\nMore stimulus– the most likely is infrastructure,which could be $550bn or ~$4T\nChina growth reboot– China may decide to add more fiscal & monetary stimulus helping boost RoW\nImproved labor markets– this would also have positive, direct impacts on GDP.\n\nBEAR CASE:\n\nCOVID expands/mutates– JPM says that there is evidence that Delta-variant is more harmful on children than other strains and the under 18 year old hospitalization rate is the highest of the pandemic (WaPo); given children under 12 are ineligible for vaccines JPM believes that \"we may see lockdowns reinstated to protect kids\"\nOnline schooling– A move to delay or cancel in-person learning is market negative given the impacts on the labor market, spending without stimulus, and sentiment;\nFed policy mistake– The bank believes that at this stage, it would be too early for the Fed to announce tapering which could mean that unemployment does not reach February 2020 levels as financial conditions tighten;\nChina’s COVID-Zero policy hurts global growth– the shutdown of the world’s 3rd busiest port in China in response to one positive case triggering global delays include at the Port of Los Angeles but generally the policy has led most economists to downgrade growth.\nGovernment Shutdown– US fiscal policy has been a tailwind throughout the pandemic but the fighting surrounding infra and the debt ceiling could lead to another shutdown according to JPM; the 2011 shutdown led to a US credit downgrade on 8/5/11 triggering a 1.29% decline in the SPX in Aug/Sept with the 10Y yield falling from 2.40% on 8/4 to 1.92% on 9/30\n\nRISKS:\n\nGeopolitics– the top risk is the situation in Afghanistan which could spill across the region potentially bringing American/Allied, Chinese, or Russian, forces to the region or a prolonged basis; at best this is a humanitarian crisis that triggers waves of refugees;\nUS Consumer fails to boost the economy– while much focus has been on stimulus and savings rates, one hidden source of level is the proliferation of Buy Now, Pay Later (“BNPL”) that grew from $9.5bn in 2019 to $19bn in 2020 (CNBC) and may grow exponentially from here given new entrants like Apple and M&A. There is evidence that BNPL represents hidden leverage and thus could mute the impact of normalizing savings rates and/or become a new source of economy-wide credit risk.\nRates/USD– a surge in yields, a plunge in dollars, or inflation expectations jumping materially could drive volatility into Equity markets; and,\nFinancial conditions– could become a headwind, stalling growth.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802214795,"gmtCreate":1627782487417,"gmtModify":1633756473599,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802214795","repostId":"1141267906","repostType":4,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897692225,"gmtCreate":1628910256767,"gmtModify":1633688556138,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897692225","repostId":"1167599158","repostType":4,"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806904783,"gmtCreate":1627621639842,"gmtModify":1633757671670,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Aiyaaaa","listText":"Aiyaaaa","text":"Aiyaaaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806904783","repostId":"1158304787","repostType":4,"repost":{"id":"1158304787","kind":"news","pubTimestamp":1627615747,"share":"https://www.laohu8.com/m/news/1158304787?lang=zh_CN&edition=full","pubTime":"2021-07-30 11:29","market":"other","language":"en","title":"Oil falls but heads for strong weekly gain on demand growth<blockquote>油价下跌，但因需求增长而每周强劲上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158304787","media":"FOX Business","summary":"Both benchmark contracts were headed for gains of around 2% for the week.\nOil pricesfell on Friday b","content":"<p><i><b>Both benchmark contracts were headed for gains of around 2% for the week.</b></i></p><p><blockquote><i><b>两个基准合约本周均上涨2%左右。</b></i></blockquote></p><p> Oil pricesfell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence incoronaviruscases worldwide.</p><p><blockquote>油价周五下跌，但本周有望强劲上涨，需求增长快于供应，而疫苗接种抑制了全球冠状病毒病例死灰复燃的影响。</blockquote></p><p> Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday.</p><p><blockquote>截至格林威治标准时间0151，布伦特原油期货下跌40美分，或0.5%，至每桶75.65美元，周四上涨1.75%。美国西德克萨斯中质原油(WTI)期货下跌38美分，跌幅0.5%，至每桶73.24美元，较周四1.7%的涨幅有所收窄。</blockquote></p><p> Both benchmark contracts were headed for gains of around 2% for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.</p><p><blockquote>受全球最大石油消费国美国原油供应紧张和需求强劲的迹象提振，这两个基准合约本周均上涨约2%。</blockquote></p><p> \"We've got stronger prices for a bit longer now, because it's a fundamental supply-demand issue in terms of the recovery in demand we're seeing in places like the United States,\" said Justin Smirk, senior economist at Westpac.</p><p><blockquote>西太平洋银行(Westpac)高级经济学家贾斯汀·斯默克(Justin Smirk)表示：“我们现在的价格走强已经持续了一段时间，因为就我们在美国等地看到的需求复苏而言，这是一个根本性的供需问题。”</blockquote></p><p> U.S. crude and gasoline inventories fell sharply in the latest week, with crude stocks at Cushing at their lowest since January 2020, reflecting strong demand growth. ANZ analysts noted even jet fuel consumption in the country had hit its highest level since March 2020.</p><p><blockquote>最近一周美国原油和汽油库存大幅下降，库欣原油库存为2020年1月以来最低，反映出需求增长强劲。澳新银行分析师指出，就连该国的航空燃油消耗量也达到了2020年3月以来的最高水平。</blockquote></p><p> Even with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said rising vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year.</p><p><blockquote>分析师表示，尽管美国、亚洲各地和欧洲部分地区的冠状病毒病例不断上升，但疫苗接种率的上升将限制去年疫情高峰期间导致需求枯竭的严厉封锁的必要性。</blockquote></p><p> \"I think the risks of the large shutdowns we saw last year are much lower,\" Smirk said.</p><p><blockquote>“我认为我们去年看到的大规模停工的风险要低得多，”斯默克说。</blockquote></p><p> Analysts point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.</p><p><blockquote>分析师指出，继今年早些时候COVID-19激增后，印度汽油消费和工业生产迅速反弹，这表明经济对疫情更具弹性。</blockquote></p><p> \"Yes, Delta is a risk, but is it going to derail demand growth in the second half? We may not see that,\" said Commonwealth Bank commodities analyst Vivek Dhar.</p><p><blockquote>联邦银行大宗商品分析师Vivek Dhar表示：“是的，达美航空是一种风险，但它会破坏下半年的需求增长吗？我们可能看不到这一点。”</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>","source":"lsy1602566126337","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>Oil falls but heads for strong weekly gain on demand growth<blockquote>油价下跌，但因需求增长而每周强劲上涨</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\">\nOil falls but heads for strong weekly gain on demand growth<blockquote>油价下跌，但因需求增长而每周强劲上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FOX Business</strong><span class=\"h-time small\">2021-07-30 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>Both benchmark contracts were headed for gains of around 2% for the week.</b></i></p><p><blockquote><i><b>两个基准合约本周均上涨2%左右。</b></i></blockquote></p><p> Oil pricesfell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence incoronaviruscases worldwide.</p><p><blockquote>油价周五下跌，但本周有望强劲上涨，需求增长快于供应，而疫苗接种抑制了全球冠状病毒病例死灰复燃的影响。</blockquote></p><p> Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday.</p><p><blockquote>截至格林威治标准时间0151，布伦特原油期货下跌40美分，或0.5%，至每桶75.65美元，周四上涨1.75%。美国西德克萨斯中质原油(WTI)期货下跌38美分，跌幅0.5%，至每桶73.24美元，较周四1.7%的涨幅有所收窄。</blockquote></p><p> Both benchmark contracts were headed for gains of around 2% for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.</p><p><blockquote>受全球最大石油消费国美国原油供应紧张和需求强劲的迹象提振，这两个基准合约本周均上涨约2%。</blockquote></p><p> \"We've got stronger prices for a bit longer now, because it's a fundamental supply-demand issue in terms of the recovery in demand we're seeing in places like the United States,\" said Justin Smirk, senior economist at Westpac.</p><p><blockquote>西太平洋银行(Westpac)高级经济学家贾斯汀·斯默克(Justin Smirk)表示：“我们现在的价格走强已经持续了一段时间，因为就我们在美国等地看到的需求复苏而言，这是一个根本性的供需问题。”</blockquote></p><p> U.S. crude and gasoline inventories fell sharply in the latest week, with crude stocks at Cushing at their lowest since January 2020, reflecting strong demand growth. ANZ analysts noted even jet fuel consumption in the country had hit its highest level since March 2020.</p><p><blockquote>最近一周美国原油和汽油库存大幅下降，库欣原油库存为2020年1月以来最低，反映出需求增长强劲。澳新银行分析师指出，就连该国的航空燃油消耗量也达到了2020年3月以来的最高水平。</blockquote></p><p> Even with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said rising vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year.</p><p><blockquote>分析师表示，尽管美国、亚洲各地和欧洲部分地区的冠状病毒病例不断上升，但疫苗接种率的上升将限制去年疫情高峰期间导致需求枯竭的严厉封锁的必要性。</blockquote></p><p> \"I think the risks of the large shutdowns we saw last year are much lower,\" Smirk said.</p><p><blockquote>“我认为我们去年看到的大规模停工的风险要低得多，”斯默克说。</blockquote></p><p> Analysts point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.</p><p><blockquote>分析师指出，继今年早些时候COVID-19激增后，印度汽油消费和工业生产迅速反弹，这表明经济对疫情更具弹性。</blockquote></p><p> \"Yes, Delta is a risk, but is it going to derail demand growth in the second half? We may not see that,\" said Commonwealth Bank commodities analyst Vivek Dhar.</p><p><blockquote>联邦银行大宗商品分析师Vivek Dhar表示：“是的，达美航空是一种风险，但它会破坏下半年的需求增长吗？我们可能看不到这一点。”</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.foxbusiness.com/markets/oil-falls-but-heads-for-strong-weekly-gain-on-demand-growth\">FOX Business</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":{},"source_url":"https://www.foxbusiness.com/markets/oil-falls-but-heads-for-strong-weekly-gain-on-demand-growth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158304787","content_text":"Both benchmark contracts were headed for gains of around 2% for the week.\nOil pricesfell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence incoronaviruscases worldwide.\nBrent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday.\nBoth benchmark contracts were headed for gains of around 2% for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.\n\"We've got stronger prices for a bit longer now, because it's a fundamental supply-demand issue in terms of the recovery in demand we're seeing in places like the United States,\" said Justin Smirk, senior economist at Westpac.\nU.S. crude and gasoline inventories fell sharply in the latest week, with crude stocks at Cushing at their lowest since January 2020, reflecting strong demand growth. ANZ analysts noted even jet fuel consumption in the country had hit its highest level since March 2020.\nEven with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said rising vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year.\n\"I think the risks of the large shutdowns we saw last year are much lower,\" Smirk said.\nAnalysts point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.\n\"Yes, Delta is a risk, but is it going to derail demand growth in the second half? We may not see that,\" said Commonwealth Bank commodities analyst Vivek Dhar.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832684978,"gmtCreate":1629621348194,"gmtModify":1633683700665,"author":{"id":"4090202836844260","authorId":"4090202836844260","name":"jhkaine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090202836844260","authorIdStr":"4090202836844260"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832684978","repostId":"2161149745","repostType":4,"isVote":1,"tweetType":1,"viewCount":2042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}