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Krishnan76

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2021-09-25

Good

IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>

2021-09-20

Insightful

If there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?<blockquote>如果电动汽车制造商有“三巨头”，谁会加入特斯拉？</blockquote>

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Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-24 23:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HLTH":"Cue Health Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104085778","content_text":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nSan Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.\nManagement is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.\nThe company’s primary offerings in its Cue Integrated Care Platform:\n\nHealth monitoring system\nRader\nCartridge\nWand\nData\nDelivery apps\nEnterprise dashboard\nEcosystem integrations\n\nCue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.\nCustomer/User Acquisition\nThe company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.\nManagement expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n1.0%\n\n\n2020\n3.1%\n\n\n2019\n1.3%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n100.5\n\n\n2020\n22.9\n\n\n\nMarket & Competition\nAccording to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.\nThis represents a forecast CAGR of 5.05% from 2021 to 2027.\nThe main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.\nAlso, below is a chart showing the market share of use of detection kits by end-user type:\n\n(Source)\nMajor competitive or other industry participants include:\n\nAbbott Laboratories(NYSE:ABT)\nBecton, Dickinson(NYSE:BDX)\nbioMerieux(OTCPK:BMXMF)\nBio-Rad Laboratories(NYSE:BIO)\nDanaher(NYSE:DHR)\nEllume Limited\nEverly Health\nRoche(OTCQX:RHHBY)(OTCQX:RHHBF)\nFluidigm(NASDAQ:FLDM)\nGenMark Diagnostics(NASDAQ:GNMK)\nOthers\n\nFinancial Performance\nCue’s recent financial results can be summarized as follows:\n\nSharply growing top line revenue\nIncreasing gross profit and variable gross margin\nA swing to operating profit and net income\nVariable cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 201,922,000\n3971.0%\n\n\n2020\n$ 22,953,000\n246.4%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 116,745,000\n2253.7%\n\n\n2020\n$ 8,002,000\n20.8%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n57.82%\n\n\n2020\n34.86%\n\n\n2019\n100.00%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 79,463,000\n39.4%\n\n\n2020\n$ (45,126,000)\n-196.6%\n\n\n2019\n$ (20,767,000)\n-313.4%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 32,840,000\n\n\n2020\n$ (47,352,000)\n\n\n2019\n$ (20,606,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (37,812,000)\n\n\n2020\n$ 92,655,000\n\n\n2019\n$ (12,996,000)\n\n\n\nAs of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($60 million).\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$2,299,981,232\n\n\nEnterprise Value\n$1,874,455,232\n\n\nPrice / Sales\n10.46\n\n\nEV / Revenue\n8.52\n\n\nEV / EBITDA\n35.46\n\n\nEarnings Per Share\n$0.03\n\n\nFloat To Outstanding Shares Ratio\n8.70%\n\n\nProposed IPO Midpoint Price per Share\n$16.00\n\n\nNet Free Cash Flow\n-$59,920,000\n\n\nFree Cash Flow Yield Per Share\n-2.61%\n\n\nRevenue Growth Rate\n3971.01%\n\n\n\nAs a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nBio-Rad (BIO)\nCue Health (HLTH)\nVariance\n\n\nPrice / Sales\n8.15\n10.46\n28.3%\n\n\nEV / Revenue\n7.82\n8.52\n9.0%\n\n\nEV / EBITDA\n31.66\n35.46\n12.0%\n\n\nEarnings Per Share\n$134.05\n$0.03\n-100.0%\n\n\nRevenue Growth Rate\n25.6%\n3971.01%\n15436.03%\n\n\n(Glossary Of Terms)\n\n\n\nCommentary\nCue is seeking public investment capital to further scale its commercialization operations as well as continue its R & D efforts.\nThe company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations\nFree cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.\nThe market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.\nAs for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.\nGiven Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.","news_type":1,"symbols_score_info":{"HLTH":0.9}},"isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860044646,"gmtCreate":1632112024085,"gmtModify":1632802751036,"author":{"id":"4092398047561370","authorId":"4092398047561370","name":"Krishnan76","avatar":"https://static.tigerbbs.com/31fa8fd76ec086206260c57800ac85e7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4092398047561370","authorIdStr":"4092398047561370"},"themes":[],"htmlText":"Insightful","listText":"Insightful","text":"Insightful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860044646","repostId":"1165266849","repostType":4,"repost":{"id":"1165266849","kind":"news","pubTimestamp":1632095568,"share":"https://www.laohu8.com/m/news/1165266849?lang=zh_CN&edition=full","pubTime":"2021-09-20 07:52","market":"us","language":"en","title":"If there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?<blockquote>如果电动汽车制造商有“三巨头”，谁会加入特斯拉？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165266849","media":"MarketWatch","summary":"Delays at young electric-vehicle companies suggest that large auto makers are best placed to challen","content":"<p>Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous names </p><p><blockquote>年轻电动汽车公司的延迟表明，大型汽车制造商最有能力在未来挑战特斯拉，但聪明的资金正在追逐不那么迷人的公司</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf4fe95f357a1ce8ef9aeefc9e1e62d0\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\"><span>MarketWatch photo illustration/Tesla, iStockphoto</span></p><p><blockquote><p class=\"t-img-caption\"><span>MarketWatch照片插图/特斯拉，iStockphoto</span></p></blockquote></p><p> When Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.</p><p><blockquote>当亨利·福特将他的底特律汽车公司重组为美国汽车制造业的巨头时，数百家其他年轻的汽车制造商也在起步。</blockquote></p><p> One of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in 1922, the company ended up in receivership in 1924. Like hundreds of other early car companies, none of those six Indianapolis players survived.</p><p><blockquote>其中之一，国家机动车辆汽车制造公司，成立于印第安纳波利斯，1906年拥有六家汽车制造商。国家汽车公司甚至参加了1912年印地500大赛并赢得了冠军。销售蓬勃发展，产量扩大，但在1922年与联合汽车工业公司合并后，该公司最终于1924年进入破产管理程序。与数百家其他早期汽车公司一样，印第安纳波利斯的六家公司无一幸存。</blockquote></p><p> Investors eyeing the electric vehicle space today may have a sense of déjà vu. The huge number of companies, large and small, currently working on electric vehicles or their components is reminiscent of the turn of the 20th century, when companies like National and others experimented with body forms and engine types, from steam-powered to internal combustion to early versions of electric vehicles.</p><p><blockquote>如今关注电动汽车领域的投资者可能会有一种似曾相识的感觉。目前大量大大小小的公司都在研究电动汽车或其零部件，这让人想起20世纪之交，当时National等公司尝试了车身形式和发动机类型，从蒸汽动力到内燃机再到电动汽车的早期版本。</blockquote></p><p> By the 1929 stock market crash, there were only about 40 auto makers left, and that number eventually shrunk to where the top companies in the U.S. are referred to as the “Big Three.” Similar shakeouts occurred globally, with Big Threes emerging in other countries, like Japan and Germany.</p><p><blockquote>到1929年股市崩盘时，只剩下大约40家汽车制造商，这个数字最终缩小到美国顶级公司被称为“三巨头”。全球也发生了类似的洗牌，日本和德国等其他国家也出现了三巨头。</blockquote></p><p> One major difference between then and now, said Brett Smith, director of technology research at the Center for Automotive Research, or CAR, is that 100 years ago, “everybody was starting from scratch—no one had an advantage,” while today, traditional auto makers already know how to build cars and create huge assembly lines.、</p><p><blockquote>汽车研究中心(CAR)技术研究主任布雷特·史密斯(Brett Smith)表示，当时和现在的一个主要区别是，100年前，“每个人都是从零开始——没有人有优势”，而今天，传统汽车制造商已经知道如何制造汽车并创建庞大的装配线。</blockquote></p><p>   ‘Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.’”    — Brett Smith, director, technology research, Center for Automotive Research   </p><p><blockquote>“未来5年，其中一些公司将出现显着增长。但也会有一些不成长、不奋斗的。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统汽车公司现在也开始涉足这一领域，竞争更加激烈。”——汽车研究中心技术研究主任布雷特·史密斯</blockquote></p><p> The question for investors then is which companies will become the big 3 of EVs?</p><p><blockquote>投资者面临的问题是哪些公司将成为电动汽车三巨头？</blockquote></p><p> The company with the biggest advantage in electric vehicles today is Tesla Inc.&nbsp;which has finally proved to the world that EVs are the future. As rival startups and legacy automakers seek to emulate its success, investors must ponder which EV companies will succeed and which will disappear.</p><p><blockquote>如今在电动汽车领域拥有最大优势的公司是特斯拉公司，该公司最终向世界证明了电动汽车是未来。随着竞争对手初创公司和传统汽车制造商寻求效仿其成功，投资者必须思考哪些电动汽车公司会成功，哪些会消失。</blockquote></p><p> Globally, there are hundreds of startups working on some aspect of electric vehicles, from creating the car, to charging station infrastructure, improving the manufacturing process, developing new battery technologies and working on fuel cells. CB Insights of New York said it is tracking more than 700 startups around the world that are active in the space.</p><p><blockquote>在全球范围内，有数百家初创公司致力于电动汽车的某些方面，从制造汽车到充电站基础设施、改进制造工艺、开发新的电池技术和研究燃料电池。纽约CB Insights表示，它正在跟踪全球700多家活跃在该领域的初创公司。</blockquote></p><p> “There seems to be a new one every day,” said Smith of CAR.</p><p><blockquote>“似乎每天都有新的，”汽车公司的史密斯说。</blockquote></p><p> Since February, the shares of many better known startups have lost much of their value because of serious issues, including regulatory inquiries or investigations, class action lawsuits, management tumult and abrupt executive departures. Piling onto these woes — which mainly stem from overpromising and under-delivering — is a semiconductor shortage hampering efforts to get first products out the door.</p><p><blockquote>自2月份以来，由于监管询问或调查、集体诉讼、管理层动荡和高管突然离职等严重问题，许多知名初创公司的股票已经损失了大部分价值。半导体短缺阻碍了首批产品上市的努力，这主要源于过度承诺和交付不足，加剧了这些困境。</blockquote></p><p> Several publicly traded EV makers are still technically startup companies, with no revenue or much operational history. But because of the SPAC boom, and the de-SPAC process, they are now publicly traded companies, leaving investors making bets like venture capitalists on the next Tesla.</p><p><blockquote>几家上市电动汽车制造商在技术上仍然是初创公司，没有收入或太多运营历史。但由于SPAC的繁荣和去SPAC的过程，它们现在是上市公司，让投资者像风险投资家一样押注下一个特斯拉。</blockquote></p><p> “What they are doing is very hard,” said Smith. “Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.”</p><p><blockquote>“他们正在做的事情非常困难，”史密斯说。“未来5年，其中一些公司将会有一些显着的增长。但也会有一些公司没有增长并陷入困境。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统车企现在也开始涉足，竞争更加激烈。”</blockquote></p><p> As a result of some of those issues, no revenue is expected for the rest of the year at Nikola Corp.,Lordstown Motors Corp.&nbsp;and Fisker Inc., &nbsp;with all three companies predicting their first vehicles sometime in 2022, if their current forecasts can be believed.</p><p><blockquote>由于其中一些问题，尼古拉公司（Nikola Corp.）、洛兹敦汽车公司（Lordstown Motors Corp.）和菲斯克公司（Fisker Inc.）预计今年剩余时间不会有收入，这三家公司都预测将在2022年某个时候推出第一辆汽车，如果他们目前的预测是可信的。</blockquote></p><p></p><p> “I&nbsp;know&nbsp;it&nbsp;sounds&nbsp;like&nbsp;a&nbsp;broken&nbsp;record and it’s boring, but I think in this case, the broken record is quite good to keep on saying that we are on time on the Ocean program and we are on budget,” Fisker co-founder, Chairman and Chief Executive Henrik Fisker told analysts in the company’s earnings call last month.</p><p><blockquote>菲斯克联合创始人表示：“我知道这听起来像是一个被打破的记录，而且很无聊，但我认为在这种情况下，继续说我们按时完成海洋计划并且我们在预算范围内，打破的记录是非常好的。”董事长兼首席执行官亨里克·菲斯克(Henrik Fisker)上个月在公司财报看涨期权上对分析师表示。</blockquote></p><p> Fisker said the company will start production on Nov. 17, 2022, which actually looks good compared with other startups. Morgan Stanley analyst Adam Jonas said in a note that he believes&nbsp;Fisker “may be one of the only EV startups to actually launch on time and ramp efficaciously in late 2022.”</p><p><blockquote>菲斯克表示，该公司将于2022年11月17日开始生产，与其他初创公司相比，这实际上看起来不错。摩根士丹利分析师Adam Jonas在一份报告中表示，他相信Fisker“可能是唯一一家真正按时推出并在2022年底有效扩张的电动汽车初创公司之一。”</blockquote></p><p> These companies, plus Faraday Future Electric Inc.,Canoo Inc.,Lucid Group&nbsp;and the soon to go public Rivian, are among the top funded EV makers in the U.S. But while many have received billions from investors through private funding rounds or SPAC deals&nbsp;–&nbsp;electric truck-maker Rivian has raised $10.5 billion — some are now encountering credibility problems.</p><p><blockquote>这些公司，加上Faraday Future Electric Inc.、Canoo Inc.、Lucid Group和即将上市的Rivian，是美国资金最多的电动汽车制造商之一。但是，尽管许多公司通过私募融资或SPAC交易从投资者那里获得了数十亿美元——电动卡车制造商Rivian已经筹集了105亿美元——但一些公司现在却遇到了信誉问题。</blockquote></p><p> For example, Lordstown — an electric truck-maker which took over a former GM factory in an area of Ohio referred to as Voltage Valley — disclosed in July that its merger deal was being investigated by the Securities and Exchange Commission and the Justice Department, for a variety of matters, including information provided to investors about its pre-orders. Lordstown added a “going concern” warning to regulatory filings and clarified that the orders it had were not binding.</p><p><blockquote>例如，电动卡车制造商洛兹敦(Lordstown)接管了俄亥俄州电压谷(Voltage Valley)地区的一家前通用汽车工厂，该公司于7月披露，其合并交易正在接受美国证券交易委员会(Securities and Exchange Commission)和司法部(Justice Department)的调查。各种事项，包括向投资者提供有关其预购的信息。洛兹敦在监管文件中添加了“持续经营”警告，并澄清其订单不具有约束力。</blockquote></p><p> “To do what Tesla did, build a car company from the ground up and all the way through to distribution, that took a phenomenal amount of money,” Smith said. Tesla is now almost 18 years old. After raising $226 million in its 2010 IPO, it has gone back to the capital markets frequently, raising more than $20 billion through secondary stock sales and debt offerings.</p><p><blockquote>Smith说：“要像特斯拉那样，从头开始建立一家汽车公司，一直到分销，这需要大量资金。”特斯拉现在快18岁了。在2010年IPO筹集2.26亿美元后，该公司频繁重返资本市场，通过二级股票销售和债务发行筹集了超过200亿美元。</blockquote></p><p> Workhorse Group Inc.,which makes electric “last mile” delivery vans and utility vehicles, also was reported to be the target of an SEC investigation, and Trevor Milton, the founder of Nikola Corp.&nbsp;has been charged with securities fraud in federal court in the Southern District of New York, allegedly for overinflating the developments at the electric truck maker. Milton has stated that he is innocent.</p><p><blockquote>据报道，生产电动“最后一英里”送货车和多功能车的Workhorse Group Inc.也是SEC调查的目标，Nikola Corp.创始人特雷弗·米尔顿(Trevor Milton)在联邦法院被指控犯有证券欺诈罪。纽约南区，涉嫌夸大这家电动卡车制造商的发展。弥尔顿已经声明他是无辜的。</blockquote></p><p> Since EV makers need the same hefty capital investment as other auto makers, investors might be more inclined to favor the established companies making a foray into electrification. Nearly every major auto maker around the globe has some sort of effort today to develop electric vehicles, but in the U.S., Ford Motor appears to be the furthest along, with plans to offer dozens of electrified vehicles, including a truck, sometime in 2022.</p><p><blockquote>由于电动汽车制造商需要与其他汽车制造商一样的巨额资本投资，投资者可能更倾向于支持进军电气化领域的老牌公司。如今，全球几乎所有主要汽车制造商都在努力开发电动汽车，但在美国，福特汽车似乎走得最远，计划在2022年的某个时候提供数十款电动汽车，包括一辆卡车。</blockquote></p><p> If investors are looking to bet on one of Tesla’s upcoming rivals, the best course may be to pick one of the companies that is actually close to launching a car, like Fisker or Lucid, and then diversify bets on some traditional auto makers. Another option is to look for suppliers, instead of the much more capital-intensive car makers.</p><p><blockquote>如果投资者希望押注特斯拉即将推出的竞争对手之一，最好的办法可能是选择一家实际上即将推出汽车的公司，例如菲斯克或Lucid，然后分散对一些传统汽车制造商的押注。另一种选择是寻找供应商，而不是资本密集型得多的汽车制造商。</blockquote></p><p> Assad Hussain, mobility analyst at PitchBook, which tracks all aspects of the public and private equity markets, said professional investors are looking beyond the companies making cars to those that are supplying the automakers.</p><p><blockquote>跟踪公共和私募股权市场各个方面的PitchBook移动分析师阿萨德·侯赛因(Assad Hussain)表示，专业投资者的目光不仅仅是制造汽车的公司，而是那些为汽车制造商供货的公司。</blockquote></p><p> “A lot of the smart VC money is going into the picks and shovels, not necessarily trying to trying to find the next Tesla,” Hussain said, making an analogy with the pioneers who got rich during the California gold rush of 1849 by providing the supplies, instead of joining the hordes panning for gold in the Sierra foothills.</p><p><blockquote>侯赛因说：“很多聪明的风险投资资金都投入了镐和铲子，而不一定是试图寻找下一个特斯拉。”他将1849年加州淘金热期间通过提供物资而致富的拓荒者进行了类比，而不是加入在塞拉山麓淘金的部落。</blockquote></p><p> One example is a company called Redwood Materials, which is working on recycling lithium ion batteries in both devices and EVs. Redwood was co-founded by JB Straubel, a Tesla co-founder and its CTO for 15 years. Redwood recently raised $700 million from a group of investors, including T. Rowe Price, Amazon.com Inc.&nbsp;and others.</p><p><blockquote>一个例子是一家名为Redwood Materials的公司，该公司正在致力于回收设备和电动汽车中的锂离子电池。Redwood由特斯拉联合创始人兼首席技术官JB Straubel共同创立，任职15年。Redwood最近从T.Rowe Price、亚马逊等投资者那里筹集了7亿美元。</blockquote></p><p> Recurrent, based in Seattle, was founded just last year and is offering third-party reports on used EV batteries, to help car buyers determine the life of the vehicle. It raised $3.5 million in seed funding&nbsp;late last year.</p><p><blockquote>总部位于西雅图的Recurrent去年刚刚成立，提供有关二手电动汽车电池的第三方报告，以帮助购车者确定车辆的使用寿命。去年年底，它筹集了350万美元的种子资金。</blockquote></p><p> “Maybe the smart thing to do is not look for the next Tesla, but to go out and find an enabling technology,” said Hussain.</p><p><blockquote>侯赛因说：“也许明智的做法不是寻找下一个特斯拉，而是走出去寻找一种使能技术。”</blockquote></p><p> The past century shows that periods of innovation in automobiles eventually settled into a triumvirate of dominant companies.</p><p><blockquote>过去的一个世纪表明，汽车创新时期最终形成了主导公司的三巨头。</blockquote></p><p> Whether that will happen again is anyone’s guess, but the strategies here should help find the safer bets, such as the companies the farthest along, the established auto makers, or look to the most interesting suppliers of this hot arena.</p><p><blockquote>这种情况是否会再次发生是任何人的猜测，但这里的策略应该有助于找到更安全的赌注，例如走得最远的公司、老牌汽车制造商，或者寻找这个热门领域最有趣的供应商。</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>If there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?<blockquote>如果电动汽车制造商有“三巨头”，谁会加入特斯拉？</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\">\nIf there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?<blockquote>如果电动汽车制造商有“三巨头”，谁会加入特斯拉？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-20 07:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous names </p><p><blockquote>年轻电动汽车公司的延迟表明，大型汽车制造商最有能力在未来挑战特斯拉，但聪明的资金正在追逐不那么迷人的公司</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf4fe95f357a1ce8ef9aeefc9e1e62d0\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\"><span>MarketWatch photo illustration/Tesla, iStockphoto</span></p><p><blockquote><p class=\"t-img-caption\"><span>MarketWatch照片插图/特斯拉，iStockphoto</span></p></blockquote></p><p> When Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.</p><p><blockquote>当亨利·福特将他的底特律汽车公司重组为美国汽车制造业的巨头时，数百家其他年轻的汽车制造商也在起步。</blockquote></p><p> One of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in 1922, the company ended up in receivership in 1924. Like hundreds of other early car companies, none of those six Indianapolis players survived.</p><p><blockquote>其中之一，国家机动车辆汽车制造公司，成立于印第安纳波利斯，1906年拥有六家汽车制造商。国家汽车公司甚至参加了1912年印地500大赛并赢得了冠军。销售蓬勃发展，产量扩大，但在1922年与联合汽车工业公司合并后，该公司最终于1924年进入破产管理程序。与数百家其他早期汽车公司一样，印第安纳波利斯的六家公司无一幸存。</blockquote></p><p> Investors eyeing the electric vehicle space today may have a sense of déjà vu. The huge number of companies, large and small, currently working on electric vehicles or their components is reminiscent of the turn of the 20th century, when companies like National and others experimented with body forms and engine types, from steam-powered to internal combustion to early versions of electric vehicles.</p><p><blockquote>如今关注电动汽车领域的投资者可能会有一种似曾相识的感觉。目前大量大大小小的公司都在研究电动汽车或其零部件，这让人想起20世纪之交，当时National等公司尝试了车身形式和发动机类型，从蒸汽动力到内燃机再到电动汽车的早期版本。</blockquote></p><p> By the 1929 stock market crash, there were only about 40 auto makers left, and that number eventually shrunk to where the top companies in the U.S. are referred to as the “Big Three.” Similar shakeouts occurred globally, with Big Threes emerging in other countries, like Japan and Germany.</p><p><blockquote>到1929年股市崩盘时，只剩下大约40家汽车制造商，这个数字最终缩小到美国顶级公司被称为“三巨头”。全球也发生了类似的洗牌，日本和德国等其他国家也出现了三巨头。</blockquote></p><p> One major difference between then and now, said Brett Smith, director of technology research at the Center for Automotive Research, or CAR, is that 100 years ago, “everybody was starting from scratch—no one had an advantage,” while today, traditional auto makers already know how to build cars and create huge assembly lines.、</p><p><blockquote>汽车研究中心(CAR)技术研究主任布雷特·史密斯(Brett Smith)表示，当时和现在的一个主要区别是，100年前，“每个人都是从零开始——没有人有优势”，而今天，传统汽车制造商已经知道如何制造汽车并创建庞大的装配线。</blockquote></p><p>   ‘Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.’”    — Brett Smith, director, technology research, Center for Automotive Research   </p><p><blockquote>“未来5年，其中一些公司将出现显着增长。但也会有一些不成长、不奋斗的。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统汽车公司现在也开始涉足这一领域，竞争更加激烈。”——汽车研究中心技术研究主任布雷特·史密斯</blockquote></p><p> The question for investors then is which companies will become the big 3 of EVs?</p><p><blockquote>投资者面临的问题是哪些公司将成为电动汽车三巨头？</blockquote></p><p> The company with the biggest advantage in electric vehicles today is Tesla Inc.&nbsp;which has finally proved to the world that EVs are the future. As rival startups and legacy automakers seek to emulate its success, investors must ponder which EV companies will succeed and which will disappear.</p><p><blockquote>如今在电动汽车领域拥有最大优势的公司是特斯拉公司，该公司最终向世界证明了电动汽车是未来。随着竞争对手初创公司和传统汽车制造商寻求效仿其成功，投资者必须思考哪些电动汽车公司会成功，哪些会消失。</blockquote></p><p> Globally, there are hundreds of startups working on some aspect of electric vehicles, from creating the car, to charging station infrastructure, improving the manufacturing process, developing new battery technologies and working on fuel cells. CB Insights of New York said it is tracking more than 700 startups around the world that are active in the space.</p><p><blockquote>在全球范围内，有数百家初创公司致力于电动汽车的某些方面，从制造汽车到充电站基础设施、改进制造工艺、开发新的电池技术和研究燃料电池。纽约CB Insights表示，它正在跟踪全球700多家活跃在该领域的初创公司。</blockquote></p><p> “There seems to be a new one every day,” said Smith of CAR.</p><p><blockquote>“似乎每天都有新的，”汽车公司的史密斯说。</blockquote></p><p> Since February, the shares of many better known startups have lost much of their value because of serious issues, including regulatory inquiries or investigations, class action lawsuits, management tumult and abrupt executive departures. Piling onto these woes — which mainly stem from overpromising and under-delivering — is a semiconductor shortage hampering efforts to get first products out the door.</p><p><blockquote>自2月份以来，由于监管询问或调查、集体诉讼、管理层动荡和高管突然离职等严重问题，许多知名初创公司的股票已经损失了大部分价值。半导体短缺阻碍了首批产品上市的努力，这主要源于过度承诺和交付不足，加剧了这些困境。</blockquote></p><p> Several publicly traded EV makers are still technically startup companies, with no revenue or much operational history. But because of the SPAC boom, and the de-SPAC process, they are now publicly traded companies, leaving investors making bets like venture capitalists on the next Tesla.</p><p><blockquote>几家上市电动汽车制造商在技术上仍然是初创公司，没有收入或太多运营历史。但由于SPAC的繁荣和去SPAC的过程，它们现在是上市公司，让投资者像风险投资家一样押注下一个特斯拉。</blockquote></p><p> “What they are doing is very hard,” said Smith. “Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.”</p><p><blockquote>“他们正在做的事情非常困难，”史密斯说。“未来5年，其中一些公司将会有一些显着的增长。但也会有一些公司没有增长并陷入困境。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统车企现在也开始涉足，竞争更加激烈。”</blockquote></p><p> As a result of some of those issues, no revenue is expected for the rest of the year at Nikola Corp.,Lordstown Motors Corp.&nbsp;and Fisker Inc., &nbsp;with all three companies predicting their first vehicles sometime in 2022, if their current forecasts can be believed.</p><p><blockquote>由于其中一些问题，尼古拉公司（Nikola Corp.）、洛兹敦汽车公司（Lordstown Motors Corp.）和菲斯克公司（Fisker Inc.）预计今年剩余时间不会有收入，这三家公司都预测将在2022年某个时候推出第一辆汽车，如果他们目前的预测是可信的。</blockquote></p><p></p><p> “I&nbsp;know&nbsp;it&nbsp;sounds&nbsp;like&nbsp;a&nbsp;broken&nbsp;record and it’s boring, but I think in this case, the broken record is quite good to keep on saying that we are on time on the Ocean program and we are on budget,” Fisker co-founder, Chairman and Chief Executive Henrik Fisker told analysts in the company’s earnings call last month.</p><p><blockquote>菲斯克联合创始人表示：“我知道这听起来像是一个被打破的记录，而且很无聊，但我认为在这种情况下，继续说我们按时完成海洋计划并且我们在预算范围内，打破的记录是非常好的。”董事长兼首席执行官亨里克·菲斯克(Henrik Fisker)上个月在公司财报看涨期权上对分析师表示。</blockquote></p><p> Fisker said the company will start production on Nov. 17, 2022, which actually looks good compared with other startups. Morgan Stanley analyst Adam Jonas said in a note that he believes&nbsp;Fisker “may be one of the only EV startups to actually launch on time and ramp efficaciously in late 2022.”</p><p><blockquote>菲斯克表示，该公司将于2022年11月17日开始生产，与其他初创公司相比，这实际上看起来不错。摩根士丹利分析师Adam Jonas在一份报告中表示，他相信Fisker“可能是唯一一家真正按时推出并在2022年底有效扩张的电动汽车初创公司之一。”</blockquote></p><p> These companies, plus Faraday Future Electric Inc.,Canoo Inc.,Lucid Group&nbsp;and the soon to go public Rivian, are among the top funded EV makers in the U.S. But while many have received billions from investors through private funding rounds or SPAC deals&nbsp;–&nbsp;electric truck-maker Rivian has raised $10.5 billion — some are now encountering credibility problems.</p><p><blockquote>这些公司，加上Faraday Future Electric Inc.、Canoo Inc.、Lucid Group和即将上市的Rivian，是美国资金最多的电动汽车制造商之一。但是，尽管许多公司通过私募融资或SPAC交易从投资者那里获得了数十亿美元——电动卡车制造商Rivian已经筹集了105亿美元——但一些公司现在却遇到了信誉问题。</blockquote></p><p> For example, Lordstown — an electric truck-maker which took over a former GM factory in an area of Ohio referred to as Voltage Valley — disclosed in July that its merger deal was being investigated by the Securities and Exchange Commission and the Justice Department, for a variety of matters, including information provided to investors about its pre-orders. Lordstown added a “going concern” warning to regulatory filings and clarified that the orders it had were not binding.</p><p><blockquote>例如，电动卡车制造商洛兹敦(Lordstown)接管了俄亥俄州电压谷(Voltage Valley)地区的一家前通用汽车工厂，该公司于7月披露，其合并交易正在接受美国证券交易委员会(Securities and Exchange Commission)和司法部(Justice Department)的调查。各种事项，包括向投资者提供有关其预购的信息。洛兹敦在监管文件中添加了“持续经营”警告，并澄清其订单不具有约束力。</blockquote></p><p> “To do what Tesla did, build a car company from the ground up and all the way through to distribution, that took a phenomenal amount of money,” Smith said. Tesla is now almost 18 years old. After raising $226 million in its 2010 IPO, it has gone back to the capital markets frequently, raising more than $20 billion through secondary stock sales and debt offerings.</p><p><blockquote>Smith说：“要像特斯拉那样，从头开始建立一家汽车公司，一直到分销，这需要大量资金。”特斯拉现在快18岁了。在2010年IPO筹集2.26亿美元后，该公司频繁重返资本市场，通过二级股票销售和债务发行筹集了超过200亿美元。</blockquote></p><p> Workhorse Group Inc.,which makes electric “last mile” delivery vans and utility vehicles, also was reported to be the target of an SEC investigation, and Trevor Milton, the founder of Nikola Corp.&nbsp;has been charged with securities fraud in federal court in the Southern District of New York, allegedly for overinflating the developments at the electric truck maker. Milton has stated that he is innocent.</p><p><blockquote>据报道，生产电动“最后一英里”送货车和多功能车的Workhorse Group Inc.也是SEC调查的目标，Nikola Corp.创始人特雷弗·米尔顿(Trevor Milton)在联邦法院被指控犯有证券欺诈罪。纽约南区，涉嫌夸大这家电动卡车制造商的发展。弥尔顿已经声明他是无辜的。</blockquote></p><p> Since EV makers need the same hefty capital investment as other auto makers, investors might be more inclined to favor the established companies making a foray into electrification. Nearly every major auto maker around the globe has some sort of effort today to develop electric vehicles, but in the U.S., Ford Motor appears to be the furthest along, with plans to offer dozens of electrified vehicles, including a truck, sometime in 2022.</p><p><blockquote>由于电动汽车制造商需要与其他汽车制造商一样的巨额资本投资，投资者可能更倾向于支持进军电气化领域的老牌公司。如今，全球几乎所有主要汽车制造商都在努力开发电动汽车，但在美国，福特汽车似乎走得最远，计划在2022年的某个时候提供数十款电动汽车，包括一辆卡车。</blockquote></p><p> If investors are looking to bet on one of Tesla’s upcoming rivals, the best course may be to pick one of the companies that is actually close to launching a car, like Fisker or Lucid, and then diversify bets on some traditional auto makers. Another option is to look for suppliers, instead of the much more capital-intensive car makers.</p><p><blockquote>如果投资者希望押注特斯拉即将推出的竞争对手之一，最好的办法可能是选择一家实际上即将推出汽车的公司，例如菲斯克或Lucid，然后分散对一些传统汽车制造商的押注。另一种选择是寻找供应商，而不是资本密集型得多的汽车制造商。</blockquote></p><p> Assad Hussain, mobility analyst at PitchBook, which tracks all aspects of the public and private equity markets, said professional investors are looking beyond the companies making cars to those that are supplying the automakers.</p><p><blockquote>跟踪公共和私募股权市场各个方面的PitchBook移动分析师阿萨德·侯赛因(Assad Hussain)表示，专业投资者的目光不仅仅是制造汽车的公司，而是那些为汽车制造商供货的公司。</blockquote></p><p> “A lot of the smart VC money is going into the picks and shovels, not necessarily trying to trying to find the next Tesla,” Hussain said, making an analogy with the pioneers who got rich during the California gold rush of 1849 by providing the supplies, instead of joining the hordes panning for gold in the Sierra foothills.</p><p><blockquote>侯赛因说：“很多聪明的风险投资资金都投入了镐和铲子，而不一定是试图寻找下一个特斯拉。”他将1849年加州淘金热期间通过提供物资而致富的拓荒者进行了类比，而不是加入在塞拉山麓淘金的部落。</blockquote></p><p> One example is a company called Redwood Materials, which is working on recycling lithium ion batteries in both devices and EVs. Redwood was co-founded by JB Straubel, a Tesla co-founder and its CTO for 15 years. Redwood recently raised $700 million from a group of investors, including T. Rowe Price, Amazon.com Inc.&nbsp;and others.</p><p><blockquote>一个例子是一家名为Redwood Materials的公司，该公司正在致力于回收设备和电动汽车中的锂离子电池。Redwood由特斯拉联合创始人兼首席技术官JB Straubel共同创立，任职15年。Redwood最近从T.Rowe Price、亚马逊等投资者那里筹集了7亿美元。</blockquote></p><p> Recurrent, based in Seattle, was founded just last year and is offering third-party reports on used EV batteries, to help car buyers determine the life of the vehicle. It raised $3.5 million in seed funding&nbsp;late last year.</p><p><blockquote>总部位于西雅图的Recurrent去年刚刚成立，提供有关二手电动汽车电池的第三方报告，以帮助购车者确定车辆的使用寿命。去年年底，它筹集了350万美元的种子资金。</blockquote></p><p> “Maybe the smart thing to do is not look for the next Tesla, but to go out and find an enabling technology,” said Hussain.</p><p><blockquote>侯赛因说：“也许明智的做法不是寻找下一个特斯拉，而是走出去寻找一种使能技术。”</blockquote></p><p> The past century shows that periods of innovation in automobiles eventually settled into a triumvirate of dominant companies.</p><p><blockquote>过去的一个世纪表明，汽车创新时期最终形成了主导公司的三巨头。</blockquote></p><p> Whether that will happen again is anyone’s guess, but the strategies here should help find the safer bets, such as the companies the farthest along, the established auto makers, or look to the most interesting suppliers of this hot arena.</p><p><blockquote>这种情况是否会再次发生是任何人的猜测，但这里的策略应该有助于找到更安全的赌注，例如走得最远的公司、老牌汽车制造商，或者寻找这个热门领域最有趣的供应商。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-there-were-a-big-three-of-electric-vehicle-makers-who-would-join-tesla-11631902468?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":{"XPEV":"小鹏汽车","WKHS":"Workhorse Group, Inc.","FSR":"菲斯克","LI":"理想汽车","TSLA":"特斯拉","NIO":"蔚来","LCID":"Lucid Group Inc","AMZN":"亚马逊"},"source_url":"https://www.marketwatch.com/story/if-there-were-a-big-three-of-electric-vehicle-makers-who-would-join-tesla-11631902468?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165266849","content_text":"Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous names \nMarketWatch photo illustration/Tesla, iStockphoto\n\n\nWhen Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.\nOne of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in 1922, the company ended up in receivership in 1924. Like hundreds of other early car companies, none of those six Indianapolis players survived.\nInvestors eyeing the electric vehicle space today may have a sense of déjà vu. The huge number of companies, large and small, currently working on electric vehicles or their components is reminiscent of the turn of the 20th century, when companies like National and others experimented with body forms and engine types, from steam-powered to internal combustion to early versions of electric vehicles.\nBy the 1929 stock market crash, there were only about 40 auto makers left, and that number eventually shrunk to where the top companies in the U.S. are referred to as the “Big Three.” Similar shakeouts occurred globally, with Big Threes emerging in other countries, like Japan and Germany.\nOne major difference between then and now, said Brett Smith, director of technology research at the Center for Automotive Research, or CAR, is that 100 years ago, “everybody was starting from scratch—no one had an advantage,” while today, traditional auto makers already know how to build cars and create huge assembly lines.、\n\n\n ‘Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.’”\n\n\n — Brett Smith, director, technology research, Center for Automotive Research \n\n\nThe question for investors then is which companies will become the big 3 of EVs?\nThe company with the biggest advantage in electric vehicles today is Tesla Inc. which has finally proved to the world that EVs are the future. As rival startups and legacy automakers seek to emulate its success, investors must ponder which EV companies will succeed and which will disappear.\n\nGlobally, there are hundreds of startups working on some aspect of electric vehicles, from creating the car, to charging station infrastructure, improving the manufacturing process, developing new battery technologies and working on fuel cells. CB Insights of New York said it is tracking more than 700 startups around the world that are active in the space.\n“There seems to be a new one every day,” said Smith of CAR.\nSince February, the shares of many better known startups have lost much of their value because of serious issues, including regulatory inquiries or investigations, class action lawsuits, management tumult and abrupt executive departures. Piling onto these woes — which mainly stem from overpromising and under-delivering — is a semiconductor shortage hampering efforts to get first products out the door.\nSeveral publicly traded EV makers are still technically startup companies, with no revenue or much operational history. But because of the SPAC boom, and the de-SPAC process, they are now publicly traded companies, leaving investors making bets like venture capitalists on the next Tesla.\n\n\n\n“What they are doing is very hard,” said Smith. “Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.”\nAs a result of some of those issues, no revenue is expected for the rest of the year at Nikola Corp.,Lordstown Motors Corp. and Fisker Inc.,  with all three companies predicting their first vehicles sometime in 2022, if their current forecasts can be believed.\n\n“I know it sounds like a broken record and it’s boring, but I think in this case, the broken record is quite good to keep on saying that we are on time on the Ocean program and we are on budget,” Fisker co-founder, Chairman and Chief Executive Henrik Fisker told analysts in the company’s earnings call last month.\nFisker said the company will start production on Nov. 17, 2022, which actually looks good compared with other startups. Morgan Stanley analyst Adam Jonas said in a note that he believes Fisker “may be one of the only EV startups to actually launch on time and ramp efficaciously in late 2022.”\n\nThese companies, plus Faraday Future Electric Inc.,Canoo Inc.,Lucid Group and the soon to go public Rivian, are among the top funded EV makers in the U.S. But while many have received billions from investors through private funding rounds or SPAC deals – electric truck-maker Rivian has raised $10.5 billion — some are now encountering credibility problems.\n\nFor example, Lordstown — an electric truck-maker which took over a former GM factory in an area of Ohio referred to as Voltage Valley — disclosed in July that its merger deal was being investigated by the Securities and Exchange Commission and the Justice Department, for a variety of matters, including information provided to investors about its pre-orders. Lordstown added a “going concern” warning to regulatory filings and clarified that the orders it had were not binding.\n\n“To do what Tesla did, build a car company from the ground up and all the way through to distribution, that took a phenomenal amount of money,” Smith said. Tesla is now almost 18 years old. After raising $226 million in its 2010 IPO, it has gone back to the capital markets frequently, raising more than $20 billion through secondary stock sales and debt offerings.\nWorkhorse Group Inc.,which makes electric “last mile” delivery vans and utility vehicles, also was reported to be the target of an SEC investigation, and Trevor Milton, the founder of Nikola Corp. has been charged with securities fraud in federal court in the Southern District of New York, allegedly for overinflating the developments at the electric truck maker. Milton has stated that he is innocent.\n\nSince EV makers need the same hefty capital investment as other auto makers, investors might be more inclined to favor the established companies making a foray into electrification. Nearly every major auto maker around the globe has some sort of effort today to develop electric vehicles, but in the U.S., Ford Motor appears to be the furthest along, with plans to offer dozens of electrified vehicles, including a truck, sometime in 2022.\n\nIf investors are looking to bet on one of Tesla’s upcoming rivals, the best course may be to pick one of the companies that is actually close to launching a car, like Fisker or Lucid, and then diversify bets on some traditional auto makers. Another option is to look for suppliers, instead of the much more capital-intensive car makers.\nAssad Hussain, mobility analyst at PitchBook, which tracks all aspects of the public and private equity markets, said professional investors are looking beyond the companies making cars to those that are supplying the automakers.\n“A lot of the smart VC money is going into the picks and shovels, not necessarily trying to trying to find the next Tesla,” Hussain said, making an analogy with the pioneers who got rich during the California gold rush of 1849 by providing the supplies, instead of joining the hordes panning for gold in the Sierra foothills.\nOne example is a company called Redwood Materials, which is working on recycling lithium ion batteries in both devices and EVs. Redwood was co-founded by JB Straubel, a Tesla co-founder and its CTO for 15 years. Redwood recently raised $700 million from a group of investors, including T. Rowe Price, Amazon.com Inc. and others.\n\nRecurrent, based in Seattle, was founded just last year and is offering third-party reports on used EV batteries, to help car buyers determine the life of the vehicle. It raised $3.5 million in seed funding late last year.\n\n“Maybe the smart thing to do is not look for the next Tesla, but to go out and find an enabling technology,” said Hussain.\nThe past century shows that periods of innovation in automobiles eventually settled into a triumvirate of dominant companies.\nWhether that will happen again is anyone’s guess, but the strategies here should help find the safer bets, such as the companies the farthest along, the established auto makers, or look to the most interesting suppliers of this hot arena.","news_type":1,"symbols_score_info":{"GOEV":0.9,"NIO":0.9,"AMZN":0.9,"FSR":0.9,"RIDE":0.9,"FFIE":0.9,"WKHS":0.9,"XPEV":0.9,"LCID":0.9,"LI":0.9,"TSLA":0.9,"NKLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":861588890,"gmtCreate":1632524249810,"gmtModify":1632713630975,"author":{"id":"4092398047561370","authorId":"4092398047561370","name":"Krishnan76","avatar":"https://static.tigerbbs.com/31fa8fd76ec086206260c57800ac85e7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092398047561370","idStr":"4092398047561370"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861588890","repostId":"1104085778","repostType":4,"repost":{"id":"1104085778","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632498166,"share":"https://www.laohu8.com/m/news/1104085778?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:42","market":"us","language":"en","title":"IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104085778","media":"Tiger Newspress","summary":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nS","content":"<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-24 23:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>8.70%</p><p><blockquote><td>8.70%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$16.00</p><p><blockquote><td>$16.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$59,920,000</p><p><blockquote><td>-$59,920,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-2.61%</p><p><blockquote><td>-2.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下是其主要估值指标的比较：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</b></td></blockquote></p><p></td>    <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</td></blockquote></p><p></td>    <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HLTH":"Cue Health Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104085778","content_text":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nSan Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.\nManagement is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.\nThe company’s primary offerings in its Cue Integrated Care Platform:\n\nHealth monitoring system\nRader\nCartridge\nWand\nData\nDelivery apps\nEnterprise dashboard\nEcosystem integrations\n\nCue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.\nCustomer/User Acquisition\nThe company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.\nManagement expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n1.0%\n\n\n2020\n3.1%\n\n\n2019\n1.3%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n100.5\n\n\n2020\n22.9\n\n\n\nMarket & Competition\nAccording to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.\nThis represents a forecast CAGR of 5.05% from 2021 to 2027.\nThe main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.\nAlso, below is a chart showing the market share of use of detection kits by end-user type:\n\n(Source)\nMajor competitive or other industry participants include:\n\nAbbott Laboratories(NYSE:ABT)\nBecton, Dickinson(NYSE:BDX)\nbioMerieux(OTCPK:BMXMF)\nBio-Rad Laboratories(NYSE:BIO)\nDanaher(NYSE:DHR)\nEllume Limited\nEverly Health\nRoche(OTCQX:RHHBY)(OTCQX:RHHBF)\nFluidigm(NASDAQ:FLDM)\nGenMark Diagnostics(NASDAQ:GNMK)\nOthers\n\nFinancial Performance\nCue’s recent financial results can be summarized as follows:\n\nSharply growing top line revenue\nIncreasing gross profit and variable gross margin\nA swing to operating profit and net income\nVariable cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 201,922,000\n3971.0%\n\n\n2020\n$ 22,953,000\n246.4%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 116,745,000\n2253.7%\n\n\n2020\n$ 8,002,000\n20.8%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n57.82%\n\n\n2020\n34.86%\n\n\n2019\n100.00%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 79,463,000\n39.4%\n\n\n2020\n$ (45,126,000)\n-196.6%\n\n\n2019\n$ (20,767,000)\n-313.4%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 32,840,000\n\n\n2020\n$ (47,352,000)\n\n\n2019\n$ (20,606,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (37,812,000)\n\n\n2020\n$ 92,655,000\n\n\n2019\n$ (12,996,000)\n\n\n\nAs of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($60 million).\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$2,299,981,232\n\n\nEnterprise Value\n$1,874,455,232\n\n\nPrice / Sales\n10.46\n\n\nEV / Revenue\n8.52\n\n\nEV / EBITDA\n35.46\n\n\nEarnings Per Share\n$0.03\n\n\nFloat To Outstanding Shares Ratio\n8.70%\n\n\nProposed IPO Midpoint Price per Share\n$16.00\n\n\nNet Free Cash Flow\n-$59,920,000\n\n\nFree Cash Flow Yield Per Share\n-2.61%\n\n\nRevenue Growth Rate\n3971.01%\n\n\n\nAs a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nBio-Rad (BIO)\nCue Health (HLTH)\nVariance\n\n\nPrice / Sales\n8.15\n10.46\n28.3%\n\n\nEV / Revenue\n7.82\n8.52\n9.0%\n\n\nEV / EBITDA\n31.66\n35.46\n12.0%\n\n\nEarnings Per Share\n$134.05\n$0.03\n-100.0%\n\n\nRevenue Growth Rate\n25.6%\n3971.01%\n15436.03%\n\n\n(Glossary Of Terms)\n\n\n\nCommentary\nCue is seeking public investment capital to further scale its commercialization operations as well as continue its R & D efforts.\nThe company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations\nFree cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.\nThe market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.\nAs for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.\nGiven Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.","news_type":1,"symbols_score_info":{"HLTH":0.9}},"isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860044646,"gmtCreate":1632112024085,"gmtModify":1632802751036,"author":{"id":"4092398047561370","authorId":"4092398047561370","name":"Krishnan76","avatar":"https://static.tigerbbs.com/31fa8fd76ec086206260c57800ac85e7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092398047561370","idStr":"4092398047561370"},"themes":[],"htmlText":"Insightful","listText":"Insightful","text":"Insightful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860044646","repostId":"1165266849","repostType":4,"repost":{"id":"1165266849","kind":"news","pubTimestamp":1632095568,"share":"https://www.laohu8.com/m/news/1165266849?lang=zh_CN&edition=full","pubTime":"2021-09-20 07:52","market":"us","language":"en","title":"If there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?<blockquote>如果电动汽车制造商有“三巨头”，谁会加入特斯拉？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165266849","media":"MarketWatch","summary":"Delays at young electric-vehicle companies suggest that large auto makers are best placed to challen","content":"<p>Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous names </p><p><blockquote>年轻电动汽车公司的延迟表明，大型汽车制造商最有能力在未来挑战特斯拉，但聪明的资金正在追逐不那么迷人的公司</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf4fe95f357a1ce8ef9aeefc9e1e62d0\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\"><span>MarketWatch photo illustration/Tesla, iStockphoto</span></p><p><blockquote><p class=\"t-img-caption\"><span>MarketWatch照片插图/特斯拉，iStockphoto</span></p></blockquote></p><p> When Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.</p><p><blockquote>当亨利·福特将他的底特律汽车公司重组为美国汽车制造业的巨头时，数百家其他年轻的汽车制造商也在起步。</blockquote></p><p> One of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in 1922, the company ended up in receivership in 1924. Like hundreds of other early car companies, none of those six Indianapolis players survived.</p><p><blockquote>其中之一，国家机动车辆汽车制造公司，成立于印第安纳波利斯，1906年拥有六家汽车制造商。国家汽车公司甚至参加了1912年印地500大赛并赢得了冠军。销售蓬勃发展，产量扩大，但在1922年与联合汽车工业公司合并后，该公司最终于1924年进入破产管理程序。与数百家其他早期汽车公司一样，印第安纳波利斯的六家公司无一幸存。</blockquote></p><p> Investors eyeing the electric vehicle space today may have a sense of déjà vu. The huge number of companies, large and small, currently working on electric vehicles or their components is reminiscent of the turn of the 20th century, when companies like National and others experimented with body forms and engine types, from steam-powered to internal combustion to early versions of electric vehicles.</p><p><blockquote>如今关注电动汽车领域的投资者可能会有一种似曾相识的感觉。目前大量大大小小的公司都在研究电动汽车或其零部件，这让人想起20世纪之交，当时National等公司尝试了车身形式和发动机类型，从蒸汽动力到内燃机再到电动汽车的早期版本。</blockquote></p><p> By the 1929 stock market crash, there were only about 40 auto makers left, and that number eventually shrunk to where the top companies in the U.S. are referred to as the “Big Three.” Similar shakeouts occurred globally, with Big Threes emerging in other countries, like Japan and Germany.</p><p><blockquote>到1929年股市崩盘时，只剩下大约40家汽车制造商，这个数字最终缩小到美国顶级公司被称为“三巨头”。全球也发生了类似的洗牌，日本和德国等其他国家也出现了三巨头。</blockquote></p><p> One major difference between then and now, said Brett Smith, director of technology research at the Center for Automotive Research, or CAR, is that 100 years ago, “everybody was starting from scratch—no one had an advantage,” while today, traditional auto makers already know how to build cars and create huge assembly lines.、</p><p><blockquote>汽车研究中心(CAR)技术研究主任布雷特·史密斯(Brett Smith)表示，当时和现在的一个主要区别是，100年前，“每个人都是从零开始——没有人有优势”，而今天，传统汽车制造商已经知道如何制造汽车并创建庞大的装配线。</blockquote></p><p>   ‘Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.’”    — Brett Smith, director, technology research, Center for Automotive Research   </p><p><blockquote>“未来5年，其中一些公司将出现显着增长。但也会有一些不成长、不奋斗的。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统汽车公司现在也开始涉足这一领域，竞争更加激烈。”——汽车研究中心技术研究主任布雷特·史密斯</blockquote></p><p> The question for investors then is which companies will become the big 3 of EVs?</p><p><blockquote>投资者面临的问题是哪些公司将成为电动汽车三巨头？</blockquote></p><p> The company with the biggest advantage in electric vehicles today is Tesla Inc.&nbsp;which has finally proved to the world that EVs are the future. As rival startups and legacy automakers seek to emulate its success, investors must ponder which EV companies will succeed and which will disappear.</p><p><blockquote>如今在电动汽车领域拥有最大优势的公司是特斯拉公司，该公司最终向世界证明了电动汽车是未来。随着竞争对手初创公司和传统汽车制造商寻求效仿其成功，投资者必须思考哪些电动汽车公司会成功，哪些会消失。</blockquote></p><p> Globally, there are hundreds of startups working on some aspect of electric vehicles, from creating the car, to charging station infrastructure, improving the manufacturing process, developing new battery technologies and working on fuel cells. CB Insights of New York said it is tracking more than 700 startups around the world that are active in the space.</p><p><blockquote>在全球范围内，有数百家初创公司致力于电动汽车的某些方面，从制造汽车到充电站基础设施、改进制造工艺、开发新的电池技术和研究燃料电池。纽约CB Insights表示，它正在跟踪全球700多家活跃在该领域的初创公司。</blockquote></p><p> “There seems to be a new one every day,” said Smith of CAR.</p><p><blockquote>“似乎每天都有新的，”汽车公司的史密斯说。</blockquote></p><p> Since February, the shares of many better known startups have lost much of their value because of serious issues, including regulatory inquiries or investigations, class action lawsuits, management tumult and abrupt executive departures. Piling onto these woes — which mainly stem from overpromising and under-delivering — is a semiconductor shortage hampering efforts to get first products out the door.</p><p><blockquote>自2月份以来，由于监管询问或调查、集体诉讼、管理层动荡和高管突然离职等严重问题，许多知名初创公司的股票已经损失了大部分价值。半导体短缺阻碍了首批产品上市的努力，这主要源于过度承诺和交付不足，加剧了这些困境。</blockquote></p><p> Several publicly traded EV makers are still technically startup companies, with no revenue or much operational history. But because of the SPAC boom, and the de-SPAC process, they are now publicly traded companies, leaving investors making bets like venture capitalists on the next Tesla.</p><p><blockquote>几家上市电动汽车制造商在技术上仍然是初创公司，没有收入或太多运营历史。但由于SPAC的繁荣和去SPAC的过程，它们现在是上市公司，让投资者像风险投资家一样押注下一个特斯拉。</blockquote></p><p> “What they are doing is very hard,” said Smith. “Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.”</p><p><blockquote>“他们正在做的事情非常困难，”史密斯说。“未来5年，其中一些公司将会有一些显着的增长。但也会有一些公司没有增长并陷入困境。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统车企现在也开始涉足，竞争更加激烈。”</blockquote></p><p> As a result of some of those issues, no revenue is expected for the rest of the year at Nikola Corp.,Lordstown Motors Corp.&nbsp;and Fisker Inc., &nbsp;with all three companies predicting their first vehicles sometime in 2022, if their current forecasts can be believed.</p><p><blockquote>由于其中一些问题，尼古拉公司（Nikola Corp.）、洛兹敦汽车公司（Lordstown Motors Corp.）和菲斯克公司（Fisker Inc.）预计今年剩余时间不会有收入，这三家公司都预测将在2022年某个时候推出第一辆汽车，如果他们目前的预测是可信的。</blockquote></p><p></p><p> “I&nbsp;know&nbsp;it&nbsp;sounds&nbsp;like&nbsp;a&nbsp;broken&nbsp;record and it’s boring, but I think in this case, the broken record is quite good to keep on saying that we are on time on the Ocean program and we are on budget,” Fisker co-founder, Chairman and Chief Executive Henrik Fisker told analysts in the company’s earnings call last month.</p><p><blockquote>菲斯克联合创始人表示：“我知道这听起来像是一个被打破的记录，而且很无聊，但我认为在这种情况下，继续说我们按时完成海洋计划并且我们在预算范围内，打破的记录是非常好的。”董事长兼首席执行官亨里克·菲斯克(Henrik Fisker)上个月在公司财报看涨期权上对分析师表示。</blockquote></p><p> Fisker said the company will start production on Nov. 17, 2022, which actually looks good compared with other startups. Morgan Stanley analyst Adam Jonas said in a note that he believes&nbsp;Fisker “may be one of the only EV startups to actually launch on time and ramp efficaciously in late 2022.”</p><p><blockquote>菲斯克表示，该公司将于2022年11月17日开始生产，与其他初创公司相比，这实际上看起来不错。摩根士丹利分析师Adam Jonas在一份报告中表示，他相信Fisker“可能是唯一一家真正按时推出并在2022年底有效扩张的电动汽车初创公司之一。”</blockquote></p><p> These companies, plus Faraday Future Electric Inc.,Canoo Inc.,Lucid Group&nbsp;and the soon to go public Rivian, are among the top funded EV makers in the U.S. But while many have received billions from investors through private funding rounds or SPAC deals&nbsp;–&nbsp;electric truck-maker Rivian has raised $10.5 billion — some are now encountering credibility problems.</p><p><blockquote>这些公司，加上Faraday Future Electric Inc.、Canoo Inc.、Lucid Group和即将上市的Rivian，是美国资金最多的电动汽车制造商之一。但是，尽管许多公司通过私募融资或SPAC交易从投资者那里获得了数十亿美元——电动卡车制造商Rivian已经筹集了105亿美元——但一些公司现在却遇到了信誉问题。</blockquote></p><p> For example, Lordstown — an electric truck-maker which took over a former GM factory in an area of Ohio referred to as Voltage Valley — disclosed in July that its merger deal was being investigated by the Securities and Exchange Commission and the Justice Department, for a variety of matters, including information provided to investors about its pre-orders. Lordstown added a “going concern” warning to regulatory filings and clarified that the orders it had were not binding.</p><p><blockquote>例如，电动卡车制造商洛兹敦(Lordstown)接管了俄亥俄州电压谷(Voltage Valley)地区的一家前通用汽车工厂，该公司于7月披露，其合并交易正在接受美国证券交易委员会(Securities and Exchange Commission)和司法部(Justice Department)的调查。各种事项，包括向投资者提供有关其预购的信息。洛兹敦在监管文件中添加了“持续经营”警告，并澄清其订单不具有约束力。</blockquote></p><p> “To do what Tesla did, build a car company from the ground up and all the way through to distribution, that took a phenomenal amount of money,” Smith said. Tesla is now almost 18 years old. After raising $226 million in its 2010 IPO, it has gone back to the capital markets frequently, raising more than $20 billion through secondary stock sales and debt offerings.</p><p><blockquote>Smith说：“要像特斯拉那样，从头开始建立一家汽车公司，一直到分销，这需要大量资金。”特斯拉现在快18岁了。在2010年IPO筹集2.26亿美元后，该公司频繁重返资本市场，通过二级股票销售和债务发行筹集了超过200亿美元。</blockquote></p><p> Workhorse Group Inc.,which makes electric “last mile” delivery vans and utility vehicles, also was reported to be the target of an SEC investigation, and Trevor Milton, the founder of Nikola Corp.&nbsp;has been charged with securities fraud in federal court in the Southern District of New York, allegedly for overinflating the developments at the electric truck maker. Milton has stated that he is innocent.</p><p><blockquote>据报道，生产电动“最后一英里”送货车和多功能车的Workhorse Group Inc.也是SEC调查的目标，Nikola Corp.创始人特雷弗·米尔顿(Trevor Milton)在联邦法院被指控犯有证券欺诈罪。纽约南区，涉嫌夸大这家电动卡车制造商的发展。弥尔顿已经声明他是无辜的。</blockquote></p><p> Since EV makers need the same hefty capital investment as other auto makers, investors might be more inclined to favor the established companies making a foray into electrification. Nearly every major auto maker around the globe has some sort of effort today to develop electric vehicles, but in the U.S., Ford Motor appears to be the furthest along, with plans to offer dozens of electrified vehicles, including a truck, sometime in 2022.</p><p><blockquote>由于电动汽车制造商需要与其他汽车制造商一样的巨额资本投资，投资者可能更倾向于支持进军电气化领域的老牌公司。如今，全球几乎所有主要汽车制造商都在努力开发电动汽车，但在美国，福特汽车似乎走得最远，计划在2022年的某个时候提供数十款电动汽车，包括一辆卡车。</blockquote></p><p> If investors are looking to bet on one of Tesla’s upcoming rivals, the best course may be to pick one of the companies that is actually close to launching a car, like Fisker or Lucid, and then diversify bets on some traditional auto makers. Another option is to look for suppliers, instead of the much more capital-intensive car makers.</p><p><blockquote>如果投资者希望押注特斯拉即将推出的竞争对手之一，最好的办法可能是选择一家实际上即将推出汽车的公司，例如菲斯克或Lucid，然后分散对一些传统汽车制造商的押注。另一种选择是寻找供应商，而不是资本密集型得多的汽车制造商。</blockquote></p><p> Assad Hussain, mobility analyst at PitchBook, which tracks all aspects of the public and private equity markets, said professional investors are looking beyond the companies making cars to those that are supplying the automakers.</p><p><blockquote>跟踪公共和私募股权市场各个方面的PitchBook移动分析师阿萨德·侯赛因(Assad Hussain)表示，专业投资者的目光不仅仅是制造汽车的公司，而是那些为汽车制造商供货的公司。</blockquote></p><p> “A lot of the smart VC money is going into the picks and shovels, not necessarily trying to trying to find the next Tesla,” Hussain said, making an analogy with the pioneers who got rich during the California gold rush of 1849 by providing the supplies, instead of joining the hordes panning for gold in the Sierra foothills.</p><p><blockquote>侯赛因说：“很多聪明的风险投资资金都投入了镐和铲子，而不一定是试图寻找下一个特斯拉。”他将1849年加州淘金热期间通过提供物资而致富的拓荒者进行了类比，而不是加入在塞拉山麓淘金的部落。</blockquote></p><p> One example is a company called Redwood Materials, which is working on recycling lithium ion batteries in both devices and EVs. Redwood was co-founded by JB Straubel, a Tesla co-founder and its CTO for 15 years. Redwood recently raised $700 million from a group of investors, including T. Rowe Price, Amazon.com Inc.&nbsp;and others.</p><p><blockquote>一个例子是一家名为Redwood Materials的公司，该公司正在致力于回收设备和电动汽车中的锂离子电池。Redwood由特斯拉联合创始人兼首席技术官JB Straubel共同创立，任职15年。Redwood最近从T.Rowe Price、亚马逊等投资者那里筹集了7亿美元。</blockquote></p><p> Recurrent, based in Seattle, was founded just last year and is offering third-party reports on used EV batteries, to help car buyers determine the life of the vehicle. It raised $3.5 million in seed funding&nbsp;late last year.</p><p><blockquote>总部位于西雅图的Recurrent去年刚刚成立，提供有关二手电动汽车电池的第三方报告，以帮助购车者确定车辆的使用寿命。去年年底，它筹集了350万美元的种子资金。</blockquote></p><p> “Maybe the smart thing to do is not look for the next Tesla, but to go out and find an enabling technology,” said Hussain.</p><p><blockquote>侯赛因说：“也许明智的做法不是寻找下一个特斯拉，而是走出去寻找一种使能技术。”</blockquote></p><p> The past century shows that periods of innovation in automobiles eventually settled into a triumvirate of dominant companies.</p><p><blockquote>过去的一个世纪表明，汽车创新时期最终形成了主导公司的三巨头。</blockquote></p><p> Whether that will happen again is anyone’s guess, but the strategies here should help find the safer bets, such as the companies the farthest along, the established auto makers, or look to the most interesting suppliers of this hot arena.</p><p><blockquote>这种情况是否会再次发生是任何人的猜测，但这里的策略应该有助于找到更安全的赌注，例如走得最远的公司、老牌汽车制造商，或者寻找这个热门领域最有趣的供应商。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIf there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?<blockquote>如果电动汽车制造商有“三巨头”，谁会加入特斯拉？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-20 07:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous names </p><p><blockquote>年轻电动汽车公司的延迟表明，大型汽车制造商最有能力在未来挑战特斯拉，但聪明的资金正在追逐不那么迷人的公司</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf4fe95f357a1ce8ef9aeefc9e1e62d0\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\"><span>MarketWatch photo illustration/Tesla, iStockphoto</span></p><p><blockquote><p class=\"t-img-caption\"><span>MarketWatch照片插图/特斯拉，iStockphoto</span></p></blockquote></p><p> When Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.</p><p><blockquote>当亨利·福特将他的底特律汽车公司重组为美国汽车制造业的巨头时，数百家其他年轻的汽车制造商也在起步。</blockquote></p><p> One of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in 1922, the company ended up in receivership in 1924. Like hundreds of other early car companies, none of those six Indianapolis players survived.</p><p><blockquote>其中之一，国家机动车辆汽车制造公司，成立于印第安纳波利斯，1906年拥有六家汽车制造商。国家汽车公司甚至参加了1912年印地500大赛并赢得了冠军。销售蓬勃发展，产量扩大，但在1922年与联合汽车工业公司合并后，该公司最终于1924年进入破产管理程序。与数百家其他早期汽车公司一样，印第安纳波利斯的六家公司无一幸存。</blockquote></p><p> Investors eyeing the electric vehicle space today may have a sense of déjà vu. The huge number of companies, large and small, currently working on electric vehicles or their components is reminiscent of the turn of the 20th century, when companies like National and others experimented with body forms and engine types, from steam-powered to internal combustion to early versions of electric vehicles.</p><p><blockquote>如今关注电动汽车领域的投资者可能会有一种似曾相识的感觉。目前大量大大小小的公司都在研究电动汽车或其零部件，这让人想起20世纪之交，当时National等公司尝试了车身形式和发动机类型，从蒸汽动力到内燃机再到电动汽车的早期版本。</blockquote></p><p> By the 1929 stock market crash, there were only about 40 auto makers left, and that number eventually shrunk to where the top companies in the U.S. are referred to as the “Big Three.” Similar shakeouts occurred globally, with Big Threes emerging in other countries, like Japan and Germany.</p><p><blockquote>到1929年股市崩盘时，只剩下大约40家汽车制造商，这个数字最终缩小到美国顶级公司被称为“三巨头”。全球也发生了类似的洗牌，日本和德国等其他国家也出现了三巨头。</blockquote></p><p> One major difference between then and now, said Brett Smith, director of technology research at the Center for Automotive Research, or CAR, is that 100 years ago, “everybody was starting from scratch—no one had an advantage,” while today, traditional auto makers already know how to build cars and create huge assembly lines.、</p><p><blockquote>汽车研究中心(CAR)技术研究主任布雷特·史密斯(Brett Smith)表示，当时和现在的一个主要区别是，100年前，“每个人都是从零开始——没有人有优势”，而今天，传统汽车制造商已经知道如何制造汽车并创建庞大的装配线。</blockquote></p><p>   ‘Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.’”    — Brett Smith, director, technology research, Center for Automotive Research   </p><p><blockquote>“未来5年，其中一些公司将出现显着增长。但也会有一些不成长、不奋斗的。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统汽车公司现在也开始涉足这一领域，竞争更加激烈。”——汽车研究中心技术研究主任布雷特·史密斯</blockquote></p><p> The question for investors then is which companies will become the big 3 of EVs?</p><p><blockquote>投资者面临的问题是哪些公司将成为电动汽车三巨头？</blockquote></p><p> The company with the biggest advantage in electric vehicles today is Tesla Inc.&nbsp;which has finally proved to the world that EVs are the future. As rival startups and legacy automakers seek to emulate its success, investors must ponder which EV companies will succeed and which will disappear.</p><p><blockquote>如今在电动汽车领域拥有最大优势的公司是特斯拉公司，该公司最终向世界证明了电动汽车是未来。随着竞争对手初创公司和传统汽车制造商寻求效仿其成功，投资者必须思考哪些电动汽车公司会成功，哪些会消失。</blockquote></p><p> Globally, there are hundreds of startups working on some aspect of electric vehicles, from creating the car, to charging station infrastructure, improving the manufacturing process, developing new battery technologies and working on fuel cells. CB Insights of New York said it is tracking more than 700 startups around the world that are active in the space.</p><p><blockquote>在全球范围内，有数百家初创公司致力于电动汽车的某些方面，从制造汽车到充电站基础设施、改进制造工艺、开发新的电池技术和研究燃料电池。纽约CB Insights表示，它正在跟踪全球700多家活跃在该领域的初创公司。</blockquote></p><p> “There seems to be a new one every day,” said Smith of CAR.</p><p><blockquote>“似乎每天都有新的，”汽车公司的史密斯说。</blockquote></p><p> Since February, the shares of many better known startups have lost much of their value because of serious issues, including regulatory inquiries or investigations, class action lawsuits, management tumult and abrupt executive departures. Piling onto these woes — which mainly stem from overpromising and under-delivering — is a semiconductor shortage hampering efforts to get first products out the door.</p><p><blockquote>自2月份以来，由于监管询问或调查、集体诉讼、管理层动荡和高管突然离职等严重问题，许多知名初创公司的股票已经损失了大部分价值。半导体短缺阻碍了首批产品上市的努力，这主要源于过度承诺和交付不足，加剧了这些困境。</blockquote></p><p> Several publicly traded EV makers are still technically startup companies, with no revenue or much operational history. But because of the SPAC boom, and the de-SPAC process, they are now publicly traded companies, leaving investors making bets like venture capitalists on the next Tesla.</p><p><blockquote>几家上市电动汽车制造商在技术上仍然是初创公司，没有收入或太多运营历史。但由于SPAC的繁荣和去SPAC的过程，它们现在是上市公司，让投资者像风险投资家一样押注下一个特斯拉。</blockquote></p><p> “What they are doing is very hard,” said Smith. “Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.”</p><p><blockquote>“他们正在做的事情非常困难，”史密斯说。“未来5年，其中一些公司将会有一些显着的增长。但也会有一些公司没有增长并陷入困境。与五年前相比，这些公司有更多值得乐观的地方，因为这项技术越来越接近更广泛的采用。问题是传统车企现在也开始涉足，竞争更加激烈。”</blockquote></p><p> As a result of some of those issues, no revenue is expected for the rest of the year at Nikola Corp.,Lordstown Motors Corp.&nbsp;and Fisker Inc., &nbsp;with all three companies predicting their first vehicles sometime in 2022, if their current forecasts can be believed.</p><p><blockquote>由于其中一些问题，尼古拉公司（Nikola Corp.）、洛兹敦汽车公司（Lordstown Motors Corp.）和菲斯克公司（Fisker Inc.）预计今年剩余时间不会有收入，这三家公司都预测将在2022年某个时候推出第一辆汽车，如果他们目前的预测是可信的。</blockquote></p><p></p><p> “I&nbsp;know&nbsp;it&nbsp;sounds&nbsp;like&nbsp;a&nbsp;broken&nbsp;record and it’s boring, but I think in this case, the broken record is quite good to keep on saying that we are on time on the Ocean program and we are on budget,” Fisker co-founder, Chairman and Chief Executive Henrik Fisker told analysts in the company’s earnings call last month.</p><p><blockquote>菲斯克联合创始人表示：“我知道这听起来像是一个被打破的记录，而且很无聊，但我认为在这种情况下，继续说我们按时完成海洋计划并且我们在预算范围内，打破的记录是非常好的。”董事长兼首席执行官亨里克·菲斯克(Henrik Fisker)上个月在公司财报看涨期权上对分析师表示。</blockquote></p><p> Fisker said the company will start production on Nov. 17, 2022, which actually looks good compared with other startups. Morgan Stanley analyst Adam Jonas said in a note that he believes&nbsp;Fisker “may be one of the only EV startups to actually launch on time and ramp efficaciously in late 2022.”</p><p><blockquote>菲斯克表示，该公司将于2022年11月17日开始生产，与其他初创公司相比，这实际上看起来不错。摩根士丹利分析师Adam Jonas在一份报告中表示，他相信Fisker“可能是唯一一家真正按时推出并在2022年底有效扩张的电动汽车初创公司之一。”</blockquote></p><p> These companies, plus Faraday Future Electric Inc.,Canoo Inc.,Lucid Group&nbsp;and the soon to go public Rivian, are among the top funded EV makers in the U.S. But while many have received billions from investors through private funding rounds or SPAC deals&nbsp;–&nbsp;electric truck-maker Rivian has raised $10.5 billion — some are now encountering credibility problems.</p><p><blockquote>这些公司，加上Faraday Future Electric Inc.、Canoo Inc.、Lucid Group和即将上市的Rivian，是美国资金最多的电动汽车制造商之一。但是，尽管许多公司通过私募融资或SPAC交易从投资者那里获得了数十亿美元——电动卡车制造商Rivian已经筹集了105亿美元——但一些公司现在却遇到了信誉问题。</blockquote></p><p> For example, Lordstown — an electric truck-maker which took over a former GM factory in an area of Ohio referred to as Voltage Valley — disclosed in July that its merger deal was being investigated by the Securities and Exchange Commission and the Justice Department, for a variety of matters, including information provided to investors about its pre-orders. Lordstown added a “going concern” warning to regulatory filings and clarified that the orders it had were not binding.</p><p><blockquote>例如，电动卡车制造商洛兹敦(Lordstown)接管了俄亥俄州电压谷(Voltage Valley)地区的一家前通用汽车工厂，该公司于7月披露，其合并交易正在接受美国证券交易委员会(Securities and Exchange Commission)和司法部(Justice Department)的调查。各种事项，包括向投资者提供有关其预购的信息。洛兹敦在监管文件中添加了“持续经营”警告，并澄清其订单不具有约束力。</blockquote></p><p> “To do what Tesla did, build a car company from the ground up and all the way through to distribution, that took a phenomenal amount of money,” Smith said. Tesla is now almost 18 years old. After raising $226 million in its 2010 IPO, it has gone back to the capital markets frequently, raising more than $20 billion through secondary stock sales and debt offerings.</p><p><blockquote>Smith说：“要像特斯拉那样，从头开始建立一家汽车公司，一直到分销，这需要大量资金。”特斯拉现在快18岁了。在2010年IPO筹集2.26亿美元后，该公司频繁重返资本市场，通过二级股票销售和债务发行筹集了超过200亿美元。</blockquote></p><p> Workhorse Group Inc.,which makes electric “last mile” delivery vans and utility vehicles, also was reported to be the target of an SEC investigation, and Trevor Milton, the founder of Nikola Corp.&nbsp;has been charged with securities fraud in federal court in the Southern District of New York, allegedly for overinflating the developments at the electric truck maker. Milton has stated that he is innocent.</p><p><blockquote>据报道，生产电动“最后一英里”送货车和多功能车的Workhorse Group Inc.也是SEC调查的目标，Nikola Corp.创始人特雷弗·米尔顿(Trevor Milton)在联邦法院被指控犯有证券欺诈罪。纽约南区，涉嫌夸大这家电动卡车制造商的发展。弥尔顿已经声明他是无辜的。</blockquote></p><p> Since EV makers need the same hefty capital investment as other auto makers, investors might be more inclined to favor the established companies making a foray into electrification. Nearly every major auto maker around the globe has some sort of effort today to develop electric vehicles, but in the U.S., Ford Motor appears to be the furthest along, with plans to offer dozens of electrified vehicles, including a truck, sometime in 2022.</p><p><blockquote>由于电动汽车制造商需要与其他汽车制造商一样的巨额资本投资，投资者可能更倾向于支持进军电气化领域的老牌公司。如今，全球几乎所有主要汽车制造商都在努力开发电动汽车，但在美国，福特汽车似乎走得最远，计划在2022年的某个时候提供数十款电动汽车，包括一辆卡车。</blockquote></p><p> If investors are looking to bet on one of Tesla’s upcoming rivals, the best course may be to pick one of the companies that is actually close to launching a car, like Fisker or Lucid, and then diversify bets on some traditional auto makers. Another option is to look for suppliers, instead of the much more capital-intensive car makers.</p><p><blockquote>如果投资者希望押注特斯拉即将推出的竞争对手之一，最好的办法可能是选择一家实际上即将推出汽车的公司，例如菲斯克或Lucid，然后分散对一些传统汽车制造商的押注。另一种选择是寻找供应商，而不是资本密集型得多的汽车制造商。</blockquote></p><p> Assad Hussain, mobility analyst at PitchBook, which tracks all aspects of the public and private equity markets, said professional investors are looking beyond the companies making cars to those that are supplying the automakers.</p><p><blockquote>跟踪公共和私募股权市场各个方面的PitchBook移动分析师阿萨德·侯赛因(Assad Hussain)表示，专业投资者的目光不仅仅是制造汽车的公司，而是那些为汽车制造商供货的公司。</blockquote></p><p> “A lot of the smart VC money is going into the picks and shovels, not necessarily trying to trying to find the next Tesla,” Hussain said, making an analogy with the pioneers who got rich during the California gold rush of 1849 by providing the supplies, instead of joining the hordes panning for gold in the Sierra foothills.</p><p><blockquote>侯赛因说：“很多聪明的风险投资资金都投入了镐和铲子，而不一定是试图寻找下一个特斯拉。”他将1849年加州淘金热期间通过提供物资而致富的拓荒者进行了类比，而不是加入在塞拉山麓淘金的部落。</blockquote></p><p> One example is a company called Redwood Materials, which is working on recycling lithium ion batteries in both devices and EVs. Redwood was co-founded by JB Straubel, a Tesla co-founder and its CTO for 15 years. Redwood recently raised $700 million from a group of investors, including T. Rowe Price, Amazon.com Inc.&nbsp;and others.</p><p><blockquote>一个例子是一家名为Redwood Materials的公司，该公司正在致力于回收设备和电动汽车中的锂离子电池。Redwood由特斯拉联合创始人兼首席技术官JB Straubel共同创立，任职15年。Redwood最近从T.Rowe Price、亚马逊等投资者那里筹集了7亿美元。</blockquote></p><p> Recurrent, based in Seattle, was founded just last year and is offering third-party reports on used EV batteries, to help car buyers determine the life of the vehicle. It raised $3.5 million in seed funding&nbsp;late last year.</p><p><blockquote>总部位于西雅图的Recurrent去年刚刚成立，提供有关二手电动汽车电池的第三方报告，以帮助购车者确定车辆的使用寿命。去年年底，它筹集了350万美元的种子资金。</blockquote></p><p> “Maybe the smart thing to do is not look for the next Tesla, but to go out and find an enabling technology,” said Hussain.</p><p><blockquote>侯赛因说：“也许明智的做法不是寻找下一个特斯拉，而是走出去寻找一种使能技术。”</blockquote></p><p> The past century shows that periods of innovation in automobiles eventually settled into a triumvirate of dominant companies.</p><p><blockquote>过去的一个世纪表明，汽车创新时期最终形成了主导公司的三巨头。</blockquote></p><p> Whether that will happen again is anyone’s guess, but the strategies here should help find the safer bets, such as the companies the farthest along, the established auto makers, or look to the most interesting suppliers of this hot arena.</p><p><blockquote>这种情况是否会再次发生是任何人的猜测，但这里的策略应该有助于找到更安全的赌注，例如走得最远的公司、老牌汽车制造商，或者寻找这个热门领域最有趣的供应商。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-there-were-a-big-three-of-electric-vehicle-makers-who-would-join-tesla-11631902468?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":{"XPEV":"小鹏汽车","WKHS":"Workhorse Group, Inc.","FSR":"菲斯克","LI":"理想汽车","TSLA":"特斯拉","NIO":"蔚来","LCID":"Lucid Group Inc","AMZN":"亚马逊"},"source_url":"https://www.marketwatch.com/story/if-there-were-a-big-three-of-electric-vehicle-makers-who-would-join-tesla-11631902468?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165266849","content_text":"Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous names \nMarketWatch photo illustration/Tesla, iStockphoto\n\n\nWhen Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.\nOne of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in 1922, the company ended up in receivership in 1924. Like hundreds of other early car companies, none of those six Indianapolis players survived.\nInvestors eyeing the electric vehicle space today may have a sense of déjà vu. The huge number of companies, large and small, currently working on electric vehicles or their components is reminiscent of the turn of the 20th century, when companies like National and others experimented with body forms and engine types, from steam-powered to internal combustion to early versions of electric vehicles.\nBy the 1929 stock market crash, there were only about 40 auto makers left, and that number eventually shrunk to where the top companies in the U.S. are referred to as the “Big Three.” Similar shakeouts occurred globally, with Big Threes emerging in other countries, like Japan and Germany.\nOne major difference between then and now, said Brett Smith, director of technology research at the Center for Automotive Research, or CAR, is that 100 years ago, “everybody was starting from scratch—no one had an advantage,” while today, traditional auto makers already know how to build cars and create huge assembly lines.、\n\n\n ‘Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.’”\n\n\n — Brett Smith, director, technology research, Center for Automotive Research \n\n\nThe question for investors then is which companies will become the big 3 of EVs?\nThe company with the biggest advantage in electric vehicles today is Tesla Inc. which has finally proved to the world that EVs are the future. As rival startups and legacy automakers seek to emulate its success, investors must ponder which EV companies will succeed and which will disappear.\n\nGlobally, there are hundreds of startups working on some aspect of electric vehicles, from creating the car, to charging station infrastructure, improving the manufacturing process, developing new battery technologies and working on fuel cells. CB Insights of New York said it is tracking more than 700 startups around the world that are active in the space.\n“There seems to be a new one every day,” said Smith of CAR.\nSince February, the shares of many better known startups have lost much of their value because of serious issues, including regulatory inquiries or investigations, class action lawsuits, management tumult and abrupt executive departures. Piling onto these woes — which mainly stem from overpromising and under-delivering — is a semiconductor shortage hampering efforts to get first products out the door.\nSeveral publicly traded EV makers are still technically startup companies, with no revenue or much operational history. But because of the SPAC boom, and the de-SPAC process, they are now publicly traded companies, leaving investors making bets like venture capitalists on the next Tesla.\n\n\n\n“What they are doing is very hard,” said Smith. “Over the next 5 years, there is going to be some remarkable growth for some of these companies. But there will be some that don’t grow and struggle. There is more to be optimistic about with these companies than there was five years ago, because the tech is getting closer to broader adoption. The problem is that the traditional car companies have been getting into it too now and competition is tougher.”\nAs a result of some of those issues, no revenue is expected for the rest of the year at Nikola Corp.,Lordstown Motors Corp. and Fisker Inc.,  with all three companies predicting their first vehicles sometime in 2022, if their current forecasts can be believed.\n\n“I know it sounds like a broken record and it’s boring, but I think in this case, the broken record is quite good to keep on saying that we are on time on the Ocean program and we are on budget,” Fisker co-founder, Chairman and Chief Executive Henrik Fisker told analysts in the company’s earnings call last month.\nFisker said the company will start production on Nov. 17, 2022, which actually looks good compared with other startups. Morgan Stanley analyst Adam Jonas said in a note that he believes Fisker “may be one of the only EV startups to actually launch on time and ramp efficaciously in late 2022.”\n\nThese companies, plus Faraday Future Electric Inc.,Canoo Inc.,Lucid Group and the soon to go public Rivian, are among the top funded EV makers in the U.S. But while many have received billions from investors through private funding rounds or SPAC deals – electric truck-maker Rivian has raised $10.5 billion — some are now encountering credibility problems.\n\nFor example, Lordstown — an electric truck-maker which took over a former GM factory in an area of Ohio referred to as Voltage Valley — disclosed in July that its merger deal was being investigated by the Securities and Exchange Commission and the Justice Department, for a variety of matters, including information provided to investors about its pre-orders. Lordstown added a “going concern” warning to regulatory filings and clarified that the orders it had were not binding.\n\n“To do what Tesla did, build a car company from the ground up and all the way through to distribution, that took a phenomenal amount of money,” Smith said. Tesla is now almost 18 years old. After raising $226 million in its 2010 IPO, it has gone back to the capital markets frequently, raising more than $20 billion through secondary stock sales and debt offerings.\nWorkhorse Group Inc.,which makes electric “last mile” delivery vans and utility vehicles, also was reported to be the target of an SEC investigation, and Trevor Milton, the founder of Nikola Corp. has been charged with securities fraud in federal court in the Southern District of New York, allegedly for overinflating the developments at the electric truck maker. Milton has stated that he is innocent.\n\nSince EV makers need the same hefty capital investment as other auto makers, investors might be more inclined to favor the established companies making a foray into electrification. Nearly every major auto maker around the globe has some sort of effort today to develop electric vehicles, but in the U.S., Ford Motor appears to be the furthest along, with plans to offer dozens of electrified vehicles, including a truck, sometime in 2022.\n\nIf investors are looking to bet on one of Tesla’s upcoming rivals, the best course may be to pick one of the companies that is actually close to launching a car, like Fisker or Lucid, and then diversify bets on some traditional auto makers. Another option is to look for suppliers, instead of the much more capital-intensive car makers.\nAssad Hussain, mobility analyst at PitchBook, which tracks all aspects of the public and private equity markets, said professional investors are looking beyond the companies making cars to those that are supplying the automakers.\n“A lot of the smart VC money is going into the picks and shovels, not necessarily trying to trying to find the next Tesla,” Hussain said, making an analogy with the pioneers who got rich during the California gold rush of 1849 by providing the supplies, instead of joining the hordes panning for gold in the Sierra foothills.\nOne example is a company called Redwood Materials, which is working on recycling lithium ion batteries in both devices and EVs. Redwood was co-founded by JB Straubel, a Tesla co-founder and its CTO for 15 years. Redwood recently raised $700 million from a group of investors, including T. Rowe Price, Amazon.com Inc. and others.\n\nRecurrent, based in Seattle, was founded just last year and is offering third-party reports on used EV batteries, to help car buyers determine the life of the vehicle. It raised $3.5 million in seed funding late last year.\n\n“Maybe the smart thing to do is not look for the next Tesla, but to go out and find an enabling technology,” said Hussain.\nThe past century shows that periods of innovation in automobiles eventually settled into a triumvirate of dominant companies.\nWhether that will happen again is anyone’s guess, but the strategies here should help find the safer bets, such as the companies the farthest along, the established auto makers, or look to the most interesting suppliers of this hot arena.","news_type":1,"symbols_score_info":{"GOEV":0.9,"NIO":0.9,"AMZN":0.9,"FSR":0.9,"RIDE":0.9,"FFIE":0.9,"WKHS":0.9,"XPEV":0.9,"LCID":0.9,"LI":0.9,"TSLA":0.9,"NKLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}