生肉麵加豬油渣的个人主页 - 老虎社区

生肉麵加豬油渣

生肉麵加豬油渣

暂无个人介绍

IP属地：未知

223关注

20粉丝

5主题

0勋章

生肉麵加豬油渣

2022-05-11

Throw in an orange may help...

Can Apple Stock Weather This Storm In The Markets?<blockquote>苹果股票能否经受住这场市场风暴？</blockquote>

生肉麵加豬油渣

2022-05-10

haiz

Tesla April China Sales Hit Rock Bottom, Underperform Industry<blockquote>特斯拉4月中国销量触底，行业表现不佳</blockquote>

生肉麵加豬油渣

2022-05-10

OMG i need her

抱歉，原内容已删除

生肉麵加豬油渣

2022-05-10

wow hahaha

U.S. Futures Climb on Dip Buying<blockquote>美国期货因逢低买盘而攀升</blockquote>

生肉麵加豬油渣

2022-05-09

pls

抱歉，原内容已删除

生肉麵加豬油渣

2022-05-09

i am missing something here?

SQ Stock Is a Strong Buy After Q1 Earnings<blockquote>第一季度收益公布后，SQ 股票值得强力买入</blockquote>

生肉麵加豬油渣

2022-05-09

wow only that?

Tesla: Overvalued By 85.26% And Not A Technology Company<blockquote>特斯拉：被高估85.26%，不是一家科技公司</blockquote>

生肉麵加豬油渣

2022-05-07

get back to pre pandemic level, let MAGA run the show

抱歉，原内容已删除

生肉麵加豬油渣

2022-05-06

kudos

抱歉，原内容已删除

生肉麵加豬油渣

2022-05-06

what about mid term election, covid lockdown is over soon in shanghai, abhigya anand prediction for some pieces of good news instead?

抱歉，原内容已删除

生肉麵加豬油渣

2022-05-05

come on, stay focus in TSLA pls

抱歉，原内容已删除

生肉麵加豬油渣

2022-05-04

hahaha

抱歉，原内容已删除

生肉麵加豬油渣

2022-04-28

Go MSFT

抱歉，原内容已删除

生肉麵加豬油渣

2022-04-28

World peace then everything will be good

抱歉，原内容已删除

生肉麵加豬油渣

2022-04-27

COVID 2.0

抱歉，原内容已删除

生肉麵加豬油渣

2022-04-25

enough to cover losses else where? lol

抱歉，原内容已删除

生肉麵加豬油渣

2022-04-20

im counting on this, pls get well

ASML Rose Over 4% in Morning Trading as Q1 Result Topped Estimates<blockquote>ASML 第一季度业绩超出预期，早盘交易中股价上涨超过 4%</blockquote>

生肉麵加豬油渣

2022-04-20

gosh nose dive?

U.S. Stocks Rise As Investors Shrug off Big Netflix Disappointment, Dow Gains 200 Points<blockquote>美国股市上涨，投资者摆脱 Netflix 的巨大失望，道琼斯指数上涨 200 点</blockquote>

生肉麵加豬油渣

2022-04-20

F C gogogo

抱歉，原内容已删除

生肉麵加豬油渣

2022-04-20

韭菜们愿不愿意被收割呀？

滴滴将发起退市投票，股票持有者该怎么办？

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3559357742503712","uuid":"3559357742503712","gmtCreate":1596275454850,"gmtModify":1623204668996,"name":"生肉麵加豬油渣","pinyin":"sr麵j豬yzshengrou麵jia豬youzha","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":20,"headSize":223,"tweetSize":265,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":5,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"02aa7f16703b4ce4ace6f1a7665789cc-2","templateUuid":"02aa7f16703b4ce4ace6f1a7665789cc","name":"知识探索家","description":"观看学堂课程满20节","bigImgUrl":"https://static.tigerbbs.com/63cc10a4789c3eaa019b225a55136cf9","smallImgUrl":"https://static.tigerbbs.com/b1f0cbf3ae1b0a4593ddb3434df74ce0","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.24","exceedPercentage":"93.68%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.55%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":6,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":1,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":612880356,"gmtCreate":1652265005475,"gmtModify":1652267528449,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"Throw in an orange may help...&nbsp;","listText":"Throw in an orange may help...&nbsp;","text":"Throw in an orange may help...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/612880356","repostId":"2234662717","repostType":4,"repost":{"id":"2234662717","kind":"news","pubTimestamp":1652281819,"share":"https://www.laohunote.com/m/news/2234662717?lang=zh_CN&edition=full","pubTime":"2022-05-11 23:10","market":"us","language":"en","title":"Can Apple Stock Weather This Storm In The Markets?<blockquote>苹果股票能否经受住这场市场风暴？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2234662717","media":"TheStreet","summary":"The S&P 500 is approaching bear market territory. Is Apple stock a good place to hide, should the br","content":"<p><html><head></head><body>The S&amp;P 500 is approaching bear market territory. Is Apple stock a good place to hide, should the broad market dip further from here?</p><p><blockquote><html><head></head><body>标普500正在接近熊市区域。苹果股票是一个藏身的好地方吗，大盘应该从这里进一步下跌吗？</body></html></blockquote></p><p>The stock markets have decisively turned south. As of the writing of this sentence, both the S&amp;P 500 and Apple stock have corrected around 15% from their respective peaks reached early in January 2022.</p><p><blockquote>股市果断转向南方。截至撰写本文时，标普500和苹果的股价均较 2022 年 1 月初达到的峰值回调了约 15%。</blockquote></p><p>As the S&amp;P 500 approaches bear territory (i.e., a 20%-plus decline, something that has happened only once in the past decade), I ask the question: can AAPL endure the upcoming selloff better than other stocks?</p><p><blockquote>随着标普500接近熊市区域（即下跌 20% 以上，这种情况在过去十年中只发生过一次），我提出了一个问题：苹果公司能比其他股票更好地承受即将到来的抛售吗？</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4797cf9c26621e8daaab0233dd55a0fe\" tg-width=\"1240\" tg-height=\"827\" referrerpolicy=\"no-referrer\"/><span>Figure 1: Can Apple Stock Weather This Storm In The Markets?</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 1：苹果股票能否经受住这场市场风暴？</span></p></blockquote></p><p><b>AAPL: outperformer in distressed times?</b></p><p><blockquote><b>AAPL：在困难时期表现出色？</b></blockquote></p><p>From a business perspective, Apple seems to be performing well, regardless of unfavorable macroeconomic forces and despite supply chain issues.</p><p><blockquote>从商业角度来看，尽管存在不利的宏观经济力量和供应链问题，苹果似乎表现良好。</blockquote></p><p>Some even argue that the Cupertino company can do better than the average company in times like these. This is because of world-class supply chain management, along with peak demand and brand appreciation that should help to protect Apple’s pricing power.</p><p><blockquote>有些人甚至认为，在这种时候，库比蒂诺公司可以比普通公司做得更好。这是因为世界一流的供应链管理，以及需求高峰和品牌升值，都有助于保护苹果的定价权。</blockquote></p><p>This may help to explain why Apple has not lost too much of its market value since reaching a January 2022 peak — at least compared to other stocks. While Amazon, Alphabet and Microsoft have been down at least 20% so far this year, Apple has declined “only” 15%.</p><p><blockquote>这可能有助于解释为什么苹果自 2022 年 1 月达到峰值以来没有损失太多市值——至少与其他股票相比是这样。今年到目前为止，亚马逊、Alphabet和微软的股价至少下跌了 20%，而苹果 “仅 ”下跌了 15%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/716135f2470f0f70634dbdf0c87cef35\" tg-width=\"1103\" tg-height=\"572\" referrerpolicy=\"no-referrer\"/><span>Figure 2: FAAMG performance year-to-date.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：FAAMG 年初至今的表现。</span></p></blockquote></p><p><b>The apple does not fall far from the tree</b></p><p><blockquote><b>苹果落得离树不远</b></blockquote></p><p>The above is the more qualitative, bullish take on Apple stock. But there is also the more quantitative and less upbeat perspective.</p><p><blockquote>以上是对苹果股票更定性、更看涨的看法。但也有更多的定量和不那么乐观的前景。</blockquote></p><p>First, Apple’s valuations remain fairly rich. The current-year P/E of nearly 26 times is quite high compared to the S&amp;P 500’s multiple of 17.5 times — historically, Apple’s earnings ratio has been consistently lower than the broad market’s.</p><p><blockquote>首先，苹果的估值仍然相当高。与标普500 17.5 倍的市盈率相比，苹果今年近 26 倍的市盈率相当高--从历史上看，苹果的市盈率一直低于大盘。</blockquote></p><p>Most high-valuation stocks have fallen off a cliff lately. Many of the uber-growth, richly valued names that would be natural candidates for one of Cathie Wood’s ARK portfolio, for example, have already lost at least half of their peak market values. Could AAPL be next?</p><p><blockquote>大多数高估值股票最近都跌下了悬崖。例如，凯西-伍德（Cathie Wood）的方舟投资组合中，许多超级增长、估值高的股票已经损失了至少一半的峰值市值。苹果会是下一个吗？</blockquote></p><p>Second, Apple stock has historically been pretty sensitive to broad market movements. AAPL’s beta is +1.2,which means that the share price should be reasonably expected to move 20% (or 0.2 times) more than the S&amp;P 500 in either direction.</p><p><blockquote>其次，苹果股票历来对大盘市场走势相当敏感。AAPL 的贝塔值为 +1.2，这意味着股价在任何一个方向上的波动都应该比标普500高出 20%（或 0.2 倍）。</blockquote></p><p>Therefore, should the broad index tank, history suggests that Apple may also sell off, except even more sharply — that is, the apple does not usually fall far from the tree. Take the four bear and quasi-bear markets since 2000:</p><p><blockquote>因此，如果广泛的指数下跌，历史表明苹果也可能遭到抛售，只是幅度更大——也就是说，苹果通常不会离树很远。以2000年以来的四次熊市和准熊市为例：</blockquote></p><p><ul><li>Early 2000s: the S&amp;P 500 dipped as much as 47%, while AAPL sank 82%.</li><li>2008-09 financial crisis: the S&amp;P 500 dipped 55%, while AAPL dropped 61%.</li><li>Quasi-bear of Q4’18: the S&amp;P 500 dipped 19.8%, while AAPL shrunk 38%.</li><li>2020 COVID bear: the S&amp;P 500 dipped 34%, and AAPL did better at 31%.</li></ul></body></html></p><p><blockquote><ul><li>21世纪初：标普500下跌47%，苹果下跌82%。</li><li>2008-09年金融危机：标普500下跌55%，苹果下跌61%。</li><li>2018 年第四季度准熊市： 标普500下跌 19.8%，苹果公司缩水 38%。</li><li>2020 年新冠熊：标普500下跌 34%，苹果公司表现更好，为 31%。</li></ul></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>Can Apple Stock Weather This Storm In The Markets?<blockquote>苹果股票能否经受住这场市场风暴？</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\">\nCan Apple Stock Weather This Storm In The Markets?<blockquote>苹果股票能否经受住这场市场风暴？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2022-05-11 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The S&amp;P 500 is approaching bear market territory. Is Apple stock a good place to hide, should the broad market dip further from here?</p><p><blockquote><html><head></head><body>标普500正在接近熊市区域。苹果股票是一个藏身的好地方吗，大盘应该从这里进一步下跌吗？</body></html></blockquote></p><p>The stock markets have decisively turned south. As of the writing of this sentence, both the S&amp;P 500 and Apple stock have corrected around 15% from their respective peaks reached early in January 2022.</p><p><blockquote>股市果断转向南方。截至撰写本文时，标普500和苹果的股价均较 2022 年 1 月初达到的峰值回调了约 15%。</blockquote></p><p>As the S&amp;P 500 approaches bear territory (i.e., a 20%-plus decline, something that has happened only once in the past decade), I ask the question: can AAPL endure the upcoming selloff better than other stocks?</p><p><blockquote>随着标普500接近熊市区域（即下跌 20% 以上，这种情况在过去十年中只发生过一次），我提出了一个问题：苹果公司能比其他股票更好地承受即将到来的抛售吗？</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4797cf9c26621e8daaab0233dd55a0fe\" tg-width=\"1240\" tg-height=\"827\" referrerpolicy=\"no-referrer\"/><span>Figure 1: Can Apple Stock Weather This Storm In The Markets?</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 1：苹果股票能否经受住这场市场风暴？</span></p></blockquote></p><p><b>AAPL: outperformer in distressed times?</b></p><p><blockquote><b>AAPL：在困难时期表现出色？</b></blockquote></p><p>From a business perspective, Apple seems to be performing well, regardless of unfavorable macroeconomic forces and despite supply chain issues.</p><p><blockquote>从商业角度来看，尽管存在不利的宏观经济力量和供应链问题，苹果似乎表现良好。</blockquote></p><p>Some even argue that the Cupertino company can do better than the average company in times like these. This is because of world-class supply chain management, along with peak demand and brand appreciation that should help to protect Apple’s pricing power.</p><p><blockquote>有些人甚至认为，在这种时候，库比蒂诺公司可以比普通公司做得更好。这是因为世界一流的供应链管理，以及需求高峰和品牌升值，都有助于保护苹果的定价权。</blockquote></p><p>This may help to explain why Apple has not lost too much of its market value since reaching a January 2022 peak — at least compared to other stocks. While Amazon, Alphabet and Microsoft have been down at least 20% so far this year, Apple has declined “only” 15%.</p><p><blockquote>这可能有助于解释为什么苹果自 2022 年 1 月达到峰值以来没有损失太多市值——至少与其他股票相比是这样。今年到目前为止，亚马逊、Alphabet和微软的股价至少下跌了 20%，而苹果 “仅 ”下跌了 15%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/716135f2470f0f70634dbdf0c87cef35\" tg-width=\"1103\" tg-height=\"572\" referrerpolicy=\"no-referrer\"/><span>Figure 2: FAAMG performance year-to-date.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：FAAMG 年初至今的表现。</span></p></blockquote></p><p><b>The apple does not fall far from the tree</b></p><p><blockquote><b>苹果落得离树不远</b></blockquote></p><p>The above is the more qualitative, bullish take on Apple stock. But there is also the more quantitative and less upbeat perspective.</p><p><blockquote>以上是对苹果股票更定性、更看涨的看法。但也有更多的定量和不那么乐观的前景。</blockquote></p><p>First, Apple’s valuations remain fairly rich. The current-year P/E of nearly 26 times is quite high compared to the S&amp;P 500’s multiple of 17.5 times — historically, Apple’s earnings ratio has been consistently lower than the broad market’s.</p><p><blockquote>首先，苹果的估值仍然相当高。与标普500 17.5 倍的市盈率相比，苹果今年近 26 倍的市盈率相当高--从历史上看，苹果的市盈率一直低于大盘。</blockquote></p><p>Most high-valuation stocks have fallen off a cliff lately. Many of the uber-growth, richly valued names that would be natural candidates for one of Cathie Wood’s ARK portfolio, for example, have already lost at least half of their peak market values. Could AAPL be next?</p><p><blockquote>大多数高估值股票最近都跌下了悬崖。例如，凯西-伍德（Cathie Wood）的方舟投资组合中，许多超级增长、估值高的股票已经损失了至少一半的峰值市值。苹果会是下一个吗？</blockquote></p><p>Second, Apple stock has historically been pretty sensitive to broad market movements. AAPL’s beta is +1.2,which means that the share price should be reasonably expected to move 20% (or 0.2 times) more than the S&amp;P 500 in either direction.</p><p><blockquote>其次，苹果股票历来对大盘市场走势相当敏感。AAPL 的贝塔值为 +1.2，这意味着股价在任何一个方向上的波动都应该比标普500高出 20%（或 0.2 倍）。</blockquote></p><p>Therefore, should the broad index tank, history suggests that Apple may also sell off, except even more sharply — that is, the apple does not usually fall far from the tree. Take the four bear and quasi-bear markets since 2000:</p><p><blockquote>因此，如果广泛的指数下跌，历史表明苹果也可能遭到抛售，只是幅度更大——也就是说，苹果通常不会离树很远。以2000年以来的四次熊市和准熊市为例：</blockquote></p><p><ul><li>Early 2000s: the S&amp;P 500 dipped as much as 47%, while AAPL sank 82%.</li><li>2008-09 financial crisis: the S&amp;P 500 dipped 55%, while AAPL dropped 61%.</li><li>Quasi-bear of Q4’18: the S&amp;P 500 dipped 19.8%, while AAPL shrunk 38%.</li><li>2020 COVID bear: the S&amp;P 500 dipped 34%, and AAPL did better at 31%.</li></ul></body></html></p><p><blockquote><ul><li>21世纪初：标普500下跌47%，苹果下跌82%。</li><li>2008-09年金融危机：标普500下跌55%，苹果下跌61%。</li><li>2018 年第四季度准熊市： 标普500下跌 19.8%，苹果公司缩水 38%。</li><li>2020 年新冠熊：标普500下跌 34%，苹果公司表现更好，为 31%。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/can-apple-stock-weather-this-storm-in-the-markets\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/can-apple-stock-weather-this-storm-in-the-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2234662717","content_text":"The S&P 500 is approaching bear market territory. Is Apple stock a good place to hide, should the broad market dip further from here?The stock markets have decisively turned south. As of the writing of this sentence, both the S&P 500 and Apple stock have corrected around 15% from their respective peaks reached early in January 2022.As the S&P 500 approaches bear territory (i.e., a 20%-plus decline, something that has happened only once in the past decade), I ask the question: can AAPL endure the upcoming selloff better than other stocks?Figure 1: Can Apple Stock Weather This Storm In The Markets?AAPL: outperformer in distressed times?From a business perspective, Apple seems to be performing well, regardless of unfavorable macroeconomic forces and despite supply chain issues.Some even argue that the Cupertino company can do better than the average company in times like these. This is because of world-class supply chain management, along with peak demand and brand appreciation that should help to protect Apple’s pricing power.This may help to explain why Apple has not lost too much of its market value since reaching a January 2022 peak — at least compared to other stocks. While Amazon, Alphabet and Microsoft have been down at least 20% so far this year, Apple has declined “only” 15%.Figure 2: FAAMG performance year-to-date.The apple does not fall far from the treeThe above is the more qualitative, bullish take on Apple stock. But there is also the more quantitative and less upbeat perspective.First, Apple’s valuations remain fairly rich. The current-year P/E of nearly 26 times is quite high compared to the S&P 500’s multiple of 17.5 times — historically, Apple’s earnings ratio has been consistently lower than the broad market’s.Most high-valuation stocks have fallen off a cliff lately. Many of the uber-growth, richly valued names that would be natural candidates for one of Cathie Wood’s ARK portfolio, for example, have already lost at least half of their peak market values. Could AAPL be next?Second, Apple stock has historically been pretty sensitive to broad market movements. AAPL’s beta is +1.2,which means that the share price should be reasonably expected to move 20% (or 0.2 times) more than the S&P 500 in either direction.Therefore, should the broad index tank, history suggests that Apple may also sell off, except even more sharply — that is, the apple does not usually fall far from the tree. Take the four bear and quasi-bear markets since 2000:Early 2000s: the S&P 500 dipped as much as 47%, while AAPL sank 82%.2008-09 financial crisis: the S&P 500 dipped 55%, while AAPL dropped 61%.Quasi-bear of Q4’18: the S&P 500 dipped 19.8%, while AAPL shrunk 38%.2020 COVID bear: the S&P 500 dipped 34%, and AAPL did better at 31%.","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":6263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":612362802,"gmtCreate":1652180371606,"gmtModify":1652180373464,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"haiz","listText":"haiz","text":"haiz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/612362802","repostId":"1198722454","repostType":4,"repost":{"id":"1198722454","kind":"news","pubTimestamp":1652177135,"share":"https://www.laohunote.com/m/news/1198722454?lang=zh_CN&edition=full","pubTime":"2022-05-10 18:05","market":"us","language":"en","title":"Tesla April China Sales Hit Rock Bottom, Underperform Industry<blockquote>特斯拉4月中国销量触底，行业表现不佳</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198722454","media":"benzinga","summary":"Tesla, Inc.'s TSLA China sales plummeted in April, and the magnitude of underperformance would have disappointed even the most pessimistic of forecasts. Expectations were muted, going into the data re","content":"<p><div> Tesla, Inc.'s TSLA China sales plummeted in April, and the magnitude of underperformance would have disappointed even the most pessimistic of forecasts. Expectations were muted, going into the data ...</p><p><blockquote><div>特斯拉公司 TSLA 中国销量在 4 月份暴跌，表现不佳的程度甚至会让最悲观的预测感到失望。进入数据，期望被压低了……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/asia/22/05/27099926/tesla-april-china-sales-hit-rock-bottom-amid-lockdowns-and-supply-challenges-underperforms-industry\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/asia/22/05/27099926/tesla-april-china-sales-hit-rock-bottom-amid-lockdowns-and-supply-challenges-underperforms-industry\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla April China Sales Hit Rock Bottom, Underperform Industry<blockquote>特斯拉4月中国销量触底，行业表现不佳</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\">\nTesla April China Sales Hit Rock Bottom, Underperform Industry<blockquote>特斯拉4月中国销量触底，行业表现不佳</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2022-05-10 18:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Tesla, Inc.'s TSLA China sales plummeted in April, and the magnitude of underperformance would have disappointed even the most pessimistic of forecasts. Expectations were muted, going into the data ...</p><p><blockquote><div>特斯拉公司 TSLA 中国销量在 4 月份暴跌，表现不佳的程度甚至会让最悲观的预测感到失望。进入数据，期望被压低了……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/asia/22/05/27099926/tesla-april-china-sales-hit-rock-bottom-amid-lockdowns-and-supply-challenges-underperforms-industry\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/asia/22/05/27099926/tesla-april-china-sales-hit-rock-bottom-amid-lockdowns-and-supply-challenges-underperforms-industry\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/asia/22/05/27099926/tesla-april-china-sales-hit-rock-bottom-amid-lockdowns-and-supply-challenges-underperforms-industry\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/markets/asia/22/05/27099926/tesla-april-china-sales-hit-rock-bottom-amid-lockdowns-and-supply-challenges-underperforms-industry","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198722454","content_text":"Tesla, Inc.'s TSLA China sales plummeted in April, and the magnitude of underperformance would have disappointed even the most pessimistic of forecasts. Expectations were muted, going into the data release, given the extended shutdown of the Giga Shangai during the month to fall in line with the COVID-19 restrictions in place.What Happened: Tesla's Giga Shanghai produced 10,757 vehicles in April and sold 1,512 vehicles domestically, Reuters reported, citing data from the China Passenger Car Association.The company did not export any vehicles during the month, going against the norms of focusing on exports in the first half of the quarter.In March, Tesla delivered 65,814 Giga-Shanghai-made cars, out of which 60 units were exported and the remaining 65,754 vehicles were sold in China. The strong numbers came despite a 2-day disruption in the middle of the month and another toward the end of the month.The year-over-year comparison also shows a decline from the 40,019 units sold in April 2021, comprising domestic sales of 25,845 units and exports of 14,174 units.Tesla's dismal showing in April is in contrast to the fairly strong performance of the industry. CPCA data showed that retail sales of new energy vehicles, a term used for denoting both battery EVs and plug-in hybrids, increased 78.4% year-over-year in China in April. EV sales climbed 63.3%.Why It's Important: Tesla's production was disrupted for about three weeks in April due to the COVID-19 lockdowns that forced shuttering of its Giga Shanghai plant. EV makers also faced component shortages amid the intensification of geopolitical tensions.But this did not deter Warren Buffett-backed BYD Company Limited BYDDF from reporting a strong April performance. The company produced and sold 57,593 and 57,403 EVs, respectively in April.Other EV startups such as Nio, Inc. NIO, XPeng, Inc. XPEV and Li Auto, Inc. LI did see a pullback, but delivered 5,074, 9,002, and 4,167 units, respectively, for the month.In premarket trading, Tuesday, Tesla stock was seen rising 2.58% to $807.42.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":612362129,"gmtCreate":1652180350961,"gmtModify":1652180352605,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"OMG i need her","listText":"OMG i need her","text":"OMG i need her","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/612362129","repostId":"1104407322","repostType":4,"isVote":1,"tweetType":1,"viewCount":4040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":612362992,"gmtCreate":1652180224216,"gmtModify":1652180225794,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"wow hahaha","listText":"wow hahaha","text":"wow hahaha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/612362992","repostId":"1107369711","repostType":4,"repost":{"id":"1107369711","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":1652172239,"share":"https://www.laohunote.com/m/news/1107369711?lang=zh_CN&edition=full","pubTime":"2022-05-10 16:43","market":"us","language":"en","title":"U.S. Futures Climb on Dip Buying<blockquote>美国期货因逢低买盘而攀升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107369711","media":"Tiger Newspress","summary":"Futures on the Nasdaq 100 Index jump 1.7% a day after valuations on the equity gauge plummet to the lowest in two years.","content":"<p><html><head></head><body>U.S. equity-index futures rallied as dip buyers emerged from the ruins of Monday’s rout, even though sentiment remained fragile over concerns about inflation and economic growth.</p><p><blockquote><html><head></head><body>尽管由于对通胀和经济增长的担忧，市场情绪仍然脆弱，但随着逢低买家从周一暴跌的废墟中走出来，美国股指期货反弹。</body></html></blockquote></p><p>Futures on the Nasdaq 100 Index jumped 1.7% a day after valuations on the equity gauge plummeted to the lowest in two years. S&amp;P 500 contracts rose more than 1%. Haven demand eased, with the dollar halting a three-day advance and Treasuries falling across the curve.</p><p><blockquote>纳斯达克 100 指数期货当天上涨 1.7%，此前该股票指标的估值暴跌至两年来的最低点。标普500合约上涨超过1%。避风港需求放缓，美元停止三天上涨，美国国债横穿曲线。</blockquote></p><p><img src=\"https://static.tigerbbs.com/098a1fa9d37e8db97e1b5504a1ba406e\" tg-width=\"458\" tg-height=\"225\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Traders are caught between stubbornly high inflation that erodes asset values and central-bank tightening that threatens to slow economic growth, or even push some nations into recession. Recent U.S. data suggesting the Federal Reserve will stay on an aggressive rate-hike path have sparked the latest bout of risk-off trades.</p><p><blockquote>交易员陷入了侵蚀资产价值的顽固高通胀和有可能减缓经济增长甚至将一些国家推入衰退的央行紧缩政策之间。最近的美国数据表明美联储将继续走激进的加息道路，引发了最新一轮的避险交易。</blockquote></p><p>“For now, investors need to be prepared for continued volatility,” Solita Marcelli, Americas chief investment officer at UBS Global Wealth Management, wrote in a note. She added “sentiment is bearish” but not capitulating.</p><p><blockquote>“瑞银全球财富管理公司美洲首席投资官索丽塔-马塞利（Solita Marcelli）在一份报告中写道：”目前，投资者需要为持续的波动做好准备。她补充说，“市场情绪看跌”，但并不投降。</blockquote></p><p>Investors’ attention now turns to the U.S. April consumer-price index print on Wednesday. They will be looking for clues on whether inflation is nearing a peak, or increases the threat of a 75 basis-point rate hike by the Fed, rather than the 50 basis-point move the markets seem to have made peace with.</p><p><blockquote>投资者的注意力现在转向周三公布的美国 4 月份消费者价格指数。他们将寻找通胀是否接近峰值，或者美联储加息 75 个基点的威胁是否增加的线索，而不是市场似乎已经接受的 50 个基点的举措。</blockquote></p><p>In the latest policy comments, Fed Bank of Atlanta President Raphael Bostic said he favors continuing to raise rates by half-point moves rather than anything larger. He said the odds for a 75-basis-point hike are low but added he’s taking nothing off the table.</p><p><blockquote>亚特兰大联邦储备银行行长拉斐尔·博斯蒂克在最新的政策评论中表示，他赞成继续加息半个百分点，而不是大幅度加息。他说，加息 75 个基点的几率很低，但他补充说，他不会拿走任何东西。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Futures Climb on Dip Buying<blockquote>美国期货因逢低买盘而攀升</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\">\nU.S. Futures Climb on Dip Buying<blockquote>美国期货因逢低买盘而攀升</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\">2022-05-10 16:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. equity-index futures rallied as dip buyers emerged from the ruins of Monday’s rout, even though sentiment remained fragile over concerns about inflation and economic growth.</p><p><blockquote><html><head></head><body>尽管由于对通胀和经济增长的担忧，市场情绪仍然脆弱，但随着逢低买家从周一暴跌的废墟中走出来，美国股指期货反弹。</body></html></blockquote></p><p>Futures on the Nasdaq 100 Index jumped 1.7% a day after valuations on the equity gauge plummeted to the lowest in two years. S&amp;P 500 contracts rose more than 1%. Haven demand eased, with the dollar halting a three-day advance and Treasuries falling across the curve.</p><p><blockquote>纳斯达克 100 指数期货当天上涨 1.7%，此前该股票指标的估值暴跌至两年来的最低点。标普500合约上涨超过1%。避风港需求放缓，美元停止三天上涨，美国国债横穿曲线。</blockquote></p><p><img src=\"https://static.tigerbbs.com/098a1fa9d37e8db97e1b5504a1ba406e\" tg-width=\"458\" tg-height=\"225\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Traders are caught between stubbornly high inflation that erodes asset values and central-bank tightening that threatens to slow economic growth, or even push some nations into recession. Recent U.S. data suggesting the Federal Reserve will stay on an aggressive rate-hike path have sparked the latest bout of risk-off trades.</p><p><blockquote>交易员陷入了侵蚀资产价值的顽固高通胀和有可能减缓经济增长甚至将一些国家推入衰退的央行紧缩政策之间。最近的美国数据表明美联储将继续走激进的加息道路，引发了最新一轮的避险交易。</blockquote></p><p>“For now, investors need to be prepared for continued volatility,” Solita Marcelli, Americas chief investment officer at UBS Global Wealth Management, wrote in a note. She added “sentiment is bearish” but not capitulating.</p><p><blockquote>“瑞银全球财富管理公司美洲首席投资官索丽塔-马塞利（Solita Marcelli）在一份报告中写道：”目前，投资者需要为持续的波动做好准备。她补充说，“市场情绪看跌”，但并不投降。</blockquote></p><p>Investors’ attention now turns to the U.S. April consumer-price index print on Wednesday. They will be looking for clues on whether inflation is nearing a peak, or increases the threat of a 75 basis-point rate hike by the Fed, rather than the 50 basis-point move the markets seem to have made peace with.</p><p><blockquote>投资者的注意力现在转向周三公布的美国 4 月份消费者价格指数。他们将寻找通胀是否接近峰值，或者美联储加息 75 个基点的威胁是否增加的线索，而不是市场似乎已经接受的 50 个基点的举措。</blockquote></p><p>In the latest policy comments, Fed Bank of Atlanta President Raphael Bostic said he favors continuing to raise rates by half-point moves rather than anything larger. He said the odds for a 75-basis-point hike are low but added he’s taking nothing off the table.</p><p><blockquote>亚特兰大联邦储备银行行长拉斐尔·博斯蒂克在最新的政策评论中表示，他赞成继续加息半个百分点，而不是大幅度加息。他说，加息 75 个基点的几率很低，但他补充说，他不会拿走任何东西。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107369711","content_text":"U.S. equity-index futures rallied as dip buyers emerged from the ruins of Monday’s rout, even though sentiment remained fragile over concerns about inflation and economic growth.Futures on the Nasdaq 100 Index jumped 1.7% a day after valuations on the equity gauge plummeted to the lowest in two years. S&P 500 contracts rose more than 1%. Haven demand eased, with the dollar halting a three-day advance and Treasuries falling across the curve.Traders are caught between stubbornly high inflation that erodes asset values and central-bank tightening that threatens to slow economic growth, or even push some nations into recession. Recent U.S. data suggesting the Federal Reserve will stay on an aggressive rate-hike path have sparked the latest bout of risk-off trades.“For now, investors need to be prepared for continued volatility,” Solita Marcelli, Americas chief investment officer at UBS Global Wealth Management, wrote in a note. She added “sentiment is bearish” but not capitulating.Investors’ attention now turns to the U.S. April consumer-price index print on Wednesday. They will be looking for clues on whether inflation is nearing a peak, or increases the threat of a 75 basis-point rate hike by the Fed, rather than the 50 basis-point move the markets seem to have made peace with.In the latest policy comments, Fed Bank of Atlanta President Raphael Bostic said he favors continuing to raise rates by half-point moves rather than anything larger. He said the odds for a 75-basis-point hike are low but added he’s taking nothing off the table.","news_type":1,"symbols_score_info":{"ESmain":0.9,"NQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":612032848,"gmtCreate":1652075064584,"gmtModify":1652075065826,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"pls","listText":"pls","text":"pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/612032848","repostId":"2233553871","repostType":4,"isVote":1,"tweetType":1,"viewCount":4560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616756381,"gmtCreate":1652028353943,"gmtModify":1652060125012,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"i am missing something here?&nbsp;","listText":"i am missing something here?&nbsp;","text":"i am missing something here?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616756381","repostId":"1181610225","repostType":4,"repost":{"id":"1181610225","kind":"news","pubTimestamp":1651979830,"share":"https://www.laohunote.com/m/news/1181610225?lang=zh_CN&edition=full","pubTime":"2022-05-08 11:17","market":"us","language":"en","title":"SQ Stock Is a Strong Buy After Q1 Earnings<blockquote>第一季度收益公布后，SQ 股票值得强力买入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181610225","media":"InvestorPlace","summary":"Block(NYSE:SQ) is a clear winner of this earnings season. The digital payment company, formerly know","content":"<p><div> Block(NYSE:SQ) is a clear winner of this earnings season. The digital payment company, formerly known as Square, has emerged as a leader in the fintech space. Its earnings report for this quarter wasn...</p><p><blockquote><div>Block（纽约证券交易所股票代码：SQ）显然是本财报季的赢家。这家数字支付公司（原名 Square）已成为金融科技领域的领导者。其本季度的收益报告没有……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/05/sq-stock-is-a-strong-buy-after-q1-earnings/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/05/sq-stock-is-a-strong-buy-after-q1-earnings/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>SQ Stock Is a Strong Buy After Q1 Earnings<blockquote>第一季度收益公布后，SQ 股票值得强力买入</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\">\nSQ Stock Is a Strong Buy After Q1 Earnings<blockquote>第一季度收益公布后，SQ 股票值得强力买入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2022-05-08 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Block(NYSE:SQ) is a clear winner of this earnings season. The digital payment company, formerly known as Square, has emerged as a leader in the fintech space. Its earnings report for this quarter wasn...</p><p><blockquote><div>Block（纽约证券交易所股票代码：SQ）显然是本财报季的赢家。这家数字支付公司（原名 Square）已成为金融科技领域的领导者。其本季度的收益报告没有……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/05/sq-stock-is-a-strong-buy-after-q1-earnings/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/05/sq-stock-is-a-strong-buy-after-q1-earnings/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/05/sq-stock-is-a-strong-buy-after-q1-earnings/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/2022/05/sq-stock-is-a-strong-buy-after-q1-earnings/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181610225","content_text":"Block(NYSE:SQ) is a clear winner of this earnings season. The digital payment company, formerly known as Square, has emerged as a leader in the fintech space. Its earnings report for this quarter wasn’t all positive, but it was enough to send SQ stock up in after-hours trading yesterday. While shares have been turbulent today, analysts remain bullish following the earnings report, foreseeing better things ahead for the company.What’s Happening With SQ StockAs noted, SQ stock did not rise after yesterday’s call until markets had closed. Extended trading hours brought a 10% surge, but today, shares are back in the red. SQ began today by falling 9% but is already moving upward. As of this writing, it is only down 4% for the day and looks poised to pull back into the green soon.It makes sense that SQ would be volatile after the earnings report brought both good and bad news. However, it is clear that the good far outweighs the bad as far as analysts are concerned. Let’s take a look at the factors at play here.Why It MattersThe less-than-positive news is that Block did not meet expectations for revenue or earnings for the previous quarter. While that’s never a great sign for investors, the company did issue positive signals for its Cash App arm. Block’s gross profit for the mobile wallet system was$578 million, a figure that exceeded Wall Street expectations. And that number isn’t even including profit from Afterpay, an Australian buy now pay later (BNPL) app recently acquired by Block.Another negative headwind that Block has been facing lately is the falling of cryptocurrency prices. Indeed, Bitcoin(BTC-USD) prices are plunging today, and many other cryptos are following. The market selloff that sent many tech stocks down yesterday has spread to digital assets, and risk-averse investors are backing off crypto plays. As weakening demand for crypto pushes prices down, companies like Block will be pushed down with it. However, most of Wall Street hasn’t soured on SQ stock.Prior to the earnings report, SQ received two analyst upgrades. Since the report, it has received more. Mayank Tandon of Needhamrecently reiterated a “buy” rating and set a price target of $135. Mizuho Securities analyst Dan Dolev remains bullish on SQ, maintaining his “buy” rating and setting a $215 price target. Mark Palmer of BTIG isn’t quite so optimistic, but he also reiterated a “buy” rating and assigned SQ aprice target of $175. The TipRanks analyst rating consensus is that SQ stock is a “strong buy,” with 30 analysts maintaining buy ratings.In a note to investors, analyst Ramsey El-Assal of Barclays credited Cash App with being the “standout of Q1.” The mobile payments acquisition may be what saves the company.What It MeansClearly, Wall Street is choosing to see the big picture when it comes to SQ stock. They have plenty of reason to. As noted on the call, “Cash App generated $624 million of gross profit in the first quarter, an increase of 26% year-over-year and 94% on a three-year compound annual growth rate (CAGR) basis.”There’s no reason to expect that these growth trends won’t continue throughout the current quarter and beyond. And with the addition of Afterpay, Block will have another dynamic growth driver, particularly in international markets. SQ stock should definitely be on the radar of investors looking for bullish fintech plays.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616756092,"gmtCreate":1652028156316,"gmtModify":1652028157512,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"wow only that?&nbsp;","listText":"wow only that?&nbsp;","text":"wow only that?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616756092","repostId":"1131831539","repostType":4,"repost":{"id":"1131831539","kind":"news","pubTimestamp":1651980653,"share":"https://www.laohunote.com/m/news/1131831539?lang=zh_CN&edition=full","pubTime":"2022-05-08 11:30","market":"us","language":"en","title":"Tesla: Overvalued By 85.26% And Not A Technology Company<blockquote>特斯拉：被高估85.26%，不是一家科技公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131831539","media":"Seeking Alpha","summary":"SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a successfu","content":"<p><html><head></head><body>Summary</p><p><blockquote><html><head></head><body>总结</body></html></blockquote></p><p><ul><li>Make no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.</li><li>Just because Tesla is a successful company that is causing automotive titans to change from combustible engines to EVs doesn&#39;t mean Tesla&#39;s stock is a good investment today.</li><li>100% of gross profit and net income is generated from the automotive sector as Tesla&#39;s other businesses lose money, making them an automobile manufacturing company, not a technology company.</li><li>I compared Tesla&#39;s metrics to the auto industry and big tech and the results are the same, Tesla&#39;s valuation is egregious.</li></ul>It&#39;s rare to find companies that have cult-like followings with loyalists willing to pay any price for its stock. The debate regarding Tesla, Inc.&#39;s (NASDAQ:TSLA) valuation continues to be a topic of conversation between the bulls and the bears. Oneside argues that TSLA&#39;s financial growth and future prospects, including FSD, insurance, and robotaxis, justify the current $902.12 billion valuations, while others argue that the current financials and cult-like following have led to a massive overvaluation in TSLA&#39;s stock.</p><p><blockquote><ul><li>毫无疑问，特斯拉是一家非凡的公司，它突破了极端的进入壁垒，颠覆了汽车行业，完成了不可思议的事情。</li><li>仅仅因为特斯拉是一家成功的公司，正在促使汽车巨头从燃油发动机转向电动汽车，并不意味着特斯拉的股票今天是一项不错的投资。</li><li>100%的毛利和净利润来自汽车部门，因为特斯拉的其他业务都在亏损，这使他们成为一家汽车制造公司，而不是一家科技公司。</li><li>我将特斯拉的指标与汽车行业和大型科技公司进行了比较，结果是一样的，特斯拉的估值令人震惊。</li></ul>很少有公司拥有狂热的追随者，忠实拥护者愿意为其股票支付任何价格。关于特斯拉公司（纳斯达克股票代码：TSLA）估值的争论仍然是多头和空头之间的话题。Oneside 认为，特斯拉的财务增长和未来前景（包括 FSD、保险和机器人出租车）证明了当前 9021.2 亿美元的估值是合理的，而其他人则认为，当前的财务状况和狂热的追随者导致了特斯拉股票的大规模高估。</blockquote></p><p>I tip my hat to Elon Musk, as his accomplishments are second to none. When others called him crazy, Mr. Musk chose one of the hardest industries to compete in, started TSLA from the ground up, went to battle against the auto manufacturers, and succeeded. TSLA is one of the rare success stories that has truly shaped an industry, and the barriers of entry that were overcome are astonishing. TSLA didn&#39;t have the capital, manufacturing, credibility, or the infrastructure that its competitors did, yet they found a way to succeed. If the odds weren&#39;t enough which TSLA faced, they accomplished their goals without a combustible engine and pioneered an entirely new sector within the automotive industry.</p><p><blockquote>我向埃隆·马斯克致敬，因为他的成就是首屈一指的。当其他人称他为疯子时，马斯克选择了竞争最激烈的行业之一，白手起家创办了特斯拉，与汽车制造商对抗，并取得了成功。特斯拉是真正塑造行业的少数成功案例之一，所克服的进入壁垒令人惊叹。特斯拉没有竞争对手所拥有的资本、制造、信誉或基础设施，但他们找到了成功的方法。如果特斯拉面临的机会还不够，他们在没有可燃发动机的情况下实现了目标，并在汽车行业开创了一个全新的领域。</blockquote></p><p>Just because TSLA is a great company, it doesn&#39;t mean TSLA has a great stock, or it isn&#39;t overvalued. I am not bearish on TSLA the company because I believe they still have a long runway of growth ahead of them, but I am bearish on the valuation. Prior to leaving a comment on why I am wrong, please read the article and think about the metrics I am citing; then, I will happily discuss any viewpoints about the analysis.</p><p><blockquote>仅仅因为特斯拉是一家伟大的公司，并不意味着特斯拉拥有优秀的股票，或者它没有被高估。我并不看跌特斯拉公司，因为我相信他们还有很长的增长道路，但我看跌其估值。在评论我为什么错之前，请阅读文章，想想我引用的指标；然后，我会很乐意讨论关于分析的任何观点。</blockquote></p><p><b>Tesla Vs. The World In The Automotive Sector</b></p><p><blockquote><b>汽车行业的特斯拉与世界</b></blockquote></p><p>It feels like TSLA vs. the world whenever TSLA is discussed. Discussing who makes a better automobile is a matter of opinion, and everyone is correct because it&#39;s their opinion. If person A thinks TSLA makes the best car and person B thinks Mercedes Benz makes the best car, they are both correct. Debating over this is pointless, so let&#39;s look at the raw numbers.</p><p><blockquote>每当讨论特斯拉时，感觉就像是特斯拉与世界的对抗。讨论谁制造更好的汽车是见仁见智的问题，每个人都是正确的，因为这是他们的观点。如果A人认为TSLA制造了最好的汽车，B人认为梅赛德斯奔驰制造了最好的汽车，他们都是正确的。争论这个是没有意义的，所以让我们看看原始数据。</blockquote></p><p>TSLA has a larger market cap than the combination ofToyota(TM),Volkswagen(OTCPK:VWAGY),Daimler(OTCPK:DDAIF),BMW(OTCPK:BMWYY),General Motors(GM),Ford(F),Honda(HMC),Ferrari(RACE),Nissan(OTCPK:NSANY),Subaru(OTCPK:FUJHY),Volvo(OTCPK:VOLAF), andMazda(OTCPK:MZDAY). TSLA&#39;s market cap is currently $986.92 billion, while the combination of these 12 companies is $777.41 billion.</p><p><blockquote>特斯拉的市值比丰田(TM)、大众(OTCPK:VWAGY)、戴姆勒(OTCPK:DDAIF)、宝马(OTCPK:BMWYY)、通用汽车(GM)、福特(F)、本田(HMC)、法拉利(RACE)、日产(OTCPK:NSANY)、斯巴鲁(OTCPK:FUJHY)、沃尔沃(OTCPK:VOLAF)和马自达(OTCPK:MZDAY)的总和还要大。特斯拉目前的市值为9869.2亿美元，而这12家公司的总市值为7774.1亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ff930d2442bf282c1bd880cca408eb94\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo</p><p><blockquote>史蒂文·菲奥里洛</blockquote></p><p>The P/S ratio is often cited to justify the valuation. The combination of TM, VWAGY, DDAIF, BMWYY, GM, F, HMC, RACE, NSANY, FUJHY, VOLAF, and MZDAY has generated $1.38 trillion in revenue over the TTM, putting their P/S at 0.56, while TSLA has generated $62.19 billion in revenue and has a 15.87 P/S.</p><p><blockquote>市盈率经常被引用来证明估值的合理性。TM、VWAGY、DDAIF、BMWYY、GM、F、HMC、RACE、NSANY、FUJHY、VOLAF 和 MZDAY 的组合在 TTM 上创造了 1.38 万亿美元的收入，市盈率为 0.56，而 TSLA 的收入为 621.9 亿美元，市盈率为 15.87。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c9b9661fde232925a758c38fd2e93f36\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>As a combined entity, these 12 companies have generated $118.29 billion in net income, while TSLA has produced $8.4 billion.</p><p><blockquote>作为一个合并后的实体，这12家公司创造了1182.9亿美元的净利润，而特斯拉创造了84亿美元的净利润。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d25806eb839eb9ca2b4ef3c24218048c\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>TSLA is a great company, but its current valuation has become overly inflated. TSLA&#39;s market cap is $209.52 billion larger than these 12 auto manufacturers, yet the combination of the 12 auto manufacturers generates $1.32 trillion more in revenue and $109.89 billion more in net income.</p><p><blockquote>特斯拉是一家伟大的公司，但其目前的估值已经过度膨胀。特斯拉的市值比这12家汽车制造商大2095.2亿美元，但这12家汽车制造商的总和增加了1.32万亿美元的收入，增加了1098.9亿美元的净利润。</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1b686de4009ca733ff9651ce0d9fcaf\" tg-width=\"640\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>Looking at the market caps, one would assume that TSLA has a dominant majority over its competitors in auto sales within the U.S. According to the2021 data, TSLA sold 2.02% of all vehicles in the U.S. TSLA&#39;s market cap reflects a level of dominance that is non-existent.</p><p><blockquote>从市值来看，人们会认为特斯拉在美国的汽车销售中比竞争对手占据绝大多数。根据2021年的数据，特斯拉在美国销售了所有汽车的2.02%。特斯拉的市值反映了一种不存在的主导地位。</blockquote></p><p></p><p>Realistically, TSLA will have a hard time disrupting the sector further due to the price point of their vehicles. The reality is that, unless TSLA can sell a car that rivals a Honda or Toyota, doubling its market share is going to be a daunting task. It&#39;s just math. TSLA doesn&#39;t have a product for the masses, and while it may continue to grow in the luxury segment, the amount of growth that can be achieved is limited due to the pricing power of the consumer.</p><p><blockquote>实际上，由于其车辆的价格，特斯拉将很难进一步扰乱该行业。现实情况是，除非特斯拉能够卖出与本田或丰田相媲美的汽车，否则将其市场份额翻一番将是一项艰巨的任务。这只是数学。特斯拉没有面向大众的产品，虽然它可能会继续在豪华车领域增长，但由于消费者的定价权，所能实现的增长量是有限的。</blockquote></p><p><img src=\"https://static.tigerbbs.com/442ffe151dd83bc524785857925f9797\" tg-width=\"640\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>www.goodcarbadcar.net</p><p><blockquote>www.goodcarbadcar.net</blockquote></p><p><b>Tesla Isn&#39;t A Technology Company And Shouldn&#39;t Be Valued As One</b></p><p><blockquote><b>特斯拉不是一家科技公司，也不应该被视为一家科技公司</b></blockquote></p><p>The valuation rebuttal has always been that TSLA isn&#39;t an automobile company, rather, it&#39;s a technology company.</p><p><blockquote>估值反驳一直是特斯拉不是一家汽车公司，而是一家科技公司。</blockquote></p><p><img src=\"https://static.tigerbbs.com/bbc9ccb2cb8a0e7d40804db24e183214\" tg-width=\"640\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Tesla</p><p><blockquote>特斯拉</blockquote></p><p>Page 23 ofTSLA&#39;s Q1 2022 slide deck from their earnings call is their statement of operations. Once again, 100% of TSLA&#39;s gross profit and net income are derived from automobiles. Energy generation and storage lose money as it generates $616 million in revenue while the cost of this revenue is $688 million. The same goes for Services and others, as this segment generates $1.279 billion in revenue while the cost of this revenue is $1.286 billion. This doesn&#39;t even factor in operating expenses.</p><p><blockquote>第 23 页 ofTSLA 2022 年第一季度收益幻灯片 看涨期权是他们的运营报表。再次强调，特斯拉100%的毛利润和净利润都来自汽车。能源发电和存储亏损，因为它产生了 6.16 亿美元的收入，而该收入的成本为 6.88 亿美元。服务和其他部门也是如此，因为该部门产生了 12.79 亿美元的收入，而该收入的成本为 12.86 亿美元。这甚至不包括运营费用。</blockquote></p><p>TSLA manufacturers state of the art automobiles, but this doesn&#39;t classify them as a technology company, nor should they be classified as one. Since this is always the rebuttal and technology companies trade at larger earnings multiples, I will compare TSLA to Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) (GOOGL), and Meta Platforms (FB) and illustrate why TSLA is still drastically overvalued if the market was still to provide it with a tech multiple.</p><p><blockquote>特斯拉制造最先进的汽车，但这并不意味着他们被归类为一家科技公司，也不应该被归类为一家科技公司。由于这总是反驳，而且科技公司的市盈率更高，我将把 TSLA 与苹果 (AAPL)、微软 (MSFT)、亚马逊 (AMZN)、Alphabet (GOOG) (GOOGL) 和 Meta Platforms (FB) 进行比较，并说明为什么如果市场仍然为其提供技术倍数，TSLA 的估值仍然被严重高估。</blockquote></p><p>Prior to the comparisons, I want to frame the analysis by providing each company&#39;s market cap:</p><p><blockquote>在进行比较之前，我想通过提供每家公司的市值来构建分析框架：</blockquote></p><p><ul><li>AAPL $2.69 Trillion</li><li>MSFT $2.17 Trillion</li><li>GOOGL $1.62 Trillion</li><li>AMZN $1.28 Trillion</li><li>TSLA $986.92 Billion</li><li>FB $604.62 Billion</li></ul>I am going to start with growth because this is always the key metric bulls point out. Since the close of 2018, which is 3.25 fiscal years, TSLA has grown its revenue from $21.46 billion to $62.19 billion.</p><p><blockquote><ul><li>AAPL 2.69万亿美元</li><li>MSFT 2.17万亿美元</li><li>GOOGL 1.62万亿美元</li><li>亚马逊1.28万亿美元</li><li>特斯拉 9869.2 亿美元</li><li>FB 6046.2亿美元</li></ul>我将从增长开始，因为这始终是多头指出的关键指标。自2018年底（即3.25个财年）以来，特斯拉的收入已从214.6亿美元增长到621.9亿美元。</blockquote></p><p>This is absolutely remarkable, but it doesn&#39;t place TSLA in the upper epsilon of technology companies. Over the same period, FB grew its revenue by $63.83 billion, which is more than what TSLA produced in the TTM. FB grew its revenue by more than what TSLA produces and generates just about double the revenue ($119.67 billion), yet TSLA has a larger market cap. For everyone who has used growth as their investment premise, FB having a market cap that&#39;s $382.30 less than TSLA nullifies that aspect of the bull thesis. AMZN&#39;s market cap is only $294.33 billion larger than TSLA, yet they generated $477.75 billion in revenue and grew their revenue by $341.76 billion in this period. Using revenue growth for TSLA doesn&#39;t support the valuation.</p><p><blockquote>这绝对是了不起的，但这并没有将特斯拉置于科技公司的上游。同期，FB 的收入增长了 638.3 亿美元，超过了 TSLA 在 TTM 中的收入。FB 的收入增长速度超过了 TSLA 的产量，其产生的收入几乎是 TSLA 的两倍（1196.7 亿美元），但 TSLA 的市值更大。对于每个以增长为投资前提的人来说，FB 的市值比 TSLA 低 382.30 美元，这使得牛市论点的这一方面无效。AMZN的市值仅比TSLA大2943.3亿美元，但他们在此期间创造了4777.5亿美元的收入，收入增长了3417.6亿美元。使用 TSLA 的收入增长并不支持估值。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3c0fbd4eb93f026c4575ee8f77f53e4b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>Next, I will turn to profits because, at the end of the day, businesses are in the business of making money. Once again, TSLA has done a fantastic job of monetizing its business and, in 3.25 short years, has gone from losing -$976 million to make $8.4 billion in the TTM for an increase of $9.38 billion. FB has produced $37.34 billion in profit in the TTM, and its net income grew by $15.23 billion over this period. Using growth doesn&#39;t support the valuation when FB has a market cap that&#39;s $382.30 less than TSLA and grew its profits in this period by almost double what TSLA has generated in the TTM.</p><p><blockquote>接下来，我将转向利润，因为归根结底，企业都是在赚钱。TSLA 再次在业务货币化方面做得非常出色，在短短 3.25 年的时间里，TTM 从亏损 9.76 亿美元变为盈利 84 亿美元，增加了 93.8 亿美元。FB 在 TTM 中创造了 373.4 亿美元的利润，同期净利润增长了 152.3 亿美元。当 FB 的市值比 TSLA 低 382.30 美元，并且在此期间的利润增长几乎是 TSLA 在 TTM 中产生的利润的两倍时，使用增长并不支持估值。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c9716477607711ee0b6d4f77eb24c890\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>The new metric bulls are using in their thesis is TSLA&#39;s free cash flow (FCF). Once again, TSLA has done an excellent job, going from -$221 million of FCF in 2018 to $6.93 billion of FCF in the TTM. Many companies would love to grow their annual FCF by $7.15 billion over a 3.25-year period, and this should be applauded.</p><p><blockquote>多头在论文中使用的新指标是特斯拉的自由现金流（FCF）。TSLA 再次表现出色，从 2018 年的 -2.21 亿美元 FCF 增加到 TTM 的 69.3 亿美元 FCF。许多公司希望在 3.25 年的时间内将年度自由现金流增加 71.5 亿美元，这应该值得称赞。</blockquote></p><p></p><p>Let&#39;s look at FB once again, since TSLA&#39;s valuation isn&#39;t based on its core segment as an automobile manufacturer. FB has grown its FCF over the previous 3.25 years by $23.45 billion, more than 3x TSLA&#39;s growth, and has generated $39.81 billion of FCF in the TTM. FB generated roughly 5.75x more FCF than TSLA and grew its FCF by more than 3x what TSLA produces, yet FB has a market cap that&#39;s almost $400 billion less than TSLA. Growth within the financials does not support TSLA&#39;s valuation, which is a breath away from $1 trillion.</p><p><blockquote>让我们再看看 FB，因为特斯拉的估值并不是基于其作为汽车制造商的核心细分市场。在过去的 3.25 年里，FB 的自由现金流增长了 234.5 亿美元，是 TSLA 增长的 3 倍多，并在 TTM 中产生了 398.1 亿美元的自由现金流。FB 产生的 FCF 大约是 TSLA 的 5.75 倍，其 FCF 增长是 TSLA 的 3 倍多，但 FB 的市值比 TSLA 少了近 4000 亿美元。财务状况的增长并不支持特斯拉的估值，特斯拉的估值距离 1 万亿美元仅一步之遥。</blockquote></p><p><img src=\"https://static.tigerbbs.com/902a7074eda9e8f2f2765e0833423d2c\" tg-width=\"640\" tg-height=\"373\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>Today you&#39;re paying a 113.81 P/E for TSLA. Paying a larger multiple for a company that&#39;s growing its earnings quickly is normal, but TSLA isn&#39;t growing by larger amounts than FB, and FB trades at a 16.66 P/E. I have seen TSLA bulls justify the P/E because of TSLA&#39;s growth factor, but this doesn&#39;t hold up when FB has grown by larger amounts from larger starting positions and has a P/E that&#39;s a fraction of TSLA. Look at AAPL, which is the largest company in the world. AAPL has grown its net income by $56.25 billion and its FCF by $52.3 billion over the past 3.25 years, and its P/E is 26.78. People are blindly paying any multiple the market places on TSLA.</p><p><blockquote>今天您为 TSLA 支付的市盈率为 113.81。对于一家盈利快速增长的公司来说，支付更高的市盈率是正常的，但 TSLA 的增长幅度并不比 FB 大，而且 FB 的市盈率为 16.66。我见过 TSLA 多头因为 TSLA 的增长因素而证明市盈率是合理的，但当 FB 从较大的起始头寸中增长了更多金额并且市盈率只是 TSLA 的一小部分时，这就不成立了。看看苹果公司，它是世界上最大的公司。在过去的3.25年里，AAPL的净利润增长了562.5亿美元，自由现金流增长了523亿美元，市盈率为26.78。人们盲目地支付特斯拉市场上任何倍数的价格。</blockquote></p><p><img src=\"https://static.tigerbbs.com/75168f6e39ced721cf0c53d78481a983\" tg-width=\"614\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>TSLA is trading at a 15.38 P/S. The justification for this multiple is difficult to defend while AMZN trades at a P/S of 11.31. AMZN&#39;s revenue grew by $341.76 billion over the past 3.25 years while TSLA grew their revenue by $40.73 billion. Instead of an absolute basis, looking at this from a percentage aspect, TSLA grew its revenue by 189.78%, while AMZN&#39;s grew by 251.32%. The P/S ratio is not a supporting valuation metric as TSLA is trading at a larger multiple than AMZN yet produced $301.03 billion less in revenue growth compared to AMZN. At the very least, TSLA should trade at a lower P/S multiple than AMZN considering their revenue growth was a fraction of AMZN&#39;s.</p><p><blockquote>TSLA 的市盈率为 15.38。当 AMZN 的市盈率为 11.31 时，这一倍数的合理性很难辩护。AMZN 的收入在过去 3.25 年中增长了 3417.6 亿美元，而 TSLA 的收入增长了 407.3 亿美元。从百分比来看，而不是绝对基础，特斯拉的收入增长了189.78%，而亚马逊的收入增长了251.32%。市盈率并不是一个支持性的估值指标，因为 TSLA 的市盈率高于 AMZN，但与 AMZN 相比，其收入增长却少了 3,010.3 亿美元。至少，考虑到 TSLA 的收入增长只是 AMZN 的一小部分，TSLA 的市盈率应该低于 AMZN。</blockquote></p><p><img src=\"https://static.tigerbbs.com/aad00a6c490808962705a1a2dae45cfe\" tg-width=\"608\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/>TSLA has done an excellent job monetizing its revenue, delivering exceptional margins, and generating FCF. Now that TSLA is generating billions in FCF, it&#39;s been inserted into the bull thesis. FCF is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet. FCF could be the most underrated and most important financial metric to look at, as this is the pool of capital that companies can utilize to repay debt, pay dividends, buy back shares, make acquisitions, or reinvest in the business.</p><p><blockquote>特斯拉在收入货币化、提供卓越的利润率和产生自由现金流方面做得非常出色。现在特斯拉正在产生数十亿美元的自由现金流，它已被纳入牛市论点。FCF 是盈利能力的衡量标准，不包括损益表中的非现金费用，包括资产负债表中的设备和资产支出以及营运资本变化。自由现金流可能是最被低估和最重要的财务指标，因为这是公司可以用来偿还债务、支付股息、回购股票、进行收购或对业务进行再投资的资本池。</blockquote></p><p>Every investment is the present value of all future cash flow. This is why investors look at the price to FCF valuation. Investors want to pay the cheapest multiple for a company&#39;s FCF. Today, you&#39;re paying 142.52x TSLA&#39;s FCF. Going back to the FCF section, TSLA grew its FCF by $7.15 billion over the past 3.25 years. FB generated $23.45 billion of FCF in this period, which is 3x the amount TSLA grew, yet FB is trading at a 15.19x multiple on price to FCF.</p><p><blockquote>每一笔投资都是未来所有现金流的现值。这就是投资者关注价格与自由现金流估值的原因。投资者希望为公司的自由现金流支付最便宜的倍数。如今，您支付的是 TSLA FCF 的 142.52 倍。回到自由现金流部分，特斯拉在过去3.25年中将其自由现金流增加了71.5亿美元。FB 在此期间产生了 234.5 亿美元的自由现金流，是 TSLA 增长量的 3 倍，但 FB 的交易价格与自由现金流的倍数是 15.19 倍。</blockquote></p><p>Why on earth would you want to pay 142.52x for TSLA&#39;s FCF when you could pay 15.19x for FB, which is growing their FCF by more than 3x the amount that TSLA is growing by? How about AAPL? AAPL grew its FCF by $52.3 billion and trades at a 25.4x price to FCF. If I exclude FB for a moment, should TSLA trade at a larger FCF multiple than GOOGL, which has grown its FCF by $46.15 billion over the past 3.25 years? My answer is no because there is no guarantee that TSLA will ever generate $46.15 billion in annual FCF, let alone the $68.99 billion in FCF that GOOGL generates.</p><p><blockquote>当你可以为 FB 支付 15.19 倍的价格时，你到底为什么要为 TSLA 的 FCF 支付 142.52 倍，而 FB 的 FCF 增长是 TSLA 增长的 3 倍多？AAPL怎么样？AAPL 的自由现金流增加了 523 亿美元，交易价格是自由现金流的 25.4 倍。如果我暂时排除 FB，特斯拉的 FCF 倍数是否应该高于GOOGL，后者在过去 3.25 年中将 FCF 增加了 461.5 亿美元？我的答案是否定的，因为无法保证特斯拉每年产生 461.5 亿美元的自由现金流，更不用说GOOGL产生的 689.9 亿美元的自由现金流了。</blockquote></p><p>So what is a fair price to FCF multiple for TSLA? I don&#39;t believe TSLA has earned the right to trade at the same multiples as the rest of big tech considering the levels of FCF they produce. If I stick with the methodology that FB is egregiously undervalued, then TSLA should trade above 15.19x its FCF but lower than the 23.42x multiple GOOGL trades at.</p><p><blockquote>那么 TSLA 的 FCF 倍数的公平价格是多少呢？考虑到特斯拉生产的自由现金流水平，我认为特斯拉没有赢得与其他大型科技公司以相同倍数进行交易的权利。如果我坚持 FB 被严重低估的方法，那么 TSLA 的交易价格应该高于 FCF 的 15.19 倍，但低于GOOGL倍数的 23.42 倍。</blockquote></p><p>I don&#39;t want to be overly bearish, so I will place a 21x multiple on TSLA&#39;s FCF, which is more than fair considering big tech metrics. A 21x multiple on TSLA&#39;s FCF puts its market cap at $145.43 billion, which is -85.26% from its current market cap of $986.92 billion. It&#39;s just math, and if TSLA is going to be valued as a technology company, it needs to be compared to the technology companies with similar market caps.</p><p><blockquote>我不想过于悲观，所以我将特斯拉的自由现金流放置 21 倍，考虑到大型科技指标，这是非常公平的。特斯拉自由现金流的 21 倍倍数使其市值达到 1,454.3 亿美元，较目前 9,869.2 亿美元市值下跌 -85.26%。这只是数学问题，如果特斯拉要被视为一家科技公司，就需要将其与市值相似的科技公司进行比较。</blockquote></p><p></p><p>At the very least, there isn&#39;t a single reason why TSLA&#39;s market cap is larger than FB&#39;s. There isn&#39;t a single metric that TSLA beats FB in. Based on FB&#39;s valuation, if TSLA traded at the same FCF multiple, it would have a market cap of $105.19 billion.</p><p><blockquote>至少，特斯拉的市值大于 FB 没有单一原因。TSLA 在任何一项指标上都无法击败 FB。根据FB的估值，如果TSLA以相同的FCF倍数交易，其市值将达到1051.9亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b81a61d60d9ec098276569cc4a501da0\" tg-width=\"627\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/>TSLA has a gross profit margin of 27.1% ($16.85b / $62.19b) and a profit margin of 13.51% ($8.4b / $62.19b). FB has a gross profit margin of 80.34% ($96.14b / $119.67b) and a profit margin of 31.2% ($37.34b / $119.67b). FB has much wider margins and is growing its revenue by larger amounts. This reinforces my methodology as to why TSLA is grossly overvalued. GOOGL has a gross profit margin of 56.93% ($153.9b / $270.33b) and a profit margin of 27.57% ($74.54b / $270.33b).</p><p><blockquote>TSLA的毛利率为27.1%（$16.85b / $62.19b），利润率为13.51%（$8.4b / $62.19b）。FB的毛利率为80.34%（$96.14b / $119.67b），利润率为31.2%（$37.34b / $119.67b）。FB 的利润率要大得多，并且收入增长幅度更大。这强化了我关于 TSLA 为何被严重高估的方法。GOOGL的毛利率为56.93%（$153.9b / $270.33b），利润率为27.57%（$74.54b / $270.33b）。</blockquote></p><p>The chances are incredibly slim that TSLA can double its profit margin to be within striking distance of GOOGL&#39;s. TSLA should not trade at a larger FCF, P/E, or P/S multiple than FB or GOOGL. While the market would indicate that I am wrong today, eventually, the hype will wear off, and TSLA will trade at a realistic valuation.</p><p><blockquote>TSLA 将利润率翻一番以达到 GOOGL 的惊人距离的可能性微乎其微。TSLA 的 FCF、市盈率或市盈率不应高于 FB 或GOOGL。虽然市场今天会表明我错了，但最终，炒作将会消退，特斯拉将以现实的估值进行交易。</blockquote></p><p><b>TSLA&#39;s Future Catalysts Have A Long Way To Go Before Impacting Its Bottom Line</b></p><p><blockquote><b>特斯拉未来的催化剂在影响其利润之前还有很长的路要走</b></blockquote></p><p>There are three main catalysts people discuss, which include insurance, robotaxis, and FSD.TSLA offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners. The catch is that it&#39;s only available in Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia as of now.</p><p><blockquote>人们讨论的主要催化剂有三个，包括保险、机器人出租车和 FSD。特斯拉使用实时驾驶行为提供保险。目前，所有 Model S、Model 3、Model X 和 Model Y 车主均可使用此功能。问题是，到目前为止，它只在亚利桑那州、科罗拉多州、伊利诺伊州、俄亥俄州、俄勒冈州、德克萨斯州和弗吉尼亚州可用。</blockquote></p><p>TSLA uses a safety rating score to determine the monthly premium for its vehicles. At the largest premium of $130/mo, this would be $1,560 per year. If TSLA converted 100% of their U.S sales in 2021 as an insurance customer, which I think could be possible if TSLA insurance was available in every state, it would have generated $471.12 million in revenue.</p><p><blockquote>TSLA 使用安全评级分数来确定其车辆的每月保费。按每月130美元的最大保费计算，这将是每年1,560美元。如果 TSLA 在 2021 年将 100% 的美国销售额转化为保险客户（我认为如果每个州都提供 TSLA 保险，这是可能的），那么它将产生 4.7112 亿美元的收入。</blockquote></p><p>We have no idea what the margins would have been, but if the margin was 50%, it would have been an additional $235.56 million in net income in 2021. While this is nothing to sneeze at, an additional $235.56 million in net income hardly moves the needle. This could be a $1 billion top-line revenue segment in the future, but with availability in only 7 states, insurance&#39;s $1 billion revenue mark is a long way away.</p><p><blockquote>我们不知道利润率是多少，但如果利润率为 50%，2021 年净利润将增加 2.3556 亿美元。虽然这没什么可小觑的，但额外的 2.3556 亿美元净利润几乎无济于事。这可能是未来10亿美元的收入部分，但由于只有7个州的可用性，保险业的10亿美元收入大关还有很长的路要走。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e86de6232b9abf7cee46a9607eb09741\" tg-width=\"640\" tg-height=\"326\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Tesla</p><p><blockquote>特斯拉</blockquote></p><p>Next,FSD, for which TSLA has created two subscription models, a $99/mo price point and a $199/mo price point. The problem with FSD is that it doesn&#39;t make the vehicle fully autonomous, and you still need a driver to be attentive and alert. While I am not arguing that TSLA&#39;s FSD isn&#39;t leaps and bounds ahead of the competition, the problem is that it&#39;s not exactly a self-driving car.</p><p><blockquote>接下来是 FSD，TSLA 为其创建了两种订阅模式，分别是 99 美元/月和 199 美元/月。FSD 的问题在于它不能使车辆完全自动驾驶，您仍然需要驾驶员保持专注和警觉。虽然我并不是说特斯拉的 FSD 并没有远远领先于竞争对手，但问题是它并不完全是一辆自动驾驶汽车。</blockquote></p><p>The questions around legality and where you can use it pop into my head, and how many of TSLA&#39;s drivers opt for this upgrade. Until there is clear legislation and the technology advances to where vehicles can fully drive a person from point A to B while that person takes a nap or reads, I have a hard time believing enough TSLA owners will spend the extra $199/mo on FSD. If there is somewhere where TSLA produces the numbers about how many owners opt for this package, please let me know, and I will crunch the numbers.</p><p><blockquote>围绕合法性和在哪里可以使用它的问题突然出现在我的脑海中，以及有多少特斯拉司机选择了这种升级。在有明确的立法和技术进步到车辆可以在一个人小睡或阅读的时候将一个人从A点到B点，我很难相信有足够多的TSLA车主会在FSD上额外花费199美元/月。如果 TSLA 在某个地方提供了有关有多少车主选择此套餐的数据，请告诉我，我会处理这些数据。</blockquote></p><p>Which Features Come With My Subscription?</p><p><blockquote>我的订阅附带哪些功能？</blockquote></p><p>The FSD capability features you receive are based on your configuration and location. Not all features are available in all markets, and features are subject to change.Learn more about Autopilot and Full Self-Driving capability features.<i>Note: These features are designed to become more capable over time; however the currently enabled features do not make the vehicle autonomous. The currently enabled features require a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.</i>The last catalyst is Robotaxis which many have commented on in my articles before. We&#39;re so far off on Robotaxis that this can&#39;t be considered in TSLA&#39;s upcoming revenue. I would think major legislation would be needed for Robotaxis to exist, and there is no telling how many years away we are from this.</p><p><blockquote>您收到的FSD功能基于您的配置和位置。并非所有功能在所有市场都可用，并且功能可能会发生变化。了解有关自动驾驶仪和全自动驾驶功能的更多信息。<i>注意：这些功能旨在随着时间的推移变得更加强大；然而，当前启用的功能并不能使车辆自动驾驶。目前启用的功能需要一个全神贯注的驾驶员，他的手放在方向盘上，并准备随时接管。</i>最后一个催化剂是机器人出租车，许多人在我之前的文章中对此进行了评论。我们在机器人出租车方面还很遥远，因此特斯拉即将发布的收入中无法考虑这一点。我认为机器人出租车的存在需要重大立法，而且不知道我们离这还有多少年。</blockquote></p><p>Also, what is the percentage of TSLA owners that would actually allow their vehicle to be used as a Robotaxi? Depending on what the profitability is, I can see people buying TSLAs to enroll them in this program, but, once again, we need to see the economics behind it. I know I am just one opinion, but I would never enroll one of my cars into a robotaxi program because I don&#39;t want other people that I don&#39;t know in my car. I would think there are many others that have similar viewpoints.</p><p><blockquote>另外，有多少比例的 TSLA 车主实际上会允许他们的车辆用作机器人出租车？根据盈利能力，我可以看到人们购买 TSLA 来让他们加入该计划，但是，我们需要再次了解其背后的经济学。我知道我只是一种意见，但我永远不会让我的一辆车加入机器人出租车计划，因为我不想让我不认识的其他人坐在我的车里。我想还有很多人有类似的观点。</blockquote></p><p></p><p>The real upcoming catalysts are future revenue growth and entering the Chinese market. In 2021 TSLA grew its YoY revenue by 70.67%, and their off to a great start after Q1 2022. Only time will tell what type of growth rate TSLA can maintain, but too many people are assuming that TSLA will obliterate the competition. Over the next several years, we could see TSLA&#39;s growth rate become significantly reduced as more luxury operators put EVs on the road.</p><p><blockquote>真正即将到来的催化剂是未来的收入增长和进入中国市场。2021年，特斯拉的收入同比增长了70.67%，在2022年第一季度之后，他们有了一个良好的开端。只有时间才能证明 TSLA 能够保持什么样的增长率，但太多人认为 TSLA 会消灭竞争。未来几年，随着越来越多的豪华运营商将电动汽车上路，我们可能会看到特斯拉的增长率显着下降。</blockquote></p><p>At TSLA&#39;s current margins, they would need to increase their revenue by 444.55% to $276.47 billion to produce the same amount of net income ($37.34b) that FB produces today at their current 13.51% profit margin. Maybe TSLA can get there in the future, but why should TSLA be valued at almost $1 trillion today, considering not a single metric of theirs is similar to FB or GOOGL, and TSLA&#39;s growth across any of the sectors isn&#39;t larger than FB or GOOGL?</p><p><blockquote>按照 TSLA 目前的利润率，他们需要将收入增加 444.55%，达到 2764.7 亿美元，才能产生与 FB 目前 13.51% 利润率相同的净利润（37.34b 美元）。也许特斯拉未来可以实现这一目标，但为什么特斯拉今天的估值接近 1 万亿美元，考虑到他们没有一个指标与 FB 或GOOGL相似，而且特斯拉在任何行业的增长都不大于 FB 或GOOGL？</blockquote></p><p><b>Tesla Continues To Dilute Shareholders, And Almost No Shareholders Care</b></p><p><blockquote><b>特斯拉继续稀释股东，几乎没有股东关心</b></blockquote></p><p>Dilution kills shareholder value. Look, I am a shareholder of TSLA, and I hate that my shares continue to be diluted. These numbers are split-adjusted that I am using. Over the past decade,TSLA has diluted its shares by 80.93%. This is horrible compared to big tech, yet investors can&#39;t buy enough TSLA shares. TSLA finished 2012 with 572.6 million shares and, as of its last filing, had increased its outstanding shares to 1.036 billion shares.</p><p><blockquote>稀释会扼杀股东价值。听着，我是特斯拉的股东，我讨厌我的股票继续被稀释。我正在使用的这些数字是分割调整的。过去十年，特斯拉已将其股票稀释了 80.93%。与大型科技公司相比，这太可怕了，但投资者却无法购买足够的特斯拉股票。TSLA 2012 年底持有 5.726 亿股股票，截至上次提交文件，其流通股已增至 10.36 亿股。</blockquote></p><p>This is the equivalent of me taking a pizza, and instead of giving you a slice, cutting another 6.5 slices, then giving you one. The pizza represents TSLA, the company, and they basically turned an 8-slice pie into a 14.5-slice pie, reducing shareholder&#39;s ownership and the amount of equity, revenue, and EPS our shares represent.</p><p><blockquote>这相当于我拿了一个披萨，不是给你一片，而是再切6.5片，然后给你一片。披萨代表特斯拉公司，他们基本上把8片馅饼变成了14.5片馅饼，减少了股东的所有权以及我们股票所代表的股本、收入和每股收益的数量。</blockquote></p><p>If you want to see what a true shepherd of shareholder value looks like, turn to AAPL. In 2012 AAPL had 26.3 billion shares outstanding. Over the past decade, AAPL has repurchased 10.09 billion shares, reducing its outstanding shares by 38.37%. Every quarter, AAPL is buying back shares and increasing the ownership its shares represent. TSLA, on the other hand, continues to dilute shareholders by increasing shares YOY.</p><p><blockquote>如果您想了解股东价值的真正守护者是什么样子，请转向 AAPL。2012 年，AAPL 拥有 263 亿股流通股。过去十年，AAPL已回购100.9亿股股票，流通股减少38.37%。每个季度，AAPL 都会回购股票并增加其股票所代表的所有权。另一方面，特斯拉继续通过同比增持来稀释股东。</blockquote></p><p><b>I Could Be Completely Wrong, And Tesla Could Continue Growing At These Rates</b></p><p><blockquote><b>我可能完全错了，特斯拉可能会继续以这样的速度增长</b></blockquote></p><p>TSLA&#39;s vehicle deliveries continue to outpace its growing production. YoY TSLA&#39;s deliveries increased by 68% in Q1, adding 125,171 delivered vehicles to its customers. TSLA just began Model Y deliveries from the Austin facility, and production at the Gigafactory in Berlin started in March of 2022. TSLA&#39;s Shanghai facility had strong production rates prior to the spike in COVID that resulted in temporary shutdowns. TSLA isn&#39;t just focusing on the U.S, they have Europe and China in their sights.</p><p><blockquote>特斯拉的汽车交付量继续超过其不断增长的产量。特斯拉第一季度的交付量同比增长 68%，向客户交付了 125,171 辆汽车。特斯拉刚刚开始从奥斯汀工厂交付 Model Y，柏林超级工厂于 2022 年 3 月开始生产。在新冠疫情激增导致暂时关闭之前，特斯拉上海工厂的生产率一直很高。特斯拉不仅关注美国，他们还将目光投向了欧洲和中国。</blockquote></p><p>EVs accounted for 488,000 sales in the U.S for 2021, and the previous projection was that EVs would account for 670,000 units sold in 2022. Oil has hovered around $100 per barrel and could render the previous projections of 37% increased EV sales domestically for 2022 conservative. TSLA is in a prime position to capitalize on this trend. In 2021 TSLA vehicles accounted for 61.89% of EVs sold in the U.S (301,998 / 488,000).</p><p><blockquote>2021年，电动汽车在美国的销量为488,000辆，此前的预测是2022年电动汽车的销量将为67万辆。油价一直徘徊在每桶 100 美元左右，这可能会使之前对 2022 年国内电动汽车销量增长 37% 的预测变得保守。特斯拉处于利用这一趋势的有利位置。2021年，特斯拉汽车占美国电动汽车销量的61.89%（301,998辆/488,000辆）。</blockquote></p><p>Hypothetically, if the previous projection of 670,000 EV sales for 2022 is accurate and TSLA maintains its current margin, they would sell 414,628 vehicles throughout the U.S in 2022. If gas prices do alter the decision-making process when deciding between a combustible engine or an EV, then TSLA could continue surprising the market with QoQ earnings beats.</p><p><blockquote>假设，如果之前对 2022 年电动汽车销量 67 万辆的预测是准确的，并且 TSLA 保持目前的利润率，那么他们将在 2022 年在美国销售 414,628 辆汽车。如果汽油价格确实改变了在选择燃油发动机还是电动汽车时的决策过程，那么特斯拉可能会继续以环比盈利表现给市场带来惊喜。</blockquote></p><p>The U.S has a national goal of reaching 50% of domestic auto sales coming from EVs. In 2021, EVs accounted for 3.26% of total sales in the U.S auto market. Based on U.S auto sales in 2021, annual EV sales would need to grow by 6,989,403 to reach a 50% EV to combustible engine ratio. Hypothetically if U.S auto sales stayed flat but EVs reached 50% of the market in 2030 they would sell 7,477,403 vehicles. If TSLA&#39;s dominance in the EV sector was to drop from 61.89% to 15% due to increased competition, they would generate 1,121,610 in sales compared to 301,998 in 2021. When you add in Europe and China, TSLA certainly has the ability to become a top auto manufacturer by sales next decade.</p><p><blockquote>美国的国家目标是电动汽车占国内汽车销量的 50%。2021年，电动汽车占美国汽车市场总销量的3.26%。根据 2021 年美国汽车销量计算，电动汽车年销量需要增长 6,989,403 辆，才能达到电动汽车与燃油发动机的比例 50%。假设，如果美国汽车销量持平，但电动汽车在 2030 年达到市场份额的 50%，他们将售出 7,477,403 辆汽车。如果由于竞争加剧，特斯拉在电动汽车领域的主导地位从 61.89% 下降到 15%，那么他们的销量将达到 1,121,610 辆，而 2021 年为 301,998 辆。加上欧洲和中国，特斯拉肯定有能力在未来十年成为销量领先的汽车制造商。</blockquote></p><p>Bulls aren&#39;t incorrect to be excited about TSLA. The world is moving toward EVs, and TSLA is the crème de la crème. As I said in the beginning, I am bullish about TSLA&#39;s future prospects, but I think the valuation today is overinflated. Nobody can predict the future, but I have no doubt that TSLA will continue to grow its sales YoY.</p><p><blockquote>多头对 TSLA 感到兴奋并没有错。世界正在走向电动汽车，而 TSLA 是精英中的精英。正如我一开始所说，我看好特斯拉的未来前景，但我认为今天的估值被夸大了。没有人能够预测未来，但我毫不怀疑特斯拉的销量将继续同比增长。</blockquote></p><p></p><p>The question becomes, how much growth will they be able to achieve YoY? In 2021, TM generated $226.48 billion of revenue and, based on the future of EVs, TSLA certainly could achieve this level of revenue in the future. Based on TSLA&#39;s current 13.51% profit margin, if they achieved TM&#39;s level of revenue, they would generate $30.59 billion of net income, which would definitely make today&#39;s valuation look more realistic.</p><p><blockquote>问题变成了，他们能实现多少同比增长？2021年，TM创造了2264.8亿美元的收入，基于电动汽车的未来，TSLA未来当然可以实现这一收入水平。以特斯拉目前13.51%的利润率计算，如果他们达到TM的收入水平，他们将产生305.9亿美元的净利润，这肯定会让今天的估值看起来更加现实。</blockquote></p><p><img src=\"https://static.tigerbbs.com/93c9176fa9bebc2c940e038cafd23229\" tg-width=\"603\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Tesla</p><p><blockquote>特斯拉</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>You&#39;re probably wondering how I can be a shareholder and be a bear on TSLA&#39;s valuation at the same time. It&#39;s simple; my wife bought shares of TSLA, which makes me a shareholder. My stance has always been bullish on the company and bearish on the valuation. What Elon Musk and the team at TSLA has accomplished is astonishing, and they deserve nothing but respect.</p><p><blockquote>你可能想知道我怎么能既是股东，又看跌特斯拉的估值。很简单；我妻子购买了特斯拉的股票，这使我成为股东。我的立场一直是看好公司，看跌估值。埃隆·马斯克和特斯拉团队所取得的成就令人惊叹，他们值得尊重。</blockquote></p><p>Keep in mind a company and a company&#39;s stock are two separate things. TSLA continues to dilute shareholders, and they and the market are valuing TSLA as if it&#39;s FB or GOOGL. TSLA is not a technology company; it&#39;s an automobile company, as the automotive segments drive 100% of its gross revenue and net income.</p><p><blockquote>请记住，公司和公司股票是两回事。特斯拉继续稀释股东，他们和市场对特斯拉的估值就像对FB或GOOGL一样。特斯拉不是一家科技公司；它是一家汽车公司，因为汽车部门占其总收入和净利润的 100%。</blockquote></p><p>TSLA is trading at a P/E of 113.81, a P/S of 15.38, and a 142.52x multiple on its FCF. The numbers are drastically inflated as TSLA has no business trading at a larger P/S multiple than AMZN, which trades at 11.31 P/S when it has grown its revenue by $341.76 billion over the previous 3.25 years compared to TSLA&#39;s $40.73 billion of revenue growth. TSLA has generated $6.93 billion in FCF over the TTM, while Mr. Market has placed a 142.52x multiple on TSLA due to $7.15 billion FCF growth over the past 3.25 years. FB trades at a 15.19x FCF multiple while growing FCF by $23.45 billion over this period which is more than 3x what TSLA has generated in the TTM.</p><p><blockquote>TSLA 的市盈率为 113.81，市盈率为 15.38，自由现金流的市盈率为 142.52 倍。这些数字被严重夸大了，因为 TSLA 没有任何业务的市盈率高于 AMZN，而 AMZN 在过去 3.25 年中的收入增长了 3417.6 亿美元，而 TSLA 的收入增长为 407.3 亿美元。TSLA 在 TTM 上产生了 69.3 亿美元的自由现金流，而 Mr。由于过去 3.25 年 FCF 增长了 71.5 亿美元，市场对 TSLA 给予了 142.52 倍的市盈率。FB 的 FCF 倍数为 15.19 倍，同时在此期间 FCF 增长了 234.5 亿美元，是 TSLA 在 TTM 中产生的 3 倍多。</blockquote></p><p>With FB trading at 15.19x FCF, GOOGL at 23.42x FCF, and AAPL at 25.4x FCF, it&#39;s hard to justify any number above 20x for TSLA. I think a 21x FCF multiple is generous and that places TSLA at a market cap of $145.43 billion, which is -85.26% from its current market cap of $986.92 billion.</p><p><blockquote>FB 的交易价格为 15.19 倍 FCF，GOOGL为 23.42 倍 FCF，AAPL 为 25.4 倍 FCF，因此很难证明 TSLA 的任何高于 20 倍的数字是合理的。我认为 21 倍 FCF 倍数是慷慨的，这使得 TSLA 的市值达到 1454.3 亿美元，比其当前 9869.2 亿美元的市值下降了 85.26%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla: Overvalued By 85.26% And Not A Technology Company<blockquote>特斯拉：被高估85.26%，不是一家科技公司</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\">\nTesla: Overvalued By 85.26% And Not A Technology Company<blockquote>特斯拉：被高估85.26%，不是一家科技公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-05-08 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Summary</p><p><blockquote><html><head></head><body>总结</body></html></blockquote></p><p><ul><li>Make no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.</li><li>Just because Tesla is a successful company that is causing automotive titans to change from combustible engines to EVs doesn&#39;t mean Tesla&#39;s stock is a good investment today.</li><li>100% of gross profit and net income is generated from the automotive sector as Tesla&#39;s other businesses lose money, making them an automobile manufacturing company, not a technology company.</li><li>I compared Tesla&#39;s metrics to the auto industry and big tech and the results are the same, Tesla&#39;s valuation is egregious.</li></ul>It&#39;s rare to find companies that have cult-like followings with loyalists willing to pay any price for its stock. The debate regarding Tesla, Inc.&#39;s (NASDAQ:TSLA) valuation continues to be a topic of conversation between the bulls and the bears. Oneside argues that TSLA&#39;s financial growth and future prospects, including FSD, insurance, and robotaxis, justify the current $902.12 billion valuations, while others argue that the current financials and cult-like following have led to a massive overvaluation in TSLA&#39;s stock.</p><p><blockquote><ul><li>毫无疑问，特斯拉是一家非凡的公司，它突破了极端的进入壁垒，颠覆了汽车行业，完成了不可思议的事情。</li><li>仅仅因为特斯拉是一家成功的公司，正在促使汽车巨头从燃油发动机转向电动汽车，并不意味着特斯拉的股票今天是一项不错的投资。</li><li>100%的毛利和净利润来自汽车部门，因为特斯拉的其他业务都在亏损，这使他们成为一家汽车制造公司，而不是一家科技公司。</li><li>我将特斯拉的指标与汽车行业和大型科技公司进行了比较，结果是一样的，特斯拉的估值令人震惊。</li></ul>很少有公司拥有狂热的追随者，忠实拥护者愿意为其股票支付任何价格。关于特斯拉公司（纳斯达克股票代码：TSLA）估值的争论仍然是多头和空头之间的话题。Oneside 认为，特斯拉的财务增长和未来前景（包括 FSD、保险和机器人出租车）证明了当前 9021.2 亿美元的估值是合理的，而其他人则认为，当前的财务状况和狂热的追随者导致了特斯拉股票的大规模高估。</blockquote></p><p>I tip my hat to Elon Musk, as his accomplishments are second to none. When others called him crazy, Mr. Musk chose one of the hardest industries to compete in, started TSLA from the ground up, went to battle against the auto manufacturers, and succeeded. TSLA is one of the rare success stories that has truly shaped an industry, and the barriers of entry that were overcome are astonishing. TSLA didn&#39;t have the capital, manufacturing, credibility, or the infrastructure that its competitors did, yet they found a way to succeed. If the odds weren&#39;t enough which TSLA faced, they accomplished their goals without a combustible engine and pioneered an entirely new sector within the automotive industry.</p><p><blockquote>我向埃隆·马斯克致敬，因为他的成就是首屈一指的。当其他人称他为疯子时，马斯克选择了竞争最激烈的行业之一，白手起家创办了特斯拉，与汽车制造商对抗，并取得了成功。特斯拉是真正塑造行业的少数成功案例之一，所克服的进入壁垒令人惊叹。特斯拉没有竞争对手所拥有的资本、制造、信誉或基础设施，但他们找到了成功的方法。如果特斯拉面临的机会还不够，他们在没有可燃发动机的情况下实现了目标，并在汽车行业开创了一个全新的领域。</blockquote></p><p>Just because TSLA is a great company, it doesn&#39;t mean TSLA has a great stock, or it isn&#39;t overvalued. I am not bearish on TSLA the company because I believe they still have a long runway of growth ahead of them, but I am bearish on the valuation. Prior to leaving a comment on why I am wrong, please read the article and think about the metrics I am citing; then, I will happily discuss any viewpoints about the analysis.</p><p><blockquote>仅仅因为特斯拉是一家伟大的公司，并不意味着特斯拉拥有优秀的股票，或者它没有被高估。我并不看跌特斯拉公司，因为我相信他们还有很长的增长道路，但我看跌其估值。在评论我为什么错之前，请阅读文章，想想我引用的指标；然后，我会很乐意讨论关于分析的任何观点。</blockquote></p><p><b>Tesla Vs. The World In The Automotive Sector</b></p><p><blockquote><b>汽车行业的特斯拉与世界</b></blockquote></p><p>It feels like TSLA vs. the world whenever TSLA is discussed. Discussing who makes a better automobile is a matter of opinion, and everyone is correct because it&#39;s their opinion. If person A thinks TSLA makes the best car and person B thinks Mercedes Benz makes the best car, they are both correct. Debating over this is pointless, so let&#39;s look at the raw numbers.</p><p><blockquote>每当讨论特斯拉时，感觉就像是特斯拉与世界的对抗。讨论谁制造更好的汽车是见仁见智的问题，每个人都是正确的，因为这是他们的观点。如果A人认为TSLA制造了最好的汽车，B人认为梅赛德斯奔驰制造了最好的汽车，他们都是正确的。争论这个是没有意义的，所以让我们看看原始数据。</blockquote></p><p>TSLA has a larger market cap than the combination ofToyota(TM),Volkswagen(OTCPK:VWAGY),Daimler(OTCPK:DDAIF),BMW(OTCPK:BMWYY),General Motors(GM),Ford(F),Honda(HMC),Ferrari(RACE),Nissan(OTCPK:NSANY),Subaru(OTCPK:FUJHY),Volvo(OTCPK:VOLAF), andMazda(OTCPK:MZDAY). TSLA&#39;s market cap is currently $986.92 billion, while the combination of these 12 companies is $777.41 billion.</p><p><blockquote>特斯拉的市值比丰田(TM)、大众(OTCPK:VWAGY)、戴姆勒(OTCPK:DDAIF)、宝马(OTCPK:BMWYY)、通用汽车(GM)、福特(F)、本田(HMC)、法拉利(RACE)、日产(OTCPK:NSANY)、斯巴鲁(OTCPK:FUJHY)、沃尔沃(OTCPK:VOLAF)和马自达(OTCPK:MZDAY)的总和还要大。特斯拉目前的市值为9869.2亿美元，而这12家公司的总市值为7774.1亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ff930d2442bf282c1bd880cca408eb94\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo</p><p><blockquote>史蒂文·菲奥里洛</blockquote></p><p>The P/S ratio is often cited to justify the valuation. The combination of TM, VWAGY, DDAIF, BMWYY, GM, F, HMC, RACE, NSANY, FUJHY, VOLAF, and MZDAY has generated $1.38 trillion in revenue over the TTM, putting their P/S at 0.56, while TSLA has generated $62.19 billion in revenue and has a 15.87 P/S.</p><p><blockquote>市盈率经常被引用来证明估值的合理性。TM、VWAGY、DDAIF、BMWYY、GM、F、HMC、RACE、NSANY、FUJHY、VOLAF 和 MZDAY 的组合在 TTM 上创造了 1.38 万亿美元的收入，市盈率为 0.56，而 TSLA 的收入为 621.9 亿美元，市盈率为 15.87。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c9b9661fde232925a758c38fd2e93f36\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>As a combined entity, these 12 companies have generated $118.29 billion in net income, while TSLA has produced $8.4 billion.</p><p><blockquote>作为一个合并后的实体，这12家公司创造了1182.9亿美元的净利润，而特斯拉创造了84亿美元的净利润。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d25806eb839eb9ca2b4ef3c24218048c\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>TSLA is a great company, but its current valuation has become overly inflated. TSLA&#39;s market cap is $209.52 billion larger than these 12 auto manufacturers, yet the combination of the 12 auto manufacturers generates $1.32 trillion more in revenue and $109.89 billion more in net income.</p><p><blockquote>特斯拉是一家伟大的公司，但其目前的估值已经过度膨胀。特斯拉的市值比这12家汽车制造商大2095.2亿美元，但这12家汽车制造商的总和增加了1.32万亿美元的收入，增加了1098.9亿美元的净利润。</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1b686de4009ca733ff9651ce0d9fcaf\" tg-width=\"640\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>Looking at the market caps, one would assume that TSLA has a dominant majority over its competitors in auto sales within the U.S. According to the2021 data, TSLA sold 2.02% of all vehicles in the U.S. TSLA&#39;s market cap reflects a level of dominance that is non-existent.</p><p><blockquote>从市值来看，人们会认为特斯拉在美国的汽车销售中比竞争对手占据绝大多数。根据2021年的数据，特斯拉在美国销售了所有汽车的2.02%。特斯拉的市值反映了一种不存在的主导地位。</blockquote></p><p></p><p>Realistically, TSLA will have a hard time disrupting the sector further due to the price point of their vehicles. The reality is that, unless TSLA can sell a car that rivals a Honda or Toyota, doubling its market share is going to be a daunting task. It&#39;s just math. TSLA doesn&#39;t have a product for the masses, and while it may continue to grow in the luxury segment, the amount of growth that can be achieved is limited due to the pricing power of the consumer.</p><p><blockquote>实际上，由于其车辆的价格，特斯拉将很难进一步扰乱该行业。现实情况是，除非特斯拉能够卖出与本田或丰田相媲美的汽车，否则将其市场份额翻一番将是一项艰巨的任务。这只是数学。特斯拉没有面向大众的产品，虽然它可能会继续在豪华车领域增长，但由于消费者的定价权，所能实现的增长量是有限的。</blockquote></p><p><img src=\"https://static.tigerbbs.com/442ffe151dd83bc524785857925f9797\" tg-width=\"640\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>www.goodcarbadcar.net</p><p><blockquote>www.goodcarbadcar.net</blockquote></p><p><b>Tesla Isn&#39;t A Technology Company And Shouldn&#39;t Be Valued As One</b></p><p><blockquote><b>特斯拉不是一家科技公司，也不应该被视为一家科技公司</b></blockquote></p><p>The valuation rebuttal has always been that TSLA isn&#39;t an automobile company, rather, it&#39;s a technology company.</p><p><blockquote>估值反驳一直是特斯拉不是一家汽车公司，而是一家科技公司。</blockquote></p><p><img src=\"https://static.tigerbbs.com/bbc9ccb2cb8a0e7d40804db24e183214\" tg-width=\"640\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Tesla</p><p><blockquote>特斯拉</blockquote></p><p>Page 23 ofTSLA&#39;s Q1 2022 slide deck from their earnings call is their statement of operations. Once again, 100% of TSLA&#39;s gross profit and net income are derived from automobiles. Energy generation and storage lose money as it generates $616 million in revenue while the cost of this revenue is $688 million. The same goes for Services and others, as this segment generates $1.279 billion in revenue while the cost of this revenue is $1.286 billion. This doesn&#39;t even factor in operating expenses.</p><p><blockquote>第 23 页 ofTSLA 2022 年第一季度收益幻灯片 看涨期权是他们的运营报表。再次强调，特斯拉100%的毛利润和净利润都来自汽车。能源发电和存储亏损，因为它产生了 6.16 亿美元的收入，而该收入的成本为 6.88 亿美元。服务和其他部门也是如此，因为该部门产生了 12.79 亿美元的收入，而该收入的成本为 12.86 亿美元。这甚至不包括运营费用。</blockquote></p><p>TSLA manufacturers state of the art automobiles, but this doesn&#39;t classify them as a technology company, nor should they be classified as one. Since this is always the rebuttal and technology companies trade at larger earnings multiples, I will compare TSLA to Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) (GOOGL), and Meta Platforms (FB) and illustrate why TSLA is still drastically overvalued if the market was still to provide it with a tech multiple.</p><p><blockquote>特斯拉制造最先进的汽车，但这并不意味着他们被归类为一家科技公司，也不应该被归类为一家科技公司。由于这总是反驳，而且科技公司的市盈率更高，我将把 TSLA 与苹果 (AAPL)、微软 (MSFT)、亚马逊 (AMZN)、Alphabet (GOOG) (GOOGL) 和 Meta Platforms (FB) 进行比较，并说明为什么如果市场仍然为其提供技术倍数，TSLA 的估值仍然被严重高估。</blockquote></p><p>Prior to the comparisons, I want to frame the analysis by providing each company&#39;s market cap:</p><p><blockquote>在进行比较之前，我想通过提供每家公司的市值来构建分析框架：</blockquote></p><p><ul><li>AAPL $2.69 Trillion</li><li>MSFT $2.17 Trillion</li><li>GOOGL $1.62 Trillion</li><li>AMZN $1.28 Trillion</li><li>TSLA $986.92 Billion</li><li>FB $604.62 Billion</li></ul>I am going to start with growth because this is always the key metric bulls point out. Since the close of 2018, which is 3.25 fiscal years, TSLA has grown its revenue from $21.46 billion to $62.19 billion.</p><p><blockquote><ul><li>AAPL 2.69万亿美元</li><li>MSFT 2.17万亿美元</li><li>GOOGL 1.62万亿美元</li><li>亚马逊1.28万亿美元</li><li>特斯拉 9869.2 亿美元</li><li>FB 6046.2亿美元</li></ul>我将从增长开始，因为这始终是多头指出的关键指标。自2018年底（即3.25个财年）以来，特斯拉的收入已从214.6亿美元增长到621.9亿美元。</blockquote></p><p>This is absolutely remarkable, but it doesn&#39;t place TSLA in the upper epsilon of technology companies. Over the same period, FB grew its revenue by $63.83 billion, which is more than what TSLA produced in the TTM. FB grew its revenue by more than what TSLA produces and generates just about double the revenue ($119.67 billion), yet TSLA has a larger market cap. For everyone who has used growth as their investment premise, FB having a market cap that&#39;s $382.30 less than TSLA nullifies that aspect of the bull thesis. AMZN&#39;s market cap is only $294.33 billion larger than TSLA, yet they generated $477.75 billion in revenue and grew their revenue by $341.76 billion in this period. Using revenue growth for TSLA doesn&#39;t support the valuation.</p><p><blockquote>这绝对是了不起的，但这并没有将特斯拉置于科技公司的上游。同期，FB 的收入增长了 638.3 亿美元，超过了 TSLA 在 TTM 中的收入。FB 的收入增长速度超过了 TSLA 的产量，其产生的收入几乎是 TSLA 的两倍（1196.7 亿美元），但 TSLA 的市值更大。对于每个以增长为投资前提的人来说，FB 的市值比 TSLA 低 382.30 美元，这使得牛市论点的这一方面无效。AMZN的市值仅比TSLA大2943.3亿美元，但他们在此期间创造了4777.5亿美元的收入，收入增长了3417.6亿美元。使用 TSLA 的收入增长并不支持估值。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3c0fbd4eb93f026c4575ee8f77f53e4b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>Next, I will turn to profits because, at the end of the day, businesses are in the business of making money. Once again, TSLA has done a fantastic job of monetizing its business and, in 3.25 short years, has gone from losing -$976 million to make $8.4 billion in the TTM for an increase of $9.38 billion. FB has produced $37.34 billion in profit in the TTM, and its net income grew by $15.23 billion over this period. Using growth doesn&#39;t support the valuation when FB has a market cap that&#39;s $382.30 less than TSLA and grew its profits in this period by almost double what TSLA has generated in the TTM.</p><p><blockquote>接下来，我将转向利润，因为归根结底，企业都是在赚钱。TSLA 再次在业务货币化方面做得非常出色，在短短 3.25 年的时间里，TTM 从亏损 9.76 亿美元变为盈利 84 亿美元，增加了 93.8 亿美元。FB 在 TTM 中创造了 373.4 亿美元的利润，同期净利润增长了 152.3 亿美元。当 FB 的市值比 TSLA 低 382.30 美元，并且在此期间的利润增长几乎是 TSLA 在 TTM 中产生的利润的两倍时，使用增长并不支持估值。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c9716477607711ee0b6d4f77eb24c890\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>The new metric bulls are using in their thesis is TSLA&#39;s free cash flow (FCF). Once again, TSLA has done an excellent job, going from -$221 million of FCF in 2018 to $6.93 billion of FCF in the TTM. Many companies would love to grow their annual FCF by $7.15 billion over a 3.25-year period, and this should be applauded.</p><p><blockquote>多头在论文中使用的新指标是特斯拉的自由现金流（FCF）。TSLA 再次表现出色，从 2018 年的 -2.21 亿美元 FCF 增加到 TTM 的 69.3 亿美元 FCF。许多公司希望在 3.25 年的时间内将年度自由现金流增加 71.5 亿美元，这应该值得称赞。</blockquote></p><p></p><p>Let&#39;s look at FB once again, since TSLA&#39;s valuation isn&#39;t based on its core segment as an automobile manufacturer. FB has grown its FCF over the previous 3.25 years by $23.45 billion, more than 3x TSLA&#39;s growth, and has generated $39.81 billion of FCF in the TTM. FB generated roughly 5.75x more FCF than TSLA and grew its FCF by more than 3x what TSLA produces, yet FB has a market cap that&#39;s almost $400 billion less than TSLA. Growth within the financials does not support TSLA&#39;s valuation, which is a breath away from $1 trillion.</p><p><blockquote>让我们再看看 FB，因为特斯拉的估值并不是基于其作为汽车制造商的核心细分市场。在过去的 3.25 年里，FB 的自由现金流增长了 234.5 亿美元，是 TSLA 增长的 3 倍多，并在 TTM 中产生了 398.1 亿美元的自由现金流。FB 产生的 FCF 大约是 TSLA 的 5.75 倍，其 FCF 增长是 TSLA 的 3 倍多，但 FB 的市值比 TSLA 少了近 4000 亿美元。财务状况的增长并不支持特斯拉的估值，特斯拉的估值距离 1 万亿美元仅一步之遥。</blockquote></p><p><img src=\"https://static.tigerbbs.com/902a7074eda9e8f2f2765e0833423d2c\" tg-width=\"640\" tg-height=\"373\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Steven Fiorillo, Seeking Alpha</p><p><blockquote>史蒂文·菲奥里洛，寻求阿尔法</blockquote></p><p>Today you&#39;re paying a 113.81 P/E for TSLA. Paying a larger multiple for a company that&#39;s growing its earnings quickly is normal, but TSLA isn&#39;t growing by larger amounts than FB, and FB trades at a 16.66 P/E. I have seen TSLA bulls justify the P/E because of TSLA&#39;s growth factor, but this doesn&#39;t hold up when FB has grown by larger amounts from larger starting positions and has a P/E that&#39;s a fraction of TSLA. Look at AAPL, which is the largest company in the world. AAPL has grown its net income by $56.25 billion and its FCF by $52.3 billion over the past 3.25 years, and its P/E is 26.78. People are blindly paying any multiple the market places on TSLA.</p><p><blockquote>今天您为 TSLA 支付的市盈率为 113.81。对于一家盈利快速增长的公司来说，支付更高的市盈率是正常的，但 TSLA 的增长幅度并不比 FB 大，而且 FB 的市盈率为 16.66。我见过 TSLA 多头因为 TSLA 的增长因素而证明市盈率是合理的，但当 FB 从较大的起始头寸中增长了更多金额并且市盈率只是 TSLA 的一小部分时，这就不成立了。看看苹果公司，它是世界上最大的公司。在过去的3.25年里，AAPL的净利润增长了562.5亿美元，自由现金流增长了523亿美元，市盈率为26.78。人们盲目地支付特斯拉市场上任何倍数的价格。</blockquote></p><p><img src=\"https://static.tigerbbs.com/75168f6e39ced721cf0c53d78481a983\" tg-width=\"614\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>TSLA is trading at a 15.38 P/S. The justification for this multiple is difficult to defend while AMZN trades at a P/S of 11.31. AMZN&#39;s revenue grew by $341.76 billion over the past 3.25 years while TSLA grew their revenue by $40.73 billion. Instead of an absolute basis, looking at this from a percentage aspect, TSLA grew its revenue by 189.78%, while AMZN&#39;s grew by 251.32%. The P/S ratio is not a supporting valuation metric as TSLA is trading at a larger multiple than AMZN yet produced $301.03 billion less in revenue growth compared to AMZN. At the very least, TSLA should trade at a lower P/S multiple than AMZN considering their revenue growth was a fraction of AMZN&#39;s.</p><p><blockquote>TSLA 的市盈率为 15.38。当 AMZN 的市盈率为 11.31 时，这一倍数的合理性很难辩护。AMZN 的收入在过去 3.25 年中增长了 3417.6 亿美元，而 TSLA 的收入增长了 407.3 亿美元。从百分比来看，而不是绝对基础，特斯拉的收入增长了189.78%，而亚马逊的收入增长了251.32%。市盈率并不是一个支持性的估值指标，因为 TSLA 的市盈率高于 AMZN，但与 AMZN 相比，其收入增长却少了 3,010.3 亿美元。至少，考虑到 TSLA 的收入增长只是 AMZN 的一小部分，TSLA 的市盈率应该低于 AMZN。</blockquote></p><p><img src=\"https://static.tigerbbs.com/aad00a6c490808962705a1a2dae45cfe\" tg-width=\"608\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/>TSLA has done an excellent job monetizing its revenue, delivering exceptional margins, and generating FCF. Now that TSLA is generating billions in FCF, it&#39;s been inserted into the bull thesis. FCF is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet. FCF could be the most underrated and most important financial metric to look at, as this is the pool of capital that companies can utilize to repay debt, pay dividends, buy back shares, make acquisitions, or reinvest in the business.</p><p><blockquote>特斯拉在收入货币化、提供卓越的利润率和产生自由现金流方面做得非常出色。现在特斯拉正在产生数十亿美元的自由现金流，它已被纳入牛市论点。FCF 是盈利能力的衡量标准，不包括损益表中的非现金费用，包括资产负债表中的设备和资产支出以及营运资本变化。自由现金流可能是最被低估和最重要的财务指标，因为这是公司可以用来偿还债务、支付股息、回购股票、进行收购或对业务进行再投资的资本池。</blockquote></p><p>Every investment is the present value of all future cash flow. This is why investors look at the price to FCF valuation. Investors want to pay the cheapest multiple for a company&#39;s FCF. Today, you&#39;re paying 142.52x TSLA&#39;s FCF. Going back to the FCF section, TSLA grew its FCF by $7.15 billion over the past 3.25 years. FB generated $23.45 billion of FCF in this period, which is 3x the amount TSLA grew, yet FB is trading at a 15.19x multiple on price to FCF.</p><p><blockquote>每一笔投资都是未来所有现金流的现值。这就是投资者关注价格与自由现金流估值的原因。投资者希望为公司的自由现金流支付最便宜的倍数。如今，您支付的是 TSLA FCF 的 142.52 倍。回到自由现金流部分，特斯拉在过去3.25年中将其自由现金流增加了71.5亿美元。FB 在此期间产生了 234.5 亿美元的自由现金流，是 TSLA 增长量的 3 倍，但 FB 的交易价格与自由现金流的倍数是 15.19 倍。</blockquote></p><p>Why on earth would you want to pay 142.52x for TSLA&#39;s FCF when you could pay 15.19x for FB, which is growing their FCF by more than 3x the amount that TSLA is growing by? How about AAPL? AAPL grew its FCF by $52.3 billion and trades at a 25.4x price to FCF. If I exclude FB for a moment, should TSLA trade at a larger FCF multiple than GOOGL, which has grown its FCF by $46.15 billion over the past 3.25 years? My answer is no because there is no guarantee that TSLA will ever generate $46.15 billion in annual FCF, let alone the $68.99 billion in FCF that GOOGL generates.</p><p><blockquote>当你可以为 FB 支付 15.19 倍的价格时，你到底为什么要为 TSLA 的 FCF 支付 142.52 倍，而 FB 的 FCF 增长是 TSLA 增长的 3 倍多？AAPL怎么样？AAPL 的自由现金流增加了 523 亿美元，交易价格是自由现金流的 25.4 倍。如果我暂时排除 FB，特斯拉的 FCF 倍数是否应该高于GOOGL，后者在过去 3.25 年中将 FCF 增加了 461.5 亿美元？我的答案是否定的，因为无法保证特斯拉每年产生 461.5 亿美元的自由现金流，更不用说GOOGL产生的 689.9 亿美元的自由现金流了。</blockquote></p><p>So what is a fair price to FCF multiple for TSLA? I don&#39;t believe TSLA has earned the right to trade at the same multiples as the rest of big tech considering the levels of FCF they produce. If I stick with the methodology that FB is egregiously undervalued, then TSLA should trade above 15.19x its FCF but lower than the 23.42x multiple GOOGL trades at.</p><p><blockquote>那么 TSLA 的 FCF 倍数的公平价格是多少呢？考虑到特斯拉生产的自由现金流水平，我认为特斯拉没有赢得与其他大型科技公司以相同倍数进行交易的权利。如果我坚持 FB 被严重低估的方法，那么 TSLA 的交易价格应该高于 FCF 的 15.19 倍，但低于GOOGL倍数的 23.42 倍。</blockquote></p><p>I don&#39;t want to be overly bearish, so I will place a 21x multiple on TSLA&#39;s FCF, which is more than fair considering big tech metrics. A 21x multiple on TSLA&#39;s FCF puts its market cap at $145.43 billion, which is -85.26% from its current market cap of $986.92 billion. It&#39;s just math, and if TSLA is going to be valued as a technology company, it needs to be compared to the technology companies with similar market caps.</p><p><blockquote>我不想过于悲观，所以我将特斯拉的自由现金流放置 21 倍，考虑到大型科技指标，这是非常公平的。特斯拉自由现金流的 21 倍倍数使其市值达到 1,454.3 亿美元，较目前 9,869.2 亿美元市值下跌 -85.26%。这只是数学问题，如果特斯拉要被视为一家科技公司，就需要将其与市值相似的科技公司进行比较。</blockquote></p><p></p><p>At the very least, there isn&#39;t a single reason why TSLA&#39;s market cap is larger than FB&#39;s. There isn&#39;t a single metric that TSLA beats FB in. Based on FB&#39;s valuation, if TSLA traded at the same FCF multiple, it would have a market cap of $105.19 billion.</p><p><blockquote>至少，特斯拉的市值大于 FB 没有单一原因。TSLA 在任何一项指标上都无法击败 FB。根据FB的估值，如果TSLA以相同的FCF倍数交易，其市值将达到1051.9亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b81a61d60d9ec098276569cc4a501da0\" tg-width=\"627\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/>TSLA has a gross profit margin of 27.1% ($16.85b / $62.19b) and a profit margin of 13.51% ($8.4b / $62.19b). FB has a gross profit margin of 80.34% ($96.14b / $119.67b) and a profit margin of 31.2% ($37.34b / $119.67b). FB has much wider margins and is growing its revenue by larger amounts. This reinforces my methodology as to why TSLA is grossly overvalued. GOOGL has a gross profit margin of 56.93% ($153.9b / $270.33b) and a profit margin of 27.57% ($74.54b / $270.33b).</p><p><blockquote>TSLA的毛利率为27.1%（$16.85b / $62.19b），利润率为13.51%（$8.4b / $62.19b）。FB的毛利率为80.34%（$96.14b / $119.67b），利润率为31.2%（$37.34b / $119.67b）。FB 的利润率要大得多，并且收入增长幅度更大。这强化了我关于 TSLA 为何被严重高估的方法。GOOGL的毛利率为56.93%（$153.9b / $270.33b），利润率为27.57%（$74.54b / $270.33b）。</blockquote></p><p>The chances are incredibly slim that TSLA can double its profit margin to be within striking distance of GOOGL&#39;s. TSLA should not trade at a larger FCF, P/E, or P/S multiple than FB or GOOGL. While the market would indicate that I am wrong today, eventually, the hype will wear off, and TSLA will trade at a realistic valuation.</p><p><blockquote>TSLA 将利润率翻一番以达到 GOOGL 的惊人距离的可能性微乎其微。TSLA 的 FCF、市盈率或市盈率不应高于 FB 或GOOGL。虽然市场今天会表明我错了，但最终，炒作将会消退，特斯拉将以现实的估值进行交易。</blockquote></p><p><b>TSLA&#39;s Future Catalysts Have A Long Way To Go Before Impacting Its Bottom Line</b></p><p><blockquote><b>特斯拉未来的催化剂在影响其利润之前还有很长的路要走</b></blockquote></p><p>There are three main catalysts people discuss, which include insurance, robotaxis, and FSD.TSLA offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners. The catch is that it&#39;s only available in Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia as of now.</p><p><blockquote>人们讨论的主要催化剂有三个，包括保险、机器人出租车和 FSD。特斯拉使用实时驾驶行为提供保险。目前，所有 Model S、Model 3、Model X 和 Model Y 车主均可使用此功能。问题是，到目前为止，它只在亚利桑那州、科罗拉多州、伊利诺伊州、俄亥俄州、俄勒冈州、德克萨斯州和弗吉尼亚州可用。</blockquote></p><p>TSLA uses a safety rating score to determine the monthly premium for its vehicles. At the largest premium of $130/mo, this would be $1,560 per year. If TSLA converted 100% of their U.S sales in 2021 as an insurance customer, which I think could be possible if TSLA insurance was available in every state, it would have generated $471.12 million in revenue.</p><p><blockquote>TSLA 使用安全评级分数来确定其车辆的每月保费。按每月130美元的最大保费计算，这将是每年1,560美元。如果 TSLA 在 2021 年将 100% 的美国销售额转化为保险客户（我认为如果每个州都提供 TSLA 保险，这是可能的），那么它将产生 4.7112 亿美元的收入。</blockquote></p><p>We have no idea what the margins would have been, but if the margin was 50%, it would have been an additional $235.56 million in net income in 2021. While this is nothing to sneeze at, an additional $235.56 million in net income hardly moves the needle. This could be a $1 billion top-line revenue segment in the future, but with availability in only 7 states, insurance&#39;s $1 billion revenue mark is a long way away.</p><p><blockquote>我们不知道利润率是多少，但如果利润率为 50%，2021 年净利润将增加 2.3556 亿美元。虽然这没什么可小觑的，但额外的 2.3556 亿美元净利润几乎无济于事。这可能是未来10亿美元的收入部分，但由于只有7个州的可用性，保险业的10亿美元收入大关还有很长的路要走。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e86de6232b9abf7cee46a9607eb09741\" tg-width=\"640\" tg-height=\"326\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Tesla</p><p><blockquote>特斯拉</blockquote></p><p>Next,FSD, for which TSLA has created two subscription models, a $99/mo price point and a $199/mo price point. The problem with FSD is that it doesn&#39;t make the vehicle fully autonomous, and you still need a driver to be attentive and alert. While I am not arguing that TSLA&#39;s FSD isn&#39;t leaps and bounds ahead of the competition, the problem is that it&#39;s not exactly a self-driving car.</p><p><blockquote>接下来是 FSD，TSLA 为其创建了两种订阅模式，分别是 99 美元/月和 199 美元/月。FSD 的问题在于它不能使车辆完全自动驾驶，您仍然需要驾驶员保持专注和警觉。虽然我并不是说特斯拉的 FSD 并没有远远领先于竞争对手，但问题是它并不完全是一辆自动驾驶汽车。</blockquote></p><p>The questions around legality and where you can use it pop into my head, and how many of TSLA&#39;s drivers opt for this upgrade. Until there is clear legislation and the technology advances to where vehicles can fully drive a person from point A to B while that person takes a nap or reads, I have a hard time believing enough TSLA owners will spend the extra $199/mo on FSD. If there is somewhere where TSLA produces the numbers about how many owners opt for this package, please let me know, and I will crunch the numbers.</p><p><blockquote>围绕合法性和在哪里可以使用它的问题突然出现在我的脑海中，以及有多少特斯拉司机选择了这种升级。在有明确的立法和技术进步到车辆可以在一个人小睡或阅读的时候将一个人从A点到B点，我很难相信有足够多的TSLA车主会在FSD上额外花费199美元/月。如果 TSLA 在某个地方提供了有关有多少车主选择此套餐的数据，请告诉我，我会处理这些数据。</blockquote></p><p>Which Features Come With My Subscription?</p><p><blockquote>我的订阅附带哪些功能？</blockquote></p><p>The FSD capability features you receive are based on your configuration and location. Not all features are available in all markets, and features are subject to change.Learn more about Autopilot and Full Self-Driving capability features.<i>Note: These features are designed to become more capable over time; however the currently enabled features do not make the vehicle autonomous. The currently enabled features require a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.</i>The last catalyst is Robotaxis which many have commented on in my articles before. We&#39;re so far off on Robotaxis that this can&#39;t be considered in TSLA&#39;s upcoming revenue. I would think major legislation would be needed for Robotaxis to exist, and there is no telling how many years away we are from this.</p><p><blockquote>您收到的FSD功能基于您的配置和位置。并非所有功能在所有市场都可用，并且功能可能会发生变化。了解有关自动驾驶仪和全自动驾驶功能的更多信息。<i>注意：这些功能旨在随着时间的推移变得更加强大；然而，当前启用的功能并不能使车辆自动驾驶。目前启用的功能需要一个全神贯注的驾驶员，他的手放在方向盘上，并准备随时接管。</i>最后一个催化剂是机器人出租车，许多人在我之前的文章中对此进行了评论。我们在机器人出租车方面还很遥远，因此特斯拉即将发布的收入中无法考虑这一点。我认为机器人出租车的存在需要重大立法，而且不知道我们离这还有多少年。</blockquote></p><p>Also, what is the percentage of TSLA owners that would actually allow their vehicle to be used as a Robotaxi? Depending on what the profitability is, I can see people buying TSLAs to enroll them in this program, but, once again, we need to see the economics behind it. I know I am just one opinion, but I would never enroll one of my cars into a robotaxi program because I don&#39;t want other people that I don&#39;t know in my car. I would think there are many others that have similar viewpoints.</p><p><blockquote>另外，有多少比例的 TSLA 车主实际上会允许他们的车辆用作机器人出租车？根据盈利能力，我可以看到人们购买 TSLA 来让他们加入该计划，但是，我们需要再次了解其背后的经济学。我知道我只是一种意见，但我永远不会让我的一辆车加入机器人出租车计划，因为我不想让我不认识的其他人坐在我的车里。我想还有很多人有类似的观点。</blockquote></p><p></p><p>The real upcoming catalysts are future revenue growth and entering the Chinese market. In 2021 TSLA grew its YoY revenue by 70.67%, and their off to a great start after Q1 2022. Only time will tell what type of growth rate TSLA can maintain, but too many people are assuming that TSLA will obliterate the competition. Over the next several years, we could see TSLA&#39;s growth rate become significantly reduced as more luxury operators put EVs on the road.</p><p><blockquote>真正即将到来的催化剂是未来的收入增长和进入中国市场。2021年，特斯拉的收入同比增长了70.67%，在2022年第一季度之后，他们有了一个良好的开端。只有时间才能证明 TSLA 能够保持什么样的增长率，但太多人认为 TSLA 会消灭竞争。未来几年，随着越来越多的豪华运营商将电动汽车上路，我们可能会看到特斯拉的增长率显着下降。</blockquote></p><p>At TSLA&#39;s current margins, they would need to increase their revenue by 444.55% to $276.47 billion to produce the same amount of net income ($37.34b) that FB produces today at their current 13.51% profit margin. Maybe TSLA can get there in the future, but why should TSLA be valued at almost $1 trillion today, considering not a single metric of theirs is similar to FB or GOOGL, and TSLA&#39;s growth across any of the sectors isn&#39;t larger than FB or GOOGL?</p><p><blockquote>按照 TSLA 目前的利润率，他们需要将收入增加 444.55%，达到 2764.7 亿美元，才能产生与 FB 目前 13.51% 利润率相同的净利润（37.34b 美元）。也许特斯拉未来可以实现这一目标，但为什么特斯拉今天的估值接近 1 万亿美元，考虑到他们没有一个指标与 FB 或GOOGL相似，而且特斯拉在任何行业的增长都不大于 FB 或GOOGL？</blockquote></p><p><b>Tesla Continues To Dilute Shareholders, And Almost No Shareholders Care</b></p><p><blockquote><b>特斯拉继续稀释股东，几乎没有股东关心</b></blockquote></p><p>Dilution kills shareholder value. Look, I am a shareholder of TSLA, and I hate that my shares continue to be diluted. These numbers are split-adjusted that I am using. Over the past decade,TSLA has diluted its shares by 80.93%. This is horrible compared to big tech, yet investors can&#39;t buy enough TSLA shares. TSLA finished 2012 with 572.6 million shares and, as of its last filing, had increased its outstanding shares to 1.036 billion shares.</p><p><blockquote>稀释会扼杀股东价值。听着，我是特斯拉的股东，我讨厌我的股票继续被稀释。我正在使用的这些数字是分割调整的。过去十年，特斯拉已将其股票稀释了 80.93%。与大型科技公司相比，这太可怕了，但投资者却无法购买足够的特斯拉股票。TSLA 2012 年底持有 5.726 亿股股票，截至上次提交文件，其流通股已增至 10.36 亿股。</blockquote></p><p>This is the equivalent of me taking a pizza, and instead of giving you a slice, cutting another 6.5 slices, then giving you one. The pizza represents TSLA, the company, and they basically turned an 8-slice pie into a 14.5-slice pie, reducing shareholder&#39;s ownership and the amount of equity, revenue, and EPS our shares represent.</p><p><blockquote>这相当于我拿了一个披萨，不是给你一片，而是再切6.5片，然后给你一片。披萨代表特斯拉公司，他们基本上把8片馅饼变成了14.5片馅饼，减少了股东的所有权以及我们股票所代表的股本、收入和每股收益的数量。</blockquote></p><p>If you want to see what a true shepherd of shareholder value looks like, turn to AAPL. In 2012 AAPL had 26.3 billion shares outstanding. Over the past decade, AAPL has repurchased 10.09 billion shares, reducing its outstanding shares by 38.37%. Every quarter, AAPL is buying back shares and increasing the ownership its shares represent. TSLA, on the other hand, continues to dilute shareholders by increasing shares YOY.</p><p><blockquote>如果您想了解股东价值的真正守护者是什么样子，请转向 AAPL。2012 年，AAPL 拥有 263 亿股流通股。过去十年，AAPL已回购100.9亿股股票，流通股减少38.37%。每个季度，AAPL 都会回购股票并增加其股票所代表的所有权。另一方面，特斯拉继续通过同比增持来稀释股东。</blockquote></p><p><b>I Could Be Completely Wrong, And Tesla Could Continue Growing At These Rates</b></p><p><blockquote><b>我可能完全错了，特斯拉可能会继续以这样的速度增长</b></blockquote></p><p>TSLA&#39;s vehicle deliveries continue to outpace its growing production. YoY TSLA&#39;s deliveries increased by 68% in Q1, adding 125,171 delivered vehicles to its customers. TSLA just began Model Y deliveries from the Austin facility, and production at the Gigafactory in Berlin started in March of 2022. TSLA&#39;s Shanghai facility had strong production rates prior to the spike in COVID that resulted in temporary shutdowns. TSLA isn&#39;t just focusing on the U.S, they have Europe and China in their sights.</p><p><blockquote>特斯拉的汽车交付量继续超过其不断增长的产量。特斯拉第一季度的交付量同比增长 68%，向客户交付了 125,171 辆汽车。特斯拉刚刚开始从奥斯汀工厂交付 Model Y，柏林超级工厂于 2022 年 3 月开始生产。在新冠疫情激增导致暂时关闭之前，特斯拉上海工厂的生产率一直很高。特斯拉不仅关注美国，他们还将目光投向了欧洲和中国。</blockquote></p><p>EVs accounted for 488,000 sales in the U.S for 2021, and the previous projection was that EVs would account for 670,000 units sold in 2022. Oil has hovered around $100 per barrel and could render the previous projections of 37% increased EV sales domestically for 2022 conservative. TSLA is in a prime position to capitalize on this trend. In 2021 TSLA vehicles accounted for 61.89% of EVs sold in the U.S (301,998 / 488,000).</p><p><blockquote>2021年，电动汽车在美国的销量为488,000辆，此前的预测是2022年电动汽车的销量将为67万辆。油价一直徘徊在每桶 100 美元左右，这可能会使之前对 2022 年国内电动汽车销量增长 37% 的预测变得保守。特斯拉处于利用这一趋势的有利位置。2021年，特斯拉汽车占美国电动汽车销量的61.89%（301,998辆/488,000辆）。</blockquote></p><p>Hypothetically, if the previous projection of 670,000 EV sales for 2022 is accurate and TSLA maintains its current margin, they would sell 414,628 vehicles throughout the U.S in 2022. If gas prices do alter the decision-making process when deciding between a combustible engine or an EV, then TSLA could continue surprising the market with QoQ earnings beats.</p><p><blockquote>假设，如果之前对 2022 年电动汽车销量 67 万辆的预测是准确的，并且 TSLA 保持目前的利润率，那么他们将在 2022 年在美国销售 414,628 辆汽车。如果汽油价格确实改变了在选择燃油发动机还是电动汽车时的决策过程，那么特斯拉可能会继续以环比盈利表现给市场带来惊喜。</blockquote></p><p>The U.S has a national goal of reaching 50% of domestic auto sales coming from EVs. In 2021, EVs accounted for 3.26% of total sales in the U.S auto market. Based on U.S auto sales in 2021, annual EV sales would need to grow by 6,989,403 to reach a 50% EV to combustible engine ratio. Hypothetically if U.S auto sales stayed flat but EVs reached 50% of the market in 2030 they would sell 7,477,403 vehicles. If TSLA&#39;s dominance in the EV sector was to drop from 61.89% to 15% due to increased competition, they would generate 1,121,610 in sales compared to 301,998 in 2021. When you add in Europe and China, TSLA certainly has the ability to become a top auto manufacturer by sales next decade.</p><p><blockquote>美国的国家目标是电动汽车占国内汽车销量的 50%。2021年，电动汽车占美国汽车市场总销量的3.26%。根据 2021 年美国汽车销量计算，电动汽车年销量需要增长 6,989,403 辆，才能达到电动汽车与燃油发动机的比例 50%。假设，如果美国汽车销量持平，但电动汽车在 2030 年达到市场份额的 50%，他们将售出 7,477,403 辆汽车。如果由于竞争加剧，特斯拉在电动汽车领域的主导地位从 61.89% 下降到 15%，那么他们的销量将达到 1,121,610 辆，而 2021 年为 301,998 辆。加上欧洲和中国，特斯拉肯定有能力在未来十年成为销量领先的汽车制造商。</blockquote></p><p>Bulls aren&#39;t incorrect to be excited about TSLA. The world is moving toward EVs, and TSLA is the crème de la crème. As I said in the beginning, I am bullish about TSLA&#39;s future prospects, but I think the valuation today is overinflated. Nobody can predict the future, but I have no doubt that TSLA will continue to grow its sales YoY.</p><p><blockquote>多头对 TSLA 感到兴奋并没有错。世界正在走向电动汽车，而 TSLA 是精英中的精英。正如我一开始所说，我看好特斯拉的未来前景，但我认为今天的估值被夸大了。没有人能够预测未来，但我毫不怀疑特斯拉的销量将继续同比增长。</blockquote></p><p></p><p>The question becomes, how much growth will they be able to achieve YoY? In 2021, TM generated $226.48 billion of revenue and, based on the future of EVs, TSLA certainly could achieve this level of revenue in the future. Based on TSLA&#39;s current 13.51% profit margin, if they achieved TM&#39;s level of revenue, they would generate $30.59 billion of net income, which would definitely make today&#39;s valuation look more realistic.</p><p><blockquote>问题变成了，他们能实现多少同比增长？2021年，TM创造了2264.8亿美元的收入，基于电动汽车的未来，TSLA未来当然可以实现这一收入水平。以特斯拉目前13.51%的利润率计算，如果他们达到TM的收入水平，他们将产生305.9亿美元的净利润，这肯定会让今天的估值看起来更加现实。</blockquote></p><p><img src=\"https://static.tigerbbs.com/93c9176fa9bebc2c940e038cafd23229\" tg-width=\"603\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Tesla</p><p><blockquote>特斯拉</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>You&#39;re probably wondering how I can be a shareholder and be a bear on TSLA&#39;s valuation at the same time. It&#39;s simple; my wife bought shares of TSLA, which makes me a shareholder. My stance has always been bullish on the company and bearish on the valuation. What Elon Musk and the team at TSLA has accomplished is astonishing, and they deserve nothing but respect.</p><p><blockquote>你可能想知道我怎么能既是股东，又看跌特斯拉的估值。很简单；我妻子购买了特斯拉的股票，这使我成为股东。我的立场一直是看好公司，看跌估值。埃隆·马斯克和特斯拉团队所取得的成就令人惊叹，他们值得尊重。</blockquote></p><p>Keep in mind a company and a company&#39;s stock are two separate things. TSLA continues to dilute shareholders, and they and the market are valuing TSLA as if it&#39;s FB or GOOGL. TSLA is not a technology company; it&#39;s an automobile company, as the automotive segments drive 100% of its gross revenue and net income.</p><p><blockquote>请记住，公司和公司股票是两回事。特斯拉继续稀释股东，他们和市场对特斯拉的估值就像对FB或GOOGL一样。特斯拉不是一家科技公司；它是一家汽车公司，因为汽车部门占其总收入和净利润的 100%。</blockquote></p><p>TSLA is trading at a P/E of 113.81, a P/S of 15.38, and a 142.52x multiple on its FCF. The numbers are drastically inflated as TSLA has no business trading at a larger P/S multiple than AMZN, which trades at 11.31 P/S when it has grown its revenue by $341.76 billion over the previous 3.25 years compared to TSLA&#39;s $40.73 billion of revenue growth. TSLA has generated $6.93 billion in FCF over the TTM, while Mr. Market has placed a 142.52x multiple on TSLA due to $7.15 billion FCF growth over the past 3.25 years. FB trades at a 15.19x FCF multiple while growing FCF by $23.45 billion over this period which is more than 3x what TSLA has generated in the TTM.</p><p><blockquote>TSLA 的市盈率为 113.81，市盈率为 15.38，自由现金流的市盈率为 142.52 倍。这些数字被严重夸大了，因为 TSLA 没有任何业务的市盈率高于 AMZN，而 AMZN 在过去 3.25 年中的收入增长了 3417.6 亿美元，而 TSLA 的收入增长为 407.3 亿美元。TSLA 在 TTM 上产生了 69.3 亿美元的自由现金流，而 Mr。由于过去 3.25 年 FCF 增长了 71.5 亿美元，市场对 TSLA 给予了 142.52 倍的市盈率。FB 的 FCF 倍数为 15.19 倍，同时在此期间 FCF 增长了 234.5 亿美元，是 TSLA 在 TTM 中产生的 3 倍多。</blockquote></p><p>With FB trading at 15.19x FCF, GOOGL at 23.42x FCF, and AAPL at 25.4x FCF, it&#39;s hard to justify any number above 20x for TSLA. I think a 21x FCF multiple is generous and that places TSLA at a market cap of $145.43 billion, which is -85.26% from its current market cap of $986.92 billion.</p><p><blockquote>FB 的交易价格为 15.19 倍 FCF，GOOGL为 23.42 倍 FCF，AAPL 为 25.4 倍 FCF，因此很难证明 TSLA 的任何高于 20 倍的数字是合理的。我认为 21 倍 FCF 倍数是慷慨的，这使得 TSLA 的市值达到 1454.3 亿美元，比其当前 9869.2 亿美元的市值下降了 85.26%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131831539","content_text":"SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a successful company that is causing automotive titans to change from combustible engines to EVs doesn't mean Tesla's stock is a good investment today.100% of gross profit and net income is generated from the automotive sector as Tesla's other businesses lose money, making them an automobile manufacturing company, not a technology company.I compared Tesla's metrics to the auto industry and big tech and the results are the same, Tesla's valuation is egregious.It's rare to find companies that have cult-like followings with loyalists willing to pay any price for its stock. The debate regarding Tesla, Inc.'s (NASDAQ:TSLA) valuation continues to be a topic of conversation between the bulls and the bears. Oneside argues that TSLA's financial growth and future prospects, including FSD, insurance, and robotaxis, justify the current $902.12 billion valuations, while others argue that the current financials and cult-like following have led to a massive overvaluation in TSLA's stock.I tip my hat to Elon Musk, as his accomplishments are second to none. When others called him crazy, Mr. Musk chose one of the hardest industries to compete in, started TSLA from the ground up, went to battle against the auto manufacturers, and succeeded. TSLA is one of the rare success stories that has truly shaped an industry, and the barriers of entry that were overcome are astonishing. TSLA didn't have the capital, manufacturing, credibility, or the infrastructure that its competitors did, yet they found a way to succeed. If the odds weren't enough which TSLA faced, they accomplished their goals without a combustible engine and pioneered an entirely new sector within the automotive industry.Just because TSLA is a great company, it doesn't mean TSLA has a great stock, or it isn't overvalued. I am not bearish on TSLA the company because I believe they still have a long runway of growth ahead of them, but I am bearish on the valuation. Prior to leaving a comment on why I am wrong, please read the article and think about the metrics I am citing; then, I will happily discuss any viewpoints about the analysis.Tesla Vs. The World In The Automotive SectorIt feels like TSLA vs. the world whenever TSLA is discussed. Discussing who makes a better automobile is a matter of opinion, and everyone is correct because it's their opinion. If person A thinks TSLA makes the best car and person B thinks Mercedes Benz makes the best car, they are both correct. Debating over this is pointless, so let's look at the raw numbers.TSLA has a larger market cap than the combination ofToyota(TM),Volkswagen(OTCPK:VWAGY),Daimler(OTCPK:DDAIF),BMW(OTCPK:BMWYY),General Motors(GM),Ford(F),Honda(HMC),Ferrari(RACE),Nissan(OTCPK:NSANY),Subaru(OTCPK:FUJHY),Volvo(OTCPK:VOLAF), andMazda(OTCPK:MZDAY). TSLA's market cap is currently $986.92 billion, while the combination of these 12 companies is $777.41 billion.Steven FiorilloThe P/S ratio is often cited to justify the valuation. The combination of TM, VWAGY, DDAIF, BMWYY, GM, F, HMC, RACE, NSANY, FUJHY, VOLAF, and MZDAY has generated $1.38 trillion in revenue over the TTM, putting their P/S at 0.56, while TSLA has generated $62.19 billion in revenue and has a 15.87 P/S.Steven Fiorillo, Seeking AlphaAs a combined entity, these 12 companies have generated $118.29 billion in net income, while TSLA has produced $8.4 billion.Steven Fiorillo, Seeking AlphaTSLA is a great company, but its current valuation has become overly inflated. TSLA's market cap is $209.52 billion larger than these 12 auto manufacturers, yet the combination of the 12 auto manufacturers generates $1.32 trillion more in revenue and $109.89 billion more in net income.Steven Fiorillo, Seeking AlphaLooking at the market caps, one would assume that TSLA has a dominant majority over its competitors in auto sales within the U.S. According to the2021 data, TSLA sold 2.02% of all vehicles in the U.S. TSLA's market cap reflects a level of dominance that is non-existent.Realistically, TSLA will have a hard time disrupting the sector further due to the price point of their vehicles. The reality is that, unless TSLA can sell a car that rivals a Honda or Toyota, doubling its market share is going to be a daunting task. It's just math. TSLA doesn't have a product for the masses, and while it may continue to grow in the luxury segment, the amount of growth that can be achieved is limited due to the pricing power of the consumer.www.goodcarbadcar.netTesla Isn't A Technology Company And Shouldn't Be Valued As OneThe valuation rebuttal has always been that TSLA isn't an automobile company, rather, it's a technology company.TeslaPage 23 ofTSLA's Q1 2022 slide deck from their earnings call is their statement of operations. Once again, 100% of TSLA's gross profit and net income are derived from automobiles. Energy generation and storage lose money as it generates $616 million in revenue while the cost of this revenue is $688 million. The same goes for Services and others, as this segment generates $1.279 billion in revenue while the cost of this revenue is $1.286 billion. This doesn't even factor in operating expenses.TSLA manufacturers state of the art automobiles, but this doesn't classify them as a technology company, nor should they be classified as one. Since this is always the rebuttal and technology companies trade at larger earnings multiples, I will compare TSLA to Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) (GOOGL), and Meta Platforms (FB) and illustrate why TSLA is still drastically overvalued if the market was still to provide it with a tech multiple.Prior to the comparisons, I want to frame the analysis by providing each company's market cap:AAPL $2.69 TrillionMSFT $2.17 TrillionGOOGL $1.62 TrillionAMZN $1.28 TrillionTSLA $986.92 BillionFB $604.62 BillionI am going to start with growth because this is always the key metric bulls point out. Since the close of 2018, which is 3.25 fiscal years, TSLA has grown its revenue from $21.46 billion to $62.19 billion.This is absolutely remarkable, but it doesn't place TSLA in the upper epsilon of technology companies. Over the same period, FB grew its revenue by $63.83 billion, which is more than what TSLA produced in the TTM. FB grew its revenue by more than what TSLA produces and generates just about double the revenue ($119.67 billion), yet TSLA has a larger market cap. For everyone who has used growth as their investment premise, FB having a market cap that's $382.30 less than TSLA nullifies that aspect of the bull thesis. AMZN's market cap is only $294.33 billion larger than TSLA, yet they generated $477.75 billion in revenue and grew their revenue by $341.76 billion in this period. Using revenue growth for TSLA doesn't support the valuation.Steven Fiorillo, Seeking AlphaNext, I will turn to profits because, at the end of the day, businesses are in the business of making money. Once again, TSLA has done a fantastic job of monetizing its business and, in 3.25 short years, has gone from losing -$976 million to make $8.4 billion in the TTM for an increase of $9.38 billion. FB has produced $37.34 billion in profit in the TTM, and its net income grew by $15.23 billion over this period. Using growth doesn't support the valuation when FB has a market cap that's $382.30 less than TSLA and grew its profits in this period by almost double what TSLA has generated in the TTM.Steven Fiorillo, Seeking AlphaThe new metric bulls are using in their thesis is TSLA's free cash flow (FCF). Once again, TSLA has done an excellent job, going from -$221 million of FCF in 2018 to $6.93 billion of FCF in the TTM. Many companies would love to grow their annual FCF by $7.15 billion over a 3.25-year period, and this should be applauded.Let's look at FB once again, since TSLA's valuation isn't based on its core segment as an automobile manufacturer. FB has grown its FCF over the previous 3.25 years by $23.45 billion, more than 3x TSLA's growth, and has generated $39.81 billion of FCF in the TTM. FB generated roughly 5.75x more FCF than TSLA and grew its FCF by more than 3x what TSLA produces, yet FB has a market cap that's almost $400 billion less than TSLA. Growth within the financials does not support TSLA's valuation, which is a breath away from $1 trillion.Steven Fiorillo, Seeking AlphaToday you're paying a 113.81 P/E for TSLA. Paying a larger multiple for a company that's growing its earnings quickly is normal, but TSLA isn't growing by larger amounts than FB, and FB trades at a 16.66 P/E. I have seen TSLA bulls justify the P/E because of TSLA's growth factor, but this doesn't hold up when FB has grown by larger amounts from larger starting positions and has a P/E that's a fraction of TSLA. Look at AAPL, which is the largest company in the world. AAPL has grown its net income by $56.25 billion and its FCF by $52.3 billion over the past 3.25 years, and its P/E is 26.78. People are blindly paying any multiple the market places on TSLA.TSLA is trading at a 15.38 P/S. The justification for this multiple is difficult to defend while AMZN trades at a P/S of 11.31. AMZN's revenue grew by $341.76 billion over the past 3.25 years while TSLA grew their revenue by $40.73 billion. Instead of an absolute basis, looking at this from a percentage aspect, TSLA grew its revenue by 189.78%, while AMZN's grew by 251.32%. The P/S ratio is not a supporting valuation metric as TSLA is trading at a larger multiple than AMZN yet produced $301.03 billion less in revenue growth compared to AMZN. At the very least, TSLA should trade at a lower P/S multiple than AMZN considering their revenue growth was a fraction of AMZN's.TSLA has done an excellent job monetizing its revenue, delivering exceptional margins, and generating FCF. Now that TSLA is generating billions in FCF, it's been inserted into the bull thesis. FCF is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet. FCF could be the most underrated and most important financial metric to look at, as this is the pool of capital that companies can utilize to repay debt, pay dividends, buy back shares, make acquisitions, or reinvest in the business.Every investment is the present value of all future cash flow. This is why investors look at the price to FCF valuation. Investors want to pay the cheapest multiple for a company's FCF. Today, you're paying 142.52x TSLA's FCF. Going back to the FCF section, TSLA grew its FCF by $7.15 billion over the past 3.25 years. FB generated $23.45 billion of FCF in this period, which is 3x the amount TSLA grew, yet FB is trading at a 15.19x multiple on price to FCF.Why on earth would you want to pay 142.52x for TSLA's FCF when you could pay 15.19x for FB, which is growing their FCF by more than 3x the amount that TSLA is growing by? How about AAPL? AAPL grew its FCF by $52.3 billion and trades at a 25.4x price to FCF. If I exclude FB for a moment, should TSLA trade at a larger FCF multiple than GOOGL, which has grown its FCF by $46.15 billion over the past 3.25 years? My answer is no because there is no guarantee that TSLA will ever generate $46.15 billion in annual FCF, let alone the $68.99 billion in FCF that GOOGL generates.So what is a fair price to FCF multiple for TSLA? I don't believe TSLA has earned the right to trade at the same multiples as the rest of big tech considering the levels of FCF they produce. If I stick with the methodology that FB is egregiously undervalued, then TSLA should trade above 15.19x its FCF but lower than the 23.42x multiple GOOGL trades at.I don't want to be overly bearish, so I will place a 21x multiple on TSLA's FCF, which is more than fair considering big tech metrics. A 21x multiple on TSLA's FCF puts its market cap at $145.43 billion, which is -85.26% from its current market cap of $986.92 billion. It's just math, and if TSLA is going to be valued as a technology company, it needs to be compared to the technology companies with similar market caps.At the very least, there isn't a single reason why TSLA's market cap is larger than FB's. There isn't a single metric that TSLA beats FB in. Based on FB's valuation, if TSLA traded at the same FCF multiple, it would have a market cap of $105.19 billion.TSLA has a gross profit margin of 27.1% ($16.85b / $62.19b) and a profit margin of 13.51% ($8.4b / $62.19b). FB has a gross profit margin of 80.34% ($96.14b / $119.67b) and a profit margin of 31.2% ($37.34b / $119.67b). FB has much wider margins and is growing its revenue by larger amounts. This reinforces my methodology as to why TSLA is grossly overvalued. GOOGL has a gross profit margin of 56.93% ($153.9b / $270.33b) and a profit margin of 27.57% ($74.54b / $270.33b).The chances are incredibly slim that TSLA can double its profit margin to be within striking distance of GOOGL's. TSLA should not trade at a larger FCF, P/E, or P/S multiple than FB or GOOGL. While the market would indicate that I am wrong today, eventually, the hype will wear off, and TSLA will trade at a realistic valuation.TSLA's Future Catalysts Have A Long Way To Go Before Impacting Its Bottom LineThere are three main catalysts people discuss, which include insurance, robotaxis, and FSD.TSLA offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners. The catch is that it's only available in Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia as of now.TSLA uses a safety rating score to determine the monthly premium for its vehicles. At the largest premium of $130/mo, this would be $1,560 per year. If TSLA converted 100% of their U.S sales in 2021 as an insurance customer, which I think could be possible if TSLA insurance was available in every state, it would have generated $471.12 million in revenue.We have no idea what the margins would have been, but if the margin was 50%, it would have been an additional $235.56 million in net income in 2021. While this is nothing to sneeze at, an additional $235.56 million in net income hardly moves the needle. This could be a $1 billion top-line revenue segment in the future, but with availability in only 7 states, insurance's $1 billion revenue mark is a long way away.TeslaNext,FSD, for which TSLA has created two subscription models, a $99/mo price point and a $199/mo price point. The problem with FSD is that it doesn't make the vehicle fully autonomous, and you still need a driver to be attentive and alert. While I am not arguing that TSLA's FSD isn't leaps and bounds ahead of the competition, the problem is that it's not exactly a self-driving car.The questions around legality and where you can use it pop into my head, and how many of TSLA's drivers opt for this upgrade. Until there is clear legislation and the technology advances to where vehicles can fully drive a person from point A to B while that person takes a nap or reads, I have a hard time believing enough TSLA owners will spend the extra $199/mo on FSD. If there is somewhere where TSLA produces the numbers about how many owners opt for this package, please let me know, and I will crunch the numbers.Which Features Come With My Subscription?The FSD capability features you receive are based on your configuration and location. Not all features are available in all markets, and features are subject to change.Learn more about Autopilot and Full Self-Driving capability features.Note: These features are designed to become more capable over time; however the currently enabled features do not make the vehicle autonomous. The currently enabled features require a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.The last catalyst is Robotaxis which many have commented on in my articles before. We're so far off on Robotaxis that this can't be considered in TSLA's upcoming revenue. I would think major legislation would be needed for Robotaxis to exist, and there is no telling how many years away we are from this.Also, what is the percentage of TSLA owners that would actually allow their vehicle to be used as a Robotaxi? Depending on what the profitability is, I can see people buying TSLAs to enroll them in this program, but, once again, we need to see the economics behind it. I know I am just one opinion, but I would never enroll one of my cars into a robotaxi program because I don't want other people that I don't know in my car. I would think there are many others that have similar viewpoints.The real upcoming catalysts are future revenue growth and entering the Chinese market. In 2021 TSLA grew its YoY revenue by 70.67%, and their off to a great start after Q1 2022. Only time will tell what type of growth rate TSLA can maintain, but too many people are assuming that TSLA will obliterate the competition. Over the next several years, we could see TSLA's growth rate become significantly reduced as more luxury operators put EVs on the road.At TSLA's current margins, they would need to increase their revenue by 444.55% to $276.47 billion to produce the same amount of net income ($37.34b) that FB produces today at their current 13.51% profit margin. Maybe TSLA can get there in the future, but why should TSLA be valued at almost $1 trillion today, considering not a single metric of theirs is similar to FB or GOOGL, and TSLA's growth across any of the sectors isn't larger than FB or GOOGL?Tesla Continues To Dilute Shareholders, And Almost No Shareholders CareDilution kills shareholder value. Look, I am a shareholder of TSLA, and I hate that my shares continue to be diluted. These numbers are split-adjusted that I am using. Over the past decade,TSLA has diluted its shares by 80.93%. This is horrible compared to big tech, yet investors can't buy enough TSLA shares. TSLA finished 2012 with 572.6 million shares and, as of its last filing, had increased its outstanding shares to 1.036 billion shares.This is the equivalent of me taking a pizza, and instead of giving you a slice, cutting another 6.5 slices, then giving you one. The pizza represents TSLA, the company, and they basically turned an 8-slice pie into a 14.5-slice pie, reducing shareholder's ownership and the amount of equity, revenue, and EPS our shares represent.If you want to see what a true shepherd of shareholder value looks like, turn to AAPL. In 2012 AAPL had 26.3 billion shares outstanding. Over the past decade, AAPL has repurchased 10.09 billion shares, reducing its outstanding shares by 38.37%. Every quarter, AAPL is buying back shares and increasing the ownership its shares represent. TSLA, on the other hand, continues to dilute shareholders by increasing shares YOY.I Could Be Completely Wrong, And Tesla Could Continue Growing At These RatesTSLA's vehicle deliveries continue to outpace its growing production. YoY TSLA's deliveries increased by 68% in Q1, adding 125,171 delivered vehicles to its customers. TSLA just began Model Y deliveries from the Austin facility, and production at the Gigafactory in Berlin started in March of 2022. TSLA's Shanghai facility had strong production rates prior to the spike in COVID that resulted in temporary shutdowns. TSLA isn't just focusing on the U.S, they have Europe and China in their sights.EVs accounted for 488,000 sales in the U.S for 2021, and the previous projection was that EVs would account for 670,000 units sold in 2022. Oil has hovered around $100 per barrel and could render the previous projections of 37% increased EV sales domestically for 2022 conservative. TSLA is in a prime position to capitalize on this trend. In 2021 TSLA vehicles accounted for 61.89% of EVs sold in the U.S (301,998 / 488,000).Hypothetically, if the previous projection of 670,000 EV sales for 2022 is accurate and TSLA maintains its current margin, they would sell 414,628 vehicles throughout the U.S in 2022. If gas prices do alter the decision-making process when deciding between a combustible engine or an EV, then TSLA could continue surprising the market with QoQ earnings beats.The U.S has a national goal of reaching 50% of domestic auto sales coming from EVs. In 2021, EVs accounted for 3.26% of total sales in the U.S auto market. Based on U.S auto sales in 2021, annual EV sales would need to grow by 6,989,403 to reach a 50% EV to combustible engine ratio. Hypothetically if U.S auto sales stayed flat but EVs reached 50% of the market in 2030 they would sell 7,477,403 vehicles. If TSLA's dominance in the EV sector was to drop from 61.89% to 15% due to increased competition, they would generate 1,121,610 in sales compared to 301,998 in 2021. When you add in Europe and China, TSLA certainly has the ability to become a top auto manufacturer by sales next decade.Bulls aren't incorrect to be excited about TSLA. The world is moving toward EVs, and TSLA is the crème de la crème. As I said in the beginning, I am bullish about TSLA's future prospects, but I think the valuation today is overinflated. Nobody can predict the future, but I have no doubt that TSLA will continue to grow its sales YoY.The question becomes, how much growth will they be able to achieve YoY? In 2021, TM generated $226.48 billion of revenue and, based on the future of EVs, TSLA certainly could achieve this level of revenue in the future. Based on TSLA's current 13.51% profit margin, if they achieved TM's level of revenue, they would generate $30.59 billion of net income, which would definitely make today's valuation look more realistic.TeslaConclusionYou're probably wondering how I can be a shareholder and be a bear on TSLA's valuation at the same time. It's simple; my wife bought shares of TSLA, which makes me a shareholder. My stance has always been bullish on the company and bearish on the valuation. What Elon Musk and the team at TSLA has accomplished is astonishing, and they deserve nothing but respect.Keep in mind a company and a company's stock are two separate things. TSLA continues to dilute shareholders, and they and the market are valuing TSLA as if it's FB or GOOGL. TSLA is not a technology company; it's an automobile company, as the automotive segments drive 100% of its gross revenue and net income.TSLA is trading at a P/E of 113.81, a P/S of 15.38, and a 142.52x multiple on its FCF. The numbers are drastically inflated as TSLA has no business trading at a larger P/S multiple than AMZN, which trades at 11.31 P/S when it has grown its revenue by $341.76 billion over the previous 3.25 years compared to TSLA's $40.73 billion of revenue growth. TSLA has generated $6.93 billion in FCF over the TTM, while Mr. Market has placed a 142.52x multiple on TSLA due to $7.15 billion FCF growth over the past 3.25 years. FB trades at a 15.19x FCF multiple while growing FCF by $23.45 billion over this period which is more than 3x what TSLA has generated in the TTM.With FB trading at 15.19x FCF, GOOGL at 23.42x FCF, and AAPL at 25.4x FCF, it's hard to justify any number above 20x for TSLA. I think a 21x FCF multiple is generous and that places TSLA at a market cap of $145.43 billion, which is -85.26% from its current market cap of $986.92 billion.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616429640,"gmtCreate":1651898772880,"gmtModify":1651898774290,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"get back to pre pandemic level, let MAGA run the show","listText":"get back to pre pandemic level, let MAGA run the show","text":"get back to pre pandemic level, let MAGA run the show","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/616429640","repostId":"2233939112","repostType":4,"isVote":1,"tweetType":1,"viewCount":4469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616247919,"gmtCreate":1651806159131,"gmtModify":1651806160359,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"kudos","listText":"kudos","text":"kudos","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616247919","repostId":"2233184399","repostType":4,"isVote":1,"tweetType":1,"viewCount":4391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616242717,"gmtCreate":1651805278339,"gmtModify":1651805279785,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"what about mid term election, covid lockdown is over soon in shanghai, abhigya&nbsp;anand prediction for some pieces of good news instead?&nbsp;","listText":"what about mid term election, covid lockdown is over soon in shanghai, abhigya&nbsp;anand prediction for some pieces of good news instead?&nbsp;","text":"what about mid term election, covid lockdown is over soon in shanghai, abhigya anand prediction for some pieces of good news instead?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616242717","repostId":"2233873901","repostType":4,"isVote":1,"tweetType":1,"viewCount":5075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616678759,"gmtCreate":1651757231072,"gmtModify":1651757232379,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"come on, stay focus in TSLA pls","listText":"come on, stay focus in TSLA pls","text":"come on, stay focus in TSLA pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/616678759","repostId":"1116682069","repostType":4,"isVote":1,"tweetType":1,"viewCount":1748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616801637,"gmtCreate":1651640301323,"gmtModify":1651640302374,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"hahaha","listText":"hahaha","text":"hahaha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616801637","repostId":"2232715789","repostType":4,"isVote":1,"tweetType":1,"viewCount":1751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":618576867,"gmtCreate":1651128546544,"gmtModify":1651128559588,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"Go MSFT","listText":"Go MSFT","text":"Go MSFT","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/618576867","repostId":"2230982884","repostType":4,"isVote":1,"tweetType":1,"viewCount":1663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":618576150,"gmtCreate":1651128523446,"gmtModify":1651128523722,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"World peace then everything will be good","listText":"World peace then everything will be good","text":"World peace then everything will be good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/618576150","repostId":"1144763622","repostType":4,"isVote":1,"tweetType":1,"viewCount":1423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":618654508,"gmtCreate":1651027555450,"gmtModify":1651027643122,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"COVID 2.0","listText":"COVID 2.0","text":"COVID 2.0","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/618654508","repostId":"2230482878","repostType":4,"isVote":1,"tweetType":1,"viewCount":1499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":618323947,"gmtCreate":1650875689395,"gmtModify":1650875689750,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"enough to cover losses else where? lol","listText":"enough to cover losses else where? lol","text":"enough to cover losses else where? lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/618323947","repostId":"2229070197","repostType":4,"isVote":1,"tweetType":1,"viewCount":1614,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":611656604,"gmtCreate":1650464587412,"gmtModify":1650464588465,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"im counting on this, pls get well","listText":"im counting on this, pls get well","text":"im counting on this, pls get well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/611656604","repostId":"1165795044","repostType":4,"repost":{"id":"1165795044","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":1650462158,"share":"https://www.laohunote.com/m/news/1165795044?lang=zh_CN&edition=full","pubTime":"2022-04-20 21:42","market":"us","language":"en","title":"ASML Rose Over 4% in Morning Trading as Q1 Result Topped Estimates<blockquote>ASML 第一季度业绩超出预期，早盘交易中股价上涨超过 4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165795044","media":"Tiger Newspress","summary":"ASML rose over 4% in morning trading as Q1 result topped estimates.It reported Q1 earnings of 1.73 e","content":"<p><html><head></head><body>ASML rose over 4% in morning trading as Q1 result topped estimates.<img src=\"https://static.tigerbbs.com/5c9a99eb97d300ffe82dace739daeb68\" tg-width=\"769\" tg-height=\"570\" width=\"100%\" height=\"auto\"/>It reported Q1 earnings of 1.73 euros ($1.87) per share, down from 3.21 euros a year earlier.Net sales were 3.53 billion euros, compared with 4.36 billion euros a year earlier.</p><p><blockquote><html><head></head><body>ASML 在早盘交易中上涨超过 4%，第一季度业绩超出预期。该公司公布第一季度每股收益为 1.73 欧元（1.87 美元），低于去年同期的 3.21 欧元。净销售额为35.3亿欧元，而去年同期为43.6亿欧元。</body></html></blockquote></p><p>For the second-quarter, ASML (ASML) said it expects net sales to be between $5.52 billion (€5.1 billion) and $5.74 (€5.3 billion) and a gross margins between 49% and 50%.</p><p><blockquote>ASML (ASML) 表示，第二季度净销售额预计在 55.2 亿美元（51 亿欧元）至 5.74 美元（53 亿欧元）之间，毛利率在 49% 至 50% 之间。</blockquote></p><p>For the rest of 2022, ASML (ASML) expects revenue to grow 20% year-over-year.</p><p><blockquote>2022 年剩余时间，ASML (ASML) 预计收入将同比增长 20%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASML Rose Over 4% in Morning Trading as Q1 Result Topped Estimates<blockquote>ASML 第一季度业绩超出预期，早盘交易中股价上涨超过 4%</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\">\nASML Rose Over 4% in Morning Trading as Q1 Result Topped Estimates<blockquote>ASML 第一季度业绩超出预期，早盘交易中股价上涨超过 4%</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\">2022-04-20 21:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>ASML rose over 4% in morning trading as Q1 result topped estimates.<img src=\"https://static.tigerbbs.com/5c9a99eb97d300ffe82dace739daeb68\" tg-width=\"769\" tg-height=\"570\" width=\"100%\" height=\"auto\"/>It reported Q1 earnings of 1.73 euros ($1.87) per share, down from 3.21 euros a year earlier.Net sales were 3.53 billion euros, compared with 4.36 billion euros a year earlier.</p><p><blockquote><html><head></head><body>ASML 在早盘交易中上涨超过 4%，第一季度业绩超出预期。该公司公布第一季度每股收益为 1.73 欧元（1.87 美元），低于去年同期的 3.21 欧元。净销售额为35.3亿欧元，而去年同期为43.6亿欧元。</body></html></blockquote></p><p>For the second-quarter, ASML (ASML) said it expects net sales to be between $5.52 billion (€5.1 billion) and $5.74 (€5.3 billion) and a gross margins between 49% and 50%.</p><p><blockquote>ASML (ASML) 表示，第二季度净销售额预计在 55.2 亿美元（51 亿欧元）至 5.74 美元（53 亿欧元）之间，毛利率在 49% 至 50% 之间。</blockquote></p><p>For the rest of 2022, ASML (ASML) expects revenue to grow 20% year-over-year.</p><p><blockquote>2022 年剩余时间，ASML (ASML) 预计收入将同比增长 20%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165795044","content_text":"ASML rose over 4% in morning trading as Q1 result topped estimates.It reported Q1 earnings of 1.73 euros ($1.87) per share, down from 3.21 euros a year earlier.Net sales were 3.53 billion euros, compared with 4.36 billion euros a year earlier.For the second-quarter, ASML (ASML) said it expects net sales to be between $5.52 billion (€5.1 billion) and $5.74 (€5.3 billion) and a gross margins between 49% and 50%.For the rest of 2022, ASML (ASML) expects revenue to grow 20% year-over-year.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":1165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":611658515,"gmtCreate":1650464350049,"gmtModify":1650464501138,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"gosh nose dive?&nbsp;","listText":"gosh nose dive?&nbsp;","text":"gosh nose dive?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/611658515","repostId":"1155575345","repostType":4,"repost":{"id":"1155575345","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":1650461585,"share":"https://www.laohunote.com/m/news/1155575345?lang=zh_CN&edition=full","pubTime":"2022-04-20 21:33","market":"us","language":"en","title":"U.S. Stocks Rise As Investors Shrug off Big Netflix Disappointment, Dow Gains 200 Points<blockquote>美国股市上涨，投资者摆脱 Netflix 的巨大失望，道琼斯指数上涨 200 点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155575345","media":"Tiger Newspress","summary":"U.S. Stocks rose on Wednesday as investors digested disappointing Netflix earnings along with a host","content":"<p><html><head></head><body>U.S. Stocks rose on Wednesday as investors digested disappointing Netflix earnings along with a host of other corporate reports.</p><p><blockquote><html><head></head><body>美国股市周三上涨，投资者消化了令人失望的 Netflix 财报以及一系列其他公司报告。</body></html></blockquote></p><p>The Dow Jones Industrial Average was up 225 points, or 0.6%. The S&amp;P 500 rose 0.4%, and the Nasdaq Composite advanced 0.3%.</p><p><blockquote>道琼斯工业平均指数上涨 225 点，涨幅 0.6%。标普500指数上涨0.4%，纳斯达克综合指数上涨0.3%。</blockquote></p><p>The moves came despite Netflixposting a 26% loss in its share price in premarket trading, after reporting a loss of 200,000 subscribers in the first quarter. The news led shares of streaming companies Disney, Roku, Warner Bros. Discovery and Paramount to fall, as investors and could further worry investors about buying technology stocks ahead of earnings. A slew of analysts also slashed their ratings on Netflix following its first-quarter results.</p><p><blockquote>尽管 Netflix 在报告第一季度用户流失 20 万后，在盘前交易中股价下跌了 26%，但还是采取了这些举措。这一消息导致流媒体公司迪士尼、Roku、华纳兄弟探索频道和派拉蒙的股价下跌，投资者可能会进一步担心投资者在财报公布前购买科技股。Netflix 第一季度业绩公布后，许多分析师也下调了对其的评级。</blockquote></p><p>Meanwhile, Procter &amp; Gamble’sbetter-than-expected results sent the stock up about 1%. Procter also hiked its full-year revenue guidance. Shares of IBM, another Dow component, rose more than 1% following a beat on earnings and revenue.</p><p><blockquote>与此同时，宝洁公司好于预期的业绩使该股上涨了约 1%。宝洁公司还上调了全年收入指引。道琼斯指数的另一个成分股 IBM 的股价在盈利和收入超出预期后上涨超过 1%。</blockquote></p><p>“From a technical perspective, the S&amp;P 500 held the important 4400 support level on the S&amp;P 500 (which was the top of the late March rally). Investors are also encouraged by a slight dip in the 10-year yield and the gradual upward revisions to Q1 EPS growth expectations for the market and six of its 11 sectors (the S&amp;P 500 is now seen posting a 5.2% rise vs the earlier estimate of 4.4%). I think the market will now undergo a short-term rally.”</p><p><blockquote>“从技术角度来看，标普500守住了标普500 4400 点的重要支撑位（这是 3 月下旬反弹的顶部）。10 年期国债收益率小幅下跌，以及市场及其 11 个行业中的 6 个行业的第一季度每股收益增长预期逐步上调（标普500目前上涨 5.2%，而此前估计为 4.4%），也令投资者感到鼓舞。我认为市场现在将出现短期反弹。”</blockquote></p><p>Tesla and United Airlines are slated to report after the bell.</p><p><blockquote>特斯拉和联合航空公司定于午夜后报告。</blockquote></p><p>Beyond company earnings, investors were also keeping a close eye on the 10-year U.S. Treasury yield, which retreated Wednesday after touching 2.94%, its highest level since late 2018, on Tuesday.</p><p><blockquote>除了公司盈利外，投资者还密切关注 10 年期美国国债收益率，该收益率在周二触及 2018 年底以来的最高水平 2.94% 后，于周三回落。</blockquote></p><p>All the major averages saw strong gains on Tuesday, posting their best day since March 16. The Nasdaq Composite bounced back 2.15%, while the Dow Jones Industrial Average rose 499.51 points, or 1.45% and the S&amp;P 500 gained 1.61%.</p><p><blockquote>周二，所有主要股指均大幅上涨，创下自 3 月 16 日以来最好的一天。纳斯达克综合指数反弹2.15%，道琼斯工业平均指数上涨499.51点，涨幅1.45%，标普500指数上涨1.61%。</blockquote></p><p>Tuesday’s stock market rally was broad-based with 10 out of 11 sectors ending the session in the positive, led by consumer discretionary. Some of the biggest gains came from Microsoft and Alphabet, which rose 1.7% and 1.8%, respectively, while airline stocks jumped after TSA lifted mask mandates on planes in response to a Florida court ruling.</p><p><blockquote>周二股市涨势广泛，11 个板块中有 10 个板块收盘上涨，其中非必需消费品领涨。涨幅最大的部分来自微软和Alphabet，分别上涨 1.7% 和 1.8%，而美国运输安全管理局 (TSA) 根据佛罗里达州法院的裁决取消了飞机上的口罩要求后，航空股上涨。</blockquote></p><p>Meanwhile, oil prices fell about 5% after theInternational Monetary Fund cut its economic growth forecasts and warned of risks from higher inflation.</p><p><blockquote>与此同时，在国际货币基金组织下调经济增长预测并警告通胀上升的风险后，油价下跌约5%。</blockquote></p><p>“I just think today we’re in a market where different things are shining,” Ally Invest’s Lindsey Bell told CNBC’s “Closing Bell” on Tuesday. “We’ve got a great earnings season so far and today the market is focusing on that. They’re focusing on the VIX that’s coming down and of course, oil prices — the fall in oil prices helps the inflationary story.”</p><p><blockquote>“Ally Invest 的林赛-贝尔（Lindsey Bell）周二在 CNBC 的 “收盘钟声 ”节目中说：”我只是认为，今天我们所处的市场各不相同。“到目前为止，我们的财报季表现出色，今天市场正关注这一点。他们关注的是正在下跌的 VIX 指数，当然还有油价--油价下跌有助于通胀。”</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Stocks Rise As Investors Shrug off Big Netflix Disappointment, Dow Gains 200 Points<blockquote>美国股市上涨，投资者摆脱 Netflix 的巨大失望，道琼斯指数上涨 200 点</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\">\nU.S. Stocks Rise As Investors Shrug off Big Netflix Disappointment, Dow Gains 200 Points<blockquote>美国股市上涨，投资者摆脱 Netflix 的巨大失望，道琼斯指数上涨 200 点</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\">2022-04-20 21:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. Stocks rose on Wednesday as investors digested disappointing Netflix earnings along with a host of other corporate reports.</p><p><blockquote><html><head></head><body>美国股市周三上涨，投资者消化了令人失望的 Netflix 财报以及一系列其他公司报告。</body></html></blockquote></p><p>The Dow Jones Industrial Average was up 225 points, or 0.6%. The S&amp;P 500 rose 0.4%, and the Nasdaq Composite advanced 0.3%.</p><p><blockquote>道琼斯工业平均指数上涨 225 点，涨幅 0.6%。标普500指数上涨0.4%，纳斯达克综合指数上涨0.3%。</blockquote></p><p>The moves came despite Netflixposting a 26% loss in its share price in premarket trading, after reporting a loss of 200,000 subscribers in the first quarter. The news led shares of streaming companies Disney, Roku, Warner Bros. Discovery and Paramount to fall, as investors and could further worry investors about buying technology stocks ahead of earnings. A slew of analysts also slashed their ratings on Netflix following its first-quarter results.</p><p><blockquote>尽管 Netflix 在报告第一季度用户流失 20 万后，在盘前交易中股价下跌了 26%，但还是采取了这些举措。这一消息导致流媒体公司迪士尼、Roku、华纳兄弟探索频道和派拉蒙的股价下跌，投资者可能会进一步担心投资者在财报公布前购买科技股。Netflix 第一季度业绩公布后，许多分析师也下调了对其的评级。</blockquote></p><p>Meanwhile, Procter &amp; Gamble’sbetter-than-expected results sent the stock up about 1%. Procter also hiked its full-year revenue guidance. Shares of IBM, another Dow component, rose more than 1% following a beat on earnings and revenue.</p><p><blockquote>与此同时，宝洁公司好于预期的业绩使该股上涨了约 1%。宝洁公司还上调了全年收入指引。道琼斯指数的另一个成分股 IBM 的股价在盈利和收入超出预期后上涨超过 1%。</blockquote></p><p>“From a technical perspective, the S&amp;P 500 held the important 4400 support level on the S&amp;P 500 (which was the top of the late March rally). Investors are also encouraged by a slight dip in the 10-year yield and the gradual upward revisions to Q1 EPS growth expectations for the market and six of its 11 sectors (the S&amp;P 500 is now seen posting a 5.2% rise vs the earlier estimate of 4.4%). I think the market will now undergo a short-term rally.”</p><p><blockquote>“从技术角度来看，标普500守住了标普500 4400 点的重要支撑位（这是 3 月下旬反弹的顶部）。10 年期国债收益率小幅下跌，以及市场及其 11 个行业中的 6 个行业的第一季度每股收益增长预期逐步上调（标普500目前上涨 5.2%，而此前估计为 4.4%），也令投资者感到鼓舞。我认为市场现在将出现短期反弹。”</blockquote></p><p>Tesla and United Airlines are slated to report after the bell.</p><p><blockquote>特斯拉和联合航空公司定于午夜后报告。</blockquote></p><p>Beyond company earnings, investors were also keeping a close eye on the 10-year U.S. Treasury yield, which retreated Wednesday after touching 2.94%, its highest level since late 2018, on Tuesday.</p><p><blockquote>除了公司盈利外，投资者还密切关注 10 年期美国国债收益率，该收益率在周二触及 2018 年底以来的最高水平 2.94% 后，于周三回落。</blockquote></p><p>All the major averages saw strong gains on Tuesday, posting their best day since March 16. The Nasdaq Composite bounced back 2.15%, while the Dow Jones Industrial Average rose 499.51 points, or 1.45% and the S&amp;P 500 gained 1.61%.</p><p><blockquote>周二，所有主要股指均大幅上涨，创下自 3 月 16 日以来最好的一天。纳斯达克综合指数反弹2.15%，道琼斯工业平均指数上涨499.51点，涨幅1.45%，标普500指数上涨1.61%。</blockquote></p><p>Tuesday’s stock market rally was broad-based with 10 out of 11 sectors ending the session in the positive, led by consumer discretionary. Some of the biggest gains came from Microsoft and Alphabet, which rose 1.7% and 1.8%, respectively, while airline stocks jumped after TSA lifted mask mandates on planes in response to a Florida court ruling.</p><p><blockquote>周二股市涨势广泛，11 个板块中有 10 个板块收盘上涨，其中非必需消费品领涨。涨幅最大的部分来自微软和Alphabet，分别上涨 1.7% 和 1.8%，而美国运输安全管理局 (TSA) 根据佛罗里达州法院的裁决取消了飞机上的口罩要求后，航空股上涨。</blockquote></p><p>Meanwhile, oil prices fell about 5% after theInternational Monetary Fund cut its economic growth forecasts and warned of risks from higher inflation.</p><p><blockquote>与此同时，在国际货币基金组织下调经济增长预测并警告通胀上升的风险后，油价下跌约5%。</blockquote></p><p>“I just think today we’re in a market where different things are shining,” Ally Invest’s Lindsey Bell told CNBC’s “Closing Bell” on Tuesday. “We’ve got a great earnings season so far and today the market is focusing on that. They’re focusing on the VIX that’s coming down and of course, oil prices — the fall in oil prices helps the inflationary story.”</p><p><blockquote>“Ally Invest 的林赛-贝尔（Lindsey Bell）周二在 CNBC 的 “收盘钟声 ”节目中说：”我只是认为，今天我们所处的市场各不相同。“到目前为止，我们的财报季表现出色，今天市场正关注这一点。他们关注的是正在下跌的 VIX 指数，当然还有油价--油价下跌有助于通胀。”</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155575345","content_text":"U.S. Stocks rose on Wednesday as investors digested disappointing Netflix earnings along with a host of other corporate reports.The Dow Jones Industrial Average was up 225 points, or 0.6%. The S&P 500 rose 0.4%, and the Nasdaq Composite advanced 0.3%.The moves came despite Netflixposting a 26% loss in its share price in premarket trading, after reporting a loss of 200,000 subscribers in the first quarter. The news led shares of streaming companies Disney, Roku, Warner Bros. Discovery and Paramount to fall, as investors and could further worry investors about buying technology stocks ahead of earnings. A slew of analysts also slashed their ratings on Netflix following its first-quarter results.Meanwhile, Procter & Gamble’sbetter-than-expected results sent the stock up about 1%. Procter also hiked its full-year revenue guidance. Shares of IBM, another Dow component, rose more than 1% following a beat on earnings and revenue.“From a technical perspective, the S&P 500 held the important 4400 support level on the S&P 500 (which was the top of the late March rally). Investors are also encouraged by a slight dip in the 10-year yield and the gradual upward revisions to Q1 EPS growth expectations for the market and six of its 11 sectors (the S&P 500 is now seen posting a 5.2% rise vs the earlier estimate of 4.4%). I think the market will now undergo a short-term rally.”Tesla and United Airlines are slated to report after the bell.Beyond company earnings, investors were also keeping a close eye on the 10-year U.S. Treasury yield, which retreated Wednesday after touching 2.94%, its highest level since late 2018, on Tuesday.All the major averages saw strong gains on Tuesday, posting their best day since March 16. The Nasdaq Composite bounced back 2.15%, while the Dow Jones Industrial Average rose 499.51 points, or 1.45% and the S&P 500 gained 1.61%.Tuesday’s stock market rally was broad-based with 10 out of 11 sectors ending the session in the positive, led by consumer discretionary. Some of the biggest gains came from Microsoft and Alphabet, which rose 1.7% and 1.8%, respectively, while airline stocks jumped after TSA lifted mask mandates on planes in response to a Florida court ruling.Meanwhile, oil prices fell about 5% after theInternational Monetary Fund cut its economic growth forecasts and warned of risks from higher inflation.“I just think today we’re in a market where different things are shining,” Ally Invest’s Lindsey Bell told CNBC’s “Closing Bell” on Tuesday. “We’ve got a great earnings season so far and today the market is focusing on that. They’re focusing on the VIX that’s coming down and of course, oil prices — the fall in oil prices helps the inflationary story.”","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":611629346,"gmtCreate":1650459922615,"gmtModify":1650459923712,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"F C gogogo","listText":"F C gogogo","text":"F C gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/611629346","repostId":"2228923176","repostType":4,"isVote":1,"tweetType":1,"viewCount":1381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":611667662,"gmtCreate":1650458854654,"gmtModify":1650458855814,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"韭菜们愿不愿意被收割呀？","listText":"韭菜们愿不愿意被收割呀？","text":"韭菜们愿不愿意被收割呀？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/611667662","repostId":"1104106274","repostType":2,"repost":{"id":"1104106274","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1650327648,"share":"https://www.laohunote.com/m/news/1104106274?lang=zh_CN&edition=full","pubTime":"2022-04-19 08:20","market":"sh","language":"zh","title":"滴滴将发起退市投票，股票持有者该怎么办？","url":"https://stock-news.laohu8.com/highlight/detail?id=1104106274","media":"老虎资讯综合","summary":"4月16日，滴滴发布公告称，将于2022年5月23日19:00举行特别股东大会，就本公司的美国存托股票在纽约证券交易所的自愿退市进行投票，在退市完成前，本公司将不会申请其股份在其他任何证券交易所上市。","content":"<html><head></head><body><p>4月16日，<a href=\"https://laohu8.com/S/DIDI\">滴滴</a>发布公告称，将于2022年5月23日19:00举行特别股东大会，就本公司的美国存托股票在纽约证券交易所的自愿退市进行投票，在退市完成前，本公司将不会申请其股份在其他任何证券交易所上市。</p><p>滴滴公告称，在特别股东大会上，滴滴的A类和B类普通股的股东均将以每股一票的方式投票。滴滴将继续尝试在另一家国际认可的交易所上市的可能性。<img src=\"https://static.tigerbbs.com/933ab6a30ac2f24d2738847f47d1fb47\" tg-width=\"1843\" tg-height=\"821\" referrerpolicy=\"no-referrer\"/>对此，证监会回应称：这是企业根据市场和自身情况作出的自主决策。证监会一贯坚持企业境外上市活动应当遵守上市地和经营地的法律法规和监管规则，要求上市公司切实保护投资者，尤其是中小投资者的合法权益。滴滴自主退市这一特定个案，与其他在美上市中概股无关，与目前正在进行的中美审计监管合作磋商无关，不影响双方合作进程。</p><p><span style=\"color:rgba(245,166,35,1);\"><b>什么是自愿退市？</b></span></p><p>按照美国证券法的规定，美国上市公司的董事会可决议批准自愿退市，随后书面通知交易所并在10日内向SEC提交Form-25，从而完成退市。值得注意的是，按照上述程序自愿退市的公司的股份可继续以场外方式(OTC)交易。</p><p>自愿退市并不受制于严苛的股东审批要求（除非注册地公司法有特殊要求）。</p><p><span style=\"color:rgba(245,166,35,1);\"><b>公告背后有哪些信息值得关注？</b></span></p><p>首先，据市场人士分析，根据滴滴官网发布的公告显示，由于滴滴完成退市前，不会申请在其他易所上市，打消股份在其他交易所先上市，做好美股投资者无缝交接的念头，即现时持持股权的股东，将一直持有股份，在退市后若想交易，将于OTC粉单市场自行买卖。根据通告，在退市完成后，持有公司ADS或普通股的股东，或会在OTC粉单市场交易，滴滴将不会介入（involvement）。</p><p>由于交易难度增加，一般投资者会投票赞成退市的意愿减低，加上没有提及用一个理想的价钱私有化，若退市表决获得通过，对股价仍有压力。<b>公告指出，下周四（4月28号）是公司确定哪些股东在5月23日退市决议中能够拥有投票权的最后一天。</b></p><p>另外，有分析指出，滴滴公告提及这是自愿退市（voluntary delisting），不是私有化（private transaction），也不是公开市场回购（open-market purchases）。这里面区别很大，自愿退市没有底价，只要有股东决议就可以摘牌了。</p><p><span style=\"color:rgba(245,166,35,1);\"><b>至于股东的投票意愿如何？</b></span></p><p>据香港经济日报，目前，滴滴ADS发行A类股份43.54亿份，1股普通股相当于4股ADS，即10.885亿股普通股，B类股份1.17亿股，原为一股10票，不过退市投票时，A、B类股份均为一票，即12.06亿票。</p><p>构机投资者方面，GALILEO（PTC）LTD持有 7,588.4万股ADS，即1897万股普通股或1.57%，DAVIS SELECTED ADVISERS持有4,748.8万ADS，持股约1%，BEDFORD RIDGE CAPITAL LP持有4,581.5万股ADS，持股约1%，其是新增持仓。</p><p><b>虽然机构投资者或各有取态，软银、Uber等上市前投资者已持有45.05%，该媒体预期获过半数支持退市，难度不会太大。</b></p><p><b>在了解美股退市相关情况之前，首先需要明确的是，退市并不相当于企业破产，也不意味着该股股票完全退出流通。</b></p><p><b><span style=\"color:rgba(245,166,35,1);\">那么对于持有滴滴的投资者来说，自愿退市到底意味着什么？</span></b></p><p>作为与私有化交易实质不同的退市方式，<b>自愿退市至少有以下不确定性及风险：</b></p><blockquote>1、虽然自愿退市无需受制于SEC或交易所的批准，但SEC有权为衡量退市是否符合美国证券法规定之目的而推迟退市生效时间、亦有权为保护投资者之目的而决定对退市施加额外条件；</blockquote><blockquote>2、自愿退市完成后，因不涉及收购方对非公众股东所持股份的收购，上市公司将保留众多利益不统一的小股东（包括存托股票或存托凭证持有人）。虽然非关联小股东无权直接要求上市公司或控股股东回购/收购其持有的股份，但其将继续就相应股份享有投票权和分红权（若有）；</blockquote><blockquote>3、若小股东认为批准自愿退市的决定的董事违反了其信义义务（Fiduciary Duties），则有可能就该董事提起诉讼——特别是若上市公司经董事会决定自愿退市后，短时间内上市公司的控股股东或其他关联方提议以较低价格收购小股东所持股份；以及</blockquote><blockquote>4、自愿退市后，上市公司股东所持股份虽然可以继续进行场外交易，但此时流动性及股价将显著低于在纽交所等交易所交易时的情形。</blockquote><p>自愿退市应符合上市公司注册地适用法律之规定及美国证券法。但是，在自愿退市的情形下，上市公司无需像私有化交易一样受规则13e-3的诸多限制，一般亦无需股东大会审议通过（除非公司章程另有规定），且小股东通常并无异议权。</p><p>相比私有化退市，自愿退市在流程上简单很多、所需时间亦相应较短。对于仅希望实现退市、并不强调清理非关联小股东的上市公司而言，自愿退市无疑具有不小的吸引力。<img src=\"https://static.tigerbbs.com/67bd32797c869b75100719f6f946eb5b\" tg-width=\"772\" tg-height=\"1541\" width=\"100%\" height=\"auto\"/></p><p>资本市场风云瞬息万变，进入与退出都是市场常态，退市制度是资本市场健康发展的基础性制度之一。<b>对于滴滴退市事宜的后续进展，投资者仍需以公司公告为准。</b></p></body></html>","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>滴滴将发起退市投票，股票持有者该怎么办？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n滴滴将发起退市投票，股票持有者该怎么办？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2022-04-19 08:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>4月16日，<a href=\"https://laohu8.com/S/DIDI\">滴滴</a>发布公告称，将于2022年5月23日19:00举行特别股东大会，就本公司的美国存托股票在纽约证券交易所的自愿退市进行投票，在退市完成前，本公司将不会申请其股份在其他任何证券交易所上市。</p><p>滴滴公告称，在特别股东大会上，滴滴的A类和B类普通股的股东均将以每股一票的方式投票。滴滴将继续尝试在另一家国际认可的交易所上市的可能性。<img src=\"https://static.tigerbbs.com/933ab6a30ac2f24d2738847f47d1fb47\" tg-width=\"1843\" tg-height=\"821\" referrerpolicy=\"no-referrer\"/>对此，证监会回应称：这是企业根据市场和自身情况作出的自主决策。证监会一贯坚持企业境外上市活动应当遵守上市地和经营地的法律法规和监管规则，要求上市公司切实保护投资者，尤其是中小投资者的合法权益。滴滴自主退市这一特定个案，与其他在美上市中概股无关，与目前正在进行的中美审计监管合作磋商无关，不影响双方合作进程。</p><p><span style=\"color:rgba(245,166,35,1);\"><b>什么是自愿退市？</b></span></p><p>按照美国证券法的规定，美国上市公司的董事会可决议批准自愿退市，随后书面通知交易所并在10日内向SEC提交Form-25，从而完成退市。值得注意的是，按照上述程序自愿退市的公司的股份可继续以场外方式(OTC)交易。</p><p>自愿退市并不受制于严苛的股东审批要求（除非注册地公司法有特殊要求）。</p><p><span style=\"color:rgba(245,166,35,1);\"><b>公告背后有哪些信息值得关注？</b></span></p><p>首先，据市场人士分析，根据滴滴官网发布的公告显示，由于滴滴完成退市前，不会申请在其他易所上市，打消股份在其他交易所先上市，做好美股投资者无缝交接的念头，即现时持持股权的股东，将一直持有股份，在退市后若想交易，将于OTC粉单市场自行买卖。根据通告，在退市完成后，持有公司ADS或普通股的股东，或会在OTC粉单市场交易，滴滴将不会介入（involvement）。</p><p>由于交易难度增加，一般投资者会投票赞成退市的意愿减低，加上没有提及用一个理想的价钱私有化，若退市表决获得通过，对股价仍有压力。<b>公告指出，下周四（4月28号）是公司确定哪些股东在5月23日退市决议中能够拥有投票权的最后一天。</b></p><p>另外，有分析指出，滴滴公告提及这是自愿退市（voluntary delisting），不是私有化（private transaction），也不是公开市场回购（open-market purchases）。这里面区别很大，自愿退市没有底价，只要有股东决议就可以摘牌了。</p><p><span style=\"color:rgba(245,166,35,1);\"><b>至于股东的投票意愿如何？</b></span></p><p>据香港经济日报，目前，滴滴ADS发行A类股份43.54亿份，1股普通股相当于4股ADS，即10.885亿股普通股，B类股份1.17亿股，原为一股10票，不过退市投票时，A、B类股份均为一票，即12.06亿票。</p><p>构机投资者方面，GALILEO（PTC）LTD持有 7,588.4万股ADS，即1897万股普通股或1.57%，DAVIS SELECTED ADVISERS持有4,748.8万ADS，持股约1%，BEDFORD RIDGE CAPITAL LP持有4,581.5万股ADS，持股约1%，其是新增持仓。</p><p><b>虽然机构投资者或各有取态，软银、Uber等上市前投资者已持有45.05%，该媒体预期获过半数支持退市，难度不会太大。</b></p><p><b>在了解美股退市相关情况之前，首先需要明确的是，退市并不相当于企业破产，也不意味着该股股票完全退出流通。</b></p><p><b><span style=\"color:rgba(245,166,35,1);\">那么对于持有滴滴的投资者来说，自愿退市到底意味着什么？</span></b></p><p>作为与私有化交易实质不同的退市方式，<b>自愿退市至少有以下不确定性及风险：</b></p><blockquote>1、虽然自愿退市无需受制于SEC或交易所的批准，但SEC有权为衡量退市是否符合美国证券法规定之目的而推迟退市生效时间、亦有权为保护投资者之目的而决定对退市施加额外条件；</blockquote><blockquote>2、自愿退市完成后，因不涉及收购方对非公众股东所持股份的收购，上市公司将保留众多利益不统一的小股东（包括存托股票或存托凭证持有人）。虽然非关联小股东无权直接要求上市公司或控股股东回购/收购其持有的股份，但其将继续就相应股份享有投票权和分红权（若有）；</blockquote><blockquote>3、若小股东认为批准自愿退市的决定的董事违反了其信义义务（Fiduciary Duties），则有可能就该董事提起诉讼——特别是若上市公司经董事会决定自愿退市后，短时间内上市公司的控股股东或其他关联方提议以较低价格收购小股东所持股份；以及</blockquote><blockquote>4、自愿退市后，上市公司股东所持股份虽然可以继续进行场外交易，但此时流动性及股价将显著低于在纽交所等交易所交易时的情形。</blockquote><p>自愿退市应符合上市公司注册地适用法律之规定及美国证券法。但是，在自愿退市的情形下，上市公司无需像私有化交易一样受规则13e-3的诸多限制，一般亦无需股东大会审议通过（除非公司章程另有规定），且小股东通常并无异议权。</p><p>相比私有化退市，自愿退市在流程上简单很多、所需时间亦相应较短。对于仅希望实现退市、并不强调清理非关联小股东的上市公司而言，自愿退市无疑具有不小的吸引力。<img src=\"https://static.tigerbbs.com/67bd32797c869b75100719f6f946eb5b\" tg-width=\"772\" tg-height=\"1541\" width=\"100%\" height=\"auto\"/></p><p>资本市场风云瞬息万变，进入与退出都是市场常态，退市制度是资本市场健康发展的基础性制度之一。<b>对于滴滴退市事宜的后续进展，投资者仍需以公司公告为准。</b></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/90e9b3b1ac56aae7290447c10b3ea865","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104106274","content_text":"4月16日，滴滴发布公告称，将于2022年5月23日19:00举行特别股东大会，就本公司的美国存托股票在纽约证券交易所的自愿退市进行投票，在退市完成前，本公司将不会申请其股份在其他任何证券交易所上市。滴滴公告称，在特别股东大会上，滴滴的A类和B类普通股的股东均将以每股一票的方式投票。滴滴将继续尝试在另一家国际认可的交易所上市的可能性。对此，证监会回应称：这是企业根据市场和自身情况作出的自主决策。证监会一贯坚持企业境外上市活动应当遵守上市地和经营地的法律法规和监管规则，要求上市公司切实保护投资者，尤其是中小投资者的合法权益。滴滴自主退市这一特定个案，与其他在美上市中概股无关，与目前正在进行的中美审计监管合作磋商无关，不影响双方合作进程。什么是自愿退市？按照美国证券法的规定，美国上市公司的董事会可决议批准自愿退市，随后书面通知交易所并在10日内向SEC提交Form-25，从而完成退市。值得注意的是，按照上述程序自愿退市的公司的股份可继续以场外方式(OTC)交易。自愿退市并不受制于严苛的股东审批要求（除非注册地公司法有特殊要求）。公告背后有哪些信息值得关注？首先，据市场人士分析，根据滴滴官网发布的公告显示，由于滴滴完成退市前，不会申请在其他易所上市，打消股份在其他交易所先上市，做好美股投资者无缝交接的念头，即现时持持股权的股东，将一直持有股份，在退市后若想交易，将于OTC粉单市场自行买卖。根据通告，在退市完成后，持有公司ADS或普通股的股东，或会在OTC粉单市场交易，滴滴将不会介入（involvement）。由于交易难度增加，一般投资者会投票赞成退市的意愿减低，加上没有提及用一个理想的价钱私有化，若退市表决获得通过，对股价仍有压力。公告指出，下周四（4月28号）是公司确定哪些股东在5月23日退市决议中能够拥有投票权的最后一天。另外，有分析指出，滴滴公告提及这是自愿退市（voluntary delisting），不是私有化（private transaction），也不是公开市场回购（open-market purchases）。这里面区别很大，自愿退市没有底价，只要有股东决议就可以摘牌了。至于股东的投票意愿如何？据香港经济日报，目前，滴滴ADS发行A类股份43.54亿份，1股普通股相当于4股ADS，即10.885亿股普通股，B类股份1.17亿股，原为一股10票，不过退市投票时，A、B类股份均为一票，即12.06亿票。构机投资者方面，GALILEO（PTC）LTD持有 7,588.4万股ADS，即1897万股普通股或1.57%，DAVIS SELECTED ADVISERS持有4,748.8万ADS，持股约1%，BEDFORD RIDGE CAPITAL LP持有4,581.5万股ADS，持股约1%，其是新增持仓。虽然机构投资者或各有取态，软银、Uber等上市前投资者已持有45.05%，该媒体预期获过半数支持退市，难度不会太大。在了解美股退市相关情况之前，首先需要明确的是，退市并不相当于企业破产，也不意味着该股股票完全退出流通。那么对于持有滴滴的投资者来说，自愿退市到底意味着什么？作为与私有化交易实质不同的退市方式，自愿退市至少有以下不确定性及风险：1、虽然自愿退市无需受制于SEC或交易所的批准，但SEC有权为衡量退市是否符合美国证券法规定之目的而推迟退市生效时间、亦有权为保护投资者之目的而决定对退市施加额外条件；2、自愿退市完成后，因不涉及收购方对非公众股东所持股份的收购，上市公司将保留众多利益不统一的小股东（包括存托股票或存托凭证持有人）。虽然非关联小股东无权直接要求上市公司或控股股东回购/收购其持有的股份，但其将继续就相应股份享有投票权和分红权（若有）；3、若小股东认为批准自愿退市的决定的董事违反了其信义义务（Fiduciary Duties），则有可能就该董事提起诉讼——特别是若上市公司经董事会决定自愿退市后，短时间内上市公司的控股股东或其他关联方提议以较低价格收购小股东所持股份；以及4、自愿退市后，上市公司股东所持股份虽然可以继续进行场外交易，但此时流动性及股价将显著低于在纽交所等交易所交易时的情形。自愿退市应符合上市公司注册地适用法律之规定及美国证券法。但是，在自愿退市的情形下，上市公司无需像私有化交易一样受规则13e-3的诸多限制，一般亦无需股东大会审议通过（除非公司章程另有规定），且小股东通常并无异议权。相比私有化退市，自愿退市在流程上简单很多、所需时间亦相应较短。对于仅希望实现退市、并不强调清理非关联小股东的上市公司而言，自愿退市无疑具有不小的吸引力。资本市场风云瞬息万变，进入与退出都是市场常态，退市制度是资本市场健康发展的基础性制度之一。对于滴滴退市事宜的后续进展，投资者仍需以公司公告为准。","news_type":1,"symbols_score_info":{"DIDI":0}},"isVote":1,"tweetType":1,"viewCount":1339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":188722232,"gmtCreate":1623462853526,"gmtModify":1631888555973,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"gogogo&nbsp;","listText":"gogogo&nbsp;","text":"gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/188722232","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136208628,"gmtCreate":1622017686264,"gmtModify":1631888555987,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"Next is a push in stock price?&nbsp;","listText":"Next is a push in stock price?&nbsp;","text":"Next is a push in stock price?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/136208628","repostId":"1150713912","repostType":4,"repost":{"id":"1150713912","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":1622016404,"share":"https://www.laohunote.com/m/news/1150713912?lang=zh_CN&edition=full","pubTime":"2021-05-26 16:06","market":"us","language":"en","title":"Li Auto EPS beats by $0.01, beats on revenue<blockquote>理想汽车每股收益超过预期 0.01 美元，营收超过预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150713912","media":"Tiger Newspress","summary":"(May 26) Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announc","content":"<p>(May 26)&nbsp;Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the first quarter ended March&nbsp;31, 2021.</p><p><blockquote>(5月26日）中国新能源汽车市场的创新者理想汽车公司（纳斯达克股票代码：LI）今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><ul><li>Li Q1 Non-GAAP EPS of -$0.03 <b>beats</b> by $0.01; GAAP EPS of -$0.06 <b>misses</b> by $0.05.</li><li>Revenue of $545.7M (+319.8% Y/Y)&nbsp;<b>beats</b> by $42.26M.</li><li>Quarterly total revenues reached RMB3.58 billion (US$545.7 million)1Quarterly deliveries were 12,579 vehicles</li><li>Quarterly gross margin reached 17.3%.</li><li><b>Q2 Outlook</b>:&nbsp;Total revenues to be between RMB3.99B ($609M) and RMB4.27B ($651.7M), consensus $663.51, representing an increase of 104.6% to 119.0% from Q2 2020.</li><li>Deliveries of vehicles to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from Q2 2020.</li></ul><img src=\"https://static.tigerbbs.com/ff735550080b330b011ba4dbd0dedb68\" tg-width=\"662\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Li 第一季度非 GAAP 每股收益为 -0.03 美元<b>节拍</b>0.01美元；GAAP 每股收益为 -0.06 美元<b>失误</b>只需0.05美元。</li><li>收入 5.457 亿美元（同比增长 319.8%）<b>节拍</b>增加4226万美元。</li><li>季度总收入达到人民币35.8亿元（5.457亿美元）1季度交付量为12,579辆</li><li>季度毛利率达到17.3%。</li><li><b>第二季度展望</b>：总收入将在人民币39.9亿元（6.09亿美元）至人民币42.7亿元（6.517亿美元）之间，共识为663.51美元，较2020年第二季度增长104.6%至119.0%。</li><li>汽车交付量将在14,500至15,500辆之间，较2020年第二季度增长119.6%至134.7%。</li></ul></blockquote></p><p><b>Operating Highlights for the First Quarter of 2021</b></p><p><blockquote><b>二零二一年第一季度经营亮点</b></blockquote></p><p><ul><li>Deliveries of Li ONEs were 12,579 vehicles in the first quarter of 2021, representing a 334.4% year-over-year increase.</li></ul><img src=\"https://static.tigerbbs.com/637a5f62341f333ae7dc2317c883b83a\" tg-width=\"609\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>2021年第一季度理想汽车交付量为12,579辆，同比增长334.4%。</li></ul></blockquote></p><p><ul><li>As of March 31, 2021, the Company had 65 retail stores covering 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops operating in 98 cities.</li></ul><b>Financial Highlights for the First Quarter of 2021</b></p><p><blockquote><ul><li>截至2021年3月31日，该公司在49个城市拥有65家零售店，在98个城市拥有135个服务中心和理想汽车授权的车身和油漆店。</li></ul><b>2021年第一季度财务摘要</b></blockquote></p><p><ul><li>Vehicle sales were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020.</li><li>Vehicle margin2was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020.</li><li>Total revenues were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li>Gross profit was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li>Gross margin was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020.</li><li>Loss from operations was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020. Non-GAAP loss from operations3was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li><li>Net loss was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020. Non-GAAP net loss3was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li>Operating cash flow was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li>Free cash flow4was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul><img src=\"https://static.tigerbbs.com/de30e1ac5d69693451c6d4e9f4b33061\" tg-width=\"997\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>2021年第一季度汽车销量为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。</li><li>2021年第一季度车辆利润率2为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。</li><li>2021年第一季度总收入为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%。</li><li>2021年第一季度毛利为人民币616.7百万元（94.1百万美元），较2020年第一季度的人民币68.3百万元增长802.9%，较2020年第四季度的人民币724.6百万元下降14.9%。</li><li>2021年第一季度的毛利率为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%。</li><li>2021年第一季度经营亏损为人民币407.7百万元（62.2百万美元），较2020年第一季度的人民币234.2百万元增长74.1%，较2020年第四季度的人民币78.9百万元增长416.7%。2021 年第一季度非 GAAP 运营亏损 3 为人民币 2.248 亿元（3430 万美元），较 2020 年第一季度的人民币 2.342 亿元减少 4.0%，较 2020 年第四季度的人民币 7110 万元增加 216.2%。</li><li>2021 年第一季度净亏损为人民币 360.0 百万元（54.9 百万美元），而 2020 年第一季度净亏损为人民币 77.1 百万元，2020 年第四季度净利润为人民币 1.075 百万元。2021 年第一季度非 GAAP 净亏损 3 为人民币 1.770 亿元（2700 万美元），而 2020 年第一季度净亏损为人民币 2.534 亿元，2020 年第四季度净利润为人民币 1.154 亿元。</li><li>2021年第一季度的经营现金流量为人民币9.263亿元（1.414亿美元），较2020年第一季度的负现金流量净额人民币6.3亿元增加人民币9.893亿元，较2020年第四季度的人民币18.2亿元减少49.1%。</li><li>2021年第一季度的自由现金流4为人民币5.702亿元（8700万美元），较2020年第一季度的负现金流净额人民币1.852亿元增加人民币7.554亿元，较2020年第四季度的人民币16.0亿元减少64.3%。</li></ul></blockquote></p><p><b>Deliveries Update</b></p><p><blockquote><b>交付更新</b></blockquote></p><p><ul><li>In April 2021, the Company delivered 5,539 Li ONEs, representing a 111.3% increase compared to April 2020. As of April 30, 2021, the Company had 73 retail stores covering 53 cities, in addition to 143 servicing centers and Li Auto-authorized body and paint shops operating in 105 cities.</li></ul><b>Issuance of Convertible Senior Notes</b></p><p><blockquote><ul><li>2021年4月，本公司交付5，539辆Li，较2020年4月增长111.3%。截至2021年4月30日，该公司拥有73家零售店，覆盖53个城市，此外还有143家服务中心以及在105个城市运营的理想汽车授权车身和油漆店。</li></ul><b>发行可换股优先票据</b></blockquote></p><p></p><p><ul><li>In April 2021, the Company completed the offering of US$862.5 million in aggregate principal amount of its 0.25% convertible senior notes due 2028 (the “Notes”), which included the exercise in full by the initial purchasers in the Notes offering of their option to purchase up to an additional US$112.5 million in aggregate principal amount of the Notes.</li><li>The Company plans to use the net proceeds from the Notes offering for (i) research and development of new vehicle models, including BEV models, (ii) research and development of leading technologies, and (iii) working capital and other general corporate purposes.</li></ul><b>2021 Li ONE</b></p><p><blockquote><ul><li>于二零二一年四月，本公司完成发售本金总额为862.5百万美元的于二零二八年到期的0.25%可换股优先票据（「票据」），当中包括初始买家于票据发售中全面行使其购买票据本金总额最多额外112.5百万美元的选择权。</li><li>本公司计划将票据发行所得款项净额用于(i)研发新车型，包括纯电动汽车车型，(ii)研发领先技术，及(iii)营运资金及其他一般企业用途。</li></ul><b>2021李一</b></blockquote></p><p><ul><li>On May 25, 2021, the Company officially released the 2021 Li ONE, the first vehicle with Navigation on ADAS (NOA) as a standard configuration in the world. It features comprehensive upgrades, including an enhanced NEDC range of 1,080 kilometers, optimized mobility comfort, and more intelligent cockpit, bringing premium features to users at a flat retail price of RMB338,000. Deliveries of the 2021 Li ONE will commence on June 1, 2021.</li><li>With software and hardware optimization and its integrated powertrain system, the 2021 Li ONE can achieve an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in fuel mode is 6.05 liter per 100 kilometers based on the NEDC standard operational condition, best in class among large-sized four-wheel drive SUVs.</li></ul><b>CEO and CFO Comments</b></p><p><blockquote><ul><li>2021年5月25日，该公司正式发布了2021款理想ONE，这是全球首款将ADAS导航（NOA）作为标准配置的汽车。它进行了全面升级，包括增强1,080公里的NEDC续航里程、优化的移动舒适性和更智能的座舱，以人民币338,000元的统一零售价为用户带来优质功能。2021款Li ONE将于2021年6月1日开始交付。</li><li>凭借软硬件优化及其集成动力总成系统，2021款Li ONE可实现1080公里的NEDC续航和890公里的WLTC续航。基于NEDC标准工况，其燃油模式下的能效为每百公里6.05升，在大型四驱SUV中名列前茅。</li></ul><b>首席执行官和首席财务官评论</b></blockquote></p><p>Mr.Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “We delivered 12,579 Li ONEs during the quarter, up 334.4% year over year. Li ONE was the second best-selling new energy SUV inChinain the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth.</p><p><blockquote>理想汽车创始人、董事长兼首席执行官李翔先生评论道：“我们在本季度交付了 12,579 辆理想 ONE，同比增长 334.4%。理想 ONE 是第一季度中国第二畅销的新能源 SUV，因为我们引人注目的产品和卓越的用户体验继续取悦用户并提升品牌知名度，而我们直销和服务网络的坚定支持也支撑了我们的增长。</blockquote></p><p>“On May 25, we released our 2021 Li ONE. The model has elevated the extended range electric technology to a brand-new level, achieving an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in the fuel mode takes consumption as low as 6.05 liter per 100 kilometers based on the NEDC standard operational condition, a level that is unparalleled among large-sized four-wheel drive SUVs. I am very proud of our R&amp;D team’s successful efforts to improve the range-extended technology.</p><p><blockquote>“5月25日，我们发布了2021款Li ONE。该车型将增程式电动技术提升到了一个全新的高度，NEDC续航里程达到了1080公里，WLTC续航里程达到了890公里。其燃油模式下的能效，基于NEDC标准工况，百公里油耗低至6.05升，这一水平在大型四驱SUV中是无与伦比的。我对我们的研发团队在改进增程技术方面取得的成功感到非常自豪。</blockquote></p><p>“The 2021 Li ONE is the first model in the world offering Navigation on ADAS in a standard configuration. Combining our self-developed ADAS with dedicated dual Horizon Robotics Journey 3 processors, an 8-megapixel front-view camera, 5 latest millimeter-wave radars, and high-definition maps, the 2021 Li ONE delivers a safer, easier, and more convenient driving experience, echoing our belief that active safety should be standard, not optional features.</p><p><blockquote>“2021 款 Li ONE 是全球首款标准配置 ADAS 导航的车型。2021 款 Li ONE 将我们自主研发的 ADAS 与专用的双 Horizon Robotics Journey 3 处理器、800 万像素前视摄像头、5 个最新毫米波雷达和高清地图相结合，提供更安全、更轻松、更便捷的驾驶体验，这与我们的信念相呼应，即主动安全应该是标准配置，而不是可选配置。</blockquote></p><p>“Li ONE has been well loved by family users for its spacious six-seat interior layout. And the 2021 Li ONE enhances its excellence in space, comfort, and intelligence by equipping the front and second row seats with lumbar massage functions, increasing the leg room in the third row by 41 millimeters, while also featuring a smarter in-car voice assistant ‘LiXiang Tong Xue(理想同学),’ providing a high caliber and overall more comfortable, roomier, and more intelligent space for more families.</p><p><blockquote>“理想ONE以其宽敞的六座内饰布局深受家庭用户的喜爱。2021款理想ONE在空间、舒适性和智能化方面都得到了提升，前排和第二排座椅均配备了腰部按摩功能，第三排腿部空间增加了41毫米，同时还配备了更智能的车内语音助手'理想同学'，为更多家庭提供了更高品质、更舒适、更宽敞、更智能的整体空间。</blockquote></p><p>“Is it possible to build a smart electric vehicle that makes families happier? With the 2021 Li ONE, we can confidently say yes, a resounding yes!” concludedMr. Li.</p><p><blockquote>“有没有可能制造出一款让家庭更幸福的智能电动汽车？有了 2021 款 Li ONE，我们可以自信地说是的，响亮的是!”结论DMR。李。</blockquote></p><p>Mr.Tie Li, chief financial officer of Li Auto, added, “We are pleased with our healthy financial performance during the first quarter. Our total revenues reached RMB3.58 billion, more than quadrupling from the first quarter of 2020 and exceeding the top end of our revenue guidance by 11.2%, while our gross margin stayed robust at 17.3%. Amid our ongoing efforts to enhance investment in R&amp;D as well as our direct sales and servicing network, operating expenses increased 27.5% quarter-over-quarter and 238.6% year-over-year. We also raised over US$840 million in net proceeds through our successful convertible senior notes offering, strengthening our capital base for future growth as we increase our R&amp;D investments in leading technologies, prepare for new model launches, and gear up for further increases in demand.”</p><p><blockquote>理想汽车首席财务官李铁先生补充道：“我们对第一季度健康的财务表现感到满意。我们的总收入达到人民币35.8亿元，较二零二零年第一季度增长逾四倍，超出收入指引上限11.2%，而我们的毛利率保持强劲，为17.3%。由于我们持续加大研发投资以及直销和服务网络建设，运营费用环比增长27.5%，同比增长238.6%。我们还通过成功发行可转换优先票据筹集了超过8.4亿美元的所得款项净额，随着我们增加对领先技术的研发投资，为新车型的推出做好准备，并为需求的进一步增长做好准备，加强了我们未来增长的资本基础。”</blockquote></p><p><b><u>Financial Results for the First Quarter of 2021</u></b></p><p><blockquote><b><u>2021年第一季度财务业绩</u></b></blockquote></p><p><b>Revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p></p><p><ul><li><b>Total revenues</b>were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li><b>Vehicle sales</b>were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020. The increase in revenue from vehicle sales over the first quarter of 2020 was mainly attributable to the increase in vehicle deliveries with the continuous expansion of our sales network. The decrease in revenue from vehicle sales from the fourth quarter of 2020 was mainly attributable to the decrease in vehicle deliveries, which were affected by seasonal factors related to the Chinese New Year holiday as well as the localized COVID-19 outbreaks in the northern China in February 2021.</li><li><b>Other sales and services</b>were RMB111.5 million (US$17.0 million) in the first quarter of 2021, representing an increase of 951.9% from RMB10.6 million in the first quarter of 2020 and an increase of 25.0% from RMB89.2 million in the fourth quarter of 2020. The increase in revenue from other sales and services over the first and fourth quarter of 2020 was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales.</li></ul><b>Cost of Sales and Gross Margin</b></p><p><blockquote><ul><li><b>收入总额</b>2021年第一季度为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%。</li><li><b>车辆销售</b>2021年第一季度为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。二零二零年第一季度车辆销售收入增加，主要是由于我们销售网络的持续扩展导致车辆交付量增加所致。车辆销售收入较二零二零年第四季度减少主要由于车辆交付量减少，而车辆交付量受到与中国新年假期相关的季节性因素以及二零二一年二月中国北方局部COVID-19爆发的影响。</li><li><b>其他销售及服务</b>2021年第一季度为人民币111.5百万元（17.0百万美元），较2020年第一季度的人民币10.6百万元增长951.9%，较2020年第四季度的人民币89.2百万元增长25.0%。于二零二零年第一季度及第四季度，其他销售及服务收入增加主要由于充电桩、配件及服务的销售额随累计车辆销量增加而增加。</li></ul><b>销售成本及毛利率</b></blockquote></p><p><ul><li><b>Cost of sales</b>was RMB2.96 billion (US$451.6 million) in the first quarter of 2021, representing an increase of 277.6% from RMB783.4 million in the first quarter of 2020 and a decrease of 13.5% from RMB3.42 billion in the fourth quarter of 2020.</li><li><b>Gross profit</b>was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB 68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li><b>Vehicle margin</b>was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020. The increase in vehicle margin over the first quarter of 2020 was primarily attributable to lower material cost and lower unit manufacturing overhead cost derived from the increased production volume. The slight decrease in vehicle margin from the fourth quarter of 2020 was primarily due to lower average selling price caused by promotional activities launched in the first quarter of 2021, partially offset by the decreased material cost.</li><li><b>Gross margin</b>was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020, which was mainly driven by the change of vehicle margin.</li></ul><b>Operating Expenses</b></p><p><blockquote><ul><li><b>销售成本</b>2021年第一季度为人民币29.6亿元（4.516亿美元），较2020年第一季度的人民币7.834亿元增长277.6%，较2020年第四季度的人民币34.2亿元下降13.5%。</li><li><b>毛利</b>2021年第一季度为人民币616.7百万元（94.1百万美元），较2020年第一季度的人民币68.3百万元增长802.9%，较2020年第四季度的人民币724.6百万元减少14.9%。</li><li><b>车辆余量</b>2021年第一季度为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。2020年第一季度车辆利润率的增加主要归因于产量增加导致的材料成本下降和单位制造间接成本下降。车辆利润率较二零二零年第四季度略有下降，主要是由于二零二一年第一季度推出的促销活动导致平均售价下降，部分被材料成本下降所抵销。</li><li><b>毛利率</b>2021年第一季度为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%，主要受车辆利润率变化推动。</li></ul><b>营运开支</b></blockquote></p><p></p><p><ul><li><b>Operating expenses</b>were RMB1.02 billion (US$156.4 million) in the first quarter of 2021, representing an increase of 238.6% from RMB302.5 million in the first quarter of 2020 and an increase of 27.5% from RMB803.5 million in the fourth quarter of 2020.</li><li><b>Research and development expenses</b>were RMB514.5 million (US$78.5 million) in the first quarter of 2021, representing an increase of 171.2% from RMB189.7 million in the first quarter of 2020 and an increase of 37.5% from RMB374.2 million in the fourth quarter of 2020.<b>Non-GAAP research and development expenses</b>3were RMB397.9 million (US$60.7 million) in the first quarter of 2021, representing an increase of 109.8% from RMB189.7 million in the first quarter of 2020 and an increase of 7.8% from RMB369.1 million in the fourth quarter of 2020. The increase in research and development expenses over the first and fourth quarter of 2020 was primarily attributable to (i) increased share-based compensation expenses derived from incremental share options granted with higher fair value in January 2021 while no share-based compensation expenses were recognized for stock options with service conditions and a performance condition related to our IPO in the first quarter of 2020, (ii) increased research and development activities for the Company’s next vehicle models, and (iii) increased headcount.</li><li><b>Selling, general and administrative expenses</b>were RMB509.9 million (US$77.8 million) in the first quarter of 2021, representing an increase of 352.0% from RMB112.8 million in the first quarter of 2020 and an increase of 18.8% from RMB429.3 million in the fourth quarter of 2020.<b>Non-GAAP selling, general and administrative expenses</b>3were RMB449.8 million (US$68.7 million) in the first quarter of 2021, representing an increase of 298.8% from RMB112.8 million in the first quarter of 2020 and an increase of 5.4% from RMB426.8 million in the fourth quarter of 2020. The increase in selling, general and administrative expenses over the first and fourth quarter of 2020 was primarily driven by (i) increased marketing and promotional activities, (ii) increased headcount and rental expenses with the expansion of the Company’s sales network, and (iii) increased share-based compensation expenses.</li></ul><b>Loss from Operations</b></p><p><blockquote><ul><li><b>营运开支</b>2021年第一季度为人民币10.2亿元（1.564亿美元），较2020年第一季度的人民币3.025亿元增长238.6%，较2020年第四季度的人民币8.035亿元增长27.5%。</li><li><b>研发开支</b>2021年第一季度为人民币514.5百万元（78.5百万美元），较2020年第一季度的人民币189.7百万元增长171.2%，较2020年第四季度的人民币374.2百万元增长37.5%。<b>非 GAAP 研发费用</b>3 2021年第一季度为人民币397.9百万元（60.7百万美元），较二零二零年第一季度的人民币189.7百万元增长109.8%，较二零二零年第四季度的人民币369.1百万元增长7.8%。2020 年第一季度和第四季度研发费用的增加主要归因于 (i) 2021 年 1 月授予的公允价值较高的增量购股权所产生的股份补偿费用增加，而附带服务条件和与我们 2020 年第一季度首次公开募股相关的业绩条件的购股权并未确认股份补偿费用，(ii) 公司下一代车型的研发活动增加，以及 (iii) 员工人数增加。</li><li><b>销售、一般及行政开支</b>2021年第一季度为人民币509.9百万元（77.8百万美元），较2020年第一季度的人民币112.8百万元增长352.0%，较2020年第四季度的人民币429.3百万元增长18.8%。<b>非 GAAP 销售、一般和管理费用</b>3 2021年第一季度为人民币449.8百万元（68.7百万美元），较2020年第一季度的人民币112.8百万元增长298.8%，较2020年第四季度的人民币426.8百万元增长5.4%。2020 年第一季度和第四季度销售、一般和管理费用的增加主要是由于 (i) 营销和促销活动的增加，(ii) 随着公司销售网络的扩大，员工人数和租赁费用的增加，以及 (iii) 基于股份的薪酬费用的增加。</li></ul><b>经营亏损</b></blockquote></p><p><ul><li><b>Loss from operations</b>was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020.<b>Non-GAAP loss from operations</b>was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li></ul><b>Net Loss and Earnings Per Share</b></p><p><blockquote><ul><li><b>经营亏损</b>2021年第一季度为人民币407.7百万元（62.2百万美元），较2020年第一季度的人民币234.2百万元增长74.1%，较2020年第四季度的人民币78.9百万元增长416.7%。<b>非公认会计准则运营亏损</b>2021年第一季度为人民币224.8百万元（34.3百万美元），较2020年第一季度的人民币234.2百万元减少4.0%，较2020年第四季度的人民币71.1百万元增加216.2%。</li></ul><b>每股净亏损及盈利</b></blockquote></p><p><ul><li><b>Net loss</b>was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020.<b>Non-GAAP net loss</b>was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li><b>Basic and diluted net loss per ADS6attributable to ordinary shareholders</b>were both RMB0.40 (US$0.06) in the first quarter of 2021.<b>Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders</b>3were both RMB0.20 (US$0.03) in the first quarter of 2021.</li></ul><b>Cash position, Operating Cash Flow and Free Cash Flow</b></p><p><blockquote><ul><li><b>净亏损</b>2021 年第一季度净亏损为人民币 360.0 百万元（54.9 百万美元），而 2020 年第一季度净亏损为人民币 77.1 百万元，2020 年第四季度净利润为人民币 1.075 百万元。<b>非公认会计准则净亏损</b>2021年第一季度净亏损为人民币1.770亿元（2700万美元），而2020年第一季度净亏损为人民币2.534亿元，2020年第四季度净利润为人民币1.154亿元。</li><li><b>普通股股东应占每股美国存托凭证基本及摊薄净亏损6</b>2021 年第一季度均为人民币 0.40 元（0.06 美元）。<b>非 GAAP 普通股股东应占每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度3 人均为人民币 0.20 元（0.03 美元）。</li></ul><b>现金状况、经营现金流量及自由现金流量</b></blockquote></p><p><ul><li><b>Balance of cash and cash equivalents, restricted cash, time deposits and short-term investments</b>was RMB30.36 billion (US$4.63 billion) as of March 31, 2021.</li><li><b>Operating cash flow</b>was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li><b>Free cash flow</b>was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul><b><u>Business Outlook</u></b></p><p><blockquote><ul><li><b>现金及现金等价物、受限制现金、定期存款及短期投资馀额</b>截至2021年3月31日为人民币303.6亿元（46.3亿美元）。</li><li><b>经营现金流量</b>2021年第一季度为人民币9.263亿元（1.414亿美元），较2020年第一季度的负现金流量人民币6.30亿元增加人民币9.893亿元，较2020年第四季度的人民币18.2亿元减少49.1%。</li><li><b>自由现金流</b>2021年第一季度为人民币5.702亿元（8700万美元），较2020年第一季度的负现金流量人民币1.852亿元增加人民币7.554亿元，较2020年第四季度的人民币16.0亿元减少64.3%。</li></ul><b><u>业务展望</u></b></blockquote></p><p>For the second quarter of 2021, the Company expects:</p><p><blockquote>对于2021年第二季度，公司预计：</blockquote></p><p></p><p><ul><li><b>Deliveries of vehicles</b>to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from the second quarter of 2020.</li><li><b>Total revenues</b>to be between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), representing an increase of 104.6% to 119.0% from the second quarter of 2020.</li></ul>This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.</p><p><blockquote><ul><li><b>车辆交付</b>14,500 辆至 15,500 辆，较 2020 年第二季度增长 119.6% 至 134.7%。</li><li><b>收入总额</b>为人民币39.9亿元（6.09亿美元）至人民币42.7亿元（6.517亿美元），较2020年第二季度增长104.6%至119.0%。</li></ul>本业务展望反映了公司对业务状况和市场状况的当前和初步看法，市场状况可能会发生变化。</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>Li Auto EPS beats by $0.01, beats on revenue<blockquote>理想汽车每股收益超过预期 0.01 美元，营收超过预期</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\">\nLi Auto EPS beats by $0.01, beats on revenue<blockquote>理想汽车每股收益超过预期 0.01 美元，营收超过预期</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\">2021-05-26 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(May 26)&nbsp;Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the first quarter ended March&nbsp;31, 2021.</p><p><blockquote>(5月26日）中国新能源汽车市场的创新者理想汽车公司（纳斯达克股票代码：LI）今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><ul><li>Li Q1 Non-GAAP EPS of -$0.03 <b>beats</b> by $0.01; GAAP EPS of -$0.06 <b>misses</b> by $0.05.</li><li>Revenue of $545.7M (+319.8% Y/Y)&nbsp;<b>beats</b> by $42.26M.</li><li>Quarterly total revenues reached RMB3.58 billion (US$545.7 million)1Quarterly deliveries were 12,579 vehicles</li><li>Quarterly gross margin reached 17.3%.</li><li><b>Q2 Outlook</b>:&nbsp;Total revenues to be between RMB3.99B ($609M) and RMB4.27B ($651.7M), consensus $663.51, representing an increase of 104.6% to 119.0% from Q2 2020.</li><li>Deliveries of vehicles to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from Q2 2020.</li></ul><img src=\"https://static.tigerbbs.com/ff735550080b330b011ba4dbd0dedb68\" tg-width=\"662\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Li 第一季度非 GAAP 每股收益为 -0.03 美元<b>节拍</b>0.01美元；GAAP 每股收益为 -0.06 美元<b>失误</b>只需0.05美元。</li><li>收入 5.457 亿美元（同比增长 319.8%）<b>节拍</b>增加4226万美元。</li><li>季度总收入达到人民币35.8亿元（5.457亿美元）1季度交付量为12,579辆</li><li>季度毛利率达到17.3%。</li><li><b>第二季度展望</b>：总收入将在人民币39.9亿元（6.09亿美元）至人民币42.7亿元（6.517亿美元）之间，共识为663.51美元，较2020年第二季度增长104.6%至119.0%。</li><li>汽车交付量将在14,500至15,500辆之间，较2020年第二季度增长119.6%至134.7%。</li></ul></blockquote></p><p><b>Operating Highlights for the First Quarter of 2021</b></p><p><blockquote><b>二零二一年第一季度经营亮点</b></blockquote></p><p><ul><li>Deliveries of Li ONEs were 12,579 vehicles in the first quarter of 2021, representing a 334.4% year-over-year increase.</li></ul><img src=\"https://static.tigerbbs.com/637a5f62341f333ae7dc2317c883b83a\" tg-width=\"609\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>2021年第一季度理想汽车交付量为12,579辆，同比增长334.4%。</li></ul></blockquote></p><p><ul><li>As of March 31, 2021, the Company had 65 retail stores covering 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops operating in 98 cities.</li></ul><b>Financial Highlights for the First Quarter of 2021</b></p><p><blockquote><ul><li>截至2021年3月31日，该公司在49个城市拥有65家零售店，在98个城市拥有135个服务中心和理想汽车授权的车身和油漆店。</li></ul><b>2021年第一季度财务摘要</b></blockquote></p><p><ul><li>Vehicle sales were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020.</li><li>Vehicle margin2was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020.</li><li>Total revenues were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li>Gross profit was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li>Gross margin was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020.</li><li>Loss from operations was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020. Non-GAAP loss from operations3was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li><li>Net loss was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020. Non-GAAP net loss3was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li>Operating cash flow was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li>Free cash flow4was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul><img src=\"https://static.tigerbbs.com/de30e1ac5d69693451c6d4e9f4b33061\" tg-width=\"997\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>2021年第一季度汽车销量为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。</li><li>2021年第一季度车辆利润率2为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。</li><li>2021年第一季度总收入为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%。</li><li>2021年第一季度毛利为人民币616.7百万元（94.1百万美元），较2020年第一季度的人民币68.3百万元增长802.9%，较2020年第四季度的人民币724.6百万元下降14.9%。</li><li>2021年第一季度的毛利率为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%。</li><li>2021年第一季度经营亏损为人民币407.7百万元（62.2百万美元），较2020年第一季度的人民币234.2百万元增长74.1%，较2020年第四季度的人民币78.9百万元增长416.7%。2021 年第一季度非 GAAP 运营亏损 3 为人民币 2.248 亿元（3430 万美元），较 2020 年第一季度的人民币 2.342 亿元减少 4.0%，较 2020 年第四季度的人民币 7110 万元增加 216.2%。</li><li>2021 年第一季度净亏损为人民币 360.0 百万元（54.9 百万美元），而 2020 年第一季度净亏损为人民币 77.1 百万元，2020 年第四季度净利润为人民币 1.075 百万元。2021 年第一季度非 GAAP 净亏损 3 为人民币 1.770 亿元（2700 万美元），而 2020 年第一季度净亏损为人民币 2.534 亿元，2020 年第四季度净利润为人民币 1.154 亿元。</li><li>2021年第一季度的经营现金流量为人民币9.263亿元（1.414亿美元），较2020年第一季度的负现金流量净额人民币6.3亿元增加人民币9.893亿元，较2020年第四季度的人民币18.2亿元减少49.1%。</li><li>2021年第一季度的自由现金流4为人民币5.702亿元（8700万美元），较2020年第一季度的负现金流净额人民币1.852亿元增加人民币7.554亿元，较2020年第四季度的人民币16.0亿元减少64.3%。</li></ul></blockquote></p><p><b>Deliveries Update</b></p><p><blockquote><b>交付更新</b></blockquote></p><p><ul><li>In April 2021, the Company delivered 5,539 Li ONEs, representing a 111.3% increase compared to April 2020. As of April 30, 2021, the Company had 73 retail stores covering 53 cities, in addition to 143 servicing centers and Li Auto-authorized body and paint shops operating in 105 cities.</li></ul><b>Issuance of Convertible Senior Notes</b></p><p><blockquote><ul><li>2021年4月，本公司交付5，539辆Li，较2020年4月增长111.3%。截至2021年4月30日，该公司拥有73家零售店，覆盖53个城市，此外还有143家服务中心以及在105个城市运营的理想汽车授权车身和油漆店。</li></ul><b>发行可换股优先票据</b></blockquote></p><p></p><p><ul><li>In April 2021, the Company completed the offering of US$862.5 million in aggregate principal amount of its 0.25% convertible senior notes due 2028 (the “Notes”), which included the exercise in full by the initial purchasers in the Notes offering of their option to purchase up to an additional US$112.5 million in aggregate principal amount of the Notes.</li><li>The Company plans to use the net proceeds from the Notes offering for (i) research and development of new vehicle models, including BEV models, (ii) research and development of leading technologies, and (iii) working capital and other general corporate purposes.</li></ul><b>2021 Li ONE</b></p><p><blockquote><ul><li>于二零二一年四月，本公司完成发售本金总额为862.5百万美元的于二零二八年到期的0.25%可换股优先票据（「票据」），当中包括初始买家于票据发售中全面行使其购买票据本金总额最多额外112.5百万美元的选择权。</li><li>本公司计划将票据发行所得款项净额用于(i)研发新车型，包括纯电动汽车车型，(ii)研发领先技术，及(iii)营运资金及其他一般企业用途。</li></ul><b>2021李一</b></blockquote></p><p><ul><li>On May 25, 2021, the Company officially released the 2021 Li ONE, the first vehicle with Navigation on ADAS (NOA) as a standard configuration in the world. It features comprehensive upgrades, including an enhanced NEDC range of 1,080 kilometers, optimized mobility comfort, and more intelligent cockpit, bringing premium features to users at a flat retail price of RMB338,000. Deliveries of the 2021 Li ONE will commence on June 1, 2021.</li><li>With software and hardware optimization and its integrated powertrain system, the 2021 Li ONE can achieve an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in fuel mode is 6.05 liter per 100 kilometers based on the NEDC standard operational condition, best in class among large-sized four-wheel drive SUVs.</li></ul><b>CEO and CFO Comments</b></p><p><blockquote><ul><li>2021年5月25日，该公司正式发布了2021款理想ONE，这是全球首款将ADAS导航（NOA）作为标准配置的汽车。它进行了全面升级，包括增强1,080公里的NEDC续航里程、优化的移动舒适性和更智能的座舱，以人民币338,000元的统一零售价为用户带来优质功能。2021款Li ONE将于2021年6月1日开始交付。</li><li>凭借软硬件优化及其集成动力总成系统，2021款Li ONE可实现1080公里的NEDC续航和890公里的WLTC续航。基于NEDC标准工况，其燃油模式下的能效为每百公里6.05升，在大型四驱SUV中名列前茅。</li></ul><b>首席执行官和首席财务官评论</b></blockquote></p><p>Mr.Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “We delivered 12,579 Li ONEs during the quarter, up 334.4% year over year. Li ONE was the second best-selling new energy SUV inChinain the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth.</p><p><blockquote>理想汽车创始人、董事长兼首席执行官李翔先生评论道：“我们在本季度交付了 12,579 辆理想 ONE，同比增长 334.4%。理想 ONE 是第一季度中国第二畅销的新能源 SUV，因为我们引人注目的产品和卓越的用户体验继续取悦用户并提升品牌知名度，而我们直销和服务网络的坚定支持也支撑了我们的增长。</blockquote></p><p>“On May 25, we released our 2021 Li ONE. The model has elevated the extended range electric technology to a brand-new level, achieving an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in the fuel mode takes consumption as low as 6.05 liter per 100 kilometers based on the NEDC standard operational condition, a level that is unparalleled among large-sized four-wheel drive SUVs. I am very proud of our R&amp;D team’s successful efforts to improve the range-extended technology.</p><p><blockquote>“5月25日，我们发布了2021款Li ONE。该车型将增程式电动技术提升到了一个全新的高度，NEDC续航里程达到了1080公里，WLTC续航里程达到了890公里。其燃油模式下的能效，基于NEDC标准工况，百公里油耗低至6.05升，这一水平在大型四驱SUV中是无与伦比的。我对我们的研发团队在改进增程技术方面取得的成功感到非常自豪。</blockquote></p><p>“The 2021 Li ONE is the first model in the world offering Navigation on ADAS in a standard configuration. Combining our self-developed ADAS with dedicated dual Horizon Robotics Journey 3 processors, an 8-megapixel front-view camera, 5 latest millimeter-wave radars, and high-definition maps, the 2021 Li ONE delivers a safer, easier, and more convenient driving experience, echoing our belief that active safety should be standard, not optional features.</p><p><blockquote>“2021 款 Li ONE 是全球首款标准配置 ADAS 导航的车型。2021 款 Li ONE 将我们自主研发的 ADAS 与专用的双 Horizon Robotics Journey 3 处理器、800 万像素前视摄像头、5 个最新毫米波雷达和高清地图相结合，提供更安全、更轻松、更便捷的驾驶体验，这与我们的信念相呼应，即主动安全应该是标准配置，而不是可选配置。</blockquote></p><p>“Li ONE has been well loved by family users for its spacious six-seat interior layout. And the 2021 Li ONE enhances its excellence in space, comfort, and intelligence by equipping the front and second row seats with lumbar massage functions, increasing the leg room in the third row by 41 millimeters, while also featuring a smarter in-car voice assistant ‘LiXiang Tong Xue(理想同学),’ providing a high caliber and overall more comfortable, roomier, and more intelligent space for more families.</p><p><blockquote>“理想ONE以其宽敞的六座内饰布局深受家庭用户的喜爱。2021款理想ONE在空间、舒适性和智能化方面都得到了提升，前排和第二排座椅均配备了腰部按摩功能，第三排腿部空间增加了41毫米，同时还配备了更智能的车内语音助手'理想同学'，为更多家庭提供了更高品质、更舒适、更宽敞、更智能的整体空间。</blockquote></p><p>“Is it possible to build a smart electric vehicle that makes families happier? With the 2021 Li ONE, we can confidently say yes, a resounding yes!” concludedMr. Li.</p><p><blockquote>“有没有可能制造出一款让家庭更幸福的智能电动汽车？有了 2021 款 Li ONE，我们可以自信地说是的，响亮的是!”结论DMR。李。</blockquote></p><p>Mr.Tie Li, chief financial officer of Li Auto, added, “We are pleased with our healthy financial performance during the first quarter. Our total revenues reached RMB3.58 billion, more than quadrupling from the first quarter of 2020 and exceeding the top end of our revenue guidance by 11.2%, while our gross margin stayed robust at 17.3%. Amid our ongoing efforts to enhance investment in R&amp;D as well as our direct sales and servicing network, operating expenses increased 27.5% quarter-over-quarter and 238.6% year-over-year. We also raised over US$840 million in net proceeds through our successful convertible senior notes offering, strengthening our capital base for future growth as we increase our R&amp;D investments in leading technologies, prepare for new model launches, and gear up for further increases in demand.”</p><p><blockquote>理想汽车首席财务官李铁先生补充道：“我们对第一季度健康的财务表现感到满意。我们的总收入达到人民币35.8亿元，较二零二零年第一季度增长逾四倍，超出收入指引上限11.2%，而我们的毛利率保持强劲，为17.3%。由于我们持续加大研发投资以及直销和服务网络建设，运营费用环比增长27.5%，同比增长238.6%。我们还通过成功发行可转换优先票据筹集了超过8.4亿美元的所得款项净额，随着我们增加对领先技术的研发投资，为新车型的推出做好准备，并为需求的进一步增长做好准备，加强了我们未来增长的资本基础。”</blockquote></p><p><b><u>Financial Results for the First Quarter of 2021</u></b></p><p><blockquote><b><u>2021年第一季度财务业绩</u></b></blockquote></p><p><b>Revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p></p><p><ul><li><b>Total revenues</b>were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li><b>Vehicle sales</b>were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020. The increase in revenue from vehicle sales over the first quarter of 2020 was mainly attributable to the increase in vehicle deliveries with the continuous expansion of our sales network. The decrease in revenue from vehicle sales from the fourth quarter of 2020 was mainly attributable to the decrease in vehicle deliveries, which were affected by seasonal factors related to the Chinese New Year holiday as well as the localized COVID-19 outbreaks in the northern China in February 2021.</li><li><b>Other sales and services</b>were RMB111.5 million (US$17.0 million) in the first quarter of 2021, representing an increase of 951.9% from RMB10.6 million in the first quarter of 2020 and an increase of 25.0% from RMB89.2 million in the fourth quarter of 2020. The increase in revenue from other sales and services over the first and fourth quarter of 2020 was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales.</li></ul><b>Cost of Sales and Gross Margin</b></p><p><blockquote><ul><li><b>收入总额</b>2021年第一季度为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%。</li><li><b>车辆销售</b>2021年第一季度为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。二零二零年第一季度车辆销售收入增加，主要是由于我们销售网络的持续扩展导致车辆交付量增加所致。车辆销售收入较二零二零年第四季度减少主要由于车辆交付量减少，而车辆交付量受到与中国新年假期相关的季节性因素以及二零二一年二月中国北方局部COVID-19爆发的影响。</li><li><b>其他销售及服务</b>2021年第一季度为人民币111.5百万元（17.0百万美元），较2020年第一季度的人民币10.6百万元增长951.9%，较2020年第四季度的人民币89.2百万元增长25.0%。于二零二零年第一季度及第四季度，其他销售及服务收入增加主要由于充电桩、配件及服务的销售额随累计车辆销量增加而增加。</li></ul><b>销售成本及毛利率</b></blockquote></p><p><ul><li><b>Cost of sales</b>was RMB2.96 billion (US$451.6 million) in the first quarter of 2021, representing an increase of 277.6% from RMB783.4 million in the first quarter of 2020 and a decrease of 13.5% from RMB3.42 billion in the fourth quarter of 2020.</li><li><b>Gross profit</b>was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB 68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li><b>Vehicle margin</b>was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020. The increase in vehicle margin over the first quarter of 2020 was primarily attributable to lower material cost and lower unit manufacturing overhead cost derived from the increased production volume. The slight decrease in vehicle margin from the fourth quarter of 2020 was primarily due to lower average selling price caused by promotional activities launched in the first quarter of 2021, partially offset by the decreased material cost.</li><li><b>Gross margin</b>was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020, which was mainly driven by the change of vehicle margin.</li></ul><b>Operating Expenses</b></p><p><blockquote><ul><li><b>销售成本</b>2021年第一季度为人民币29.6亿元（4.516亿美元），较2020年第一季度的人民币7.834亿元增长277.6%，较2020年第四季度的人民币34.2亿元下降13.5%。</li><li><b>毛利</b>2021年第一季度为人民币616.7百万元（94.1百万美元），较2020年第一季度的人民币68.3百万元增长802.9%，较2020年第四季度的人民币724.6百万元减少14.9%。</li><li><b>车辆余量</b>2021年第一季度为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。2020年第一季度车辆利润率的增加主要归因于产量增加导致的材料成本下降和单位制造间接成本下降。车辆利润率较二零二零年第四季度略有下降，主要是由于二零二一年第一季度推出的促销活动导致平均售价下降，部分被材料成本下降所抵销。</li><li><b>毛利率</b>2021年第一季度为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%，主要受车辆利润率变化推动。</li></ul><b>营运开支</b></blockquote></p><p></p><p><ul><li><b>Operating expenses</b>were RMB1.02 billion (US$156.4 million) in the first quarter of 2021, representing an increase of 238.6% from RMB302.5 million in the first quarter of 2020 and an increase of 27.5% from RMB803.5 million in the fourth quarter of 2020.</li><li><b>Research and development expenses</b>were RMB514.5 million (US$78.5 million) in the first quarter of 2021, representing an increase of 171.2% from RMB189.7 million in the first quarter of 2020 and an increase of 37.5% from RMB374.2 million in the fourth quarter of 2020.<b>Non-GAAP research and development expenses</b>3were RMB397.9 million (US$60.7 million) in the first quarter of 2021, representing an increase of 109.8% from RMB189.7 million in the first quarter of 2020 and an increase of 7.8% from RMB369.1 million in the fourth quarter of 2020. The increase in research and development expenses over the first and fourth quarter of 2020 was primarily attributable to (i) increased share-based compensation expenses derived from incremental share options granted with higher fair value in January 2021 while no share-based compensation expenses were recognized for stock options with service conditions and a performance condition related to our IPO in the first quarter of 2020, (ii) increased research and development activities for the Company’s next vehicle models, and (iii) increased headcount.</li><li><b>Selling, general and administrative expenses</b>were RMB509.9 million (US$77.8 million) in the first quarter of 2021, representing an increase of 352.0% from RMB112.8 million in the first quarter of 2020 and an increase of 18.8% from RMB429.3 million in the fourth quarter of 2020.<b>Non-GAAP selling, general and administrative expenses</b>3were RMB449.8 million (US$68.7 million) in the first quarter of 2021, representing an increase of 298.8% from RMB112.8 million in the first quarter of 2020 and an increase of 5.4% from RMB426.8 million in the fourth quarter of 2020. The increase in selling, general and administrative expenses over the first and fourth quarter of 2020 was primarily driven by (i) increased marketing and promotional activities, (ii) increased headcount and rental expenses with the expansion of the Company’s sales network, and (iii) increased share-based compensation expenses.</li></ul><b>Loss from Operations</b></p><p><blockquote><ul><li><b>营运开支</b>2021年第一季度为人民币10.2亿元（1.564亿美元），较2020年第一季度的人民币3.025亿元增长238.6%，较2020年第四季度的人民币8.035亿元增长27.5%。</li><li><b>研发开支</b>2021年第一季度为人民币514.5百万元（78.5百万美元），较2020年第一季度的人民币189.7百万元增长171.2%，较2020年第四季度的人民币374.2百万元增长37.5%。<b>非 GAAP 研发费用</b>3 2021年第一季度为人民币397.9百万元（60.7百万美元），较二零二零年第一季度的人民币189.7百万元增长109.8%，较二零二零年第四季度的人民币369.1百万元增长7.8%。2020 年第一季度和第四季度研发费用的增加主要归因于 (i) 2021 年 1 月授予的公允价值较高的增量购股权所产生的股份补偿费用增加，而附带服务条件和与我们 2020 年第一季度首次公开募股相关的业绩条件的购股权并未确认股份补偿费用，(ii) 公司下一代车型的研发活动增加，以及 (iii) 员工人数增加。</li><li><b>销售、一般及行政开支</b>2021年第一季度为人民币509.9百万元（77.8百万美元），较2020年第一季度的人民币112.8百万元增长352.0%，较2020年第四季度的人民币429.3百万元增长18.8%。<b>非 GAAP 销售、一般和管理费用</b>3 2021年第一季度为人民币449.8百万元（68.7百万美元），较2020年第一季度的人民币112.8百万元增长298.8%，较2020年第四季度的人民币426.8百万元增长5.4%。2020 年第一季度和第四季度销售、一般和管理费用的增加主要是由于 (i) 营销和促销活动的增加，(ii) 随着公司销售网络的扩大，员工人数和租赁费用的增加，以及 (iii) 基于股份的薪酬费用的增加。</li></ul><b>经营亏损</b></blockquote></p><p><ul><li><b>Loss from operations</b>was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020.<b>Non-GAAP loss from operations</b>was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li></ul><b>Net Loss and Earnings Per Share</b></p><p><blockquote><ul><li><b>经营亏损</b>2021年第一季度为人民币407.7百万元（62.2百万美元），较2020年第一季度的人民币234.2百万元增长74.1%，较2020年第四季度的人民币78.9百万元增长416.7%。<b>非公认会计准则运营亏损</b>2021年第一季度为人民币224.8百万元（34.3百万美元），较2020年第一季度的人民币234.2百万元减少4.0%，较2020年第四季度的人民币71.1百万元增加216.2%。</li></ul><b>每股净亏损及盈利</b></blockquote></p><p><ul><li><b>Net loss</b>was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020.<b>Non-GAAP net loss</b>was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li><b>Basic and diluted net loss per ADS6attributable to ordinary shareholders</b>were both RMB0.40 (US$0.06) in the first quarter of 2021.<b>Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders</b>3were both RMB0.20 (US$0.03) in the first quarter of 2021.</li></ul><b>Cash position, Operating Cash Flow and Free Cash Flow</b></p><p><blockquote><ul><li><b>净亏损</b>2021 年第一季度净亏损为人民币 360.0 百万元（54.9 百万美元），而 2020 年第一季度净亏损为人民币 77.1 百万元，2020 年第四季度净利润为人民币 1.075 百万元。<b>非公认会计准则净亏损</b>2021年第一季度净亏损为人民币1.770亿元（2700万美元），而2020年第一季度净亏损为人民币2.534亿元，2020年第四季度净利润为人民币1.154亿元。</li><li><b>普通股股东应占每股美国存托凭证基本及摊薄净亏损6</b>2021 年第一季度均为人民币 0.40 元（0.06 美元）。<b>非 GAAP 普通股股东应占每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度3 人均为人民币 0.20 元（0.03 美元）。</li></ul><b>现金状况、经营现金流量及自由现金流量</b></blockquote></p><p><ul><li><b>Balance of cash and cash equivalents, restricted cash, time deposits and short-term investments</b>was RMB30.36 billion (US$4.63 billion) as of March 31, 2021.</li><li><b>Operating cash flow</b>was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li><b>Free cash flow</b>was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul><b><u>Business Outlook</u></b></p><p><blockquote><ul><li><b>现金及现金等价物、受限制现金、定期存款及短期投资馀额</b>截至2021年3月31日为人民币303.6亿元（46.3亿美元）。</li><li><b>经营现金流量</b>2021年第一季度为人民币9.263亿元（1.414亿美元），较2020年第一季度的负现金流量人民币6.30亿元增加人民币9.893亿元，较2020年第四季度的人民币18.2亿元减少49.1%。</li><li><b>自由现金流</b>2021年第一季度为人民币5.702亿元（8700万美元），较2020年第一季度的负现金流量人民币1.852亿元增加人民币7.554亿元，较2020年第四季度的人民币16.0亿元减少64.3%。</li></ul><b><u>业务展望</u></b></blockquote></p><p>For the second quarter of 2021, the Company expects:</p><p><blockquote>对于2021年第二季度，公司预计：</blockquote></p><p></p><p><ul><li><b>Deliveries of vehicles</b>to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from the second quarter of 2020.</li><li><b>Total revenues</b>to be between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), representing an increase of 104.6% to 119.0% from the second quarter of 2020.</li></ul>This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.</p><p><blockquote><ul><li><b>车辆交付</b>14,500 辆至 15,500 辆，较 2020 年第二季度增长 119.6% 至 134.7%。</li><li><b>收入总额</b>为人民币39.9亿元（6.09亿美元）至人民币42.7亿元（6.517亿美元），较2020年第二季度增长104.6%至119.0%。</li></ul>本业务展望反映了公司对业务状况和市场状况的当前和初步看法，市场状况可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150713912","content_text":"(May 26) Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the first quarter ended March 31, 2021.Li Q1 Non-GAAP EPS of -$0.03 beats by $0.01; GAAP EPS of -$0.06 misses by $0.05.Revenue of $545.7M (+319.8% Y/Y) beats by $42.26M.Quarterly total revenues reached RMB3.58 billion (US$545.7 million)1Quarterly deliveries were 12,579 vehiclesQuarterly gross margin reached 17.3%.Q2 Outlook: Total revenues to be between RMB3.99B ($609M) and RMB4.27B ($651.7M), consensus $663.51, representing an increase of 104.6% to 119.0% from Q2 2020.Deliveries of vehicles to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from Q2 2020.Operating Highlights for the First Quarter of 2021Deliveries of Li ONEs were 12,579 vehicles in the first quarter of 2021, representing a 334.4% year-over-year increase.As of March 31, 2021, the Company had 65 retail stores covering 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops operating in 98 cities.Financial Highlights for the First Quarter of 2021Vehicle sales were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020.Vehicle margin2was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020.Total revenues were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.Gross profit was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.Gross margin was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020.Loss from operations was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020. Non-GAAP loss from operations3was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.Net loss was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020. Non-GAAP net loss3was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.Operating cash flow was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.Free cash flow4was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.Deliveries UpdateIn April 2021, the Company delivered 5,539 Li ONEs, representing a 111.3% increase compared to April 2020. As of April 30, 2021, the Company had 73 retail stores covering 53 cities, in addition to 143 servicing centers and Li Auto-authorized body and paint shops operating in 105 cities.Issuance of Convertible Senior NotesIn April 2021, the Company completed the offering of US$862.5 million in aggregate principal amount of its 0.25% convertible senior notes due 2028 (the “Notes”), which included the exercise in full by the initial purchasers in the Notes offering of their option to purchase up to an additional US$112.5 million in aggregate principal amount of the Notes.The Company plans to use the net proceeds from the Notes offering for (i) research and development of new vehicle models, including BEV models, (ii) research and development of leading technologies, and (iii) working capital and other general corporate purposes.2021 Li ONEOn May 25, 2021, the Company officially released the 2021 Li ONE, the first vehicle with Navigation on ADAS (NOA) as a standard configuration in the world. It features comprehensive upgrades, including an enhanced NEDC range of 1,080 kilometers, optimized mobility comfort, and more intelligent cockpit, bringing premium features to users at a flat retail price of RMB338,000. Deliveries of the 2021 Li ONE will commence on June 1, 2021.With software and hardware optimization and its integrated powertrain system, the 2021 Li ONE can achieve an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in fuel mode is 6.05 liter per 100 kilometers based on the NEDC standard operational condition, best in class among large-sized four-wheel drive SUVs.CEO and CFO CommentsMr.Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “We delivered 12,579 Li ONEs during the quarter, up 334.4% year over year. Li ONE was the second best-selling new energy SUV inChinain the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth.“On May 25, we released our 2021 Li ONE. The model has elevated the extended range electric technology to a brand-new level, achieving an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in the fuel mode takes consumption as low as 6.05 liter per 100 kilometers based on the NEDC standard operational condition, a level that is unparalleled among large-sized four-wheel drive SUVs. I am very proud of our R&D team’s successful efforts to improve the range-extended technology.“The 2021 Li ONE is the first model in the world offering Navigation on ADAS in a standard configuration. Combining our self-developed ADAS with dedicated dual Horizon Robotics Journey 3 processors, an 8-megapixel front-view camera, 5 latest millimeter-wave radars, and high-definition maps, the 2021 Li ONE delivers a safer, easier, and more convenient driving experience, echoing our belief that active safety should be standard, not optional features.“Li ONE has been well loved by family users for its spacious six-seat interior layout. And the 2021 Li ONE enhances its excellence in space, comfort, and intelligence by equipping the front and second row seats with lumbar massage functions, increasing the leg room in the third row by 41 millimeters, while also featuring a smarter in-car voice assistant ‘LiXiang Tong Xue(理想同学),’ providing a high caliber and overall more comfortable, roomier, and more intelligent space for more families.“Is it possible to build a smart electric vehicle that makes families happier? With the 2021 Li ONE, we can confidently say yes, a resounding yes!” concludedMr. Li.Mr.Tie Li, chief financial officer of Li Auto, added, “We are pleased with our healthy financial performance during the first quarter. Our total revenues reached RMB3.58 billion, more than quadrupling from the first quarter of 2020 and exceeding the top end of our revenue guidance by 11.2%, while our gross margin stayed robust at 17.3%. Amid our ongoing efforts to enhance investment in R&D as well as our direct sales and servicing network, operating expenses increased 27.5% quarter-over-quarter and 238.6% year-over-year. We also raised over US$840 million in net proceeds through our successful convertible senior notes offering, strengthening our capital base for future growth as we increase our R&D investments in leading technologies, prepare for new model launches, and gear up for further increases in demand.”Financial Results for the First Quarter of 2021RevenuesTotal revenueswere RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.Vehicle saleswere RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020. The increase in revenue from vehicle sales over the first quarter of 2020 was mainly attributable to the increase in vehicle deliveries with the continuous expansion of our sales network. The decrease in revenue from vehicle sales from the fourth quarter of 2020 was mainly attributable to the decrease in vehicle deliveries, which were affected by seasonal factors related to the Chinese New Year holiday as well as the localized COVID-19 outbreaks in the northern China in February 2021.Other sales and serviceswere RMB111.5 million (US$17.0 million) in the first quarter of 2021, representing an increase of 951.9% from RMB10.6 million in the first quarter of 2020 and an increase of 25.0% from RMB89.2 million in the fourth quarter of 2020. The increase in revenue from other sales and services over the first and fourth quarter of 2020 was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales.Cost of Sales and Gross MarginCost of saleswas RMB2.96 billion (US$451.6 million) in the first quarter of 2021, representing an increase of 277.6% from RMB783.4 million in the first quarter of 2020 and a decrease of 13.5% from RMB3.42 billion in the fourth quarter of 2020.Gross profitwas RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB 68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.Vehicle marginwas 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020. The increase in vehicle margin over the first quarter of 2020 was primarily attributable to lower material cost and lower unit manufacturing overhead cost derived from the increased production volume. The slight decrease in vehicle margin from the fourth quarter of 2020 was primarily due to lower average selling price caused by promotional activities launched in the first quarter of 2021, partially offset by the decreased material cost.Gross marginwas 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020, which was mainly driven by the change of vehicle margin.Operating ExpensesOperating expenseswere RMB1.02 billion (US$156.4 million) in the first quarter of 2021, representing an increase of 238.6% from RMB302.5 million in the first quarter of 2020 and an increase of 27.5% from RMB803.5 million in the fourth quarter of 2020.Research and development expenseswere RMB514.5 million (US$78.5 million) in the first quarter of 2021, representing an increase of 171.2% from RMB189.7 million in the first quarter of 2020 and an increase of 37.5% from RMB374.2 million in the fourth quarter of 2020.Non-GAAP research and development expenses3were RMB397.9 million (US$60.7 million) in the first quarter of 2021, representing an increase of 109.8% from RMB189.7 million in the first quarter of 2020 and an increase of 7.8% from RMB369.1 million in the fourth quarter of 2020. The increase in research and development expenses over the first and fourth quarter of 2020 was primarily attributable to (i) increased share-based compensation expenses derived from incremental share options granted with higher fair value in January 2021 while no share-based compensation expenses were recognized for stock options with service conditions and a performance condition related to our IPO in the first quarter of 2020, (ii) increased research and development activities for the Company’s next vehicle models, and (iii) increased headcount.Selling, general and administrative expenseswere RMB509.9 million (US$77.8 million) in the first quarter of 2021, representing an increase of 352.0% from RMB112.8 million in the first quarter of 2020 and an increase of 18.8% from RMB429.3 million in the fourth quarter of 2020.Non-GAAP selling, general and administrative expenses3were RMB449.8 million (US$68.7 million) in the first quarter of 2021, representing an increase of 298.8% from RMB112.8 million in the first quarter of 2020 and an increase of 5.4% from RMB426.8 million in the fourth quarter of 2020. The increase in selling, general and administrative expenses over the first and fourth quarter of 2020 was primarily driven by (i) increased marketing and promotional activities, (ii) increased headcount and rental expenses with the expansion of the Company’s sales network, and (iii) increased share-based compensation expenses.Loss from OperationsLoss from operationswas RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020.Non-GAAP loss from operationswas RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.Net Loss and Earnings Per ShareNet losswas RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020.Non-GAAP net losswas RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.Basic and diluted net loss per ADS6attributable to ordinary shareholderswere both RMB0.40 (US$0.06) in the first quarter of 2021.Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders3were both RMB0.20 (US$0.03) in the first quarter of 2021.Cash position, Operating Cash Flow and Free Cash FlowBalance of cash and cash equivalents, restricted cash, time deposits and short-term investmentswas RMB30.36 billion (US$4.63 billion) as of March 31, 2021.Operating cash flowwas RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.Free cash flowwas RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.Business OutlookFor the second quarter of 2021, the Company expects:Deliveries of vehiclesto be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from the second quarter of 2020.Total revenuesto be between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), representing an increase of 104.6% to 119.0% from the second quarter of 2020.This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.","news_type":1,"symbols_score_info":{"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832280204,"gmtCreate":1629638734708,"gmtModify":1631883827591,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"This is one reason holding back the momentum?&nbsp;","listText":"This is one reason holding back the momentum?&nbsp;","text":"This is one reason holding back the momentum?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832280204","repostId":"2161743804","repostType":4,"isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891532161,"gmtCreate":1628398138253,"gmtModify":1631888555997,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"Wow now i know ita capable of flying to the moon&nbsp;[龇牙]&nbsp;","listText":"Wow now i know ita capable of flying to the moon&nbsp;[龇牙]&nbsp;","text":"Wow now i know ita capable of flying to the moon [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/891532161","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohunote.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度交付量同比增长一倍多。</li><li>对电动汽车不断增长的需求可能会使特斯拉受益。</li><li>投资者在谈到分析师的目标价时应谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克股票代码：TSLA）股票。今年年初，股价最初飙升超过 20%。但该股现在已经回吐了所有这些涨幅，今年迄今为止的回报率为负 1%。这意味着该股的表现明显逊于<b>标普500</b>今年增长了 18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会上涨。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>二月份，<b>派珀·桑德勒</b>分析师 Alexander Potter 做出了大胆的看涨期权，将 The Growth 股票的 12 个月目标价从 515 美元上调至 1,200 美元。他表示，特斯拉的交付量可能会从 2020 年的 50 万辆增加到今年的近 90 万辆。当然，这一预测是在全球供应短缺恶化之前做出的。然而，特斯拉发展极其迅速。该公司第二季度的交付量比去年同期增加了一倍多，达到 201,304 辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望从市场份额增长、公司自动驾驶软件的货币化以及特斯拉能源业务中“被低估的机会”中受益。业务，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，高达 11%，他预计特斯拉最近推出的 Autopilot 订阅服务将逐步改善这一利润率。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8 月 3 日，波特再次重申了该股的跑赢大盘评级和 1,200 美元的目标价，并表示“我们仍然非常喜欢这只股票”。他指出，总体而言，对电池电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么什么给出了呢？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的可以上涨到 1,200 美元，为什么这么多投资者似乎认为该股票的价值如此之低（基于撰写本文时该股票的价格略低于 700 美元）。毕竟，如果投资者普遍认为特斯拉股票在未来 12 个月内可能达到 1,200 美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为该股的前瞻性估值。截至撰写本文时，特斯拉股票的市盈率约为 370，预计未来几年将实现强劲增长。由于该公司的估值主要基于遥远未来的利润，因此对特斯拉未来增长轨迹的看法略有不同，就会对当今该股的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师对股票设定了较高的目标价就迅速购买特斯拉股票。尽管如此，波特对特斯拉强劲的业务势头确实有一些优点。就连特斯拉本身也重申了今年汽车交付量增长 50% 以上的指导，而这一指导是在世界各地许多公司（包括特斯拉）受到供应链短缺负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，第三季度对其汽车的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票 1,200 美元的目标价很难证明其合理性，但股价可能足够低，投资者可以开始少量持有该股。</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>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度交付量同比增长一倍多。</li><li>对电动汽车不断增长的需求可能会使特斯拉受益。</li><li>投资者在谈到分析师的目标价时应谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克股票代码：TSLA）股票。今年年初，股价最初飙升超过 20%。但该股现在已经回吐了所有这些涨幅，今年迄今为止的回报率为负 1%。这意味着该股的表现明显逊于<b>标普500</b>今年增长了 18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会上涨。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>二月份，<b>派珀·桑德勒</b>分析师 Alexander Potter 做出了大胆的看涨期权，将 The Growth 股票的 12 个月目标价从 515 美元上调至 1,200 美元。他表示，特斯拉的交付量可能会从 2020 年的 50 万辆增加到今年的近 90 万辆。当然，这一预测是在全球供应短缺恶化之前做出的。然而，特斯拉发展极其迅速。该公司第二季度的交付量比去年同期增加了一倍多，达到 201,304 辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望从市场份额增长、公司自动驾驶软件的货币化以及特斯拉能源业务中“被低估的机会”中受益。业务，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，高达 11%，他预计特斯拉最近推出的 Autopilot 订阅服务将逐步改善这一利润率。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8 月 3 日，波特再次重申了该股的跑赢大盘评级和 1,200 美元的目标价，并表示“我们仍然非常喜欢这只股票”。他指出，总体而言，对电池电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么什么给出了呢？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的可以上涨到 1,200 美元，为什么这么多投资者似乎认为该股票的价值如此之低（基于撰写本文时该股票的价格略低于 700 美元）。毕竟，如果投资者普遍认为特斯拉股票在未来 12 个月内可能达到 1,200 美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为该股的前瞻性估值。截至撰写本文时，特斯拉股票的市盈率约为 370，预计未来几年将实现强劲增长。由于该公司的估值主要基于遥远未来的利润，因此对特斯拉未来增长轨迹的看法略有不同，就会对当今该股的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师对股票设定了较高的目标价就迅速购买特斯拉股票。尽管如此，波特对特斯拉强劲的业务势头确实有一些优点。就连特斯拉本身也重申了今年汽车交付量增长 50% 以上的指导，而这一指导是在世界各地许多公司（包括特斯拉）受到供应链短缺负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，第三季度对其汽车的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票 1,200 美元的目标价很难证明其合理性，但股价可能足够低，投资者可以开始少量持有该股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877070967,"gmtCreate":1637851131282,"gmtModify":1637851131392,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"why not?&nbsp;we could&nbsp;have conquered mars by then","listText":"why not?&nbsp;we could&nbsp;have conquered mars by then","text":"why not? we could have conquered mars by then","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/877070967","repostId":"2186916023","repostType":4,"isVote":1,"tweetType":1,"viewCount":717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841175191,"gmtCreate":1635898819143,"gmtModify":1635898819296,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"expecting important remarks fr fed next","listText":"expecting important remarks fr fed next","text":"expecting important remarks fr fed next","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/841175191","repostId":"2180736486","repostType":4,"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858613947,"gmtCreate":1635043491227,"gmtModify":1635043559952,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"hesitate&nbsp;on intel though","listText":"hesitate&nbsp;on intel though","text":"hesitate on intel though","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/858613947","repostId":"1100055241","repostType":4,"repost":{"id":"1100055241","kind":"news","pubTimestamp":1635040192,"share":"https://www.laohunote.com/m/news/1100055241?lang=zh_CN&edition=full","pubTime":"2021-10-24 09:49","market":"us","language":"en","title":"Intel: Good Value Or Value Trap?<blockquote>英特尔：好价值还是价值陷阱？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100055241","media":"Seeking Alpha","summary":"Intel had a mixed earnings report that sent some investors running for the hills.The company beat earnings and actually raised guidance for 2021, but they signaled that supply chain issues remain and profitability in 2022 will be lower.After the sell-off, is Intel a good value or a value trap?The waters have been pretty rough for Intel Corp.  investors over the past few years.It seems like every time the sun comes out...there is another storm right around the corner.As highlighted on the earning","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel had a mixed earnings report&nbsp;that sent some investors running for the hills.</li>  <li>The company beat earnings and actually raised guidance for 2021, but they signaled that supply chain issues remain and profitability in 2022 will be lower.</li>  <li>After the sell-off, is Intel a good value or a value trap?</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c02609041d90c055d66b217f06706d28\" tg-width=\"1536\" tg-height=\"1022\" referrerpolicy=\"no-referrer\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>英特尔的财报喜忧参半，这让一些投资者望而却步。</li><li>该公司超出了盈利预期，实际上提高了 2021 年的指引，但他们表示供应链问题仍然存在，2022 年的盈利能力将较低。</li><li>抛售之后，英特尔是好价值还是价值陷阱？</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> The waters have been pretty rough for Intel Corp. (INTC) investors over the past few years.</p><p><blockquote>过去几年，英特尔公司 (INTC) 投资者的处境相当艰难。</blockquote></p><p> It seems like every time the sun comes out...there is another storm right around the corner.</p><p><blockquote>好像每次太阳出来……...又一场暴风雨就在眼前。</blockquote></p><p> As highlighted on the earnings call last night, the next \"storm\" brewing for Intel is continued supply chain issues (component shortages in the PC business) and reduced near-term profitability from rising capital expenditure needs, which has sent the stock plummeting 11% this morning into the abyss.</p><p><blockquote>正如昨晚的财报看涨期权上所强调的那样，英特尔正在酝酿的下一个“风暴”是持续的供应链问题（个人电脑业务的零部件短缺）以及不断上升的资本支出需求导致近期盈利能力下降，这导致该股暴跌11%今天上午陷入深渊。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5bd612f6f25b6e86d7a72b38440d513f\" tg-width=\"640\" tg-height=\"449\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> However, buying the dips has actually been pretty lucrative in the recent past...if, of course, you were lucky enough to fade the rallies.</p><p><blockquote>然而，在最近的过去，逢低买入实际上是相当有利可图的……当然，如果你足够幸运，赶上了涨势。</blockquote></p><p> To be fair, Intel has had its fair share of challenges this year, despite general tailwinds in the industry (i.e., chip demand far outpacing supply).</p><p><blockquote>公平地说，尽管行业普遍有利（即芯片需求远远超过供应），但英特尔今年仍然面临着相当大的挑战。</blockquote></p><p> Specifically, Intel has had some well-documented manufacturing blunders that have caused major delays and loss of some market share...mainly to Advanced Micro Devices (AMD).</p><p><blockquote>具体来说，英特尔出现了一些有据可查的制造失误，导致了重大延误和部分市场份额的损失……主要是先进微设备公司（AMD）。</blockquote></p><p> This has triggered concern amongst investors that the stock may be a potential \"value trap\" now.</p><p><blockquote>这引发了投资者的担忧，即该股现在可能是一个潜在的“价值陷阱”。</blockquote></p><p> All that said, Intel is dedicated to spending $25 billion to $28 billion in 2022 and just broke ground on some new fabs.</p><p><blockquote>尽管如此，英特尔致力于在 2022 年斥资 250 亿至 280 亿美元，并且刚刚在一些新晶圆厂上破土动工。</blockquote></p><p> Personally, I don't think we are anywhere near peak demand for chips and I believe that Intel's fabrication capabilities are (and will continue to be) a huge advantage for the company for years to come.</p><p><blockquote>就我个人而言，我认为我们还没有接近芯片需求的峰值，我相信英特尔的制造能力是（并将继续是）该公司未来几年的巨大优势。</blockquote></p><p> So how can we structure a trade to take advantage of the upside potential in the stock (after this pullback) while also protecting ourselves from more near-term downside (if any)?</p><p><blockquote>那么，我们如何组织交易来利用股票的上行潜力（在这次回调之后），同时保护自己免受更多近期下行（如果有的话）的影响呢？</blockquote></p><p> <b>It's a perfect situation for a \"Triple Play\" trade!</b></p><p><blockquote><b>这是“三网融合”交易的完美局面!</b></blockquote></p><p> Intel Corp.</p><p><blockquote>英特尔公司</blockquote></p><p> <b>Sector/Industry:</b>Technology/Semiconductors</p><p><blockquote><b>行业/行业：</b>技术/半导体</blockquote></p><p>   Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's Law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.  <i>Source: YCharts</i></p><p><blockquote>英特尔是全球最大的芯片制造商。它为全球个人电脑和数据中心市场设计和制造微处理器。英特尔是微处理器x86架构的先驱。它是半导体制造进步摩尔定律的主要支持者，尽管该公司最近面临制造延误。虽然英特尔的服务器处理器业务受益于向云的转变，但随着个人电脑市场停滞不前，该公司也在向新的邻近地区扩张。其中包括物联网、人工智能和汽车等领域。英特尔一直活跃在并购领域，收购了Altera、Mobileye和Habana Labs，以支持非PC领域的这些努力。<i>资料来源：YCharts</i></blockquote></p><p> <b>Valuation/Upside Potential</b></p><p><blockquote><b>估值/上行潜力</b></blockquote></p><p> Intel looks extremely attractive from a valuation standpoint and is currently trading at a decent discount to all of its long-term valuation metrics (hence the high Value Ranking of 10).</p><p><blockquote>从估值的角度来看，英特尔看起来极具吸引力，目前其所有长期估值指标的交易价格都有相当大的折扣（因此价值排名为 10）。</blockquote></p><p> Specifically, Intel is trading at a nice discount to its historical P/E multiple on a forward basis (10.6x 2021 earnings).<i>Note that the company actually just increased its guidance for fiscal 2021 earnings to $5.28 per share</i>.</p><p><blockquote>具体来说，英特尔的远期交易价格较其历史市盈率有不错的折扣（2021 年收益的 10.6 倍）。<i>请注意，该公司实际上刚刚将 2021 财年收益指引上调至每股 5.28 美元</i>.</blockquote></p><p> That said, as supply chain worries decrease over time, we definitely think there could be some room for margin expansion in the future.</p><p><blockquote>也就是说，随着供应链担忧随着时间的推移而减少，我们肯定认为未来可能还有一些利润扩张的空间。</blockquote></p><p> If you put just a 12x-14x multiple on consensus forward earnings of $5.28 per share for FYE 2021, that would equate to a $63.00- $73.00 stock price (representing 25%-45% upside from current levels).</p><p><blockquote>如果您将 FYE 2021 每股 5.28 美元的共识预期收益仅放置 12 倍-14 倍，则相当于 63.00-73.00 美元的股价（比当前水平上涨 25%-45%）。</blockquote></p><p> Although it probably won't get there in a straight line...</p><p><blockquote>虽然它可能不会直线到达那里……</blockquote></p><p> <b>\"Triple Play\" Trade Analysis</b></p><p><blockquote><b>“三网融合”贸易分析</b></blockquote></p><p> A \"Triple Play\" trade involves simultaneously selling a cash-secured put and a covered call on a stock that you own.</p><p><blockquote>“三重交易”涉及同时出售您拥有的股票的现金担保看跌期权和备兑看涨期权。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e3af23e0208929d569a6e62a12a9607\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source: Option Income Advisor</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：期权收入顾问</span></p></blockquote></p><p> Note that if you don't currently own INTC stock, you will want to buy it before you write the covered call.</p><p><blockquote>请注意，如果您目前没有 INTC 股票，您需要在撰写备兑看涨期权之前购买它。</blockquote></p><p> This trade will allow you to take advantage of the upside potential in the stock while also protecting some of the near-term downside (if any).</p><p><blockquote>这种交易将允许您利用股票的上行潜力，同时也保护一些近期的下行（如果有的话）。</blockquote></p><p> <b>Step 1: Sell Cash-Secured Puts (50% of position size)</b></p><p><blockquote><b>第 1 步：出售现金担保看跌期权（头寸规模的 50%）</b></blockquote></p><p></p><p> The first step of the Triple Play trade is to sell a cash-secured put on the stock for 50% of your target position size. For example, if you wanted to own 400 shares of INTC... you would sell 2 cash-secured put contract, which represents 200 shares of stock.</p><p><blockquote>三重交易的第一步是以目标头寸规模的 50% 出售现金担保的股票看跌期权。例如，如果你想拥有400股INTC股票……您将出售 2 份现金担保看跌期权合约，代表 200 股股票。</blockquote></p><p> The three main data points we look at when analyzing a cash-secured put trade are:</p><p><blockquote>在分析现金担保看跌期权交易时，我们关注的三个主要数据点是：</blockquote></p><p> <ul>  <li>Premium Yield % (or Average Monthly Yield %): Measure of expected return on capital assuming that the option expires worthless (out-of-the-money).<i>Assumes that the option is fully cash secured.</i></li>  <li>Margin-of-Safety %: Measure of downside protection or the percentage that the underlying stock could decline and would still allow you to break even on the option trade.</li>  <li>Delta: A good proxy for the probability that the put option will finish in-the-money.</li> </ul> <i>Note that there's always a negative correlation between Premium Yield and Margin of Safety: The higher the Premium Yield for a given strike month, the lower the Margin of Safety.</i></p><p><blockquote><ul><li>权利金收益率%（或平均月收益率%）：假设期权到期时一文不值（价外），衡量预期资本回报率。<i>假设购股权完全以现金作抵押。</i></li><li>安全边际%：下行保护的衡量标准或标的股票可能下跌但仍允许您在期权交易中实现收支平衡的百分比。</li><li>Delta：看跌期权最终平价概率的一个很好的代表。</li></ul><i>请注意，保费收益率和安全边际之间总是存在负相关关系：给定行权月份的保费收益率越高，安全边际就越低。</i></blockquote></p><p> <i>Investors always should be honest with themselves about their risk tolerance. Selling CSPs can be adapted to suit your needs.</i></p><p><blockquote><i>投资者应该始终对自己的风险承受能力诚实。销售CSP可以根据您的需求进行调整。</i></blockquote></p><p> As discussed in the video, we like the $45.00-$50.00 range for INTC in the near term. So we like the following cash-secured put:</p><p><blockquote>正如视频中所讨论的，我们看好 INTC 短期内 45.00-50.00 美元的区间。因此，我们喜欢以下现金担保看跌期权：</blockquote></p><p> <i><b>INTC Nov 19th $47.50.00 Put (28 days until expiration)</b></i></p><p><blockquote><i><b>INTC 11 月 19 日 $47.50.00 看跌期权（距到期 28 天）</b></i></blockquote></p><p> <ul>  <li>Option Premium: ~$0.58 premium</li>  <li>Average Monthly Yield %: 1.3% (15.6% annualized)</li>  <li>Margin-of-Safety %: 4.2%</li>  <li>Delta: 28</li> </ul> <b>Step 2: Buy the Stock (50% of position size)</b></p><p><blockquote><ul><li>期权溢价：~0.58 美元溢价</li><li>平均月收益率%：1.3%（年化15.6%）</li><li>安全裕度%：4.2%</li><li>德尔塔：28</li></ul><b>第 2 步：购买股票（仓位规模的 50%）</b></blockquote></p><p> <i>Note: At the time of publication, INTC was trading at $49.60. If you already own the stock, you can skip to Step 3.</i></p><p><blockquote><i>注：在发布时，INTC的交易价格为49.60美元。如果您已经拥有该股票，您可以跳到第 3 步。</i></blockquote></p><p> The second step of the Triple Play is to buy the stock (50% of your target position size). For example, if you wanted to own 400 shares of INTC... you would buy 200 shares of stock.</p><p><blockquote>三重策略的第二步是购买股票（目标仓位规模的 50%）。例如，如果你想拥有400股INTC股票……你会买200股股票。</blockquote></p><p> <b>Step 3: Sell Covered Calls On Your Stock Position (*optional*)</b></p><p><blockquote><b>第 3 步：出售股票头寸上的备兑评级（*可选*）</b></blockquote></p><p> A covered call strategy will help generate some short-term income, maintain some upside exposure, and mitigate some downside risk.</p><p><blockquote>备兑看涨期权策略将有助于产生一些短期收入，维持一些上行风险，并减轻一些下行风险。</blockquote></p><p> With a covered call, you are agreeing to sell your stock at a higher price (your call option strike price) but you get to keep your call option premium either way.</p><p><blockquote>通过备兑看涨期权，您同意以更高的价格（您的看涨期权期权执行价格）出售您的股票，但无论哪种方式，您都可以保留您的看涨期权期权费。</blockquote></p><p> As discussed in the video, since we like the upside potential in the near term with INTC, you will want to give yourself some room for the stock to run.<b>So we would actually recommend waiting for the stock to trade a little higher before selling covered calls.</b></p><p><blockquote>正如视频中所讨论的，由于我们看好 INTC 短期内的上涨潜力，因此您需要给自己一些股票运行的空间。<b>因此，我们实际上建议等待股票交易稍微走高后再出售备兑评级。</b></blockquote></p><p> That said, if you wanted to execute the covered calls today, I would certainly consider taking less premium income to preserve more potential upside profit. For example, the $53.00 call would give you an extra 0.5% of income per month (6.0% annualized)...which would essentially triple your dividend yield on the stock!</p><p><blockquote>也就是说，如果您今天想执行承保评级，我肯定会考虑减少保费收入，以保留更多潜在的上行利润。例如，53.00美元的看涨期权会给你每月额外0.5%的收入（年化6.0%）...这基本上会让你的股票股息收益率增加两倍!</blockquote></p><p> <i><b>INTC Nov 19th $53.00 Call (28 days until expiration)</b></i></p><p><blockquote><i><b>INTC 11 月 19 日 $53.00 看涨期权（距到期 28 天）</b></i></blockquote></p><p> <ul>  <li>Option Premium: ~$0.25 premium</li>  <li>Average Monthly Yield %: 0.5% (6.0% annualized)</li>  <li>Upside Profit %: 7.4%</li>  <li>Delta: 15</li> </ul> <b>Conclusion</b></p><p><blockquote><ul><li>期权溢价：~0.25 美元溢价</li><li>平均月收益率%：0.5%（年化6.0%）</li><li>上行利润%：7.4%</li><li>德尔塔：15</li></ul><b>结论</b></blockquote></p><p> This Triple Play trade will allow you to take advantage of the upside potential in INTC stock while also giving you some downside cushion if shares trade lower in the near term. As the covered calls and cash-secured puts expire, you can rinse and repeat the Triple Play trade!</p><p><blockquote>这种三重交易将允许您利用 INTC 股票的上行潜力，同时如果股价在短期内走低，也可以为您提供一些下行缓冲。当备兑评级和现金担保看跌期权到期时，您可以清洗并重复三重交易!</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>Intel: Good Value Or Value Trap?<blockquote>英特尔：好价值还是价值陷阱？</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\">\nIntel: Good Value Or Value Trap?<blockquote>英特尔：好价值还是价值陷阱？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-24 09:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel had a mixed earnings report&nbsp;that sent some investors running for the hills.</li>  <li>The company beat earnings and actually raised guidance for 2021, but they signaled that supply chain issues remain and profitability in 2022 will be lower.</li>  <li>After the sell-off, is Intel a good value or a value trap?</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c02609041d90c055d66b217f06706d28\" tg-width=\"1536\" tg-height=\"1022\" referrerpolicy=\"no-referrer\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>英特尔的财报喜忧参半，这让一些投资者望而却步。</li><li>该公司超出了盈利预期，实际上提高了 2021 年的指引，但他们表示供应链问题仍然存在，2022 年的盈利能力将较低。</li><li>抛售之后，英特尔是好价值还是价值陷阱？</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> The waters have been pretty rough for Intel Corp. (INTC) investors over the past few years.</p><p><blockquote>过去几年，英特尔公司 (INTC) 投资者的处境相当艰难。</blockquote></p><p> It seems like every time the sun comes out...there is another storm right around the corner.</p><p><blockquote>好像每次太阳出来……...又一场暴风雨就在眼前。</blockquote></p><p> As highlighted on the earnings call last night, the next \"storm\" brewing for Intel is continued supply chain issues (component shortages in the PC business) and reduced near-term profitability from rising capital expenditure needs, which has sent the stock plummeting 11% this morning into the abyss.</p><p><blockquote>正如昨晚的财报看涨期权上所强调的那样，英特尔正在酝酿的下一个“风暴”是持续的供应链问题（个人电脑业务的零部件短缺）以及不断上升的资本支出需求导致近期盈利能力下降，这导致该股暴跌11%今天上午陷入深渊。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5bd612f6f25b6e86d7a72b38440d513f\" tg-width=\"640\" tg-height=\"449\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> However, buying the dips has actually been pretty lucrative in the recent past...if, of course, you were lucky enough to fade the rallies.</p><p><blockquote>然而，在最近的过去，逢低买入实际上是相当有利可图的……当然，如果你足够幸运，赶上了涨势。</blockquote></p><p> To be fair, Intel has had its fair share of challenges this year, despite general tailwinds in the industry (i.e., chip demand far outpacing supply).</p><p><blockquote>公平地说，尽管行业普遍有利（即芯片需求远远超过供应），但英特尔今年仍然面临着相当大的挑战。</blockquote></p><p> Specifically, Intel has had some well-documented manufacturing blunders that have caused major delays and loss of some market share...mainly to Advanced Micro Devices (AMD).</p><p><blockquote>具体来说，英特尔出现了一些有据可查的制造失误，导致了重大延误和部分市场份额的损失……主要是先进微设备公司（AMD）。</blockquote></p><p> This has triggered concern amongst investors that the stock may be a potential \"value trap\" now.</p><p><blockquote>这引发了投资者的担忧，即该股现在可能是一个潜在的“价值陷阱”。</blockquote></p><p> All that said, Intel is dedicated to spending $25 billion to $28 billion in 2022 and just broke ground on some new fabs.</p><p><blockquote>尽管如此，英特尔致力于在 2022 年斥资 250 亿至 280 亿美元，并且刚刚在一些新晶圆厂上破土动工。</blockquote></p><p> Personally, I don't think we are anywhere near peak demand for chips and I believe that Intel's fabrication capabilities are (and will continue to be) a huge advantage for the company for years to come.</p><p><blockquote>就我个人而言，我认为我们还没有接近芯片需求的峰值，我相信英特尔的制造能力是（并将继续是）该公司未来几年的巨大优势。</blockquote></p><p> So how can we structure a trade to take advantage of the upside potential in the stock (after this pullback) while also protecting ourselves from more near-term downside (if any)?</p><p><blockquote>那么，我们如何组织交易来利用股票的上行潜力（在这次回调之后），同时保护自己免受更多近期下行（如果有的话）的影响呢？</blockquote></p><p> <b>It's a perfect situation for a \"Triple Play\" trade!</b></p><p><blockquote><b>这是“三网融合”交易的完美局面!</b></blockquote></p><p> Intel Corp.</p><p><blockquote>英特尔公司</blockquote></p><p> <b>Sector/Industry:</b>Technology/Semiconductors</p><p><blockquote><b>行业/行业：</b>技术/半导体</blockquote></p><p>   Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's Law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.  <i>Source: YCharts</i></p><p><blockquote>英特尔是全球最大的芯片制造商。它为全球个人电脑和数据中心市场设计和制造微处理器。英特尔是微处理器x86架构的先驱。它是半导体制造进步摩尔定律的主要支持者，尽管该公司最近面临制造延误。虽然英特尔的服务器处理器业务受益于向云的转变，但随着个人电脑市场停滞不前，该公司也在向新的邻近地区扩张。其中包括物联网、人工智能和汽车等领域。英特尔一直活跃在并购领域，收购了Altera、Mobileye和Habana Labs，以支持非PC领域的这些努力。<i>资料来源：YCharts</i></blockquote></p><p> <b>Valuation/Upside Potential</b></p><p><blockquote><b>估值/上行潜力</b></blockquote></p><p> Intel looks extremely attractive from a valuation standpoint and is currently trading at a decent discount to all of its long-term valuation metrics (hence the high Value Ranking of 10).</p><p><blockquote>从估值的角度来看，英特尔看起来极具吸引力，目前其所有长期估值指标的交易价格都有相当大的折扣（因此价值排名为 10）。</blockquote></p><p> Specifically, Intel is trading at a nice discount to its historical P/E multiple on a forward basis (10.6x 2021 earnings).<i>Note that the company actually just increased its guidance for fiscal 2021 earnings to $5.28 per share</i>.</p><p><blockquote>具体来说，英特尔的远期交易价格较其历史市盈率有不错的折扣（2021 年收益的 10.6 倍）。<i>请注意，该公司实际上刚刚将 2021 财年收益指引上调至每股 5.28 美元</i>.</blockquote></p><p> That said, as supply chain worries decrease over time, we definitely think there could be some room for margin expansion in the future.</p><p><blockquote>也就是说，随着供应链担忧随着时间的推移而减少，我们肯定认为未来可能还有一些利润扩张的空间。</blockquote></p><p> If you put just a 12x-14x multiple on consensus forward earnings of $5.28 per share for FYE 2021, that would equate to a $63.00- $73.00 stock price (representing 25%-45% upside from current levels).</p><p><blockquote>如果您将 FYE 2021 每股 5.28 美元的共识预期收益仅放置 12 倍-14 倍，则相当于 63.00-73.00 美元的股价（比当前水平上涨 25%-45%）。</blockquote></p><p> Although it probably won't get there in a straight line...</p><p><blockquote>虽然它可能不会直线到达那里……</blockquote></p><p> <b>\"Triple Play\" Trade Analysis</b></p><p><blockquote><b>“三网融合”贸易分析</b></blockquote></p><p> A \"Triple Play\" trade involves simultaneously selling a cash-secured put and a covered call on a stock that you own.</p><p><blockquote>“三重交易”涉及同时出售您拥有的股票的现金担保看跌期权和备兑看涨期权。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e3af23e0208929d569a6e62a12a9607\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source: Option Income Advisor</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：期权收入顾问</span></p></blockquote></p><p> Note that if you don't currently own INTC stock, you will want to buy it before you write the covered call.</p><p><blockquote>请注意，如果您目前没有 INTC 股票，您需要在撰写备兑看涨期权之前购买它。</blockquote></p><p> This trade will allow you to take advantage of the upside potential in the stock while also protecting some of the near-term downside (if any).</p><p><blockquote>这种交易将允许您利用股票的上行潜力，同时也保护一些近期的下行（如果有的话）。</blockquote></p><p> <b>Step 1: Sell Cash-Secured Puts (50% of position size)</b></p><p><blockquote><b>第 1 步：出售现金担保看跌期权（头寸规模的 50%）</b></blockquote></p><p></p><p> The first step of the Triple Play trade is to sell a cash-secured put on the stock for 50% of your target position size. For example, if you wanted to own 400 shares of INTC... you would sell 2 cash-secured put contract, which represents 200 shares of stock.</p><p><blockquote>三重交易的第一步是以目标头寸规模的 50% 出售现金担保的股票看跌期权。例如，如果你想拥有400股INTC股票……您将出售 2 份现金担保看跌期权合约，代表 200 股股票。</blockquote></p><p> The three main data points we look at when analyzing a cash-secured put trade are:</p><p><blockquote>在分析现金担保看跌期权交易时，我们关注的三个主要数据点是：</blockquote></p><p> <ul>  <li>Premium Yield % (or Average Monthly Yield %): Measure of expected return on capital assuming that the option expires worthless (out-of-the-money).<i>Assumes that the option is fully cash secured.</i></li>  <li>Margin-of-Safety %: Measure of downside protection or the percentage that the underlying stock could decline and would still allow you to break even on the option trade.</li>  <li>Delta: A good proxy for the probability that the put option will finish in-the-money.</li> </ul> <i>Note that there's always a negative correlation between Premium Yield and Margin of Safety: The higher the Premium Yield for a given strike month, the lower the Margin of Safety.</i></p><p><blockquote><ul><li>权利金收益率%（或平均月收益率%）：假设期权到期时一文不值（价外），衡量预期资本回报率。<i>假设购股权完全以现金作抵押。</i></li><li>安全边际%：下行保护的衡量标准或标的股票可能下跌但仍允许您在期权交易中实现收支平衡的百分比。</li><li>Delta：看跌期权最终平价概率的一个很好的代表。</li></ul><i>请注意，保费收益率和安全边际之间总是存在负相关关系：给定行权月份的保费收益率越高，安全边际就越低。</i></blockquote></p><p> <i>Investors always should be honest with themselves about their risk tolerance. Selling CSPs can be adapted to suit your needs.</i></p><p><blockquote><i>投资者应该始终对自己的风险承受能力诚实。销售CSP可以根据您的需求进行调整。</i></blockquote></p><p> As discussed in the video, we like the $45.00-$50.00 range for INTC in the near term. So we like the following cash-secured put:</p><p><blockquote>正如视频中所讨论的，我们看好 INTC 短期内 45.00-50.00 美元的区间。因此，我们喜欢以下现金担保看跌期权：</blockquote></p><p> <i><b>INTC Nov 19th $47.50.00 Put (28 days until expiration)</b></i></p><p><blockquote><i><b>INTC 11 月 19 日 $47.50.00 看跌期权（距到期 28 天）</b></i></blockquote></p><p> <ul>  <li>Option Premium: ~$0.58 premium</li>  <li>Average Monthly Yield %: 1.3% (15.6% annualized)</li>  <li>Margin-of-Safety %: 4.2%</li>  <li>Delta: 28</li> </ul> <b>Step 2: Buy the Stock (50% of position size)</b></p><p><blockquote><ul><li>期权溢价：~0.58 美元溢价</li><li>平均月收益率%：1.3%（年化15.6%）</li><li>安全裕度%：4.2%</li><li>德尔塔：28</li></ul><b>第 2 步：购买股票（仓位规模的 50%）</b></blockquote></p><p> <i>Note: At the time of publication, INTC was trading at $49.60. If you already own the stock, you can skip to Step 3.</i></p><p><blockquote><i>注：在发布时，INTC的交易价格为49.60美元。如果您已经拥有该股票，您可以跳到第 3 步。</i></blockquote></p><p> The second step of the Triple Play is to buy the stock (50% of your target position size). For example, if you wanted to own 400 shares of INTC... you would buy 200 shares of stock.</p><p><blockquote>三重策略的第二步是购买股票（目标仓位规模的 50%）。例如，如果你想拥有400股INTC股票……你会买200股股票。</blockquote></p><p> <b>Step 3: Sell Covered Calls On Your Stock Position (*optional*)</b></p><p><blockquote><b>第 3 步：出售股票头寸上的备兑评级（*可选*）</b></blockquote></p><p> A covered call strategy will help generate some short-term income, maintain some upside exposure, and mitigate some downside risk.</p><p><blockquote>备兑看涨期权策略将有助于产生一些短期收入，维持一些上行风险，并减轻一些下行风险。</blockquote></p><p> With a covered call, you are agreeing to sell your stock at a higher price (your call option strike price) but you get to keep your call option premium either way.</p><p><blockquote>通过备兑看涨期权，您同意以更高的价格（您的看涨期权期权执行价格）出售您的股票，但无论哪种方式，您都可以保留您的看涨期权期权费。</blockquote></p><p> As discussed in the video, since we like the upside potential in the near term with INTC, you will want to give yourself some room for the stock to run.<b>So we would actually recommend waiting for the stock to trade a little higher before selling covered calls.</b></p><p><blockquote>正如视频中所讨论的，由于我们看好 INTC 短期内的上涨潜力，因此您需要给自己一些股票运行的空间。<b>因此，我们实际上建议等待股票交易稍微走高后再出售备兑评级。</b></blockquote></p><p> That said, if you wanted to execute the covered calls today, I would certainly consider taking less premium income to preserve more potential upside profit. For example, the $53.00 call would give you an extra 0.5% of income per month (6.0% annualized)...which would essentially triple your dividend yield on the stock!</p><p><blockquote>也就是说，如果您今天想执行承保评级，我肯定会考虑减少保费收入，以保留更多潜在的上行利润。例如，53.00美元的看涨期权会给你每月额外0.5%的收入（年化6.0%）...这基本上会让你的股票股息收益率增加两倍!</blockquote></p><p> <i><b>INTC Nov 19th $53.00 Call (28 days until expiration)</b></i></p><p><blockquote><i><b>INTC 11 月 19 日 $53.00 看涨期权（距到期 28 天）</b></i></blockquote></p><p> <ul>  <li>Option Premium: ~$0.25 premium</li>  <li>Average Monthly Yield %: 0.5% (6.0% annualized)</li>  <li>Upside Profit %: 7.4%</li>  <li>Delta: 15</li> </ul> <b>Conclusion</b></p><p><blockquote><ul><li>期权溢价：~0.25 美元溢价</li><li>平均月收益率%：0.5%（年化6.0%）</li><li>上行利润%：7.4%</li><li>德尔塔：15</li></ul><b>结论</b></blockquote></p><p> This Triple Play trade will allow you to take advantage of the upside potential in INTC stock while also giving you some downside cushion if shares trade lower in the near term. As the covered calls and cash-secured puts expire, you can rinse and repeat the Triple Play trade!</p><p><blockquote>这种三重交易将允许您利用 INTC 股票的上行潜力，同时如果股价在短期内走低，也可以为您提供一些下行缓冲。当备兑评级和现金担保看跌期权到期时，您可以清洗并重复三重交易!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4461530-intel-intc-stock-good-value-or-value-trap\">Seeking Alpha</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":{"INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4461530-intel-intc-stock-good-value-or-value-trap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100055241","content_text":"Summary\n\nIntel had a mixed earnings report that sent some investors running for the hills.\nThe company beat earnings and actually raised guidance for 2021, but they signaled that supply chain issues remain and profitability in 2022 will be lower.\nAfter the sell-off, is Intel a good value or a value trap?\n\n4kodiak/iStock Unreleased via Getty Images\nThe waters have been pretty rough for Intel Corp. (INTC) investors over the past few years.\nIt seems like every time the sun comes out...there is another storm right around the corner.\nAs highlighted on the earnings call last night, the next \"storm\" brewing for Intel is continued supply chain issues (component shortages in the PC business) and reduced near-term profitability from rising capital expenditure needs, which has sent the stock plummeting 11% this morning into the abyss.\n\nHowever, buying the dips has actually been pretty lucrative in the recent past...if, of course, you were lucky enough to fade the rallies.\nTo be fair, Intel has had its fair share of challenges this year, despite general tailwinds in the industry (i.e., chip demand far outpacing supply).\nSpecifically, Intel has had some well-documented manufacturing blunders that have caused major delays and loss of some market share...mainly to Advanced Micro Devices (AMD).\nThis has triggered concern amongst investors that the stock may be a potential \"value trap\" now.\nAll that said, Intel is dedicated to spending $25 billion to $28 billion in 2022 and just broke ground on some new fabs.\nPersonally, I don't think we are anywhere near peak demand for chips and I believe that Intel's fabrication capabilities are (and will continue to be) a huge advantage for the company for years to come.\nSo how can we structure a trade to take advantage of the upside potential in the stock (after this pullback) while also protecting ourselves from more near-term downside (if any)?\nIt's a perfect situation for a \"Triple Play\" trade!\nIntel Corp.\nSector/Industry:Technology/Semiconductors\n\n Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's Law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.\n\nSource: YCharts\nValuation/Upside Potential\nIntel looks extremely attractive from a valuation standpoint and is currently trading at a decent discount to all of its long-term valuation metrics (hence the high Value Ranking of 10).\nSpecifically, Intel is trading at a nice discount to its historical P/E multiple on a forward basis (10.6x 2021 earnings).Note that the company actually just increased its guidance for fiscal 2021 earnings to $5.28 per share.\nThat said, as supply chain worries decrease over time, we definitely think there could be some room for margin expansion in the future.\nIf you put just a 12x-14x multiple on consensus forward earnings of $5.28 per share for FYE 2021, that would equate to a $63.00- $73.00 stock price (representing 25%-45% upside from current levels).\nAlthough it probably won't get there in a straight line...\n\"Triple Play\" Trade Analysis\nA \"Triple Play\" trade involves simultaneously selling a cash-secured put and a covered call on a stock that you own.\nSource: Option Income Advisor\nNote that if you don't currently own INTC stock, you will want to buy it before you write the covered call.\nThis trade will allow you to take advantage of the upside potential in the stock while also protecting some of the near-term downside (if any).\nStep 1: Sell Cash-Secured Puts (50% of position size)\nThe first step of the Triple Play trade is to sell a cash-secured put on the stock for 50% of your target position size. For example, if you wanted to own 400 shares of INTC... you would sell 2 cash-secured put contract, which represents 200 shares of stock.\nThe three main data points we look at when analyzing a cash-secured put trade are:\n\nPremium Yield % (or Average Monthly Yield %): Measure of expected return on capital assuming that the option expires worthless (out-of-the-money).Assumes that the option is fully cash secured.\nMargin-of-Safety %: Measure of downside protection or the percentage that the underlying stock could decline and would still allow you to break even on the option trade.\nDelta: A good proxy for the probability that the put option will finish in-the-money.\n\nNote that there's always a negative correlation between Premium Yield and Margin of Safety: The higher the Premium Yield for a given strike month, the lower the Margin of Safety.\nInvestors always should be honest with themselves about their risk tolerance. Selling CSPs can be adapted to suit your needs.\nAs discussed in the video, we like the $45.00-$50.00 range for INTC in the near term. So we like the following cash-secured put:\nINTC Nov 19th $47.50.00 Put (28 days until expiration)\n\nOption Premium: ~$0.58 premium\nAverage Monthly Yield %: 1.3% (15.6% annualized)\nMargin-of-Safety %: 4.2%\nDelta: 28\n\nStep 2: Buy the Stock (50% of position size)\nNote: At the time of publication, INTC was trading at $49.60. If you already own the stock, you can skip to Step 3.\nThe second step of the Triple Play is to buy the stock (50% of your target position size). For example, if you wanted to own 400 shares of INTC... you would buy 200 shares of stock.\nStep 3: Sell Covered Calls On Your Stock Position (*optional*)\nA covered call strategy will help generate some short-term income, maintain some upside exposure, and mitigate some downside risk.\nWith a covered call, you are agreeing to sell your stock at a higher price (your call option strike price) but you get to keep your call option premium either way.\nAs discussed in the video, since we like the upside potential in the near term with INTC, you will want to give yourself some room for the stock to run.So we would actually recommend waiting for the stock to trade a little higher before selling covered calls.\nThat said, if you wanted to execute the covered calls today, I would certainly consider taking less premium income to preserve more potential upside profit. For example, the $53.00 call would give you an extra 0.5% of income per month (6.0% annualized)...which would essentially triple your dividend yield on the stock!\nINTC Nov 19th $53.00 Call (28 days until expiration)\n\nOption Premium: ~$0.25 premium\nAverage Monthly Yield %: 0.5% (6.0% annualized)\nUpside Profit %: 7.4%\nDelta: 15\n\nConclusion\nThis Triple Play trade will allow you to take advantage of the upside potential in INTC stock while also giving you some downside cushion if shares trade lower in the near term. As the covered calls and cash-secured puts expire, you can rinse and repeat the Triple Play trade!","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868284817,"gmtCreate":1632655303439,"gmtModify":1632798747299,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868284817","repostId":"1142057327","repostType":4,"repost":{"id":"1142057327","kind":"news","pubTimestamp":1632643246,"share":"https://www.laohunote.com/m/news/1142057327?lang=zh_CN&edition=full","pubTime":"2021-09-26 16:00","market":"us","language":"en","title":"Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始在亚利桑那州建设两家计算机芯片工厂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142057327","media":"The street","summary":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to","content":"<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州破土动工了两家新的计算机芯片工厂，这是一项耗资 200 亿美元的项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>国际电联</b>) -Get 英特尔公司 (INTC) 周五报道称，英特尔公司 (INTC) 在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资 200 亿美元的项目的一部分，旨在帮助缓解美国半导体严重短缺的问题。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商的首席执行官帕特·基辛格在该公司位于亚利桑那州钱德勒的奥科蒂略园区主持了该项目的奠基仪式，这标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于 2024 年全面投入运营，生产公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>“基辛格在公司声明中说：”今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能，满足对半导体的巨大需求： 半导体是一切数字化的基础技术。“我们正在迎来一个创新的新时代--对英特尔、对亚利桑那州乃至对全世界来说都是如此。自 40 多年前开设工厂以来，我们在亚利桑那州的总投资将超过 500 亿美元。</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领域的领导地位，”基辛格说。</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>英特尔股价周五盘后上涨 0.18%，至 54.32 美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，这干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两家新工厂将被命名为 Fab 52 和 Fab 62，总共将容纳六家半导体晶圆厂。该项目将创造3000多个高科技、高工资的英特尔工作岗位、3000个建筑工作岗位，并在当地社区支持约15000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔竞争对手台积电公司计划在亚利桑那州建造第二家美国芯片工厂，并计划于 2024 年开始生产。</blockquote></p><p></p>","source":"lsy1610613172068","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>Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始在亚利桑那州建设两家计算机芯片工厂</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\">\nIntel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始在亚利桑那州建设两家计算机芯片工厂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The street</strong><span class=\"h-time small\">2021-09-26 16:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州破土动工了两家新的计算机芯片工厂，这是一项耗资 200 亿美元的项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>国际电联</b>) -Get 英特尔公司 (INTC) 周五报道称，英特尔公司 (INTC) 在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资 200 亿美元的项目的一部分，旨在帮助缓解美国半导体严重短缺的问题。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商的首席执行官帕特·基辛格在该公司位于亚利桑那州钱德勒的奥科蒂略园区主持了该项目的奠基仪式，这标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于 2024 年全面投入运营，生产公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>“基辛格在公司声明中说：”今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能，满足对半导体的巨大需求： 半导体是一切数字化的基础技术。“我们正在迎来一个创新的新时代--对英特尔、对亚利桑那州乃至对全世界来说都是如此。自 40 多年前开设工厂以来，我们在亚利桑那州的总投资将超过 500 亿美元。</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领域的领导地位，”基辛格说。</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>英特尔股价周五盘后上涨 0.18%，至 54.32 美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，这干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两家新工厂将被命名为 Fab 52 和 Fab 62，总共将容纳六家半导体晶圆厂。该项目将创造3000多个高科技、高工资的英特尔工作岗位、3000个建筑工作岗位，并在当地社区支持约15000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔竞争对手台积电公司计划在亚利桑那州建造第二家美国芯片工厂，并计划于 2024 年开始生产。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories\">The street</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":{"INTC":"英特尔"},"source_url":"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142057327","content_text":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.\nIntel (INTC) -Get Intel Corporation (INTC) Report on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help alleviate the severe shortage of semiconductors in the U.S.\nThe Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.\nIntel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.\n“Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.\n\"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.\nShares of Intel on Friday traded 0.18% higher to $54.32 after hours.\nGelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.\nThe two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.\nIntel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815009231,"gmtCreate":1630627962523,"gmtModify":1631888556022,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"Moon is not enough, to Mars","listText":"Moon is not enough, to Mars","text":"Moon is not enough, to Mars","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815009231","repostId":"2164829818","repostType":4,"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802559062,"gmtCreate":1627790287456,"gmtModify":1631888556051,"author":{"id":"3559357742503712","authorId":"3559357742503712","name":"生肉麵加豬油渣","avatar":"https://static.tigerbbs.com/797772e5857b1091ed85d4b17fe6201b","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559357742503712","authorIdStr":"3559357742503712"},"themes":[],"title":"","htmlText":"Never been easy ride all along","listText":"Never been easy ride all along","text":"Never been easy ride all along","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802559062","repostId":"1142925544","repostType":4,"repost":{"id":"1142925544","kind":"news","pubTimestamp":1627787240,"share":"https://www.laohunote.com/m/news/1142925544?lang=zh_CN&edition=full","pubTime":"2021-08-01 11:07","market":"us","language":"en","title":"Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142925544","media":"Barron's","summary":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970","content":"<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>","source":"lsy1610680873436","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>Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</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\">\nInvestors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-01 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST\">Barron's</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":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142925544","content_text":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.\nBut the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.\nAugust actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.\nThis July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.\nAugust’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”\nNot surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.\nPast isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.\nThe company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.\nAmong those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.\nTo be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.\nBut in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”\nHow those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.\nEconomists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.\nMarkowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}