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勇敢的心2017_11
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勇敢的心2017_11
2022-06-01
看来马斯克 要学习马云了
马斯克发全员信要求结束远程办公:至少坐班40小时才能居家办公
勇敢的心2017_11
2022-05-28
别发这种帖子没啥用。还不是这几天大盘好。如果大盘差 跌死他
抱歉,原内容已删除
勇敢的心2017_11
2022-05-21
$洛克希德马丁(LMT)$
这个股票什么时候买入获得股息有人知道么
勇敢的心2017_11
2022-04-12
$Senstar Technologies(SNT)$
这个股息这么高?
勇敢的心2017_11
2022-03-21
$MFA Financial(MFA)$
什么时候买入可以获得分红有人知道么
勇敢的心2017_11
2021-12-20
$NQ100指数主连 2203(NQmain)$
裂开了 跌这么凶
勇敢的心2017_11
2021-12-10
$NQ100指数主连 2112(NQmain)$
今天星期五。然后买入。盘前出咯
勇敢的心2017_11
2021-11-12
$Lucid Group Inc(LCID)$
周一是财报日么,
勇敢的心2017_11
2021-11-07
$BioNTech SE(BNTX)$
这个财报好还是坏
勇敢的心2017_11
2021-11-06
$贝壳(BEKE)$
财报涨还是跌,
勇敢的心2017_11
2021-08-17
$京东(JD)$
以为抽他底 没想到被他抽家
勇敢的心2017_11
2021-03-11
$景顺抵押资本(IVR)$
这个股票啥时候可以分红和派息哈
勇敢的心2017_11
2020-12-08
$百思买(BBY)$
等你有一根阳线我就买入
勇敢的心2017_11
2020-12-01
跌就说泡沫。想就说看未来。我也是醉。马后炮。
抱歉,原内容已删除
勇敢的心2017_11
2020-09-26
$台积电(TSM)$
无语。大盘涨这么多。你一点也不动。
勇敢的心2017_11
2020-09-25
$Amesite Inc.(AMST)$
沙发 能涨几个点?
勇敢的心2017_11
2020-09-17
$Vaxart, Inc(VXRT)$
盘前猛跌 怕了 出了 后悔死
勇敢的心2017_11
2020-09-13
草。高了就唱空 资本家真会玩
抱歉,原内容已删除
勇敢的心2017_11
2020-09-08
怎么回事
$Applied UV Inc(AUVI)$
怎么涨这么厉害
怎么回事
勇敢的心2017_11
2020-08-20
这财报会大跌么
历史性时刻,英伟达服务器芯片营收首次超越游戏芯片
去老虎APP查看更多动态
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href=https://www.toutiao.com/article/7104170199552623141/?app=news_article×tamp=1654089625&use_new_style=1&req_id=202206012120250101410451340E070EA3&group_id=7104170199552623141&share_token=EDF78475-06FD-4002-B427-4F4DEC312D26&tt_from=weixin&utm_source=weixin&utm_medium=toutiao_ios&utm_campaign=client_share&wxshare_count=1&wid=1654089657809><strong>三言财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>6月1日消息,根据一封马斯克发表的特斯拉全员信截图显示,马斯克要求所有希望远程工作的员工每周至少在办公室工作40小时,否则就该离开特斯拉。截图显示,这封信发表于当地时间5月31日,马斯克表示,每周至少在办公室工作40小时的员工才可进行远程工作。他还特地强调“至少40小时”,并且称这个要求比对工厂工人的要求还要低。马斯克还表示,对于部分存在特别情况无法做到上述要求的人,马斯克将亲自对这些例外情况直接...</p>\n\n<a href=\"https://www.toutiao.com/article/7104170199552623141/?app=news_article×tamp=1654089625&use_new_style=1&req_id=202206012120250101410451340E070EA3&group_id=7104170199552623141&share_token=EDF78475-06FD-4002-B427-4F4DEC312D26&tt_from=weixin&utm_source=weixin&utm_medium=toutiao_ios&utm_campaign=client_share&wxshare_count=1&wid=1654089657809\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e3988a75d33e2b4f95370655c056098","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.toutiao.com/article/7104170199552623141/?app=news_article×tamp=1654089625&use_new_style=1&req_id=202206012120250101410451340E070EA3&group_id=7104170199552623141&share_token=EDF78475-06FD-4002-B427-4F4DEC312D26&tt_from=weixin&utm_source=weixin&utm_medium=toutiao_ios&utm_campaign=client_share&wxshare_count=1&wid=1654089657809","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190178627","content_text":"6月1日消息,根据一封马斯克发表的特斯拉全员信截图显示,马斯克要求所有希望远程工作的员工每周至少在办公室工作40小时,否则就该离开特斯拉。截图显示,这封信发表于当地时间5月31日,马斯克表示,每周至少在办公室工作40小时的员工才可进行远程工作。他还特地强调“至少40小时”,并且称这个要求比对工厂工人的要求还要低。马斯克还表示,对于部分存在特别情况无法做到上述要求的人,马斯克将亲自对这些例外情况直接审查和批准。此外,马斯克还强调,所谓“办公室”不能是与工作职责无关的远程分支机构。他举例称,若一名员工负责弗里蒙特(Fremont)工厂人力管理,但却将办公室设置在另一个州,这是不被允许的。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":614438739,"gmtCreate":1653709609626,"gmtModify":1704857979885,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"别发这种帖子没啥用。还不是这几天大盘好。如果大盘差 跌死他","listText":"别发这种帖子没啥用。还不是这几天大盘好。如果大盘差 跌死他","text":"别发这种帖子没啥用。还不是这几天大盘好。如果大盘差 跌死他","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/614438739","repostId":"1126378170","repostType":2,"isVote":1,"tweetType":1,"viewCount":1488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":615445737,"gmtCreate":1653104636829,"gmtModify":1653104636829,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LMT\">$洛克希德马丁(LMT)$</a>这个股票什么时候买入获得股息有人知道么","listText":"<a 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Technologies(SNT)$这个股息这么高?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/613361649","isVote":1,"tweetType":1,"viewCount":2239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":637045820,"gmtCreate":1647839106580,"gmtModify":1647839106580,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MFA\">$MFA Financial(MFA)$</a>什么时候买入可以获得分红有人知道么","listText":"<a href=\"https://laohu8.com/S/MFA\">$MFA Financial(MFA)$</a>什么时候买入可以获得分红有人知道么","text":"$MFA 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sans=\"\" sans-serif=\"\" yahei=\"\">从<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>周三公布的数据显示,他们上季度数据中心的销售额为17.5亿美元,是去年同期6.55亿美元的两倍多,超出分析师平均预期的17.1亿美元。在Nvidia于今年早些时候宣布其最新的基于Ampere架构的服务器产品之后,可以看出数据中心市场对其尤其重要。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这也是Nvidia 于4月份完成收购的Mellanox Technologies首次对公司的营收有贡献。在一次电话会议上,首席财务官Collette Kress说,Mellanox贡献了约14%的总收入和超过30%的数据中心收入。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Kress说:“ Mellanox网络是本季度我们推出的几款主要新产品中的关键部分,”他提到的产品包括GTX AI系统,GTX超级集群和EGX Edge AI平台。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在一年前公布收入13.1亿美元之后,公司的游戏芯片销售额增长超过预期,总计达到16.5亿美元。而华尔街平均预期的销售额为14.1亿美元。尽管这种趋势可能不会持续,但这是数据中心销售首次超过该公司的游戏销售。预计Nvidia将在9月1日的活动中宣布推出新的Ampere游戏芯片产品线,考虑到市场对游戏领域的期望,该部分业务在第三季度应该会很高。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">首席执行官黄仁勋在电话会议上说:“我认为这很可能是有史以来最好的游戏季节之一。” “我们已经从我们的游戏主机合作伙伴Nintendo 那里看到了惊人的数字 。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Nvidia预计第三季度收入将达到创纪录的43.1亿美元至44.9亿美元,高于分析师此前的预期为39.7亿美元。Huang表示,除了大量增加主机游戏外,COVID-19大流行还带动了更多人玩电子游戏作为一种娱乐来源。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Huang在电话中说:“尽管世界上发生了所有事情,这确实很不幸,但它已使游戏成为世界上最大的娱乐媒体。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Huang说:“人们对电子游戏尚未意识到的是,它不再只是游戏本身。” “您正在与朋友共度时光。您正在使用它来创造,实现您的想象力。人们正在使用它进行广播,与他人共享思想和技术,当然这只是一种非常有趣的消磨时间的方式。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达今年的估值已飙升至创纪录的3000亿美元,轻松超过前硅谷半导体之王<a href=\"https://laohu8.com/S/INTC\">英特尔</a>公司,而他们对其电子游戏芯片和服务器产品寄予厚望。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在截至7月26日的这一财季,英伟达的净利润为6.22亿美元,与上年同期的5.52亿美元相比增长13%,但与上一季度的9.17亿美元相比下降32%;每股摊薄收益为0.99美元,与上年同期的0.90美元相比增长10%,但与上一季度的1.47美元相比下降33%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">不计入某些一次性项目(不按照美国通用会计准则),英伟达第二季度净利润为13.66亿美元,与上年同期的7.62亿美元相比增长79%,与上一季度的11.20亿美元相比增长22%;每股摊薄收益为2.18美元,与上年同期的1.24美元相比增长76%,与上一季度的1.80美元相比增长21%,这一业绩超出分析师预期。据此前调查显示,30名分析师平均预期英伟达第二季度每股收益将达1.97美元。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度营收为38.66亿美元,与上年同期的25.79亿美元相比增长50%,与上一季度的30.80亿美元相比增长26%,也超出分析师预期。此前调查显示,30名分析师平均预期英伟达第二季度营收将达36.5亿美元。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">按业务类别划分,英伟达旗下数据中心业务第二季度营收(包含Mellanox业绩在内)为17.5亿美元,与上年同期相比增长167%,与上一季度相比增长54%。英伟达旗下游戏业务第二季度营收为16.5亿美元,与上年同期相比增长26%,与上一季度相比增长24%。英伟达旗下专业可视化业务第二季度营收为2.03亿美元,与上年同期相比下降30%,与上一季度相比下降34%。英伟达旗下机动车业务第二季度营收为1.11亿美元,与上年同期相比下降47%,与上一季度相比下降28%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度毛利率为58.8%,与上年同期的59.8%相比下降100个基点,与上一季度的65.1%相比下降630个基点。不按照美国通用会计准则,英伟达第二季度毛利率为66.0%,与上年同期的60.1%相比上升590个基点,与上一季度的65.8%相比上升20个基点。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度运营支出为16.24亿美元,与上年同期的9.70亿美元相比增长67%,与上一季度的10.28亿美元相比增长58%。其中,研发支出为9.97亿美元,高于上年同期的7.04亿美元;销售、总务和行政支出为6.27亿美元,高于上年同期的2.66亿美元。不按照美国通用会计准则,英伟达第二季度运营支出为10.35亿美元,与上年同期的7.49亿美元相比增长38%,与上一季度的8.21亿美元相比增长26%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度运营利润为6.51亿美元,与上年同期的5.71亿美元相比增长14%,与上一季度的9.76亿美元相比下降33%。不按照美国通用会计准则,英伟达第二季度运营利润为15.16亿美元,与上年同期的8.02亿美元相比增长89%,与上一季度的12.05亿美元相比增长26%。</span></p><p>*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。</p><p><strong>今天是《半导体行业观察》为您分享的第2407期内容,欢迎关注。</strong></p><p>推荐阅读</p><p><span>★</span><span>疯狂砸钱的晶圆厂,打的什么算盘?</span></p><p><span>★</span><span>8英寸热潮涌动晶圆江湖</span></p><p><span>★</span><span>日本的晶圆厂“革命”</span></p><p>半导体行业观察</p><p><img src=\"\"/></p><p>『<strong>半导体第一垂直媒体</strong><span>』</span></p><p><strong>实时 专业 原创 深度</strong></p><p><strong>识别二维码</strong>,回复下方关键词,阅读更多</p><p><span>模拟芯片|蓝牙</span><span>|</span>5G|GaN|<a href=\"https://laohu8.com/S/TSM\">台积电</a>|英特尔|封装|晶圆</p><p><span>回复 <strong>投稿</strong>,看《如何成为“半导体行业观察”的一员 》</span></p><p>回复 <strong>搜索</strong>,还能轻松找到其他你感兴趣的文章!</p><p><img src=\"https://static.tigerbbs.com/525500ab97d64d67b0812082bc37bec7\"/></p>\n</div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE 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}\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历史性时刻,英伟达服务器芯片营收首次超越游戏芯片\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1001700217\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">半导体行业观察 </p>\n<p class=\"h-time\">2020-08-20 09:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div>\n<p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img arial=\"\" border-box=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/9aa2e314c8aa462a8cb9d535008047e5\" ui=\"\" visible=\"\" yahei=\"\"/></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>来源:内容来自<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">半导体行业观察综合</span>,谢谢。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">从<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>周三公布的数据显示,他们上季度数据中心的销售额为17.5亿美元,是去年同期6.55亿美元的两倍多,超出分析师平均预期的17.1亿美元。在Nvidia于今年早些时候宣布其最新的基于Ampere架构的服务器产品之后,可以看出数据中心市场对其尤其重要。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这也是Nvidia 于4月份完成收购的Mellanox Technologies首次对公司的营收有贡献。在一次电话会议上,首席财务官Collette Kress说,Mellanox贡献了约14%的总收入和超过30%的数据中心收入。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Kress说:“ Mellanox网络是本季度我们推出的几款主要新产品中的关键部分,”他提到的产品包括GTX AI系统,GTX超级集群和EGX Edge AI平台。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在一年前公布收入13.1亿美元之后,公司的游戏芯片销售额增长超过预期,总计达到16.5亿美元。而华尔街平均预期的销售额为14.1亿美元。尽管这种趋势可能不会持续,但这是数据中心销售首次超过该公司的游戏销售。预计Nvidia将在9月1日的活动中宣布推出新的Ampere游戏芯片产品线,考虑到市场对游戏领域的期望,该部分业务在第三季度应该会很高。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">首席执行官黄仁勋在电话会议上说:“我认为这很可能是有史以来最好的游戏季节之一。” “我们已经从我们的游戏主机合作伙伴Nintendo 那里看到了惊人的数字 。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Nvidia预计第三季度收入将达到创纪录的43.1亿美元至44.9亿美元,高于分析师此前的预期为39.7亿美元。Huang表示,除了大量增加主机游戏外,COVID-19大流行还带动了更多人玩电子游戏作为一种娱乐来源。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Huang在电话中说:“尽管世界上发生了所有事情,这确实很不幸,但它已使游戏成为世界上最大的娱乐媒体。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Huang说:“人们对电子游戏尚未意识到的是,它不再只是游戏本身。” “您正在与朋友共度时光。您正在使用它来创造,实现您的想象力。人们正在使用它进行广播,与他人共享思想和技术,当然这只是一种非常有趣的消磨时间的方式。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达今年的估值已飙升至创纪录的3000亿美元,轻松超过前硅谷半导体之王<a href=\"https://laohu8.com/S/INTC\">英特尔</a>公司,而他们对其电子游戏芯片和服务器产品寄予厚望。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在截至7月26日的这一财季,英伟达的净利润为6.22亿美元,与上年同期的5.52亿美元相比增长13%,但与上一季度的9.17亿美元相比下降32%;每股摊薄收益为0.99美元,与上年同期的0.90美元相比增长10%,但与上一季度的1.47美元相比下降33%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">不计入某些一次性项目(不按照美国通用会计准则),英伟达第二季度净利润为13.66亿美元,与上年同期的7.62亿美元相比增长79%,与上一季度的11.20亿美元相比增长22%;每股摊薄收益为2.18美元,与上年同期的1.24美元相比增长76%,与上一季度的1.80美元相比增长21%,这一业绩超出分析师预期。据此前调查显示,30名分析师平均预期英伟达第二季度每股收益将达1.97美元。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度营收为38.66亿美元,与上年同期的25.79亿美元相比增长50%,与上一季度的30.80亿美元相比增长26%,也超出分析师预期。此前调查显示,30名分析师平均预期英伟达第二季度营收将达36.5亿美元。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">按业务类别划分,英伟达旗下数据中心业务第二季度营收(包含Mellanox业绩在内)为17.5亿美元,与上年同期相比增长167%,与上一季度相比增长54%。英伟达旗下游戏业务第二季度营收为16.5亿美元,与上年同期相比增长26%,与上一季度相比增长24%。英伟达旗下专业可视化业务第二季度营收为2.03亿美元,与上年同期相比下降30%,与上一季度相比下降34%。英伟达旗下机动车业务第二季度营收为1.11亿美元,与上年同期相比下降47%,与上一季度相比下降28%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度毛利率为58.8%,与上年同期的59.8%相比下降100个基点,与上一季度的65.1%相比下降630个基点。不按照美国通用会计准则,英伟达第二季度毛利率为66.0%,与上年同期的60.1%相比上升590个基点,与上一季度的65.8%相比上升20个基点。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度运营支出为16.24亿美元,与上年同期的9.70亿美元相比增长67%,与上一季度的10.28亿美元相比增长58%。其中,研发支出为9.97亿美元,高于上年同期的7.04亿美元;销售、总务和行政支出为6.27亿美元,高于上年同期的2.66亿美元。不按照美国通用会计准则,英伟达第二季度运营支出为10.35亿美元,与上年同期的7.49亿美元相比增长38%,与上一季度的8.21亿美元相比增长26%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达第二季度运营利润为6.51亿美元,与上年同期的5.71亿美元相比增长14%,与上一季度的9.76亿美元相比下降33%。不按照美国通用会计准则,英伟达第二季度运营利润为15.16亿美元,与上年同期的8.02亿美元相比增长89%,与上一季度的12.05亿美元相比增长26%。</span></p><p>*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。</p><p><strong>今天是《半导体行业观察》为您分享的第2407期内容,欢迎关注。</strong></p><p>推荐阅读</p><p><span>★</span><span>疯狂砸钱的晶圆厂,打的什么算盘?</span></p><p><span>★</span><span>8英寸热潮涌动晶圆江湖</span></p><p><span>★</span><span>日本的晶圆厂“革命”</span></p><p>半导体行业观察</p><p><img src=\"\"/></p><p>『<strong>半导体第一垂直媒体</strong><span>』</span></p><p><strong>实时 专业 原创 深度</strong></p><p><strong>识别二维码</strong>,回复下方关键词,阅读更多</p><p><span>模拟芯片|蓝牙</span><span>|</span>5G|GaN|<a href=\"https://laohu8.com/S/TSM\">台积电</a>|英特尔|封装|晶圆</p><p><span>回复 <strong>投稿</strong>,看《如何成为“半导体行业观察”的一员 》</span></p><p>回复 <strong>搜索</strong>,还能轻松找到其他你感兴趣的文章!</p><p><img src=\"https://static.tigerbbs.com/525500ab97d64d67b0812082bc37bec7\"/></p>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f1c866c487eb9e101f73a62d4495ce9","relate_stocks":{"159813":"芯片","NVDA":"英伟达"},"source_url":"http://mp.weixin.qq.com/s?__biz=MzU3OTA0MjQ3Mg==&mid=2247549255&idx=4&sn=22b48c6c17f7bef71b95fc47246c93cc&chksm=fd6e6c80ca19e5969087d5bf0ee36f828e490144f374bf43dc1165adf08ed611190d4d88f843&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2060998801","content_text":"来源:内容来自半导体行业观察综合,谢谢。从英伟达周三公布的数据显示,他们上季度数据中心的销售额为17.5亿美元,是去年同期6.55亿美元的两倍多,超出分析师平均预期的17.1亿美元。在Nvidia于今年早些时候宣布其最新的基于Ampere架构的服务器产品之后,可以看出数据中心市场对其尤其重要。这也是Nvidia 于4月份完成收购的Mellanox Technologies首次对公司的营收有贡献。在一次电话会议上,首席财务官Collette Kress说,Mellanox贡献了约14%的总收入和超过30%的数据中心收入。Kress说:“ Mellanox网络是本季度我们推出的几款主要新产品中的关键部分,”他提到的产品包括GTX AI系统,GTX超级集群和EGX Edge AI平台。在一年前公布收入13.1亿美元之后,公司的游戏芯片销售额增长超过预期,总计达到16.5亿美元。而华尔街平均预期的销售额为14.1亿美元。尽管这种趋势可能不会持续,但这是数据中心销售首次超过该公司的游戏销售。预计Nvidia将在9月1日的活动中宣布推出新的Ampere游戏芯片产品线,考虑到市场对游戏领域的期望,该部分业务在第三季度应该会很高。首席执行官黄仁勋在电话会议上说:“我认为这很可能是有史以来最好的游戏季节之一。” “我们已经从我们的游戏主机合作伙伴Nintendo 那里看到了惊人的数字 。”Nvidia预计第三季度收入将达到创纪录的43.1亿美元至44.9亿美元,高于分析师此前的预期为39.7亿美元。Huang表示,除了大量增加主机游戏外,COVID-19大流行还带动了更多人玩电子游戏作为一种娱乐来源。Huang在电话中说:“尽管世界上发生了所有事情,这确实很不幸,但它已使游戏成为世界上最大的娱乐媒体。”Huang说:“人们对电子游戏尚未意识到的是,它不再只是游戏本身。” “您正在与朋友共度时光。您正在使用它来创造,实现您的想象力。人们正在使用它进行广播,与他人共享思想和技术,当然这只是一种非常有趣的消磨时间的方式。”英伟达今年的估值已飙升至创纪录的3000亿美元,轻松超过前硅谷半导体之王英特尔公司,而他们对其电子游戏芯片和服务器产品寄予厚望。在截至7月26日的这一财季,英伟达的净利润为6.22亿美元,与上年同期的5.52亿美元相比增长13%,但与上一季度的9.17亿美元相比下降32%;每股摊薄收益为0.99美元,与上年同期的0.90美元相比增长10%,但与上一季度的1.47美元相比下降33%。不计入某些一次性项目(不按照美国通用会计准则),英伟达第二季度净利润为13.66亿美元,与上年同期的7.62亿美元相比增长79%,与上一季度的11.20亿美元相比增长22%;每股摊薄收益为2.18美元,与上年同期的1.24美元相比增长76%,与上一季度的1.80美元相比增长21%,这一业绩超出分析师预期。据此前调查显示,30名分析师平均预期英伟达第二季度每股收益将达1.97美元。英伟达第二季度营收为38.66亿美元,与上年同期的25.79亿美元相比增长50%,与上一季度的30.80亿美元相比增长26%,也超出分析师预期。此前调查显示,30名分析师平均预期英伟达第二季度营收将达36.5亿美元。按业务类别划分,英伟达旗下数据中心业务第二季度营收(包含Mellanox业绩在内)为17.5亿美元,与上年同期相比增长167%,与上一季度相比增长54%。英伟达旗下游戏业务第二季度营收为16.5亿美元,与上年同期相比增长26%,与上一季度相比增长24%。英伟达旗下专业可视化业务第二季度营收为2.03亿美元,与上年同期相比下降30%,与上一季度相比下降34%。英伟达旗下机动车业务第二季度营收为1.11亿美元,与上年同期相比下降47%,与上一季度相比下降28%。英伟达第二季度毛利率为58.8%,与上年同期的59.8%相比下降100个基点,与上一季度的65.1%相比下降630个基点。不按照美国通用会计准则,英伟达第二季度毛利率为66.0%,与上年同期的60.1%相比上升590个基点,与上一季度的65.8%相比上升20个基点。英伟达第二季度运营支出为16.24亿美元,与上年同期的9.70亿美元相比增长67%,与上一季度的10.28亿美元相比增长58%。其中,研发支出为9.97亿美元,高于上年同期的7.04亿美元;销售、总务和行政支出为6.27亿美元,高于上年同期的2.66亿美元。不按照美国通用会计准则,英伟达第二季度运营支出为10.35亿美元,与上年同期的7.49亿美元相比增长38%,与上一季度的8.21亿美元相比增长26%。英伟达第二季度运营利润为6.51亿美元,与上年同期的5.71亿美元相比增长14%,与上一季度的9.76亿美元相比下降33%。不按照美国通用会计准则,英伟达第二季度运营利润为15.16亿美元,与上年同期的8.02亿美元相比增长89%,与上一季度的12.05亿美元相比增长26%。*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。今天是《半导体行业观察》为您分享的第2407期内容,欢迎关注。推荐阅读★疯狂砸钱的晶圆厂,打的什么算盘?★8英寸热潮涌动晶圆江湖★日本的晶圆厂“革命”半导体行业观察『半导体第一垂直媒体』实时 专业 原创 深度识别二维码,回复下方关键词,阅读更多模拟芯片|蓝牙|5G|GaN|台积电|英特尔|封装|晶圆回复 投稿,看《如何成为“半导体行业观察”的一员 》回复 搜索,还能轻松找到其他你感兴趣的文章!","news_type":1},"isVote":1,"tweetType":1,"viewCount":944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":947226228,"gmtCreate":1597332229164,"gmtModify":1704215452255,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/CRWD\">$CrowdStrike Holdings, Inc.(CRWD)$</a> 9月2 号财报 应该会涨","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/CRWD\">$CrowdStrike Holdings, Inc.(CRWD)$</a> 9月2 号财报 应该会涨","text":"$CrowdStrike Holdings, Inc.(CRWD)$ 9月2 号财报 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href=\"https://laohu8.com/S/BEKE\">$贝壳(BEKE)$</a>财报涨还是跌,","text":"$贝壳(BEKE)$财报涨还是跌,","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/842271905","isVote":1,"tweetType":1,"viewCount":3680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":617190621,"gmtCreate":1654091533864,"gmtModify":1704858810826,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"看来马斯克 要学习马云了","listText":"看来马斯克 要学习马云了","text":"看来马斯克 要学习马云了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/617190621","repostId":"1190178627","repostType":2,"isVote":1,"tweetType":1,"viewCount":1572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879666755,"gmtCreate":1636718831494,"gmtModify":1636718831494,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LCID\">$Lucid Group Inc(LCID)$</a>周一是财报日么,","listText":"<a href=\"https://laohu8.com/S/LCID\">$Lucid Group Inc(LCID)$</a>周一是财报日么,","text":"$Lucid Group Inc(LCID)$周一是财报日么,","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879666755","isVote":1,"tweetType":1,"viewCount":1763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":398041656,"gmtCreate":1606802612575,"gmtModify":1703844505231,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"跌就说泡沫。想就说看未来。我也是醉。马后炮。","listText":"跌就说泡沫。想就说看未来。我也是醉。马后炮。","text":"跌就说泡沫。想就说看未来。我也是醉。马后炮。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/398041656","repostId":"1180860233","repostType":2,"repost":{"id":"1180860233","pubTimestamp":1606800227,"share":"https://www.laohu8.com/m/news/1180860233?lang=&edition=full","pubTime":"2020-12-01 13:23","market":"us","language":"zh","title":"造车“三傻”大闹华尔街,新势力还是新泡沫?","url":"https://stock-news.laohu8.com/highlight/detail?id=1180860233","media":"36氪","summary":"“世人笑我太疯癫,我笑他人看不穿。”泡沫的轮回,这一次会是新能源车么?\n2020年,“特斯拉+中国制造”引爆全球新能源汽车市场。受供需双增的提振,特斯拉营收和利润预期大幅上升,带动股价在年内上涨近6倍","content":"<p>“世人笑我太疯癫,我笑他人看不穿。”泡沫的轮回,这一次会是新能源车么?</p>\n<p>2020年,“<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>+中国制造”引爆全球新能源汽车市场。受供需双增的提振,特斯拉营收和利润预期大幅上升,带动股价在年内上涨近6倍。</p>\n<p>在特斯拉外溢效应的带动下,以<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、理想、小鹏为代表的的造车新势力,年内股价均迎来飙涨。截至11月28日,蔚来年内累计涨幅达到1243%,<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>上涨328%,<a href=\"https://laohu8.com/S/LI\">理想汽车</a>上涨243%。</p>\n<p><b>图1:造车新势力股价表现</b></p>\n<p><img src=\"https://static.tigerbbs.com/6b390c7dcda77bd2f3b6f43a24d4ac4c\" tg-width=\"1020\" tg-height=\"562\"></p>\n<p>数据来源:wind,<a href=\"https://laohu8.com/S/KRKR\">36氪</a>整理</p>\n<p>股价大涨背后,伴随着造车新势力估值水平的提升。截至11月末,特斯拉市值达到5552亿美元,超越丰田成为全球第一大汽车股;蔚来+理想+小鹏的总市值超过1500亿美元,比上汽、长城、吉利、广汽等一众国内传统车企合计市值还高。</p>\n<p>面对这样的场景,我们不禁要问,造车新势力是否已经存在估值泡沫?这样的狂欢到底还能持续多久?</p>\n<p><b>以史为鉴看估值泡沫</b></p>\n<p>1994年浏览器、万维网等新事物的出现,颠覆了人们的传统认知。全球为即将到来的互联网科技革命而疯狂,凭借着“新概念+成长预期+新的商业模式”,互联网点燃了资本市场的热情,一场“世纪泡沫”在酝酿中。</p>\n<p>1995年初至2000年3月,以科技股为代表的的纳斯达克指数从743点上涨到了5132点,短短5年,上涨了6倍有余,市值一度达到6.7万亿美元,占当年美国名义GDP的65%。</p>\n<p>面对互联网的狂欢,华尔街的分析师开始寻求新的估值方法以支持互联网的上涨。抱着 “新事物无法被旧模型衡量”的想法,“盈利能力”已经变得不再重要,“烧钱换增长”、“眼球”、“PV”等概念一度被运用到互联网估值之中。</p>\n<p>在新估值模型的加持下,2000年,纳斯达克市盈率达到了200倍,互联网巨头<a href=\"https://laohu8.com/S/CSCO\">思科</a>的PE 达到 148 倍,Oracle 153,<a href=\"https://laohu8.com/S/QCOM\">高通</a> 167,均创下了近30年的历史高点。</p>\n<p><b>图2:1995年至2000年纳斯达克指数表现</b></p>\n<p><img src=\"https://static.tigerbbs.com/1a2c51d1373f6da533a63b75d5c45d88\" tg-width=\"1250\" tg-height=\"516\"></p>\n<p>数据来源:wind,36氪整理</p>\n<p>在巅峰的1998-2000年,只要是公司名字中有前缀“e”或后缀“.com”的公司,都会成为市场追逐的焦点。</p>\n<p>Pet.com 是这一时期典型的案例。pet 是一家宠物用品的在线销售商,它为用户提供免费的运送服务,高昂的运输成本,使Pet的亏损与日俱增,盈利能力存疑。但在“.com”概念的吹捧下,Pet仍然受到资金的追逐,在 1999 年 12 月前的四轮融资中,该网站总融资规模超过1亿美元, 2000年 3 月,IPO首日涨幅达到了 27%。</p>\n<p>但缺乏业绩支撑的泡沫终究是会破灭的。2000年《巴伦周刊》上的一篇《Burning Up》彻底撕掉了互联网公司的神秘面纱。</p>\n<p>这篇基于207家互联网公司的报告指出,71%的互联网公司利润为负,51家公司的现金将在12个月用完,很多互联网公司的创始人都在尽其所能的套现,无钱可烧也无钱可赚的互联网公司即将跌落神坛。</p>\n<p>报道引发了市场的恐慌情绪,华尔街重拾传统估值模型来甄别互联网公司。所有人开始疯狂抛售互联网股票,在挤兑浪潮下,纳斯达克指数跌到2002年10月的1108点,下跌幅度接近80%,市值损失超过5万亿美元,市盈率降至不足100倍。</p>\n<p><b>图3:2000年3月至2002年10月纳斯达克指数走势</b></p>\n<p><img src=\"https://static.tigerbbs.com/101ab387123e33769a29501c6c6bbd09\" tg-width=\"1322\" tg-height=\"564\"></p>\n<p>数据来源:wind,36氪整理</p>\n<p>而前期受资本追捧的 Pet.com 在 2000 年 11 月 7 日宣布破产,成为第一家倒闭的上市网站公司。此后大量的互联网公司在巨额亏损后破产,到2002年底,在1995-2000年上市的互联网公司中,留存率不足50%。</p>\n<p>泡沫破灭的代价是惨烈的。企业需要用年复一年的业绩增长来填补估值泡沫的深坑。<a href=\"https://laohu8.com/S/MSFT\">微软</a>用了近15年,高通用了近13年,<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>用了9年多的时间,才重新创出股价新高。</p>\n<p>A股也有过类似的疯狂。</p>\n<p>2015年的创业板,大家沉迷于讲故事和听故事之中,市场情绪极度乐观。在“互联网+”概念的加持下,“乐视网”成了这场盛宴中最大的泡沫。</p>\n<p>2010年上市后,5年时间“乐视网”市值突破了1700亿,成为创业板的神话。</p>\n<p><b>图4:乐视网股价走势</b></p>\n<p><img src=\"https://static.tigerbbs.com/9cfbd1d54bda2096698fcd1362de8d92\" tg-width=\"1339\" tg-height=\"541\"></p>\n<p>数据来源:wind,36氪整理</p>\n<p>相比于思考“乐视网”是怎么赚钱的,投资者更看重新故事的诞生。</p>\n<p>贾跃亭凭借着上市公司“乐视网”的股票做质押,不断向金融机构融资,然后再拿融到的钱,投入到“乐视集团”,创造一个又一个新概念。</p>\n<p>每一个概念的出现,都会吸引二级市场的眼球,助推“乐视网”股价大涨,而不断提升的市值,则意味着贾跃亭可以从金融机构融入更多的钱,创造更多的新概念。</p>\n<p>凭借着这样的商业模式,乐视网开始了疯狂的吸金。相关的概念从五大生态、七大生态一直扩张到九大生态,不断挑拨着投资者敏感的神经。在最疯狂的2015年,乐视网的股价创下了179.03元的历史高位,市盈率接近400倍。</p>\n<p><b>图5:乐视网市盈率变动</b></p>\n<p><img src=\"https://static.tigerbbs.com/8d749d1383e0d0529f0cfff589eb202a\" tg-width=\"1057\" tg-height=\"412\"></p>\n<p>数据来源:wind,36氪整理</p>\n<p>此时的乐视网已经不再是一个单纯的视频网站,而成为了整个行业的颠覆者,那个时代,“看不懂乐视和暴风,仿佛真的代表着你和时代的脱节”。</p>\n<p>但好景不长,资本催生的泡沫随着监管趋严而破灭。2015年股灾来临,“乐视网”依靠二级市场输血的商业模式受到重挫,“资金链断裂、债务危机”充斥着“乐视网”,乐视的神话开始破灭。</p>\n<p>到2020年“乐视网”终止上市,其市值只剩下7亿元,从最高跌去了99%,近30万普通投资者几乎血本无归。</p>\n<p><b>造车新势力的高估值不可持续</b></p>\n<p>回到造车新势力的问题上来。不可否认,电动化和智能化的确是汽车产业未来的大方向。随着全球环保压力的与日俱增,电动车替代燃油车将是大势所趋。而未来随着新能源汽车整体渗透率的提升,整个行业面临着巨大的成长空间。</p>\n<p>但站在二级市场的角度,我们也必须清楚认识到,好赛道不一定意味着好投资。</p>\n<p>当前新能源汽车整体市占率不足5%,造车新势力每年合计销售量(特斯拉+蔚来+小鹏+理想合计销量不足60万)抵不上传统汽车厂商的零头(丰田2019年销量超过900万辆),部分新势力甚至还没有走出“卖一量亏一辆”的魔咒。</p>\n<p><b>图6:传统车企和新势力销量对比</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b08cdb6f9ca1994b8d09aa9cc1a3261\" tg-width=\"487\" tg-height=\"137\"></p>\n<p>数据来源:互联网,36氪整理</p>\n<p>这种背景下,特斯拉的市值已经达到了丰田的2倍,蔚来、小鹏、理想等造车新势力也已经跃升至全球前15大车企之中。</p>\n<p><b>图7:全球汽车厂商市值排名</b></p>\n<p><img src=\"https://static.tigerbbs.com/5e91cc52da17925d01f7481a89796552\" tg-width=\"509\" tg-height=\"370\"></p>\n<p>数据来源:wind,36氪整理</p>\n<p>从估值指标来看,造车新势力的估值水平已经明显偏离基本面的束缚,可能充斥着巨大的泡沫。如图8所示,造车新势力的市销率远高于传统车企,小鹏汽车PS甚至达到了150倍,也就是说,以当前的营收来计算,大概需要150年的时间,才能覆盖小鹏汽车当前的估值水平。</p>\n<p><b>图8:全球主要车企估值情况</b></p>\n<p><img src=\"https://static.tigerbbs.com/dd7fa8e700ac790440d8b4c401e0b26c\" tg-width=\"859\" tg-height=\"306\"></p>\n<p>数据来源:wind,36氪整理</p>\n<p>身在泡沫之中,投资者已经不再关心这些造车新势力是否存在亏损,何时能够真正盈利,传统的估值方法仿佛已经失去了意义,“市梦率”成为了衡量这些企业的唯一标准。</p>\n<p>但我们需要时刻牢记,价格围绕价值上下波动是经济学中永恒不变的真理,公司的业绩增长始终是股票定价的锚,当这种偏离以一种超乎预期的速度加快之时,或许意味着泡沫的破灭已近在咫尺。</p>\n<p>股市从来就没有新鲜事,历史总是惊人的相似。当资本的潮水褪去,也许我们会看到,在未来很长的时间里,造车新势力的业绩还会不断增长,但股价却无法再创新高。因为这场泡沫中的股价早已透支了企业未来多年的业绩表现,企业需要用年复一年的业绩增长,来填补估值泡沫破灭的深坑。</p>","source":"36k","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\" 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.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造车“三傻”大闹华尔街,新势力还是新泡沫?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-12-01 13:23 北京时间 <a href=https://36kr.com/p/984852951751557><strong>36氪</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“世人笑我太疯癫,我笑他人看不穿。”泡沫的轮回,这一次会是新能源车么?\n2020年,“特斯拉+中国制造”引爆全球新能源汽车市场。受供需双增的提振,特斯拉营收和利润预期大幅上升,带动股价在年内上涨近6倍。\n在特斯拉外溢效应的带动下,以蔚来、理想、小鹏为代表的的造车新势力,年内股价均迎来飙涨。截至11月28日,蔚来年内累计涨幅达到1243%,小鹏汽车上涨328%,理想汽车上涨243%。\n图1:造车新...</p>\n\n<a href=\"https://36kr.com/p/984852951751557\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dd3f944cb946cded615557bb29da37d8","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"source_url":"https://36kr.com/p/984852951751557","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180860233","content_text":"“世人笑我太疯癫,我笑他人看不穿。”泡沫的轮回,这一次会是新能源车么?\n2020年,“特斯拉+中国制造”引爆全球新能源汽车市场。受供需双增的提振,特斯拉营收和利润预期大幅上升,带动股价在年内上涨近6倍。\n在特斯拉外溢效应的带动下,以蔚来、理想、小鹏为代表的的造车新势力,年内股价均迎来飙涨。截至11月28日,蔚来年内累计涨幅达到1243%,小鹏汽车上涨328%,理想汽车上涨243%。\n图1:造车新势力股价表现\n\n数据来源:wind,36氪整理\n股价大涨背后,伴随着造车新势力估值水平的提升。截至11月末,特斯拉市值达到5552亿美元,超越丰田成为全球第一大汽车股;蔚来+理想+小鹏的总市值超过1500亿美元,比上汽、长城、吉利、广汽等一众国内传统车企合计市值还高。\n面对这样的场景,我们不禁要问,造车新势力是否已经存在估值泡沫?这样的狂欢到底还能持续多久?\n以史为鉴看估值泡沫\n1994年浏览器、万维网等新事物的出现,颠覆了人们的传统认知。全球为即将到来的互联网科技革命而疯狂,凭借着“新概念+成长预期+新的商业模式”,互联网点燃了资本市场的热情,一场“世纪泡沫”在酝酿中。\n1995年初至2000年3月,以科技股为代表的的纳斯达克指数从743点上涨到了5132点,短短5年,上涨了6倍有余,市值一度达到6.7万亿美元,占当年美国名义GDP的65%。\n面对互联网的狂欢,华尔街的分析师开始寻求新的估值方法以支持互联网的上涨。抱着 “新事物无法被旧模型衡量”的想法,“盈利能力”已经变得不再重要,“烧钱换增长”、“眼球”、“PV”等概念一度被运用到互联网估值之中。\n在新估值模型的加持下,2000年,纳斯达克市盈率达到了200倍,互联网巨头思科的PE 达到 148 倍,Oracle 153,高通 167,均创下了近30年的历史高点。\n图2:1995年至2000年纳斯达克指数表现\n\n数据来源:wind,36氪整理\n在巅峰的1998-2000年,只要是公司名字中有前缀“e”或后缀“.com”的公司,都会成为市场追逐的焦点。\nPet.com 是这一时期典型的案例。pet 是一家宠物用品的在线销售商,它为用户提供免费的运送服务,高昂的运输成本,使Pet的亏损与日俱增,盈利能力存疑。但在“.com”概念的吹捧下,Pet仍然受到资金的追逐,在 1999 年 12 月前的四轮融资中,该网站总融资规模超过1亿美元, 2000年 3 月,IPO首日涨幅达到了 27%。\n但缺乏业绩支撑的泡沫终究是会破灭的。2000年《巴伦周刊》上的一篇《Burning Up》彻底撕掉了互联网公司的神秘面纱。\n这篇基于207家互联网公司的报告指出,71%的互联网公司利润为负,51家公司的现金将在12个月用完,很多互联网公司的创始人都在尽其所能的套现,无钱可烧也无钱可赚的互联网公司即将跌落神坛。\n报道引发了市场的恐慌情绪,华尔街重拾传统估值模型来甄别互联网公司。所有人开始疯狂抛售互联网股票,在挤兑浪潮下,纳斯达克指数跌到2002年10月的1108点,下跌幅度接近80%,市值损失超过5万亿美元,市盈率降至不足100倍。\n图3:2000年3月至2002年10月纳斯达克指数走势\n\n数据来源:wind,36氪整理\n而前期受资本追捧的 Pet.com 在 2000 年 11 月 7 日宣布破产,成为第一家倒闭的上市网站公司。此后大量的互联网公司在巨额亏损后破产,到2002年底,在1995-2000年上市的互联网公司中,留存率不足50%。\n泡沫破灭的代价是惨烈的。企业需要用年复一年的业绩增长来填补估值泡沫的深坑。微软用了近15年,高通用了近13年,亚马逊用了9年多的时间,才重新创出股价新高。\nA股也有过类似的疯狂。\n2015年的创业板,大家沉迷于讲故事和听故事之中,市场情绪极度乐观。在“互联网+”概念的加持下,“乐视网”成了这场盛宴中最大的泡沫。\n2010年上市后,5年时间“乐视网”市值突破了1700亿,成为创业板的神话。\n图4:乐视网股价走势\n\n数据来源:wind,36氪整理\n相比于思考“乐视网”是怎么赚钱的,投资者更看重新故事的诞生。\n贾跃亭凭借着上市公司“乐视网”的股票做质押,不断向金融机构融资,然后再拿融到的钱,投入到“乐视集团”,创造一个又一个新概念。\n每一个概念的出现,都会吸引二级市场的眼球,助推“乐视网”股价大涨,而不断提升的市值,则意味着贾跃亭可以从金融机构融入更多的钱,创造更多的新概念。\n凭借着这样的商业模式,乐视网开始了疯狂的吸金。相关的概念从五大生态、七大生态一直扩张到九大生态,不断挑拨着投资者敏感的神经。在最疯狂的2015年,乐视网的股价创下了179.03元的历史高位,市盈率接近400倍。\n图5:乐视网市盈率变动\n\n数据来源:wind,36氪整理\n此时的乐视网已经不再是一个单纯的视频网站,而成为了整个行业的颠覆者,那个时代,“看不懂乐视和暴风,仿佛真的代表着你和时代的脱节”。\n但好景不长,资本催生的泡沫随着监管趋严而破灭。2015年股灾来临,“乐视网”依靠二级市场输血的商业模式受到重挫,“资金链断裂、债务危机”充斥着“乐视网”,乐视的神话开始破灭。\n到2020年“乐视网”终止上市,其市值只剩下7亿元,从最高跌去了99%,近30万普通投资者几乎血本无归。\n造车新势力的高估值不可持续\n回到造车新势力的问题上来。不可否认,电动化和智能化的确是汽车产业未来的大方向。随着全球环保压力的与日俱增,电动车替代燃油车将是大势所趋。而未来随着新能源汽车整体渗透率的提升,整个行业面临着巨大的成长空间。\n但站在二级市场的角度,我们也必须清楚认识到,好赛道不一定意味着好投资。\n当前新能源汽车整体市占率不足5%,造车新势力每年合计销售量(特斯拉+蔚来+小鹏+理想合计销量不足60万)抵不上传统汽车厂商的零头(丰田2019年销量超过900万辆),部分新势力甚至还没有走出“卖一量亏一辆”的魔咒。\n图6:传统车企和新势力销量对比\n\n数据来源:互联网,36氪整理\n这种背景下,特斯拉的市值已经达到了丰田的2倍,蔚来、小鹏、理想等造车新势力也已经跃升至全球前15大车企之中。\n图7:全球汽车厂商市值排名\n\n数据来源:wind,36氪整理\n从估值指标来看,造车新势力的估值水平已经明显偏离基本面的束缚,可能充斥着巨大的泡沫。如图8所示,造车新势力的市销率远高于传统车企,小鹏汽车PS甚至达到了150倍,也就是说,以当前的营收来计算,大概需要150年的时间,才能覆盖小鹏汽车当前的估值水平。\n图8:全球主要车企估值情况\n\n数据来源:wind,36氪整理\n身在泡沫之中,投资者已经不再关心这些造车新势力是否存在亏损,何时能够真正盈利,传统的估值方法仿佛已经失去了意义,“市梦率”成为了衡量这些企业的唯一标准。\n但我们需要时刻牢记,价格围绕价值上下波动是经济学中永恒不变的真理,公司的业绩增长始终是股票定价的锚,当这种偏离以一种超乎预期的速度加快之时,或许意味着泡沫的破灭已近在咫尺。\n股市从来就没有新鲜事,历史总是惊人的相似。当资本的潮水褪去,也许我们会看到,在未来很长的时间里,造车新势力的业绩还会不断增长,但股价却无法再创新高。因为这场泡沫中的股价早已透支了企业未来多年的业绩表现,企业需要用年复一年的业绩增长,来填补估值泡沫破灭的深坑。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":972749413,"gmtCreate":1600352229832,"gmtModify":1703821345877,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/VXRT\">$Vaxart, Inc(VXRT)$</a> 盘前猛跌 怕了 出了 后悔死","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/VXRT\">$Vaxart, Inc(VXRT)$</a> 盘前猛跌 怕了 出了 后悔死","text":"$Vaxart, Inc(VXRT)$ 盘前猛跌 怕了 出了 后悔死","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/972749413","isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":614438739,"gmtCreate":1653709609626,"gmtModify":1704857979885,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"别发这种帖子没啥用。还不是这几天大盘好。如果大盘差 跌死他","listText":"别发这种帖子没啥用。还不是这几天大盘好。如果大盘差 跌死他","text":"别发这种帖子没啥用。还不是这几天大盘好。如果大盘差 跌死他","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/614438739","repostId":"1126378170","repostType":2,"repost":{"id":"1126378170","pubTimestamp":1653706409,"share":"https://www.laohu8.com/m/news/1126378170?lang=&edition=full","pubTime":"2022-05-28 10:53","market":"us","language":"zh","title":"财报解读 | 拼多多营收月活反弹,现金奶牛回来了?","url":"https://stock-news.laohu8.com/highlight/detail?id=1126378170","media":"亿邦动力网","summary":"拼多多营收与月活数据增长双双反弹,同时利润稳健增长,毛利率达到69.9%。","content":"<html><head></head><body><p>受国内外复杂环境影响,多项关键指标显示中国经济下行压力加大,而<a href=\"https://laohu8.com/S/PDD\">拼多多</a>营收与月活数据增长双双反弹,同时利润稳健增长,毛利率达到69.9%。</p><p>首先,一季度营收238亿元同比增长7%,而上一季度同比增长为3%,增速上升4个百分点,增长呈反弹迹象。</p><p>其次,2021年第四季度平均月活数为7.334亿,2022年第一季度平均月活数为7.513亿,月活净增1790万,创下历史新高。同期,拼多多活跃买家净增1300万,高于<a href=\"https://laohu8.com/S/JD\">京东</a>的1000万。</p><p>本季度,拼多多毛利率69.9%,较2021年第四季度76.1%,下降6个百分点。不过,考虑到上季度服务商一次性打款,如果进行剔除,利润率基本稳健。</p><p><img src=\"https://static.tigerbbs.com/d686a98719b9d8656a88c2320f10229b\" tg-width=\"1115\" tg-height=\"557\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>此前,拼多多大幅削减市场营销费用,外界担忧其营收、利润与月活数据可能大幅放缓。此刻业绩公布,好于多位北美分析师与市场预期,周五,拼多多大涨超15%。</p><p><img src=\"https://static.tigerbbs.com/9cb7173a410492a607978b41df33f0e0\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>月活用户增长反弹,净增1790万创新高</b></p><p>2020年第二季度,拼多多的月活用户增长速度开始下滑。到了2021年第四季度,该数据甚至出现负增长,一度跌至7.334亿(同年第三季度为7.415亿)。</p><p>当时,拼多多年活跃买家已经达到8.687亿。考虑到拼多多的买家已经超越<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>和京东,8亿买家几乎可以说是中国电商的天花板。</p><p>与此同时,<a href=\"https://laohu8.com/S/DYIN\">抖音</a>和快手等新兴平台快速崛起,业务不断向电商各领域和细分品类拓展,正在疯狂吸纳新的用户。再加上,拼多多于2021年大幅缩减营销费用,让人不免担心拼多多的活跃用户数量会不会一路下滑?</p><p>今天发布的这份财报显示,拼多多2021年第四季度平均月活数为7.334亿,2022年第一季度平均月活数为7.513亿,月活净增1790万,创下新高。同期,拼多多活跃买家净增1300万,高于京东的1000万。</p><p>月活用户数量重回增长,反映了两大问题:</p><p>首先,2021年第四季度月活用户出现负增长以后,拼多多加大了各大渠道的推广力度。尤其是,今年春节前后,抖音和快手频繁出现拼多多的短视频广告。今年春节倡导就地过年,随着短视频用户时长被拉长,提高了这一系列推广的转化效率。</p><p>其次,疫情不断加剧改变了人们对未来的预期,以性价比著称的拼多多在这波抢购和囤货过程中无形受益。</p><p>我们对拼多多未来新增用户数,持审慎态度。拼多多已经基本覆盖中国绝大多数消费者,未来的重点已经从用户增长,转向留存和ARPU值(活跃买家年度平均消费额,评价用户价值最重要的指标)的增长。</p><p>2021财年,淘宝用户的ARPU是9200元。2021年,拼多多活跃买家年度平均消费额为2810.0元,只有淘宝的三分之一,仍有很大增长空间。</p><p><b>佣金同比增长91%,占比提高8个百分点</b></p><p>月活用户增长反弹,也带动拼多多营收增长强劲反弹。</p><p>2022年第一季度,拼多多全年营收238亿元,主要由三部分构成:广告收入(online marketing services and others,在线营销及其他业务)、佣金收入(transaction services,交易服务)和商品销售(Merchandise sales,自营商品销售)。</p><p>本季度营收,较去年同期增长7%,增长主要源自前广告和佣金收入的增长。</p><p>其中,第一大收入来源广告,收入181.58亿元,同比增长29%,占总营收的76.29%,与2021年基本持平(2021年占比77.28%)。</p><p>不过,2021年第四季度,广告收入同比增长19%。相较之下,2022年第一季度广告营收增长上升10个百分点,反弹迹象明显。</p><p>第二大来源佣金,收入55.91亿元,同比增长91%,占总营收的23.49%,与2021年相比有大幅提升(2021年占比15.05%)。2021年第四季度,佣金收入同比增长108%,尽管下降17个百分点,佣金收入依然保持高速增长。</p><p>第三大来源商品销售,收入0.44亿元,同比下降99%,减少51亿元,可视作归零。商品销售只是暂时解决方案,未来随卖家越来越多,品类越来越丰富,自营商品销售将不断下降。</p><p>综合来看,广告和佣金收入快速增长,不仅抵消了自营商品销售近乎归零的下滑,还赢得了7%的总营收增长。如果剔除商品销售,广告和佣金的增长将有非常可观的前景。而且,这些成绩是在3月中下旬各地陆续出现疫情的背景下实现的。</p><p>拼多多财务副总裁刘珺认为,第一季度增长主要源于商家活动和交易体量增长,尤其是用技术创新为消费者和商家提供多元服务,提高平台生产效率。从长远来看,佣金收入仍将是拼多多增长最快的业务;广告收入逐年下滑,现在基本保持稳定。</p><p><b>毛利69.9%基本稳健,管理费用上涨或与裁员相关</b></p><p>月活用户增长反弹,净增1790万创新高,广告和佣金收入大幅增长的同时,拼多多的运营成本和营销费用却在下降,这是为什么?</p><p>据称,2021年开始,拼多多就在从营销和市场转向技术研发。据财报,在通用会计准则下,拼多多第一季度营销费用为112亿元,较2021年同期下降14%;营销费用占收入的比例降低至47%,2021年同期则为59%。营销费用的减少,主要是促销和广告活动支出受到控制。</p><p>再来看看环比数据。2021年第四季度,营销费用为113.66亿元,同比下降23%,营销费用占收入的比例41.74%。按照环比,今年第一季度,营销费用仅减少1.66亿元,营销费用占收入的比例反而提高了5个百分点。</p><p>在营销费用占比没有大幅增长的情况下,净增1790万月活用户,主要原因可能是拼多多调整了营销的渠道和结构,加大对短视频的投入。</p><p>另外,拼多多一季度研发费27亿元,同比增长20%,较上一个季度增加了6.7亿多。2021年第四季度,研发费用为20.226亿元,同比增长4%。拼多多称,研发费主要用于招募更多员工和资深研发人员。</p><p>除了营销费用,研发费用和管理费用显著上升,增长均超过30%。有观察家认为,该项费用可能跟裁员补偿有关。</p><p>拼多多称,在减营销重研发的战略驱动下,平台正逐步向可持续增长的迈进。在美国通用会计准则下,本季度的经营利润为22亿元,归属于普通股股东的净利润为26亿元。</p><p>本季度,拼多多毛利率69.9%,较2021年第四季度76.1%,下降6个百分点。不过,考虑到上季度服务商一次性打款,如果进行剔除,利润率基本稳健。</p></body></html>","source":"ybdlw","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>财报解读 | 拼多多营收月活反弹,现金奶牛回来了?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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}\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财报解读 | 拼多多营收月活反弹,现金奶牛回来了?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-28 10:53 北京时间 <a href=https://finance.sina.com.cn/tech/2022-05-28/doc-imizmscu3778713.shtml><strong>亿邦动力网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>受国内外复杂环境影响,多项关键指标显示中国经济下行压力加大,而拼多多营收与月活数据增长双双反弹,同时利润稳健增长,毛利率达到69.9%。首先,一季度营收238亿元同比增长7%,而上一季度同比增长为3%,增速上升4个百分点,增长呈反弹迹象。其次,2021年第四季度平均月活数为7.334亿,2022年第一季度平均月活数为7.513亿,月活净增1790万,创下历史新高。同期,拼多多活跃买家净增1300万...</p>\n\n<a href=\"https://finance.sina.com.cn/tech/2022-05-28/doc-imizmscu3778713.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a2db5797ca32628002f32e69d5dea58b","relate_stocks":{"PDD":"拼多多"},"source_url":"https://finance.sina.com.cn/tech/2022-05-28/doc-imizmscu3778713.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126378170","content_text":"受国内外复杂环境影响,多项关键指标显示中国经济下行压力加大,而拼多多营收与月活数据增长双双反弹,同时利润稳健增长,毛利率达到69.9%。首先,一季度营收238亿元同比增长7%,而上一季度同比增长为3%,增速上升4个百分点,增长呈反弹迹象。其次,2021年第四季度平均月活数为7.334亿,2022年第一季度平均月活数为7.513亿,月活净增1790万,创下历史新高。同期,拼多多活跃买家净增1300万,高于京东的1000万。本季度,拼多多毛利率69.9%,较2021年第四季度76.1%,下降6个百分点。不过,考虑到上季度服务商一次性打款,如果进行剔除,利润率基本稳健。此前,拼多多大幅削减市场营销费用,外界担忧其营收、利润与月活数据可能大幅放缓。此刻业绩公布,好于多位北美分析师与市场预期,周五,拼多多大涨超15%。月活用户增长反弹,净增1790万创新高2020年第二季度,拼多多的月活用户增长速度开始下滑。到了2021年第四季度,该数据甚至出现负增长,一度跌至7.334亿(同年第三季度为7.415亿)。当时,拼多多年活跃买家已经达到8.687亿。考虑到拼多多的买家已经超越阿里巴巴和京东,8亿买家几乎可以说是中国电商的天花板。与此同时,抖音和快手等新兴平台快速崛起,业务不断向电商各领域和细分品类拓展,正在疯狂吸纳新的用户。再加上,拼多多于2021年大幅缩减营销费用,让人不免担心拼多多的活跃用户数量会不会一路下滑?今天发布的这份财报显示,拼多多2021年第四季度平均月活数为7.334亿,2022年第一季度平均月活数为7.513亿,月活净增1790万,创下新高。同期,拼多多活跃买家净增1300万,高于京东的1000万。月活用户数量重回增长,反映了两大问题:首先,2021年第四季度月活用户出现负增长以后,拼多多加大了各大渠道的推广力度。尤其是,今年春节前后,抖音和快手频繁出现拼多多的短视频广告。今年春节倡导就地过年,随着短视频用户时长被拉长,提高了这一系列推广的转化效率。其次,疫情不断加剧改变了人们对未来的预期,以性价比著称的拼多多在这波抢购和囤货过程中无形受益。我们对拼多多未来新增用户数,持审慎态度。拼多多已经基本覆盖中国绝大多数消费者,未来的重点已经从用户增长,转向留存和ARPU值(活跃买家年度平均消费额,评价用户价值最重要的指标)的增长。2021财年,淘宝用户的ARPU是9200元。2021年,拼多多活跃买家年度平均消费额为2810.0元,只有淘宝的三分之一,仍有很大增长空间。佣金同比增长91%,占比提高8个百分点月活用户增长反弹,也带动拼多多营收增长强劲反弹。2022年第一季度,拼多多全年营收238亿元,主要由三部分构成:广告收入(online marketing services and others,在线营销及其他业务)、佣金收入(transaction services,交易服务)和商品销售(Merchandise sales,自营商品销售)。本季度营收,较去年同期增长7%,增长主要源自前广告和佣金收入的增长。其中,第一大收入来源广告,收入181.58亿元,同比增长29%,占总营收的76.29%,与2021年基本持平(2021年占比77.28%)。不过,2021年第四季度,广告收入同比增长19%。相较之下,2022年第一季度广告营收增长上升10个百分点,反弹迹象明显。第二大来源佣金,收入55.91亿元,同比增长91%,占总营收的23.49%,与2021年相比有大幅提升(2021年占比15.05%)。2021年第四季度,佣金收入同比增长108%,尽管下降17个百分点,佣金收入依然保持高速增长。第三大来源商品销售,收入0.44亿元,同比下降99%,减少51亿元,可视作归零。商品销售只是暂时解决方案,未来随卖家越来越多,品类越来越丰富,自营商品销售将不断下降。综合来看,广告和佣金收入快速增长,不仅抵消了自营商品销售近乎归零的下滑,还赢得了7%的总营收增长。如果剔除商品销售,广告和佣金的增长将有非常可观的前景。而且,这些成绩是在3月中下旬各地陆续出现疫情的背景下实现的。拼多多财务副总裁刘珺认为,第一季度增长主要源于商家活动和交易体量增长,尤其是用技术创新为消费者和商家提供多元服务,提高平台生产效率。从长远来看,佣金收入仍将是拼多多增长最快的业务;广告收入逐年下滑,现在基本保持稳定。毛利69.9%基本稳健,管理费用上涨或与裁员相关月活用户增长反弹,净增1790万创新高,广告和佣金收入大幅增长的同时,拼多多的运营成本和营销费用却在下降,这是为什么?据称,2021年开始,拼多多就在从营销和市场转向技术研发。据财报,在通用会计准则下,拼多多第一季度营销费用为112亿元,较2021年同期下降14%;营销费用占收入的比例降低至47%,2021年同期则为59%。营销费用的减少,主要是促销和广告活动支出受到控制。再来看看环比数据。2021年第四季度,营销费用为113.66亿元,同比下降23%,营销费用占收入的比例41.74%。按照环比,今年第一季度,营销费用仅减少1.66亿元,营销费用占收入的比例反而提高了5个百分点。在营销费用占比没有大幅增长的情况下,净增1790万月活用户,主要原因可能是拼多多调整了营销的渠道和结构,加大对短视频的投入。另外,拼多多一季度研发费27亿元,同比增长20%,较上一个季度增加了6.7亿多。2021年第四季度,研发费用为20.226亿元,同比增长4%。拼多多称,研发费主要用于招募更多员工和资深研发人员。除了营销费用,研发费用和管理费用显著上升,增长均超过30%。有观察家认为,该项费用可能跟裁员补偿有关。拼多多称,在减营销重研发的战略驱动下,平台正逐步向可持续增长的迈进。在美国通用会计准则下,本季度的经营利润为22亿元,归属于普通股股东的净利润为26亿元。本季度,拼多多毛利率69.9%,较2021年第四季度76.1%,下降6个百分点。不过,考虑到上季度服务商一次性打款,如果进行剔除,利润率基本稳健。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":974298609,"gmtCreate":1601057920501,"gmtModify":1703823518095,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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能涨几个点?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/974649437","isVote":1,"tweetType":1,"viewCount":945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":972013142,"gmtCreate":1599975456686,"gmtModify":1703820049266,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"草。高了就唱空 资本家真会玩","listText":"草。高了就唱空 资本家真会玩","text":"草。高了就唱空 资本家真会玩","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/972013142","repostId":"1159674551","repostType":2,"repost":{"id":"1159674551","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信,提供全球各国海量金融资讯和实时行情数据,包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1599794747,"share":"https://www.laohu8.com/m/news/1159674551?lang=&edition=full","pubTime":"2020-09-11 11:25","market":"us","language":"zh","title":"阿克琉斯之踵暴露在外,苹果比其他科技股更脆弱?","url":"https://stock-news.laohu8.com/highlight/detail?id=1159674551","media":"英为财情Investing","summary":"随着美股的抛售加剧,投资者纷纷选择避险,科技股也俨然成为了市场中最脆弱的一环,此前,科技股已经经历了几个月的强劲上涨,估值被推高至了互联网时代的最高水平。\n而在这一过程中,iPhone的制造商苹果公司","content":"<p>随着美股的抛售加剧,投资者纷纷选择避险,科技股也俨然成为了市场中最脆弱的一环,此前,科技股已经经历了几个月的强劲上涨,估值被推高至了互联网时代的最高水平。</p>\n<p>而在这一过程中,iPhone的制造商<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司眼下却面临着比<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>这两家市值万亿美元的科技巨头,更大的风险。</p>\n<p><img src=\"https://static.tigerbbs.com/019f8298cc4bb3ac56b8238bcfc2a756\" tg-width=\"840\" tg-height=\"470\"></p>\n<p>根据英为财情Investing.com的行情数据显示,苹果从今年3月到9月1日这段时间,股价反弹了80%以上,但是,9月以来,该股也累计下跌逾12%,昨日收于113.49美元,当日跌3.26%。鉴于此,我们进一步总结了苹果正在面临的三大风险,投资者需要警惕:</p>\n<p><b>风险一:苹果对手机业务的高依赖性</b></p>\n<p>投资者之所以对苹果公司另眼相看的主要原因之一就是,该公司成功推动了收入基础的多元化,让其收入超越iPhone这一单一业务。近年来,苹果已经逐步证明,当期旗舰产品需求减弱时,公司仍然可以利用庞大的客户群体来开辟新的增长领域。</p>\n<p>2019财年,苹果的iPhone业务约占到总销售额的55%,而包括Apple Music、电影点播、应用程序下载在内的服务业务约占到总收入的18%。</p>\n<p>尽管业绩令人印象深刻,但是一些分析师认为,服务业务的增长仍然还不足以弥补硬件业务的下滑。<a href=\"https://laohu8.com/S/GS\">高盛</a>本周就将公司的目标价下调了33%,至每股80美元。高盛指出,苹果的非iPhone个业务无法让苹果再次成为一家真正的成长型公司。</p>\n<p>就像分析师说的那样,“我们对苹果的总体看法是基于一个想法,即iPhone是一个非常难以效仿的产品,服务和可穿戴设备的规模可能不足以让该公司恢复增长。”</p>\n<p>此外,高盛还将苹果和<a href=\"https://laohu8.com/S/INTC\">英特尔</a>进行了比较,称,该公司的数据中心业务不足以抵消个人电脑市场的下滑,这导致了苹果股价从2012年以来其实一直表现较为纠结。</p>\n<p><b>风险二:中国市场敞口过大</b></p>\n<p>随着全球贸易关系波动加大,大型科技股中,苹果受到的影响最大。</p>\n<p>过去今年,苹果在中国已经建立了一套完整而庞大的供应链网络,本意是降低成本。然而,这也让其成为了美国大型科技股中对中国敞口最大的股票之一。</p>\n<p>据估算,这家总部位于加州的科技巨头,在苹果供应链中雇佣了200万名员工,此外,参与苹果程序开发的技术人员的数量也差不多是200万。该公司设计和销售的大部分产品在美国,但是组装却在中国,几乎所有的iPhone都是由富士康完成。</p>\n<p>由于眼下的全球贸易前景和外交关系的能见度较低,这也给苹果带来了不可忽视的风险。</p>\n<p><b>风险三:高估值</b></p>\n<p>苹果目前的市值约为2万亿,市盈率超过31倍,这是10多年以来,该公司最高的市盈率。</p>\n<p>在华尔街中,有很多正当的理由助长了这种乐观的情绪,促使分析师重新评估这只股票,其中包括苹果可能将在今年晚些时候推出首款5G iPhone,以及公司的服务收入继续增长,并使其对交易硬件方面的依赖降低。</p>\n<p>但是现在该公司的股价已经达到了完美的水平,后市恐怕已经没有多少空间了。</p>\n<p>本周,有媒体报道称,苹果的最新系列iPhone预计将会在9月中旬到10月初推出,此后苹果的股价遭到抛售加速。因为,新iPhone预计在8月底开始制造,但是消息人士表示,苹果预计今年生产7500万部iPhone,远低于其订购配件的8000万部。苹果可能计划将剩余的产品生产推迟到2021年初。</p>\n<p>高盛的报告称,为了给苹果的股价带来积极的影响,并反驳这一观点,我们希望可以看到苹果的营收/息税前利润不断超过普遍预期,并且营收和利润保持增长。</p>\n<p><b>总 结</b></p>\n<p>在当前的市场整理阶段,苹果公司面临着比其他科技公司更大的下行风险。但是在我们看来,这种弱势是健康的,后市有望为投资者提供一个更加合理的买入良机。</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>阿克琉斯之踵暴露在外,苹果比其他科技股更脆弱?</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{ 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#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阿克琉斯之踵暴露在外,苹果比其他科技股更脆弱?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time\">2020-09-11 11:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>随着美股的抛售加剧,投资者纷纷选择避险,科技股也俨然成为了市场中最脆弱的一环,此前,科技股已经经历了几个月的强劲上涨,估值被推高至了互联网时代的最高水平。</p>\n<p>而在这一过程中,iPhone的制造商<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司眼下却面临着比<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>这两家市值万亿美元的科技巨头,更大的风险。</p>\n<p><img src=\"https://static.tigerbbs.com/019f8298cc4bb3ac56b8238bcfc2a756\" tg-width=\"840\" tg-height=\"470\"></p>\n<p>根据英为财情Investing.com的行情数据显示,苹果从今年3月到9月1日这段时间,股价反弹了80%以上,但是,9月以来,该股也累计下跌逾12%,昨日收于113.49美元,当日跌3.26%。鉴于此,我们进一步总结了苹果正在面临的三大风险,投资者需要警惕:</p>\n<p><b>风险一:苹果对手机业务的高依赖性</b></p>\n<p>投资者之所以对苹果公司另眼相看的主要原因之一就是,该公司成功推动了收入基础的多元化,让其收入超越iPhone这一单一业务。近年来,苹果已经逐步证明,当期旗舰产品需求减弱时,公司仍然可以利用庞大的客户群体来开辟新的增长领域。</p>\n<p>2019财年,苹果的iPhone业务约占到总销售额的55%,而包括Apple Music、电影点播、应用程序下载在内的服务业务约占到总收入的18%。</p>\n<p>尽管业绩令人印象深刻,但是一些分析师认为,服务业务的增长仍然还不足以弥补硬件业务的下滑。<a href=\"https://laohu8.com/S/GS\">高盛</a>本周就将公司的目标价下调了33%,至每股80美元。高盛指出,苹果的非iPhone个业务无法让苹果再次成为一家真正的成长型公司。</p>\n<p>就像分析师说的那样,“我们对苹果的总体看法是基于一个想法,即iPhone是一个非常难以效仿的产品,服务和可穿戴设备的规模可能不足以让该公司恢复增长。”</p>\n<p>此外,高盛还将苹果和<a href=\"https://laohu8.com/S/INTC\">英特尔</a>进行了比较,称,该公司的数据中心业务不足以抵消个人电脑市场的下滑,这导致了苹果股价从2012年以来其实一直表现较为纠结。</p>\n<p><b>风险二:中国市场敞口过大</b></p>\n<p>随着全球贸易关系波动加大,大型科技股中,苹果受到的影响最大。</p>\n<p>过去今年,苹果在中国已经建立了一套完整而庞大的供应链网络,本意是降低成本。然而,这也让其成为了美国大型科技股中对中国敞口最大的股票之一。</p>\n<p>据估算,这家总部位于加州的科技巨头,在苹果供应链中雇佣了200万名员工,此外,参与苹果程序开发的技术人员的数量也差不多是200万。该公司设计和销售的大部分产品在美国,但是组装却在中国,几乎所有的iPhone都是由富士康完成。</p>\n<p>由于眼下的全球贸易前景和外交关系的能见度较低,这也给苹果带来了不可忽视的风险。</p>\n<p><b>风险三:高估值</b></p>\n<p>苹果目前的市值约为2万亿,市盈率超过31倍,这是10多年以来,该公司最高的市盈率。</p>\n<p>在华尔街中,有很多正当的理由助长了这种乐观的情绪,促使分析师重新评估这只股票,其中包括苹果可能将在今年晚些时候推出首款5G iPhone,以及公司的服务收入继续增长,并使其对交易硬件方面的依赖降低。</p>\n<p>但是现在该公司的股价已经达到了完美的水平,后市恐怕已经没有多少空间了。</p>\n<p>本周,有媒体报道称,苹果的最新系列iPhone预计将会在9月中旬到10月初推出,此后苹果的股价遭到抛售加速。因为,新iPhone预计在8月底开始制造,但是消息人士表示,苹果预计今年生产7500万部iPhone,远低于其订购配件的8000万部。苹果可能计划将剩余的产品生产推迟到2021年初。</p>\n<p>高盛的报告称,为了给苹果的股价带来积极的影响,并反驳这一观点,我们希望可以看到苹果的营收/息税前利润不断超过普遍预期,并且营收和利润保持增长。</p>\n<p><b>总 结</b></p>\n<p>在当前的市场整理阶段,苹果公司面临着比其他科技公司更大的下行风险。但是在我们看来,这种弱势是健康的,后市有望为投资者提供一个更加合理的买入良机。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/01dbc703aef1f0437265965f5d121b80","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159674551","content_text":"随着美股的抛售加剧,投资者纷纷选择避险,科技股也俨然成为了市场中最脆弱的一环,此前,科技股已经经历了几个月的强劲上涨,估值被推高至了互联网时代的最高水平。\n而在这一过程中,iPhone的制造商苹果公司眼下却面临着比亚马逊、微软这两家市值万亿美元的科技巨头,更大的风险。\n\n根据英为财情Investing.com的行情数据显示,苹果从今年3月到9月1日这段时间,股价反弹了80%以上,但是,9月以来,该股也累计下跌逾12%,昨日收于113.49美元,当日跌3.26%。鉴于此,我们进一步总结了苹果正在面临的三大风险,投资者需要警惕:\n风险一:苹果对手机业务的高依赖性\n投资者之所以对苹果公司另眼相看的主要原因之一就是,该公司成功推动了收入基础的多元化,让其收入超越iPhone这一单一业务。近年来,苹果已经逐步证明,当期旗舰产品需求减弱时,公司仍然可以利用庞大的客户群体来开辟新的增长领域。\n2019财年,苹果的iPhone业务约占到总销售额的55%,而包括Apple Music、电影点播、应用程序下载在内的服务业务约占到总收入的18%。\n尽管业绩令人印象深刻,但是一些分析师认为,服务业务的增长仍然还不足以弥补硬件业务的下滑。高盛本周就将公司的目标价下调了33%,至每股80美元。高盛指出,苹果的非iPhone个业务无法让苹果再次成为一家真正的成长型公司。\n就像分析师说的那样,“我们对苹果的总体看法是基于一个想法,即iPhone是一个非常难以效仿的产品,服务和可穿戴设备的规模可能不足以让该公司恢复增长。”\n此外,高盛还将苹果和英特尔进行了比较,称,该公司的数据中心业务不足以抵消个人电脑市场的下滑,这导致了苹果股价从2012年以来其实一直表现较为纠结。\n风险二:中国市场敞口过大\n随着全球贸易关系波动加大,大型科技股中,苹果受到的影响最大。\n过去今年,苹果在中国已经建立了一套完整而庞大的供应链网络,本意是降低成本。然而,这也让其成为了美国大型科技股中对中国敞口最大的股票之一。\n据估算,这家总部位于加州的科技巨头,在苹果供应链中雇佣了200万名员工,此外,参与苹果程序开发的技术人员的数量也差不多是200万。该公司设计和销售的大部分产品在美国,但是组装却在中国,几乎所有的iPhone都是由富士康完成。\n由于眼下的全球贸易前景和外交关系的能见度较低,这也给苹果带来了不可忽视的风险。\n风险三:高估值\n苹果目前的市值约为2万亿,市盈率超过31倍,这是10多年以来,该公司最高的市盈率。\n在华尔街中,有很多正当的理由助长了这种乐观的情绪,促使分析师重新评估这只股票,其中包括苹果可能将在今年晚些时候推出首款5G iPhone,以及公司的服务收入继续增长,并使其对交易硬件方面的依赖降低。\n但是现在该公司的股价已经达到了完美的水平,后市恐怕已经没有多少空间了。\n本周,有媒体报道称,苹果的最新系列iPhone预计将会在9月中旬到10月初推出,此后苹果的股价遭到抛售加速。因为,新iPhone预计在8月底开始制造,但是消息人士表示,苹果预计今年生产7500万部iPhone,远低于其订购配件的8000万部。苹果可能计划将剩余的产品生产推迟到2021年初。\n高盛的报告称,为了给苹果的股价带来积极的影响,并反驳这一观点,我们希望可以看到苹果的营收/息税前利润不断超过普遍预期,并且营收和利润保持增长。\n总 结\n在当前的市场整理阶段,苹果公司面临着比其他科技公司更大的下行风险。但是在我们看来,这种弱势是健康的,后市有望为投资者提供一个更加合理的买入良机。","news_type":1},"isVote":1,"tweetType":1,"viewCount":690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":976975705,"gmtCreate":1599576050107,"gmtModify":1703818935619,"author":{"id":"3474511507711961","authorId":"3474511507711961","authorIdStr":"3474511507711961","name":"勇敢的心2017_11","avatar":"https://static.tigerbbs.com/e710ae62f73bd044b252006510ccab1c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"怎么回事","htmlText":"<a href=\"https://laohu8.com/S/AUVI\">$Applied UV Inc(AUVI)$</a>怎么涨这么厉害","listText":"<a href=\"https://laohu8.com/S/AUVI\">$Applied UV Inc(AUVI)$</a>怎么涨这么厉害","text":"$Applied UV Inc(AUVI)$怎么涨这么厉害","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/976975705","isVote":1,"tweetType":1,"viewCount":1313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}