{"id":472815,"date":"2023-09-21T20:24:13","date_gmt":"2023-09-22T03:24:13","guid":{"rendered":"https:\/\/nai500.com\/?p=472815"},"modified":"2023-09-21T20:25:56","modified_gmt":"2023-09-22T03:25:56","slug":"%e5%8d%8e%e5%b0%94%e8%a1%97-%e5%88%86%e6%9e%90%e5%b8%88-%e4%b8%8a%e8%b0%83-%e4%b8%89%e5%8f%aa-%e7%be%8e%e8%82%a1-%e8%af%84%e7%ba%a7-%e7%9b%ae%e6%a0%87%e4%bb%b7","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2023\/09\/%e5%8d%8e%e5%b0%94%e8%a1%97-%e5%88%86%e6%9e%90%e5%b8%88-%e4%b8%8a%e8%b0%83-%e4%b8%89%e5%8f%aa-%e7%be%8e%e8%82%a1-%e8%af%84%e7%ba%a7-%e7%9b%ae%e6%a0%87%e4%bb%b7\/","title":{"rendered":"\u534e\u5c14\u8857\u5206\u6790\u5e08\u521a\u521a\u4e0a\u8c03\u4e86\u8fd9\u4e09\u53ea\u7f8e\u80a1\u8bc4\u7ea7\u548c\u76ee\u6807\u4ef7"},"content":{"rendered":"

\u5728\u80a1\u7968\u5e02\u573a\uff0c\u8bb8\u591a\u6563\u6237\u6295\u8d44\u8005\u90fd\u4f1a\u5173\u6ce8\u5206\u6790\u5e08\u80a1\u7968\u8bc4\u7ea7\uff0c\u4ee5\u4fbf\u5728\u6295\u8d44\u8fc7\u7a0b\u4e2d\u5360\u5f97\u5148\u673a\u3002\u8fd9\u91cc\u8981\u63d0\u9192\u6295\u8d44\u8005\u7684\u662f\uff0c\u73b0\u5728\u8fd8\u6ca1\u6709\u4efb\u4f55\u7ecf\u9a8c\u6570\u636e\u6765\u8bc1\u660e\u5206\u6790\u5e08\u5728\u9009\u80a1\u65b9\u9762\u7684\u80fd\u529b\u5982\u4f55\u3002\u4e8b\u5b9e\u4e0a\uff0c\u957f\u671f\u5173\u6ce8\u5e02\u573a\u7684Mark Hulbert\u6700\u8fd1\u5728\u4e00\u4efd\u62a5\u544a\u4e2d\u79f0\uff0c\u5728\u6807\u51c6\u666e\u5c14500\u6307\u6570\u6210\u5206\u80a1\u7684\u5206\u6790\u5e08\u8bc4\u7ea7\u4e2d\uff0c\u53ea\u67095.6%\u7684\u80a1\u7968\u5c5e\u4e8e\u201c\u5356\u51fa\u201d\u7c7b\u522b\uff0c\u610f\u5473\u7740\u5982\u679c\u4f60\u624b\u4e2d\u6301\u6709\u7684\u80a1\u7968\u5df2\u7ecf\u88ab\u5206\u6790\u5e08\u5efa\u8bae\u76f4\u63a5\u5356\u51fa\uff0c\u8fd9\u5e94\u8be5\u8981\u6bd4\u4e70\u5165\u5efa\u8bae\u66f4\u52a0\u8ba4\u771f\u5bf9\u5f85\u3002<\/p>\n

Hulbert\u8fd8\u544a\u8bc9\u6295\u8d44\u8005\uff0c\u4e0d\u8981\u4ee5\u4e3a\u4e00\u53ea\u80a1\u7968\u8eab\u4e0a\u7684\u201c\u4e70\u5165\u201d\u8bc4\u7ea7\u6570\u91cf\u591a\u4e8e\u201c\u5356\u51fa\u201d\u8bc4\u7ea7\u7684\u6570\u91cf\uff0c\u8fd9\u5c31\u662f\u4e00\u4e2a\u770b\u6da8\u7684\u7406\u7531\u3002\u6e05\u695a\u4e86\u8fd9\u4e00\u70b9\uff0c\u6295\u8d44\u8005\u5bf9\u4e8e\u5206\u6790\u5e08\u4e0a\u8c03\u6216\u8005\u8c03\u964d\u8bc4\u7ea7\u5e94\u8be5\u4f1a\u6709\u4e00\u4e2a\u76f8\u5bf9\u5ba2\u89c2\u7684\u4e86\u89e3\u3002\u4e0b\u9762\u8fd9\u4e09\u53ea\u88ab\u5206\u6790\u5e08\u8fd1\u671f\u4e0a\u8c03\u8bc4\u7ea7\u7684\u80a1\u7968\u53ef\u4ee5\u5173\u6ce8\u4e00\u4e0b\u3002<\/p>\n

Azul (AZUL)<\/b><\/strong><\/h2>\n

Azul\u00a0<\/b><\/strong>(NYSE:AZUL<\/b><\/u><\/strong><\/a>)\u662f\u4e00\u5bb6\u603b\u90e8\u4f4d\u4e8e\u5df4\u897f\u7684\u822a\u7a7a\u516c\u53f8\uff0c\u7531\u524dJetBlue\u00a0<\/b><\/strong>(NASDAQ:JBLU<\/b><\/u><\/strong><\/a>)\u521b\u59cb\u4ebaDavid Neeleman\u4e8e2008\u5e74\u521b\u7acb\u3002\u8be5\u822a\u7a7a\u516c\u53f8\u5e02\u503c\u8fbe10\u4ebf\u7f8e\u5143\uff0c\u6700\u91cd\u8981\u7684\u662f\uff0c\u80a1\u4ef7\u57282023\u5e74\u4e0a\u6da8\u4e8668%\u4ee5\u4e0a\u30029\u670820\u65e5\uff0c\u9ad8\u76db\u5206\u6790\u5e08\u5c06\u8be5\u822a\u7a7a\u516c\u53f8\u7684\u80a1\u7968\u8bc4\u7ea7\u4ece\u201c\u4e2d\u6027\u201d\u4e0a\u8c03\u81f3\u201c\u4e70\u5165\u201d\u3002\u9ad8\u76db\u5206\u6790\u5e08Bruno Amorim\u8fd8\u5c06\u8be5\u80a1\u76ee\u6807\u80a1\u4ef7\u4e0a\u8c03\u4e863.40\u7f8e\u5143\uff0c\u81f318.30\u7f8e\u5143\uff0c\u51e0\u4e4e\u662f\u5f53\u524d\u80a1\u4ef7\u7684\u4e24\u500d\u3002<\/p>\n

\u800c\u5c31\u5728\u9ad8\u76db\u5c06Azul\u80a1\u7968\u8bc4\u7ea7\u4e0a\u8c03\u524d\u4e24\u5929\uff0c\u6469\u6839\u5927\u901a\u4e5f\u5c06\u8be5\u80a1\u7684\u80a1\u7968\u8bc4\u7ea7\u4e0a\u8c03\u81f3\u201c\u589e\u6301\u201d\u3002\u5176\u4ed6\u8ffd\u8e2a\u8be5\u80a1\u768411\u4f4d\u5206\u6790\u5e08\u4e2d\uff0c\u67095\u4f4d\u5206\u6790\u5e08\u7684\u8bc4\u7ea7\u4e3a\u201c\u4e70\u5165\u201d\uff0c\u5176\u4f596\u4f4d\u5206\u6790\u5e08\u8bc4\u7ea7\u4e3a\u201c\u6301\u6709\u201d\u3002Azul\u6700\u8fd1\u4e3e\u884c\u4e862023\u5e74\u6295\u8d44\u8005\u65e5\u6d3b\u52a8\uff0c\u8be5\u516c\u53f8\u5f3a\u8c03\u4e86\u5728\u56fd\u9645\u548c\u56fd\u5185\u65c5\u6e38\u5e02\u573a\u7684\u4f18\u52bf\uff0cAzul\u63d0\u4f9b\u7684\u822a\u73ed\u98de\u5f80\u5df4\u897f\u56fd\u5185155\u4e2a\u76ee\u7684\u5730\uff0c\u662f\u7ade\u4e89\u5bf9\u624b\u76843\u500d\uff0c\u540c\u65f6\u8fd8\u63d0\u4f9b7\u4e2a\u56fd\u9645\u76ee\u7684\u5730\uff0c\u5305\u62ec\u8fc8\u963f\u5bc6\u3001\u5965\u5170\u591a\u3001\u91cc\u65af\u672c\u548c\u5df4\u9ece\u3002<\/p>\n

\u8be5\u516c\u53f8\u80a1\u4ef7\u73b0\u5728\u8fdc\u4f4e\u4e8e2017\u5e74\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff08IPO\uff09\u65f6\u7684\u6bcf\u80a121\u7f8e\u5143\uff0c\u611f\u5174\u8da3\u7684\u6295\u8d44\u8005\u53ef\u4ee5\u5173\u6ce8\u3002<\/p>\n

Lululemon (LULU)<\/b><\/strong><\/h2>\n

\u591a\u540d\u534e\u5c14\u8857\u5206\u6790\u5e08\u57289\u6708\u4efd\u4e0a\u8c03\u4e86\u5bf9Lululemon<\/b><\/strong>\u00a0(NASDAQ:LULU<\/b><\/u><\/strong><\/a>)\u80a1\u7968\u7684\u8bc4\u7ea7\u30029\u67085\u65e5\uff0cAlliance Bernstein\u5206\u6790\u5e08\u5c06\u8fd9\u5bb6\u4f11\u95f2\u670d\u9970\u516c\u53f8\u7684\u80a1\u7968\u8bc4\u7ea7\u4ece\u201c\u900a\u4e8e\u5927\u5e02\u201d\u4e0a\u8c03\u81f3\u201c\u4e0e\u5927\u5e02\u6301\u5e73\u201d\u3002\u867d\u7136\u4e0d\u662f\u4e70\u5165\u8bc4\u7ea7\uff0c\u4f46\u5728\u5206\u6790\u5e08\u770b\u6765\uff0c\u7531\u4e8eLululemon\u7684\u9500\u552e\u589e\u957f\u5df2\u7ecf\u5e38\u6001\u5316\uff0c\u56e0\u6b64\u66f4\u5bb9\u6613\u5bf9\u5176\u957f\u671f\u589e\u957f\u6301\u4e50\u89c2\u6001\u5ea6\u3002<\/p>\n

9\u670820\u65e5\uff0cNeedham\u5206\u6790\u5e08Anna Andreeva\u5bf9\u8be5\u80a1\u542f\u52a8\u201c\u4e70\u5165\u201d\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7\u4e3a470\u7f8e\u5143\u3002\u5206\u6790\u5e08\u8ba4\u4e3a\uff0cLululemon\u8fdb\u519b\u9ad8\u5c14\u592b\u548c\u7f51\u7403\u7b49\u65b0\u8fd0\u52a8\u9886\u57df\uff0c\u5c06\u6709\u52a9\u4e8e\u4e3a\u516c\u53f8\u5e26\u6765\u65b0\u5ba2\u6237\u548c\u4e1a\u52a1\u589e\u957f\uff0c\u9884\u8ba1\u672a\u6765\u5c06\u5b9e\u73b0\u4e24\u4f4d\u6570\u7684\u589e\u957f\u3002\u5728\u6b64\u4e4b\u524d\uff0c\u300a\u73af\u7403\u90ae\u62a5\u300b\u66fe\u62a5\u9053\uff0c\u201c\u5728\u4e2d\u56fd\u8fd9\u4e2aLululemon\u7b2c\u4e8c\u5927\u76c8\u5229\u5730\u533a\u7684\u5e2e\u52a9\u4e0b\uff0c\u8be5\u516c\u53f8\u5229\u6da6\u7387\u5c06\u6709\u6240\u63d0\u9ad8\uff0c\u6bcf\u80a1\u76c8\u5229\u5c06\u6709\u671b\u4ece\u76ee\u524d\u7684\u4e0d\u52301\u7f8e\u5143\u63d0\u9ad8\u52304\u7f8e\u5143\u4ee5\u4e0a\u3002\u201d\u5206\u6790\u5e08\u8ba4\u4e3a\uff0c\u52302023\u5e74\uff0c\u8be5\u516c\u53f8\u6bcf\u80a1\u81ea\u7531\u73b0\u91d1\u6d41\u5c06\u589e\u52a0\u4e24\u500d\u3002<\/p>\n

Pinterest (PINS)<\/b><\/strong><\/h2>\n

Pinterest\u00a0<\/b><\/strong>(NYSE:PINS<\/b><\/u><\/strong><\/a>)\u7684\u80a1\u4ef7\u5728\u8fc7\u53bb\u4e24\u5e74\u591a\u53d7\u5230\u91cd\u521b\uff0c\u4e8b\u5b9e\u4e0a\uff0c\u81ea2021\u5e744\u6708\u8fbe\u5230\u9ad8\u70b9\u4ee5\u6765\uff0c\u80a1\u4ef7\u5df2\u7ecf\u4e0b\u8dcc\u4e8668%\uff0c\u7136\u540e\u57282023\u5e74\u53c8\u56de\u5347\u4e86\uff0c\u6da8\u5e45\u8d85\u8fc720%\u3002D.A. Davidson\u5206\u6790\u5e08Tom Forte\u4e8e9\u670820\u65e5\u5c06Pinterest\u7684\u8bc4\u7ea7\u4ece\u201c\u4e2d\u6027\u201d\u4e0a\u8c03\u81f3\u201c\u4e70\u5165\u201d\uff0c\u5e76\u5c06\u76ee\u6807\u4ef7\u63d0\u9ad8\u4e8610\u7f8e\u5143\u81f335\u7f8e\u5143\uff0c\u6bd4\u76ee\u524d\u7684\u4ea4\u6613\u4ef7\u683c\u9ad8\u51fa40%\u3002<\/p>\n

9\u670819\u65e5\uff0cPinterest\u4e3e\u884c\u4e86\u5e74\u5ea6\u6295\u8d44\u8005\u65e5\u6d3b\u52a8\u3002\u8be5\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98Bill Ready\u544a\u8bc9\u6295\u8d44\u8005\uff0cPinterest\u5df2\u7ecf\u6062\u590d\u4e86\u6708\u6d3b\u8dc3\u7528\u6237\uff08MAUs\uff09\u7684\u589e\u957f\uff0c\u8fd9\u5e94\u8be5\u4f1a\u5e26\u676515-20%\u7684\u6536\u5165\u589e\u957f\u548c\u8d85\u8fc730%\u7684\u8c03\u6574\u540e\u672a\u8ba1\u5229\u606f\u3001\u7a0e\u9879\u548c\u6298\u65e7\u524d\u5229\u6da6\u7387\uff08EBITDA\uff09\u3002<\/p>\n

Forte\u6307\u51fa\uff0c\u201c\u80a1\u7968\u8bc4\u7ea7\u548c\u76ee\u6807\u4ef7\u4e0a\u8c03\u53cd\u6620\u4e86\u6211\u4eec\u5bf9\u7ba1\u7406\u5c42\u901a\u8fc7\u4ee5\u4e0b\u65b9\u5f0f\u5b9e\u73b0\u8fd9\u4e9b\u8d22\u52a1\u76ee\u6807\u7684\u80fd\u529b\u5145\u6ee1\u4fe1\u5fc3\uff1a\u63d0\u9ad8\u5e73\u53f0\u7684\u53c2\u4e0e\u5ea6\uff0c\u4e0d\u4ec5\u5728\u7f8e\u56fd\/\u52a0\u62ff\u5927\u5730\u533a\uff0c\u800c\u4e14\u5728\u6b27\u6d32\u548c\u4e16\u754c\u5176\u4ed6\u5730\u533a\u63d0\u9ad8\u5176\u8d27\u5e01\u5316\u7a0b\u5ea6\uff0c\u4ee5\u53ca\u7ef4\u6301\u8d22\u52a1\u7eaa\u5f8b\uff08\u5728\u4fdd\u6301\u9ad8\u5229\u6da6\u7387\u7684\u540c\u65f6\u8fdb\u884c\u6295\u8d44\uff09\u3002\u201d\u9664Forte\u5916\uff0c\u82b1\u65d7\u94f6\u884c\u5206\u6790\u5e08Ronald Josey\u5c06PINS\u7684\u8bc4\u7ea7\u4ece\u4e2d\u6027\u4e0a\u8c03\u81f3\u4e70\u5165\uff0c\u539f\u56e0\u662f\u8be5\u516c\u53f8\u5728\u8fc7\u53bb\u4e00\u5e74\u4e2d\u52aa\u529b\u63d0\u9ad8\u7528\u6237\u53c2\u4e0e\u5ea6\uff0c\u76ee\u6807\u80a1\u4ef7\u4e3a36\u7f8e\u5143\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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