{"id":472817,"date":"2023-09-21T20:24:04","date_gmt":"2023-09-22T03:24:04","guid":{"rendered":"https:\/\/nai500.com\/?p=472817"},"modified":"2023-09-21T20:24:04","modified_gmt":"2023-09-22T03:24:04","slug":"%e8%8f%af%e7%88%be%e8%a1%97-%e5%88%86%e6%9e%90%e5%b8%ab-%e4%b8%8a%e8%aa%bf-%e4%b8%89%e5%8f%aa-%e7%be%8e%e8%82%a1-%e8%a9%95%e7%b4%9a-%e7%9b%ae%e6%a8%99%e5%83%b9","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2023\/09\/%e8%8f%af%e7%88%be%e8%a1%97-%e5%88%86%e6%9e%90%e5%b8%ab-%e4%b8%8a%e8%aa%bf-%e4%b8%89%e5%8f%aa-%e7%be%8e%e8%82%a1-%e8%a9%95%e7%b4%9a-%e7%9b%ae%e6%a8%99%e5%83%b9\/","title":{"rendered":"\u83ef\u723e\u8857\u5206\u6790\u5e2b\u525b\u525b\u4e0a\u8abf\u4e86\u9019\u4e09\u53ea\u7f8e\u80a1\u8a55\u7d1a\u548c\u76ee\u6a19\u50f9"},"content":{"rendered":"

\u5728\u80a1\u7968\u5e02\u5834\uff0c\u8a31\u591a\u6563\u6236\u6295\u8cc7\u8005\u90fd\u6703\u95dc\u6ce8\u5206\u6790\u5e2b\u80a1\u7968\u8a55\u7d1a\uff0c\u4ee5\u4fbf\u5728\u6295\u8cc7\u904e\u7a0b\u4e2d\u5360\u5f97\u5148\u6a5f\u3002\u9019\u88cf\u8981\u63d0\u9192\u6295\u8cc7\u8005\u7684\u662f\uff0c\u73fe\u5728\u9084\u6c92\u6709\u4efb\u4f55\u7d93\u9a57\u6578\u64da\u4f86\u8b49\u660e\u5206\u6790\u5e2b\u5728\u9078\u80a1\u65b9\u9762\u7684\u80fd\u529b\u5982\u4f55\u3002\u4e8b\u5be6\u4e0a\uff0c\u9577\u671f\u95dc\u6ce8\u5e02\u5834\u7684Mark Hulbert\u6700\u8fd1\u5728\u4e00\u4efd\u5831\u544a\u4e2d\u7a31\uff0c\u5728\u6a19\u51c6\u666e\u723e500\u6307\u6578\u6210\u5206\u80a1\u7684\u5206\u6790\u5e2b\u8a55\u7d1a\u4e2d\uff0c\u53ea\u67095.6%\u7684\u80a1\u7968\u5c6c\u65bc\u201c\u8ce3\u51fa\u201d\u985e\u5225\uff0c\u610f\u5473\u8457\u5982\u679c\u4f60\u624b\u4e2d\u6301\u6709\u7684\u80a1\u7968\u5df2\u7d93\u88ab\u5206\u6790\u5e2b\u5efa\u8b70\u76f4\u63a5\u8ce3\u51fa\uff0c\u9019\u61c9\u8a72\u8981\u6bd4\u8cb7\u5165\u5efa\u8b70\u66f4\u52a0\u8a8d\u771f\u5c0d\u5f85\u3002<\/p>\n

Hulbert\u9084\u544a\u8a34\u6295\u8cc7\u8005\uff0c\u4e0d\u8981\u4ee5\u70ba\u4e00\u53ea\u80a1\u7968\u8eab\u4e0a\u7684\u201c\u8cb7\u5165\u201d\u8a55\u7d1a\u6578\u91cf\u591a\u65bc\u201c\u8ce3\u51fa\u201d\u8a55\u7d1a\u7684\u6578\u91cf\uff0c\u9019\u5c31\u662f\u4e00\u500b\u770b\u6f32\u7684\u7406\u7531\u3002\u6e05\u695a\u4e86\u9019\u4e00\u9ede\uff0c\u6295\u8cc7\u8005\u5c0d\u65bc\u5206\u6790\u5e2b\u4e0a\u8abf\u6216\u8005\u8abf\u964d\u8a55\u7d1a\u61c9\u8a72\u6703\u6709\u4e00\u500b\u76f8\u5c0d\u5ba2\u89c0\u7684\u4e86\u89e3\u3002\u4e0b\u9762\u9019\u4e09\u53ea\u88ab\u5206\u6790\u5e2b\u8fd1\u671f\u4e0a\u8abf\u8a55\u7d1a\u7684\u80a1\u7968\u53ef\u4ee5\u95dc\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\u7e3d\u90e8\u4f4d\u65bc\u5df4\u897f\u7684\u822a\u7a7a\u516c\u53f8\uff0c\u7531\u524dJetBlue\u00a0<\/b><\/strong>(NASDAQ:JBLU<\/b><\/u><\/strong><\/a>)\u5275\u59cb\u4ebaDavid Neeleman\u65bc2008\u5e74\u5275\u7acb\u3002\u8a72\u822a\u7a7a\u516c\u53f8\u5e02\u503c\u905410\u5104\u7f8e\u5143\uff0c\u6700\u91cd\u8981\u7684\u662f\uff0c\u80a1\u50f9\u57282023\u5e74\u4e0a\u6f32\u4e8668%\u4ee5\u4e0a\u30029\u670820\u65e5\uff0c\u9ad8\u76db\u5206\u6790\u5e2b\u5c07\u8a72\u822a\u7a7a\u516c\u53f8\u7684\u80a1\u7968\u8a55\u7d1a\u5f9e\u201c\u4e2d\u6027\u201d\u4e0a\u8abf\u81f3\u201c\u8cb7\u5165\u201d\u3002\u9ad8\u76db\u5206\u6790\u5e2bBruno Amorim\u9084\u5c07\u8a72\u80a1\u76ee\u6a19\u80a1\u50f9\u4e0a\u8abf\u4e863.40\u7f8e\u5143\uff0c\u81f318.30\u7f8e\u5143\uff0c\u5e7e\u4e4e\u662f\u7576\u524d\u80a1\u50f9\u7684\u5169\u500d\u3002<\/p>\n

\u800c\u5c31\u5728\u9ad8\u76db\u5c07Azul\u80a1\u7968\u8a55\u7d1a\u4e0a\u8abf\u524d\u5169\u5929\uff0c\u6469\u6839\u5927\u901a\u4e5f\u5c07\u8a72\u80a1\u7684\u80a1\u7968\u8a55\u7d1a\u4e0a\u8abf\u81f3\u201c\u589e\u6301\u201d\u3002\u5176\u4ed6\u8ffd\u8e64\u8a72\u80a1\u768411\u4f4d\u5206\u6790\u5e2b\u4e2d\uff0c\u67095\u4f4d\u5206\u6790\u5e2b\u7684\u8a55\u7d1a\u70ba\u201c\u8cb7\u5165\u201d\uff0c\u5176\u99186\u4f4d\u5206\u6790\u5e2b\u8a55\u7d1a\u70ba\u201c\u6301\u6709\u201d\u3002Azul\u6700\u8fd1\u8209\u884c\u4e862023\u5e74\u6295\u8cc7\u8005\u65e5\u6d3b\u52d5\uff0c\u8a72\u516c\u53f8\u5f37\u8abf\u4e86\u5728\u570b\u969b\u548c\u570b\u5167\u65c5\u904a\u5e02\u5834\u7684\u512a\u52e2\uff0cAzul\u63d0\u4f9b\u7684\u822a\u73ed\u98db\u5f80\u5df4\u897f\u570b\u5167155\u500b\u76ee\u7684\u5730\uff0c\u662f\u7af6\u722d\u5c0d\u624b\u76843\u500d\uff0c\u540c\u6642\u9084\u63d0\u4f9b7\u500b\u570b\u969b\u76ee\u7684\u5730\uff0c\u5305\u62ec\u9081\u963f\u5bc6\u3001\u5967\u862d\u591a\u3001\u88cf\u65af\u672c\u548c\u5df4\u9ece\u3002<\/p>\n

\u8a72\u516c\u53f8\u80a1\u50f9\u73fe\u5728\u9060\u4f4e\u65bc2017\u5e74\u9996\u6b21\u516c\u958b\u52df\u80a1\uff08IPO\uff09\u6642\u7684\u6bcf\u80a121\u7f8e\u5143\uff0c\u611f\u8208\u8da3\u7684\u6295\u8cc7\u8005\u53ef\u4ee5\u95dc\u6ce8\u3002<\/p>\n

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

\u591a\u540d\u83ef\u723e\u8857\u5206\u6790\u5e2b\u57289\u6708\u4efd\u4e0a\u8abf\u4e86\u5c0dLululemon<\/b><\/strong>\u00a0(NASDAQ:LULU<\/b><\/u><\/strong><\/a>)\u80a1\u7968\u7684\u8a55\u7d1a\u30029\u67085\u65e5\uff0cAlliance Bernstein\u5206\u6790\u5e2b\u5c07\u9019\u5bb6\u4f11\u9591\u670d\u98fe\u516c\u53f8\u7684\u80a1\u7968\u8a55\u7d1a\u5f9e\u201c\u905c\u65bc\u5927\u5e02\u201d\u4e0a\u8abf\u81f3\u201c\u8207\u5927\u5e02\u6301\u5e73\u201d\u3002\u96d6\u7136\u4e0d\u662f\u8cb7\u5165\u8a55\u7d1a\uff0c\u4f46\u5728\u5206\u6790\u5e2b\u770b\u4f86\uff0c\u7531\u65bcLululemon\u7684\u92b7\u552e\u589e\u9577\u5df2\u7d93\u5e38\u614b\u5316\uff0c\u56e0\u6b64\u66f4\u5bb9\u6613\u5c0d\u5176\u9577\u671f\u589e\u9577\u6301\u6a02\u89c0\u614b\u5ea6\u3002<\/p>\n

9\u670820\u65e5\uff0cNeedham\u5206\u6790\u5e2bAnna Andreeva\u5c0d\u8a72\u80a1\u555f\u52d5\u201c\u8cb7\u5165\u201d\u8a55\u7d1a\uff0c\u76ee\u6a19\u50f9\u70ba470\u7f8e\u5143\u3002\u5206\u6790\u5e2b\u8a8d\u70ba\uff0cLululemon\u9032\u8ecd\u9ad8\u723e\u592b\u548c\u7db2\u7403\u7b49\u65b0\u904b\u52d5\u9818\u57df\uff0c\u5c07\u6709\u52a9\u65bc\u70ba\u516c\u53f8\u5e36\u4f86\u65b0\u5ba2\u6236\u548c\u696d\u52d9\u589e\u9577\uff0c\u9810\u8a08\u672a\u4f86\u5c07\u5be6\u73fe\u5169\u4f4d\u6578\u7684\u589e\u9577\u3002\u5728\u6b64\u4e4b\u524d\uff0c\u300a\u74b0\u7403\u90f5\u5831\u300b\u66fe\u5831\u9053\uff0c\u201c\u5728\u4e2d\u570b\u9019\u500bLululemon\u7b2c\u4e8c\u5927\u76c8\u5229\u5730\u5340\u7684\u5e6b\u52a9\u4e0b\uff0c\u8a72\u516c\u53f8\u5229\u6f64\u7387\u5c07\u6709\u6240\u63d0\u9ad8\uff0c\u6bcf\u80a1\u76c8\u5229\u5c07\u6709\u671b\u5f9e\u76ee\u524d\u7684\u4e0d\u52301\u7f8e\u5143\u63d0\u9ad8\u52304\u7f8e\u5143\u4ee5\u4e0a\u3002\u201d\u5206\u6790\u5e2b\u8a8d\u70ba\uff0c\u52302023\u5e74\uff0c\u8a72\u516c\u53f8\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41\u5c07\u589e\u52a0\u5169\u500d\u3002<\/p>\n

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

Pinterest\u00a0<\/b><\/strong>(NYSE:PINS<\/b><\/u><\/strong><\/a>)\u7684\u80a1\u50f9\u5728\u904e\u53bb\u5169\u5e74\u591a\u53d7\u5230\u91cd\u5275\uff0c\u4e8b\u5be6\u4e0a\uff0c\u81ea2021\u5e744\u6708\u9054\u5230\u9ad8\u9ede\u4ee5\u4f86\uff0c\u80a1\u50f9\u5df2\u7d93\u4e0b\u8dcc\u4e8668%\uff0c\u7136\u5f8c\u57282023\u5e74\u53c8\u56de\u5347\u4e86\uff0c\u6f32\u5e45\u8d85\u904e20%\u3002D.A. Davidson\u5206\u6790\u5e2bTom Forte\u65bc9\u670820\u65e5\u5c07Pinterest\u7684\u8a55\u7d1a\u5f9e\u201c\u4e2d\u6027\u201d\u4e0a\u8abf\u81f3\u201c\u8cb7\u5165\u201d\uff0c\u4e26\u5c07\u76ee\u6a19\u50f9\u63d0\u9ad8\u4e8610\u7f8e\u5143\u81f335\u7f8e\u5143\uff0c\u6bd4\u76ee\u524d\u7684\u4ea4\u6613\u50f9\u683c\u9ad8\u51fa40%\u3002<\/p>\n

9\u670819\u65e5\uff0cPinterest\u8209\u884c\u4e86\u5e74\u5ea6\u6295\u8cc7\u8005\u65e5\u6d3b\u52d5\u3002\u8a72\u516c\u53f8\u9996\u5e2d\u57f7\u884c\u5b98Bill Ready\u544a\u8a34\u6295\u8cc7\u8005\uff0cPinterest\u5df2\u7d93\u6062\u8907\u4e86\u6708\u6d3b\u8e8d\u7528\u6236\uff08MAUs\uff09\u7684\u589e\u9577\uff0c\u9019\u61c9\u8a72\u6703\u5e36\u4f8615-20%\u7684\u6536\u5165\u589e\u9577\u548c\u8d85\u904e30%\u7684\u8abf\u6574\u5f8c\u672a\u8a08\u5229\u606f\u3001\u7a05\u9805\u548c\u6298\u820a\u524d\u5229\u6f64\u7387\uff08EBITDA\uff09\u3002<\/p>\n

Forte\u6307\u51fa\uff0c\u201c\u80a1\u7968\u8a55\u7d1a\u548c\u76ee\u6a19\u50f9\u4e0a\u8abf\u53cd\u6620\u4e86\u6211\u5011\u5c0d\u7ba1\u7406\u5c64\u901a\u904e\u4ee5\u4e0b\u65b9\u5f0f\u5be6\u73fe\u9019\u4e9b\u8ca1\u52d9\u76ee\u6a19\u7684\u80fd\u529b\u5145\u6eff\u4fe1\u5fc3\uff1a\u63d0\u9ad8\u5e73\u81fa\u7684\u53c3\u8207\u5ea6\uff0c\u4e0d\u50c5\u5728\u7f8e\u570b\/\u52a0\u62ff\u5927\u5730\u5340\uff0c\u800c\u4e14\u5728\u6b50\u6d32\u548c\u4e16\u754c\u5176\u4ed6\u5730\u5340\u63d0\u9ad8\u5176\u8ca8\u5e63\u5316\u7a0b\u5ea6\uff0c\u4ee5\u53ca\u7dad\u6301\u8ca1\u52d9\u7d00\u5f8b\uff08\u5728\u4fdd\u6301\u9ad8\u5229\u6f64\u7387\u7684\u540c\u6642\u9032\u884c\u6295\u8cc7\uff09\u3002\u201d\u9664Forte\u5916\uff0c\u82b1\u65d7\u9280\u884c\u5206\u6790\u5e2bRonald Josey\u5c07PINS\u7684\u8a55\u7d1a\u5f9e\u4e2d\u6027\u4e0a\u8abf\u81f3\u8cb7\u5165\uff0c\u539f\u56e0\u662f\u8a72\u516c\u53f8\u5728\u904e\u53bb\u4e00\u5e74\u4e2d\u52aa\u529b\u63d0\u9ad8\u7528\u6236\u53c3\u8207\u5ea6\uff0c\u76ee\u6a19\u80a1\u50f9\u70ba36\u7f8e\u5143\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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