Ark Invest 重註特斯拉和 Coinbase，估值受到審查

由 Cathie Wood 領導的 Ark Invest 持有特斯拉和 Coinbase 的大量頭寸，佔其投資組合的 14.4%。特斯拉因降價和升息而成長放緩導致估值下降，而Coinbase則在加密貨幣市場復甦的情況下實現了收入成長。 Ark 相信特斯拉在純電動車領域的主導地位以及 FSD 軟體的進步使其能夠實現顯著成長。 Coinbase 受益於其作為美國最大加密貨幣交易所的地位，並正在擴大其產品範圍，包括衍生性商品交易。儘管特斯拉的銷售估值是 6.3 倍，Coinbase 的銷售估值是 21.7 倍，但方舟仍對這些成長型股票的潛力充滿信心。

Cathie Wood's Ark Invest Bets Heavily on Tesla and Coinbase

Cathie Wood 的 Ark Invest 大力投資特斯拉和 Coinbase

Cathie Wood, the renowned portfolio manager at Ark Invest, has displayed unwavering confidence in the growth potential of Tesla and Coinbase, allocating a substantial portion of her firm's portfolio to these two companies. As of March 2023, Ark Invest held 14.4% of its assets in these two entities, with Tesla accounting for 6.5% and Coinbase representing 7.9%.

Ark Invest 著名的投資組合經理 Cathie Wood 對特斯拉和 Coinbase 的成長潛力表現出堅定的信心，將其公司投資組合的很大一部分分配給了這兩家公司。截至2023年3月，Ark Invest持有這兩個實體14.4%的資產，其中特斯拉佔6.5%，Coinbase佔7.9%。

Tesla: A Trailblazer in Electric Vehicles

特斯拉：電動車領域的拓荒者

Tesla has established itself as the dominant force in the electric vehicle industry, capturing a significant market share and leading the way in battery technology. Despite facing headwinds in 2022, including declining demand and price cuts, the company delivered 1.8 million vehicles, exhibiting a 38% growth rate from the previous year.

特斯拉已成為電動車產業的主導力量，佔據了巨大的市場份額，並在電池技術方面處於領先地位。儘管2022年面臨需求下降和降價等不利因素，該公司仍交付了180萬輛汽車，較前一年成長38%。

However, rising interest rates and increased competition have taken a toll on Tesla's profitability. Fourth-quarter revenue grew by a modest 3% to $25.1 billion, while non-GAAP net income declined by 39%. Management anticipates slower volume growth in the coming year as the company prepares to launch a next-generation, low-cost vehicle in 2025.

然而，利率上升和競爭加劇對特斯拉的獲利能力造成了影響。第四季營收小幅成長 3%，達到 251 億美元，而非 GAAP 淨利潤下降 39%。由於該公司準備在 2025 年推出下一代低成本汽車，管理層預計來年銷售成長將放緩。

Despite these near-term challenges, Ark Invest remains bullish on Tesla's long-term prospects. The firm believes that Tesla's position as a market leader, coupled with its upcoming next-generation vehicle and its expertise in software and services, particularly related to full self-driving (FSD), will drive substantial growth in the coming years.

儘管有這些近期挑戰，方舟投資仍看好特斯拉的長期前景。該公司認為，特斯拉作為市場領導者的地位，加上其即將推出的下一代汽車及其在軟體和服務方面的專業知識，特別是與全自動駕駛（FSD）相關的專業知識，將在未來幾年推動大幅成長。

Coinbase: A Gateway to Cryptocurrency

Coinbase：加密貨幣的門戶

Coinbase, an established cryptocurrency exchange, has experienced significant volatility in recent years. After four consecutive quarters of triple-digit sales growth in 2021, the company endured six quarters of revenue declines as the cryptocurrency market underwent a correction.

Coinbase 是一家成熟的加密貨幣交易所，近年來經歷了巨大的波動。在2021年連續四個季度實現三位數銷售額成長後，隨著加密貨幣市場的調整，該公司經歷了六個季度的收入下降。

However, in the third quarter of 2023, Coinbase reported a return to growth, which accelerated further in the fourth quarter. Revenue surged by 52% to $954 million, largely driven by an uptick in trading activity and increased demand for stablecoin reserves.

然而，2023 年第三季度，Coinbase 報告恢復成長，並在第四季進一步加速。收入飆升 52% 至 9.54 億美元，主要是因為交易活動增加和穩定幣儲備需求增加所致。

Furthermore, Coinbase has taken proactive steps to control expenses, reducing them by 45% year-over-year. This disciplined approach has contributed to the company's return to profitability, with GAAP earnings per share reaching $1.04 in the fourth quarter.

此外，Coinbase 也採取積極措施控制開支，年減 45%。這種嚴格的方法有助於公司恢復獲利，第四季 GAAP 每股收益達到 1.04 美元。

Ark Invest recognizes Coinbase's position as the largest U.S. cryptocurrency exchange, its international expansion efforts, and its diversification into derivatives trading as key factors that will drive future growth.

Ark Invest 認識到 Coinbase 作為美國最大加密貨幣交易所的地位、其國際擴張努力以及衍生性商品交易的多元化是推動未來成長的關鍵因素。

Valuation Considerations

估值考慮因素

Despite their strong conviction in Tesla and Coinbase, Ark Invest remains cognizant of the valuation multiples of both companies. Tesla currently trades at 6.3 times sales, while Coinbase trades at 21.7 times sales.

儘管對特斯拉和 Coinbase 抱持堅定的信心，Ark Invest 仍然了解兩家公司的估值倍數。 Tesla 目前的交易價格是銷售額的 6.3 倍，而 Coinbase 的交易價格是銷售額的 21.7 倍。

Ark Invest believes that Tesla's valuation is reasonable, assuming the company can successfully monetize its FSD platform and generate revenue from robotaxi services. However, the firm advises investors to proceed with caution when considering Coinbase, recommending a wait-and-see approach until the company demonstrates consistent revenue growth and a more favorable valuation multiple.

Ark Invest 認為，特斯拉的估值是合理的，假設該公司能夠成功地將其 FSD 平台貨幣化並從機器人計程車服務中產生收入。不過，該公司建議投資者在考慮 Coinbase 時謹慎行事，並建議採取觀望態度，直到該公司表現出持續的收入成長和更有利的估值倍數。

Conclusion

結論

Cathie Wood's Ark Invest has demonstrated its confidence in Tesla and Coinbase by allocating a significant portion of its portfolio to these two companies. While both companies face challenges in the near term, Ark Invest believes that their long-term growth potential outweighs any current headwinds.

Cathie Wood 的 Ark Invest 將其投資組合的很大一部分分配給了特斯拉和 Coinbase，這表明了其對這兩家公司的信心。儘管兩家公司在短期內都面臨挑戰，但方舟投資認為，它們的長期成長潛力超過了當前的任何不利因素。

Potential investors should carefully consider their risk tolerance and investment horizon before investing in Tesla or Coinbase. As always, it is advisable to conduct thorough research and consult with financial professionals before making any investment decisions.

潛在投資者在投資 Tesla 或 Coinbase 之前應仔細考慮自己的風險承受能力和投資期限。像往常一樣，建議在做出任何投資決定之前進行徹底的研究並諮詢金融專業人士。