Ark Invest 重注特斯拉和 Coinbase，估值受到审查

由 Cathie Wood 领导的 Ark Invest 持有特斯拉和 Coinbase 的大量头寸，占其投资组合的 14.4%。特斯拉因降价和加息而增长放缓导致估值下降，而Coinbase则在加密货币市场复苏的情况下实现了收入增长。 Ark 相信特斯拉在纯电动汽车领域的主导地位以及 FSD 软件的进步使其能够实现显着增长。 Coinbase 受益于其作为美国最大加密货币交易所的地位，并正在扩大其产品范围，包括衍生品交易。尽管特斯拉的销售估值是 6.3 倍，Coinbase 的销售估值是 21.7 倍，但方舟仍然对这些成长型股票的潜力充满信心。

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

Cathie Wood 的 Ark Invest 大力投资特斯拉和 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 著名的投资组合经理 Cathie Wood 对特斯拉和 Coinbase 的增长潜力表现出坚定的信心，将其公司投资组合的很大一部分分配给了这两家公司。截至2023年3月，Ark Invest持有这两个实体14.4%的资产，其中特斯拉占6.5%，Coinbase占7.9%。

Tesla: A Trailblazer in Electric Vehicles

特斯拉：电动汽车领域的开拓者

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.

特斯拉已成为电动汽车行业的主导力量，占据了巨大的市场份额，并在电池技术方面处于领先地位。尽管2022年面临需求下降和降价等不利因素，该公司仍交付了180万辆汽车，较上年增长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，利率上升和竞争加剧对特斯拉的盈利能力造成了影响。第四季度收入小幅增长 3%，达到 251 亿美元，而非 GAAP 净利润下降 39%。由于该公司准备在 2025 年推出下一代低成本汽车，管理层预计来年销量增长将放缓。

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.

尽管存在这些近期挑战，方舟投资仍然看好特斯拉的长期前景。该公司认为，特斯拉作为市场领导者的地位，加上其即将推出的下一代汽车及其在软件和服务方面的专业知识，特别是与全自动驾驶（FSD）相关的专业知识，将在未来几年推动大幅增长。

Coinbase: A Gateway to Cryptocurrency

Coinbase：加密货币的门户

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 是一家成熟的加密货币交易所，近年来经历了巨大的波动。在2021年连续四个季度实现三位数销售额增长后，随着加密货币市场的调整，该公司经历了六个季度的收入下降。

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 报告恢复增长，并在第四季度进一步加速。收入飙升 52% 至 9.54 亿美元，主要是由于交易活动增加和稳定币储备需求增加所致。

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 还采取积极措施控制开支，同比减少 45%。这种严格的方法有助于公司恢复盈利，第四季度 GAAP 每股收益达到 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 认识到 Coinbase 作为美国最大加密货币交易所的地位、其国际扩张努力以及衍生品交易的多元化是推动未来增长的关键因素。

Valuation Considerations

估值考虑因素

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.

尽管对特斯拉和 Coinbase 抱有坚定的信心，Ark Invest 仍然了解两家公司的估值倍数。 Tesla 目前的交易价格是销售额的 6.3 倍，而 Coinbase 的交易价格是销售额的 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 认为，特斯拉的估值是合理的，假设该公司能够成功地将其 FSD 平台货币化并从机器人出租车服务中产生收入。不过，该公司建议投资者在考虑 Coinbase 时谨慎行事，建议采取观望态度，直到该公司表现出持续的收入增长和更有利的估值倍数。

Conclusion

结论

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 将其投资组合的很大一部分分配给了特斯拉和 Coinbase，这表明了其对这两家公司的信心。尽管两家公司在短期内都面临挑战，但方舟投资认为，它们的长期增长潜力超过了当前的任何不利因素。

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.

潜在投资者在投资 Tesla 或 Coinbase 之前应仔细考虑自己的风险承受能力和投资期限。与往常一样，建议在做出任何投资决定之前进行彻底的研究并咨询金融专业人士。