<p>由于对经济的担忧，今年许多电商股票都面临困境。仅在过去的六个月里，Shopify（SHOP -0.40%）、Wayfair 和 Etsy 的股价都下跌超过 10%。即使强大的 Amazon 在这段时间内也勉强保持盈利。</p>
<p>投资者对明年可能出现的经济放缓感到担忧。但 Shopify 的管理层认为，该公司比许多竞争对手处于更好的位置。</p>
<h2>Shopify 的增长速度超过同行</h2>
<p>该公司于 8 月 7 日发布了截至 6 月 30 日的第二季度业绩。该季度的营收达到 20 亿美元，同比增长 21%。当排除物流业务出售的影响时，增长率甚至高达 25%。对于当前季度，公司仍预计营收增长率将在低至中 20% 的百分比范围内。</p>
<p>与竞争对手相比，Shopify 通常是电商中的佼佼者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="490" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png"/></p>
<p>电商股票的营收增长；数据来源：YCharts。YoY = 同比年增长。</p>
<h2>Shopify 的成功秘诀是什么？</h2>
<p>在最近的财报电话会议上，Shopify 的总裁 Harley Finkelstein 强调了公司取得强劲成功的两个关键原因。Finkelstein 表示：“我认为我们之所以没有看到其他人可能看到的情况，一个重要原因就是我们在许多垂直领域和许多地理位置上都有商家。”</p>
<p>最终关键在于多功能性。商家可以在 Amazon、Etsy 和 Wayfair 上销售，但他们可以通过 Shopify 更好地控制这个过程。Shopify 可以帮助他们快速轻松地创建商店，并将其整合到其现有网站上。或者他们可能根本没有网站，只是想通过 Shopify 创建在线商店。</p>
<p>因此，这个过程更具灵活性，适应各种商业模式，灵活满足商家的需求，无论是行业、产品、服务，甚至所处的世界各地。Shopify 可以帮助任何人在线销售商品。</p>
<p>正如 Finkelstein 所暗示的，Shopify 已覆盖 175 多个国家。相比之下，Amazon 的全球覆盖范围也很广，可以向 100 多个国家运送产品，但只有 21 个市场。通过能够触及更广泛和更多样化的商家和客户，Shopify 不太容易受特定市场或行业条件的影响，因此可以比竞争对手实现更好的销售增长。</p>
<h2>Shopify 股票值得购买吗？</h2>
<p>尽管公司的数据令人鼓舞，但股价今年迄今下跌了 12%。公司正在实现良好增长，但利润仍然相对较薄，因此股价为其过去收益的 70 倍。然而，根据其市盈率增长比为 1.1，对于愿意长期持有的投资者来说，可能存在一些投资价值。</p>
<p>但在短期内，取决于经济的走势，该股可能会经历一段颠簸。公司的业务并非完全能够抵御经济的影响——随着利率上升和消费者面临通货膨胀挑战，Shopify 的增长在 2022 年确实出现了下滑。</p>
<p>目前表现良好，但投资者不应假设该股票完全不受经济衰退的影响。它可能会并且很可能会感受到经济衰退的影响，但其多样化可以帮助确保其增长不会像其他电商股票那样急剧下降。</p>
<p>Shopify 可能是一个不错的长期投资，但投资者应该保持适度的期望；如果明年经济恶化，情况可能会变得更加复杂。其高估值可能使其容易受到抛售的影响。</p>

SHOP

<p>Shopify 由于其多功能平台而表现优于 Wayfair 和 Etsy 等竞争对手，该平台允许商家轻松在各个行业和地理位置设立在线商店。尽管经济担忧影响了电子商务股票，但 Shopify 在第二季度报告了 21% 的年度收入增长，预计在即将到来的季度增长将在低至中 20% 之间。然而，其股价今年以来下跌了 12%，交易估值较高，使得在潜在的经济衰退中，短期前景不确定。长期投资者可能会发现价值，但对于即时波动，建议保持谨慎</p>

<p>Concerns about the economy have led to many e-commerce stocks struggling this year. Shares of <strong>Shopify</strong>(SHOP -0.40%), <strong>Wayfair</strong>, and <strong>Etsy</strong> are all down more than 10% in just the past six months. Even the mighty <strong>Amazon</strong> has barely managed to stay in the green during that stretch.</p>
<div class="lb-trans"><p>由于对经济的担忧，今年许多电商股票都面临困境。仅在过去的六个月里，Shopify（SHOP -0.40%）、Wayfair 和 Etsy 的股价都下跌超过 10%。即使强大的 Amazon 在这段时间内也勉强保持盈利。</p>
</div><p>Investors are fearing the worst about a possible economic slowdown next year. But Shopify's management thinks that the company is in a better position than many of its rivals.</p>
<div class="lb-trans"><p>投资者对明年可能出现的经济放缓感到担忧。但 Shopify 的管理层认为，该公司比许多竞争对手处于更好的位置。</p>
</div><h2>Shopify has been growing faster than its peers</h2>
<div class="lb-trans"><h2>Shopify 的增长速度超过同行</h2>
</div><p>On Aug. 7, the company released its results for the second quarter, ending June 30. Revenue totaling $2 billion for the period rose by 21% year over year. And when excluding the effects from the sale of its logistics business, that growth rate was even higher at 25%. For the current quarter, it still expects its revenue growth to be in the low to mid 20s percentages.</p>
<div class="lb-trans"><p>该公司于 8 月 7 日发布了截至 6 月 30 日的第二季度业绩。该季度的营收达到 20 亿美元，同比增长 21%。当排除物流业务出售的影响时，增长率甚至高达 25%。对于当前季度，公司仍预计营收增长率将在低至中 20% 的百分比范围内。</p>
</div><p>Shopify has typically been a top performer in e-commerce when compared to its rivals.</p>
<div class="lb-trans"><p>与竞争对手相比，Shopify 通常是电商中的佼佼者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png" alt="" original-src="https://media.ycharts.com/charts/753dc3276206eda8d87b4b62028d835c.png"/></p>
<p>Revenue growth for e-commerce stocks; data by YCharts. YoY = year over year.</p>
<div class="lb-trans"><p>电商股票的营收增长；数据来源：YCharts。YoY = 同比年增长。</p>
</div><h2>What is Shopify's secret?</h2>
<div class="lb-trans"><h2>Shopify 的成功秘诀是什么？</h2>
</div><p>On the recent earnings call, Shopify's president, Harley Finkelstein, highlighted two key reasons for the company's strong success. &#34;I think a big part of the reason that we are not seeing the same thing that others might is because we simply have merchants across a ton of verticals and across a ton of [geographies],&#34; Finkelstein said.</p>
<div class="lb-trans"><p>在最近的财报电话会议上，Shopify 的总裁 Harley Finkelstein 强调了公司取得强劲成功的两个关键原因。Finkelstein 表示：“我认为我们之所以没有看到其他人可能看到的情况，一个重要原因就是我们在许多垂直领域和许多地理位置上都有商家。”</p>
</div><p>What it ultimately comes down to is versatility. Merchants can sell on Amazon, Etsy, and Wayfair, but they have much more control over that process with Shopify. It can help them launch a store quickly and easily and integrate it onto their existing site. Or they might not have a website at all and just want to create an online store through Shopify.</p>
<div class="lb-trans"><p>最终关键在于多功能性。商家可以在 Amazon、Etsy 和 Wayfair 上销售，但他们可以通过 Shopify 更好地控制这个过程。Shopify 可以帮助他们快速轻松地创建商店，并将其整合到其现有网站上。或者他们可能根本没有网站，只是想通过 Shopify 创建在线商店。</p>
</div><p>As a result, the process is a lot more adaptable to varying business models, with the flexibility to meet the needs of merchants, regardless of the industry, product, or service -- or even the part of the world that they are in. Shopify can help anyone sell online.</p>
<div class="lb-trans"><p>因此，这个过程更具灵活性，适应各种商业模式，灵活满足商家的需求，无论是行业、产品、服务，甚至所处的世界各地。Shopify 可以帮助任何人在线销售商品。</p>
</div><p>As Finkelstein alluded to, it is in more than 175 countries. Amazon, by comparison, has a broad global reach as well, and can ship products to more than 100 countries, but there are just 21 marketplaces. By being able to reach a wider and a more diverse set of merchants and customers, Shopify is less susceptible to specific market or industry conditions, and thus can generate better sales growth than its rivals.</p>
<div class="lb-trans"><p>正如 Finkelstein 所暗示的，Shopify 已覆盖 175 多个国家。相比之下，Amazon 的全球覆盖范围也很广，可以向 100 多个国家运送产品，但只有 21 个市场。通过能够触及更广泛和更多样化的商家和客户，Shopify 不太容易受特定市场或行业条件的影响，因此可以比竞争对手实现更好的销售增长。</p>
</div><h2>Is Shopify stock a good buy?</h2>
<div class="lb-trans"><h2>Shopify 股票值得购买吗？</h2>
</div><p>Despite the company's encouraging numbers, the stock is down 12% year to date. The business is generating good growth, but profits are still fairly thin, so the stock trades at 70 times its trailing earnings. Based on its price/earnings-to-growth ratio of 1.1, however, there could be some good value for investors who are willing to buy and hold for the long term.</p>
<div class="lb-trans"><p>尽管公司的数据令人鼓舞，但股价今年迄今下跌了 12%。公司正在实现良好增长，但利润仍然相对较薄，因此股价为其过去收益的 70 倍。然而，根据其市盈率增长比为 1.1，对于愿意长期持有的投资者来说，可能存在一些投资价值。</p>
</div><p>But in the short run, depending on how the economy plays out, it could be a bumpy ride for the stock. The company's business isn't entirely resilient to the economy -- Shopify's growth did falter in 2022 as interest rates increased and consumers faced challenges due to inflation.</p>
<div class="lb-trans"><p>但在短期内，取决于经济的走势，该股可能会经历一段颠簸。公司的业务并非完全能够抵御经济的影响——随着利率上升和消费者面临通货膨胀挑战，Shopify 的增长在 2022 年确实出现了下滑。</p>
</div><p>It's doing well now, but investors shouldn't assume that the stock is recession-proof by any stretch. It can and likely will feel the effects of a downturn, but its diversification can help ensure its growth doesn't dip as sharply as it might for other e-commerce stocks.</p>
<div class="lb-trans"><p>目前表现良好，但投资者不应假设该股票完全不受经济衰退的影响。它可能会并且很可能会感受到经济衰退的影响，但其多样化可以帮助确保其增长不会像其他电商股票那样急剧下降。</p>
</div><p>Shopify can be a good long-term buy, but investors should temper their expectations; it might not be smooth sailing if the economy worsens next year. And its high valuation could make it vulnerable to a sell-off.</p>
<div class="lb-trans"><p>Shopify 可能是一个不错的长期投资，但投资者应该保持适度的期望；如果明年经济恶化，情况可能会变得更加复杂。其高估值可能使其容易受到抛售的影响。</p>
</div>

2 Things Putting Shopify Ahead of Its Rivals, According to Management. Time to Buy the Stock?

- Shopify, Wayfair, and Etsy stocks have declined over 10% in the past six months, reflecting concerns about the economy. Amazon has managed to stay positive, but investors fear an economic slowdown.
- Shopify's Q2 results showed a 21% YoY revenue increase, reaching $2 billion. Excluding the logistics business sale, growth was at 25%, with expectations of low to mid 20s growth for the current quarter.
- Shopify's success lies in its versatility, allowing merchants to have more control over their online stores across various verticals and geographies, making it less vulnerable to market conditions compared to its rivals.

根据管理层的说法，有两件事让 Shopify 领先于其竞争对手。现在是买入这只股票的好时机吗？