<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg"/></p>
<p>Archer Aviation（ACHR）股价在过去几年中暴跌，主要是由于对稀释和整体电动垂直起降（eVTOL）行业的担忧持续存在。它从 2021 年的最高纪录价 18.55 美元暴跌至 3.10 美元。与此同时，流通股数量从超过 5000 万股增加到近 3 亿股。</p>
<p>Archer Aviation 并非陷入困境的唯一 eVTOL 公司。Lilium 股价从 2021 年的 15.5 美元下跌至 0.6665 美元，而 Joby Aviation 从 17 美元跌至 4.77 美元。</p>
<p>这些股票大多因相似原因而下跌。它们都在烧钱，处于一个未经验证的市场，并从投资者那里筹集了大量资金。</p>
<h2>分析师对 ACHR 持乐观态度</h2>
<p>尽管 eVTOL 行业前景黯淡，但一些分析师开始对 Archer Aviation 持乐观态度，这是该行业最大的公司之一。在最近的一份报告中，坎特菲茨杰（Cantor Fitzgerald）的分析师保持了他们乐观的观点和 10 美元的目标价。这意味着他们预计股价将上涨超过 228%。</p>
<p>同时，HC Wainwright 的分析师开始覆盖该股，并设定了 12.50 美元的目标价。在他们的报告中，分析师指出该公司在测试和销售方面取得了很大进展，这意味着未来几年可能会起飞。Benchmark 和 JP 摩根的分析师也对 Archer 持乐观态度。</p>
<p>分析师对 Archer Aviation 的平均目标股价为 9.50 美元，这意味着股价需要从当前水平上涨超过 250%。</p>
<h2>Archer Aviation 取得了进展</h2>
<p>我认为 Archer Aviation - 以及 Joby Aviation - 在商业化之前在其发展方面取得了实质性进展。</p>
<p>在我看来，最重要的进展之一是与 Jeep 和 Chrysler 的母公司 Stellantis 的合作。作为交易的一部分，Stellantis 收购了该公司的大量股份并提供了其制造专业知识。</p>
<p>最近，Stellantis 向 Archer 投资约 5000 万美元，使其总投资额达到 3 亿美元。</p>
<p>根据这项交易，Stellantis 将负责制造其飞机，而 Archer 将专注于研发。在此过程中，Stellantis 将以新发行的股份换取季度股票奖励。</p>
<p>总的来说，Archer Aviation 将成为一家专注于研发和销售的资产轻型公司，至少在最初阶段是这样。</p>
<h2>稀释是投资者面临的主要风险</h2>
<p>正如我之前所写的，Archer Aviation 面临的最大风险之一是稀释，即公司发行新股。</p>
<p>在过去几年中，Archer Aviation 继续通过出售新股筹集资金。在第二季度，它筹集了 2.3 亿美元，使其资产负债表上的现金总额超过 5 亿美元。</p>
<p>风险在于公司将继续在商业化进程之前和之后筹集更多资金。在上个季度，其净亏损超过 1.06 亿美元，使其连续五个季度的亏损超过 3.54 亿美元。</p>
<p>Archer Aviation 在这一时期的无负债自由现金流为 3 亿美元以上。因此，随着这一趋势预计将继续，存在着公司将继续稀释现有股东的风险。其与 Stellantis 的交易也具有稀释性，因为公司将使用新发行的股份支付。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png"/></p>
<p><em>Archer Aviation 股票稀释</em></p>
<h2>风险/回报分析</h2>
<p>Archer Aviation 存在于一个尚未经过测试的高风险/回报行业。从理论上讲，eVTOL 的概念是有道理的，因为城市不断扩大，对更混合的交通网络的需求也在增加。Markets and Markets 的一项研究估计，到 2030 年，该行业的价值将超过 300 亿美元，而今天不到 20 亿美元。</p>
<p>这解释了为什么 Archer Aviation 收到了如此多的预订。在最近的财务结果中，该公司表示，来自美国联合航空公司和未来飞行全球等公司的订单积压超过 60 亿美元。这一订单量约为公司当前市值的 6 倍。</p>
<p>此外，Archer Aviation 在其测试过程中取得了实质性进展。其 Midnight 飞机已完成首次过渡，这一点值得注意，因为其重量达到 6500 磅。它还获得了两项关键认证，一项是其适航性，另一项允许其在美国运营航空公司。</p>
<p>因此，如果 eVTOL 行业表现良好，那么 Archer Aviation - 以及 Joby Aviation - 将处于领先地位。这些公司有机会成为这个新行业的特斯拉。</p>
<p>因此，对于具有长期视野的投资者来说，投资 Archer Aviation 是有道理的。</p>
<p>然而，这些投资者应该意识到几个重要风险。正如前面所述，稀释问题将长期存在。</p>
<p>还有一个风险，即行业规模可能不如分析师预期的那么大。过去，我们曾看到一些关于新兴行业的花哨论文，最终却崩溃了。最值得注意的行业包括大麻和 3D 打印。</p>
<p>本文来源于 Invezz，原文链接：Analysts are upbeat about Archer Aviation stock: should you?</p>

ACHR

<p>阿切尔航空（ACHR）股票自 2021 年高峰以来出现了急剧下跌，从 0.55 美元跌至 0.10 美元，原因是行业担忧和股份增加。尽管如此，坎特菲茨杰和 HC 韦恩赖特的分析师持乐观态度，预计股价将大幅上涨超过 228%，目标价为 0.50 美元。阿切尔航空与斯泰兰蒂斯的合作提升了其前景，尽管股份稀释仍然是一个关键风险，因为公司通过发行新股筹集资金。电垂直起降（eVTOL）行业具有潜力，阿切尔可能凭借大量预订订单成为领导者</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/02/midnight-side-profile-on-tarmac-1.jpg"/></p>
<p>Archer Aviation (ACHR) stock price has imploded in the past few years, as concerns about dilution and the overall electric vertical take-off and landing (eVTOL) industry continued. It has crashed from a record high of $18.55 in 2021 to $3.10. At the same time, the number of outstanding shares have risen from over 50 million to almost 300 million.</p>
<div class="lb-trans"><p>Archer Aviation（ACHR）股价在过去几年中暴跌，主要是由于对稀释和整体电动垂直起降（eVTOL）行业的担忧持续存在。它从 2021 年的最高纪录价 18.55 美元暴跌至 3.10 美元。与此同时，流通股数量从超过 5000 万股增加到近 3 亿股。</p>
</div><p>Archer Aviation is not the only eVTOL company in trouble. Lilium stock has dropped from $15.5 in 2021 to $0.6665 while Joby Aviation has moved from $17 to $4.77.</p>
<div class="lb-trans"><p>Archer Aviation 并非陷入困境的唯一 eVTOL 公司。Lilium 股价从 2021 年的 15.5 美元下跌至 0.6665 美元，而 Joby Aviation 从 17 美元跌至 4.77 美元。</p>
</div><p>These stocks have all dropped mostly for similar reasons. They are all burning cash, are in an unproven market, and are raising substantial sums of money from investors.</p>
<div class="lb-trans"><p>这些股票大多因相似原因而下跌。它们都在烧钱，处于一个未经验证的市场，并从投资者那里筹集了大量资金。</p>
</div><h2>Analysts are getting optimistic about ACHR</h2>
<div class="lb-trans"><h2>分析师对 ACHR 持乐观态度</h2>
</div><p>Despite the doom and gloom in the eVTOL industry, some analysts are starting to sound upbeat about Archer Aviation, one of the biggest companies in the industry. In a recent note, analysts at Cantor Fitzgerald, maintained their optimistic view and their price target of $10. This means that they expect the stock to rise by over 228%.</p>
<div class="lb-trans"><p>尽管 eVTOL 行业前景黯淡，但一些分析师开始对 Archer Aviation 持乐观态度，这是该行业最大的公司之一。在最近的一份报告中，坎特菲茨杰（Cantor Fitzgerald）的分析师保持了他们乐观的观点和 10 美元的目标价。这意味着他们预计股价将上涨超过 228%。</p>
</div><p>At the same time, analysts at HC Wainwright initiated their coverage with a $12.50 target. In their note, the analysts noted that the company has made a lot of progress in its testing and sales, meaning that it could take off in the coming years. Analysts at Benchmark and JP Morgan are also upbeat about Archer.</p>
<div class="lb-trans"><p>同时，HC Wainwright 的分析师开始覆盖该股，并设定了 12.50 美元的目标价。在他们的报告中，分析师指出该公司在测试和销售方面取得了很大进展，这意味着未来几年可能会起飞。Benchmark 和 JP 摩根的分析师也对 Archer 持乐观态度。</p>
</div><p>The average Archer Aviation stock target by analysts is $9.50, meaning that it needs to rise by over 250% from the current level.</p>
<div class="lb-trans"><p>分析师对 Archer Aviation 的平均目标股价为 9.50 美元，这意味着股价需要从当前水平上涨超过 250%。</p>
</div><h2>Archer Aviation has made progress</h2>
<div class="lb-trans"><h2>Archer Aviation 取得了进展</h2>
</div><p>I believe that Archer Aviation – and Joby Aviation – has made substantial progress in its development ahead of commercialization.</p>
<div class="lb-trans"><p>我认为 Archer Aviation - 以及 Joby Aviation - 在商业化之前在其发展方面取得了实质性进展。</p>
</div><p>The most important, in my view, has been its partnership with Stellantis, the parent company of Jeep and Chrysler. As part of its deal, Stellantis has acquired a substantial stake in the company and offered its manufacturing expertise.</p>
<div class="lb-trans"><p>在我看来，最重要的进展之一是与 Jeep 和 Chrysler 的母公司 Stellantis 的合作。作为交易的一部分，Stellantis 收购了该公司的大量股份并提供了其制造专业知识。</p>
</div><p>Most recently, Stellantis invested about $50 million in Archer, bringing its total investment to $300 million.</p>
<div class="lb-trans"><p>最近，Stellantis 向 Archer 投资约 5000 万美元，使其总投资额达到 3 亿美元。</p>
</div><p>This deal will see Stellantis handle the manufacturing of its aircraft as it focuses on research and development (R&amp;D). In this, Stellantis will fund labor and capital expenditures in exchange for quarterly share awards.</p>
<div class="lb-trans"><p>根据这项交易，Stellantis 将负责制造其飞机，而 Archer 将专注于研发。在此过程中，Stellantis 将以新发行的股份换取季度股票奖励。</p>
</div><p>Altogether, Archer Aviation will become an asset-light company focusing on R&amp;D and sales, at least initially.</p>
<div class="lb-trans"><p>总的来说，Archer Aviation 将成为一家专注于研发和销售的资产轻型公司，至少在最初阶段是这样。</p>
</div><h2>Dilution is a key risk for investors</h2>
<div class="lb-trans"><h2>稀释是投资者面临的主要风险</h2>
</div><p>As I have written before <strong>,</strong> one of the biggest risks that Archer Aviation faces is dilution, where the company introduces new shares.</p>
<div class="lb-trans"><p>正如我之前所写的，Archer Aviation 面临的最大风险之一是稀释，即公司发行新股。</p>
</div><p>Archer Aviation has continued to raise cash by selling new shares in the last few years. It raised $230 million in the second quarter, bringing its total cash on its balance sheet to over $500 million.</p>
<div class="lb-trans"><p>在过去几年中，Archer Aviation 继续通过出售新股筹集资金。在第二季度，它筹集了 2.3 亿美元，使其资产负债表上的现金总额超过 5 亿美元。</p>
</div><p>The risk is that the company will continue to raise more money ahead and after its commercialization progress. In the last quarter, it had a net loss of over $106 million, bringing its five-quarter losses to over $354 million.</p>
<div class="lb-trans"><p>风险在于公司将继续在商业化进程之前和之后筹集更多资金。在上个季度，其净亏损超过 1.06 亿美元，使其连续五个季度的亏损超过 3.54 亿美元。</p>
</div><p>Archer Aviation’s unlevered free cash outflow stood at over $300 million in this period. As such, with this trend expected to continue, there is a risk that it will continue to dilute existing shareholders. Its deal with Stellantis is also dilutive since the company will pay it using newly issued shares.</p>
<div class="lb-trans"><p>Archer Aviation 在这一时期的无负债自由现金流为 3 亿美元以上。因此，随着这一趋势预计将继续，存在着公司将继续稀释现有股东的风险。其与 Stellantis 的交易也具有稀释性，因为公司将使用新发行的股份支付。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/Archer-Aviation-stock.png"/></p>
<p><em>Archer Aviation stock dilution</em></p>
<div class="lb-trans"><p><em>Archer Aviation 股票稀释</em></p>
</div><h2>Risk/reward analysis</h2>
<div class="lb-trans"><h2>风险/回报分析</h2>
</div><p>Archer Aviation exists in a high-risk/reward industry that has not been tested yet. On paper, the idea of eVTOL makes sense as cities continues getting bigger and desire for a more hybrid transportation network rise. A research by Markets and Markets estimated that the industry will be worth over $30 billion by 2030, up from less than $2 billion today.</p>
<div class="lb-trans"><p>Archer Aviation 存在于一个尚未经过测试的高风险/回报行业。从理论上讲，eVTOL 的概念是有道理的，因为城市不断扩大，对更混合的交通网络的需求也在增加。Markets and Markets 的一项研究估计，到 2030 年，该行业的价值将超过 300 亿美元，而今天不到 20 亿美元。</p>
</div><p>This explains why Archer Aviation has received so many pre-orders. In the last financial results, the company said that it had a big backlog of over $6 billion from companies like United Airlines and Future Flight Global. That order book is about 6 times the company’s current market cap.</p>
<div class="lb-trans"><p>这解释了为什么 Archer Aviation 收到了如此多的预订。在最近的财务结果中，该公司表示，来自美国联合航空公司和未来飞行全球等公司的订单积压超过 60 亿美元。这一订单量约为公司当前市值的 6 倍。</p>
</div><p>Additionally, Archer Aviation has made substantial progress in its testing process. Its Midnight aircraft has completed its first transition, which is notable because of its 6,500-pound weight. It has also received two crucial certifications, one for its airworthiness and the other one that allows it to operate an airline in the US.</p>
<div class="lb-trans"><p>此外，Archer Aviation 在其测试过程中取得了实质性进展。其 Midnight 飞机已完成首次过渡，这一点值得注意，因为其重量达到 6500 磅。它还获得了两项关键认证，一项是其适航性，另一项允许其在美国运营航空公司。</p>
</div><p>Therefore, if the eVTOL industry does well, chances are that Archer Aviation – and Joby Aviation – are in a pole position. These firms have a chance to become the Teslas of this new industry.</p>
<div class="lb-trans"><p>因此，如果 eVTOL 行业表现良好，那么 Archer Aviation - 以及 Joby Aviation - 将处于领先地位。这些公司有机会成为这个新行业的特斯拉。</p>
</div><p>As such, it makes some sense to invest in Archer Aviation, especially for investors with a long-term horizon.</p>
<div class="lb-trans"><p>因此，对于具有长期视野的投资者来说，投资 Archer Aviation 是有道理的。</p>
</div><p>However, these investors should be aware of several important risks. As noted, there is the issue with dilution, which will be here for a long time.</p>
<div class="lb-trans"><p>然而，这些投资者应该意识到几个重要风险。正如前面所述，稀释问题将长期存在。</p>
</div><p>There is also the risk that the industry will not be as big as what analysts expect. In the past, we have seen some flashy papers on new industries, only for them to implode. Some of the most notable industries are cannabis and 3D printing.</p>
<div class="lb-trans"><p>还有一个风险，即行业规模可能不如分析师预期的那么大。过去，我们曾看到一些关于新兴行业的花哨论文，最终却崩溃了。最值得注意的行业包括大麻和 3D 打印。</p>
</div><p>The post Analysts are upbeat about Archer Aviation stock: should you? appeared first on Invezz</p>
<div class="lb-trans"><p>本文来源于 Invezz，原文链接：Analysts are upbeat about Archer Aviation stock: should you?</p>
</div>

分析师对 Archer Aviation 的股票持乐观态度：你是否也应该如此呢？