<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2023/06/plug-power1.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/2023/06/plug-power1.jpg"/></p>
<p>Plug Power（PLUG）股价在今年再次遭遇困难，由于对其行业和资产负债表的担忧仍然存在。周一暴跌至 1.7 美元，为 2017 年 4 月以来的最低水平，比历史最高价下跌了 97%。其市值已从 2021 年的超过 420 亿美元下降至 14 亿美元，使其成为表现最差的能源公司之一。</p>
<h2>成为颠覆者很困难</h2>
<p>Plug Power 是一家旨在成为能源行业颠覆者的知名公司。该公司的目标是成为氢能源行业中最大的参与者，通过构建燃料电池系统、绿色氢生产和氢基础设施等解决方案。</p>
<p>氢气一直被誉为清洁能源行业的重要参与者，因为它不会产生污染排放。它可以用于大型工业、车辆和叉车等设备。</p>
<p>Plug Power 面临的挑战在于，它正在从零开始构建绿色氢基础设施，这是一项非常复杂和昂贵的任务。多年来，该公司宣布了巨额亏损。SeekingAlpha 的数据显示，其近几个财政年度的年度亏损总额超过 38 亿美元。</p>
<p>其表现表明，成为任何行业的颠覆者是多么困难。特别是颠覆能源行业更加困难，因为公司需要建立绿色氢能源站点。它还需要建立支持分销的基础设施。</p>
<p>另一个重要问题是，制造绿色氢气成本非常昂贵。数据显示，传统和蓝色氢气的成本约为每公斤 2 美元，而绿色氢气的成本超过了这个数值的两倍。</p>
<h2>未来更多的稀释</h2>
<p>Plug Power 的投资者已经习惯了股份稀释增加，即公司通过发行新股筹集资金。</p>
<p>数据显示，该公司拥有超过 2.28 亿普通股。如今，这一数字已经增加到超过 7.87 亿。这意味着其流通股份增加了超过 285%。</p>
<p>当发生稀释时，现有股东对公司的所有权比例降低，减少了他们的投票权。这也会降低他们的每股收益。</p>
<p>例如，假设 Plug Power 在 2017 年实现了 10 亿美元的年度利润，这意味着每股收益将为 4.46 美元。而如今，流通股份为 7.87 亿，这意味着每股收益为 1.27 美元。</p>
<p>Plug Power 的投资者从能源部（DoE）获益，该部门向其提供了 7.5 亿美元的资金。这些资金帮助公司增强资产负债表，因为成本仍然显著上升。</p>
<p>然而，能源部的资金并没有阻止公司对股东进行稀释。今年 7 月，公司宣布了一项计划，将出售额外股份以筹集资金用于发展。</p>
<p>未来几年，该公司可能需要更多资金。上个季度，公司的现金及现金等价物为 6235 万美元，低于去年 12 月的 1.35 亿美元。其受限制现金增至 2.22 亿美元，而总流动资产超过 16 亿美元。</p>
<p>Plug Power 有巨额负债，包括超过 2.08 亿美元的长期债务、2.45 亿美元的融资义务和超过 2.95 亿美元的租赁义务。</p>
<h2>PLUG 盈利下载</h2>
<p>最近的业绩显示，Plug Power 的营收为 1.43 亿美元，低于 2023 年同期的 2.6 亿美元。其六个月营收从 2023 年的 4.7 亿美元下降至 2.63 亿美元。</p>
<p>营收急剧下降值得注意，因为公司于 2023 年开始从其乔治亚州和田纳西州工厂交付氢气。其燃料销售额在上个季度上升至 2900 万美元，在上半年上升至 4800 万美元。营收下降是因为设备和相关基础设施销售急剧下降。</p>
<p>Plug Power 的季度亏损增至 2.62 亿美元，而加权平均流通股份从 2023 年上半年的 5.93 亿增至 7.36 亿。</p>
<p>因此，尽管 Plug Power 股价便宜，但存在较高的风险，因为预计将发生更多的稀释。</p>
<h2>Plug Power 股价分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Plug-Power-stock-1024x569.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/Plug-Power-stock-1024x569.png"/></p>
<p>周线图显示，PLUG 股价在过去几年一直处于稳定下降趋势。从 2021 年的 75.45 美元下跌至今天的 2 美元以下。因此，股价一直低于所有移动平均线，这意味着空头控制着市场。</p>
<p>积极的一面是，股价形成了一个下降楔形图表模式，并且有高达 26% 的空头头寸。这意味着当美联储在本月晚些时候开始降息时，它可能成为一个潜在的做空挤压候选股。</p>
<p>我的观点是，尽管做空 Plug Power 股价有道理，但在短期内它也存在大幅上涨的风险。</p>
<p>本文描写了 Plug Power 股票存在风险，但不排除做空挤压的可能性。</p>

普拉格能源

<p>Plug Power（PLUG）面临着重大挑战，股价跌至历史低点，原因是行业担忧和巨额亏损，总额超过 18 亿美元。该公司旨在颠覆氢能市场，但面临着高昂的基础设施成本和持续的股东稀释问题，股份从 2.28 亿增加到 7.87 亿。尽管从能源部获得 2 亿美元的资金，但股东稀释仍然可能继续，公司报告显示收入急剧下降，从 1.32 亿美元降至 1 亿美元以下。Plug Power 的前景仍然不容乐观，长期债务相当大，最近的亏损超过 1 亿美元</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2023/06/plug-power1.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2023/06/plug-power1.jpg"/></p>
<p>Plug Power (PLUG) stock price is having another difficult year as concerns about its industry and balance sheet remain. It crashed to $1.7 on Monday, its lowest level since April 2017 and 97% below its all-time high. Its market cap has dropped from over $42 billion in 2021 to $1.4 billion, making it one of the worst-performing energy companies.</p>
<div class="lb-trans"><p>Plug Power（PLUG）股价在今年再次遭遇困难，由于对其行业和资产负债表的担忧仍然存在。周一暴跌至 1.7 美元，为 2017 年 4 月以来的最低水平，比历史最高价下跌了 97%。其市值已从 2021 年的超过 420 亿美元下降至 14 亿美元，使其成为表现最差的能源公司之一。</p>
</div><h2>Hard being a disruptor</h2>
<div class="lb-trans"><h2>成为颠覆者很困难</h2>
</div><p>Plug Power is a high-profile company that aims to become a disruptor in the energy industry. The company’s goal is to become the biggest player in the hydrogen industry, by building solutions like fuel cell systems, green hydrogen production, and hydrogen infrastructure.</p>
<div class="lb-trans"><p>Plug Power 是一家旨在成为能源行业颠覆者的知名公司。该公司的目标是成为氢能源行业中最大的参与者，通过构建燃料电池系统、绿色氢生产和氢基础设施等解决方案。</p>
</div><p>Hydrogen has always been touted as a major player in the clean energy industry because it does not have dirty emissions. It can be used in large industries, vehicles, and equipments like forklifts.</p>
<div class="lb-trans"><p>氢气一直被誉为清洁能源行业的重要参与者，因为它不会产生污染排放。它可以用于大型工业、车辆和叉车等设备。</p>
</div><p>Plug Power’s challenge is that it is building the green hydrogen infrastructure from scratch, a highly complicated and expensive to execute. Over the years, the company has announced substantial losses. Data by SeekingAlpha shows that its annual losses totaled over $3.8 billion in the last financial years.</p>
<div class="lb-trans"><p>Plug Power 面临的挑战在于，它正在从零开始构建绿色氢基础设施，这是一项非常复杂和昂贵的任务。多年来，该公司宣布了巨额亏损。SeekingAlpha 的数据显示，其近几个财政年度的年度亏损总额超过 38 亿美元。</p>
</div><p>Its performance goes to show how hard it is to become a disruptor in any industry. In particular, disrupting the energy sector is more difficult because the company needs to create green hydrogen locations. It also needs to build the infrastructure to support its distribution.</p>
<div class="lb-trans"><p>其表现表明，成为任何行业的颠覆者是多么困难。特别是颠覆能源行业更加困难，因为公司需要建立绿色氢能源站点。它还需要建立支持分销的基础设施。</p>
</div><p>The other big issue is that making green hydrogen is highly expensive. Data shows that conventional and blue hydrogen costs about $2 per kilo while green hydrogen costs more than double.</p>
<div class="lb-trans"><p>另一个重要问题是，制造绿色氢气成本非常昂贵。数据显示，传统和蓝色氢气的成本约为每公斤 2 美元，而绿色氢气的成本超过了这个数值的两倍。</p>
</div><h2>More dilution in the horizon</h2>
<div class="lb-trans"><h2>未来更多的稀释</h2>
</div><p>Plug Power investors are used to increased dilution, where the company raises money by selling new shares.</p>
<div class="lb-trans"><p>Plug Power 的投资者已经习惯了股份稀释增加，即公司通过发行新股筹集资金。</p>
</div><p>Data shows that the company had over 228 million common shares outstanding. Today, the number has increased to over 787 million today. This means that its outstanding shares have jumped by over 285%.</p>
<div class="lb-trans"><p>数据显示，该公司拥有超过 2.28 亿普通股。如今，这一数字已经增加到超过 7.87 亿。这意味着其流通股份增加了超过 285%。</p>
</div><p>When dilution happens, existing shareholders have smaller ownership of the company, reducing their voting power. It also reduces their earnings per share.</p>
<div class="lb-trans"><p>当发生稀释时，现有股东对公司的所有权比例降低，减少了他们的投票权。这也会降低他们的每股收益。</p>
</div><p>For example, assuming that Plug Power made an annual profit of $1 billion in 2017, it means that the earnings per share would have been $4.46. Today, with the outstanding shares at 787 million, it means that the EPS is $1.27.</p>
<div class="lb-trans"><p>例如，假设 Plug Power 在 2017 年实现了 10 亿美元的年度利润，这意味着每股收益将为 4.46 美元。而如今，流通股份为 7.87 亿，这意味着每股收益为 1.27 美元。</p>
</div><p>Plug Power’s investors have benefited from the Department of Energy (DoE), which awarded it with $750 million in funding. These funds have helped the company boost its balance sheet as costs remain significantly elevated.</p>
<div class="lb-trans"><p>Plug Power 的投资者从能源部（DoE）获益，该部门向其提供了 7.5 亿美元的资金。这些资金帮助公司增强资产负债表，因为成本仍然显著上升。</p>
</div><p>Still, the DoE funding has not prevented the company from diluting its shareholders. In July, the company announced a plan to sell additional shares to fund its development.</p>
<div class="lb-trans"><p>然而，能源部的资金并没有阻止公司对股东进行稀释。今年 7 月，公司宣布了一项计划，将出售额外股份以筹集资金用于发展。</p>
</div><p>The company will likely need more money in the next few years. It ended the last quarter with $62.35 million in cash and cash equivalents, down from over $135 million in the December quarter. Its restricted cash rose to over $222 million while its total current assets stood at over $1.6 billion</p>
<div class="lb-trans"><p>未来几年，该公司可能需要更多资金。上个季度，公司的现金及现金等价物为 6235 万美元，低于去年 12 月的 1.35 亿美元。其受限制现金增至 2.22 亿美元，而总流动资产超过 16 亿美元。</p>
</div><p>Plug Power has substantial liabilities, including long-term debt of over $208 million, finance obligations of $245 million, and lease obligations of over $295 million</p>
<div class="lb-trans"><p>Plug Power 有巨额负债，包括超过 2.08 亿美元的长期债务、2.45 亿美元的融资义务和超过 2.95 亿美元的租赁义务。</p>
</div><h2>PLUG earnings download</h2>
<div class="lb-trans"><h2>PLUG 盈利下载</h2>
</div><p>The most recent results showed that Plug Power’s revenue came in at $143 million, down from $260 million in the same period in 2023. Its six-month revenue fell from $470 million to 2023 to over $263 million.</p>
<div class="lb-trans"><p>最近的业绩显示，Plug Power 的营收为 1.43 亿美元，低于 2023 年同期的 2.6 亿美元。其六个月营收从 2023 年的 4.7 亿美元下降至 2.63 亿美元。</p>
</div><p>The sharp decline in revenue was notable because the company started its hydrogen deliveries from its Georgia and Tennessee plants in 2023. Its fuel sales rose to $29 million in the last quarter and to $48 million in the first half of the year. The revenue decline was because of a sharp fall in equipment and related infrastructure sales.</p>
<div class="lb-trans"><p>营收急剧下降值得注意，因为公司于 2023 年开始从其乔治亚州和田纳西州工厂交付氢气。其燃料销售额在上个季度上升至 2900 万美元，在上半年上升至 4800 万美元。营收下降是因为设备和相关基础设施销售急剧下降。</p>
</div><p>Plug Power’s quarterly loss jumped to over $262 million while the weighted average number of outstanding shares jumped to 736 million from 593 million in the first half of 2023.</p>
<div class="lb-trans"><p>Plug Power 的季度亏损增至 2.62 亿美元，而加权平均流通股份从 2023 年上半年的 5.93 亿增至 7.36 亿。</p>
</div><p>Therefore, while the Plug Power stock price is cheap, there is an elevated risk that it might be a value trap since more dilution is expected to happen.</p>
<div class="lb-trans"><p>因此，尽管 Plug Power 股价便宜，但存在较高的风险，因为预计将发生更多的稀释。</p>
</div><h2>Plug Power stock price analysis</h2>
<div class="lb-trans"><h2>Plug Power 股价分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Plug-Power-stock-1024x569.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/Plug-Power-stock-1024x569.png"/></p>
<p>The weekly chart shows that the PLUG share price has been in a steady downtrend in the past few years. It has dropped from a high of $75.45 in 2021 to below $2 today. As a result, the stock has remained below all moving averages, meaning that bears are in control.</p>
<div class="lb-trans"><p>周线图显示，PLUG 股价在过去几年一直处于稳定下降趋势。从 2021 年的 75.45 美元下跌至今天的 2 美元以下。因此，股价一直低于所有移动平均线，这意味着空头控制着市场。</p>
</div><p>On the positive side, the stock has formed a falling wedge chart pattern and has a whopping 26% short interest. This means that it may become a good candidate for a short squeeze, especially when the Federal Reserve starts to cut interest rates later this month.</p>
<div class="lb-trans"><p>积极的一面是，股价形成了一个下降楔形图表模式，并且有高达 26% 的空头头寸。这意味着当美联储在本月晚些时候开始降息时，它可能成为一个潜在的做空挤压候选股。</p>
</div><p>My argument is that, while there is merit to short the Plug Power stock price, there is also a big risk of it going parabolic in the near term.</p>
<div class="lb-trans"><p>我的观点是，尽管做空 Plug Power 股价有道理，但在短期内它也存在大幅上涨的风险。</p>
</div><p>The post Plug Power stock is risky, but a short squeeze can’t be ruled out appeared first on Invezz</p>
<div class="lb-trans"><p>本文描写了 Plug Power 股票存在风险，但不排除做空挤压的可能性。</p>
</div>

普拉格能源的股票风险较高，但不能排除发生空头挤压的可能性