<p>宠物行业的商业规模比以往任何时候都要大。</p>
<p>在疫情期间，宠物领养激增，宠物支出持续增长，原因包括宠物人性化趋势，越来越多的美国人将宠物视为孩子。</p>
<p>两家抓住这一趋势的公司是 <strong>Chewy</strong>(CHWY -0.39%) 和 <strong>Freshpet</strong>(FRPT 2.11%)。这两只股票通常都表现出强劲的增长，但提供了不同的方式来接触宠物行业。让我们对这两家公司进行评估，以确定今天哪一只股票更值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MjYvZG9nZWNvaW4tc2hpYmEtaW51LmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MjYvZG9nZWNvaW4tc2hpYmEtaW51LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>商业模式：Chewy 与 Freshpet</h2>
<p>Chewy 是宠物行业领先的纯电商公司，通过其定期配送计划建立了忠实的客户基础，该计划定期向客户发送宠物食品和其他产品。Chewy 还销售各种产品，使客户能够轻松将其作为满足所有宠物需求的一站式商店。</p>
<p>该公司在宠物行业的 3,500 个最佳品牌中拥有约 115,000 个库存单位（SKU），其产品选择包括宠物药品甚至宠物保险。</p>
<p>而 Freshpet 则销售新鲜的冷藏宠物食品。该公司以其在超市和宠物食品店中销售的冷藏狗粮卷而闻名。这是一种高端产品，满足了宠物主人希望为宠物提供更高质量食品的需求。</p>
<p>Freshpet 的产品在超过 26,000 家商店中销售，并且正在美国和海外扩展，同时增加新产品。</p>
<p>它在其类别中拥有领先品牌，其生产设施和品牌形象创造了进入壁垒以及竞争优势。</p>
<p>这两家公司都有强大的商业模式，使它们获得了竞争优势。Chewy 在宠物产品的电商领域是明显的领导者，而 Freshpet 在新鲜冷藏宠物食品方面占据主导地位。</p>
<h2>财务状况：Chewy 与 Freshpet</h2>
<p>在最近的财务结果中，这两家公司之间存在显著差异。</p>
<p>Chewy 在历史早期，尤其是在疫情期间，增长迅速，但在最近几个季度增长显著放缓。在第二季度，该公司报告的收入增长仅为 2.6%，达到 28.6 亿美元，并且其收入增长在过去几个季度中放缓。</p>
<p>包括竞争对手 <strong>Petco</strong> 在内的宠物行业大部分公司，在疫情后的时代面临由于通货膨胀压力和疫情期间宠物支出热潮的逆转而导致的增长乏力。</p>
<p>Chewy 确实报告了强劲的底线增长，因为其毛利率改善并且控制了成本。</p>
<p>而 Freshpet 则逆势而上，在该季度报告了 26% 的收入增长，达到 2.534 亿美元，显示出业务的持续强劲。实际上，这标志着其连续第 25 个季度至少增长 25%。与此同时，Freshpet 还实现了稳健的利润率扩张，其调整后的息税折旧摊销前利润（EBITDA）几乎翻倍，达到 4350 万美元。</p>
<h2>估值：Chewy 与 Freshpet</h2>
<p>估值也是评估任何股票的关键指标。</p>
<p>Chewy 当前的市盈率（P/E）为 28，尽管这包括了大量的股票薪酬。</p>
<p>而 Freshpet 则更昂贵，因为其估值是根据其增长记录来确定的。该股票当前的市盈率为 170。</p>
<p>两家公司均不支付股息。</p>
<h2>哪个更值得购买？</h2>
<p>这两家公司在宠物产品行业都有良好的长期前景，但由于 Freshpet 的增长率更强，因此更具优势。</p>
<p>该公司通过新的高效制造工厂有效扩大了规模，并继续通过新商店扩展其产品覆盖范围。另一方面，Chewy 在当前环境中正在努力寻找新的增长途径。</p>
<p>Freshpet 可能是两只股票中更昂贵的，但由于其强劲的增长，它是更值得购买的选择。</p>

CHWY

FRPT

<p>这篇文章比较了两只宠物行业股票，Chewy 和 Freshpet。Chewy 是一个领先的电子商务平台，产品种类繁多，但增长放缓，最近仅报告了 2.6% 的收入增长。Freshpet 以其新鲜宠物食品而闻名，显示出显著的增长，收入增长达 26%，连续 25 个季度表现强劲。尽管 Chewy 的市盈率较低，为 28，但 Freshpet 的强劲增长证明了其较高的市盈率 170 是合理的。总体而言，由于其强劲的增长轨迹，Freshpet 被认为是更好的投资选择</p>

<p>Pets are bigger business than ever.</p>
<div class="lb-trans"><p>宠物行业的商业规模比以往任何时候都要大。</p>
</div><p>Pet adoptions spiked during the pandemic, and spending on pets has continued thanks to trends like the humanization of pets, with more Americans treating their pets like children.</p>
<div class="lb-trans"><p>在疫情期间，宠物领养激增，宠物支出持续增长，原因包括宠物人性化趋势，越来越多的美国人将宠物视为孩子。</p>
</div><p>Two companies that capitalized on that trend are <strong>Chewy</strong>(CHWY -0.39%) and <strong>Freshpet</strong>(FRPT 2.11%). Both stocks have generally delivered strong growth but offer different ways to get exposure to the pet industry. Let's size up both of them in order to determine which is the better buy today.</p>
<div class="lb-trans"><p>两家抓住这一趋势的公司是 <strong>Chewy</strong>(CHWY -0.39%) 和 <strong>Freshpet</strong>(FRPT 2.11%)。这两只股票通常都表现出强劲的增长，但提供了不同的方式来接触宠物行业。让我们对这两家公司进行评估，以确定今天哪一只股票更值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MjYvZG9nZWNvaW4tc2hpYmEtaW51LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796726%2Fdogecoin-shiba-inu.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Business model: Chewy vs. Freshpet</h2>
<div class="lb-trans"><h2>商业模式：Chewy 与 Freshpet</h2>
</div><p>Chewy is the leading pure-play e-commerce company in the pet industry, and it's built a loyal customer base through its autoship program that sends customers pet food and other products on a regular basis. Chewy also sells a wide range of products, making it easy for customers to use it as a one-stop shop for all of their pet needs.</p>
<div class="lb-trans"><p>Chewy 是宠物行业领先的纯电商公司，通过其定期配送计划建立了忠实的客户基础，该计划定期向客户发送宠物食品和其他产品。Chewy 还销售各种产品，使客户能够轻松将其作为满足所有宠物需求的一站式商店。</p>
</div><p>The company has about 115,000 stock-keeping units (SKUs) across products and services from 3,500 of the best brands in the pet industry. Its product selection includes pet pharmaceuticals and even pet insurance.</p>
<div class="lb-trans"><p>该公司在宠物行业的 3,500 个最佳品牌中拥有约 115,000 个库存单位（SKU），其产品选择包括宠物药品甚至宠物保险。</p>
</div><p>Freshpet, on the other hand, sells fresh, refrigerated pet food. The company is best known for its refrigerated rolls of dog food that are sold in branded refrigerators in supermarkets and pet food stores. It's a premium product, and it's tapped into the desire for pet owners to feed their pets better quality food.</p>
<div class="lb-trans"><p>而 Freshpet 则销售新鲜的冷藏宠物食品。该公司以其在超市和宠物食品店中销售的冷藏狗粮卷而闻名。这是一种高端产品，满足了宠物主人希望为宠物提供更高质量食品的需求。</p>
</div><p>Freshpet has its products in more than 26,000 stores, and it's expanding in the U.S. and abroad, while adding new products.</p>
<div class="lb-trans"><p>Freshpet 的产品在超过 26,000 家商店中销售，并且正在美国和海外扩展，同时增加新产品。</p>
</div><p>It has the leading brand in its category, and its production facilities and branding create barriers to entry as well as a competitive advantage.</p>
<div class="lb-trans"><p>它在其类别中拥有领先品牌，其生产设施和品牌形象创造了进入壁垒以及竞争优势。</p>
</div><p>Both companies have strong business models that have given them competitive advantages. Chewy is the clear leader in e-commerce for pet products, while Freshpet dominates in fresh, refrigerated pet food.</p>
<div class="lb-trans"><p>这两家公司都有强大的商业模式，使它们获得了竞争优势。Chewy 在宠物产品的电商领域是明显的领导者，而 Freshpet 在新鲜冷藏宠物食品方面占据主导地位。</p>
</div><h2>Financials: Chewy vs. Freshpet</h2>
<div class="lb-trans"><h2>财务状况：Chewy 与 Freshpet</h2>
</div><p>In recent financial results, there's a significant difference between the two companies.</p>
<div class="lb-trans"><p>在最近的财务结果中，这两家公司之间存在显著差异。</p>
</div><p>Chewy, which was growing rapidly early in its history, especially during the pandemic, has seen growth decelerate significantly in recent quarters. In the second quarter, the company reported just 2.6% revenue growth, reaching $2.86 billion, and its revenue growth has slowed over the last several quarters.</p>
<div class="lb-trans"><p>Chewy 在历史早期，尤其是在疫情期间，增长迅速，但在最近几个季度增长显著放缓。在第二季度，该公司报告的收入增长仅为 2.6%，达到 28.6 亿美元，并且其收入增长在过去几个季度中放缓。</p>
</div><p>Much of the pet industry, including rival <strong>Petco</strong>, faced sluggish growth in the post-pandemic era due to inflationary pressure and a reversal of the pet-spending boom during the pandemic.</p>
<div class="lb-trans"><p>包括竞争对手 <strong>Petco</strong> 在内的宠物行业大部分公司，在疫情后的时代面临由于通货膨胀压力和疫情期间宠物支出热潮的逆转而导致的增长乏力。</p>
</div><p>Chewy did report strong growth on the bottom line as its gross margin improved and it controlled costs.</p>
<div class="lb-trans"><p>Chewy 确实报告了强劲的底线增长，因为其毛利率改善并且控制了成本。</p>
</div><p>Freshpet, on the other hand, has bucked the broader trend in the pet industry, reporting 26% revenue growth to $253.4 million in the quarter, showing the continuing strength of the business. In fact, that marked its 25th consecutive quarter of at least 25% growth. At the same time, Freshpet has also delivered solid-margin expansion, and its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) nearly doubled to $43.5 million.</p>
<div class="lb-trans"><p>而 Freshpet 则逆势而上，在该季度报告了 26% 的收入增长，达到 2.534 亿美元，显示出业务的持续强劲。实际上，这标志着其连续第 25 个季度至少增长 25%。与此同时，Freshpet 还实现了稳健的利润率扩张，其调整后的息税折旧摊销前利润（EBITDA）几乎翻倍，达到 4350 万美元。</p>
</div><h2>Valuation: Chewy vs. Freshpet</h2>
<div class="lb-trans"><h2>估值：Chewy 与 Freshpet</h2>
</div><p>Valuation is also a key metric to assess for any stock.</p>
<div class="lb-trans"><p>估值也是评估任何股票的关键指标。</p>
</div><p>Chewy currently trades at a price-to-earnings (P/E) ratio of 28, though that includes substantial stock-based compensation.</p>
<div class="lb-trans"><p>Chewy 当前的市盈率（P/E）为 28，尽管这包括了大量的股票薪酬。</p>
</div><p>Freshpet, on the other hand, is more expensive as it's valued according to its track record of growth. The stock currently trades at a P/E ratio of 170.</p>
<div class="lb-trans"><p>而 Freshpet 则更昂贵，因为其估值是根据其增长记录来确定的。该股票当前的市盈率为 170。</p>
</div><p>Neither company pays a dividend.</p>
<div class="lb-trans"><p>两家公司均不支付股息。</p>
</div><h2>What's the better buy?</h2>
<div class="lb-trans"><h2>哪个更值得购买？</h2>
</div><p>Both companies have promising long-term prospects in the pet-products industry, but Freshpet gets the edge due to its much stronger growth rate.</p>
<div class="lb-trans"><p>这两家公司在宠物产品行业都有良好的长期前景，但由于 Freshpet 的增长率更强，因此更具优势。</p>
</div><p>The company has scaled up effectively with a new efficient manufacturing plant, and it continues to expand its product reach through new stores. Chewy, on the other hand, is struggling to find new avenues for growth in the current environment.</p>
<div class="lb-trans"><p>该公司通过新的高效制造工厂有效扩大了规模，并继续通过新商店扩展其产品覆盖范围。另一方面，Chewy 在当前环境中正在努力寻找新的增长途径。</p>
</div><p>Freshpet might be the more expensive of the two stocks, but it's the better buy thanks to its strong growth.</p>
<div class="lb-trans"><p>Freshpet 可能是两只股票中更昂贵的，但由于其强劲的增长，它是更值得购买的选择。</p>
</div>

当前最值得购买的股票：Chewy 与 FRESHPET