<p><strong>飞塔信息</strong>(FTNT 1.51%) 的股票在过去六个月的股市表现中非常出色，截至目前上涨了惊人的 55%，这得益于强劲的季度报告，显示出这家网络安全专家的增长前景正在改善。</p>
<p>在 2 月 6 日发布 2024 年第四季度财报后，该公司的股票再次受到提振。飞塔信息的股票在此报告发布后上涨了近 3%，因为其收入和收益远超分析师的预期。指引更是锦上添花，飞塔信息 2025 年的前景也超出了市场共识预期。</p>
<p>投资者是否应该在最近的反弹后考虑现在购买飞塔信息的股票，以期待更多的上涨？让我们来看看。</p>
<h2>飞塔信息的估值偏高</h2>
<p>飞塔信息股票的近期反弹使其市盈率达到了 48，相较于科技股为主的 <strong>纳斯达克-100</strong> 指数的 34 倍，这个估值显得较高（使用该指数作为科技股的代理）。前瞻市盈率为 45，也并不便宜，这表明分析师并不期待公司今年的净利润会有大幅增长。</p>
<p>更具体地说，分析师预测飞塔信息今年的收益仅增长 5%，达到每股 2.48 美元，略高于公司指引范围的上限。这将远低于飞塔信息 2024 年 45% 的收益增长。值得注意的是，飞塔信息去年完成了三项收购，这对其账单产生了积极影响，也必然提升了其净利润。</p>
<p>该公司最初预计 2024 年的收益将在每股 1.65 到 1.70 美元之间。飞塔信息的收益还受益于去年库存减值的下降，这导致其 2024 年的毛利率大幅提升。因此，飞塔信息去年强劲的收益增长是由一些可能在 2025 年缺失的额外因素驱动的，从而导致净利润增长速度大幅放缓。</p>
<p>这就是为什么那些希望现在购买这只网络安全股票的投资者可能会对其高估值和较慢的收益增长速度感到担忧。然而，以下图表表明，分析师预计飞塔信息的收益增长将在未来几年加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/05c87d7b412bddc5f6158b11689293ce.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://media.ycharts.com/charts/05c87d7b412bddc5f6158b11689293ce.png"/></p>
<p>FTNT 当前财年每股收益预估数据来自 YCharts</p>
<p>考虑到飞塔信息正在逐步建立一个稳固的收入管道，这应该能够使其实现健康的收入和收益增长，这并不令人惊讶。</p>
<h2>为什么这只高飞的股票可能能够证明其估值合理</h2>
<p>飞塔信息指出，它是网络防火墙安全市场的领先供应商，引用第三方估计，其市场份额超过 50%。这使得飞塔信息在预计到 2034 年网络防火墙市场将增长近两倍半的情况下，处于一个良好的位置。</p>
<p>此外，飞塔信息在快速增长的统一安全接入服务边缘（SASE）领域也在获得 traction，该领域将网络和安全结合为一个平台。由于云服务的日益普及以及近年来远程和混合工作的激增，统一 SASE 正在获得 traction。</p>
<p>根据一项估计，该市场预计到 2029 年将实现 12% 的年增长，并产生 170 亿美元的年收入。好消息是，飞塔信息似乎以比统一 SASE 市场更快的速度增长。该公司在统一 SASE 中的剩余履约义务（RPO）在 2024 年第四季度同比增长 21%，达到 14.5 亿美元。</p>
<p>该指标指的是公司尚未履行的合同的总价值。因此，飞塔信息在统一 SASE 中签署合同的速度表明，它有望在长期内占据这一领域的相当一部分市场。</p>
<p>所有这些都表明，分析师预计飞塔信息的收益增长将改善。假设该公司在 2027 年能够实现每股 3.41 美元的收益，并在那时以 44 倍的市盈率交易（与其五年平均前瞻市盈率一致），其股价可能会达到 150 美元。这将比当前水平上涨 39%。</p>
<p>然而，如果飞塔信息能够凭借其在网络安全领域的稳固地位和在统一 SASE 领域的强劲增长以更快的速度增长，更多的上涨空间是不可忽视的。因此，投资者仍然可以考虑购买这只网络安全股票，因为它在长期内可能会维持其令人印象深刻的反弹。</p>

飞塔信息

<p>Fortinet (FTNT) 的股票在过去六个月中上涨了 55%，得益于强劲的季度业绩和对 2025 年的积极展望。尽管市盈率高达 48，分析师预测今年的盈利增长将放缓至 5%。Fortinet 在网络防火墙市场中处于领先地位，并正在统一安全接入服务边缘（SASE）领域扩展，该领域预计将显著增长。分析师预测到 2027 年股票价格有潜力增长至 150 美元，这表明投资者仍可能考虑购买 Fortinet 股票以获取长期收益</p>

<p><strong>Fortinet</strong>(FTNT 1.51%) stock has been in scintillating form on the stock market over the past six months, rising a remarkable 55% as of this writing on the back of solid quarterly reports that point toward an improvement in the cybersecurity specialist's growth profile.</p>
<div class="lb-trans"><p><strong>飞塔信息</strong>(FTNT 1.51%) 的股票在过去六个月的股市表现中非常出色，截至目前上涨了惊人的 55%，这得益于强劲的季度报告，显示出这家网络安全专家的增长前景正在改善。</p>
</div><p>Shares of the company received another shot in the arm after the release of its fourth-quarter 2024 results on Feb. 6. Fortinet stock was up nearly 3% following this report as revenue and earnings were well ahead of what analysts were anticipating. The guidance was the icing on the cake as Fortinet's 2025 outlook also exceeded consensus estimates.</p>
<div class="lb-trans"><p>在 2 月 6 日发布 2024 年第四季度财报后，该公司的股票再次受到提振。飞塔信息的股票在此报告发布后上涨了近 3%，因为其收入和收益远超分析师的预期。指引更是锦上添花，飞塔信息 2025 年的前景也超出了市场共识预期。</p>
</div><p>Should investors consider buying Fortinet stock right now following its recent rally in anticipation of more upside? Let's find out.</p>
<div class="lb-trans"><p>投资者是否应该在最近的反弹后考虑现在购买飞塔信息的股票，以期待更多的上涨？让我们来看看。</p>
</div><h2>Fortinet's valuation is on the expensive side</h2>
<div class="lb-trans"><h2>飞塔信息的估值偏高</h2>
</div><p>The recent rally in Fortinet stock has brought its price-to-earnings ratio to 48, which is expensive when compared to the tech-laden <strong>Nasdaq-100</strong> index's multiple of 34 (using the index as a proxy for tech stocks). The forward earnings multiple of 45 isn't cheap either, suggesting that analysts aren't expecting a huge increase in the company's bottom line this year.</p>
<div class="lb-trans"><p>飞塔信息股票的近期反弹使其市盈率达到了 48，相较于科技股为主的 <strong>纳斯达克-100</strong> 指数的 34 倍，这个估值显得较高（使用该指数作为科技股的代理）。前瞻市盈率为 45，也并不便宜，这表明分析师并不期待公司今年的净利润会有大幅增长。</p>
</div><p>More specifically, analysts are predicting an increase of just 5% in Fortinet's earnings this year to $2.48 per share, which is a penny above the higher end of the company's guidance range. That's going to be much slower than Fortinet's 2024 earnings jump of 45%. It is worth noting that Fortinet completed three acquisitions last year, which positively impacted its billings and must have given its bottom line a boost as well.</p>
<div class="lb-trans"><p>更具体地说，分析师预测飞塔信息今年的收益仅增长 5%，达到每股 2.48 美元，略高于公司指引范围的上限。这将远低于飞塔信息 2024 年 45% 的收益增长。值得注意的是，飞塔信息去年完成了三项收购，这对其账单产生了积极影响，也必然提升了其净利润。</p>
</div><p>The company was originally anticipating 2024 earnings to land between $1.65 and $1.70 per share. Fortinet's earnings also benefited from a decline in inventory write-downs last year, which led to a sharp increase in its gross margin in 2024. So, Fortinet's robust earnings growth last year was driven by additional factors that are likely to be absent in 2025, thereby leading to much slower bottom-line growth.</p>
<div class="lb-trans"><p>该公司最初预计 2024 年的收益将在每股 1.65 到 1.70 美元之间。飞塔信息的收益还受益于去年库存减值的下降，这导致其 2024 年的毛利率大幅提升。因此，飞塔信息去年强劲的收益增长是由一些可能在 2025 年缺失的额外因素驱动的，从而导致净利润增长速度大幅放缓。</p>
</div><p>That's why investors who are looking to buy this cybersecurity stock right now may be concerned about its high valuation and slower pace of earnings growth. However, the following chart indicates that analysts are expecting an acceleration in Fortinet's earnings growth over the next couple of years.</p>
<div class="lb-trans"><p>这就是为什么那些希望现在购买这只网络安全股票的投资者可能会对其高估值和较慢的收益增长速度感到担忧。然而，以下图表表明，分析师预计飞塔信息的收益增长将在未来几年加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/05c87d7b412bddc5f6158b11689293ce.png" alt="" original-src="https://media.ycharts.com/charts/05c87d7b412bddc5f6158b11689293ce.png"/></p>
<p>FTNT EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>FTNT 当前财年每股收益预估数据来自 YCharts</p>
</div><p>That doesn't seem surprising considering that Fortinet is gradually building a solid revenue pipeline, which should allow it to clock healthy revenue and earnings growth.</p>
<div class="lb-trans"><p>考虑到飞塔信息正在逐步建立一个稳固的收入管道，这应该能够使其实现健康的收入和收益增长，这并不令人惊讶。</p>
</div><h2>Why this high-flying stock may be able to justify its valuation</h2>
<div class="lb-trans"><h2>为什么这只高飞的股票可能能够证明其估值合理</h2>
</div><p>Fortinet points out that it is the leading vendor in the network firewall security market, citing third-party estimates, with a market share of more than 50%. This puts Fortinet in a solid position to capitalize on the network firewall market that's expected to grow by nearly two-and-a-half fold through 2034.</p>
<div class="lb-trans"><p>飞塔信息指出，它是网络防火墙安全市场的领先供应商，引用第三方估计，其市场份额超过 50%。这使得飞塔信息在预计到 2034 年网络防火墙市场将增长近两倍半的情况下，处于一个良好的位置。</p>
</div><p>Additionally, Fortinet is gaining traction in the fast-growing unified secure access service edge (SASE), which combines networking and security into a single platform. Unified SASE is gaining traction thanks to the growing usage of cloud-based services as well as the surge in remote and hybrid work in recent years.</p>
<div class="lb-trans"><p>此外，飞塔信息在快速增长的统一安全接入服务边缘（SASE）领域也在获得 traction，该领域将网络和安全结合为一个平台。由于云服务的日益普及以及近年来远程和混合工作的激增，统一 SASE 正在获得 traction。</p>
</div><p>This market is expected to clock 12% annual growth through 2029 and generate $17 billion in annual revenue, according to one estimate. The good part is that Fortinet seems to be growing at a faster pace than the unified SASE market. The company's remaining performance obligations (RPO) in unified SASE increased 21% year over year in the fourth quarter of 2024 to $1.45 billion.</p>
<div class="lb-trans"><p>根据一项估计，该市场预计到 2029 年将实现 12% 的年增长，并产生 170 亿美元的年收入。好消息是，飞塔信息似乎以比统一 SASE 市场更快的速度增长。该公司在统一 SASE 中的剩余履约义务（RPO）在 2024 年第四季度同比增长 21%，达到 14.5 亿美元。</p>
</div><p>This metric refers to the total value of a company's contracts that are yet to be fulfilled. So, the pace at which Fortinet is signing contracts in unified SASE suggests that it is on track to corner a nice portion of this space in the long run.</p>
<div class="lb-trans"><p>该指标指的是公司尚未履行的合同的总价值。因此，飞塔信息在统一 SASE 中签署合同的速度表明，它有望在长期内占据这一领域的相当一部分市场。</p>
</div><p>All this shows why analysts are forecasting an improvement in Fortinet's earnings growth. Assuming the company manages to generate $3.41 per share in earnings in 2027 and trades at 44 times earnings at that time (in line with its five-year average forward earnings multiple), its stock price could hit $150. That would be a jump of 39% from current levels.</p>
<div class="lb-trans"><p>所有这些都表明，分析师预计飞塔信息的收益增长将改善。假设该公司在 2027 年能够实现每股 3.41 美元的收益，并在那时以 44 倍的市盈率交易（与其五年平均前瞻市盈率一致），其股价可能会达到 150 美元。这将比当前水平上涨 39%。</p>
</div><p>However, more upside cannot be ruled out if Fortinet manages to grow at a stronger pace thanks to its solid position in network security and impressive growth in the unified SASE space. So, investors can still consider buying this cybersecurity stock as it could sustain its impressive rally in the long run.</p>
<div class="lb-trans"><p>然而，如果飞塔信息能够凭借其在网络安全领域的稳固地位和在统一 SASE 领域的强劲增长以更快的速度增长，更多的上涨空间是不可忽视的。因此，投资者仍然可以考虑购买这只网络安全股票，因为它在长期内可能会维持其令人印象深刻的反弹。</p>
</div>

飞塔信息的股票现在是否值得购买？