<p><strong>耐克</strong>(NKE -3.76%) 股票在最新的财报更新后暴跌至新低。这家标志性的运动服装品牌在过去一年中销售额下降，导致股价较之前的高峰下跌了 62%。</p>
<p>过去三年股价的持续下跌可能让股东们怀疑耐克是否会重返昔日辉煌。尽管预计短期内销售仍将疲软，但股票的估值可能低估了耐克的长期增长潜力。</p>
<h2>最近的销售趋势</h2>
<p>当在耐克工作超过 30 年的埃利奥特·希尔被任命为首席执行官时，股票似乎正在触底。然而，投资者不能指望在分析师预计耐克在截至 5 月的财年销售将下降 10% 的情况下，股价会反弹。</p>
<p>耐克产品的需求持续疲软。上个季度，收入在恒定汇率基础上同比下降了 7%。批发和耐克直销的收入均有所下降。这些下降发生在包括 <strong>Lululemon Athletica</strong> 和 <strong>On Holding</strong> 在内的竞争品牌仍在增长之际。</p>
<p>尽管如此，投资者不应将近期销售疲软与耐克品牌实力的下降联系在一起。正如耐克过去 12 个月的收入为 470 亿美元所示，人们倾向于倾向于最具普及性的品牌。耐克在运动服装行业中是一家庞大的企业，与运动服零售商有着宝贵的关系。最近的财报显示出耐克复苏的积极迹象。</p>
<h2>耐克重新发力</h2>
<p>希尔正在实施的一项举措是重新调整对街头服饰产品（如 Air Force 1 和 Air Max 系列）的策略，更加关注能够推动更可预测销售的核心产品。在这一方面，跑鞋在上个季度的销售有所增长，Vomero 5 和 Pegasus 41 的需求强劲。跑步回归耐克早期成长的根基，因此这里的健康需求是未来的积极指标。</p>
<p>耐克在服装方面也在不断创新。希尔指出，其新的 24.7 系列超出了预期，公司正在投资扩大产能以满足需求。</p>
<p>“我们正以专注和紧迫感重新回到各个维度的交付节奏中，” 希尔在财年第三季度财报电话会议上表示。希尔正在将耐克重新带入创新的攻势，并为其产品策略带来新视角，以再次推动行业领先的增长。</p>
<h2>为什么要购买这只股票？</h2>
<p>最近 65 美元的股价是耐克五年来的最低交易价格。股票的估值仍然看起来很高，基于华尔街对 2025 财年收益的共识，前瞻市盈率 (P/E) 目前为 31。耐克在过去 20 年的平均市盈率为 29，在 2008 年熊市后曾低至 11 倍收益。</p>
<p>然而，投资者可以通过展望耐克的盈利潜力来更好地理解股票的价值，因为管理层正在改善销售并降低成本。如果耐克恢复到约 12% 的历史高利润率，这可能意味着在 470 亿美元的年收入下，每股收益约为 3.80 美元。这将使市盈率降至 17。</p>
<p>事实上，分析师预计耐克的收益将在 2027 财年达到 3.67 美元。由于该股票还提供高于平均水平的前瞻性股息收益率 2.46%，投资者可能会从当前股价中获得可观的回报。</p>

耐克

<p>耐克的股票自峰值以来已下跌 62%，原因是销售额下降和最近的财报。尽管销售环境严峻，新任首席执行官 Elliott Hill 专注于核心产品和创新以推动增长。当前股票价格为 65 美元，为五年来最低，前瞻市盈率为 31。分析师预测到 2027 财年，收益可能达到 3.67 美元，这对投资者来说暗示了潜在价值，尤其是股息收益率为 2.46%</p>

<p><strong>Nike</strong>(NKE -3.76%) stock plummeted to new lows following its latest earnings update. This iconic sportswear brand has suffered declining sales over the last year, which has sent the stock down 62% from its previous peak.</p>
<div class="lb-trans"><p><strong>耐克</strong>(NKE -3.76%) 股票在最新的财报更新后暴跌至新低。这家标志性的运动服装品牌在过去一年中销售额下降，导致股价较之前的高峰下跌了 62%。</p>
</div><p>The steady fall in the share price over the last three years might have shareholders wondering if Nike will ever return to its former glory. While sales are expected to remain soft in the near term, the stock's valuation may undervalue Nike's long-term growth potential.</p>
<div class="lb-trans"><p>过去三年股价的持续下跌可能让股东们怀疑耐克是否会重返昔日辉煌。尽管预计短期内销售仍将疲软，但股票的估值可能低估了耐克的长期增长潜力。</p>
</div><h2>Recent sales trends</h2>
<div class="lb-trans"><h2>最近的销售趋势</h2>
</div><p>It seemed the stock was in the process of bottoming out when Elliott Hill, who worked at Nike for over 30 years, was hired as CEO in October. However, investors can't expect the stock to rebound in a year when analysts expect Nike's sales to be down 10% for its May-ending fiscal year.</p>
<div class="lb-trans"><p>当在耐克工作超过 30 年的埃利奥特·希尔被任命为首席执行官时，股票似乎正在触底。然而，投资者不能指望在分析师预计耐克在截至 5 月的财年销售将下降 10% 的情况下，股价会反弹。</p>
</div><p>Demand for Nike's products continues to look very soft. Last quarter, revenue fell 7% year over year on a constant-currency basis. Both wholesale and Nike Direct revenues were down. These declines come as rival brands, including <strong>Lululemon Athletica</strong> and <strong>On Holding</strong>, are still growing.</p>
<div class="lb-trans"><p>耐克产品的需求持续疲软。上个季度，收入在恒定汇率基础上同比下降了 7%。批发和耐克直销的收入均有所下降。这些下降发生在包括 <strong>Lululemon Athletica</strong> 和 <strong>On Holding</strong> 在内的竞争品牌仍在增长之际。</p>
</div><p>Still, investors shouldn't associate recent sales weakness with a decline in Nike's brand power. People have a tendency to gravitate to the most ubiquitous brands, as noted by Nike's trailing-12-month revenue of $47 billion. It's a gigantic business in the sportswear industry with valuable relationships with sports apparel retailers. The recent earnings report revealed encouraging signs for Nike's comeback.</p>
<div class="lb-trans"><p>尽管如此，投资者不应将近期销售疲软与耐克品牌实力的下降联系在一起。正如耐克过去 12 个月的收入为 470 亿美元所示，人们倾向于倾向于最具普及性的品牌。耐克在运动服装行业中是一家庞大的企业，与运动服零售商有着宝贵的关系。最近的财报显示出耐克复苏的积极迹象。</p>
</div><h2>Nike is back on offense</h2>
<div class="lb-trans"><h2>耐克重新发力</h2>
</div><p>One of the initiatives that Hill is implementing is to reset its approach on streetwear products like the Air Force 1 and Air Max franchises and focus more on core products that can drive more predictable sales. On this front, running shoes posted a sales increase last quarter, with strong demand for the Vomero 5 and Pegasus 41. Running goes back to Nike's roots in the early years of its growth, so healthy demand here is a positive indicator for the future.</p>
<div class="lb-trans"><p>希尔正在实施的一项举措是重新调整对街头服饰产品（如 Air Force 1 和 Air Max 系列）的策略，更加关注能够推动更可预测销售的核心产品。在这一方面，跑鞋在上个季度的销售有所增长，Vomero 5 和 Pegasus 41 的需求强劲。跑步回归耐克早期成长的根基，因此这里的健康需求是未来的积极指标。</p>
</div><p>Nike is also pushing the envelope in apparel. Hill noted that its new 24.7 collection exceeded expectations, and the company is investing to expand capacity to meet demand.</p>
<div class="lb-trans"><p>耐克在服装方面也在不断创新。希尔指出，其新的 24.7 系列超出了预期，公司正在投资扩大产能以满足需求。</p>
</div><p>&#34;We're moving with focus and urgency to get back into a rhythm of delivering across all dimensions,&#34; Hill said during the fiscal Q3 earnings call. Hill is putting Nike back on offense in terms of innovation and bringing fresh perspectives to its product strategy that can drive industry-leading growth again.</p>
<div class="lb-trans"><p>“我们正以专注和紧迫感重新回到各个维度的交付节奏中，” 希尔在财年第三季度财报电话会议上表示。希尔正在将耐克重新带入创新的攻势，并为其产品策略带来新视角，以再次推动行业领先的增长。</p>
</div><h2>Why buy the stock?</h2>
<div class="lb-trans"><h2>为什么要购买这只股票？</h2>
</div><p>The recent $65 share price is the lowest Nike has traded in more than five years. The stock's valuation still looks rich, with the forward price-to-earnings (P/E) ratio currently sitting at 31 based on Wall Street's consensus fiscal 2025 earnings estimate. Nike's average P/E over the last 20 years is 29, and it traded as low as 11 times earnings in the wake of the 2008 bear market.</p>
<div class="lb-trans"><p>最近 65 美元的股价是耐克五年来的最低交易价格。股票的估值仍然看起来很高，基于华尔街对 2025 财年收益的共识，前瞻市盈率 (P/E) 目前为 31。耐克在过去 20 年的平均市盈率为 29，在 2008 年熊市后曾低至 11 倍收益。</p>
</div><p>However, investors can get a better perspective on the value in the shares by looking ahead to Nike's earnings potential as management improves sales and reduces costs. If Nike returns to its previous peak profit margin of around 12%, this could translate to around $3.80 of earnings per share on $47 billion of annual revenue. That brings the P/E down to 17.</p>
<div class="lb-trans"><p>然而，投资者可以通过展望耐克的盈利潜力来更好地理解股票的价值，因为管理层正在改善销售并降低成本。如果耐克恢复到约 12% 的历史高利润率，这可能意味着在 470 亿美元的年收入下，每股收益约为 3.80 美元。这将使市盈率降至 17。</p>
</div><p>Indeed, analysts expect Nike's earnings to reach $3.67 by fiscal 2027. With the stock also offering an above-average forward dividend yield of 2.46%, investors could see attractive returns from current share prices.</p>
<div class="lb-trans"><p>事实上，分析师预计耐克的收益将在 2027 财年达到 3.67 美元。由于该股票还提供高于平均水平的前瞻性股息收益率 2.46%，投资者可能会从当前股价中获得可观的回报。</p>
</div>

耐克股票下跌了 62%。现在是买入的好时机吗？