<p>今年华尔街经历了一场过山车。主要股指已经回吐了年初的所有涨幅，甚至更多。<strong>标准普尔 500 指数</strong>、<strong>纳斯达克综合指数</strong> 和 <strong>道琼斯工业平均指数</strong> 年初至今分别下跌了 6%、10% 和 5%。</p>
<p>然而，不必费力就能找到逆势而上的股票。今天，我们来看看其中一只股票，<strong>Spotify Technology</strong>（SPOT -3.00%），看看是什么让这只股票现在成为一个毫无疑问的买入选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM4MTQvc3BvdC1zcG90aWZ5LXRlY2hub2xvZ3ktc3RvY2stbWFya2V0LWludmVzdG1lbnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM4MTQvc3BvdC1zcG90aWZ5LXRlY2hub2xvZ3ktc3RvY2stbWFya2V0LWludmVzdG1lbnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Spotify 股票自 2022 年以来表现良好</h2>
<p>Spotify 股票并非昙花一现。它成立于 2006 年，早于数字媒体流媒体的普及。这些年来，它一直是流媒体领域的领导者，为耐心的股东带来了丰厚的回报。</p>
<p>自 2022 年底以来，该公司的股票上涨了 670%。这导致了 128% 的年复合增长率（CAGR）。这是在这一时期内可以找到的最高股票价格 CAGR 之一。远远好于同行 <strong>Netflix</strong>（NFLX 1.39%），后者的 CAGR 为 71%。<strong>Meta Platform</strong>（META 0.96%）的 104% CAGR 也很出色，但仍然不及 Spotify 的增速。<strong>Nvidia</strong>（NVDA 0.12%），人工智能之王，是少数几家超越 Spotify 近期表现的公司之一，CAGR 高达 134%。</p>
<p>显然，自 2022 年以来，Spotify 的股票让聪明的投资者非常满意，但是什么秘密公式推动了这只股票的上涨——它会在未来继续带来回报吗？这是我认为的。</p>
<h2>Spotify 具有粘性</h2>
<p>现在，我并不是说错了：我这是在积极的意义上说的。在经济学中，&#34;粘性&#34;一词指的是一种抵抗变化的变量。</p>
<p>在 Spotify 的案例中，我指的是用户乐于长期留存。可以从公司的低流失率、强烈的参与度和高忠诚度中看到粘性的证据。最后一点至关重要，因为 Spotify 在过去几年中提高了价格。尽管价格上涨，Spotify 的用户基础仍然增加了超过 6000 万，从 2022 年底的 2.06 亿增长到截至 2024 年 12 月 31 日的约 2.65 亿。只有真正粘性的用户基础才能在没有抱怨的情况下吸收价格上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.statcdn.com/Infographic/images/normal/15697.jpeg?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://cdn.statcdn.com/Infographic/images/normal/15697.jpeg"/></p>
<p>图片来源：Statista。</p>
<h2>Spotify 的&#34;粘性&#34;现在是否值得购买？</h2>
<p>简而言之，我认为 Spotify 的&#34;粘性&#34;是公司最大的资产之一。显然，其客户喜欢 Spotify 平台，对于数百万人来说，其音乐、播客和有声书的目录为他们的日常生活提供了背景音乐。</p>
<p>更重要的是，这种消费者忠诚度不仅仅是理论上的商业优势。它现在在 Spotify 的财务报表中得到了体现。该公司多年来一直在努力实现盈利，但这已不再是问题。</p>
<p>除了前面提到的价格上涨，Spotify 自 2022 年以来还降低了内部运营成本。因此，该公司的盈利能力飙升。在 2022 财年，该公司净亏损超过 10 亿美元。而在 2024 年，这一数字转为净利润 12 亿美元。自由现金流，另一个衡量现金利润和财务健康的重要指标，已增加到 25 亿美元。</p>
<p>随着时间的推移，这些利润应该使 Spotify 能够通过股票回购、分红支付或战略收购来回馈股东。</p>
<p>无论如何，聪明的投资者可能想考虑现在增持这家流媒体巨头的股票。你很少能看到如此快速增长与相对温和估值的组合。</p>

SPOT

<p>Spotify 科技的股票表现非常出色，自 2022 年底以来上涨了 670%，超越了 Netflix 和 Meta 等竞争对手。公司的成功归功于其忠实的订阅用户群，尽管价格上涨，用户数量仍从 2.06 亿增长到 2.65 亿。Spotify 在 2024 年实现了盈利，报告净利润为 12 亿美元，自由现金流为 25 亿美元，这使其成为寻求增长和价值的精明投资者的一个有吸引力的投资机会</p>

<p>This year has been a rollercoaster on Wall Street. The major stock market indexes have given back all of their early-year gains -- and then some. The <strong>S&amp;P 500</strong>, <strong>Nasdaq</strong> <strong>Composite</strong>, and <strong>Dow</strong> <strong>Jones</strong> <strong>Industrial</strong> <strong>Average</strong> have retreated 6%, 10%, and 5%, respectively, year-to-date.</p>
<div class="lb-trans"><p>今年华尔街经历了一场过山车。主要股指已经回吐了年初的所有涨幅，甚至更多。<strong>标准普尔 500 指数</strong>、<strong>纳斯达克综合指数</strong> 和 <strong>道琼斯工业平均指数</strong> 年初至今分别下跌了 6%、10% 和 5%。</p>
</div><p>However, one doesn't have to look far to find stocks that have bucked the trend. Today, let's have a look at one such stock, <strong>Spotify Technology</strong>(SPOT -3.00%) and see what could make this name a no-brainer buy right now.</p>
<div class="lb-trans"><p>然而，不必费力就能找到逆势而上的股票。今天，我们来看看其中一只股票，<strong>Spotify Technology</strong>（SPOT -3.00%），看看是什么让这只股票现在成为一个毫无疑问的买入选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM4MTQvc3BvdC1zcG90aWZ5LXRlY2hub2xvZ3ktc3RvY2stbWFya2V0LWludmVzdG1lbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F813814%2Fspot-spotify-technology-stock-market-investment.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>Spotify stock has performed well dating back to 2022</h2>
<div class="lb-trans"><h2>Spotify 股票自 2022 年以来表现良好</h2>
</div><p>Spotify stock is no flash in the pan. It was founded in 2006, years before digital media streaming turned mainstream. It has remained a leader in the streaming media space over all these years, unlocking great benefits for patient shareholders.</p>
<div class="lb-trans"><p>Spotify 股票并非昙花一现。它成立于 2006 年，早于数字媒体流媒体的普及。这些年来，它一直是流媒体领域的领导者，为耐心的股东带来了丰厚的回报。</p>
</div><p>Since late 2022, the company's stock is up 670%. That results in a compound annual growth rate (CAGR) of 128%. That's one of the highest stock price CAGRs one can find over this period. It's far better than fellow streamer <strong>Netflix</strong>(NFLX 1.39%), which boasts an excellent CAGR of 71%. <strong>Meta Platform</strong>'s (META 0.96%) 104% CAGR is fantastic but still falls short of Spotify's pace. <strong>Nvidia</strong>(NVDA 0.12%), the king of AI, is one of the few names to best Spotify's recent performance, with an eye-popping CAGR of 134%.</p>
<div class="lb-trans"><p>自 2022 年底以来，该公司的股票上涨了 670%。这导致了 128% 的年复合增长率（CAGR）。这是在这一时期内可以找到的最高股票价格 CAGR 之一。远远好于同行 <strong>Netflix</strong>（NFLX 1.39%），后者的 CAGR 为 71%。<strong>Meta Platform</strong>（META 0.96%）的 104% CAGR 也很出色，但仍然不及 Spotify 的增速。<strong>Nvidia</strong>（NVDA 0.12%），人工智能之王，是少数几家超越 Spotify 近期表现的公司之一，CAGR 高达 134%。</p>
</div><p>Clearly, Spotify's stock has made savvy investors very happy since 2022, but what is the secret formula that is powering this stock higher -- and will it continue delivering in the future? Here's what I think.</p>
<div class="lb-trans"><p>显然，自 2022 年以来，Spotify 的股票让聪明的投资者非常满意，但是什么秘密公式推动了这只股票的上涨——它会在未来继续带来回报吗？这是我认为的。</p>
</div><h2>Spotify is sticky</h2>
<div class="lb-trans"><h2>Spotify 具有粘性</h2>
</div><p>Now, don't get me wrong: I mean this in a positive sense. In economics, the term &#34;sticky&#34; refers to a variable that is resistant to change.</p>
<div class="lb-trans"><p>现在，我并不是说错了：我这是在积极的意义上说的。在经济学中，&#34;粘性&#34;一词指的是一种抵抗变化的变量。</p>
</div><p>In the case of Spotify, I'm talking about subscribers happily staying around for a long time. One can see the evidence of stickiness in the company's low churn rate, intense engagement, and high levels of loyalty. This final point is key, as Spotify has raised prices twice over the last few years. Despite these price hikes, Spotify's subscriber base has increased by more than 60 million, advancing from 206 million in late 2022 to about 265 million as of its most recent quarter (the three months ending on Dec. 31, 2024). Only a truly sticky subscriber base will absorb price increases without complaint.</p>
<div class="lb-trans"><p>在 Spotify 的案例中，我指的是用户乐于长期留存。可以从公司的低流失率、强烈的参与度和高忠诚度中看到粘性的证据。最后一点至关重要，因为 Spotify 在过去几年中提高了价格。尽管价格上涨，Spotify 的用户基础仍然增加了超过 6000 万，从 2022 年底的 2.06 亿增长到截至 2024 年 12 月 31 日的约 2.65 亿。只有真正粘性的用户基础才能在没有抱怨的情况下吸收价格上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.statcdn.com/Infographic/images/normal/15697.jpeg" alt="" original-src="https://cdn.statcdn.com/Infographic/images/normal/15697.jpeg"/></p>
<p>Image source: Statista.</p>
<div class="lb-trans"><p>图片来源：Statista。</p>
</div><h2>Does Spotify's &#34;Stickiness&#34; make it a buy now?</h2>
<div class="lb-trans"><h2>Spotify 的&#34;粘性&#34;现在是否值得购买？</h2>
</div><p>In a nutshell, I think Spotify's &#34;stickiness&#34; is one of the company's greatest assets. Clearly, its customers enjoy the Spotify platform, and, for millions of people, its catalog of music, podcasts, and audiobooks provides the soundtrack to their daily routine.</p>
<div class="lb-trans"><p>简而言之，我认为 Spotify 的&#34;粘性&#34;是公司最大的资产之一。显然，其客户喜欢 Spotify 平台，对于数百万人来说，其音乐、播客和有声书的目录为他们的日常生活提供了背景音乐。</p>
</div><p>What's more, this consumer loyalty is more than a theoretical business advantage. It is now making itself clear in Spotify's financial statements. The company had struggled for years to turn a profit, but that's no longer an issue.</p>
<div class="lb-trans"><p>更重要的是，这种消费者忠诚度不仅仅是理论上的商业优势。它现在在 Spotify 的财务报表中得到了体现。该公司多年来一直在努力实现盈利，但这已不再是问题。</p>
</div><p>Along with the aforementioned price hikes, Spotify has also cut its internal costs of doing business since 2022. As a result, the company's profitability has soared. In fiscal year 2022, the company posted a net loss of more than $1 billion. In 2024, that figure flipped to a net profit of $1.2 billion. Free cash flow, another critical measure of cash-based profits and financial health, has increased to $2.5 billion.</p>
<div class="lb-trans"><p>除了前面提到的价格上涨，Spotify 自 2022 年以来还降低了内部运营成本。因此，该公司的盈利能力飙升。在 2022 财年，该公司净亏损超过 10 亿美元。而在 2024 年，这一数字转为净利润 12 亿美元。自由现金流，另一个衡量现金利润和财务健康的重要指标，已增加到 25 亿美元。</p>
</div><p>Over time, these profits should allow Spotify to return value to its shareholders via stock buybacks, dividend payments, or strategic acquisitions.</p>
<div class="lb-trans"><p>随着时间的推移，这些利润应该使 Spotify 能够通过股票回购、分红支付或战略收购来回馈股东。</p>
</div><p>At any rate, savvy investors may want to consider adding shares of this streaming giant now. You don't see this combination of rapid growth and relatively modest valuation artios too often.</p>
<div class="lb-trans"><p>无论如何，聪明的投资者可能想考虑现在增持这家流媒体巨头的股票。你很少能看到如此快速增长与相对温和估值的组合。</p>
</div>

Spotify 可能是目前一个显而易见的购买选择