<p><strong>优步科技</strong>（UBER 0.78%）的表现非常出色。截至 6 月 3 日，其股价在 2025 年上涨了 38%。在更广泛的 <strong>标准普尔 500</strong> 指数仅上涨 2% 的情况下，这是一项巨大的收益。</p>
<p>如果你放远一点看，回报率更是令人瞩目。在过去两年中，这只顶级成长股上涨了 109%。强劲的财务表现显然赢得了投资者的青睐。</p>
<p>也许你到目前为止都错过了这次机会。现在投资者购买优步是否已经太晚了？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0NDcvcGFzc2VuZ2VyLW9wZW5pbmctZG9vci1mb3ItcmlkZS1zaGFyZS1zZXJ2aWNlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0NDcvcGFzc2VuZ2VyLW9wZW5pbmctZG9vci1mb3ItcmlkZS1zaGFyZS1zZXJ2aWNlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>多元化的商业模式</h2>
<p>观察优步的巨大崛起真是令人惊叹。曾经仅仅是一个打车服务的优步，已经发展成为一个出行和配送的巨头。在 2019 年第四季度，即 COVID-19 疫情之前，出行的总预订量占公司总量的 75%。而在最新的季度（2025 年第一季度），出行和配送几乎是平分秋色。</p>
<p>这种多元化的模式是难以夸大的，它给优步带来了优势。这体现在能够利用相同的司机网络，使这些零工工作者能够赚取更多收入。优步拥有更多的数据，可以支持各种营销和促销活动。而且，它可以为不想使用多个应用程序的消费者提供整体解决方案。</p>
<p>更重要的是，优步带来了多个收入来源。在 2025 年第一季度，它的出行收入为 65 亿美元，配送收入为 38 亿美元。还有一个货运部门，虽然相对较小。</p>
<h2>产生可观的利润</h2>
<p>曾经可能让批评者难以想象的事情，如今已成为现实。那就是优步现在极其盈利。它是一个规模化的平台，提升了底线表现。优步在第一季度的营业收入为 12 亿美元。这一数字与 2020 年第一季度的 13 亿美元营业亏损相比，显著改善。</p>
<p>对创建更高效组织的新关注显然正在奏效。管理团队预计，2024 年至 2027 年间，调整后的息税折旧摊销前利润（EBITDA）将增长约 37% 至 40%。</p>
<h2>从强势地位运营</h2>
<p>优步继续从强势地位运营，这得益于其巨大的网络效应。第一季度，优步的月活跃用户达到了 1.7 亿。司机超过 700 万。去年，优步的商户数量超过了 100 万。随着用户、司机和商户的增加，整个平台对所有利益相关者的价值不断提升。</p>
<p>优步的竞争地位也得到了其强大品牌影响力的支持。优步这个名字现在常常被用作动词，无论是从 A 点到 B 点的出行，还是进行配送。这种品牌认知对优步的可见性起到了极大的促进作用。</p>
<p>这也突显了优步对其他希望接触如此庞大用户群体的公司的价值。优步最近宣布与 OpenTable 和 <strong>达美航空</strong> 建立合作关系。</p>
<p>而在自动驾驶技术（AV）方面的关键参与者，如 Waymo、<strong>WeRide</strong> 等，也选择与优步合作，以帮助进一步开发、改善和商业化他们的服务。由于优步的竞争优势和无与伦比的覆盖范围，这些合作伙伴依赖于优步是有道理的。优步正在为成为自动驾驶领域的领导者而布局。</p>
<h2>你是否迟到了优步的派对？</h2>
<p>在 2025 年初，优步的股票以非常有吸引力的前瞻市盈率（P/E）16.7 交易。当然，今天的情况并没有那么便宜。目前的倍数为 22.9。然而，我认为这个估值对投资者来说并不算过高。</p>
<p>如前所述，有很多理由看好这项业务。而且仍然存在相当大的增长机会。例如，首席执行官达拉·科斯罗沙希表示，仅自动驾驶技术在美国就呈现出 1 万亿美元的机会。此外，优步正在努力吸引更多青少年，提高乘客的使用频率，并扩大使用场景。</p>
<p>对于潜在投资者来说，长期来看似乎有相当大的上行空间。这意味着现在购买优步股票并不算太晚。</p>

优步

<p>优步科技在 2025 年其股价实现了显著的 38% 的增长，远超标准普尔 500 指数。该公司的多元化商业模式现在包括出行和配送服务，分别贡献了 65 亿美元和 38 亿美元的收入。优步已经实现盈利，在 2025 年第一季度录得 12 亿美元的营业收入。拥有 1.7 亿月活跃用户以及与主要公司的合作关系，优步在未来增长方面具备良好前景，特别是在自动驾驶技术领域。尽管估值上升，分析师认为现在投资优步仍然不算太晚</p>

<p><strong>Uber Technologies</strong>(UBER 0.78%) has been on an absolute tear. As of June 3, its shares have soared 38% in 2025. That's a tremendous gain during a time when the broader <strong>S&amp;P 500</strong> index is up just 2%.</p>
<div class="lb-trans"><p><strong>优步科技</strong>（UBER 0.78%）的表现非常出色。截至 6 月 3 日，其股价在 2025 年上涨了 38%。在更广泛的 <strong>标准普尔 500</strong> 指数仅上涨 2% 的情况下，这是一项巨大的收益。</p>
</div><p>If you zoom out, the return is even more eye-popping. In the past two years, this top growth stock has catapulted 109% higher. Strong financial performance is clearly winning over the investment community.</p>
<div class="lb-trans"><p>如果你放远一点看，回报率更是令人瞩目。在过去两年中，这只顶级成长股上涨了 109%。强劲的财务表现显然赢得了投资者的青睐。</p>
</div><p>Perhaps you've missed the ride thus far. Is it too late for investors to buy Uber?</p>
<div class="lb-trans"><p>也许你到目前为止都错过了这次机会。现在投资者购买优步是否已经太晚了？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0NDcvcGFzc2VuZ2VyLW9wZW5pbmctZG9vci1mb3ItcmlkZS1zaGFyZS1zZXJ2aWNlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820447%2Fpassenger-opening-door-for-ride-share-service.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>Diversified business model</h2>
<div class="lb-trans"><h2>多元化的商业模式</h2>
</div><p>It's been incredible to observe Uber's monumental ascent. What was once solely a ride-hailing service has evolved into both a mobility and delivery behemoth. In Q4 2019, prior to the COVID-19 pandemic, mobility gross bookings represented 75% of the company's total. In the latest quarter (Q1 2025), it was an almost even split between mobility and delivery.</p>
<div class="lb-trans"><p>观察优步的巨大崛起真是令人惊叹。曾经仅仅是一个打车服务的优步，已经发展成为一个出行和配送的巨头。在 2019 年第四季度，即 COVID-19 疫情之前，出行的总预订量占公司总量的 75%。而在最新的季度（2025 年第一季度），出行和配送几乎是平分秋色。</p>
</div><p>This kind of diversified model is hard to overstate, and it gives Uber an advantage. This shows up in the ability to leverage the same driver network, allowing these gig workers to earn more money. Uber has more data to work with, which can support various marketing and promotional activities. And it can be a holistic solution for consumers who don't want to navigate multiple apps.</p>
<div class="lb-trans"><p>这种多元化的模式是难以夸大的，它给优步带来了优势。这体现在能够利用相同的司机网络，使这些零工工作者能够赚取更多收入。优步拥有更多的数据，可以支持各种营销和促销活动。而且，它可以为不想使用多个应用程序的消费者提供整体解决方案。</p>
</div><p>What's more, Uber brings in more than one revenue stream. In the first quarter of 2025, it registered $6.5 billion in revenue from mobility and $3.8 billion from delivery. There is a freight segment as well, which is tiny by comparison.</p>
<div class="lb-trans"><p>更重要的是，优步带来了多个收入来源。在 2025 年第一季度，它的出行收入为 65 亿美元，配送收入为 38 亿美元。还有一个货运部门，虽然相对较小。</p>
</div><h2>Generating substantial profits</h2>
<div class="lb-trans"><h2>产生可观的利润</h2>
</div><p>What was probably once unimaginable to the critics is now a reality. And that is the fact that Uber is extremely profitable these days. It's a scaled platform that is boosting bottom-line performance. Uber posted $1.2 billion in operating income in Q1. That figure is a drastic improvement from a $1.3 billion operating loss in the first quarter of 2020.</p>
<div class="lb-trans"><p>曾经可能让批评者难以想象的事情，如今已成为现实。那就是优步现在极其盈利。它是一个规模化的平台，提升了底线表现。优步在第一季度的营业收入为 12 亿美元。这一数字与 2020 年第一季度的 13 亿美元营业亏损相比，显著改善。</p>
</div><p>A fresh focus on creating a more efficient organization is clearly working. The management team expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow about 37% to 40% between 2024 and 2027.</p>
<div class="lb-trans"><p>对创建更高效组织的新关注显然正在奏效。管理团队预计，2024 年至 2027 年间，调整后的息税折旧摊销前利润（EBITDA）将增长约 37% 至 40%。</p>
</div><h2>Operating from a position of power</h2>
<div class="lb-trans"><h2>从强势地位运营</h2>
</div><p>Uber continues to operate from a position of strength thanks to its tremendous network effect. It counted 170 million monthly active users in Q1. There are more than 7 million drivers. And last year, Uber surpassed 1 million merchants. With more users, drivers, and merchants, the entire platform constantly becomes more valuable to all stakeholders.</p>
<div class="lb-trans"><p>优步继续从强势地位运营，这得益于其巨大的网络效应。第一季度，优步的月活跃用户达到了 1.7 亿。司机超过 700 万。去年，优步的商户数量超过了 100 万。随着用户、司机和商户的增加，整个平台对所有利益相关者的价值不断提升。</p>
</div><p>Uber's competitive position is also supported by its powerful brand presence. The Uber name is now often used as a verb, both for getting from point A to point B and for having something delivered. That mindshare works wonders for Uber's visibility.</p>
<div class="lb-trans"><p>优步的竞争地位也得到了其强大品牌影响力的支持。优步这个名字现在常常被用作动词，无论是从 A 点到 B 点的出行，还是进行配送。这种品牌认知对优步的可见性起到了极大的促进作用。</p>
</div><p>And it highlights just how valuable Uber has become to other companies that want to tap into such a massive user base. Uber recently announced partnerships with OpenTable and <strong>Delta Air Lines</strong>.</p>
<div class="lb-trans"><p>这也突显了优步对其他希望接触如此庞大用户群体的公司的价值。优步最近宣布与 OpenTable 和 <strong>达美航空</strong> 建立合作关系。</p>
</div><p>And key players working on autonomous vehicle (AV) technology, like Waymo, <strong>WeRide</strong>, and many others, have also chosen to partner with Uber to help further develop, improve, and commercialize their services. Because of Uber's competitive strengths and unrivaled reach, it makes sense these partners are leaning on it. Uber is positioning itself to be a leader in AV.</p>
<div class="lb-trans"><p>而在自动驾驶技术（AV）方面的关键参与者，如 Waymo、<strong>WeRide</strong> 等，也选择与优步合作，以帮助进一步开发、改善和商业化他们的服务。由于优步的竞争优势和无与伦比的覆盖范围，这些合作伙伴依赖于优步是有道理的。优步正在为成为自动驾驶领域的领导者而布局。</p>
</div><h2>Are you late to the Uber party?</h2>
<div class="lb-trans"><h2>你是否迟到了优步的派对？</h2>
</div><p>At the start of 2025, shares traded at a very compelling forward price-to-earnings (P/E) ratio of 16.7. Of course, the situation isn't as cheap today. The current multiple is 22.9. However, I don't believe this valuation is asking too much of investors.</p>
<div class="lb-trans"><p>在 2025 年初，优步的股票以非常有吸引力的前瞻市盈率（P/E）16.7 交易。当然，今天的情况并没有那么便宜。目前的倍数为 22.9。然而，我认为这个估值对投资者来说并不算过高。</p>
</div><p>As mentioned, there are many reasons to like this business. And there remains a sizable growth opportunity. For instance, CEO Dara Khosrowshahi says that AV technology alone presents a $1 trillion opportunity just in the U.S. Additionally, Uber is trying to sign up more teenagers, increase rider frequency, and expand use cases.</p>
<div class="lb-trans"><p>如前所述，有很多理由看好这项业务。而且仍然存在相当大的增长机会。例如，首席执行官达拉·科斯罗沙希表示，仅自动驾驶技术在美国就呈现出 1 万亿美元的机会。此外，优步正在努力吸引更多青少年，提高乘客的使用频率，并扩大使用场景。</p>
</div><p>There appears to be substantial upside for prospective investors over the long term. This means it's not too late to buy Uber stock.</p>
<div class="lb-trans"><p>对于潜在投资者来说，长期来看似乎有相当大的上行空间。这意味着现在购买优步股票并不算太晚。</p>
</div>

现在购买优步是否已经太迟了？