<p>你知道现在世界上最热门的增长机会之一是投资电动垂直起降（eVTOL）飞机，这些飞机可以用作空中出租车吗？根据 Grand View Research 的分析，全球市场在 2023 年的价值大约为 10 亿美元，到本世纪末将增长到近 290 亿美元。这平均每年的复合增长率约为 55%。</p>
<p>目前 eVTOL 领域的领先公司之一是 <strong>Joby Aviation</strong>（JOBY -0.29%）。它正处于发展的早期阶段，产生的收入微乎其微。它尚未获得飞行其飞机所需的认证，但可能很快就会获得，或许在明年就能实现。由于它正在迅速成长的市场中确立市场领导地位，业务潜力巨大。</p>
<p>最近，Joby 的股票一直在下跌，目前距离其 52 周高点 20.95 美元已下跌近 20%。尽管如此，该股票今年仍然翻了一番，考虑到 eVTOL 市场的热度，短期内可能不会大幅下跌。现在是否是投资 Joby 的理想时机？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MTUvYW4tdmVydGljYWwtdGFrZS1vZmYtYW5kLWxhbmRpbmctYWlyY3JhZnQtdGhhdC1oYXMtbGFuZGVkLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MTUvYW4tdmVydGljYWwtdGFrZS1vZmYtYW5kLWxhbmRpbmctYWlyY3JhZnQtdGhhdC1oYXMtbGFuZGVkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Joby 的估值是否过高，增长过快？</h2>
<p>对于投资者来说，eVTOL 市场存在巨大的机会，但需要考虑一个问题，那就是估值。虽然到本世纪末，全球 eVTOL 市场的价值可能接近 290 亿美元，但截至周一收盘，Joby 的市值接近 150 亿美元。相较于整个行业的规模，Joby 的估值看起来很高，即使其股价在最近几天有所下跌。</p>
<p>这突显了投资如此令人兴奋的股票所面临的挑战之一——估值可能迅速失控。在 150 亿美元的市值下，投资者实际上是在假设 Joby 将获得认证，并能够在明年尽早开始交付一些良好的业绩。</p>
<p>这提高了预期，并且几乎没有安全边际，如果公司出现问题。而尽管 Joby 目前可以说是行业领导者，但在这个领域并非没有竞争。<strong>Archer Aviation</strong> 也接近获得其 eVTOL 飞机 Midnight 的认证。</p>
<p>Joby 的估值无疑很高，但该公司给增长投资者提供了许多看好其未来的理由。</p>
<h2>巨大的机会在前方</h2>
<p>Joby 已经与许多大型组织和企业签订了协议，包括 <strong>丰田</strong>、<strong>达美航空</strong> 和维珍大西洋航空。公司们渴望确保合作伙伴关系，以确保能够在可能是全球最激动人心的新旅行趋势中占据领先地位——通过空中出租车在繁忙城市中出行。Joby 最近还与 <strong>L3Harris</strong> 合作，开发用于国防目的的混合 VTOL 飞机。</p>
<p>第一个重大测试在阿拉伯联合酋长国，Joby 已经开始测试其飞机。它计划在明年开始在那里运营空中出租车。Joby 的 eVTOL 需求不乏。此时的关键是获得认证，并提高生产能力。如果成功，那么看到这只热门股票进一步飙升也就不足为奇了。</p>
<h2>你现在应该投资 Joby 的股票吗？</h2>
<p>Joby 的业务是一个令人兴奋的投资机会。但重要的是不要让情绪占据上风。估值仍然重要，不应被忽视。我担心的是，Joby 的高估值已经反映了最佳情况的预期。尽管它的股价从高点回落，但考虑到整体市场的规模，绝对不是一个便宜的买入。此外，关于该业务是否能够在长期内盈利仍然存在疑问。</p>
<p>鉴于 Joby 距离启动运营如此接近，并且认证也在眼前，你可能想考虑在所有这些事情发生之前先观望，以降低一些风险。这可能意味着在这个过程中放弃一些收益。但考虑到行业仍有如此多的增长潜力，如果 Joby 证明自己是真正的赢家，未来将会有更多的收益可期。就目前而言，我认为在场外观望可能是投资者的最佳选择。</p>

JOBY

<p>Joby Aviation 的股票从其 52 周高点下跌了近 20%，尽管 eVTOL 市场预计到 2030 年将增长至 290 亿美元。分析师警告称，Joby 的 150 亿美元市值相对于其当前收入和来自 Archer Aviation 等公司的竞争可能偏高。虽然 Joby 已与主要公司达成合作，并接近获得认证，但对其估值和长期盈利能力的担忧仍然存在。建议投资者在投资前考虑等待认证和生产 ramp-up，以降低风险</p>

<p>Did you know that one of the hottest growth opportunities in the world right now is investing in electric vertical take-off and landing (eVTOL) aircraft, which can be used as air taxis? According to analysts at Grand View Research, the global market was worth roughly $1 billion in 2023, and it will grow to nearly $29 billion by the end of the decade. That averages out to a compound annual growth rate of approximately 55%.</p>
<div class="lb-trans"><p>你知道现在世界上最热门的增长机会之一是投资电动垂直起降（eVTOL）飞机，这些飞机可以用作空中出租车吗？根据 Grand View Research 的分析，全球市场在 2023 年的价值大约为 10 亿美元，到本世纪末将增长到近 290 亿美元。这平均每年的复合增长率约为 55%。</p>
</div><p>One of the leading companies in the eVTOL space right now is <strong>Joby Aviation</strong>(JOBY -0.29%). It's in the early innings of development and generates minimal revenue. It doesn't have the necessary certification to fly its aircraft just yet, but it should soon, perhaps as early as next year. There's huge potential for the business as it's establishing itself as a market leader in a rapidly growing market.</p>
<div class="lb-trans"><p>目前 eVTOL 领域的领先公司之一是 <strong>Joby Aviation</strong>（JOBY -0.29%）。它正处于发展的早期阶段，产生的收入微乎其微。它尚未获得飞行其飞机所需的认证，但可能很快就会获得，或许在明年就能实现。由于它正在迅速成长的市场中确立市场领导地位，业务潜力巨大。</p>
</div><p>Recently, Joby's stock has been declining, and it's now down close to 20% from its 52-week high of $20.95. The stock has still more than doubled this year, and given the hype in the eVTOL market, it may not go down a whole lot lower anytime soon. Could now be the ideal time to invest in Joby?</p>
<div class="lb-trans"><p>最近，Joby 的股票一直在下跌，目前距离其 52 周高点 20.95 美元已下跌近 20%。尽管如此，该股票今年仍然翻了一番，考虑到 eVTOL 市场的热度，短期内可能不会大幅下跌。现在是否是投资 Joby 的理想时机？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MTUvYW4tdmVydGljYWwtdGFrZS1vZmYtYW5kLWxhbmRpbmctYWlyY3JhZnQtdGhhdC1oYXMtbGFuZGVkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828915%2Fan-vertical-take-off-and-landing-aircraft-that-has-landed.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>Has Joby's valuation gotten too large, too fast?</h2>
<div class="lb-trans"><h2>Joby 的估值是否过高，增长过快？</h2>
</div><p>There is a massive opportunity in the eVTOL market for investors, but one thing to consider is valuation. While the global market for eVTOLs may be worth close to $29 billion by the end of the decade, Joby's market cap as of Monday's close was nearly $15 billion. In relation to the overall size of the industry, Joby's valuation looks high, even with its stock price coming down in recent days.</p>
<div class="lb-trans"><p>对于投资者来说，eVTOL 市场存在巨大的机会，但需要考虑一个问题，那就是估值。虽然到本世纪末，全球 eVTOL 市场的价值可能接近 290 亿美元，但截至周一收盘，Joby 的市值接近 150 亿美元。相较于整个行业的规模，Joby 的估值看起来很高，即使其股价在最近几天有所下跌。</p>
</div><p>This highlights one of the challenges with investing in such an exciting stock -- valuations can get out of hand, quickly. At a market cap of $15 billion, investors are effectively assuming that Joby will obtain certification and will be able to begin delivering some good numbers, potentially as early as next year.</p>
<div class="lb-trans"><p>这突显了投资如此令人兴奋的股票所面临的挑战之一——估值可能迅速失控。在 150 亿美元的市值下，投资者实际上是在假设 Joby 将获得认证，并能够在明年尽早开始交付一些良好的业绩。</p>
</div><p>This sets expectations high, and it leaves little to no margin of safety should the company stumble. And while it's arguably the leader right now, it's not without competition in the space. <strong>Archer Aviation</strong> is also getting close to obtaining certification for its eVTOL aircraft, the Midnight.</p>
<div class="lb-trans"><p>这提高了预期，并且几乎没有安全边际，如果公司出现问题。而尽管 Joby 目前可以说是行业领导者，但在这个领域并非没有竞争。<strong>Archer Aviation</strong> 也接近获得其 eVTOL 飞机 Midnight 的认证。</p>
</div><p>Joby's valuation is undoubtedly high, but the company has been giving growth investors plenty of reasons to be bullish about its future.</p>
<div class="lb-trans"><p>Joby 的估值无疑很高，但该公司给增长投资者提供了许多看好其未来的理由。</p>
</div><h2>A huge opportunity lies ahead</h2>
<div class="lb-trans"><h2>巨大的机会在前方</h2>
</div><p>Joby has been locking up agreements with many big organizations and businesses, including <strong>Toyota</strong>, <strong>Delta Air Lines</strong>, and Virgin Atlantic. Companies are eager to secure partnerships to ensure they can be in the pole position to take advantage of what might be the most exciting new travel trend in the world -- getting around busy cities via air taxis. Joby has also partnered with <strong>L3Harris</strong> recently, to build hybrid VTOL aircraft for defense purposes.</p>
<div class="lb-trans"><p>Joby 已经与许多大型组织和企业签订了协议，包括 <strong>丰田</strong>、<strong>达美航空</strong> 和维珍大西洋航空。公司们渴望确保合作伙伴关系，以确保能够在可能是全球最激动人心的新旅行趋势中占据领先地位——通过空中出租车在繁忙城市中出行。Joby 最近还与 <strong>L3Harris</strong> 合作，开发用于国防目的的混合 VTOL 飞机。</p>
</div><p>The first big test is in the United Arab Emirates, where Joby has begun testing its aircraft. It plans to commence air taxi operations there by next year. There's no shortage of demand for Joby's eVTOLs. The key at this point will be obtaining certification, and ramping up production. If it's successful, then it wouldn't be surprising to see this hot stock soar even higher.</p>
<div class="lb-trans"><p>第一个重大测试在阿拉伯联合酋长国，Joby 已经开始测试其飞机。它计划在明年开始在那里运营空中出租车。Joby 的 eVTOL 需求不乏。此时的关键是获得认证，并提高生产能力。如果成功，那么看到这只热门股票进一步飙升也就不足为奇了。</p>
</div><h2>Should you invest in Joby's stock right now?</h2>
<div class="lb-trans"><h2>你现在应该投资 Joby 的股票吗？</h2>
</div><p>Joby's business is an exciting one to invest in. But it's important to not let emotions take over. Valuation still matters and shouldn't be ignored. My concern is that a best-case scenario is already priced in with Joby's hefty valuation. While it's down from its highs, it's by no means a cheap buy when you consider the size of the overall market. Plus, there are still questions about whether the business can be profitable in the long run.</p>
<div class="lb-trans"><p>Joby 的业务是一个令人兴奋的投资机会。但重要的是不要让情绪占据上风。估值仍然重要，不应被忽视。我担心的是，Joby 的高估值已经反映了最佳情况的预期。尽管它的股价从高点回落，但考虑到整体市场的规模，绝对不是一个便宜的买入。此外，关于该业务是否能够在长期内盈利仍然存在疑问。</p>
</div><p>Given how close Joby is to launching its operations and with certification so close, you may want to consider holding off until all that happens, just to minimize some of your risk. That could mean giving up some gains in the process. But with so much growth potential in the industry still to come, if Joby proves it's the real deal, there will be plenty more gains to come in the long run. For now, I think waiting on the sidelines may be the best option for investors.</p>
<div class="lb-trans"><p>鉴于 Joby 距离启动运营如此接近，并且认证也在眼前，你可能想考虑在所有这些事情发生之前先观望，以降低一些风险。这可能意味着在这个过程中放弃一些收益。但考虑到行业仍有如此多的增长潜力，如果 Joby 证明自己是真正的赢家，未来将会有更多的收益可期。就目前而言，我认为在场外观望可能是投资者的最佳选择。</p>
</div>

Joby Aviation 的股价已从其 52 周高点下跌 20%，现在是否是购买该股票的好时机？