<p>太空发射服务提供商 <strong>Rocket Lab</strong>(RKLB 3.40%) 上周晚些时候发布了第二季度的业绩。再一次，这些业绩表现良好。收入增长，毛利率也在改善。公司预计当前季度也会有类似的进展。</p>
<p>换句话说，这个增长故事正如许多投资者所预期的那样展开。</p>
<p>不过，股票没有因好消息而上涨是有原因的。也就是说，市场可能在等待一些在公司过去或预测的数字中没有体现的东西。具体来说，有一款新火箭正在开发中，预计将在今年晚些时候进行首次飞行，这将使 Rocket Lab 进入太空发射业务的全新领域。</p>
<p>这很重要，因为投资者喜欢这些里程碑式的进展。一些投资者甚至会在一旁观望，等待公司达到这些里程碑。然而，这可能是一个错误。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MjMvcm9ja2V0LWxhdW5jaC5qcGVnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MjMvcm9ja2V0LWxhdW5jaC5qcGVnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Rocket Lab 的混合第二季度</h2>
<p>Rocket Lab 为需要将相对较小的卫星送入低地球轨道的公司提供太空发射服务。所谓的 Electron 火箭能够做到这一点，身高仅为 59 英尺，算是相对较小。但其有效载荷能力可达 661 磅，足以完成任务。迄今为止，其可重复使用的 Electron 火箭已成功进行了 69 次发射，成功部署了 233 颗卫星。</p>
<p>上个季度创纪录的收入 1.445 亿美元的主要来源就是这里（公司还经营卫星技术业务），同比增长 36%，远超 1.354 亿美元的预期。虽然仍未盈利，但其毛利润——即五次 Electron 发射所产生的收入减去这些飞行的直接成本——也相应增长，尽管其净亏损扩大至 5190 万美元，超出预期。这是股票在上周四发布这些业绩后不仅没有上涨，反而略微下跌的主要原因。</p>
<p>然而，股票的一个潜在重大催化剂正在酝酿中。</p>
<h2>即将到来：更大更好！</h2>
<p>卫星的形态已经不再是过去那样。它们曾因必要性而巨大，但现在却不再如此。然而，它们的功能远超其前辈。</p>
<p>将它们送入太空的成本也比过去更具成本效益，尤其是考虑到新火箭的可重复使用性；这对于 Rocket Lab 的可重复使用的 Electron 火箭来说确实如此。然而，实际上，仍然存在一个巨大的市场，用于将更大的卫星和深空任务有效载荷送入轨道。</p>
<p>引入 Neutron。</p>
<p>Neutron 是 Rocket Lab 的下一代火箭，能够将多达 28,000 磅的有效载荷送入太空。或者，对于那些认为前往其他星球的任务已不可避免的人来说，Neutron 可以配置为将超过 3,000 磅的货物、材料、补给，甚至人员送往火星或金星。这使得 Neutron 成为所谓的 “中型发射” 火箭，这对于私营部门公司以及包括 NASA 和美国国防部在内的政府机构仍然非常必要。实际上，随着对更好卫星的需求上升，而将它们送入轨道的成本下降，中型发射的需求实际上在增长。Emergen Research 的前景预测全球中型和重型发射市场将从去年的 125 亿美元增长到 2033 年的每年 290 亿美元，这与 360iResearch 的预测一致。虽然该行业的 “重型发射” 部分在每次发射的基础上仍然是最昂贵的（远远超过其他），但这些大型火箭的发射仍将相对稀少。中型发射将成为太空行业的主力军。</p>
<p>Rocket Lab 并不是中型火箭市场上唯一的竞争者。值得注意的是，<strong>特斯拉</strong> 首席执行官埃隆·马斯克的 SpaceX 一直在测试自己的可重复使用中型发射载具——称为 Falcon 9（Block 5 变体）——自 2018 年首次发射以来，已经成功进行了几百次飞行。<strong>Firefly Aerospace</strong>(FLY -4.03%) 和 <strong>Northrop Grumman</strong>(NOC 0.04%) 也在共同开发一种中型发射火箭，以取代其旧款的 Antares 设计。</p>
<p>不过，Rocket Lab 在这一领域的竞争中无疑具有技术竞争优势。例如，遵循多年来行之有效的公式，它最近完成了对 Geost 的收购，为其内部产品增加了先进的电光和红外有效载荷能力。这些解决方案支持导弹发射预警技术、战术监视和侦察等，装备公司以满足国防部的特定军事级别需求。</p>
<h2>早做总比晚做好</h2>
<p>很好，但这一切与 Rocket Lab 的第二季度收益以及股票对这一鼓舞人心的报告的无反应有什么关系？市场可能在等待 Neutron 的首次飞行以便入场。</p>
<p>理解投资者的犹豫并不困难。Neutron 最初预计去年就会发射。虽然延迟主要是后勤问题，而非设计问题，但这仍然是意外的失望。投资者不想再次受到伤害。</p>
<p>不过，在这家公司的历史大局中，它从未未能实现其目标。只是实现这些目标所需的时间比最初预期的要长。此外，请记住，Rocket Lab 在 Neutron 上工作时间越长，其时间表就越清晰。公司最近猜测将在今年年底之前进行发射，这很可能是一个相当不错的预测，Rocket Lab 确认将处理 Neutron 发射的发射复合体 3 将在本季度结束前完成并投入使用。</p>
<p>如果你在等待这款中型运载火箭的首次发射再购买 Rocket Lab 的股票，那么你可能等得太久了。随着发射日的临近，市场将会提前预期这一发射，悄悄地抬高股价。如果你真的相信公司的潜力，并希望通过其股票最大化收益，那么聪明的做法是在其他人似乎不感兴趣的时候入场——就像现在——并接受在此期间可能会看到一些高于平均水平的波动。</p>
<p>这可能会有所帮助：虽然接下来几个季度的收入或利润不会因 Neutron 的首次发射而获得任何财政收益，但这一收益迟早会到来，而且可以说会更早到来。分析师们预计，今年的收入可能为 5.88 亿美元，到 2027 年将翻倍以上，使公司在这一阶段结束时摆脱亏损，转为盈利。</p>
<p>耐心在这里会得到回报。你只是不想等到最后再入场。</p>

RKLB

<p>Rocket Lab (RKLB) 报告了强劲的第二季度财报，收入增长 36%，达到 1.445 亿美元，超出预期。尽管净亏损扩大至 5190 万美元，公司正在开发一款新的中型运载火箭 Neutron，这可能会显著扩展其市场。全球中型运载市场预计将从 125 亿美元增长到 290 亿美元，至 2033 年。Rocket Lab 收购 Geost 增强了其能力，使其在与 SpaceX 和诺斯罗普·格鲁曼等竞争对手的竞争中处于有利地位。然而，股票对财报的反应较为平淡，这可能是由于市场对未来发展的预期</p>

<p>Space launch service provider <strong>Rocket Lab</strong>(RKLB 3.40%) posted its second-quarter results late last week. And once again, they were good. Revenue was up, and gross profit margin is improving. The company expects more of the same kind of progress for the quarter currently underway, too.</p>
<div class="lb-trans"><p>太空发射服务提供商 <strong>Rocket Lab</strong>(RKLB 3.40%) 上周晚些时候发布了第二季度的业绩。再一次，这些业绩表现良好。收入增长，毛利率也在改善。公司预计当前季度也会有类似的进展。</p>
</div><p>In other words, this growth story is panning out just as many investors were expecting.</p>
<div class="lb-trans"><p>换句话说，这个增长故事正如许多投资者所预期的那样展开。</p>
</div><p>There's a reason shares didn't jump in response to the good news, though. That is, the market may be waiting on something else that doesn't show up in any of the company's past or projected numbers. Namely, there's a new rocket in development that's expected to make its first flight later this year, pushing Rocket Lab into a whole new segment of the space launch business.</p>
<div class="lb-trans"><p>不过，股票没有因好消息而上涨是有原因的。也就是说，市场可能在等待一些在公司过去或预测的数字中没有体现的东西。具体来说，有一款新火箭正在开发中，预计将在今年晚些时候进行首次飞行，这将使 Rocket Lab 进入太空发射业务的全新领域。</p>
</div><p>It matters simply because investors love these sorts of milestones. Some investors will even wait on the sidelines for companies to reach them. That, however, may be a mistake.</p>
<div class="lb-trans"><p>这很重要，因为投资者喜欢这些里程碑式的进展。一些投资者甚至会在一旁观望，等待公司达到这些里程碑。然而，这可能是一个错误。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MjMvcm9ja2V0LWxhdW5jaC5qcGVnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826923%2Frocket-launch.jpeg&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>Rocket Lab's mixed Q2</h2>
<div class="lb-trans"><h2>Rocket Lab 的混合第二季度</h2>
</div><p>Rocket Lab offers space launch services to companies needing to put relatively small satellites into low Earth orbit. The so-called Electron rocket capable of doing so is relatively small at only 59 feet high. But with a payload capacity of up to 661 pounds, it gets the job done well enough. To date, its reusable Electron rockets have made 69 launches to successfully deploy a total of 233 satellites.</p>
<div class="lb-trans"><p>Rocket Lab 为需要将相对较小的卫星送入低地球轨道的公司提供太空发射服务。所谓的 Electron 火箭能够做到这一点，身高仅为 59 英尺，算是相对较小。但其有效载荷能力可达 661 磅，足以完成任务。迄今为止，其可重复使用的 Electron 火箭已成功进行了 69 次发射，成功部署了 233 颗卫星。</p>
</div><p>That's where the bulk of last quarter's record-breaking revenue of $144.5 million came from (the company also operates a satellite technology business), up 36% year over year, and handily topping expectations of $135.4 million. While still unprofitable, its gross profits -- revenue generated by its five Electron launches minus the direct cost of those flights -- grew accordingly even though its net loss widened more than expected to $51.9 million. That's the chief reason shares not only didn't fly following last Thursday's release of these results, but are slightly down in the meantime.</p>
<div class="lb-trans"><p>上个季度创纪录的收入 1.445 亿美元的主要来源就是这里（公司还经营卫星技术业务），同比增长 36%，远超 1.354 亿美元的预期。虽然仍未盈利，但其毛利润——即五次 Electron 发射所产生的收入减去这些飞行的直接成本——也相应增长，尽管其净亏损扩大至 5190 万美元，超出预期。这是股票在上周四发布这些业绩后不仅没有上涨，反而略微下跌的主要原因。</p>
</div><p>A potentially major catalyst for the stock, however, is in the works.</p>
<div class="lb-trans"><p>然而，股票的一个潜在重大催化剂正在酝酿中。</p>
</div><h2>Coming soon: Bigger and better!</h2>
<div class="lb-trans"><h2>即将到来：更大更好！</h2>
</div><p>Satellites aren't what they used to be. They used to be huge out of necessity. Now they're not. Yet they can do so much more than their predecessors did.</p>
<div class="lb-trans"><p>卫星的形态已经不再是过去那样。它们曾因必要性而巨大，但现在却不再如此。然而，它们的功能远超其前辈。</p>
</div><p>Launching them into space is also much more cost-effective than it's been in the past, particularly in light of newer rockets' reusability; that's certainly been the case for Rocket Lab's reusable Electron. The fact is, however, there's still a huge market for ferrying bigger satellites and deeper-space mission payloads into orbit.</p>
<div class="lb-trans"><p>将它们送入太空的成本也比过去更具成本效益，尤其是考虑到新火箭的可重复使用性；这对于 Rocket Lab 的可重复使用的 Electron 火箭来说确实如此。然而，实际上，仍然存在一个巨大的市场，用于将更大的卫星和深空任务有效载荷送入轨道。</p>
</div><p>Enter Neutron.</p>
<div class="lb-trans"><p>引入 Neutron。</p>
</div><p>Neutron is Rocket Lab's next-generation rocket, capable of lifting up to 28,000 pounds of payload into space. Or, for fans of the notion that a mission to another planet is now inevitable, Neutron can be configured to put over 3,000 pounds' worth of cargo, materials, supplies, and even people en route to Mars or Venus. This qualifies Neutron as a so-called &#34;medium lift&#34; rocket, which is still very necessary to private sector companies as well as government agencies, including NASA and the U.S. Department of Defense. Indeed, as the need for better satellites goes up while the cost of putting them into orbit goes down, demand for medium-lift launches is actually growing. An outlook from Emergen Research suggests the global medium and heavy-lift launch market is set to grow from last year's $12.5 billion to $29 billion per year by 2033, jibing with a prediction from 360iResearch. While the &#34;heavy lift&#34; portion of this industry remains the most expensive (by far) on a per-launch basis, launches of these massive rockets will also remain relatively rare. It's the medium-lift launches that are set to become the workhorses of the space industry.</p>
<div class="lb-trans"><p>Neutron 是 Rocket Lab 的下一代火箭，能够将多达 28,000 磅的有效载荷送入太空。或者，对于那些认为前往其他星球的任务已不可避免的人来说，Neutron 可以配置为将超过 3,000 磅的货物、材料、补给，甚至人员送往火星或金星。这使得 Neutron 成为所谓的 “中型发射” 火箭，这对于私营部门公司以及包括 NASA 和美国国防部在内的政府机构仍然非常必要。实际上，随着对更好卫星的需求上升，而将它们送入轨道的成本下降，中型发射的需求实际上在增长。Emergen Research 的前景预测全球中型和重型发射市场将从去年的 125 亿美元增长到 2033 年的每年 290 亿美元，这与 360iResearch 的预测一致。虽然该行业的 “重型发射” 部分在每次发射的基础上仍然是最昂贵的（远远超过其他），但这些大型火箭的发射仍将相对稀少。中型发射将成为太空行业的主力军。</p>
</div><p>Rocket Lab isn't the only competitor within the medium-lift rocket market. Notably, <strong>Tesla</strong> CEO Elon Musk's SpaceX has been testing a reusable medium-lift launch vehicle of its own -- called Falcon 9 (Block 5 variant) -- that's made a few hundred successful flights since its first one in 2018. <strong>Firefly Aerospace</strong>(FLY -4.03%) and <strong>Northrop Grumman</strong>(NOC 0.04%) are also co-developing a medium-lift rocket to replace its older Antares design.</p>
<div class="lb-trans"><p>Rocket Lab 并不是中型火箭市场上唯一的竞争者。值得注意的是，<strong>特斯拉</strong> 首席执行官埃隆·马斯克的 SpaceX 一直在测试自己的可重复使用中型发射载具——称为 Falcon 9（Block 5 变体）——自 2018 年首次发射以来，已经成功进行了几百次飞行。<strong>Firefly Aerospace</strong>(FLY -4.03%) 和 <strong>Northrop Grumman</strong>(NOC 0.04%) 也在共同开发一种中型发射火箭，以取代其旧款的 Antares 设计。</p>
</div><p>Rocket Lab arguably has a competitive technological edge on its competition in this space, though. For instance, sticking with a formula that's worked for years now, it recently completed its acquisition of Geost, adding advanced electro-optical and infrared payload capabilities to its in-house offerings. These solutions support missile-launch warning tech, tactical surveillance and reconnaissance, and more, equipping the company to meet the Department of Defense's specific military-grade needs.</p>
<div class="lb-trans"><p>不过，Rocket Lab 在这一领域的竞争中无疑具有技术竞争优势。例如，遵循多年来行之有效的公式，它最近完成了对 Geost 的收购，为其内部产品增加了先进的电光和红外有效载荷能力。这些解决方案支持导弹发射预警技术、战术监视和侦察等，装备公司以满足国防部的特定军事级别需求。</p>
</div><h2>Better early than late</h2>
<div class="lb-trans"><h2>早做总比晚做好</h2>
</div><p>Great, but what does any of this have to do with Rocket Lab's second-quarter earnings and the stock's non-response to the encouraging report? The market may well be waiting on Neutron to make its first flight to dive in.</p>
<div class="lb-trans"><p>很好，但这一切与 Rocket Lab 的第二季度收益以及股票对这一鼓舞人心的报告的无反应有什么关系？市场可能在等待 Neutron 的首次飞行以便入场。</p>
</div><p>It's certainly not difficult to understand investors' hesitation. Neutron was first expected to go up last year. While the delays were largely logistical ones rather than reflective of design problems, it was still unexpected disappointment. Investors don't want to be burned again.</p>
<div class="lb-trans"><p>理解投资者的犹豫并不困难。Neutron 最初预计去年就会发射。虽然延迟主要是后勤问题，而非设计问题，但这仍然是意外的失望。投资者不想再次受到伤害。</p>
</div><p>In the grand scheme of this company's history, though, it's never failed to achieve its goals. It's only taken more time than initially expected to achieve them. Also, bear in mind that the longer it works on Neutron, the clearer its timeline becomes. Rocket Lab's most recent guess for a launch sometime before the end of this year is likely to be a pretty good one, with the company confirming the Launch Complex 3, which will handle Neutron launches, will be completed and opened before the end of this quarter.</p>
<div class="lb-trans"><p>不过，在这家公司的历史大局中，它从未未能实现其目标。只是实现这些目标所需的时间比最初预期的要长。此外，请记住，Rocket Lab 在 Neutron 上工作时间越长，其时间表就越清晰。公司最近猜测将在今年年底之前进行发射，这很可能是一个相当不错的预测，Rocket Lab 确认将处理 Neutron 发射的发射复合体 3 将在本季度结束前完成并投入使用。</p>
</div><p>If you're waiting for this medium-lift rocket's first launch to buy Rocket Lab stock, however, you're arguably waiting too long. The market's going to anticipate this launch as the day approaches, quietly bidding shares up in the meantime. If you truly believe in the company's potential and want to maximize your gains with its stock, the smart-money move is wading in while nobody else seems interested -- like now -- and just accepting that you may see some above-average volatility in the meantime.</p>
<div class="lb-trans"><p>如果你在等待这款中型运载火箭的首次发射再购买 Rocket Lab 的股票，那么你可能等得太久了。随着发射日的临近，市场将会提前预期这一发射，悄悄地抬高股价。如果你真的相信公司的潜力，并希望通过其股票最大化收益，那么聪明的做法是在其他人似乎不感兴趣的时候入场——就像现在——并接受在此期间可能会看到一些高于平均水平的波动。</p>
</div><p>This might help: While the next couple of quarters' top or bottom lines won't see any fiscal benefit from Neutron's inaugural launch, that benefit is coming sooner or later, and arguably sooner. The analyst community expects this year's likely revenue of $588 million to more than double by 2027, pushing the company out of the red and into the black by the end of that stretch.</p>
<div class="lb-trans"><p>这可能会有所帮助：虽然接下来几个季度的收入或利润不会因 Neutron 的首次发射而获得任何财政收益，但这一收益迟早会到来，而且可以说会更早到来。分析师们预计，今年的收入可能为 5.88 亿美元，到 2027 年将翻倍以上，使公司在这一阶段结束时摆脱亏损，转为盈利。</p>
</div><p>Patience will pay off here. You just won't want to wait to make your entry.</p>
<div class="lb-trans"><p>耐心在这里会得到回报。你只是不想等到最后再入场。</p>
</div>

Rocket Lab 的财报已经公布，但这次的重点不仅仅是数字