<p><strong>Cava</strong>(CAVA -0.85%) 正在做你希望早期国家品牌所做的事情。它以健康的速度增加门店，发布了稳健的餐厅级利润率，并在地中海快餐未曾引起关注的市场中提升了品牌知名度。这种组合自 2023 年夏季首次公开募股（IPO）以来，为股东带来了令人印象深刻的回报。</p>
<p>但尽管股价从 22 美元的 IPO 价格大幅上涨，近期股票却遭遇重创。年初至今，股价下跌了 40%，而且从 52 周高点 172.43 美元的跌幅更大，一些投资者可能希望股价能像 “Nvidia 级别的反弹” 一样，回升到过去的高点。但不幸的是，这种幅度的快速反弹极不可能。投资者可能需要耐心等待股价恢复到这个水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzOTYvZ3Jvd3RoLXN0b2Nrcy10by1idXktbm93LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzOTYvZ3Jvd3RoLXN0b2Nrcy10by1idXktbm93LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>快速但放缓的增长</h2>
<p>Cava 最近一个季度表现良好，但反映出公司增长故事的持续放缓。</p>
<p>第二季度收入增长约 20%，主要得益于新开门店和适度的同店销售增长。重要的是，餐厅级利润率达到了 26.3%，显示出这一概念的可行性。强调公司的最重要催化剂，Cava 在期末时的门店数量接近 400 家，年同比增长率在高十几的水平。</p>
<p>然而，一些警示信号表明，Cava 的股票不太可能在短期内像 Nvidia 那样大幅上涨。首先，管理层的指导下调，以承认今年同店销售趋势的预期疲软。具体来说，管理层现在预计 2025 年全年的同店销售增长率将在 4% 到 6% 之间，低于之前 6% 到 8% 的增长预期。此外，公司第二季度的总收入增长率放缓至 20.3%，低于第一季度的 28.2% 和 2024 年全年的 35.1%。</p>
<p>宏观经济压力正在影响餐饮业。快餐同行，特别是快休闲餐饮，已经注意到客流量的阻力。例如，<strong>Chipotle</strong>(CMG -0.60%) 在第二季度的同店销售同比下降了 4%，管理层将下降归因于销售趋势和消费者环境的波动。在这样的市场中，Cava 的高端定价可能会受到一些更具竞争力的快餐替代品的压力。</p>
<h2>正确看待上行空间</h2>
<p>投资者应该放眼长远，保持耐心。股价在近期回升至 52 周高点的几率几乎为零。</p>
<p>更好的思考方式是：Cava 能否每年增长 15% 或更多的门店，维持健康的同店利润率，并最终稳步扩展其地理覆盖范围，同时保持品牌的新鲜感？如果可以，盈利能力将在未来几年内上升，成长股可能会稳步上涨。这个路径看起来是可信的——尤其是如果管理层真的能在 2032 年前将门店数量 “至少” 增长到 1000 家，如其计划所示。但考虑到截至目前股票的市盈率为 57 倍，股东回报可能只是适度的，而非改变生活的。</p>
<p>一个关键风险是同店销售趋势可能会变得更糟。这意味着新开门店的盈利能力可能低于预期，最终可能会 derail 公司快速扩展门店的计划。当前股票的估值并没有为这种情况留出太多安全边际。</p>
<p>底线：如果管理层找到重新加速同店销售增长的方法，Cava 的股票在长期内可能表现良好。但期待股价飙升是不现实的。投资者应该保持耐心，密切关注餐厅扩张、餐厅客流和交易趋势以及餐厅级利润率。如果这些关键绩效指标在长期内表现良好，股票也可能表现良好。</p>

CAVA

<p>Cava (CAVA) 自 2023 年上市以来表现出稳健的增长，但其股价年初至今已下跌 40%。尽管第二季度收入增长了 20%，且利润率健康达 26.3%，管理层已将 2025 年同店销售增长的指引下调至 4-6%。宏观经济压力和竞争可能会阻碍股价的快速恢复。投资者应关注长期增长潜力，计划到 2032 年扩展至 1,000 个地点，同时对当前的高估值和销售趋势保持谨慎</p>

<p><strong>Cava</strong>(CAVA -0.85%) is doing what you want from an early-stage national brand. It's adding units at a healthy pace, posting solid restaurant-level margins, and building awareness in markets where Mediterranean fast-casual wasn't previously top of mind. That combination has fueled impressive returns for shareholders since its initial public offering (IPO) in the summer of 2023.</p>
<div class="lb-trans"><p><strong>Cava</strong>(CAVA -0.85%) 正在做你希望早期国家品牌所做的事情。它以健康的速度增加门店，发布了稳健的餐厅级利润率，并在地中海快餐未曾引起关注的市场中提升了品牌知名度。这种组合自 2023 年夏季首次公开募股（IPO）以来，为股东带来了令人印象深刻的回报。</p>
</div><p>But even though shares have risen sharply from their IPO price of $22, the stock has been taking a beating as of late. With the stock down 40% year to date and even more from its 52-week high of $172.43, some investors may be hoping the stock goes on an &#34;Nvidia-level run,&#34; climbing back to its past highs. But unfortunately, a rapid move of this extent is extremely unlikely. Investors will likely need to exercise patience while they wait for shares to regain this level.</p>
<div class="lb-trans"><p>但尽管股价从 22 美元的 IPO 价格大幅上涨，近期股票却遭遇重创。年初至今，股价下跌了 40%，而且从 52 周高点 172.43 美元的跌幅更大，一些投资者可能希望股价能像 “Nvidia 级别的反弹” 一样，回升到过去的高点。但不幸的是，这种幅度的快速反弹极不可能。投资者可能需要耐心等待股价恢复到这个水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzOTYvZ3Jvd3RoLXN0b2Nrcy10by1idXktbm93LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831396%2Fgrowth-stocks-to-buy-now.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>Rapid but slowing growth</h2>
<div class="lb-trans"><h2>快速但放缓的增长</h2>
</div><p>Cava's latest quarter was solid, but captures a continued slowdown in the company's growth story.</p>
<div class="lb-trans"><p>Cava 最近一个季度表现良好，但反映出公司增长故事的持续放缓。</p>
</div><p>Second-quarter revenue grew about 20%, driven by new openings and modest same-restaurant sales growth. Importantly, restaurant-level profit margin came in at a meaty 26.3%, showing that the concept travels well. Spotlighting the company's most important catalyst, Cava ended the period with just under 400 locations -- rising at a rate in the high teens year over year.</p>
<div class="lb-trans"><p>第二季度收入增长约 20%，主要得益于新开门店和适度的同店销售增长。重要的是，餐厅级利润率达到了 26.3%，显示出这一概念的可行性。强调公司的最重要催化剂，Cava 在期末时的门店数量接近 400 家，年同比增长率在高十几的水平。</p>
</div><p>However, some areas of caution suggest that Cava shares won't likely be catapulting higher in an Nvidia-like run anytime soon. First, management's guidance was revised lower to acknowledge expectations for softer comparable sales trends this year. Specifically, management now expects full-year 2025 same-store sales to increase at a rate between 4% and 6%, down from previous guidance for 6% to 8% growth. Additionally, the company's total revenue growth rate for Q2 slowed to 20.3%, down from 28.2% in Q1 and 35.1% for the full year of 2024.</p>
<div class="lb-trans"><p>然而，一些警示信号表明，Cava 的股票不太可能在短期内像 Nvidia 那样大幅上涨。首先，管理层的指导下调，以承认今年同店销售趋势的预期疲软。具体来说，管理层现在预计 2025 年全年的同店销售增长率将在 4% 到 6% 之间，低于之前 6% 到 8% 的增长预期。此外，公司第二季度的总收入增长率放缓至 20.3%，低于第一季度的 28.2% 和 2024 年全年的 35.1%。</p>
</div><p>Macroeconomic pressures are weighing on restaurants. Fast-casual peers, specifically, have been noting traffic headwinds. <strong>Chipotle</strong>(CMG -0.60%), for instance, saw same-restaurant sales decline 4% year over year in Q2, with management attributing the decline to volatility in both sales trends and the consumer environment. A market like this could put pressure on Cava's premium pricing compared to some more aggressively priced fast-food alternatives.</p>
<div class="lb-trans"><p>宏观经济压力正在影响餐饮业。快餐同行，特别是快休闲餐饮，已经注意到客流量的阻力。例如，<strong>Chipotle</strong>(CMG -0.60%) 在第二季度的同店销售同比下降了 4%，管理层将下降归因于销售趋势和消费者环境的波动。在这样的市场中，Cava 的高端定价可能会受到一些更具竞争力的快餐替代品的压力。</p>
</div><h2>The right way to think about the upside</h2>
<div class="lb-trans"><h2>正确看待上行空间</h2>
</div><p>Investors should zoom out and have patience. The odds of shares rebounding back to recent 52-week highs anytime soon are almost zero.</p>
<div class="lb-trans"><p>投资者应该放眼长远，保持耐心。股价在近期回升至 52 周高点的几率几乎为零。</p>
</div><p>The better way to think about things is this: Can Cava grow units by 15% or more annually, sustain healthy same-store margins, and, ultimately, steadily expand its geographic footprint while keeping the brand fresh? If yes, earnings power rises for years, and the growth stock may be able to steadily climb higher. The path looks credible -- especially if management can really grow its locations to &#34;at least 1,000&#34; by 2032, like it plans to. But given the stock's premium valuation of 57 times earnings as of this writing, shareholder returns may only be modest -- not life-changing.</p>
<div class="lb-trans"><p>更好的思考方式是：Cava 能否每年增长 15% 或更多的门店，维持健康的同店利润率，并最终稳步扩展其地理覆盖范围，同时保持品牌的新鲜感？如果可以，盈利能力将在未来几年内上升，成长股可能会稳步上涨。这个路径看起来是可信的——尤其是如果管理层真的能在 2032 年前将门店数量 “至少” 增长到 1000 家，如其计划所示。但考虑到截至目前股票的市盈率为 57 倍，股东回报可能只是适度的，而非改变生活的。</p>
</div><p>One key risk is that the same-store sales trends get even worse. This would mean new store openings could be less profitable than anticipated, and it could ultimately derail the company's plans to grow its store footprint so rapidly. The stock's current valuation doesn't leave much margin of safety for a scenario like this.</p>
<div class="lb-trans"><p>一个关键风险是同店销售趋势可能会变得更糟。这意味着新开门店的盈利能力可能低于预期，最终可能会 derail 公司快速扩展门店的计划。当前股票的估值并没有为这种情况留出太多安全边际。</p>
</div><p>Bottom line: Cava shares could perform well over the long haul if management finds a way to reaccelerate same-store sales growth. But expecting shares to soar is unrealistic. Investors should embrace patience and closely monitor restaurant expansion, restaurant traffic and transaction trends, and restaurant-level margins. If these key performance indicators perform well over the long term, the stock is likely to perform well, too.</p>
<div class="lb-trans"><p>底线：如果管理层找到重新加速同店销售增长的方法，Cava 的股票在长期内可能表现良好。但期待股价飙升是不现实的。投资者应该保持耐心，密切关注餐厅扩张、餐厅客流和交易趋势以及餐厅级利润率。如果这些关键绩效指标在长期内表现良好，股票也可能表现良好。</p>
</div>

Is Cava Stock Poised for an Nvidia-Level Run?

- Cava 在 2023 年 IPO 后股东回报显著，但股价已下跌 40%。  
- 第二季度收入增长 20%，但管理层下调了同店销售预期。  
- 投资者需耐心等待，关注餐厅扩张和销售趋势。  

Cava 的股票是否有望达到 Nvidia 级别的涨势？