<p>在如今寻找表现优异的股票时，你可能会立即想到科技公司。毕竟，人工智能（AI）的主题已经推动市场增长一段时间，像芯片制造商 <strong>Nvidia</strong> 和软件公司 <strong>Palantir Technologies</strong> 这样的公司股价飙升。但科技并不是唯一可以寻找能够实现两位数或三位数增长的公司的地方。</p>
<p>其中一家公司，<strong>Chewy</strong>（CHWY 2.78%），证明了得益于聪明的财务运作和出色的业务，稳健的盈利增长能够带来超越市场的股票表现。这家在线宠物用品和兽医护理零售商的股价今年上涨超过 21%，而 <strong>标准普尔 500 指数</strong> 上涨了 9.6%。</p>
<p>现在是购买这只超越市场的股票的时候了吗，还是已经太晚了？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3MzMvZ2V0dHlpbWFnZXMtbWFuLXdpdGgtZG9nMDEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3MzMvZ2V0dHlpbWFnZXMtbWFuLXdpdGgtZG9nMDEuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>零食、玩具及更多</h2>
<p>首先，让我们谈谈 Chewy 的业务。这家公司提供你最好的朋友——从狗到鱼——喜欢的一切，比如零食、玩具和食物。它甚至提供一些它们不太喜欢的东西，比如处方药，以及现在的兽医就诊。没错：从去年开始，这家公司开始开设兽医诊所。这是一个聪明的举动，因为它扩展了收入来源。它还为公司提供了一种向尚未发现其电子商务业务的宠物主人介绍其业务的方式，或者那些可能需要额外推动来考虑在线购物的宠物主人。</p>
<p>所有这些都帮助 Chewy 随着时间的推移增加了收入和净收入。重要的是，这家零售商能够在保持财务健康的同时做到这一点。截至最近一个季度，Chewy 拥有 6.16 亿美元的现金及现金等价物，并且没有债务。</p>
<p>在截至 5 月的 2025 财年第一季度，该公司报告销售额增长 8%，达到 31 亿美元，超出了其指导范围的高端。该公司还交付了超过 1.92 亿美元的调整后息税折旧摊销前利润（EBITDA）。这比去年同期高出 2980 万美元。Chewy 通过回购股票显示了对其业务的信心——在该季度，它使用了近 5000 万美元自由现金流中的约 2300 万美元回购自己的股票。</p>
<h2>Chewy 的自动配送销售</h2>
<p>Chewy 成功的一个重要驱动因素——也是我特别喜欢的——是 Chewy 与客户之间的关系。那些在 Chewy 购物的人通常是忠诚的，我们可以从自动配送的数字中看到这一点。这是一项允许你设置自动重新订购你最喜欢产品的服务，而自动配送现在占 Chewy 净销售额的 82%。这非常棒，因为它为投资者提供了对 Chewy 销售的季度可见性。</p>
<p>如今，Chewy 的收入也在增长，得益于其向各种品牌提供的赞助广告。该公司表示，2023 年推出的赞助广告是该季度毛利率增长的最大驱动因素。赞助广告，以及自动配送和其他 Chewy 的努力，应该有助于公司将调整后的 EBITDA 利润率从最近一个季度的 6.2% 提升到长期目标的 10%。</p>
<h2>Chewy 的股票贵吗？</h2>
<p>现在，让我们回到我们的问题。Chewy 今年表现出色，但今天这只股票仍然值得购买吗？其股价已经比年初时更贵，现在的交易价格为前瞻性收益预期的 32 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0f9d26216534dfcfe507ce4343d7fc8e.png?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://media.ycharts.com/charts/0f9d26216534dfcfe507ce4343d7fc8e.png"/></p>
<p>CHWY 市盈率（前瞻性）数据来自 YCharts。市盈率=价格与收益的比率。</p>
<p>但是，考虑到 Chewy 的长期前景，这仍然看起来是一个合理的价格。当然，Chewy 在发展过程中可能会遇到一些困难——虽然兽医诊所计划很好，但对 Chewy 来说，重要的是要控制节奏，不要过度扩张。至于宠物用品的销售，Chewy 也继续面临来自专注于低价的零售商，如 <strong>沃尔玛</strong> 或 <strong>亚马逊</strong> 的竞争。这些因素中的任何一个都可能影响增长并构成风险。</p>
<p>话虽如此，Chewy 迄今为止做出了明智的举动，基于我上面提到的几点，整体长期前景看起来光明。投资者通过涌入这只股票来回报这些成功，这一趋势可能还没有结束。但最重要的是，无论 Chewy 在短期内是否继续超越标准普尔 500 指数，该公司具备长期获胜的能力。这使得 Chewy 的股票今天成为一个绝佳的购买选择。</p>

CHWY

<p>Chewy (CHWY) 今年的股票上涨了 21%，表现优于标准普尔 500 指数，这得益于强劲的盈利增长和战略扩展，包括兽医诊所。该公司在 2025 年第一季度报告销售额增长 8%，达到 31 亿美元，并且没有债务，现金为 6.16 亿美元。Chewy 的自动配送服务占净销售额的 82%，提供了收入的稳定性。尽管市盈率较高，达到 32 倍，分析师认为 Chewy 仍然是一个稳健的长期投资，尽管存在竞争和扩展风险</p>

<p>When looking for top-performing stocks these days, you might immediately think of technology players. After all, the theme of artificial intelligence (AI) has been driving market growth for a while now, as companies like chipmaker <strong>Nvidia</strong> and software player <strong>Palantir Technologies</strong> have soared. But tech isn't the only place to search for players that can deliver double- or triple-digit increases.</p>
<div class="lb-trans"><p>在如今寻找表现优异的股票时，你可能会立即想到科技公司。毕竟，人工智能（AI）的主题已经推动市场增长一段时间，像芯片制造商 <strong>Nvidia</strong> 和软件公司 <strong>Palantir Technologies</strong> 这样的公司股价飙升。但科技并不是唯一可以寻找能够实现两位数或三位数增长的公司的地方。</p>
</div><p>One particular company, <strong>Chewy</strong>(CHWY 2.78%), is proving that solid earnings growth over time, thanks to smart financial operations and a great business, can deliver market-beating stock performance. The online retailer of pet supplies and veterinary care has seen its shares advance more than 21% this year, as the <strong>S&amp;P 500</strong> rose 9.6%.</p>
<div class="lb-trans"><p>其中一家公司，<strong>Chewy</strong>（CHWY 2.78%），证明了得益于聪明的财务运作和出色的业务，稳健的盈利增长能够带来超越市场的股票表现。这家在线宠物用品和兽医护理零售商的股价今年上涨超过 21%，而 <strong>标准普尔 500 指数</strong> 上涨了 9.6%。</p>
</div><p>Is it time to buy this market-beating stock, or is it too late to get in on the action? Let's find out.</p>
<div class="lb-trans"><p>现在是购买这只超越市场的股票的时候了吗，还是已经太晚了？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE3MzMvZ2V0dHlpbWFnZXMtbWFuLXdpdGgtZG9nMDEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831733%2Fgettyimages-man-with-dog01.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>Treats, toys, and more</h2>
<div class="lb-trans"><h2>零食、玩具及更多</h2>
</div><p>First, let's talk about Chewy's business. This company offers everything your best friends -- from dogs to fish -- love, like treats, toys, and food. It even offers things they don't like so much, such as prescription drugs, and, now, trips to the vet. That's right: As of last year, the company began opening veterinary clinics. This was a genius move, as it expanded the revenue stream. It also gave the company a way to introduce its e-commerce business to pet parents who hadn't yet discovered it, or who maybe needed an extra nudge to consider online shopping for their pets.</p>
<div class="lb-trans"><p>首先，让我们谈谈 Chewy 的业务。这家公司提供你最好的朋友——从狗到鱼——喜欢的一切，比如零食、玩具和食物。它甚至提供一些它们不太喜欢的东西，比如处方药，以及现在的兽医就诊。没错：从去年开始，这家公司开始开设兽医诊所。这是一个聪明的举动，因为它扩展了收入来源。它还为公司提供了一种向尚未发现其电子商务业务的宠物主人介绍其业务的方式，或者那些可能需要额外推动来考虑在线购物的宠物主人。</p>
</div><p>All this has helped Chewy increase revenue and net income over time. Importantly, the retailer has been able to do this while remaining healthy financially. As of the recent quarter, Chewy had $616 million in cash and equivalents and no debt.</p>
<div class="lb-trans"><p>所有这些都帮助 Chewy 随着时间的推移增加了收入和净收入。重要的是，这家零售商能够在保持财务健康的同时做到这一点。截至最近一个季度，Chewy 拥有 6.16 亿美元的现金及现金等价物，并且没有债务。</p>
</div><p>In the fiscal 2025 first quarter, ended in May, the company reported an 8% increase in sales to $3.1 billion, surpassing the high end of its guidance range. The company also delivered more than $192 million in adjusted EBITDA. That's $29.8 million higher than in the year-earlier period. Chewy is showing that it's confident in its business by buying back shares -- it used about $23 million of its almost $50 million in free cash flow in the quarter to repurchase its own stock.</p>
<div class="lb-trans"><p>在截至 5 月的 2025 财年第一季度，该公司报告销售额增长 8%，达到 31 亿美元，超出了其指导范围的高端。该公司还交付了超过 1.92 亿美元的调整后息税折旧摊销前利润（EBITDA）。这比去年同期高出 2980 万美元。Chewy 通过回购股票显示了对其业务的信心——在该季度，它使用了近 5000 万美元自由现金流中的约 2300 万美元回购自己的股票。</p>
</div><h2>Chewy's AutoShip sales</h2>
<div class="lb-trans"><h2>Chewy 的自动配送销售</h2>
</div><p>One of the big drivers of Chewy's success -- and something I like in particular -- is the relationship Chewy has with its customers. Those who buy at Chewy generally are loyal, and we can see this in AutoShip numbers. This is a service that allows you to set up an automatic reorder of your favorite products, and AutoShip now represents 82% of Chewy's net sales. This is fantastic because it offers investors visibility on Chewy's sales quarter after quarter.</p>
<div class="lb-trans"><p>Chewy 成功的一个重要驱动因素——也是我特别喜欢的——是 Chewy 与客户之间的关系。那些在 Chewy 购物的人通常是忠诚的，我们可以从自动配送的数字中看到这一点。这是一项允许你设置自动重新订购你最喜欢产品的服务，而自动配送现在占 Chewy 净销售额的 82%。这非常棒，因为它为投资者提供了对 Chewy 销售的季度可见性。</p>
</div><p>Chewy is also growing revenue these days thanks to its offering of sponsored ads to various brands. The company says that sponsored ads, introduced in 2023, were the biggest driver of gross margin gains in the quarter. Sponsored ads, as well as AutoShip and other Chewy efforts, should help the company on its path of growing adjusted EBITDA margin from 6.2% in the recent quarter to the long-term goal of 10%.</p>
<div class="lb-trans"><p>如今，Chewy 的收入也在增长，得益于其向各种品牌提供的赞助广告。该公司表示，2023 年推出的赞助广告是该季度毛利率增长的最大驱动因素。赞助广告，以及自动配送和其他 Chewy 的努力，应该有助于公司将调整后的 EBITDA 利润率从最近一个季度的 6.2% 提升到长期目标的 10%。</p>
</div><h2>Is Chewy stock expensive?</h2>
<div class="lb-trans"><h2>Chewy 的股票贵吗？</h2>
</div><p>Now, let's get back to our question. Chewy's been a fantastic performer this year, but is the stock still a buy today? The shares have become more expensive than they were earlier in the year, as they now trade for 32x forward earnings estimates.</p>
<div class="lb-trans"><p>现在，让我们回到我们的问题。Chewy 今年表现出色，但今天这只股票仍然值得购买吗？其股价已经比年初时更贵，现在的交易价格为前瞻性收益预期的 32 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0f9d26216534dfcfe507ce4343d7fc8e.png" alt="" original-src="https://media.ycharts.com/charts/0f9d26216534dfcfe507ce4343d7fc8e.png"/></p>
<p>CHWY PE Ratio (Forward) data by YCharts. PE = price-to-earnings.</p>
<div class="lb-trans"><p>CHWY 市盈率（前瞻性）数据来自 YCharts。市盈率=价格与收益的比率。</p>
</div><p>But, considering Chewy's long-term prospects, this still looks like a reasonable price to pay for the stock. Of course, Chewy may encounter some rough patches along its path -- while the vet clinic plan is great, it's important for Chewy to pace itself and not overexpand. As for sales of pet supplies, Chewy also continues to face competition from retailers that focus on low prices, such as <strong>Walmart</strong> or <strong>Amazon</strong>. Any of these elements could upset growth and represent a risk.</p>
<div class="lb-trans"><p>但是，考虑到 Chewy 的长期前景，这仍然看起来是一个合理的价格。当然，Chewy 在发展过程中可能会遇到一些困难——虽然兽医诊所计划很好，但对 Chewy 来说，重要的是要控制节奏，不要过度扩张。至于宠物用品的销售，Chewy 也继续面临来自专注于低价的零售商，如 <strong>沃尔玛</strong> 或 <strong>亚马逊</strong> 的竞争。这些因素中的任何一个都可能影响增长并构成风险。</p>
</div><p>That said, Chewy has made wise moves so far, and the general long-term picture looks bright thanks to the points I've made above. Investors have rewarded these successes by piling into the stock, and that movement may not be over. But, most importantly, whether Chewy continues to outperform the S&amp;P 500 in the near term or not, the company has what it takes to win over the long term. That makes Chewy stock an excellent buy today.</p>
<div class="lb-trans"><p>话虽如此，Chewy 迄今为止做出了明智的举动，基于我上面提到的几点，整体长期前景看起来光明。投资者通过涌入这只股票来回报这些成功，这一趋势可能还没有结束。但最重要的是，无论 Chewy 在短期内是否继续超越标准普尔 500 指数，该公司具备长期获胜的能力。这使得 Chewy 的股票今天成为一个绝佳的购买选择。</p>
</div>

Chewy 的股票一直表现优于股市。现在是买入的好时机吗？