<p><strong>标准普尔 500 指数</strong>（^GSPC -0.05%）被广泛认为是美国股市最全面的基准，由全国 500 家领先的上市公司组成。由于构成该指数的企业的广泛覆盖，它被视为整体股市表现的最可靠衡量标准。要获得加入标准普尔 500 指数的资格，公司必须满足以下条件：</p>
<ul>
<li>必须是美国公司</li>
<li>市值至少为 227 亿美元</li>
<li>流动性高</li>
<li>至少有 50% 的流通股可供交易</li>
<li>在最近一个季度必须根据公认会计原则（GAAP）盈利</li>
<li>在前四个季度的综合盈利</li>
</ul>
<p><strong>Robinhood Markets</strong>（HOOD -2.29%）是最新加入标准普尔 500 指数的公司，计划于 9 月 22 日加入该基准。这使其成为今年迄今为止仅有的 10 家公司之一。</p>
<p>自 2021 年中期首次公开募股（IPO）以来，Robinhood 的表现远超大盘，收益增长了 237%，而标准普尔 500 指数仅增长了 48%（截至本文撰写时）。股票价格的上涨得益于其强劲的基本面，收入增长了 169%，净收入增长了 1440%——尽管在 COVID-19 大流行期间利润受到挑战。</p>
<p>然而，尽管股票的强劲涨幅和公司加速的增长轨迹，许多人认为 Robinhood 的前景依然广阔。让我们看看未来的机会，并深入探讨为什么华尔街认为该股票值得购买，尽管其估值似乎偏高。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxMjgvYW4taW52ZXN0b3ItcmV2aWV3aW5nLWdyYXBocy1hbmQtY2hhcnRzLW9uLW11bHRpcGxlLWNvbXB1dGVycy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxMjgvYW4taW52ZXN0b3ItcmV2aWV3aW5nLWdyYXBocy1hbmQtY2hhcnRzLW9uLW11bHRpcGxlLWNvbXB1dGVycy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>盘点</h2>
<p>投资曾经是富人和名人的领域，但在过去几十年中，散户投资者逐渐崭露头角。股票不再以 100 股为单位交易，交易佣金几乎消失，投资平台对任何有互联网连接的人都易于访问。</p>
<p>这就是 Robinhood 的出场。该公司成立的理念是 “每个人都应该被欢迎参与我们的金融系统。” 该平台的数字原生设计、易用性和几乎普遍的可访问性推动了 Robinhood 的快速崛起，尽管面临来自更大、更富有竞争对手的竞争，该公司目前在整体市场中占据约 6.5% 的份额，依据 CSI Market 的数据。</p>
<p>Robinhood 制定了三管齐下的增长战略。公司的交易平台涵盖股票、期权、加密货币、预测市场、指数期权和期货交易，从而吸引活跃交易者。它还专注于增加每个用户的资金份额。最后，Robinhood 正在扩展其金融生态系统的广度，增加新功能、产品和服务。</p>
<h2>数据讲述故事</h2>
<p>Robinhood 最近的业绩表明这一战略正在奏效。在第二季度，收入同比增长 45%，达到 9.89 亿美元，导致每股收益（EPS）激增 100%，达到 0.42 美元。</p>
<p>业绩的提升得益于交易收入的增长，交易收入增长了 65%，达到 5.39 亿美元，推动每用户平均收入（ARPU）增长 34%，达到 151 美元。</p>
<p>支撑财务业绩的还有同样强劲的运营指标：</p>
<ul>
<li>Robinhood 的资金客户基础增加到 2650 万，同比增长 10%。</li>
<li>Robinhood Gold（其高级服务）的订阅用户激增 76%。</li>
<li>总平台资产达到 2790 亿美元，增长 99%。</li>
<li>净存款为 138 亿美元，增长 4%。</li>
</ul>
<p>软件即服务（SaaS）公司的成功——包括 Robinhood——通常使用 40 法则来衡量，该法则评估收入增长与盈利能力之间的平衡。任何超过 40% 的数字被视为健康，因此 Robinhood 的得分为 112%，表现优秀。</p>
<p>这家金融科技公司继续扩展其金融服务产品以及地理覆盖范围，这有助于突出 Robinhood 未来增长机会的广度。</p>
<h2>华尔街看好</h2>
<p>Robinhood 的股票在过去一年中飙升了 497%，但华尔街依然看好。截至 9 月，覆盖该股票的 23 位分析师中，有 14 位给予买入或强烈买入评级，7 位给予持有评级，2 位给予表现不佳评级。</p>
<p>Bernstein 分析师 Gautam Chhugani 是最看好的分析师之一，维持买入评级，并将目标价定为 160 美元，这意味着投资者有 36% 的上涨空间，相较于周三的收盘价。</p>
<p>该分析师表示，公司在其交易业务中建立了最佳的 “捕鼠器”，并正在 “构建最先进的多资产金融超级应用，利用技术。” 该分析师进一步表示，他相信 Robinhood 将发展成为 “新一代” 的金融服务领导者。</p>
<p>Robinhood 的股票乍一看似乎价格过高，明年预计收益的市盈率为 55 倍，明年销售的市销率为 22 倍。这有助于说明一个常见的难题，因为最常用的估值指标难以充分评估高增长公司，Robinhood 也不例外。然而，当使用更合适的市盈率与增长比（PEG）来衡量时，该比率为 0.34，任何低于 1 的数字都是被视为被低估的股票的标准。</p>
<p>鉴于其三管齐下的增长战略、强劲的执行力以及华尔街的看好态度，我认为 Robinhood 的股票在加入标准普尔 500 指数之前值得购买。</p>

HOOD

<p>Robinhood Markets 将于 9 月 22 日加入标准普尔 500 指数，自 2021 年首次公开募股以来，其股价上涨了 237%，超过了标准普尔 500 指数的 48% 增幅。该公司的收入增长显著，达到 169%，净收入增长高达 1,440%。华尔街分析师对其前景持乐观态度，23 位分析师中有 14 位给予买入评级，称赞其创新的交易平台和增长战略。尽管估值较高，分析师们认为 Robinhood 在未来有望成为新一代金融服务的领导者</p>

<p>The <strong>S&amp;P 500</strong>(^GSPC -0.05%) is widely accepted as the most comprehensive benchmark of the U.S. stock market, made up of the 500 leading publicly traded companies in the nation. Given the extensive reach of the businesses that make the index, it is regarded as the most reliable measure of overall stock market performance. To be granted admission to the S&amp;P 500, a company must meet the following conditions:</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong>（^GSPC -0.05%）被广泛认为是美国股市最全面的基准，由全国 500 家领先的上市公司组成。由于构成该指数的企业的广泛覆盖，它被视为整体股市表现的最可靠衡量标准。要获得加入标准普尔 500 指数的资格，公司必须满足以下条件：</p>
</div><ul>
<li>Be a U.S.-based company</li>
<li>Have a market cap of at least $22.7 billion</li>
<li>Be highly liquid</li>
<li>Have at least 50% of its outstanding shares available for trading</li>
<li>Must be profitable based on generally accepted accounting principles (GAAP) in the most recent quarter</li>
<li>Must be profitable over the preceding four quarters combined</li>
</ul>
<div class="lb-trans"><ul>
<li>必须是美国公司</li>
<li>市值至少为 227 亿美元</li>
<li>流动性高</li>
<li>至少有 50% 的流通股可供交易</li>
<li>在最近一个季度必须根据公认会计原则（GAAP）盈利</li>
<li>在前四个季度的综合盈利</li>
</ul>
</div><p><strong>Robinhood Markets</strong>(HOOD -2.29%) is the latest addition to the S&amp;P 500, scheduled to join the benchmark on Sept. 22. That makes it one of only 10 companies to be granted admission so far this year.</p>
<div class="lb-trans"><p><strong>Robinhood Markets</strong>（HOOD -2.29%）是最新加入标准普尔 500 指数的公司，计划于 9 月 22 日加入该基准。这使其成为今年迄今为止仅有的 10 家公司之一。</p>
</div><p>Since its initial public offering (IPO) in mid-2021, Robinhood has soundly thrashed the broader market, generating gains of 237%, compared to just 48% for the S&amp;P 500 (as of this writing). The stock price gains have been fueled by its strong underlying fundamentals, as revenue has jumped 169% and net income has risen 1,440% -- despite struggling profits during the COVID-19 pandemic.</p>
<div class="lb-trans"><p>自 2021 年中期首次公开募股（IPO）以来，Robinhood 的表现远超大盘，收益增长了 237%，而标准普尔 500 指数仅增长了 48%（截至本文撰写时）。股票价格的上涨得益于其强劲的基本面，收入增长了 169%，净收入增长了 1440%——尽管在 COVID-19 大流行期间利润受到挑战。</p>
</div><p>Yet, despite the stock's robust gains and the company's accelerating track record of growth, many believe the runway ahead is long for Robinhood. Let's view the opportunity ahead and dig into why Wall Street considers the stock a buy, despite its seemingly premium valuation.</p>
<div class="lb-trans"><p>然而，尽管股票的强劲涨幅和公司加速的增长轨迹，许多人认为 Robinhood 的前景依然广阔。让我们看看未来的机会，并深入探讨为什么华尔街认为该股票值得购买，尽管其估值似乎偏高。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxMjgvYW4taW52ZXN0b3ItcmV2aWV3aW5nLWdyYXBocy1hbmQtY2hhcnRzLW9uLW11bHRpcGxlLWNvbXB1dGVycy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833128%2Fan-investor-reviewing-graphs-and-charts-on-multiple-computers.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>Taking stock</h2>
<div class="lb-trans"><h2>盘点</h2>
</div><p>Investing was once the domain of the rich and famous, but over the past few decades, retail investors have come into their own. Stocks no longer trade in blocks of 100, commissions on trades have largely vanished, and investing platforms are easily accessible to anyone with an internet connection.</p>
<div class="lb-trans"><p>投资曾经是富人和名人的领域，但在过去几十年中，散户投资者逐渐崭露头角。股票不再以 100 股为单位交易，交易佣金几乎消失，投资平台对任何有互联网连接的人都易于访问。</p>
</div><p>That's where Robinhood comes in. The company was founded on the idea that &#34;everyone should be welcome to participate in our financial system.&#34; The platform's digitally native design, ease of use, and near-universal accessibility have fueled Robinhood's quick ascent, as the company now commands roughly 6.5% of the overall market, according to CSI Market, despite competition from larger, well-heeled rivals.</p>
<div class="lb-trans"><p>这就是 Robinhood 的出场。该公司成立的理念是 “每个人都应该被欢迎参与我们的金融系统。” 该平台的数字原生设计、易用性和几乎普遍的可访问性推动了 Robinhood 的快速崛起，尽管面临来自更大、更富有竞争对手的竞争，该公司目前在整体市场中占据约 6.5% 的份额，依据 CSI Market 的数据。</p>
</div><p>Robinhood has laid out a three-pronged strategy for driving growth. The company's trading platform covers equities, options, cryptocurrency, prediction markets, index options, and futures trading, thereby attracting active traders. It's also focused on earning more of each user's wallet share. Finally, Robinhood is expanding the breadth of its financial ecosystem, adding new features, products, and services.</p>
<div class="lb-trans"><p>Robinhood 制定了三管齐下的增长战略。公司的交易平台涵盖股票、期权、加密货币、预测市场、指数期权和期货交易，从而吸引活跃交易者。它还专注于增加每个用户的资金份额。最后，Robinhood 正在扩展其金融生态系统的广度，增加新功能、产品和服务。</p>
</div><h2>The numbers tell the tale</h2>
<div class="lb-trans"><h2>数据讲述故事</h2>
</div><p>Robinhood's most recent results suggest this strategy is paying off. In the second quarter, revenue grew 45% year over year to $989 million, resulting in a 100% surge in earnings per share (EPS) to $0.42.</p>
<div class="lb-trans"><p>Robinhood 最近的业绩表明这一战略正在奏效。在第二季度，收入同比增长 45%，达到 9.89 亿美元，导致每股收益（EPS）激增 100%，达到 0.42 美元。</p>
</div><p>The results were driven higher by transaction-based revenue that jumped 65% to $539 million, fueling average revenue per user (ARPU) that increased 34% to $151.</p>
<div class="lb-trans"><p>业绩的提升得益于交易收入的增长，交易收入增长了 65%，达到 5.39 亿美元，推动每用户平均收入（ARPU）增长 34%，达到 151 美元。</p>
</div><p>Underpinning the financial results were equally robust operational metrics:</p>
<div class="lb-trans"><p>支撑财务业绩的还有同样强劲的运营指标：</p>
</div><ul>
<li>Robinhood's funded customer base increased to 26.5 million, up 10% year over year.</li>
<li>Subscribers to Robinhood Gold, its premium tier, soared 76%.</li>
<li>Total platform assets reached $279 billion, a 99% surge.</li>
<li>Net deposits of $13.8 billion climbed 4%.</li>
</ul>
<div class="lb-trans"><ul>
<li>Robinhood 的资金客户基础增加到 2650 万，同比增长 10%。</li>
<li>Robinhood Gold（其高级服务）的订阅用户激增 76%。</li>
<li>总平台资产达到 2790 亿美元，增长 99%。</li>
<li>净存款为 138 亿美元，增长 4%。</li>
</ul>
</div><p>The success of software-as-a-service (SaaS) companies -- including Robinhood -- is often measured using the Rule of 40, which gauges the balance between revenue growth and profitability. Any number above 40% is considered healthy, so Robinhood's score of 112% is excellent.</p>
<div class="lb-trans"><p>软件即服务（SaaS）公司的成功——包括 Robinhood——通常使用 40 法则来衡量，该法则评估收入增长与盈利能力之间的平衡。任何超过 40% 的数字被视为健康，因此 Robinhood 的得分为 112%，表现优秀。</p>
</div><p>The fintech company continues to expand its financial services offerings, as well as its geographical footprint, which helps to highlight the reach of Robinhood's future growth opportunities.</p>
<div class="lb-trans"><p>这家金融科技公司继续扩展其金融服务产品以及地理覆盖范围，这有助于突出 Robinhood 未来增长机会的广度。</p>
</div><h2>Wall Street is bullish</h2>
<div class="lb-trans"><h2>华尔街看好</h2>
</div><p>Robinhood stock has surged 497% over the past year, but Wall Street remains bullish. Of the 23 analysts that covered the stock thus far in September, 14 rate it a buy or strong buy, 7 label it a hold, and two hold a rating of underperform.</p>
<div class="lb-trans"><p>Robinhood 的股票在过去一年中飙升了 497%，但华尔街依然看好。截至 9 月，覆盖该股票的 23 位分析师中，有 14 位给予买入或强烈买入评级，7 位给予持有评级，2 位给予表现不佳评级。</p>
</div><p>Bernstein analyst Gautam Chhugani is among the most bullish, maintaining a buy rating and $160 price target on the stock, which suggests additional upside of 36% for investors, compared to the stock's closing price on Wednesday.</p>
<div class="lb-trans"><p>Bernstein 分析师 Gautam Chhugani 是最看好的分析师之一，维持买入评级，并将目标价定为 160 美元，这意味着投资者有 36% 的上涨空间，相较于周三的收盘价。</p>
</div><p>The analyst says the company has built the best &#34;mousetrap&#34; with its trading business and is &#34;building the most evolved multi-asset financial super-app, leveraging technology.&#34; The analyst goes on to say that he believes Robinhood will evolve into a financial services leader for the &#34;new generation.&#34;</p>
<div class="lb-trans"><p>该分析师表示，公司在其交易业务中建立了最佳的 “捕鼠器”，并正在 “构建最先进的多资产金融超级应用，利用技术。” 该分析师进一步表示，他相信 Robinhood 将发展成为 “新一代” 的金融服务领导者。</p>
</div><p>Robinhood stock appears exorbitantly expensive at first glance, selling for 55 times next year's earnings and 22 times next year's sales. This helps to illustrate a common conundrum, as the most commonly used valuation metrics struggle to adequately value high-growth companies, and Robinhood is no different. However, when measured using the more appropriate price/earnings-to-growth (PEG) ratio, the multiple comes in at 0.34, and any number less than 1 is the standard for an undervalued stock.</p>
<div class="lb-trans"><p>Robinhood 的股票乍一看似乎价格过高，明年预计收益的市盈率为 55 倍，明年销售的市销率为 22 倍。这有助于说明一个常见的难题，因为最常用的估值指标难以充分评估高增长公司，Robinhood 也不例外。然而，当使用更合适的市盈率与增长比（PEG）来衡量时，该比率为 0.34，任何低于 1 的数字都是被视为被低估的股票的标准。</p>
</div><p>Given its three-pronged growth strategy, strong execution, and Wall Street's bullish take, I would submit that Robinhood stock is a buy ahead of its admission to the S&amp;P 500.</p>
<div class="lb-trans"><p>鉴于其三管齐下的增长战略、强劲的执行力以及华尔街的看好态度，我认为 Robinhood 的股票在加入标准普尔 500 指数之前值得购买。</p>
</div>

这只最新纳入标普 500 指数的股票自 2021 年 IPO 以来已经上涨了 237%，华尔街认为现在是买入的好时机