<p>股票处于历史高位，因为在人工智能热潮中有很多赢家。</p>
<p>然而，过去几年有一个行业被落在了后面。住房股票普遍受到冲击，抵押贷款利率仍然高企，现房销售自疫情前水平下降了大约 30%。这影响了整个行业的每一个人，从房屋建筑商到房地产中介，再到依赖房屋销售来推动需求的家居公司。</p>
<p>一家名为 <strong>RH</strong>（RH -3.60%）的公司，仍然比疫情时期的高峰下跌了 69%，因为其业务在后疫情时代大幅回落，尽管它此后重新整合并恢复了稳健增长。</p>
<p>上周，这家曾名为 Restoration Hardware 的高端家居用品公司在未能达到预期并下调全年指引后，股价回落。尽管考虑到严峻的宏观经济环境，财务数据相对稳健，但该股仍因消息下跌了 4.6%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NDEvMDkwODI1X3JlZG9fMDZfdG9wLndlYnAmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NDEvMDkwODI1X3JlZG9fMDZfdG9wLndlYnAmdz03MDA"/></p>
<p>图片来源：RH。</p>
<p>收入增长了 8.4%，达到 8.992 亿美元，低于预期的 9.054 亿美元。尽管受到关税不确定性和疲软的住房市场的影响，需求（订单增长的衡量标准）在这一期间仍增长了 13.7%。</p>
<p>尽管收入增长低于预期，该公司仍保持了强劲的利润率，调整后的息税折旧摊销前利润（EBITDA）利润率为 20.6%，公认会计原则（GAAP）营业利润率为 14.3%。</p>
<p>调整后的每股收益从 1.69 美元跃升至 2.93 美元，显示出其利润率正在迅速扩大，尽管这仍低于市场共识的 3.22 美元。</p>
<h2>为什么 RH 可能会飙升</h2>
<p>RH 要恢复到之前的高峰需要付出很多努力，那时住房市场繁荣，家居改善股票快速增长。</p>
<p>然而，考虑到其比高峰下跌了 69%，RH 并不需要完全回到那个水平就能成为赢家。事实上，美联储周三的降息可能是该公司在住房市场所需的催化剂。</p>
<p>首席执行官 Gary Friedman 毫不犹豫地将公司困境归咎于他所称的 30 年来最弱的住房市场，较低的抵押贷款利率可能会吸引更多的购房者和卖家进入市场。较低的利率将减少每月还款，并且还将鼓励卖家重新进入市场，因为这将减轻疫情时代的 “锁定效应”。</p>
<p>作为一家高端家居用品销售商，RH 已做好充分准备，利用住房市场复苏的机会，因为房屋销售往往会引发新的家具购买。</p>
<p>该公司在欧洲的扩张也非常显著，并在美国开设了新的画廊，此外还尝试了餐厅、客栈以及飞机和游艇租赁等新业务。</p>
<p>尽管美国的降息不会直接影响其在欧洲的业务，但其在海外的扩张显示出公司仍有很大的增长空间。</p>
<h2>RH 值得投资吗？</h2>
<p>根据分析师对 2027 财年的预估（该财年于 2027 年 1 月结束），RH 股票的前瞻市盈率为 18，这对于仍具有显著增长潜力的股票来说似乎是一个合理的价格。此外，Friedman 设想将品牌扩展到家居用品之外，甚至翻新整套全配家具的房屋，实际上进入住房市场，这一计划称为 RH Residences。</p>
<p>即使抵押贷款利率下降，住房市场恢复活力可能需要时间，特别是因为锁定效应可能会持续影响一些房主。</p>
<p>然而，投资 RH 似乎是利用预期降息的好方法。对于风险承受能力较强的投资者来说，现在适度接触该股票看起来是个明智的选择。</p>

<p>RH 是一家高端家居用品公司，较疫情高峰期下跌了 69%，受到疲软的房地产市场和高企的抵押贷款利率影响。尽管收入增长了 8.4%，达到 8.992 亿美元，但未能达到预期，并下调了全年指引，导致股价下跌 4.6%。然而，随着美联储可能降息，RH 可能会受益于房地产市场的复苏，因为较低的利率可能会鼓励购房和卖房。分析师认为 RH 值得买入，目前的前瞻市盈率为 18，未来有显著的增长潜力</p>

<p>Stocks are at an all-time high, as there have been plenty of winners during the AI boom.</p>
<div class="lb-trans"><p>股票处于历史高位，因为在人工智能热潮中有很多赢家。</p>
</div><p>However, one sector has been left behind over the last couple of years. Housing stocks have generally been reeling with mortgage rates still elevated and existing home sales down roughly 30% since pre-pandemic levels. That has impacted everyone in the sector, from home builders to real estate agencies to home-furnishing companies, which depend on home sales to drive demand.</p>
<div class="lb-trans"><p>然而，过去几年有一个行业被落在了后面。住房股票普遍受到冲击，抵押贷款利率仍然高企，现房销售自疫情前水平下降了大约 30%。这影响了整个行业的每一个人，从房屋建筑商到房地产中介，再到依赖房屋销售来推动需求的家居公司。</p>
</div><p>One company, <strong>RH</strong>(RH -3.60%), is still trading down 69% from its pandemic-era peak, as its business pulled back substantially in the post-pandemic era, even though it has since regrouped and is back to delivering solid growth.</p>
<div class="lb-trans"><p>一家名为 <strong>RH</strong>（RH -3.60%）的公司，仍然比疫情时期的高峰下跌了 69%，因为其业务在后疫情时代大幅回落，尽管它此后重新整合并恢复了稳健增长。</p>
</div><p>The stock pulled back last week after the high-end home furnishings company formerly known as Restoration Hardware missed estimates and cut its full-year guidance. The stock fell 4.6% on the news, even though the numbers were solid considering the challenging macroeconomic environment.</p>
<div class="lb-trans"><p>上周，这家曾名为 Restoration Hardware 的高端家居用品公司在未能达到预期并下调全年指引后，股价回落。尽管考虑到严峻的宏观经济环境，财务数据相对稳健，但该股仍因消息下跌了 4.6%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NDEvMDkwODI1X3JlZG9fMDZfdG9wLndlYnAmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833841%2F090825_redo_06_top.webp&amp;op=resize&amp;w=700"/></p>
<p>Image source: RH.</p>
<div class="lb-trans"><p>图片来源：RH。</p>
</div><p>Revenue rose 8.4% to $899.2 million, below estimates for $905.4 million. Demand, which is a measure of order growth, was up 13.7% in the period, even with the impact of tariff uncertainty and a weak housing market.</p>
<div class="lb-trans"><p>收入增长了 8.4%，达到 8.992 亿美元，低于预期的 9.054 亿美元。尽管受到关税不确定性和疲软的住房市场的影响，需求（订单增长的衡量标准）在这一期间仍增长了 13.7%。</p>
</div><p>Despite the weaker-than-expected revenue growth, the company continued to deliver strong profit margins with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 20.6%, and a generally accepted accounting principles (GAAP) operating margin of 14.3%.</p>
<div class="lb-trans"><p>尽管收入增长低于预期，该公司仍保持了强劲的利润率，调整后的息税折旧摊销前利润（EBITDA）利润率为 20.6%，公认会计原则（GAAP）营业利润率为 14.3%。</p>
</div><p>Adjusted earnings per share jumped from $1.69 to $2.93, showing its margins are rapidly expanding, though that missed the consensus at $3.22.</p>
<div class="lb-trans"><p>调整后的每股收益从 1.69 美元跃升至 2.93 美元，显示出其利润率正在迅速扩大，尽管这仍低于市场共识的 3.22 美元。</p>
</div><h2>Why RH could soar</h2>
<div class="lb-trans"><h2>为什么 RH 可能会飙升</h2>
</div><p>It will take a lot for RH to recover to its previous peak, which came at a time when the housing market was soaring and home-improvement stocks were delivering rapid growth.</p>
<div class="lb-trans"><p>RH 要恢复到之前的高峰需要付出很多努力，那时住房市场繁荣，家居改善股票快速增长。</p>
</div><p>However, considering it's down 69% from its peak, RH doesn't need to get all the way back there to be a winner. In fact, the Fed rate cut on Wednesday could be the trigger the company needs in the housing market.</p>
<div class="lb-trans"><p>然而，考虑到其比高峰下跌了 69%，RH 并不需要完全回到那个水平就能成为赢家。事实上，美联储周三的降息可能是该公司在住房市场所需的催化剂。</p>
</div><p>CEO Gary Friedman hasn't hesitated to blame what he's called the weakest housing market in 30 years for the company's woes, and lower mortgage rates are likely to bring more home buyers and sellers into the market. Lower rates will reduce monthly payments, and it will also encourage sellers to reenter the market as it will diminish the &#34;lock-in effect&#34; of the pandemic era.</p>
<div class="lb-trans"><p>首席执行官 Gary Friedman 毫不犹豫地将公司困境归咎于他所称的 30 年来最弱的住房市场，较低的抵押贷款利率可能会吸引更多的购房者和卖家进入市场。较低的利率将减少每月还款，并且还将鼓励卖家重新进入市场，因为这将减轻疫情时代的 “锁定效应”。</p>
</div><p>As a high-end home furnishings seller, RH is well prepared to take advantage of the housing market recovery as home sales tend to trigger new furniture purchases.</p>
<div class="lb-trans"><p>作为一家高端家居用品销售商，RH 已做好充分准备，利用住房市场复苏的机会，因为房屋销售往往会引发新的家具购买。</p>
</div><p>The company has also expanded significantly in Europe and with new galleries in the U.S., in addition to new trial businesses like restaurants, guesthouses, and airplane and yacht charters.</p>
<div class="lb-trans"><p>该公司在欧洲的扩张也非常显著，并在美国开设了新的画廊，此外还尝试了餐厅、客栈以及飞机和游艇租赁等新业务。</p>
</div><p>While interest rate cuts in the U.S. won't directly affect the business in Europe, its expansion across the pond shows there's plenty of growth runway left for the company.</p>
<div class="lb-trans"><p>尽管美国的降息不会直接影响其在欧洲的业务，但其在海外的扩张显示出公司仍有很大的增长空间。</p>
</div><h2>Is RH a buy?</h2>
<div class="lb-trans"><h2>RH 值得投资吗？</h2>
</div><p>Based on analyst estimates for fiscal 2027, which ends in January 2027, RH stock trades at a forward P/E of 18, which seems like a fair price for a stock that still has significant growth potential. Additionally, Friedman envisions expanding the brand beyond home furnishings, even flipping whole, fully furnished houses, effectively getting into the housing market, a program it calls RH Residences.</p>
<div class="lb-trans"><p>根据分析师对 2027 财年的预估（该财年于 2027 年 1 月结束），RH 股票的前瞻市盈率为 18，这对于仍具有显著增长潜力的股票来说似乎是一个合理的价格。此外，Friedman 设想将品牌扩展到家居用品之外，甚至翻新整套全配家具的房屋，实际上进入住房市场，这一计划称为 RH Residences。</p>
</div><p>Even if mortgage rates decline, it could take time for the housing market to spring back to life, especially as the lock-in effect is likely to persist for at least some homeowners.</p>
<div class="lb-trans"><p>即使抵押贷款利率下降，住房市场恢复活力可能需要时间，特别是因为锁定效应可能会持续影响一些房主。</p>
</div><p>However, investing in RH looks like a good way to take advantage of the expected rate cuts. For risk-tolerant investors, getting some exposure to the stock right now looks like a smart idea.</p>
<div class="lb-trans"><p>然而，投资 RH 似乎是利用预期降息的好方法。对于风险承受能力较强的投资者来说，现在适度接触该股票看起来是个明智的选择。</p>
</div>

1 Growth Stock Down 69% That Could Soar on Fed Interest Rate Cuts

- 房地产股票因抵押贷款利率高企和房屋销售下滑而受挫。  
- RH 公司股价较疫情高峰下跌 69%，尽管其收入和利润率仍表现良好。  
- 分析师预计 RH 股票在未来有显著增长潜力，适合风险承受能力强的投资者。  

一只增长股已下跌 69%，可能会因美联储降息而大幅上涨