<p>寵物行業的商業規模比以往任何時候都要大。</p>
<p>在疫情期間，寵物領養激增，寵物支出持續增長，原因包括寵物人性化趨勢，越來越多的美國人將寵物視為孩子。</p>
<p>兩家抓住這一趨勢的公司是 <strong>Chewy</strong>(CHWY -0.39%) 和 <strong>Freshpet</strong>(FRPT 2.11%)。這兩隻股票通常都表現出強勁的增長，但提供了不同的方式來接觸寵物行業。讓我們對這兩家公司進行評估，以確定今天哪一隻股票更值得購買。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MjYvZG9nZWNvaW4tc2hpYmEtaW51LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MjYvZG9nZWNvaW4tc2hpYmEtaW51LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>商業模式：Chewy 與 Freshpet</h2>
<p>Chewy 是寵物行業領先的純電商公司，通過其定期配送計劃建立了忠實的客户基礎，該計劃定期向客户發送寵物食品和其他產品。Chewy 還銷售各種產品，使客户能夠輕鬆將其作為滿足所有寵物需求的一站式商店。</p>
<p>該公司在寵物行業的 3,500 個最佳品牌中擁有約 115,000 個庫存單位（SKU），其產品選擇包括寵物藥品甚至寵物保險。</p>
<p>而 Freshpet 則銷售新鮮的冷藏寵物食品。該公司以其在超市和寵物食品店中銷售的冷藏狗糧卷而聞名。這是一種高端產品，滿足了寵物主人希望為寵物提供更高質量食品的需求。</p>
<p>Freshpet 的產品在超過 26,000 家商店中銷售，並且正在美國和海外擴展，同時增加新產品。</p>
<p>它在其類別中擁有領先品牌，其生產設施和品牌形象創造了進入壁壘以及競爭優勢。</p>
<p>這兩家公司都有強大的商業模式，使它們獲得了競爭優勢。Chewy 在寵物產品的電商領域是明顯的領導者，而 Freshpet 在新鮮冷藏寵物食品方面佔據主導地位。</p>
<h2>財務狀況：Chewy 與 Freshpet</h2>
<p>在最近的財務結果中，這兩家公司之間存在顯著差異。</p>
<p>Chewy 在歷史早期，尤其是在疫情期間，增長迅速，但在最近幾個季度增長顯著放緩。在第二季度，該公司報告的收入增長僅為 2.6%，達到 28.6 億美元，並且其收入增長在過去幾個季度中放緩。</p>
<p>包括競爭對手 <strong>Petco</strong> 在內的寵物行業大部分公司，在疫情後的時代面臨由於通貨膨脹壓力和疫情期間寵物支出熱潮的逆轉而導致的增長乏力。</p>
<p>Chewy 確實報告了強勁的底線增長，因為其毛利率改善並且控制了成本。</p>
<p>而 Freshpet 則逆勢而上，在該季度報告了 26% 的收入增長，達到 2.534 億美元，顯示出業務的持續強勁。實際上，這標誌着其連續第 25 個季度至少增長 25%。與此同時，Freshpet 還實現了穩健的利潤率擴張，其調整後的息税折舊攤銷前利潤（EBITDA）幾乎翻倍，達到 4350 萬美元。</p>
<h2>估值：Chewy 與 Freshpet</h2>
<p>估值也是評估任何股票的關鍵指標。</p>
<p>Chewy 當前的市盈率（P/E）為 28，儘管這包括了大量的股票薪酬。</p>
<p>而 Freshpet 則更昂貴，因為其估值是根據其增長記錄來確定的。該股票當前的市盈率為 170。</p>
<p>兩家公司均不支付股息。</p>
<h2>哪個更值得購買？</h2>
<p>這兩家公司在寵物產品行業都有良好的長期前景，但由於 Freshpet 的增長率更強，因此更具優勢。</p>
<p>該公司通過新的高效製造工廠有效擴大了規模，並繼續通過新商店擴展其產品覆蓋範圍。另一方面，Chewy 在當前環境中正在努力尋找新的增長途徑。</p>
<p>Freshpet 可能是兩隻股票中更昂貴的，但由於其強勁的增長，它是更值得購買的選擇。</p>

CHWY

FRPT

<p>這篇文章比較了兩隻寵物行業股票，Chewy 和 Freshpet。Chewy 是一個領先的電子商務平台，產品種類繁多，但增長放緩，最近僅報告了 2.6% 的收入增長。Freshpet 以其新鮮寵物食品而聞名，顯示出顯著的增長，收入增長達 26%，連續 25 個季度表現強勁。儘管 Chewy 的市盈率較低，為 28，但 Freshpet 的強勁增長證明了其較高的市盈率 170 是合理的。總體而言，由於其強勁的增長軌跡，Freshpet 被認為是更好的投資選擇</p>

<p>Pets are bigger business than ever.</p>
<div class="lb-trans"><p>寵物行業的商業規模比以往任何時候都要大。</p>
</div><p>Pet adoptions spiked during the pandemic, and spending on pets has continued thanks to trends like the humanization of pets, with more Americans treating their pets like children.</p>
<div class="lb-trans"><p>在疫情期間，寵物領養激增，寵物支出持續增長，原因包括寵物人性化趨勢，越來越多的美國人將寵物視為孩子。</p>
</div><p>Two companies that capitalized on that trend are <strong>Chewy</strong>(CHWY -0.39%) and <strong>Freshpet</strong>(FRPT 2.11%). Both stocks have generally delivered strong growth but offer different ways to get exposure to the pet industry. Let's size up both of them in order to determine which is the better buy today.</p>
<div class="lb-trans"><p>兩家抓住這一趨勢的公司是 <strong>Chewy</strong>(CHWY -0.39%) 和 <strong>Freshpet</strong>(FRPT 2.11%)。這兩隻股票通常都表現出強勁的增長，但提供了不同的方式來接觸寵物行業。讓我們對這兩家公司進行評估，以確定今天哪一隻股票更值得購買。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MjYvZG9nZWNvaW4tc2hpYmEtaW51LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796726%2Fdogecoin-shiba-inu.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Business model: Chewy vs. Freshpet</h2>
<div class="lb-trans"><h2>商業模式：Chewy 與 Freshpet</h2>
</div><p>Chewy is the leading pure-play e-commerce company in the pet industry, and it's built a loyal customer base through its autoship program that sends customers pet food and other products on a regular basis. Chewy also sells a wide range of products, making it easy for customers to use it as a one-stop shop for all of their pet needs.</p>
<div class="lb-trans"><p>Chewy 是寵物行業領先的純電商公司，通過其定期配送計劃建立了忠實的客户基礎，該計劃定期向客户發送寵物食品和其他產品。Chewy 還銷售各種產品，使客户能夠輕鬆將其作為滿足所有寵物需求的一站式商店。</p>
</div><p>The company has about 115,000 stock-keeping units (SKUs) across products and services from 3,500 of the best brands in the pet industry. Its product selection includes pet pharmaceuticals and even pet insurance.</p>
<div class="lb-trans"><p>該公司在寵物行業的 3,500 個最佳品牌中擁有約 115,000 個庫存單位（SKU），其產品選擇包括寵物藥品甚至寵物保險。</p>
</div><p>Freshpet, on the other hand, sells fresh, refrigerated pet food. The company is best known for its refrigerated rolls of dog food that are sold in branded refrigerators in supermarkets and pet food stores. It's a premium product, and it's tapped into the desire for pet owners to feed their pets better quality food.</p>
<div class="lb-trans"><p>而 Freshpet 則銷售新鮮的冷藏寵物食品。該公司以其在超市和寵物食品店中銷售的冷藏狗糧卷而聞名。這是一種高端產品，滿足了寵物主人希望為寵物提供更高質量食品的需求。</p>
</div><p>Freshpet has its products in more than 26,000 stores, and it's expanding in the U.S. and abroad, while adding new products.</p>
<div class="lb-trans"><p>Freshpet 的產品在超過 26,000 家商店中銷售，並且正在美國和海外擴展，同時增加新產品。</p>
</div><p>It has the leading brand in its category, and its production facilities and branding create barriers to entry as well as a competitive advantage.</p>
<div class="lb-trans"><p>它在其類別中擁有領先品牌，其生產設施和品牌形象創造了進入壁壘以及競爭優勢。</p>
</div><p>Both companies have strong business models that have given them competitive advantages. Chewy is the clear leader in e-commerce for pet products, while Freshpet dominates in fresh, refrigerated pet food.</p>
<div class="lb-trans"><p>這兩家公司都有強大的商業模式，使它們獲得了競爭優勢。Chewy 在寵物產品的電商領域是明顯的領導者，而 Freshpet 在新鮮冷藏寵物食品方面佔據主導地位。</p>
</div><h2>Financials: Chewy vs. Freshpet</h2>
<div class="lb-trans"><h2>財務狀況：Chewy 與 Freshpet</h2>
</div><p>In recent financial results, there's a significant difference between the two companies.</p>
<div class="lb-trans"><p>在最近的財務結果中，這兩家公司之間存在顯著差異。</p>
</div><p>Chewy, which was growing rapidly early in its history, especially during the pandemic, has seen growth decelerate significantly in recent quarters. In the second quarter, the company reported just 2.6% revenue growth, reaching $2.86 billion, and its revenue growth has slowed over the last several quarters.</p>
<div class="lb-trans"><p>Chewy 在歷史早期，尤其是在疫情期間，增長迅速，但在最近幾個季度增長顯著放緩。在第二季度，該公司報告的收入增長僅為 2.6%，達到 28.6 億美元，並且其收入增長在過去幾個季度中放緩。</p>
</div><p>Much of the pet industry, including rival <strong>Petco</strong>, faced sluggish growth in the post-pandemic era due to inflationary pressure and a reversal of the pet-spending boom during the pandemic.</p>
<div class="lb-trans"><p>包括競爭對手 <strong>Petco</strong> 在內的寵物行業大部分公司，在疫情後的時代面臨由於通貨膨脹壓力和疫情期間寵物支出熱潮的逆轉而導致的增長乏力。</p>
</div><p>Chewy did report strong growth on the bottom line as its gross margin improved and it controlled costs.</p>
<div class="lb-trans"><p>Chewy 確實報告了強勁的底線增長，因為其毛利率改善並且控制了成本。</p>
</div><p>Freshpet, on the other hand, has bucked the broader trend in the pet industry, reporting 26% revenue growth to $253.4 million in the quarter, showing the continuing strength of the business. In fact, that marked its 25th consecutive quarter of at least 25% growth. At the same time, Freshpet has also delivered solid-margin expansion, and its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) nearly doubled to $43.5 million.</p>
<div class="lb-trans"><p>而 Freshpet 則逆勢而上，在該季度報告了 26% 的收入增長，達到 2.534 億美元，顯示出業務的持續強勁。實際上，這標誌着其連續第 25 個季度至少增長 25%。與此同時，Freshpet 還實現了穩健的利潤率擴張，其調整後的息税折舊攤銷前利潤（EBITDA）幾乎翻倍，達到 4350 萬美元。</p>
</div><h2>Valuation: Chewy vs. Freshpet</h2>
<div class="lb-trans"><h2>估值：Chewy 與 Freshpet</h2>
</div><p>Valuation is also a key metric to assess for any stock.</p>
<div class="lb-trans"><p>估值也是評估任何股票的關鍵指標。</p>
</div><p>Chewy currently trades at a price-to-earnings (P/E) ratio of 28, though that includes substantial stock-based compensation.</p>
<div class="lb-trans"><p>Chewy 當前的市盈率（P/E）為 28，儘管這包括了大量的股票薪酬。</p>
</div><p>Freshpet, on the other hand, is more expensive as it's valued according to its track record of growth. The stock currently trades at a P/E ratio of 170.</p>
<div class="lb-trans"><p>而 Freshpet 則更昂貴，因為其估值是根據其增長記錄來確定的。該股票當前的市盈率為 170。</p>
</div><p>Neither company pays a dividend.</p>
<div class="lb-trans"><p>兩家公司均不支付股息。</p>
</div><h2>What's the better buy?</h2>
<div class="lb-trans"><h2>哪個更值得購買？</h2>
</div><p>Both companies have promising long-term prospects in the pet-products industry, but Freshpet gets the edge due to its much stronger growth rate.</p>
<div class="lb-trans"><p>這兩家公司在寵物產品行業都有良好的長期前景，但由於 Freshpet 的增長率更強，因此更具優勢。</p>
</div><p>The company has scaled up effectively with a new efficient manufacturing plant, and it continues to expand its product reach through new stores. Chewy, on the other hand, is struggling to find new avenues for growth in the current environment.</p>
<div class="lb-trans"><p>該公司通過新的高效製造工廠有效擴大了規模，並繼續通過新商店擴展其產品覆蓋範圍。另一方面，Chewy 在當前環境中正在努力尋找新的增長途徑。</p>
</div><p>Freshpet might be the more expensive of the two stocks, but it's the better buy thanks to its strong growth.</p>
<div class="lb-trans"><p>Freshpet 可能是兩隻股票中更昂貴的，但由於其強勁的增長，它是更值得購買的選擇。</p>
</div>

當前最值得購買的股票：Chewy 與 FRESHPET