<p>2018 年，<strong>蘋果</strong> 公司成為美國第一家市值達到 1 萬億美元的上市公司。自那時以來，幾家其他公司也達到了這一里程碑，包括幾家蘋果在科技行業的同行：<strong>微軟</strong>、<strong>字母表</strong>、<strong>亞馬遜</strong>、<strong>英偉達</strong> 和 <strong>Meta Platforms</strong>。這個羣體仍然非常獨特，但未來幾年將會有更多公司加入其中。其中之一可能是 <strong>Shopify</strong>（SHOP 0.45%），這是一家目前市值為 1350 億美元的電子商務專家。</p>
<p>Shopify 在未來 15 年內需要至少 14.3% 的年複合增長率（CAGR）才能成為一隻萬億美元股票。這並不是一項容易的任務，但讓我們來看看為什麼 Shopify 能夠做到這一點。</p>
<h2>一家有願景的創始人領導公司</h2>
<p>Shopify 的創建旨在解決企業在開設在線商店時面臨的真實痛點，這些企業有時不得不應對設計挑戰、缺乏靈活性和其他問題。Shopify 改變了這一點。這家電子商務專家幾乎提供了商家所需的一切，從數百個可定製的模板和支付處理到庫存、社交媒體工具、營銷等。</p>
<p>此外，還有一個內置系統為商家提供了更多選擇。Shopify 的應用商店擁有數千個應用程序，滿足客户的超具體需求。自 2015 年上市以來，在聯合創始人托比亞斯·呂特克的領導下，Shopify 的年複合增長率遠高於未來 15 年內成為萬億美元股票所需的增長率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9286656f08122143075d79dc58f924c4.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/9286656f08122143075d79dc58f924c4.png"/></p>
<p>YCharts 提供的 SHOP 總回報水平數據。</p>
<p>學術文獻中有一些證據表明，<strong>標準普爾 500</strong> 中的創始人領導公司表現優於其他公司。當查看萬億美元公司的名單時，很難反駁這一觀點。英偉達和 Meta Platforms 仍由其聯合創始人領導。亞馬遜直到最近也是由創始人領導，而微軟和蘋果在創始人（或聯合創始人）擔任首席執行官期間也有過很長時間的任期。</p>
<p>Shopify 遵循相同的藍圖並不能保證成功，但值得指出的是，這家電子商務專家的目標是成為一家百年公司。能夠接近這一目標的公司屈指可數，但 Shopify 已經有了一個相當不錯的開端。</p>
<h2>巨大的白色空間在前</h2>
<p>Shopify 面臨的一個問題是缺乏盈利能力。該公司最近對其業務進行了調整，幫助改善了這一情況。Shopify 出售了其物流業務，這是一個低利潤的部門，影響了其底線。自那時以來，該公司的利潤率和利潤狀況大為改善。在第三季度，Shopify 的收入同比增長 26%，達到 22 億美元。Shopify 的淨收入同比增長 15%，達到 8.28 億美元。</p>
<p>其自由現金流利潤率為 19%，高於去年同期報告的 16%。Shopify 在今年的每個季度中都逐步提高了自由現金流利潤率。難怪該股今年迄今大幅上漲。更重要的是，Shopify 仍然面臨廣闊的發展前景。電子商務行業的增長將在未來十年及更長時間內為公司提供強勁的助力。它使人們能夠與那些原本無法接觸的消費者或公司進行交易。</p>
<p>這也幫助企業節省了間接成本，這些節省可以轉嫁給消費者。儘管電子商務似乎無處不在，但仍然有巨大的增長空間。在美國，第三季度在線交易僅佔零售總銷售額的 16.2%。此外，Shopify 還受益於競爭優勢。其應用商店具有網絡效應：生態系統內的開發者越多，商家就越能吸引，反之亦然。公司的主要電子商務產品受益於轉換成本。</p>
<p>因此，Shopify 具備了長期提供超越市場回報所需的許多特質：盈利增長、長期願景、豐富的機會，以及保護其在細分市場中領導地位的護城河。該公司看起來正朝着在 15 年內成為萬億美元股票的目標穩步前進。</p>

SHOP

<p>Shopify（SHOP）有望在 2040 年之前加入萬億美元俱樂部，緊隨蘋果和亞馬遜等科技巨頭的步伐。該公司的市值為數十億美元，未來 15 年需要實現 14.3% 的年均增長率才能達到這一里程碑。自 2015 年上市以來，Shopify 表現出強勁的增長，最近通過出售其低利潤的物流業務來改善盈利能力。隨着電子商務市場的不斷增長以及通過其應用商店所獲得的競爭優勢，Shopify 在長期成功和盈利能力方面具備良好的條件</p>

<p>In 2018, <strong>Apple</strong> famously became the first publicly traded company in the U.S. to hit a $1 trillion valuation. Since then, several more have hit that milestone, including several of Apple's peers in the tech industry: <strong>Microsoft</strong>, <strong>Alphabet</strong>, <strong>Amazon</strong>, <strong>Nvidia</strong>, and <strong>Meta Platforms</strong>. This group remains highly exclusive, but many more corporations will join in the coming years. One of them could be <strong>Shopify</strong>(SHOP 0.45%), an e-commerce specialist currently sporting a market cap of $135 billion.</p>
<div class="lb-trans"><p>2018 年，<strong>蘋果</strong> 公司成為美國第一家市值達到 1 萬億美元的上市公司。自那時以來，幾家其他公司也達到了這一里程碑，包括幾家蘋果在科技行業的同行：<strong>微軟</strong>、<strong>字母表</strong>、<strong>亞馬遜</strong>、<strong>英偉達</strong> 和 <strong>Meta Platforms</strong>。這個羣體仍然非常獨特，但未來幾年將會有更多公司加入其中。其中之一可能是 <strong>Shopify</strong>（SHOP 0.45%），這是一家目前市值為 1350 億美元的電子商務專家。</p>
</div><p>Shopify needs a compound annual growth rate (CAGR) of at least 14.3% in the next 15 years to become a trillion-dollar stock. That's not an easy task, but let's find out why Shopify can pull it off.</p>
<div class="lb-trans"><p>Shopify 在未來 15 年內需要至少 14.3% 的年複合增長率（CAGR）才能成為一隻萬億美元股票。這並不是一項容易的任務，但讓我們來看看為什麼 Shopify 能夠做到這一點。</p>
</div><h2>A founder-led company with a vision</h2>
<div class="lb-trans"><h2>一家有願景的創始人領導公司</h2>
</div><p>Shopify was created to address a real pain point for businesses trying to open online storefronts, which sometimes had to deal with design challenges, lack of flexibility, and other issues. Shopify changed that. The e-commerce specialist offers practically everything merchants need all in one spot, from hundreds of customizable templates and payment processing to inventory, social media tools, marketing, and more.</p>
<div class="lb-trans"><p>Shopify 的創建旨在解決企業在開設在線商店時面臨的真實痛點，這些企業有時不得不應對設計挑戰、缺乏靈活性和其他問題。Shopify 改變了這一點。這家電子商務專家幾乎提供了商家所需的一切，從數百個可定製的模板和支付處理到庫存、社交媒體工具、營銷等。</p>
</div><p>Further, there is a built-in system that gives merchants many more options. Shopify's app store is home to thousands of apps that cater to its customers' ultra-specific needs. Since its 2015 IPO and with co-founder Tobias Lütke at the helm, Shopify has grown at a CAGR well above what it would need in the next 15 years to become a trillion-dollar stock.</p>
<div class="lb-trans"><p>此外，還有一個內置系統為商家提供了更多選擇。Shopify 的應用商店擁有數千個應用程序，滿足客户的超具體需求。自 2015 年上市以來，在聯合創始人托比亞斯·呂特克的領導下，Shopify 的年複合增長率遠高於未來 15 年內成為萬億美元股票所需的增長率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9286656f08122143075d79dc58f924c4.png" alt="" original-src="https://media.ycharts.com/charts/9286656f08122143075d79dc58f924c4.png"/></p>
<p>SHOP Total Return Level data by YCharts.</p>
<div class="lb-trans"><p>YCharts 提供的 SHOP 總回報水平數據。</p>
</div><p>There is some evidence in the academic literature that founder-led companies in the <strong>S&amp;P 500</strong> outperform the rest. It's hard to argue that point when looking at the list of trillion-dollar companies. Nvidia and Meta Platforms are still headed by their co-founders. Amazon was also founder-led until relatively recently, and Microsoft and Apple did have long stints with their respective founders (or co-founders) as CEOs before they stepped down.</p>
<div class="lb-trans"><p>學術文獻中有一些證據表明，<strong>標準普爾 500</strong> 中的創始人領導公司表現優於其他公司。當查看萬億美元公司的名單時，很難反駁這一觀點。英偉達和 Meta Platforms 仍由其聯合創始人領導。亞馬遜直到最近也是由創始人領導，而微軟和蘋果在創始人（或聯合創始人）擔任首席執行官期間也有過很長時間的任期。</p>
</div><p>Shopify following the same blueprint is no guarantee of success, but it's worth pointing out that the e-commerce specialist has made it its goal to become a 100-year company. Few can come anywhere close to that, but Shopify is off to a pretty good start.</p>
<div class="lb-trans"><p>Shopify 遵循相同的藍圖並不能保證成功，但值得指出的是，這家電子商務專家的目標是成為一家百年公司。能夠接近這一目標的公司屈指可數，但 Shopify 已經有了一個相當不錯的開端。</p>
</div><h2>Massive white space ahead</h2>
<div class="lb-trans"><h2>巨大的白色空間在前</h2>
</div><p>One issue Shopify had was a lack of profitability. The company recently made some changes to its business that are helping on that front. Shopify sold its logistics business, a low-margin unit that was harming its bottom line. Since then, the company's margins and profits have looked much better. In the third quarter, Shopify's revenue grew by 26% year over year to $2.2 billion. Shopify's net income was up 15% year over year to $828 million.</p>
<div class="lb-trans"><p>Shopify 面臨的一個問題是缺乏盈利能力。該公司最近對其業務進行了調整，幫助改善了這一情況。Shopify 出售了其物流業務，這是一個低利潤的部門，影響了其底線。自那時以來，該公司的利潤率和利潤狀況大為改善。在第三季度，Shopify 的收入同比增長 26%，達到 22 億美元。Shopify 的淨收入同比增長 15%，達到 8.28 億美元。</p>
</div><p>It had a 19% free cash flow margin, up from the 16% reported in the prior-year quarter. Shopify has increased its free cash flow margin sequentially during every quarter this year. No wonder the stock is up substantially year to date. More importantly, Shopify is still looking at a vast runway ahead. The growth of the e-commerce industry should provide the company with a powerful tailwind in the next decade and beyond. It allows people to do business with consumers or companies that would otherwise be beyond their reach.</p>
<div class="lb-trans"><p>其自由現金流利潤率為 19%，高於去年同期報告的 16%。Shopify 在今年的每個季度中都逐步提高了自由現金流利潤率。難怪該股今年迄今大幅上漲。更重要的是，Shopify 仍然面臨廣闊的發展前景。電子商務行業的增長將在未來十年及更長時間內為公司提供強勁的助力。它使人們能夠與那些原本無法接觸的消費者或公司進行交易。</p>
</div><p>It also helps businesses save money on overhead costs, savings they can pass on to consumers. And despite its seeming ubiquity, e-commerce still has miles of growth left. Online transactions accounted for just 16.2% of total retail sales in the third quarter in the U.S. Further, Shopify benefits from a competitive advantage. Its app store has a network effect: The more developers within its ecosystem, the more it attracts merchants, and vice versa. The company's main e-commerce offering benefits from switching costs.</p>
<div class="lb-trans"><p>這也幫助企業節省了間接成本，這些節省可以轉嫁給消費者。儘管電子商務似乎無處不在，但仍然有巨大的增長空間。在美國，第三季度在線交易僅佔零售總銷售額的 16.2%。此外，Shopify 還受益於競爭優勢。其應用商店具有網絡效應：生態系統內的開發者越多，商家就越能吸引，反之亦然。公司的主要電子商務產品受益於轉換成本。</p>
</div><p>So, Shopify has many of the traits necessary to deliver market-beating returns over the long run: profitable growth, a long-term vision, plenty of opportunities, and a moat that will protect its leadership position in its niche. The company looks well on its way to becoming a trillion-dollar stock within 15 years.</p>
<div class="lb-trans"><p>因此，Shopify 具備了長期提供超越市場回報所需的許多特質：盈利增長、長期願景、豐富的機會，以及保護其在細分市場中領導地位的護城河。該公司看起來正朝着在 15 年內成為萬億美元股票的目標穩步前進。</p>
</div>

1 Unstoppable Growth Stock That Could Join Nvidia, Apple, Amazon, Alphabet, Meta Platforms, and Microsoft in the Trillion-Dollar Club By 2040

- Shopify 可能成為下一個萬億市值公司，需年均增長 14.3% 以達成目標。  
- 該公司通過整合電商服務和優化業務結構，提升了盈利能力。  
- 電商行業的持續增長和 Shopify 的競爭優勢將助力其未來發展。  

到 2040 年，可能加入英偉達、蘋果、亞馬遜、字母表、Meta 平台和微軟的萬億美元俱樂部的一隻不可阻擋的增長股