<p><strong>飛塔信息</strong>(FTNT 1.51%) 的股票在過去六個月的股市表現中非常出色，截至目前上漲了驚人的 55%，這得益於強勁的季度報告，顯示出這家網絡安全專家的增長前景正在改善。</p>
<p>在 2 月 6 日發佈 2024 年第四季度財報後，該公司的股票再次受到提振。飛塔信息的股票在此報告發布後上漲了近 3%，因為其收入和收益遠超分析師的預期。指引更是錦上添花，飛塔信息 2025 年的前景也超出了市場共識預期。</p>
<p>投資者是否應該在最近的反彈後考慮現在購買飛塔信息的股票，以期待更多的上漲？讓我們來看看。</p>
<h2>飛塔信息的估值偏高</h2>
<p>飛塔信息股票的近期反彈使其市盈率達到了 48，相較於科技股為主的 <strong>納斯達克-100</strong> 指數的 34 倍，這個估值顯得較高（使用該指數作為科技股的代理）。前瞻市盈率為 45，也並不便宜，這表明分析師並不期待公司今年的淨利潤會有大幅增長。</p>
<p>更具體地説，分析師預測飛塔信息今年的收益僅增長 5%，達到每股 2.48 美元，略高於公司指引範圍的上限。這將遠低於飛塔信息 2024 年 45% 的收益增長。值得注意的是，飛塔信息去年完成了三項收購，這對其賬單產生了積極影響，也必然提升了其淨利潤。</p>
<p>該公司最初預計 2024 年的收益將在每股 1.65 到 1.70 美元之間。飛塔信息的收益還受益於去年庫存減值的下降，這導致其 2024 年的毛利率大幅提升。因此，飛塔信息去年強勁的收益增長是由一些可能在 2025 年缺失的額外因素驅動的，從而導致淨利潤增長速度大幅放緩。</p>
<p>這就是為什麼那些希望現在購買這隻網絡安全股票的投資者可能會對其高估值和較慢的收益增長速度感到擔憂。然而，以下圖表表明，分析師預計飛塔信息的收益增長將在未來幾年加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/05c87d7b412bddc5f6158b11689293ce.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/05c87d7b412bddc5f6158b11689293ce.png"/></p>
<p>FTNT 當前財年每股收益預估數據來自 YCharts</p>
<p>考慮到飛塔信息正在逐步建立一個穩固的收入管道，這應該能夠使其實現健康的收入和收益增長，這並不令人驚訝。</p>
<h2>為什麼這隻高飛的股票可能能夠證明其估值合理</h2>
<p>飛塔信息指出，它是網絡防火牆安全市場的領先供應商，引用第三方估計，其市場份額超過 50%。這使得飛塔信息在預計到 2034 年網絡防火牆市場將增長近兩倍半的情況下，處於一個良好的位置。</p>
<p>此外，飛塔信息在快速增長的統一安全接入服務邊緣（SASE）領域也在獲得 traction，該領域將網絡和安全結合為一個平台。由於雲服務的日益普及以及近年來遠程和混合工作的激增，統一 SASE 正在獲得 traction。</p>
<p>根據一項估計，該市場預計到 2029 年將實現 12% 的年增長，併產生 170 億美元的年收入。好消息是，飛塔信息似乎以比統一 SASE 市場更快的速度增長。該公司在統一 SASE 中的剩餘履約義務（RPO）在 2024 年第四季度同比增長 21%，達到 14.5 億美元。</p>
<p>該指標指的是公司尚未履行的合同的總價值。因此，飛塔信息在統一 SASE 中籤署合同的速度表明，它有望在長期內佔據這一領域的相當一部分市場。</p>
<p>所有這些都表明，分析師預計飛塔信息的收益增長將改善。假設該公司在 2027 年能夠實現每股 3.41 美元的收益，並在那時以 44 倍的市盈率交易（與其五年平均前瞻市盈率一致），其股價可能會達到 150 美元。這將比當前水平上漲 39%。</p>
<p>然而，如果飛塔信息能夠憑藉其在網絡安全領域的穩固地位和在統一 SASE 領域的強勁增長以更快的速度增長，更多的上漲空間是不可忽視的。因此，投資者仍然可以考慮購買這隻網絡安全股票，因為它在長期內可能會維持其令人印象深刻的反彈。</p>

飛塔信息

<p>Fortinet (FTNT) 的股票在過去六個月中上漲了 55%，得益於強勁的季度業績和對 2025 年的積極展望。儘管市盈率高達 48，分析師預測今年的盈利增長將放緩至 5%。Fortinet 在網絡防火牆市場中處於領先地位，並正在統一安全接入服務邊緣（SASE）領域擴展，該領域預計將顯著增長。分析師預測到 2027 年股票價格有潛力增長至 150 美元，這表明投資者仍可能考慮購買 Fortinet 股票以獲取長期收益</p>

<p><strong>Fortinet</strong>(FTNT 1.51%) stock has been in scintillating form on the stock market over the past six months, rising a remarkable 55% as of this writing on the back of solid quarterly reports that point toward an improvement in the cybersecurity specialist's growth profile.</p>
<div class="lb-trans"><p><strong>飛塔信息</strong>(FTNT 1.51%) 的股票在過去六個月的股市表現中非常出色，截至目前上漲了驚人的 55%，這得益於強勁的季度報告，顯示出這家網絡安全專家的增長前景正在改善。</p>
</div><p>Shares of the company received another shot in the arm after the release of its fourth-quarter 2024 results on Feb. 6. Fortinet stock was up nearly 3% following this report as revenue and earnings were well ahead of what analysts were anticipating. The guidance was the icing on the cake as Fortinet's 2025 outlook also exceeded consensus estimates.</p>
<div class="lb-trans"><p>在 2 月 6 日發佈 2024 年第四季度財報後，該公司的股票再次受到提振。飛塔信息的股票在此報告發布後上漲了近 3%，因為其收入和收益遠超分析師的預期。指引更是錦上添花，飛塔信息 2025 年的前景也超出了市場共識預期。</p>
</div><p>Should investors consider buying Fortinet stock right now following its recent rally in anticipation of more upside? Let's find out.</p>
<div class="lb-trans"><p>投資者是否應該在最近的反彈後考慮現在購買飛塔信息的股票，以期待更多的上漲？讓我們來看看。</p>
</div><h2>Fortinet's valuation is on the expensive side</h2>
<div class="lb-trans"><h2>飛塔信息的估值偏高</h2>
</div><p>The recent rally in Fortinet stock has brought its price-to-earnings ratio to 48, which is expensive when compared to the tech-laden <strong>Nasdaq-100</strong> index's multiple of 34 (using the index as a proxy for tech stocks). The forward earnings multiple of 45 isn't cheap either, suggesting that analysts aren't expecting a huge increase in the company's bottom line this year.</p>
<div class="lb-trans"><p>飛塔信息股票的近期反彈使其市盈率達到了 48，相較於科技股為主的 <strong>納斯達克-100</strong> 指數的 34 倍，這個估值顯得較高（使用該指數作為科技股的代理）。前瞻市盈率為 45，也並不便宜，這表明分析師並不期待公司今年的淨利潤會有大幅增長。</p>
</div><p>More specifically, analysts are predicting an increase of just 5% in Fortinet's earnings this year to $2.48 per share, which is a penny above the higher end of the company's guidance range. That's going to be much slower than Fortinet's 2024 earnings jump of 45%. It is worth noting that Fortinet completed three acquisitions last year, which positively impacted its billings and must have given its bottom line a boost as well.</p>
<div class="lb-trans"><p>更具體地説，分析師預測飛塔信息今年的收益僅增長 5%，達到每股 2.48 美元，略高於公司指引範圍的上限。這將遠低於飛塔信息 2024 年 45% 的收益增長。值得注意的是，飛塔信息去年完成了三項收購，這對其賬單產生了積極影響，也必然提升了其淨利潤。</p>
</div><p>The company was originally anticipating 2024 earnings to land between $1.65 and $1.70 per share. Fortinet's earnings also benefited from a decline in inventory write-downs last year, which led to a sharp increase in its gross margin in 2024. So, Fortinet's robust earnings growth last year was driven by additional factors that are likely to be absent in 2025, thereby leading to much slower bottom-line growth.</p>
<div class="lb-trans"><p>該公司最初預計 2024 年的收益將在每股 1.65 到 1.70 美元之間。飛塔信息的收益還受益於去年庫存減值的下降，這導致其 2024 年的毛利率大幅提升。因此，飛塔信息去年強勁的收益增長是由一些可能在 2025 年缺失的額外因素驅動的，從而導致淨利潤增長速度大幅放緩。</p>
</div><p>That's why investors who are looking to buy this cybersecurity stock right now may be concerned about its high valuation and slower pace of earnings growth. However, the following chart indicates that analysts are expecting an acceleration in Fortinet's earnings growth over the next couple of years.</p>
<div class="lb-trans"><p>這就是為什麼那些希望現在購買這隻網絡安全股票的投資者可能會對其高估值和較慢的收益增長速度感到擔憂。然而，以下圖表表明，分析師預計飛塔信息的收益增長將在未來幾年加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/05c87d7b412bddc5f6158b11689293ce.png" alt="" original-src="https://media.ycharts.com/charts/05c87d7b412bddc5f6158b11689293ce.png"/></p>
<p>FTNT EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>FTNT 當前財年每股收益預估數據來自 YCharts</p>
</div><p>That doesn't seem surprising considering that Fortinet is gradually building a solid revenue pipeline, which should allow it to clock healthy revenue and earnings growth.</p>
<div class="lb-trans"><p>考慮到飛塔信息正在逐步建立一個穩固的收入管道，這應該能夠使其實現健康的收入和收益增長，這並不令人驚訝。</p>
</div><h2>Why this high-flying stock may be able to justify its valuation</h2>
<div class="lb-trans"><h2>為什麼這隻高飛的股票可能能夠證明其估值合理</h2>
</div><p>Fortinet points out that it is the leading vendor in the network firewall security market, citing third-party estimates, with a market share of more than 50%. This puts Fortinet in a solid position to capitalize on the network firewall market that's expected to grow by nearly two-and-a-half fold through 2034.</p>
<div class="lb-trans"><p>飛塔信息指出，它是網絡防火牆安全市場的領先供應商，引用第三方估計，其市場份額超過 50%。這使得飛塔信息在預計到 2034 年網絡防火牆市場將增長近兩倍半的情況下，處於一個良好的位置。</p>
</div><p>Additionally, Fortinet is gaining traction in the fast-growing unified secure access service edge (SASE), which combines networking and security into a single platform. Unified SASE is gaining traction thanks to the growing usage of cloud-based services as well as the surge in remote and hybrid work in recent years.</p>
<div class="lb-trans"><p>此外，飛塔信息在快速增長的統一安全接入服務邊緣（SASE）領域也在獲得 traction，該領域將網絡和安全結合為一個平台。由於雲服務的日益普及以及近年來遠程和混合工作的激增，統一 SASE 正在獲得 traction。</p>
</div><p>This market is expected to clock 12% annual growth through 2029 and generate $17 billion in annual revenue, according to one estimate. The good part is that Fortinet seems to be growing at a faster pace than the unified SASE market. The company's remaining performance obligations (RPO) in unified SASE increased 21% year over year in the fourth quarter of 2024 to $1.45 billion.</p>
<div class="lb-trans"><p>根據一項估計，該市場預計到 2029 年將實現 12% 的年增長，併產生 170 億美元的年收入。好消息是，飛塔信息似乎以比統一 SASE 市場更快的速度增長。該公司在統一 SASE 中的剩餘履約義務（RPO）在 2024 年第四季度同比增長 21%，達到 14.5 億美元。</p>
</div><p>This metric refers to the total value of a company's contracts that are yet to be fulfilled. So, the pace at which Fortinet is signing contracts in unified SASE suggests that it is on track to corner a nice portion of this space in the long run.</p>
<div class="lb-trans"><p>該指標指的是公司尚未履行的合同的總價值。因此，飛塔信息在統一 SASE 中籤署合同的速度表明，它有望在長期內佔據這一領域的相當一部分市場。</p>
</div><p>All this shows why analysts are forecasting an improvement in Fortinet's earnings growth. Assuming the company manages to generate $3.41 per share in earnings in 2027 and trades at 44 times earnings at that time (in line with its five-year average forward earnings multiple), its stock price could hit $150. That would be a jump of 39% from current levels.</p>
<div class="lb-trans"><p>所有這些都表明，分析師預計飛塔信息的收益增長將改善。假設該公司在 2027 年能夠實現每股 3.41 美元的收益，並在那時以 44 倍的市盈率交易（與其五年平均前瞻市盈率一致），其股價可能會達到 150 美元。這將比當前水平上漲 39%。</p>
</div><p>However, more upside cannot be ruled out if Fortinet manages to grow at a stronger pace thanks to its solid position in network security and impressive growth in the unified SASE space. So, investors can still consider buying this cybersecurity stock as it could sustain its impressive rally in the long run.</p>
<div class="lb-trans"><p>然而，如果飛塔信息能夠憑藉其在網絡安全領域的穩固地位和在統一 SASE 領域的強勁增長以更快的速度增長，更多的上漲空間是不可忽視的。因此，投資者仍然可以考慮購買這隻網絡安全股票，因為它在長期內可能會維持其令人印象深刻的反彈。</p>
</div>

飛塔信息的股票現在是否值得購買？