<p><strong>耐克</strong>(NKE -3.76%) 股票在最新的財報更新後暴跌至新低。這家標誌性的運動服裝品牌在過去一年中銷售額下降，導致股價較之前的高峰下跌了 62%。</p>
<p>過去三年股價的持續下跌可能讓股東們懷疑耐克是否會重返昔日輝煌。儘管預計短期內銷售仍將疲軟，但股票的估值可能低估了耐克的長期增長潛力。</p>
<h2>最近的銷售趨勢</h2>
<p>當在耐克工作超過 30 年的埃利奧特·希爾被任命為首席執行官時，股票似乎正在觸底。然而，投資者不能指望在分析師預計耐克在截至 5 月的財年銷售將下降 10% 的情況下，股價會反彈。</p>
<p>耐克產品的需求持續疲軟。上個季度，收入在恆定匯率基礎上同比下降了 7%。批發和耐克直銷的收入均有所下降。這些下降發生在包括 <strong>Lululemon Athletica</strong> 和 <strong>On Holding</strong> 在內的競爭品牌仍在增長之際。</p>
<p>儘管如此，投資者不應將近期銷售疲軟與耐克品牌實力的下降聯繫在一起。正如耐克過去 12 個月的收入為 470 億美元所示，人們傾向於傾向於最具普及性的品牌。耐克在運動服裝行業中是一家龐大的企業，與運動服零售商有着寶貴的關係。最近的財報顯示出耐克復甦的積極跡象。</p>
<h2>耐克重新發力</h2>
<p>希爾正在實施的一項舉措是重新調整對街頭服飾產品（如 Air Force 1 和 Air Max 系列）的策略，更加關注能夠推動更可預測銷售的核心產品。在這一方面，跑鞋在上個季度的銷售有所增長，Vomero 5 和 Pegasus 41 的需求強勁。跑步迴歸耐克早期成長的根基，因此這裏的健康需求是未來的積極指標。</p>
<p>耐克在服裝方面也在不斷創新。希爾指出，其新的 24.7 系列超出了預期，公司正在投資擴大產能以滿足需求。</p>
<p>“我們正以專注和緊迫感重新回到各個維度的交付節奏中，” 希爾在財年第三季度財報電話會議上表示。希爾正在將耐克重新帶入創新的攻勢，併為其產品策略帶來新視角，以再次推動行業領先的增長。</p>
<h2>為什麼要購買這隻股票？</h2>
<p>最近 65 美元的股價是耐克五年來的最低交易價格。股票的估值仍然看起來很高，基於華爾街對 2025 財年收益的共識，前瞻市盈率 (P/E) 目前為 31。耐克在過去 20 年的平均市盈率為 29，在 2008 年熊市後曾低至 11 倍收益。</p>
<p>然而，投資者可以通過展望耐克的盈利潛力來更好地理解股票的價值，因為管理層正在改善銷售並降低成本。如果耐克恢復到約 12% 的歷史高利潤率，這可能意味着在 470 億美元的年收入下，每股收益約為 3.80 美元。這將使市盈率降至 17。</p>
<p>事實上，分析師預計耐克的收益將在 2027 財年達到 3.67 美元。由於該股票還提供高於平均水平的前瞻性股息收益率 2.46%，投資者可能會從當前股價中獲得可觀的回報。</p>

耐克

<p>耐克的股票自峯值以來已下跌 62%，原因是銷售額下降和最近的財報。儘管銷售環境嚴峻，新任首席執行官 Elliott Hill 專注於核心產品和創新以推動增長。當前股票價格為 65 美元，為五年來最低，前瞻市盈率為 31。分析師預測到 2027 財年，收益可能達到 3.67 美元，這對投資者來説暗示了潛在價值，尤其是股息收益率為 2.46%</p>

<p><strong>Nike</strong>(NKE -3.76%) stock plummeted to new lows following its latest earnings update. This iconic sportswear brand has suffered declining sales over the last year, which has sent the stock down 62% from its previous peak.</p>
<div class="lb-trans"><p><strong>耐克</strong>(NKE -3.76%) 股票在最新的財報更新後暴跌至新低。這家標誌性的運動服裝品牌在過去一年中銷售額下降，導致股價較之前的高峰下跌了 62%。</p>
</div><p>The steady fall in the share price over the last three years might have shareholders wondering if Nike will ever return to its former glory. While sales are expected to remain soft in the near term, the stock's valuation may undervalue Nike's long-term growth potential.</p>
<div class="lb-trans"><p>過去三年股價的持續下跌可能讓股東們懷疑耐克是否會重返昔日輝煌。儘管預計短期內銷售仍將疲軟，但股票的估值可能低估了耐克的長期增長潛力。</p>
</div><h2>Recent sales trends</h2>
<div class="lb-trans"><h2>最近的銷售趨勢</h2>
</div><p>It seemed the stock was in the process of bottoming out when Elliott Hill, who worked at Nike for over 30 years, was hired as CEO in October. However, investors can't expect the stock to rebound in a year when analysts expect Nike's sales to be down 10% for its May-ending fiscal year.</p>
<div class="lb-trans"><p>當在耐克工作超過 30 年的埃利奧特·希爾被任命為首席執行官時，股票似乎正在觸底。然而，投資者不能指望在分析師預計耐克在截至 5 月的財年銷售將下降 10% 的情況下，股價會反彈。</p>
</div><p>Demand for Nike's products continues to look very soft. Last quarter, revenue fell 7% year over year on a constant-currency basis. Both wholesale and Nike Direct revenues were down. These declines come as rival brands, including <strong>Lululemon Athletica</strong> and <strong>On Holding</strong>, are still growing.</p>
<div class="lb-trans"><p>耐克產品的需求持續疲軟。上個季度，收入在恆定匯率基礎上同比下降了 7%。批發和耐克直銷的收入均有所下降。這些下降發生在包括 <strong>Lululemon Athletica</strong> 和 <strong>On Holding</strong> 在內的競爭品牌仍在增長之際。</p>
</div><p>Still, investors shouldn't associate recent sales weakness with a decline in Nike's brand power. People have a tendency to gravitate to the most ubiquitous brands, as noted by Nike's trailing-12-month revenue of $47 billion. It's a gigantic business in the sportswear industry with valuable relationships with sports apparel retailers. The recent earnings report revealed encouraging signs for Nike's comeback.</p>
<div class="lb-trans"><p>儘管如此，投資者不應將近期銷售疲軟與耐克品牌實力的下降聯繫在一起。正如耐克過去 12 個月的收入為 470 億美元所示，人們傾向於傾向於最具普及性的品牌。耐克在運動服裝行業中是一家龐大的企業，與運動服零售商有着寶貴的關係。最近的財報顯示出耐克復甦的積極跡象。</p>
</div><h2>Nike is back on offense</h2>
<div class="lb-trans"><h2>耐克重新發力</h2>
</div><p>One of the initiatives that Hill is implementing is to reset its approach on streetwear products like the Air Force 1 and Air Max franchises and focus more on core products that can drive more predictable sales. On this front, running shoes posted a sales increase last quarter, with strong demand for the Vomero 5 and Pegasus 41. Running goes back to Nike's roots in the early years of its growth, so healthy demand here is a positive indicator for the future.</p>
<div class="lb-trans"><p>希爾正在實施的一項舉措是重新調整對街頭服飾產品（如 Air Force 1 和 Air Max 系列）的策略，更加關注能夠推動更可預測銷售的核心產品。在這一方面，跑鞋在上個季度的銷售有所增長，Vomero 5 和 Pegasus 41 的需求強勁。跑步迴歸耐克早期成長的根基，因此這裏的健康需求是未來的積極指標。</p>
</div><p>Nike is also pushing the envelope in apparel. Hill noted that its new 24.7 collection exceeded expectations, and the company is investing to expand capacity to meet demand.</p>
<div class="lb-trans"><p>耐克在服裝方面也在不斷創新。希爾指出，其新的 24.7 系列超出了預期，公司正在投資擴大產能以滿足需求。</p>
</div><p>&#34;We're moving with focus and urgency to get back into a rhythm of delivering across all dimensions,&#34; Hill said during the fiscal Q3 earnings call. Hill is putting Nike back on offense in terms of innovation and bringing fresh perspectives to its product strategy that can drive industry-leading growth again.</p>
<div class="lb-trans"><p>“我們正以專注和緊迫感重新回到各個維度的交付節奏中，” 希爾在財年第三季度財報電話會議上表示。希爾正在將耐克重新帶入創新的攻勢，併為其產品策略帶來新視角，以再次推動行業領先的增長。</p>
</div><h2>Why buy the stock?</h2>
<div class="lb-trans"><h2>為什麼要購買這隻股票？</h2>
</div><p>The recent $65 share price is the lowest Nike has traded in more than five years. The stock's valuation still looks rich, with the forward price-to-earnings (P/E) ratio currently sitting at 31 based on Wall Street's consensus fiscal 2025 earnings estimate. Nike's average P/E over the last 20 years is 29, and it traded as low as 11 times earnings in the wake of the 2008 bear market.</p>
<div class="lb-trans"><p>最近 65 美元的股價是耐克五年來的最低交易價格。股票的估值仍然看起來很高，基於華爾街對 2025 財年收益的共識，前瞻市盈率 (P/E) 目前為 31。耐克在過去 20 年的平均市盈率為 29，在 2008 年熊市後曾低至 11 倍收益。</p>
</div><p>However, investors can get a better perspective on the value in the shares by looking ahead to Nike's earnings potential as management improves sales and reduces costs. If Nike returns to its previous peak profit margin of around 12%, this could translate to around $3.80 of earnings per share on $47 billion of annual revenue. That brings the P/E down to 17.</p>
<div class="lb-trans"><p>然而，投資者可以通過展望耐克的盈利潛力來更好地理解股票的價值，因為管理層正在改善銷售並降低成本。如果耐克恢復到約 12% 的歷史高利潤率，這可能意味着在 470 億美元的年收入下，每股收益約為 3.80 美元。這將使市盈率降至 17。</p>
</div><p>Indeed, analysts expect Nike's earnings to reach $3.67 by fiscal 2027. With the stock also offering an above-average forward dividend yield of 2.46%, investors could see attractive returns from current share prices.</p>
<div class="lb-trans"><p>事實上，分析師預計耐克的收益將在 2027 財年達到 3.67 美元。由於該股票還提供高於平均水平的前瞻性股息收益率 2.46%，投資者可能會從當前股價中獲得可觀的回報。</p>
</div>

耐克股票下跌了 62%。現在是買入的好時機嗎？