<p>今年華爾街經歷了一場過山車。主要股指已經回吐了年初的所有漲幅，甚至更多。<strong>標準普爾 500 指數</strong>、<strong>納斯達克綜合指數</strong> 和 <strong>道瓊斯工業平均指數</strong> 年初至今分別下跌了 6%、10% 和 5%。</p>
<p>然而，不必費力就能找到逆勢而上的股票。今天，我們來看看其中一隻股票，<strong>Spotify Technology</strong>（SPOT -3.00%），看看是什麼讓這隻股票現在成為一個毫無疑問的買入選擇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM4MTQvc3BvdC1zcG90aWZ5LXRlY2hub2xvZ3ktc3RvY2stbWFya2V0LWludmVzdG1lbnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM4MTQvc3BvdC1zcG90aWZ5LXRlY2hub2xvZ3ktc3RvY2stbWFya2V0LWludmVzdG1lbnQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Spotify 股票自 2022 年以來表現良好</h2>
<p>Spotify 股票並非曇花一現。它成立於 2006 年，早於數字媒體流媒體的普及。這些年來，它一直是流媒體領域的領導者，為耐心的股東帶來了豐厚的回報。</p>
<p>自 2022 年底以來，該公司的股票上漲了 670%。這導致了 128% 的年複合增長率（CAGR）。這是在這一時期內可以找到的最高股票價格 CAGR 之一。遠遠好於同行 <strong>Netflix</strong>（NFLX 1.39%），後者的 CAGR 為 71%。<strong>Meta Platform</strong>（META 0.96%）的 104% CAGR 也很出色，但仍然不及 Spotify 的增速。<strong>Nvidia</strong>（NVDA 0.12%），人工智能之王，是少數幾家超越 Spotify 近期表現的公司之一，CAGR 高達 134%。</p>
<p>顯然，自 2022 年以來，Spotify 的股票讓聰明的投資者非常滿意，但是什麼秘密公式推動了這隻股票的上漲——它會在未來繼續帶來回報嗎？這是我認為的。</p>
<h2>Spotify 具有粘性</h2>
<p>現在，我並不是説錯了：我這是在積極的意義上説的。在經濟學中，&#34;粘性&#34;一詞指的是一種抵抗變化的變量。</p>
<p>在 Spotify 的案例中，我指的是用户樂於長期留存。可以從公司的低流失率、強烈的參與度和高忠誠度中看到粘性的證據。最後一點至關重要，因為 Spotify 在過去幾年中提高了價格。儘管價格上漲，Spotify 的用户基礎仍然增加了超過 6000 萬，從 2022 年底的 2.06 億增長到截至 2024 年 12 月 31 日的約 2.65 億。只有真正粘性的用户基礎才能在沒有抱怨的情況下吸收價格上漲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.statcdn.com/Infographic/images/normal/15697.jpeg?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://cdn.statcdn.com/Infographic/images/normal/15697.jpeg"/></p>
<p>圖片來源：Statista。</p>
<h2>Spotify 的&#34;粘性&#34;現在是否值得購買？</h2>
<p>簡而言之，我認為 Spotify 的&#34;粘性&#34;是公司最大的資產之一。顯然，其客户喜歡 Spotify 平台，對於數百萬人來説，其音樂、播客和有聲書的目錄為他們的日常生活提供了背景音樂。</p>
<p>更重要的是，這種消費者忠誠度不僅僅是理論上的商業優勢。它現在在 Spotify 的財務報表中得到了體現。該公司多年來一直在努力實現盈利，但這已不再是問題。</p>
<p>除了前面提到的價格上漲，Spotify 自 2022 年以來還降低了內部運營成本。因此，該公司的盈利能力飆升。在 2022 財年，該公司淨虧損超過 10 億美元。而在 2024 年，這一數字轉為淨利潤 12 億美元。自由現金流，另一個衡量現金利潤和財務健康的重要指標，已增加到 25 億美元。</p>
<p>隨着時間的推移，這些利潤應該使 Spotify 能夠通過股票回購、分紅支付或戰略收購來回饋股東。</p>
<p>無論如何，聰明的投資者可能想考慮現在增持這家流媒體巨頭的股票。你很少能看到如此快速增長與相對温和估值的組合。</p>

SPOT

<p>Spotify 科技的股票表現非常出色，自 2022 年底以來上漲了 670%，超越了 Netflix 和 Meta 等競爭對手。公司的成功歸功於其忠實的訂閲用户羣，儘管價格上漲，用户數量仍從 2.06 億增長到 2.65 億。Spotify 在 2024 年實現了盈利，報告淨利潤為 12 億美元，自由現金流為 25 億美元，這使其成為尋求增長和價值的精明投資者的一個有吸引力的投資機會</p>

<p>This year has been a rollercoaster on Wall Street. The major stock market indexes have given back all of their early-year gains -- and then some. The <strong>S&amp;P 500</strong>, <strong>Nasdaq</strong> <strong>Composite</strong>, and <strong>Dow</strong> <strong>Jones</strong> <strong>Industrial</strong> <strong>Average</strong> have retreated 6%, 10%, and 5%, respectively, year-to-date.</p>
<div class="lb-trans"><p>今年華爾街經歷了一場過山車。主要股指已經回吐了年初的所有漲幅，甚至更多。<strong>標準普爾 500 指數</strong>、<strong>納斯達克綜合指數</strong> 和 <strong>道瓊斯工業平均指數</strong> 年初至今分別下跌了 6%、10% 和 5%。</p>
</div><p>However, one doesn't have to look far to find stocks that have bucked the trend. Today, let's have a look at one such stock, <strong>Spotify Technology</strong>(SPOT -3.00%) and see what could make this name a no-brainer buy right now.</p>
<div class="lb-trans"><p>然而，不必費力就能找到逆勢而上的股票。今天，我們來看看其中一隻股票，<strong>Spotify Technology</strong>（SPOT -3.00%），看看是什麼讓這隻股票現在成為一個毫無疑問的買入選擇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM4MTQvc3BvdC1zcG90aWZ5LXRlY2hub2xvZ3ktc3RvY2stbWFya2V0LWludmVzdG1lbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F813814%2Fspot-spotify-technology-stock-market-investment.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>Spotify stock has performed well dating back to 2022</h2>
<div class="lb-trans"><h2>Spotify 股票自 2022 年以來表現良好</h2>
</div><p>Spotify stock is no flash in the pan. It was founded in 2006, years before digital media streaming turned mainstream. It has remained a leader in the streaming media space over all these years, unlocking great benefits for patient shareholders.</p>
<div class="lb-trans"><p>Spotify 股票並非曇花一現。它成立於 2006 年，早於數字媒體流媒體的普及。這些年來，它一直是流媒體領域的領導者，為耐心的股東帶來了豐厚的回報。</p>
</div><p>Since late 2022, the company's stock is up 670%. That results in a compound annual growth rate (CAGR) of 128%. That's one of the highest stock price CAGRs one can find over this period. It's far better than fellow streamer <strong>Netflix</strong>(NFLX 1.39%), which boasts an excellent CAGR of 71%. <strong>Meta Platform</strong>'s (META 0.96%) 104% CAGR is fantastic but still falls short of Spotify's pace. <strong>Nvidia</strong>(NVDA 0.12%), the king of AI, is one of the few names to best Spotify's recent performance, with an eye-popping CAGR of 134%.</p>
<div class="lb-trans"><p>自 2022 年底以來，該公司的股票上漲了 670%。這導致了 128% 的年複合增長率（CAGR）。這是在這一時期內可以找到的最高股票價格 CAGR 之一。遠遠好於同行 <strong>Netflix</strong>（NFLX 1.39%），後者的 CAGR 為 71%。<strong>Meta Platform</strong>（META 0.96%）的 104% CAGR 也很出色，但仍然不及 Spotify 的增速。<strong>Nvidia</strong>（NVDA 0.12%），人工智能之王，是少數幾家超越 Spotify 近期表現的公司之一，CAGR 高達 134%。</p>
</div><p>Clearly, Spotify's stock has made savvy investors very happy since 2022, but what is the secret formula that is powering this stock higher -- and will it continue delivering in the future? Here's what I think.</p>
<div class="lb-trans"><p>顯然，自 2022 年以來，Spotify 的股票讓聰明的投資者非常滿意，但是什麼秘密公式推動了這隻股票的上漲——它會在未來繼續帶來回報嗎？這是我認為的。</p>
</div><h2>Spotify is sticky</h2>
<div class="lb-trans"><h2>Spotify 具有粘性</h2>
</div><p>Now, don't get me wrong: I mean this in a positive sense. In economics, the term &#34;sticky&#34; refers to a variable that is resistant to change.</p>
<div class="lb-trans"><p>現在，我並不是説錯了：我這是在積極的意義上説的。在經濟學中，&#34;粘性&#34;一詞指的是一種抵抗變化的變量。</p>
</div><p>In the case of Spotify, I'm talking about subscribers happily staying around for a long time. One can see the evidence of stickiness in the company's low churn rate, intense engagement, and high levels of loyalty. This final point is key, as Spotify has raised prices twice over the last few years. Despite these price hikes, Spotify's subscriber base has increased by more than 60 million, advancing from 206 million in late 2022 to about 265 million as of its most recent quarter (the three months ending on Dec. 31, 2024). Only a truly sticky subscriber base will absorb price increases without complaint.</p>
<div class="lb-trans"><p>在 Spotify 的案例中，我指的是用户樂於長期留存。可以從公司的低流失率、強烈的參與度和高忠誠度中看到粘性的證據。最後一點至關重要，因為 Spotify 在過去幾年中提高了價格。儘管價格上漲，Spotify 的用户基礎仍然增加了超過 6000 萬，從 2022 年底的 2.06 億增長到截至 2024 年 12 月 31 日的約 2.65 億。只有真正粘性的用户基礎才能在沒有抱怨的情況下吸收價格上漲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.statcdn.com/Infographic/images/normal/15697.jpeg" alt="" original-src="https://cdn.statcdn.com/Infographic/images/normal/15697.jpeg"/></p>
<p>Image source: Statista.</p>
<div class="lb-trans"><p>圖片來源：Statista。</p>
</div><h2>Does Spotify's &#34;Stickiness&#34; make it a buy now?</h2>
<div class="lb-trans"><h2>Spotify 的&#34;粘性&#34;現在是否值得購買？</h2>
</div><p>In a nutshell, I think Spotify's &#34;stickiness&#34; is one of the company's greatest assets. Clearly, its customers enjoy the Spotify platform, and, for millions of people, its catalog of music, podcasts, and audiobooks provides the soundtrack to their daily routine.</p>
<div class="lb-trans"><p>簡而言之，我認為 Spotify 的&#34;粘性&#34;是公司最大的資產之一。顯然，其客户喜歡 Spotify 平台，對於數百萬人來説，其音樂、播客和有聲書的目錄為他們的日常生活提供了背景音樂。</p>
</div><p>What's more, this consumer loyalty is more than a theoretical business advantage. It is now making itself clear in Spotify's financial statements. The company had struggled for years to turn a profit, but that's no longer an issue.</p>
<div class="lb-trans"><p>更重要的是，這種消費者忠誠度不僅僅是理論上的商業優勢。它現在在 Spotify 的財務報表中得到了體現。該公司多年來一直在努力實現盈利，但這已不再是問題。</p>
</div><p>Along with the aforementioned price hikes, Spotify has also cut its internal costs of doing business since 2022. As a result, the company's profitability has soared. In fiscal year 2022, the company posted a net loss of more than $1 billion. In 2024, that figure flipped to a net profit of $1.2 billion. Free cash flow, another critical measure of cash-based profits and financial health, has increased to $2.5 billion.</p>
<div class="lb-trans"><p>除了前面提到的價格上漲，Spotify 自 2022 年以來還降低了內部運營成本。因此，該公司的盈利能力飆升。在 2022 財年，該公司淨虧損超過 10 億美元。而在 2024 年，這一數字轉為淨利潤 12 億美元。自由現金流，另一個衡量現金利潤和財務健康的重要指標，已增加到 25 億美元。</p>
</div><p>Over time, these profits should allow Spotify to return value to its shareholders via stock buybacks, dividend payments, or strategic acquisitions.</p>
<div class="lb-trans"><p>隨着時間的推移，這些利潤應該使 Spotify 能夠通過股票回購、分紅支付或戰略收購來回饋股東。</p>
</div><p>At any rate, savvy investors may want to consider adding shares of this streaming giant now. You don't see this combination of rapid growth and relatively modest valuation artios too often.</p>
<div class="lb-trans"><p>無論如何，聰明的投資者可能想考慮現在增持這家流媒體巨頭的股票。你很少能看到如此快速增長與相對温和估值的組合。</p>
</div>

Spotify 可能是目前一個顯而易見的購買選擇