<p>在經歷了數月對關税和經濟的擔憂後，市場正在反彈。許多公司的最新財報講述了增長和積極前景的故事，投資者們也鬆了一口氣。</p>
<p>許多股票因對未來的樂觀預期而飆升，這些股票推動了市場的上漲。如果在市場下跌時你感到緊張，可能錯過了一些絕佳的交易機會。好消息是，總有一些優秀的股票可以找到。此外，如果你是長期投資者，尋找最佳交易機會可能並不是那麼重要。你想要找到具有長期機會的優秀股票，並以合理的價格購買。</p>
<p>保險公司 <strong>Lemonade</strong>(LMND 3.39%) 在發佈第二季度財報後表現出色，自公告以來已經上漲了 38%。然而，它仍然比幾年前的高點低 72%，並且有許多原因可能會繼續飆升。</p>
<h2>模型正在發揮作用</h2>
<p>Lemonade 是一種不同類型的保險公司，建立在數字基礎上，利用人工智能（AI）和機器學習有效定價保單。它已經這樣做了十年，儘管從一開始就展示了增長和潛力，但其模型最終顯示出真正的有效性。</p>
<p>管理層反覆表示，隨着數據的增加和算法的改進，模型的效果會隨着時間的推移而更好。隨着過去幾年人工智能的爆炸性增長，技術不斷進步，Lemonade 的投資正在獲得回報。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjcxODMva2lkcy13aXRoLWEtbGVtb25hZGUtc3RhbmQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjcxODMva2lkcy13aXRoLWEtbGVtb25hZGUtc3RhbmQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>它在 2025 年第二季度報告的結果幾乎完美，增長加速，虧損縮小。在保單有效保費（IFP）這一保險公司頂線指標上，同比增長 31%，超過 10 億美元，客户數量增加 25%，接近 270 萬。</p>
<p>淨虧損一直是一個拖累，但大幅縮小，從去年的 5700 萬美元減少到今年的 4400 萬美元。值得注意的是，其運營費用幾乎沒有變化，而 IFP 持續攀升，這表明在某個時刻可能會非常盈利。目前，它仍然有較大的營銷費用和對平台的投資。</p>
<p>損失率——即索賠支付佔保費的比例——也顯著下降，本季度為 67%，過去 12 個月為 70%。與住房相關的損失率為 60%，因為這些是其最成熟的產品。管理層指出，它正在戰略性地推出汽車保險，因為每個新地區都是一個新產品，損失率較高，需要平衡推出，以保持損失率朝着正確的方向發展。</p>
<h2>機會誘人</h2>
<p>如果公司繼續展示加速或至少高增長，同時保持運營效率，淨利潤最終應該會跟隨而來。管理層看到將 IFP 提高到 100 億美元的機會，或是當前水平的 10 倍。</p>
<p>約三分之一的銷售是有機的，隨着品牌影響力的建立，它將不再像現在這樣依賴營銷。預計在 2026 年底之前，調整後的息税折舊攤銷前利潤（EBITDA）將實現正增長，2027 年將實現正淨收入。從那時起，預計將出現 “鉅額” 利潤。</p>
<p>Lemonade 認為它相較於傳統保險公司具有優勢，因為它是數字化構建的，互聯的部分需要最少的人為干預。儘管傳統保險公司現在也在使用人工智能，但它們的元素各異，仍然依賴人類保險代理，而 Lemonade 主要依靠聊天機器人。Lemonade 還相較於新的人工智能顛覆者具有優勢，因為它已經擁有十年的數據和經驗。</p>
<p>其戰略是吸引年輕市場並與這些客户共同成長，它已經成為 22 至 40 歲年齡段中最受歡迎的保險品牌。這個年齡段的人剛開始找工作並需要保險，但作為首選品牌，Lemonade 面臨着巨大的機會。對於一些有風險偏好的投資者來説，Lemonade 股票可能是一個絕佳的投資。</p>

LMND

<p>Lemonade (LMND) 的股票在強勁的第二季度財報發佈後上漲了 38%，但仍比之前的高點低 72%。該公司利用人工智能和機器學習，報告稱強制保費同比增長 31%，超過 10 億美元，客户數量增長 25%，接近 270 萬。儘管虧損有所縮小，管理層預計有顯著的增長潛力，目標是在 2026 年實現 100 億美元的強制保費和正的 EBITDA。Lemonade 以年輕人羣為目標，定位為 22 至 40 歲年齡段的領先保險品牌，使其成為一個引人注目的長期投資機會</p>

<p>After months of concern about tariffs and the economy, the market is bouncing back. The latest earnings reports from many companies tell a story of growth and positive outlooks, and investors are breathing more easily.</p>
<div class="lb-trans"><p>在經歷了數月對關税和經濟的擔憂後，市場正在反彈。許多公司的最新財報講述了增長和積極前景的故事，投資者們也鬆了一口氣。</p>
</div><p>Many stocks are soaring based on optimism about the future, and these stocks are driving the gains in the market. If you were nervous while the market was down, you may have missed some excellent bargains. The good news is, there are always some great stocks to find. On top of that, if you're a long-term investor, finding the best bargains may not matter so much. You want to find incredible stocks with a long-term opportunity at a reasonable price.</p>
<div class="lb-trans"><p>許多股票因對未來的樂觀預期而飆升，這些股票推動了市場的上漲。如果在市場下跌時你感到緊張，可能錯過了一些絕佳的交易機會。好消息是，總有一些優秀的股票可以找到。此外，如果你是長期投資者，尋找最佳交易機會可能並不是那麼重要。你想要找到具有長期機會的優秀股票，並以合理的價格購買。</p>
</div><p>Insurance company <strong>Lemonade</strong>(LMND 3.39%) had an amazing week after releasing its second-quarter earnings, and it's already jumped 38% since the announcement. However, it's still 72% off of its highs from a few years ago, and there are many reasons it could continue to soar.</p>
<div class="lb-trans"><p>保險公司 <strong>Lemonade</strong>(LMND 3.39%) 在發佈第二季度財報後表現出色，自公告以來已經上漲了 38%。然而，它仍然比幾年前的高點低 72%，並且有許多原因可能會繼續飆升。</p>
</div><h2>The model is working</h2>
<div class="lb-trans"><h2>模型正在發揮作用</h2>
</div><p>Lemonade is a different kind of insurance company that was built on a digital substrate and uses artificial intelligence (AI) and machine learning to price policies effectively. It's been at it for a decade now, and although it has demonstrated growth and potential from the beginning, its model is finally demonstrating real effectiveness.</p>
<div class="lb-trans"><p>Lemonade 是一種不同類型的保險公司，建立在數字基礎上，利用人工智能（AI）和機器學習有效定價保單。它已經這樣做了十年，儘管從一開始就展示了增長和潛力，但其模型最終顯示出真正的有效性。</p>
</div><p>Management has said repeatedly that the model works better over time as it has more data and its algorithms improve. As AI has exploded during the past few years and the technology keeps getting better, Lemonade's investments are paying off.</p>
<div class="lb-trans"><p>管理層反覆表示，隨着數據的增加和算法的改進，模型的效果會隨着時間的推移而更好。隨着過去幾年人工智能的爆炸性增長，技術不斷進步，Lemonade 的投資正在獲得回報。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjcxODMva2lkcy13aXRoLWEtbGVtb25hZGUtc3RhbmQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827183%2Fkids-with-a-lemonade-stand.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><p>The results it reported in the 2025 second quarter were nearly flawless, with accelerating growth and narrowing losses. In-force premium (IFP), the top-line metric for insurance companies, increased 31% year over year to more than $1 billion, and customer count increased 25% to almost 2.7 million.</p>
<div class="lb-trans"><p>它在 2025 年第二季度報告的結果幾乎完美，增長加速，虧損縮小。在保單有效保費（IFP）這一保險公司頂線指標上，同比增長 31%，超過 10 億美元，客户數量增加 25%，接近 270 萬。</p>
</div><p>The net loss has been a drag, but it narrowed substantially, from $57 million last year to $44 million this year. Notably, its operating expenses have remained little changed while IFP continues to climb, indicating that this could be hugely profitable at some point. Right now, it still has large marketing expenses and investments in the platform.</p>
<div class="lb-trans"><p>淨虧損一直是一個拖累，但大幅縮小，從去年的 5700 萬美元減少到今年的 4400 萬美元。值得注意的是，其運營費用幾乎沒有變化，而 IFP 持續攀升，這表明在某個時刻可能會非常盈利。目前，它仍然有較大的營銷費用和對平台的投資。</p>
</div><p>The loss ratio -- or claims paid as a share of premiums -- has also declined significantly, coming in at 67% in the quarter and 70% for the trailing 12 months. The home-related loss ratio was 60%, since those are its most-seasoned products. Management pointed out that it's launching auto insurance strategically, since each new region is a new product with a higher loss ratio, and it needs to balance the rollout to keep the loss ratio moving in the right direction.</p>
<div class="lb-trans"><p>損失率——即索賠支付佔保費的比例——也顯著下降，本季度為 67%，過去 12 個月為 70%。與住房相關的損失率為 60%，因為這些是其最成熟的產品。管理層指出，它正在戰略性地推出汽車保險，因為每個新地區都是一個新產品，損失率較高，需要平衡推出，以保持損失率朝着正確的方向發展。</p>
</div><h2>The opportunity is enticing</h2>
<div class="lb-trans"><h2>機會誘人</h2>
</div><p>If the company continues to demonstrate accelerating or at least high growth while maintaining operating efficiency, net profit should eventually follow. Management sees the opportunity to increase IFP to $10 billion, or 10 times its current level.</p>
<div class="lb-trans"><p>如果公司繼續展示加速或至少高增長，同時保持運營效率，淨利潤最終應該會跟隨而來。管理層看到將 IFP 提高到 100 億美元的機會，或是當前水平的 10 倍。</p>
</div><p>About a third of its sales are organic, and as it establishes its brand presence, it won't have to rely on marketing as much as it does today. It expects positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) before the end of 2026, and positive net income in 2027. From there, it forecasts &#34;massive&#34; profits.</p>
<div class="lb-trans"><p>約三分之一的銷售是有機的，隨着品牌影響力的建立，它將不再像現在這樣依賴營銷。預計在 2026 年底之前，調整後的息税折舊攤銷前利潤（EBITDA）將實現正增長，2027 年將實現正淨收入。從那時起，預計將出現 “鉅額” 利潤。</p>
</div><p>Lemonade feels that it has an edge against legacy insurance companies because it was built digitally, with interconnecting parts that require minimal human intervention. Although the traditional insurance companies are also using AI today, they have disparate elements and still work with human insurance agents while Lemonade mostly relies on chatbots. Lemonade also has an edge against newer AI disruptors because it already has a decade of data and experience.</p>
<div class="lb-trans"><p>Lemonade 認為它相較於傳統保險公司具有優勢，因為它是數字化構建的，互聯的部分需要最少的人為干預。儘管傳統保險公司現在也在使用人工智能，但它們的元素各異，仍然依賴人類保險代理，而 Lemonade 主要依靠聊天機器人。Lemonade 還相較於新的人工智能顛覆者具有優勢，因為它已經擁有十年的數據和經驗。</p>
</div><p>Its strategy is to capture a younger market and grow with those customers, and it's already the most popular insurance brand among ages 22 to 40. This age cohort is just starting out getting jobs and needing insurance, but as the preferred brand, Lemonade has a huge opportunity ahead. Lemonade stock could be an incredible investment for investors with some appetite for risk and a long time horizon.</p>
<div class="lb-trans"><p>其戰略是吸引年輕市場並與這些客户共同成長，它已經成為 22 至 40 歲年齡段中最受歡迎的保險品牌。這個年齡段的人剛開始找工作並需要保險，但作為首選品牌，Lemonade 面臨着巨大的機會。對於一些有風險偏好的投資者來説，Lemonade 股票可能是一個絕佳的投資。</p>
</div>

一隻增長潛力巨大的股票下跌了 72%，值得長期買入和持有