<p>你知道現在世界上最熱門的增長機會之一是投資電動垂直起降（eVTOL）飛機，這些飛機可以用作空中出租車嗎？根據 Grand View Research 的分析，全球市場在 2023 年的價值大約為 10 億美元，到本世紀末將增長到近 290 億美元。這平均每年的複合增長率約為 55%。</p>
<p>目前 eVTOL 領域的領先公司之一是 <strong>Joby Aviation</strong>（JOBY -0.29%）。它正處於發展的早期階段，產生的收入微乎其微。它尚未獲得飛行其飛機所需的認證，但可能很快就會獲得，或許在明年就能實現。由於它正在迅速成長的市場中確立市場領導地位，業務潛力巨大。</p>
<p>最近，Joby 的股票一直在下跌，目前距離其 52 周高點 20.95 美元已下跌近 20%。儘管如此，該股票今年仍然翻了一番，考慮到 eVTOL 市場的熱度，短期內可能不會大幅下跌。現在是否是投資 Joby 的理想時機？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MTUvYW4tdmVydGljYWwtdGFrZS1vZmYtYW5kLWxhbmRpbmctYWlyY3JhZnQtdGhhdC1oYXMtbGFuZGVkLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MTUvYW4tdmVydGljYWwtdGFrZS1vZmYtYW5kLWxhbmRpbmctYWlyY3JhZnQtdGhhdC1oYXMtbGFuZGVkLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Joby 的估值是否過高，增長過快？</h2>
<p>對於投資者來説，eVTOL 市場存在巨大的機會，但需要考慮一個問題，那就是估值。雖然到本世紀末，全球 eVTOL 市場的價值可能接近 290 億美元，但截至週一收盤，Joby 的市值接近 150 億美元。相較於整個行業的規模，Joby 的估值看起來很高，即使其股價在最近幾天有所下跌。</p>
<p>這突顯了投資如此令人興奮的股票所面臨的挑戰之一——估值可能迅速失控。在 150 億美元的市值下，投資者實際上是在假設 Joby 將獲得認證，並能夠在明年儘早開始交付一些良好的業績。</p>
<p>這提高了預期，並且幾乎沒有安全邊際，如果公司出現問題。而儘管 Joby 目前可以説是行業領導者，但在這個領域並非沒有競爭。<strong>Archer Aviation</strong> 也接近獲得其 eVTOL 飛機 Midnight 的認證。</p>
<p>Joby 的估值無疑很高，但該公司給增長投資者提供了許多看好其未來的理由。</p>
<h2>巨大的機會在前方</h2>
<p>Joby 已經與許多大型組織和企業簽訂了協議，包括 <strong>豐田</strong>、<strong>達美航空</strong> 和維珍大西洋航空。公司們渴望確保合作伙伴關係，以確保能夠在可能是全球最激動人心的新旅行趨勢中佔據領先地位——通過空中出租車在繁忙城市中出行。Joby 最近還與 <strong>L3Harris</strong> 合作，開發用於國防目的的混合 VTOL 飛機。</p>
<p>第一個重大測試在阿拉伯聯合酋長國，Joby 已經開始測試其飛機。它計劃在明年開始在那裏運營空中出租車。Joby 的 eVTOL 需求不乏。此時的關鍵是獲得認證，並提高生產能力。如果成功，那麼看到這隻熱門股票進一步飆升也就不足為奇了。</p>
<h2>你現在應該投資 Joby 的股票嗎？</h2>
<p>Joby 的業務是一個令人興奮的投資機會。但重要的是不要讓情緒佔據上風。估值仍然重要，不應被忽視。我擔心的是，Joby 的高估值已經反映了最佳情況的預期。儘管它的股價從高點回落，但考慮到整體市場的規模，絕對不是一個便宜的買入。此外，關於該業務是否能夠在長期內盈利仍然存在疑問。</p>
<p>鑑於 Joby 距離啓動運營如此接近，並且認證也在眼前，你可能想考慮在所有這些事情發生之前先觀望，以降低一些風險。這可能意味着在這個過程中放棄一些收益。但考慮到行業仍有如此多的增長潛力，如果 Joby 證明自己是真正的贏家，未來將會有更多的收益可期。就目前而言，我認為在場外觀望可能是投資者的最佳選擇。</p>

JOBY

<p>Joby Aviation 的股票從其 52 周高點下跌了近 20%，儘管 eVTOL 市場預計到 2030 年將增長至 290 億美元。分析師警告稱，Joby 的 150 億美元市值相對於其當前收入和來自 Archer Aviation 等公司的競爭可能偏高。雖然 Joby 已與主要公司達成合作，並接近獲得認證，但對其估值和長期盈利能力的擔憂仍然存在。建議投資者在投資前考慮等待認證和生產 ramp-up，以降低風險</p>

<p>Did you know that one of the hottest growth opportunities in the world right now is investing in electric vertical take-off and landing (eVTOL) aircraft, which can be used as air taxis? According to analysts at Grand View Research, the global market was worth roughly $1 billion in 2023, and it will grow to nearly $29 billion by the end of the decade. That averages out to a compound annual growth rate of approximately 55%.</p>
<div class="lb-trans"><p>你知道現在世界上最熱門的增長機會之一是投資電動垂直起降（eVTOL）飛機，這些飛機可以用作空中出租車嗎？根據 Grand View Research 的分析，全球市場在 2023 年的價值大約為 10 億美元，到本世紀末將增長到近 290 億美元。這平均每年的複合增長率約為 55%。</p>
</div><p>One of the leading companies in the eVTOL space right now is <strong>Joby Aviation</strong>(JOBY -0.29%). It's in the early innings of development and generates minimal revenue. It doesn't have the necessary certification to fly its aircraft just yet, but it should soon, perhaps as early as next year. There's huge potential for the business as it's establishing itself as a market leader in a rapidly growing market.</p>
<div class="lb-trans"><p>目前 eVTOL 領域的領先公司之一是 <strong>Joby Aviation</strong>（JOBY -0.29%）。它正處於發展的早期階段，產生的收入微乎其微。它尚未獲得飛行其飛機所需的認證，但可能很快就會獲得，或許在明年就能實現。由於它正在迅速成長的市場中確立市場領導地位，業務潛力巨大。</p>
</div><p>Recently, Joby's stock has been declining, and it's now down close to 20% from its 52-week high of $20.95. The stock has still more than doubled this year, and given the hype in the eVTOL market, it may not go down a whole lot lower anytime soon. Could now be the ideal time to invest in Joby?</p>
<div class="lb-trans"><p>最近，Joby 的股票一直在下跌，目前距離其 52 周高點 20.95 美元已下跌近 20%。儘管如此，該股票今年仍然翻了一番，考慮到 eVTOL 市場的熱度，短期內可能不會大幅下跌。現在是否是投資 Joby 的理想時機？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MTUvYW4tdmVydGljYWwtdGFrZS1vZmYtYW5kLWxhbmRpbmctYWlyY3JhZnQtdGhhdC1oYXMtbGFuZGVkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828915%2Fan-vertical-take-off-and-landing-aircraft-that-has-landed.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>Has Joby's valuation gotten too large, too fast?</h2>
<div class="lb-trans"><h2>Joby 的估值是否過高，增長過快？</h2>
</div><p>There is a massive opportunity in the eVTOL market for investors, but one thing to consider is valuation. While the global market for eVTOLs may be worth close to $29 billion by the end of the decade, Joby's market cap as of Monday's close was nearly $15 billion. In relation to the overall size of the industry, Joby's valuation looks high, even with its stock price coming down in recent days.</p>
<div class="lb-trans"><p>對於投資者來説，eVTOL 市場存在巨大的機會，但需要考慮一個問題，那就是估值。雖然到本世紀末，全球 eVTOL 市場的價值可能接近 290 億美元，但截至週一收盤，Joby 的市值接近 150 億美元。相較於整個行業的規模，Joby 的估值看起來很高，即使其股價在最近幾天有所下跌。</p>
</div><p>This highlights one of the challenges with investing in such an exciting stock -- valuations can get out of hand, quickly. At a market cap of $15 billion, investors are effectively assuming that Joby will obtain certification and will be able to begin delivering some good numbers, potentially as early as next year.</p>
<div class="lb-trans"><p>這突顯了投資如此令人興奮的股票所面臨的挑戰之一——估值可能迅速失控。在 150 億美元的市值下，投資者實際上是在假設 Joby 將獲得認證，並能夠在明年儘早開始交付一些良好的業績。</p>
</div><p>This sets expectations high, and it leaves little to no margin of safety should the company stumble. And while it's arguably the leader right now, it's not without competition in the space. <strong>Archer Aviation</strong> is also getting close to obtaining certification for its eVTOL aircraft, the Midnight.</p>
<div class="lb-trans"><p>這提高了預期，並且幾乎沒有安全邊際，如果公司出現問題。而儘管 Joby 目前可以説是行業領導者，但在這個領域並非沒有競爭。<strong>Archer Aviation</strong> 也接近獲得其 eVTOL 飛機 Midnight 的認證。</p>
</div><p>Joby's valuation is undoubtedly high, but the company has been giving growth investors plenty of reasons to be bullish about its future.</p>
<div class="lb-trans"><p>Joby 的估值無疑很高，但該公司給增長投資者提供了許多看好其未來的理由。</p>
</div><h2>A huge opportunity lies ahead</h2>
<div class="lb-trans"><h2>巨大的機會在前方</h2>
</div><p>Joby has been locking up agreements with many big organizations and businesses, including <strong>Toyota</strong>, <strong>Delta Air Lines</strong>, and Virgin Atlantic. Companies are eager to secure partnerships to ensure they can be in the pole position to take advantage of what might be the most exciting new travel trend in the world -- getting around busy cities via air taxis. Joby has also partnered with <strong>L3Harris</strong> recently, to build hybrid VTOL aircraft for defense purposes.</p>
<div class="lb-trans"><p>Joby 已經與許多大型組織和企業簽訂了協議，包括 <strong>豐田</strong>、<strong>達美航空</strong> 和維珍大西洋航空。公司們渴望確保合作伙伴關係，以確保能夠在可能是全球最激動人心的新旅行趨勢中佔據領先地位——通過空中出租車在繁忙城市中出行。Joby 最近還與 <strong>L3Harris</strong> 合作，開發用於國防目的的混合 VTOL 飛機。</p>
</div><p>The first big test is in the United Arab Emirates, where Joby has begun testing its aircraft. It plans to commence air taxi operations there by next year. There's no shortage of demand for Joby's eVTOLs. The key at this point will be obtaining certification, and ramping up production. If it's successful, then it wouldn't be surprising to see this hot stock soar even higher.</p>
<div class="lb-trans"><p>第一個重大測試在阿拉伯聯合酋長國，Joby 已經開始測試其飛機。它計劃在明年開始在那裏運營空中出租車。Joby 的 eVTOL 需求不乏。此時的關鍵是獲得認證，並提高生產能力。如果成功，那麼看到這隻熱門股票進一步飆升也就不足為奇了。</p>
</div><h2>Should you invest in Joby's stock right now?</h2>
<div class="lb-trans"><h2>你現在應該投資 Joby 的股票嗎？</h2>
</div><p>Joby's business is an exciting one to invest in. But it's important to not let emotions take over. Valuation still matters and shouldn't be ignored. My concern is that a best-case scenario is already priced in with Joby's hefty valuation. While it's down from its highs, it's by no means a cheap buy when you consider the size of the overall market. Plus, there are still questions about whether the business can be profitable in the long run.</p>
<div class="lb-trans"><p>Joby 的業務是一個令人興奮的投資機會。但重要的是不要讓情緒佔據上風。估值仍然重要，不應被忽視。我擔心的是，Joby 的高估值已經反映了最佳情況的預期。儘管它的股價從高點回落，但考慮到整體市場的規模，絕對不是一個便宜的買入。此外，關於該業務是否能夠在長期內盈利仍然存在疑問。</p>
</div><p>Given how close Joby is to launching its operations and with certification so close, you may want to consider holding off until all that happens, just to minimize some of your risk. That could mean giving up some gains in the process. But with so much growth potential in the industry still to come, if Joby proves it's the real deal, there will be plenty more gains to come in the long run. For now, I think waiting on the sidelines may be the best option for investors.</p>
<div class="lb-trans"><p>鑑於 Joby 距離啓動運營如此接近，並且認證也在眼前，你可能想考慮在所有這些事情發生之前先觀望，以降低一些風險。這可能意味着在這個過程中放棄一些收益。但考慮到行業仍有如此多的增長潛力，如果 Joby 證明自己是真正的贏家，未來將會有更多的收益可期。就目前而言，我認為在場外觀望可能是投資者的最佳選擇。</p>
</div>

Joby Aviation 的股價已從其 52 周高點下跌 20%，現在是否是購買該股票的好時機？