<p>太空發射服務提供商 <strong>Rocket Lab</strong>(RKLB 3.40%) 上週晚些時候發佈了第二季度的業績。再一次，這些業績表現良好。收入增長，毛利率也在改善。公司預計當前季度也會有類似的進展。</p>
<p>換句話説，這個增長故事正如許多投資者所預期的那樣展開。</p>
<p>不過，股票沒有因好消息而上漲是有原因的。也就是説，市場可能在等待一些在公司過去或預測的數字中沒有體現的東西。具體來説，有一款新火箭正在開發中，預計將在今年晚些時候進行首次飛行，這將使 Rocket Lab 進入太空發射業務的全新領域。</p>
<p>這很重要，因為投資者喜歡這些里程碑式的進展。一些投資者甚至會在一旁觀望，等待公司達到這些里程碑。然而，這可能是一個錯誤。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MjMvcm9ja2V0LWxhdW5jaC5qcGVnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MjMvcm9ja2V0LWxhdW5jaC5qcGVnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Rocket Lab 的混合第二季度</h2>
<p>Rocket Lab 為需要將相對較小的衞星送入低地球軌道的公司提供太空發射服務。所謂的 Electron 火箭能夠做到這一點，身高僅為 59 英尺，算是相對較小。但其有效載荷能力可達 661 磅，足以完成任務。迄今為止，其可重複使用的 Electron 火箭已成功進行了 69 次發射，成功部署了 233 顆衞星。</p>
<p>上個季度創紀錄的收入 1.445 億美元的主要來源就是這裏（公司還經營衞星技術業務），同比增長 36%，遠超 1.354 億美元的預期。雖然仍未盈利，但其毛利潤——即五次 Electron 發射所產生的收入減去這些飛行的直接成本——也相應增長，儘管其淨虧損擴大至 5190 萬美元，超出預期。這是股票在上週四發佈這些業績後不僅沒有上漲，反而略微下跌的主要原因。</p>
<p>然而，股票的一個潛在重大催化劑正在醖釀中。</p>
<h2>即將到來：更大更好！</h2>
<p>衞星的形態已經不再是過去那樣。它們曾因必要性而巨大，但現在卻不再如此。然而，它們的功能遠超其前輩。</p>
<p>將它們送入太空的成本也比過去更具成本效益，尤其是考慮到新火箭的可重複使用性；這對於 Rocket Lab 的可重複使用的 Electron 火箭來説確實如此。然而，實際上，仍然存在一個巨大的市場，用於將更大的衞星和深空任務有效載荷送入軌道。</p>
<p>引入 Neutron。</p>
<p>Neutron 是 Rocket Lab 的下一代火箭，能夠將多達 28,000 磅的有效載荷送入太空。或者，對於那些認為前往其他星球的任務已不可避免的人來説，Neutron 可以配置為將超過 3,000 磅的貨物、材料、補給，甚至人員送往火星或金星。這使得 Neutron 成為所謂的 “中型發射” 火箭，這對於私營部門公司以及包括 NASA 和美國國防部在內的政府機構仍然非常必要。實際上，隨着對更好衞星的需求上升，而將它們送入軌道的成本下降，中型發射的需求實際上在增長。Emergen Research 的前景預測全球中型和重型發射市場將從去年的 125 億美元增長到 2033 年的每年 290 億美元，這與 360iResearch 的預測一致。雖然該行業的 “重型發射” 部分在每次發射的基礎上仍然是最昂貴的（遠遠超過其他），但這些大型火箭的發射仍將相對稀少。中型發射將成為太空行業的主力軍。</p>
<p>Rocket Lab 並不是中型火箭市場上唯一的競爭者。值得注意的是，<strong>特斯拉</strong> 首席執行官埃隆·馬斯克的 SpaceX 一直在測試自己的可重複使用中型發射載具——稱為 Falcon 9（Block 5 變體）——自 2018 年首次發射以來，已經成功進行了幾百次飛行。<strong>Firefly Aerospace</strong>(FLY -4.03%) 和 <strong>Northrop Grumman</strong>(NOC 0.04%) 也在共同開發一種中型發射火箭，以取代其舊款的 Antares 設計。</p>
<p>不過，Rocket Lab 在這一領域的競爭中無疑具有技術競爭優勢。例如，遵循多年來行之有效的公式，它最近完成了對 Geost 的收購，為其內部產品增加了先進的電光和紅外有效載荷能力。這些解決方案支持導彈發射預警技術、戰術監視和偵察等，裝備公司以滿足國防部的特定軍事級別需求。</p>
<h2>早做總比晚做好</h2>
<p>很好，但這一切與 Rocket Lab 的第二季度收益以及股票對這一鼓舞人心的報告的無反應有什麼關係？市場可能在等待 Neutron 的首次飛行以便入場。</p>
<p>理解投資者的猶豫並不困難。Neutron 最初預計去年就會發射。雖然延遲主要是後勤問題，而非設計問題，但這仍然是意外的失望。投資者不想再次受到傷害。</p>
<p>不過，在這家公司的歷史大局中，它從未未能實現其目標。只是實現這些目標所需的時間比最初預期的要長。此外，請記住，Rocket Lab 在 Neutron 上工作時間越長，其時間表就越清晰。公司最近猜測將在今年年底之前進行發射，這很可能是一個相當不錯的預測，Rocket Lab 確認將處理 Neutron 發射的發射複合體 3 將在本季度結束前完成並投入使用。</p>
<p>如果你在等待這款中型運載火箭的首次發射再購買 Rocket Lab 的股票，那麼你可能等得太久了。隨着發射日的臨近，市場將會提前預期這一發射，悄悄地抬高股價。如果你真的相信公司的潛力，並希望通過其股票最大化收益，那麼聰明的做法是在其他人似乎不感興趣的時候入場——就像現在——並接受在此期間可能會看到一些高於平均水平的波動。</p>
<p>這可能會有所幫助：雖然接下來幾個季度的收入或利潤不會因 Neutron 的首次發射而獲得任何財政收益，但這一收益遲早會到來，而且可以説會更早到來。分析師們預計，今年的收入可能為 5.88 億美元，到 2027 年將翻倍以上，使公司在這一階段結束時擺脱虧損，轉為盈利。</p>
<p>耐心在這裏會得到回報。你只是不想等到最後再入場。</p>

RKLB

<p>Rocket Lab (RKLB) 報告了強勁的第二季度財報，收入增長 36%，達到 1.445 億美元，超出預期。儘管淨虧損擴大至 5190 萬美元，公司正在開發一款新的中型運載火箭 Neutron，這可能會顯著擴展其市場。全球中型運載市場預計將從 125 億美元增長到 290 億美元，至 2033 年。Rocket Lab 收購 Geost 增強了其能力，使其在與 SpaceX 和諾斯羅普·格魯曼等競爭對手的競爭中處於有利地位。然而，股票對財報的反應較為平淡，這可能是由於市場對未來發展的預期</p>

<p>Space launch service provider <strong>Rocket Lab</strong>(RKLB 3.40%) posted its second-quarter results late last week. And once again, they were good. Revenue was up, and gross profit margin is improving. The company expects more of the same kind of progress for the quarter currently underway, too.</p>
<div class="lb-trans"><p>太空發射服務提供商 <strong>Rocket Lab</strong>(RKLB 3.40%) 上週晚些時候發佈了第二季度的業績。再一次，這些業績表現良好。收入增長，毛利率也在改善。公司預計當前季度也會有類似的進展。</p>
</div><p>In other words, this growth story is panning out just as many investors were expecting.</p>
<div class="lb-trans"><p>換句話説，這個增長故事正如許多投資者所預期的那樣展開。</p>
</div><p>There's a reason shares didn't jump in response to the good news, though. That is, the market may be waiting on something else that doesn't show up in any of the company's past or projected numbers. Namely, there's a new rocket in development that's expected to make its first flight later this year, pushing Rocket Lab into a whole new segment of the space launch business.</p>
<div class="lb-trans"><p>不過，股票沒有因好消息而上漲是有原因的。也就是説，市場可能在等待一些在公司過去或預測的數字中沒有體現的東西。具體來説，有一款新火箭正在開發中，預計將在今年晚些時候進行首次飛行，這將使 Rocket Lab 進入太空發射業務的全新領域。</p>
</div><p>It matters simply because investors love these sorts of milestones. Some investors will even wait on the sidelines for companies to reach them. That, however, may be a mistake.</p>
<div class="lb-trans"><p>這很重要，因為投資者喜歡這些里程碑式的進展。一些投資者甚至會在一旁觀望，等待公司達到這些里程碑。然而，這可能是一個錯誤。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5MjMvcm9ja2V0LWxhdW5jaC5qcGVnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826923%2Frocket-launch.jpeg&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>Rocket Lab's mixed Q2</h2>
<div class="lb-trans"><h2>Rocket Lab 的混合第二季度</h2>
</div><p>Rocket Lab offers space launch services to companies needing to put relatively small satellites into low Earth orbit. The so-called Electron rocket capable of doing so is relatively small at only 59 feet high. But with a payload capacity of up to 661 pounds, it gets the job done well enough. To date, its reusable Electron rockets have made 69 launches to successfully deploy a total of 233 satellites.</p>
<div class="lb-trans"><p>Rocket Lab 為需要將相對較小的衞星送入低地球軌道的公司提供太空發射服務。所謂的 Electron 火箭能夠做到這一點，身高僅為 59 英尺，算是相對較小。但其有效載荷能力可達 661 磅，足以完成任務。迄今為止，其可重複使用的 Electron 火箭已成功進行了 69 次發射，成功部署了 233 顆衞星。</p>
</div><p>That's where the bulk of last quarter's record-breaking revenue of $144.5 million came from (the company also operates a satellite technology business), up 36% year over year, and handily topping expectations of $135.4 million. While still unprofitable, its gross profits -- revenue generated by its five Electron launches minus the direct cost of those flights -- grew accordingly even though its net loss widened more than expected to $51.9 million. That's the chief reason shares not only didn't fly following last Thursday's release of these results, but are slightly down in the meantime.</p>
<div class="lb-trans"><p>上個季度創紀錄的收入 1.445 億美元的主要來源就是這裏（公司還經營衞星技術業務），同比增長 36%，遠超 1.354 億美元的預期。雖然仍未盈利，但其毛利潤——即五次 Electron 發射所產生的收入減去這些飛行的直接成本——也相應增長，儘管其淨虧損擴大至 5190 萬美元，超出預期。這是股票在上週四發佈這些業績後不僅沒有上漲，反而略微下跌的主要原因。</p>
</div><p>A potentially major catalyst for the stock, however, is in the works.</p>
<div class="lb-trans"><p>然而，股票的一個潛在重大催化劑正在醖釀中。</p>
</div><h2>Coming soon: Bigger and better!</h2>
<div class="lb-trans"><h2>即將到來：更大更好！</h2>
</div><p>Satellites aren't what they used to be. They used to be huge out of necessity. Now they're not. Yet they can do so much more than their predecessors did.</p>
<div class="lb-trans"><p>衞星的形態已經不再是過去那樣。它們曾因必要性而巨大，但現在卻不再如此。然而，它們的功能遠超其前輩。</p>
</div><p>Launching them into space is also much more cost-effective than it's been in the past, particularly in light of newer rockets' reusability; that's certainly been the case for Rocket Lab's reusable Electron. The fact is, however, there's still a huge market for ferrying bigger satellites and deeper-space mission payloads into orbit.</p>
<div class="lb-trans"><p>將它們送入太空的成本也比過去更具成本效益，尤其是考慮到新火箭的可重複使用性；這對於 Rocket Lab 的可重複使用的 Electron 火箭來説確實如此。然而，實際上，仍然存在一個巨大的市場，用於將更大的衞星和深空任務有效載荷送入軌道。</p>
</div><p>Enter Neutron.</p>
<div class="lb-trans"><p>引入 Neutron。</p>
</div><p>Neutron is Rocket Lab's next-generation rocket, capable of lifting up to 28,000 pounds of payload into space. Or, for fans of the notion that a mission to another planet is now inevitable, Neutron can be configured to put over 3,000 pounds' worth of cargo, materials, supplies, and even people en route to Mars or Venus. This qualifies Neutron as a so-called &#34;medium lift&#34; rocket, which is still very necessary to private sector companies as well as government agencies, including NASA and the U.S. Department of Defense. Indeed, as the need for better satellites goes up while the cost of putting them into orbit goes down, demand for medium-lift launches is actually growing. An outlook from Emergen Research suggests the global medium and heavy-lift launch market is set to grow from last year's $12.5 billion to $29 billion per year by 2033, jibing with a prediction from 360iResearch. While the &#34;heavy lift&#34; portion of this industry remains the most expensive (by far) on a per-launch basis, launches of these massive rockets will also remain relatively rare. It's the medium-lift launches that are set to become the workhorses of the space industry.</p>
<div class="lb-trans"><p>Neutron 是 Rocket Lab 的下一代火箭，能夠將多達 28,000 磅的有效載荷送入太空。或者，對於那些認為前往其他星球的任務已不可避免的人來説，Neutron 可以配置為將超過 3,000 磅的貨物、材料、補給，甚至人員送往火星或金星。這使得 Neutron 成為所謂的 “中型發射” 火箭，這對於私營部門公司以及包括 NASA 和美國國防部在內的政府機構仍然非常必要。實際上，隨着對更好衞星的需求上升，而將它們送入軌道的成本下降，中型發射的需求實際上在增長。Emergen Research 的前景預測全球中型和重型發射市場將從去年的 125 億美元增長到 2033 年的每年 290 億美元，這與 360iResearch 的預測一致。雖然該行業的 “重型發射” 部分在每次發射的基礎上仍然是最昂貴的（遠遠超過其他），但這些大型火箭的發射仍將相對稀少。中型發射將成為太空行業的主力軍。</p>
</div><p>Rocket Lab isn't the only competitor within the medium-lift rocket market. Notably, <strong>Tesla</strong> CEO Elon Musk's SpaceX has been testing a reusable medium-lift launch vehicle of its own -- called Falcon 9 (Block 5 variant) -- that's made a few hundred successful flights since its first one in 2018. <strong>Firefly Aerospace</strong>(FLY -4.03%) and <strong>Northrop Grumman</strong>(NOC 0.04%) are also co-developing a medium-lift rocket to replace its older Antares design.</p>
<div class="lb-trans"><p>Rocket Lab 並不是中型火箭市場上唯一的競爭者。值得注意的是，<strong>特斯拉</strong> 首席執行官埃隆·馬斯克的 SpaceX 一直在測試自己的可重複使用中型發射載具——稱為 Falcon 9（Block 5 變體）——自 2018 年首次發射以來，已經成功進行了幾百次飛行。<strong>Firefly Aerospace</strong>(FLY -4.03%) 和 <strong>Northrop Grumman</strong>(NOC 0.04%) 也在共同開發一種中型發射火箭，以取代其舊款的 Antares 設計。</p>
</div><p>Rocket Lab arguably has a competitive technological edge on its competition in this space, though. For instance, sticking with a formula that's worked for years now, it recently completed its acquisition of Geost, adding advanced electro-optical and infrared payload capabilities to its in-house offerings. These solutions support missile-launch warning tech, tactical surveillance and reconnaissance, and more, equipping the company to meet the Department of Defense's specific military-grade needs.</p>
<div class="lb-trans"><p>不過，Rocket Lab 在這一領域的競爭中無疑具有技術競爭優勢。例如，遵循多年來行之有效的公式，它最近完成了對 Geost 的收購，為其內部產品增加了先進的電光和紅外有效載荷能力。這些解決方案支持導彈發射預警技術、戰術監視和偵察等，裝備公司以滿足國防部的特定軍事級別需求。</p>
</div><h2>Better early than late</h2>
<div class="lb-trans"><h2>早做總比晚做好</h2>
</div><p>Great, but what does any of this have to do with Rocket Lab's second-quarter earnings and the stock's non-response to the encouraging report? The market may well be waiting on Neutron to make its first flight to dive in.</p>
<div class="lb-trans"><p>很好，但這一切與 Rocket Lab 的第二季度收益以及股票對這一鼓舞人心的報告的無反應有什麼關係？市場可能在等待 Neutron 的首次飛行以便入場。</p>
</div><p>It's certainly not difficult to understand investors' hesitation. Neutron was first expected to go up last year. While the delays were largely logistical ones rather than reflective of design problems, it was still unexpected disappointment. Investors don't want to be burned again.</p>
<div class="lb-trans"><p>理解投資者的猶豫並不困難。Neutron 最初預計去年就會發射。雖然延遲主要是後勤問題，而非設計問題，但這仍然是意外的失望。投資者不想再次受到傷害。</p>
</div><p>In the grand scheme of this company's history, though, it's never failed to achieve its goals. It's only taken more time than initially expected to achieve them. Also, bear in mind that the longer it works on Neutron, the clearer its timeline becomes. Rocket Lab's most recent guess for a launch sometime before the end of this year is likely to be a pretty good one, with the company confirming the Launch Complex 3, which will handle Neutron launches, will be completed and opened before the end of this quarter.</p>
<div class="lb-trans"><p>不過，在這家公司的歷史大局中，它從未未能實現其目標。只是實現這些目標所需的時間比最初預期的要長。此外，請記住，Rocket Lab 在 Neutron 上工作時間越長，其時間表就越清晰。公司最近猜測將在今年年底之前進行發射，這很可能是一個相當不錯的預測，Rocket Lab 確認將處理 Neutron 發射的發射複合體 3 將在本季度結束前完成並投入使用。</p>
</div><p>If you're waiting for this medium-lift rocket's first launch to buy Rocket Lab stock, however, you're arguably waiting too long. The market's going to anticipate this launch as the day approaches, quietly bidding shares up in the meantime. If you truly believe in the company's potential and want to maximize your gains with its stock, the smart-money move is wading in while nobody else seems interested -- like now -- and just accepting that you may see some above-average volatility in the meantime.</p>
<div class="lb-trans"><p>如果你在等待這款中型運載火箭的首次發射再購買 Rocket Lab 的股票，那麼你可能等得太久了。隨着發射日的臨近，市場將會提前預期這一發射，悄悄地抬高股價。如果你真的相信公司的潛力，並希望通過其股票最大化收益，那麼聰明的做法是在其他人似乎不感興趣的時候入場——就像現在——並接受在此期間可能會看到一些高於平均水平的波動。</p>
</div><p>This might help: While the next couple of quarters' top or bottom lines won't see any fiscal benefit from Neutron's inaugural launch, that benefit is coming sooner or later, and arguably sooner. The analyst community expects this year's likely revenue of $588 million to more than double by 2027, pushing the company out of the red and into the black by the end of that stretch.</p>
<div class="lb-trans"><p>這可能會有所幫助：雖然接下來幾個季度的收入或利潤不會因 Neutron 的首次發射而獲得任何財政收益，但這一收益遲早會到來，而且可以説會更早到來。分析師們預計，今年的收入可能為 5.88 億美元，到 2027 年將翻倍以上，使公司在這一階段結束時擺脱虧損，轉為盈利。</p>
</div><p>Patience will pay off here. You just won't want to wait to make your entry.</p>
<div class="lb-trans"><p>耐心在這裏會得到回報。你只是不想等到最後再入場。</p>
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Rocket Lab 的財報已經公佈，但這次的重點不僅僅是數字