<p><strong>Cava</strong>(CAVA -0.85%) 正在做你希望早期國家品牌所做的事情。它以健康的速度增加門店，發佈了穩健的餐廳級利潤率，並在地中海快餐未曾引起關注的市場中提升了品牌知名度。這種組合自 2023 年夏季首次公開募股（IPO）以來，為股東帶來了令人印象深刻的回報。</p>
<p>但儘管股價從 22 美元的 IPO 價格大幅上漲，近期股票卻遭遇重創。年初至今，股價下跌了 40%，而且從 52 周高點 172.43 美元的跌幅更大，一些投資者可能希望股價能像 “Nvidia 級別的反彈” 一樣，回升到過去的高點。但不幸的是，這種幅度的快速反彈極不可能。投資者可能需要耐心等待股價恢復到這個水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzOTYvZ3Jvd3RoLXN0b2Nrcy10by1idXktbm93LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzOTYvZ3Jvd3RoLXN0b2Nrcy10by1idXktbm93LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>快速但放緩的增長</h2>
<p>Cava 最近一個季度表現良好，但反映出公司增長故事的持續放緩。</p>
<p>第二季度收入增長約 20%，主要得益於新開門店和適度的同店銷售增長。重要的是，餐廳級利潤率達到了 26.3%，顯示出這一概念的可行性。強調公司的最重要催化劑，Cava 在期末時的門店數量接近 400 家，年同比增長率在高十幾的水平。</p>
<p>然而，一些警示信號表明，Cava 的股票不太可能在短期內像 Nvidia 那樣大幅上漲。首先，管理層的指導下調，以承認今年同店銷售趨勢的預期疲軟。具體來説，管理層現在預計 2025 年全年的同店銷售增長率將在 4% 到 6% 之間，低於之前 6% 到 8% 的增長預期。此外，公司第二季度的總收入增長率放緩至 20.3%，低於第一季度的 28.2% 和 2024 年全年的 35.1%。</p>
<p>宏觀經濟壓力正在影響餐飲業。快餐同行，特別是快休閒餐飲，已經注意到客流量的阻力。例如，<strong>Chipotle</strong>(CMG -0.60%) 在第二季度的同店銷售同比下降了 4%，管理層將下降歸因於銷售趨勢和消費者環境的波動。在這樣的市場中，Cava 的高端定價可能會受到一些更具競爭力的快餐替代品的壓力。</p>
<h2>正確看待上行空間</h2>
<p>投資者應該放眼長遠，保持耐心。股價在近期回升至 52 周高點的幾率幾乎為零。</p>
<p>更好的思考方式是：Cava 能否每年增長 15% 或更多的門店，維持健康的同店利潤率，並最終穩步擴展其地理覆蓋範圍，同時保持品牌的新鮮感？如果可以，盈利能力將在未來幾年內上升，成長股可能會穩步上漲。這個路徑看起來是可信的——尤其是如果管理層真的能在 2032 年前將門店數量 “至少” 增長到 1000 家，如其計劃所示。但考慮到截至目前股票的市盈率為 57 倍，股東回報可能只是適度的，而非改變生活的。</p>
<p>一個關鍵風險是同店銷售趨勢可能會變得更糟。這意味着新開門店的盈利能力可能低於預期，最終可能會 derail 公司快速擴展門店的計劃。當前股票的估值並沒有為這種情況留出太多安全邊際。</p>
<p>底線：如果管理層找到重新加速同店銷售增長的方法，Cava 的股票在長期內可能表現良好。但期待股價飆升是不現實的。投資者應該保持耐心，密切關注餐廳擴張、餐廳客流和交易趨勢以及餐廳級利潤率。如果這些關鍵績效指標在長期內表現良好，股票也可能表現良好。</p>

CAVA

<p>Cava (CAVA) 自 2023 年上市以來表現出穩健的增長，但其股價年初至今已下跌 40%。儘管第二季度收入增長了 20%，且利潤率健康達 26.3%，管理層已將 2025 年同店銷售增長的指引下調至 4-6%。宏觀經濟壓力和競爭可能會阻礙股價的快速恢復。投資者應關注長期增長潛力，計劃到 2032 年擴展至 1,000 個地點，同時對當前的高估值和銷售趨勢保持謹慎</p>

<p><strong>Cava</strong>(CAVA -0.85%) is doing what you want from an early-stage national brand. It's adding units at a healthy pace, posting solid restaurant-level margins, and building awareness in markets where Mediterranean fast-casual wasn't previously top of mind. That combination has fueled impressive returns for shareholders since its initial public offering (IPO) in the summer of 2023.</p>
<div class="lb-trans"><p><strong>Cava</strong>(CAVA -0.85%) 正在做你希望早期國家品牌所做的事情。它以健康的速度增加門店，發佈了穩健的餐廳級利潤率，並在地中海快餐未曾引起關注的市場中提升了品牌知名度。這種組合自 2023 年夏季首次公開募股（IPO）以來，為股東帶來了令人印象深刻的回報。</p>
</div><p>But even though shares have risen sharply from their IPO price of $22, the stock has been taking a beating as of late. With the stock down 40% year to date and even more from its 52-week high of $172.43, some investors may be hoping the stock goes on an &#34;Nvidia-level run,&#34; climbing back to its past highs. But unfortunately, a rapid move of this extent is extremely unlikely. Investors will likely need to exercise patience while they wait for shares to regain this level.</p>
<div class="lb-trans"><p>但儘管股價從 22 美元的 IPO 價格大幅上漲，近期股票卻遭遇重創。年初至今，股價下跌了 40%，而且從 52 周高點 172.43 美元的跌幅更大，一些投資者可能希望股價能像 “Nvidia 級別的反彈” 一樣，回升到過去的高點。但不幸的是，這種幅度的快速反彈極不可能。投資者可能需要耐心等待股價恢復到這個水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEzOTYvZ3Jvd3RoLXN0b2Nrcy10by1idXktbm93LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831396%2Fgrowth-stocks-to-buy-now.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>Rapid but slowing growth</h2>
<div class="lb-trans"><h2>快速但放緩的增長</h2>
</div><p>Cava's latest quarter was solid, but captures a continued slowdown in the company's growth story.</p>
<div class="lb-trans"><p>Cava 最近一個季度表現良好，但反映出公司增長故事的持續放緩。</p>
</div><p>Second-quarter revenue grew about 20%, driven by new openings and modest same-restaurant sales growth. Importantly, restaurant-level profit margin came in at a meaty 26.3%, showing that the concept travels well. Spotlighting the company's most important catalyst, Cava ended the period with just under 400 locations -- rising at a rate in the high teens year over year.</p>
<div class="lb-trans"><p>第二季度收入增長約 20%，主要得益於新開門店和適度的同店銷售增長。重要的是，餐廳級利潤率達到了 26.3%，顯示出這一概念的可行性。強調公司的最重要催化劑，Cava 在期末時的門店數量接近 400 家，年同比增長率在高十幾的水平。</p>
</div><p>However, some areas of caution suggest that Cava shares won't likely be catapulting higher in an Nvidia-like run anytime soon. First, management's guidance was revised lower to acknowledge expectations for softer comparable sales trends this year. Specifically, management now expects full-year 2025 same-store sales to increase at a rate between 4% and 6%, down from previous guidance for 6% to 8% growth. Additionally, the company's total revenue growth rate for Q2 slowed to 20.3%, down from 28.2% in Q1 and 35.1% for the full year of 2024.</p>
<div class="lb-trans"><p>然而，一些警示信號表明，Cava 的股票不太可能在短期內像 Nvidia 那樣大幅上漲。首先，管理層的指導下調，以承認今年同店銷售趨勢的預期疲軟。具體來説，管理層現在預計 2025 年全年的同店銷售增長率將在 4% 到 6% 之間，低於之前 6% 到 8% 的增長預期。此外，公司第二季度的總收入增長率放緩至 20.3%，低於第一季度的 28.2% 和 2024 年全年的 35.1%。</p>
</div><p>Macroeconomic pressures are weighing on restaurants. Fast-casual peers, specifically, have been noting traffic headwinds. <strong>Chipotle</strong>(CMG -0.60%), for instance, saw same-restaurant sales decline 4% year over year in Q2, with management attributing the decline to volatility in both sales trends and the consumer environment. A market like this could put pressure on Cava's premium pricing compared to some more aggressively priced fast-food alternatives.</p>
<div class="lb-trans"><p>宏觀經濟壓力正在影響餐飲業。快餐同行，特別是快休閒餐飲，已經注意到客流量的阻力。例如，<strong>Chipotle</strong>(CMG -0.60%) 在第二季度的同店銷售同比下降了 4%，管理層將下降歸因於銷售趨勢和消費者環境的波動。在這樣的市場中，Cava 的高端定價可能會受到一些更具競爭力的快餐替代品的壓力。</p>
</div><h2>The right way to think about the upside</h2>
<div class="lb-trans"><h2>正確看待上行空間</h2>
</div><p>Investors should zoom out and have patience. The odds of shares rebounding back to recent 52-week highs anytime soon are almost zero.</p>
<div class="lb-trans"><p>投資者應該放眼長遠，保持耐心。股價在近期回升至 52 周高點的幾率幾乎為零。</p>
</div><p>The better way to think about things is this: Can Cava grow units by 15% or more annually, sustain healthy same-store margins, and, ultimately, steadily expand its geographic footprint while keeping the brand fresh? If yes, earnings power rises for years, and the growth stock may be able to steadily climb higher. The path looks credible -- especially if management can really grow its locations to &#34;at least 1,000&#34; by 2032, like it plans to. But given the stock's premium valuation of 57 times earnings as of this writing, shareholder returns may only be modest -- not life-changing.</p>
<div class="lb-trans"><p>更好的思考方式是：Cava 能否每年增長 15% 或更多的門店，維持健康的同店利潤率，並最終穩步擴展其地理覆蓋範圍，同時保持品牌的新鮮感？如果可以，盈利能力將在未來幾年內上升，成長股可能會穩步上漲。這個路徑看起來是可信的——尤其是如果管理層真的能在 2032 年前將門店數量 “至少” 增長到 1000 家，如其計劃所示。但考慮到截至目前股票的市盈率為 57 倍，股東回報可能只是適度的，而非改變生活的。</p>
</div><p>One key risk is that the same-store sales trends get even worse. This would mean new store openings could be less profitable than anticipated, and it could ultimately derail the company's plans to grow its store footprint so rapidly. The stock's current valuation doesn't leave much margin of safety for a scenario like this.</p>
<div class="lb-trans"><p>一個關鍵風險是同店銷售趨勢可能會變得更糟。這意味着新開門店的盈利能力可能低於預期，最終可能會 derail 公司快速擴展門店的計劃。當前股票的估值並沒有為這種情況留出太多安全邊際。</p>
</div><p>Bottom line: Cava shares could perform well over the long haul if management finds a way to reaccelerate same-store sales growth. But expecting shares to soar is unrealistic. Investors should embrace patience and closely monitor restaurant expansion, restaurant traffic and transaction trends, and restaurant-level margins. If these key performance indicators perform well over the long term, the stock is likely to perform well, too.</p>
<div class="lb-trans"><p>底線：如果管理層找到重新加速同店銷售增長的方法，Cava 的股票在長期內可能表現良好。但期待股價飆升是不現實的。投資者應該保持耐心，密切關注餐廳擴張、餐廳客流和交易趨勢以及餐廳級利潤率。如果這些關鍵績效指標在長期內表現良好，股票也可能表現良好。</p>
</div>

Is Cava Stock Poised for an Nvidia-Level Run?

- Cava 在 2023 年 IPO 後股東回報顯著，但股價已下跌 40%。  
- 第二季度收入增長 20%，但管理層下調了同店銷售預期。  
- 投資者需耐心等待，關注餐廳擴張和銷售趨勢。  

Cava 的股票是否有望達到 Nvidia 級別的漲勢？