<p>股票處於歷史高位，因為在人工智能熱潮中有很多贏家。</p>
<p>然而，過去幾年有一個行業被落在了後面。住房股票普遍受到衝擊，抵押貸款利率仍然高企，現房銷售自疫情前水平下降了大約 30%。這影響了整個行業的每一個人，從房屋建築商到房地產中介，再到依賴房屋銷售來推動需求的家居公司。</p>
<p>一家名為 <strong>RH</strong>（RH -3.60%）的公司，仍然比疫情時期的高峰下跌了 69%，因為其業務在後疫情時代大幅回落，儘管它此後重新整合並恢復了穩健增長。</p>
<p>上週，這家曾名為 Restoration Hardware 的高端家居用品公司在未能達到預期並下調全年指引後，股價回落。儘管考慮到嚴峻的宏觀經濟環境，財務數據相對穩健，但該股仍因消息下跌了 4.6%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NDEvMDkwODI1X3JlZG9fMDZfdG9wLndlYnAmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NDEvMDkwODI1X3JlZG9fMDZfdG9wLndlYnAmdz03MDA"/></p>
<p>圖片來源：RH。</p>
<p>收入增長了 8.4%，達到 8.992 億美元，低於預期的 9.054 億美元。儘管受到關税不確定性和疲軟的住房市場的影響，需求（訂單增長的衡量標準）在這一期間仍增長了 13.7%。</p>
<p>儘管收入增長低於預期，該公司仍保持了強勁的利潤率，調整後的息税折舊攤銷前利潤（EBITDA）利潤率為 20.6%，公認會計原則（GAAP）營業利潤率為 14.3%。</p>
<p>調整後的每股收益從 1.69 美元躍升至 2.93 美元，顯示出其利潤率正在迅速擴大，儘管這仍低於市場共識的 3.22 美元。</p>
<h2>為什麼 RH 可能會飆升</h2>
<p>RH 要恢復到之前的高峰需要付出很多努力，那時住房市場繁榮，家居改善股票快速增長。</p>
<p>然而，考慮到其比高峰下跌了 69%，RH 並不需要完全回到那個水平就能成為贏家。事實上，美聯儲週三的降息可能是該公司在住房市場所需的催化劑。</p>
<p>首席執行官 Gary Friedman 毫不猶豫地將公司困境歸咎於他所稱的 30 年來最弱的住房市場，較低的抵押貸款利率可能會吸引更多的購房者和賣家進入市場。較低的利率將減少每月還款，並且還將鼓勵賣家重新進入市場，因為這將減輕疫情時代的 “鎖定效應”。</p>
<p>作為一家高端家居用品銷售商，RH 已做好充分準備，利用住房市場復甦的機會，因為房屋銷售往往會引發新的傢俱購買。</p>
<p>該公司在歐洲的擴張也非常顯著，並在美國開設了新的畫廊，此外還嘗試了餐廳、客棧以及飛機和遊艇租賃等新業務。</p>
<p>儘管美國的降息不會直接影響其在歐洲的業務，但其在海外的擴張顯示出公司仍有很大的增長空間。</p>
<h2>RH 值得投資嗎？</h2>
<p>根據分析師對 2027 財年的預估（該財年於 2027 年 1 月結束），RH 股票的前瞻市盈率為 18，這對於仍具有顯著增長潛力的股票來説似乎是一個合理的價格。此外，Friedman 設想將品牌擴展到家居用品之外，甚至翻新整套全配傢俱的房屋，實際上進入住房市場，這一計劃稱為 RH Residences。</p>
<p>即使抵押貸款利率下降，住房市場恢復活力可能需要時間，特別是因為鎖定效應可能會持續影響一些房主。</p>
<p>然而，投資 RH 似乎是利用預期降息的好方法。對於風險承受能力較強的投資者來説，現在適度接觸該股票看起來是個明智的選擇。</p>

<p>RH 是一家高端家居用品公司，較疫情高峰期下跌了 69%，受到疲軟的房地產市場和高企的抵押貸款利率影響。儘管收入增長了 8.4%，達到 8.992 億美元，但未能達到預期，並下調了全年指引，導致股價下跌 4.6%。然而，隨着美聯儲可能降息，RH 可能會受益於房地產市場的復甦，因為較低的利率可能會鼓勵購房和賣房。分析師認為 RH 值得買入，目前的前瞻市盈率為 18，未來有顯著的增長潛力</p>

<p>Stocks are at an all-time high, as there have been plenty of winners during the AI boom.</p>
<div class="lb-trans"><p>股票處於歷史高位，因為在人工智能熱潮中有很多贏家。</p>
</div><p>However, one sector has been left behind over the last couple of years. Housing stocks have generally been reeling with mortgage rates still elevated and existing home sales down roughly 30% since pre-pandemic levels. That has impacted everyone in the sector, from home builders to real estate agencies to home-furnishing companies, which depend on home sales to drive demand.</p>
<div class="lb-trans"><p>然而，過去幾年有一個行業被落在了後面。住房股票普遍受到衝擊，抵押貸款利率仍然高企，現房銷售自疫情前水平下降了大約 30%。這影響了整個行業的每一個人，從房屋建築商到房地產中介，再到依賴房屋銷售來推動需求的家居公司。</p>
</div><p>One company, <strong>RH</strong>(RH -3.60%), is still trading down 69% from its pandemic-era peak, as its business pulled back substantially in the post-pandemic era, even though it has since regrouped and is back to delivering solid growth.</p>
<div class="lb-trans"><p>一家名為 <strong>RH</strong>（RH -3.60%）的公司，仍然比疫情時期的高峰下跌了 69%，因為其業務在後疫情時代大幅回落，儘管它此後重新整合並恢復了穩健增長。</p>
</div><p>The stock pulled back last week after the high-end home furnishings company formerly known as Restoration Hardware missed estimates and cut its full-year guidance. The stock fell 4.6% on the news, even though the numbers were solid considering the challenging macroeconomic environment.</p>
<div class="lb-trans"><p>上週，這家曾名為 Restoration Hardware 的高端家居用品公司在未能達到預期並下調全年指引後，股價回落。儘管考慮到嚴峻的宏觀經濟環境，財務數據相對穩健，但該股仍因消息下跌了 4.6%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NDEvMDkwODI1X3JlZG9fMDZfdG9wLndlYnAmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833841%2F090825_redo_06_top.webp&amp;op=resize&amp;w=700"/></p>
<p>Image source: RH.</p>
<div class="lb-trans"><p>圖片來源：RH。</p>
</div><p>Revenue rose 8.4% to $899.2 million, below estimates for $905.4 million. Demand, which is a measure of order growth, was up 13.7% in the period, even with the impact of tariff uncertainty and a weak housing market.</p>
<div class="lb-trans"><p>收入增長了 8.4%，達到 8.992 億美元，低於預期的 9.054 億美元。儘管受到關税不確定性和疲軟的住房市場的影響，需求（訂單增長的衡量標準）在這一期間仍增長了 13.7%。</p>
</div><p>Despite the weaker-than-expected revenue growth, the company continued to deliver strong profit margins with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 20.6%, and a generally accepted accounting principles (GAAP) operating margin of 14.3%.</p>
<div class="lb-trans"><p>儘管收入增長低於預期，該公司仍保持了強勁的利潤率，調整後的息税折舊攤銷前利潤（EBITDA）利潤率為 20.6%，公認會計原則（GAAP）營業利潤率為 14.3%。</p>
</div><p>Adjusted earnings per share jumped from $1.69 to $2.93, showing its margins are rapidly expanding, though that missed the consensus at $3.22.</p>
<div class="lb-trans"><p>調整後的每股收益從 1.69 美元躍升至 2.93 美元，顯示出其利潤率正在迅速擴大，儘管這仍低於市場共識的 3.22 美元。</p>
</div><h2>Why RH could soar</h2>
<div class="lb-trans"><h2>為什麼 RH 可能會飆升</h2>
</div><p>It will take a lot for RH to recover to its previous peak, which came at a time when the housing market was soaring and home-improvement stocks were delivering rapid growth.</p>
<div class="lb-trans"><p>RH 要恢復到之前的高峰需要付出很多努力，那時住房市場繁榮，家居改善股票快速增長。</p>
</div><p>However, considering it's down 69% from its peak, RH doesn't need to get all the way back there to be a winner. In fact, the Fed rate cut on Wednesday could be the trigger the company needs in the housing market.</p>
<div class="lb-trans"><p>然而，考慮到其比高峰下跌了 69%，RH 並不需要完全回到那個水平就能成為贏家。事實上，美聯儲週三的降息可能是該公司在住房市場所需的催化劑。</p>
</div><p>CEO Gary Friedman hasn't hesitated to blame what he's called the weakest housing market in 30 years for the company's woes, and lower mortgage rates are likely to bring more home buyers and sellers into the market. Lower rates will reduce monthly payments, and it will also encourage sellers to reenter the market as it will diminish the &#34;lock-in effect&#34; of the pandemic era.</p>
<div class="lb-trans"><p>首席執行官 Gary Friedman 毫不猶豫地將公司困境歸咎於他所稱的 30 年來最弱的住房市場，較低的抵押貸款利率可能會吸引更多的購房者和賣家進入市場。較低的利率將減少每月還款，並且還將鼓勵賣家重新進入市場，因為這將減輕疫情時代的 “鎖定效應”。</p>
</div><p>As a high-end home furnishings seller, RH is well prepared to take advantage of the housing market recovery as home sales tend to trigger new furniture purchases.</p>
<div class="lb-trans"><p>作為一家高端家居用品銷售商，RH 已做好充分準備，利用住房市場復甦的機會，因為房屋銷售往往會引發新的傢俱購買。</p>
</div><p>The company has also expanded significantly in Europe and with new galleries in the U.S., in addition to new trial businesses like restaurants, guesthouses, and airplane and yacht charters.</p>
<div class="lb-trans"><p>該公司在歐洲的擴張也非常顯著，並在美國開設了新的畫廊，此外還嘗試了餐廳、客棧以及飛機和遊艇租賃等新業務。</p>
</div><p>While interest rate cuts in the U.S. won't directly affect the business in Europe, its expansion across the pond shows there's plenty of growth runway left for the company.</p>
<div class="lb-trans"><p>儘管美國的降息不會直接影響其在歐洲的業務，但其在海外的擴張顯示出公司仍有很大的增長空間。</p>
</div><h2>Is RH a buy?</h2>
<div class="lb-trans"><h2>RH 值得投資嗎？</h2>
</div><p>Based on analyst estimates for fiscal 2027, which ends in January 2027, RH stock trades at a forward P/E of 18, which seems like a fair price for a stock that still has significant growth potential. Additionally, Friedman envisions expanding the brand beyond home furnishings, even flipping whole, fully furnished houses, effectively getting into the housing market, a program it calls RH Residences.</p>
<div class="lb-trans"><p>根據分析師對 2027 財年的預估（該財年於 2027 年 1 月結束），RH 股票的前瞻市盈率為 18，這對於仍具有顯著增長潛力的股票來説似乎是一個合理的價格。此外，Friedman 設想將品牌擴展到家居用品之外，甚至翻新整套全配傢俱的房屋，實際上進入住房市場，這一計劃稱為 RH Residences。</p>
</div><p>Even if mortgage rates decline, it could take time for the housing market to spring back to life, especially as the lock-in effect is likely to persist for at least some homeowners.</p>
<div class="lb-trans"><p>即使抵押貸款利率下降，住房市場恢復活力可能需要時間，特別是因為鎖定效應可能會持續影響一些房主。</p>
</div><p>However, investing in RH looks like a good way to take advantage of the expected rate cuts. For risk-tolerant investors, getting some exposure to the stock right now looks like a smart idea.</p>
<div class="lb-trans"><p>然而，投資 RH 似乎是利用預期降息的好方法。對於風險承受能力較強的投資者來説，現在適度接觸該股票看起來是個明智的選擇。</p>
</div>

1 Growth Stock Down 69% That Could Soar on Fed Interest Rate Cuts

- 房地產股票因抵押貸款利率高企和房屋銷售下滑而受挫。  
- RH 公司股價較疫情高峰下跌 69%，儘管其收入和利潤率仍表現良好。  
- 分析師預計 RH 股票在未來有顯著增長潛力，適合風險承受能力強的投資者。  

一隻增長股已下跌 69%，可能會因美聯儲降息而大幅上漲