David 1687 personal page - To The Moon

David 1687

David 1687

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09-20

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2021-06-29

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Nayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot

2021-05-08

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lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1104770632","media":"老虎资讯综合","summary":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头","content":"<p>News on June 29, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company issued 257 million shares, priced at HK $19.8 per share, with 500 shares per lot, and is expected to be listed on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 8%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering stage, Nayuki's tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of offer shares was 129 million shares (excluding over-allocation shares), equivalent to 50% of the total number of offer shares.</p><p>In terms of fund-raising purposes, the company intends to use the net proceeds received from the global offering estimated to be approximately HK $4.84 billion (assuming that the over-allotment option is not exercised) for the following purposes: approximately 70.0% will be used to expand the tea shop network in the next three years and increase its market penetration; Approximately 10.0% will be used in the next three years to further improve overall operations by strengthening technical capabilities to improve operational efficiency; About 10.0% will be used to improve supply chain capabilities in the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from 1.087 billion yuan in 2018 to 3.057 billion yuan in 2020, with a compound annual growth rate of 67.7% from 2018 to 2020; The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of 2.115 billion yuan and adjusted net profit of 4.484 million yuan. Under the influence of the epidemic, the domestic food industry has been greatly impacted. The company's adjusted net profit has narrowed under pressure, but its revenue still maintains a strong growth momentum.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-29 08:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 29, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company issued 257 million shares, priced at HK $19.8 per share, with 500 shares per lot, and is expected to be listed on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 8%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering stage, Nayuki's tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of offer shares was 129 million shares (excluding over-allocation shares), equivalent to 50% of the total number of offer shares.</p><p>In terms of fund-raising purposes, the company intends to use the net proceeds received from the global offering estimated to be approximately HK $4.84 billion (assuming that the over-allotment option is not exercised) for the following purposes: approximately 70.0% will be used to expand the tea shop network in the next three years and increase its market penetration; Approximately 10.0% will be used in the next three years to further improve overall operations by strengthening technical capabilities to improve operational efficiency; About 10.0% will be used to improve supply chain capabilities in the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from 1.087 billion yuan in 2018 to 3.057 billion yuan in 2020, with a compound annual growth rate of 67.7% from 2018 to 2020; The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of 2.115 billion yuan and adjusted net profit of 4.484 million yuan. Under the influence of the epidemic, the domestic food industry has been greatly impacted. The company's adjusted net profit has narrowed under pressure, but its revenue still maintains a strong growth momentum.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104770632","content_text":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头为30万股（600手），获配3000股（6手）。公开发售阶段奈雪的茶获432.03倍认购，分配至公开发售的发售股份最终数目为1.29亿股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获642033份有效申请。\n此外，国际发售获大幅超额认购，发售股份最终数目为1.29亿股（不包括超额分配股份），相当于发售股份总数的50%。\n筹资用途方面，公司拟将收取的全球发售所得款项净额估计约48.4亿港元（假设超额配股权并无获行使）用于以下用途：约70.0%将在未来三年用于扩张茶饮店网络并提高其市场渗透率；约10.0%将在未来三年用于通过强化技术能力，进一步提升整体运营，以提升运营效率；约10.0%将在未来三年用于提升供应链能力，以支持公司的规模扩张；约10.0%将用作营运资金及作一般企业用途。\n据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现制茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现制茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3470万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n于整个往绩记录期间，公司的盈利能力不断提升，总营收由2018年的10.87亿元提升至2020年的30.57亿元人民币，2018~2020年的复合年增长率达67.7%；经调整净亏损由2018年的人民币5658万元大幅减少至2019年的人民币1173.5万元，并进一步扭转为2020年的经调整净利润1664.3万元人民币。\n2020年前9个月，公司录得收入21.15亿元，经调整净利润448.4万元。在疫情影响下，国内食品行业受到较大冲击，公司经调整净利润承压收窄，但营收仍保持强劲增长势头。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":2291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107620950,"gmtCreate":1620483078770,"gmtModify":1704344271693,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107620950","repostId":"2133432685","repostType":4,"repost":{"id":"2133432685","kind":"news","pubTimestamp":1620465440,"share":"https://ttm.financial/m/news/2133432685?lang=en_US&edition=fundamental","pubTime":"2021-05-08 17:17","market":"us","language":"zh","title":"IBM builds its first 2nm chip, how will TSMC and GAA processes be affected?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133432685","media":"36氪","summary":"当日，IBM 于官网宣布推出全球首创的 2 纳米芯片技术，“为半导体领域开辟了新的领域”。况且，2nm 芯片因工艺特殊，对光刻机的要求也更为苛刻。此次 IBM 2nm GAA 芯片的问世，等于彻底打通了从 3nm 到 2nm 的路径。但此时与三星保持良好合作关系的 IBM ，突然宣布 2nm GAA 芯片研制成功，将局势逆转，对台积电的既定规划造成了冲击。","content":"<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151733749v235tk5hnw90fg3\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/IBM\">IBM</a>Standing at the forefront of the world, the chip industry has ushered in another milestone, and Moore's Law has been saved again. This is what happened in the global chip industry on May 6, 2021.</p><p>On the same day, IBM announced the launch of the world's first 2-nanometer chip technology on its official website, \"opening up a new field for the semiconductor field.\" At present, there are only<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The research and development of 3nm process chips has been realized, and mass production has not yet been achieved. The 2nm chip is indeed the first in the industry. According to the situation disclosed by foreign media, the transistor density of IBM 2nm chips can reach 333 million per square millimeter (MTr/mm2). At the same time, judging from the pictures disclosed on IBM's official website, the 2nm chip uses the GAA (Gate-All-Around, surrounding gate transistor) process, which also lays a solid foundation for the subsequent popularization of this process.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151739312v235w0cgeruu1r1\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>Transistor density comparison reference compiled by foreign media<b>From 3nm to 2nm, GAA is at the heart of this event</b></p><p>The successful development of the 2nm chip means that all indicators will be greatly improved. IBM said: \"Compared with today's most advanced 7 nm node chips, it is expected to achieve 45% performance improvement or 75% energy consumption reduction.\" The announcement also posted a more specific comparison of potential performance advantages: the battery life of mobile phones is increased by three times, and users are only required to charge their devices every four days. Reduce the carbon footprint (referring to the total greenhouse gas emissions caused by individuals, events, organizations, services or products) of data centers that account for one percent of global energy usage; Faster processing of applications and faster access to the internet, greatly enhancing the functionality of your laptop. Helps self-driving cars speed up object detection and reduce reaction time.</p><p>The above performance improvement and energy consumption reduction indicators are very important innovations and leaps for the entire semiconductor industry. But compared with the industry, it is still a beautiful dream that cannot be achieved in a short time.</p><p>First of all, successful development does not mean successful mass production. Dr. Shao Wei, a former senior product manager of ARM's infrastructure business line and a former senior product manager of a major manufacturer, said: \"In the IBM (release) news, there was no mention of yield, so when will the entire industry really use 2nm? The manufacturing process still needs to wait for the news of mass production.\"</p><p>In addition, \"the common customer endorsement link has also been missed in the news, so speculate that there are no customers yet. In the absence of customers, it is difficult to speculate how long it will take from development to mass production,\" Dr. Shao Wei added.</p><p>Moreover, 2nm chips have more stringent requirements for lithography due to their special processes. It is reported that the new generation lithography of the Dutch company ASML is expected to be mass-produced by 2025, and its NA value will increase to 0.5, which is likely to be enough to support the mass production of 2nm support chips. If the news is true, it means that the industry will not have the basic mass production conditions of 2nm chips until 2025.</p><p>In contrast, the application practice of this chip to GAA process is more meaningful. What is GAA? Dr. Nerissa Draeger described it in a previous interview as simple and easy to understand: \"A surround gate transistor (GAA) is an improved transistor structure in which all faces of the channel are in contact with the gate, so that continuous scaling can be achieved.\"</p><p>Corresponding to GAA is FinFET (fin field effect transistor). FinFET is a key process for chips to gradually move from 22nm to 7nm and 5nm. Its inventor, Professor Hu Zhengming, is therefore called \"the man who saved Moore's Law.\" But after entering below 7nm, FinFET is approaching its limit, and the industry urgently needs new process technologies. At this time, GAA appeared.</p><p>Samsung highly respects GAA, but the \"big brother\" TSMC seeks stability rather than speed. In August last year, TSMC stated that the company's 3nm will continue to use the previous FinFET, which also cast a shadow over the implementation and popularization of GAA. The advent of IBM's 2nm GAA chip is equivalent to completely opening up the path from 3nm to 2nm. Previously, people were still hesitating: Can GAA replace FinFET? Today, such questions have vanished with the advent of 2nm chips.</p><p>\"This is a big progress. For the entire semiconductor industry, it can be regarded as a double insurance for GAA technology. At least there are not too many obstacles to the evolution of the process to 3nm/2nm, which is gratifying.\" Dr. Shao Wei said happily in the interview.<b>TSMC, Samsung,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The battle between the top three</b></p><p>IBM itself does not have the conditions and capabilities to mass-produce chips. Its 2nm chips will be handed over to high-end chip foundries in the form of authorization. This is not a remarkable thing, it is just a manifestation of the detailed division of labor in the industrial chain. But for TSMC, things are not that simple.</p><p>Zhang Zhongmou, founder of Taiwan Semiconductor Manufacturing Company (TSMC), once said at the \"2021 Master Think Tank Forum\" that TSMC's biggest competitor is still Samsung. And the two sides are indeed at loggerheads over the 3nm chip. According to media reports, Samsung has announced that it will invest more than US $100 billion in the next 10 years, with the goal of maintaining a leading position in the field of chip manufacturing by 2025.</p><p>However, the reality is often unsatisfactory. Although Samsung claims to have paid attention to GAA and invested in research in 2002, there is still no exact time for the mass production of its 3nm GAA chip. On the other hand, TSMC, 3nm FinFET chips are expected to be mass-produced in 2022, and 2nm GAA chips are also under development. It seems that TSMC will still firmly sit on the throne of the world's number one chip foundry.</p><p>But IBM, which maintained a good cooperative relationship with Samsung at this time, suddenly announced the successful development of the 2nm GAA chip, reversing the situation and having an impact on TSMC's established plan.</p><p>Besides Samsung, Intel is also likely to participate in foundry production. Besides, Intel's entry into the foundry business is a \"surprise raid\". Previously, Pat Kissinger, the new CEO of Intel, even claimed to surpass TSMC within two years.</p><p>The competition is more intense and the situation is more complicated. This is the future market facing TSMC.</p><p>Fortunately, TSMC's real lifeblood lies in<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Large orders. As long as you make small steps and run fast, you will not be greatly impacted by the emergence of IBM 2nm chips in the short term. \"Everyone (foundries and customers) generally align their goals for 3-5 years in advance. Apple won't mind the name 2nm/3nm, and the alignment is all about the detailed parameters,\" Dr. Shao Wei told InfoQ reporters. \"For Apple's production capacity demand, whoever takes the order has to process the factory and production line, at least 2 years in advance.\"</p><p>For TSMC, the real battle may not be now, but in the next 3-5 years, there will be a tip-to-tip competition with \"challenger\" Samsung.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IBM builds its first 2nm chip, how will TSMC and GAA processes be affected?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIBM builds its first 2nm chip, how will TSMC and GAA processes be affected?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-05-08 17:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151733749v235tk5hnw90fg3\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/IBM\">IBM</a>Standing at the forefront of the world, the chip industry has ushered in another milestone, and Moore's Law has been saved again. This is what happened in the global chip industry on May 6, 2021.</p><p>On the same day, IBM announced the launch of the world's first 2-nanometer chip technology on its official website, \"opening up a new field for the semiconductor field.\" At present, there are only<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The research and development of 3nm process chips has been realized, and mass production has not yet been achieved. The 2nm chip is indeed the first in the industry. According to the situation disclosed by foreign media, the transistor density of IBM 2nm chips can reach 333 million per square millimeter (MTr/mm2). At the same time, judging from the pictures disclosed on IBM's official website, the 2nm chip uses the GAA (Gate-All-Around, surrounding gate transistor) process, which also lays a solid foundation for the subsequent popularization of this process.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151739312v235w0cgeruu1r1\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>Transistor density comparison reference compiled by foreign media<b>From 3nm to 2nm, GAA is at the heart of this event</b></p><p>The successful development of the 2nm chip means that all indicators will be greatly improved. IBM said: \"Compared with today's most advanced 7 nm node chips, it is expected to achieve 45% performance improvement or 75% energy consumption reduction.\" The announcement also posted a more specific comparison of potential performance advantages: the battery life of mobile phones is increased by three times, and users are only required to charge their devices every four days. Reduce the carbon footprint (referring to the total greenhouse gas emissions caused by individuals, events, organizations, services or products) of data centers that account for one percent of global energy usage; Faster processing of applications and faster access to the internet, greatly enhancing the functionality of your laptop. Helps self-driving cars speed up object detection and reduce reaction time.</p><p>The above performance improvement and energy consumption reduction indicators are very important innovations and leaps for the entire semiconductor industry. But compared with the industry, it is still a beautiful dream that cannot be achieved in a short time.</p><p>First of all, successful development does not mean successful mass production. Dr. Shao Wei, a former senior product manager of ARM's infrastructure business line and a former senior product manager of a major manufacturer, said: \"In the IBM (release) news, there was no mention of yield, so when will the entire industry really use 2nm? The manufacturing process still needs to wait for the news of mass production.\"</p><p>In addition, \"the common customer endorsement link has also been missed in the news, so speculate that there are no customers yet. In the absence of customers, it is difficult to speculate how long it will take from development to mass production,\" Dr. Shao Wei added.</p><p>Moreover, 2nm chips have more stringent requirements for lithography due to their special processes. It is reported that the new generation lithography of the Dutch company ASML is expected to be mass-produced by 2025, and its NA value will increase to 0.5, which is likely to be enough to support the mass production of 2nm support chips. If the news is true, it means that the industry will not have the basic mass production conditions of 2nm chips until 2025.</p><p>In contrast, the application practice of this chip to GAA process is more meaningful. What is GAA? Dr. Nerissa Draeger described it in a previous interview as simple and easy to understand: \"A surround gate transistor (GAA) is an improved transistor structure in which all faces of the channel are in contact with the gate, so that continuous scaling can be achieved.\"</p><p>Corresponding to GAA is FinFET (fin field effect transistor). FinFET is a key process for chips to gradually move from 22nm to 7nm and 5nm. Its inventor, Professor Hu Zhengming, is therefore called \"the man who saved Moore's Law.\" But after entering below 7nm, FinFET is approaching its limit, and the industry urgently needs new process technologies. At this time, GAA appeared.</p><p>Samsung highly respects GAA, but the \"big brother\" TSMC seeks stability rather than speed. In August last year, TSMC stated that the company's 3nm will continue to use the previous FinFET, which also cast a shadow over the implementation and popularization of GAA. The advent of IBM's 2nm GAA chip is equivalent to completely opening up the path from 3nm to 2nm. Previously, people were still hesitating: Can GAA replace FinFET? Today, such questions have vanished with the advent of 2nm chips.</p><p>\"This is a big progress. For the entire semiconductor industry, it can be regarded as a double insurance for GAA technology. At least there are not too many obstacles to the evolution of the process to 3nm/2nm, which is gratifying.\" Dr. Shao Wei said happily in the interview.<b>TSMC, Samsung,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The battle between the top three</b></p><p>IBM itself does not have the conditions and capabilities to mass-produce chips. Its 2nm chips will be handed over to high-end chip foundries in the form of authorization. This is not a remarkable thing, it is just a manifestation of the detailed division of labor in the industrial chain. But for TSMC, things are not that simple.</p><p>Zhang Zhongmou, founder of Taiwan Semiconductor Manufacturing Company (TSMC), once said at the \"2021 Master Think Tank Forum\" that TSMC's biggest competitor is still Samsung. And the two sides are indeed at loggerheads over the 3nm chip. According to media reports, Samsung has announced that it will invest more than US $100 billion in the next 10 years, with the goal of maintaining a leading position in the field of chip manufacturing by 2025.</p><p>However, the reality is often unsatisfactory. Although Samsung claims to have paid attention to GAA and invested in research in 2002, there is still no exact time for the mass production of its 3nm GAA chip. On the other hand, TSMC, 3nm FinFET chips are expected to be mass-produced in 2022, and 2nm GAA chips are also under development. It seems that TSMC will still firmly sit on the throne of the world's number one chip foundry.</p><p>But IBM, which maintained a good cooperative relationship with Samsung at this time, suddenly announced the successful development of the 2nm GAA chip, reversing the situation and having an impact on TSMC's established plan.</p><p>Besides Samsung, Intel is also likely to participate in foundry production. Besides, Intel's entry into the foundry business is a \"surprise raid\". Previously, Pat Kissinger, the new CEO of Intel, even claimed to surpass TSMC within two years.</p><p>The competition is more intense and the situation is more complicated. This is the future market facing TSMC.</p><p>Fortunately, TSMC's real lifeblood lies in<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Large orders. As long as you make small steps and run fast, you will not be greatly impacted by the emergence of IBM 2nm chips in the short term. \"Everyone (foundries and customers) generally align their goals for 3-5 years in advance. Apple won't mind the name 2nm/3nm, and the alignment is all about the detailed parameters,\" Dr. Shao Wei told InfoQ reporters. \"For Apple's production capacity demand, whoever takes the order has to process the factory and production line, at least 2 years in advance.\"</p><p>For TSMC, the real battle may not be now, but in the next 3-5 years, there will be a tip-to-tip competition with \"challenger\" Samsung.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021050815173977e6913f&s=b\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c95dc9b62af63b498dce2238fb18ba3","relate_stocks":{"159813":"芯片","TSM":"台积电","EWT":"台湾ETF-iShares MSCI","IBM":"IBM","03145":"华夏亚洲高息股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021050815173977e6913f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133432685","content_text":"IBM 站到世界的最前沿，芯片产业迎来又一个里程碑，摩尔定律再次被拯救，这就是 2021 年 5 月 6 日，全球芯片产业界所发生的事。当日，IBM 于官网宣布推出全球首创的 2 纳米芯片技术，“为半导体领域开辟了新的领域”。当下，业内只有台积电、三星实现了 3nm 制程芯片的研发，且尚未实现量产，2nm 芯片确为业界首创。根据外媒披露的情况来看，IBM 2nm 芯片的晶体管密度可以达到每平方毫米 3.33 亿个 (MTr/mm2)。同时，从 IBM 官网披露的图片来看，该 2nm 芯片采用了 GAA（Gate-All-Around，环绕栅极晶体管）工艺，也为该项工艺后续的普及打下了坚实的基础。由外媒整理的晶体管密度对比参考从 3nm 到 2nm，GAA 才是这一事件的核心2nm 芯片研制成功，意味着各项指标都会出现大幅提升。IBM 对外表示：“与当今最先进的 7 nm 节点芯片相比，预计它将实现 45％的性能提高或 75％的能耗降低。”公告同时贴出了更加具体的潜在性能优势对比：手机电池寿命增加三倍，仅要求用户每四天为设备充电一次。削减数据中心的碳足迹（指由个人、事件、组织、服务或产品造成的温室气体总排放量），这些数据中心占全球能源使用量的百分之一；更快地处理应用程序，更快地访问互联网，极大增强笔记本电脑的功能。有助于 自动驾驶汽车加快物体检测速度，降低反应时间。以上性能提升和能耗降低指标，对于整个半导体行业而言，都是非常重要的创新和飞跃。但相对于产业界来说，却仍然是个短时间内无法企及的美好梦想。首先，研制成功不等于量产成功。前 ARM 公司基础设施事业线高级产品经理、某大厂前高级产品经理邵巍博士表示：“在 IBM（发布）的新闻中，没有提到良率问题，因此整个业界什么时候能够真正用上 2nm 的制程，还需要等待量产的消息。”此外，“新闻中也漏掉了常见的客户背书环节，因此推测一下，暂时还无客户。在无客户的情况下， 很难推测从研制到量产需要多久”，邵巍博士补充道。况且，2nm 芯片因工艺特殊，对光刻机的要求也更为苛刻。有消息称，荷兰 ASML 公司的全新一代光刻机预计到 2025 年量产，其 NA 值提升到 0.5 ，很可能足以支撑 2nm 支撑芯片的量产。如果消息属实，意味着，到 2025 年产业界才具备 2nm 芯片的基础量产条件。相比之下，该芯片对 GAA 工艺的应用实践，反而更具意义。什么是 GAA 呢？Nerissa Draeger 博士在此前的一篇采访中形容的较为简洁易懂：“环绕栅极晶体管 (GAA) 是一种经过改良的晶体管结构，其中通道的所有面都与栅极接触，这样就可以实现连续缩放。”与 GAA 相对应的是 FinFET（鳍式场效应晶体管），FinFET 是芯片从 22nm 逐步进军 7nm、5nm 的关键工艺，其发明人胡正明教授因此被称作“挽救了摩尔定律的男人”。可在进入 7nm 以下后，FinFET 逼近极限，产业界迫切需要新的工艺技术。这时，GAA 出现了。三星对 GAA 极为推崇，但“老大哥”台积电则求稳不求快。去年 8 月，台积电对外表示，公司的 3nm 将继续沿用之前的 FinFET，这也为 GAA 的落地、普及蒙上了一层阴影。此次 IBM 2nm GAA 芯片的问世，等于彻底打通了从 3nm 到 2nm 的路径。此前，人们还在犹豫：GAA 能否替代 FinFET？如今，这样的疑问随着 2nm 芯片的问世烟消云散。“这是一个大进步，对于整个半导体业界来说，算是对 GAA 技术的双保险，至少工艺制程演进到 3nm/2nm 不存在太多障碍了，可喜可贺。”邵巍博士在采访中高兴地说道。台积电、三星、英特尔的三强之争IBM 本身并不具备量产芯片的条件和能力， 其 2nm 芯片会通过授权的形式，交给高端芯片代工厂商来完成。这本来不是什么了不得的事，仅仅是产业链分工细化的表现。但对于台积电而言，事情就没那么简单了。台积电（TSMC）创始人张忠谋在“2021 大师智库论坛”曾表示，台积电最大的竞争对手仍然是三星。而双方也确实在 3nm 芯片这一阵地剑拔弩张。据媒体报道，三星曾对外宣布未来 10 年投资超 1000 亿美元，目标到 2025 年在芯片制造领域内保持领先。不过现实往往不遂人愿，虽然三星自称在 2002 年就对 GAA 保持关注并投入研究，但其 3nm GAA 芯片的量产至今仍无确切时间。反观台积电，3nm FinFET 芯片预计 2022 就可以实现量产，2nm GAA 芯片也在研制中。看样子，台积电还将稳坐全球芯片代工第一的宝座。但此时与三星保持良好合作关系的 IBM ，突然宣布 2nm GAA 芯片研制成功，将局势逆转，对台积电的既定规划造成了冲击。除了三星，英特尔也很可能参与到代工生产中来，况且英特尔入局代工生意本就属于“突袭”，此前英特尔新任 CEO 帕特・基辛格更是宣称 2 年内超越台积电。竞争更加激烈，局势更加复杂，这就是台积电面对的未来市场。好在台积电的真正命脉在于苹果、高通的大笔订单。只要做好小步快跑，短期内并不会因为 IBM 2nm 芯片的出现收到较大冲击。“大家（代工厂商与客户）一般都会提前对齐 3-5 年的目标，苹果不会介意 2nm/3nm 这种名字，对齐的都是跟细节的参数”，邵巍博士对 InfoQ 记者说道，“苹果那个产能需求量， 谁接了单，都得加工厂、加生产线， 至少提前 2 年。”对于台积电而言，真正的战役可能不在当下，而是在未来的 3 - 5 年内，与“挑战者”三星来一场针尖对麦芒的比拼。","news_type":1,"symbols_score_info":{"159813":0.9,"TWmain":0.9,"EWT":0.9,"TSM":0.9,"IBM":0.9,"03145":0.9}},"isVote":1,"tweetType":1,"viewCount":2233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107620017,"gmtCreate":1620483054639,"gmtModify":1704344270392,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107620017","repostId":"2133795685","repostType":4,"isVote":1,"tweetType":1,"viewCount":2108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107667247,"gmtCreate":1620483027789,"gmtModify":1704344270228,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/107667247","repostId":"1129750415","repostType":4,"repost":{"id":"1129750415","kind":"news","pubTimestamp":1620468958,"share":"https://ttm.financial/m/news/1129750415?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:15","market":"us","language":"zh","title":"Is Boeing Stock a Buy in 2021?","url":"https://stock-news.laohu8.com/highlight/detail?id=1129750415","media":"猛兽财经","summary":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电","content":"<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since its stock price reached an all-time high in March 2019, it has been hit by the grounding of the 737 MAX and the epidemic. Two years have passed and it has not yet recovered. Looking ahead, Boeing's road to recovery hasn't been very smooth either, and the 737 MAX is still grounded in China and facing problems with its electrical system. In addition, the recovery in international travel has also been slower than expected.</p><p>The market generally expects that Boeing will achieve positive profitability and cash flow in fiscal year 2022, and this year's revenue will exceed the level of 2019, but in the view of Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Because in addition to the uncertain timing of the launch of the new 737 MAX model and the speed of the recovery in international travel, the market also values Boeing higher than rival Airbus. Given these factors, we don't think Boeing is a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims that Boeing is the world's largest aerospace company, the world's leading manufacturer of civil aircraft and defense, space and security systems, and a provider of after-sales support services. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.</p><p>Boeing has three business units: Commercial Aircraft Group, Defense, Space and Security Group, and Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial is responsible for supporting these business groups.</p><p>In addition, there are functional organizations that work at the entire company level, focusing on engineering and project management, technical and research and development project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been duopolised by Boeing and Airbus.</p><p>Prior to the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its fiscal 2018 revenue and operating profit, respectively, from its core commercial aircraft business. In fiscal year 2018, the revenue contributed by defense, space and security, global services and financial businesses accounted for 26%, 17% and 1% of Boeing's overall revenue respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services and financial businesses accounted for 28%, 45%, 26% and 1% of Boeing's overall revenue respectively. Boeing's core commercial aircraft business unit has been losing money in fiscal 2019, fiscal 2020 and the first quarter of fiscal 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, because this business once contributed the largest revenue to Boeing and this business is the key for Boeing to narrow losses and eventually return to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, mainly because the company reported a month ago on January 30, 2019, its fiscal 2018 revenue and profit record highs.</p><p>However, the good days didn't last long. Boeing's 737 MAX passenger plane was grounded after the Ethiopian Airlines 737 MAX passenger plane crashed in March 2019. As of December 31, 2019, Boeing's stock price has fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program.\" A week later, on December 23, 2019, Boeing revealed that its chairman David l. Calhoun would replace Dennis A. Muilenburg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the epidemic, Boeing's stock price fell to $95.01, setting a five-year low. The epidemic is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to fight the epidemic and global air travel has stopped.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019 to $214.06 on December 31, 2020, a drop of 34%. But its shares have since jumped another 125% from their March lows. Specifically, Boeing's stock price rebounded strongly in November and December 2020 on positive news about the lifting of the grounding of the 737 MAX and vaccinations. On Nov. 18, 2020, the Federal Aviation Administration (FAA) lifted its grounding order on the 737 MAX. Separately, the World Health Organization noted in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price will continue to rebound. Since the beginning of this year, Boeing's stock price has risen 7%, from $214.06 on December 31, 2020 to $228.18 on May 5, 2021. While it is safe to say that Boeing's worst is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's share price continue to recover</b></p><p>Beast Finance believes that the key to whether Boeing's stock price can continue to recover lies in whether its core commercial aircraft business unit can reduce losses in time and regain profitability. And the future prospects for Boeing's commercial aircraft business are in turn impacted by 737 MAX deliveries and the resumption of global travel.</p><p>So far, revenue from Boeing's commercial aircraft business has fallen 31% year-on-year, from US $6.2 billion in the first quarter of 2020 to US $4.3 billion in the first quarter of 2021. This is already an improvement from the 50% decline in revenue for the full year of fiscal 2020. In addition, part of the operating loss of the commercial aircraft business also decreased from US $2.1 billion in the first quarter of 2020 to US $900 million in the most recent quarter. The improvement was primarily due to the resumption of deliveries of the 737 MAX after the Federal Aviation Administration lifted its grounding order on the 737 MAX in November 2020. As of April 26, 2021, Boeing has delivered more than 85 737MAX aircraft. It is worth noting that Boeing also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to land in China, a major aviation market. During its first quarter 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX\" and that \"its timing will impact our 737 delivery plans\" and \"future productivity rates\". To further complicate the matter, whether China can lift the grounding order of the 737 MAX is not just a safety issue, because U.S.-China relations may also be an important factor in determining when the 737 MAX will be approved to resume service in China.</p><p>More importantly, there are still many problems with the 737 MAX aircraft itself. Reuters reported on April 29, 2021 that the Federal Aviation Administration has asked Boeing to \"fix connectivity problems in the electrical systems of some of its 737 MAX aircraft that may cause engine protection measures to fail and critical functions of the cockpit to fail.\" Reuters then published another article on May 5, 2021, emphasizing the requirement that Boeing provide the FAA with \"up-to-date documentation to prove that the 737 MAX subsystem is not affected by electrical connectivity problems.\" Boeing earlier disclosed at the end of April 2021 that about \"100 aircraft in service were affected by electrical system problems\", which would result in \"very few deliveries in April.\"</p><p>In other words, getting the 737 MAX back to normal delivery levels could take longer than expected.</p><p>Separately, the resumption of global travel is another key factor that has a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4th shows that the prospect of global air travel is bleak in the near future. According to the International Air Transport Association, the number of kilometers flown by passengers worldwide is still about one-third of what it was before the pandemic (that is, March 2019). Compared with domestic travel, international travel is expected to take longer to resume.</p><p><b>Global Travel Data and Trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>Apart from that, there are other, more complicating factors. In April 2021, the WHO noted that it did not support the resumption of global travel given \"uncertainty about whether vaccination will prevent the spread of the pandemic and equity concerns,\" Reuters reported. A few days ago, the IATA also warned that travel resumption \"could be dangerously impacted by [high] costs.\" More importantly, as the graph below shows, the 2019 pandemic has been uneven in containment around the world. While the number of weekly confirmed cases in the United States has dropped significantly, confirmed cases continue to increase in places such as India and Latin America.</p><p>Confirmed cases of novel coronavirus pneumonia around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, although Boeing's commercial aircraft business will definitely recover eventually, the timing of the recovery is still very uncertain, mainly due to the complications we mentioned above.<b>Financial projections for Boeing</b>Boeing reiterated at its first-quarter 2021 results presentation that \"in line with the International Air Transport Association and other industry groups, we expect passenger traffic to return to 2019 levels from 2023 to 2024. Boeing also added on the earnings call,\" The recovery in the commercial aircraft business will allow us to achieve positive cash flow in 2022. \"</p><p>A sell-side analyst will typically be consistent with the company's management in their future financial projections. According to data from S&P Capital IQ, the market generally believes that Boeing'S revenue will increase by 37% and 12% in fiscal 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to be flat in fiscal 2023 and increase 8% year-over-year to $96 billion in fiscal 2024. For reference, Boeing had revenue of $76.6 billion in fiscal 2019 and sales of $101.1 billion in fiscal 2020.</p><p>Boeing is also on track to be profitable in fiscal 2022, with operating cash flow and free cash flow of $9.4 billion and $7.5 billion, respectively, according to the consensus estimate of sell-side analysts. Over the last two years of fiscal 2019 and fiscal 2020, Boeing's operating cash flow and free cash flow were negative, and it is expected to remain unchanged in fiscal 2021. Notably, Boeing's operating cash flow in the first quarter of 2021 was-$3.4 billion, an improvement from-$4.3 billion in the first quarter of 2020. Nonetheless, Boeing emphasized on its first-quarter 2021 earnings call that \"our cash flow position is largely dependent on the availability of remaining 737 MAX regulatory approvals, the recovery of the commercial aircraft business and ongoing discussions with customers on fleet planning needs.</p><p>In the view of Beast Finance, the current market is still a bit too optimistic about Boeing's financial forecast. At present, the epidemic is on the rise again in some parts of the world, and the recovery speed of international travel is slower than expected. And what is still uncertain is whether Boeing's latest electrical system problems will cause further delays in 737 MAX deliveries. We think there is a good chance that sell-side analysts will consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should You Buy Boeing Stock in 2021?</b>In the long run, we really like Boeing, a very good enterprise. More importantly, the duopoly pattern of companies like Airbus and Boeing in commercial aircraft is unlikely to be challenged by any company in the foreseeable future, because there are huge barriers to entry in this field in terms of scale and capital.</p><p>On the other hand, Boeing stock may not be as attractive in the near term. The reason is what we mentioned earlier. The current market is still too optimistic about Boeing's financial forecast, and the market's valuation of Boeing is higher than that of its competitor Airbus, and more 737 MAX aircraft are still suffering from current electrical system problems. The impact, as well as factors such as the epidemic taking longer than expected to be effectively controlled, prompted us to reach this conclusion.</p>","source":"lsy1586862168255","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Boeing Stock a Buy in 2021?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Boeing Stock a Buy in 2021?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">猛兽财经</strong><span class=\"h-time small\">2021-05-08 18:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since its stock price reached an all-time high in March 2019, it has been hit by the grounding of the 737 MAX and the epidemic. Two years have passed and it has not yet recovered. Looking ahead, Boeing's road to recovery hasn't been very smooth either, and the 737 MAX is still grounded in China and facing problems with its electrical system. In addition, the recovery in international travel has also been slower than expected.</p><p>The market generally expects that Boeing will achieve positive profitability and cash flow in fiscal year 2022, and this year's revenue will exceed the level of 2019, but in the view of Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Because in addition to the uncertain timing of the launch of the new 737 MAX model and the speed of the recovery in international travel, the market also values Boeing higher than rival Airbus. Given these factors, we don't think Boeing is a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims that Boeing is the world's largest aerospace company, the world's leading manufacturer of civil aircraft and defense, space and security systems, and a provider of after-sales support services. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.</p><p>Boeing has three business units: Commercial Aircraft Group, Defense, Space and Security Group, and Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial is responsible for supporting these business groups.</p><p>In addition, there are functional organizations that work at the entire company level, focusing on engineering and project management, technical and research and development project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been duopolised by Boeing and Airbus.</p><p>Prior to the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its fiscal 2018 revenue and operating profit, respectively, from its core commercial aircraft business. In fiscal year 2018, the revenue contributed by defense, space and security, global services and financial businesses accounted for 26%, 17% and 1% of Boeing's overall revenue respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services and financial businesses accounted for 28%, 45%, 26% and 1% of Boeing's overall revenue respectively. Boeing's core commercial aircraft business unit has been losing money in fiscal 2019, fiscal 2020 and the first quarter of fiscal 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, because this business once contributed the largest revenue to Boeing and this business is the key for Boeing to narrow losses and eventually return to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, mainly because the company reported a month ago on January 30, 2019, its fiscal 2018 revenue and profit record highs.</p><p>However, the good days didn't last long. Boeing's 737 MAX passenger plane was grounded after the Ethiopian Airlines 737 MAX passenger plane crashed in March 2019. As of December 31, 2019, Boeing's stock price has fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program.\" A week later, on December 23, 2019, Boeing revealed that its chairman David l. Calhoun would replace Dennis A. Muilenburg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the epidemic, Boeing's stock price fell to $95.01, setting a five-year low. The epidemic is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to fight the epidemic and global air travel has stopped.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019 to $214.06 on December 31, 2020, a drop of 34%. But its shares have since jumped another 125% from their March lows. Specifically, Boeing's stock price rebounded strongly in November and December 2020 on positive news about the lifting of the grounding of the 737 MAX and vaccinations. On Nov. 18, 2020, the Federal Aviation Administration (FAA) lifted its grounding order on the 737 MAX. Separately, the World Health Organization noted in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price will continue to rebound. Since the beginning of this year, Boeing's stock price has risen 7%, from $214.06 on December 31, 2020 to $228.18 on May 5, 2021. While it is safe to say that Boeing's worst is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's share price continue to recover</b></p><p>Beast Finance believes that the key to whether Boeing's stock price can continue to recover lies in whether its core commercial aircraft business unit can reduce losses in time and regain profitability. And the future prospects for Boeing's commercial aircraft business are in turn impacted by 737 MAX deliveries and the resumption of global travel.</p><p>So far, revenue from Boeing's commercial aircraft business has fallen 31% year-on-year, from US $6.2 billion in the first quarter of 2020 to US $4.3 billion in the first quarter of 2021. This is already an improvement from the 50% decline in revenue for the full year of fiscal 2020. In addition, part of the operating loss of the commercial aircraft business also decreased from US $2.1 billion in the first quarter of 2020 to US $900 million in the most recent quarter. The improvement was primarily due to the resumption of deliveries of the 737 MAX after the Federal Aviation Administration lifted its grounding order on the 737 MAX in November 2020. As of April 26, 2021, Boeing has delivered more than 85 737MAX aircraft. It is worth noting that Boeing also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to land in China, a major aviation market. During its first quarter 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX\" and that \"its timing will impact our 737 delivery plans\" and \"future productivity rates\". To further complicate the matter, whether China can lift the grounding order of the 737 MAX is not just a safety issue, because U.S.-China relations may also be an important factor in determining when the 737 MAX will be approved to resume service in China.</p><p>More importantly, there are still many problems with the 737 MAX aircraft itself. Reuters reported on April 29, 2021 that the Federal Aviation Administration has asked Boeing to \"fix connectivity problems in the electrical systems of some of its 737 MAX aircraft that may cause engine protection measures to fail and critical functions of the cockpit to fail.\" Reuters then published another article on May 5, 2021, emphasizing the requirement that Boeing provide the FAA with \"up-to-date documentation to prove that the 737 MAX subsystem is not affected by electrical connectivity problems.\" Boeing earlier disclosed at the end of April 2021 that about \"100 aircraft in service were affected by electrical system problems\", which would result in \"very few deliveries in April.\"</p><p>In other words, getting the 737 MAX back to normal delivery levels could take longer than expected.</p><p>Separately, the resumption of global travel is another key factor that has a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4th shows that the prospect of global air travel is bleak in the near future. According to the International Air Transport Association, the number of kilometers flown by passengers worldwide is still about one-third of what it was before the pandemic (that is, March 2019). Compared with domestic travel, international travel is expected to take longer to resume.</p><p><b>Global Travel Data and Trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>Apart from that, there are other, more complicating factors. In April 2021, the WHO noted that it did not support the resumption of global travel given \"uncertainty about whether vaccination will prevent the spread of the pandemic and equity concerns,\" Reuters reported. A few days ago, the IATA also warned that travel resumption \"could be dangerously impacted by [high] costs.\" More importantly, as the graph below shows, the 2019 pandemic has been uneven in containment around the world. While the number of weekly confirmed cases in the United States has dropped significantly, confirmed cases continue to increase in places such as India and Latin America.</p><p>Confirmed cases of novel coronavirus pneumonia around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, although Boeing's commercial aircraft business will definitely recover eventually, the timing of the recovery is still very uncertain, mainly due to the complications we mentioned above.<b>Financial projections for Boeing</b>Boeing reiterated at its first-quarter 2021 results presentation that \"in line with the International Air Transport Association and other industry groups, we expect passenger traffic to return to 2019 levels from 2023 to 2024. Boeing also added on the earnings call,\" The recovery in the commercial aircraft business will allow us to achieve positive cash flow in 2022. \"</p><p>A sell-side analyst will typically be consistent with the company's management in their future financial projections. According to data from S&P Capital IQ, the market generally believes that Boeing'S revenue will increase by 37% and 12% in fiscal 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to be flat in fiscal 2023 and increase 8% year-over-year to $96 billion in fiscal 2024. For reference, Boeing had revenue of $76.6 billion in fiscal 2019 and sales of $101.1 billion in fiscal 2020.</p><p>Boeing is also on track to be profitable in fiscal 2022, with operating cash flow and free cash flow of $9.4 billion and $7.5 billion, respectively, according to the consensus estimate of sell-side analysts. Over the last two years of fiscal 2019 and fiscal 2020, Boeing's operating cash flow and free cash flow were negative, and it is expected to remain unchanged in fiscal 2021. Notably, Boeing's operating cash flow in the first quarter of 2021 was-$3.4 billion, an improvement from-$4.3 billion in the first quarter of 2020. Nonetheless, Boeing emphasized on its first-quarter 2021 earnings call that \"our cash flow position is largely dependent on the availability of remaining 737 MAX regulatory approvals, the recovery of the commercial aircraft business and ongoing discussions with customers on fleet planning needs.</p><p>In the view of Beast Finance, the current market is still a bit too optimistic about Boeing's financial forecast. At present, the epidemic is on the rise again in some parts of the world, and the recovery speed of international travel is slower than expected. And what is still uncertain is whether Boeing's latest electrical system problems will cause further delays in 737 MAX deliveries. We think there is a good chance that sell-side analysts will consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should You Buy Boeing Stock in 2021?</b>In the long run, we really like Boeing, a very good enterprise. More importantly, the duopoly pattern of companies like Airbus and Boeing in commercial aircraft is unlikely to be challenged by any company in the foreseeable future, because there are huge barriers to entry in this field in terms of scale and capital.</p><p>On the other hand, Boeing stock may not be as attractive in the near term. The reason is what we mentioned earlier. The current market is still too optimistic about Boeing's financial forecast, and the market's valuation of Boeing is higher than that of its competitor Airbus, and more 737 MAX aircraft are still suffering from current electrical system problems. The impact, as well as factors such as the epidemic taking longer than expected to be effectively controlled, prompted us to reach this conclusion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw\">猛兽财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/db65f3d4f6f7c47bb1a0c9e744a2fd64","relate_stocks":{"BA":"波音"},"source_url":"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129750415","content_text":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电气系统的问题。此外，国际旅行的复苏速度也比预期的要慢。市场普遍预期，波音将在2022财年实现盈利和现金流转正，今年的收入将超过2019年的水平，但在猛兽财经看来，市场还是太乐观了。虽然市场对客流量的增长和飞机需求的长期预期保持不变，但我们还是认为在2021年买入波音的股票不是一项好的投资。因为除了737 MAX新机型的推出时间和国际旅行的复苏速度不确定之外，市场对波音的估值也比竞争对手空客高。考虑到这些因素，我们认为波音在2021年不是一个好的买入对象。公司介绍在波音网站上可以看到波音宣称波音公司是全球最大的航空航天业公司，也是世界领先的民用飞机和防务、空间与安全系统制造商，以及售后支持服务提供商。作为美国最大的制造出口商，波音公司为分布在全球150多个国家和地区的航空公司和政府客户提供支持。波音的产品以及定制的服务包括：民用和军用飞机、卫星、武器、电子和防御系统、发射系统、先进信息和通讯系统，以及基于性能的物流和培训等。波音公司下设三个业务部门：商用飞机集团，防务、空间与安全集团，以及波音全球服务集团。作为金融解决方案的全球提供者，波音金融公司负责支持这些业务集团。此外，还有一些在整个公司层面工作的职能组织，关注工程和项目管理、技术和研发项目执行、先进设计和制造系统、安全、财务、质量和生产力改进，以及信息技术。但我们都知道，全球商用飞机市场早已被波音和空客这两家公司双头垄断了。在2019年737 MAX停飞和2020年疫情爆发之前，波音2018财年的收入和运营利润分别有57%和65%来自其核心商用飞机业务。2018财年，防务、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的26%、17%和1%。在2020财年，来自商用飞机、国防、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的28%、45%、26%和1%。而波音公司的核心商用飞机业务部门在2019财年、2020财年和2021财年第一季度一直处于亏损状态。在本文中，猛兽财经主要关注的是波音的商用飞机业务，因为这项业务曾为波音贡献了最大的收入以及该业务是波音缩小亏损并最终在未来恢复盈利的关键。波音的股价波音的股价在2019年3月1日达到了430.30美元的历史最高点，主要是因为该公司在一个月前的2019年1月30日公布的其2018财年收入和利润都创造了历史新高。然而好日子并没有持续多久。2019年3月，埃塞俄比亚航空公司的737 MAX客机坠毁后，波音的737 MAX客机就被停飞了。截至2019年12月31日，波音的股价已经从其历史最高点下跌了25%，至323.83美元。2019年12月16日，波音公司宣布将“暂停737项目的生产”。一周后，也就是2019年12月23日，波音公司透露，其董事长大卫·l·卡尔霍恩将取代丹尼斯·A·米伦伯格成为公司的新CEO。更糟糕的是，2020年3月20日，随着疫情的爆发，波音股价跌到了95.01美元，创下了五年来的新低。这次疫情对波音核心商用飞机业务来说又是一次重大打击，因为各国为抗击疫情已经实施了旅行限制，全球航空旅行已经停止了。波音的股价最终从2019年12月31日的323.83美元下跌到了2020年12月31日的214.06美元，下跌了34%。但其股价后来从3月份的低点又大幅上涨了125%。具体来说，波音的股价在2020年11月和12月出现了强劲反弹，原因是有关取消737 MAX停飞和疫苗接种的利好消息。2020年11月18日，美国联邦航空管理局(FAA)取消了对737 MAX的停飞令。另外，世界卫生组织在2020年12月指出，“第一次大规模疫苗接种计划”已经开始。2021年，波音的股价继续在回升。今年以来，波音股价上涨了7%，从2020年12月31日的214.06美元上涨到了2021年5月5日的228.18美元。虽然可以有把握的说，波音最糟糕的时期已经过去，但复苏之路肯定不会一帆风顺。波音股价能否持续回升猛兽财经认为波音股价能否持续回升的关键在于其核心商用飞机业务部门能否及时减少亏损，并重新实现盈利。而波音商业飞机业务的未来前景反过来又受到737 MAX交付量和全球旅行恢复的影响。到目前为止波音商用飞机业务的营收已经同比下降了31%，从2020年第一季度的62亿美元下降到了2021年第一季度的43亿美元。这已经比在2020财年全年收入下降50%的情况下有所改善。另外商用飞机业务的部分运营亏损也从2020年第一季度的21亿美元减少到最近一季度的9亿美元。这一改善主要是由于美国联邦航空管理局在2020年11月取消了对737 MAX的停飞令后，737 MAX的交付恢复。截至2021年4月26日，波音已交付了超过85架的737MAX飞机。值得注意的是，波音也从美国的一些其他航空公司接到了737飞机的新订单。另一方面，737 MAX仍在等待在中国这个主要的航空市场落地。在2021年4月28日的2021年第一季度财报电话会议上，波音承认“我们仍在等待中国对737 MAX的监管批准”，“它的时间将影响我们的737交付计划”和“未来的生产率”。令问题进一步复杂化的是，中国能不能取消对737 MAX的停飞令不仅仅是一个安全问题，因为美中关系也可能是决定737 MAX何时获准在中国恢复服务的一个重要因素。更重要的是，737 MAX飞机本身还存在着很多问题。路透社在2021年4月29日报道，美国联邦航空管理局已要求波音公司“修复其部分737 MAX飞机电气系统的连接问题，这些问题可能会导致发动机擎保护措施失效和驾驶舱的关键功能失效。”路透社随后又在2021年5月5日发表了另一篇文章，强调要求波音向美国联邦航空管理局提供“最新的文件，用来证明737 MAX子系统不会受到电气连接问题的影响。”波音公司早前在2021年4月底就透露，约有“100架在用飞机受到了电气系统问题的影响”，这将导致“4月份的交付量很少”。换句话说，将737 MAX恢复到正常的交付水平可能要花费比预期更长的时间。另外，全球旅行的恢复是对波音核心商用飞机业务产生重大影响的另一个关键因素。国际航空运输协会5月4日的发布的最新消息显示，近期全球航空旅行前景黯淡。根据国际航空运输协会的数据，全球旅客飞行公里数仍约为疫情前的(即2019年3月)的三分之一。与国内旅游相比，国际旅行预计还需要更长的时间才能恢复。全球旅行数据和趋势资料来源:国际航空运输协会除此之外，还有其他更复杂的因素。据路透社报道，2021年4月，世卫组织指出，鉴于“接种疫苗是否能防止疫情传播的不确定性以及公平担忧”，它不支持恢复全球旅行。几天前，国际航空运输协会还警告说，旅行恢复“可能会因(高昂的)成本而受到危险的影响。”更重要的是，如下图所示，2019疫情在世界各地的遏制情况并不均衡。虽然美国每周确诊的病例显著下降，但在印度和拉丁美洲等地，确诊病例还在继续增加。世界各地的新冠肺炎确诊病例资料来源:国际航空运输协会简而言之，虽然波音的商用飞机业务最终肯定会复苏，但复苏的时间还非常不确定，主要原因还是我们上面说的那些复杂因素。对波音的财务预测波音在2021年第一季度业绩发布会上重申，“与国际航空运输协会和其他行业团体一致，我们预计2023年至2024年客运量将恢复到2019年的水平。波音还在财报电话会议上补充道，“商用飞机业务的复苏将使我们能够在2022年实现正现金流。”卖方分析师通常会与公司管理层在未来的财务预测上保持一致。根据S&P Capital IQ的数据，市场普遍认为，波音在2021财年和2022财年的营收将分别增长37%和12%，达到798亿美元和895亿美元。华尔街预计，波音的营收将在2023财年持平，2024财年将同比增长8%，达到960亿美元。作为参考，波音在2019财年的收入为766亿美元，在2020财年的销售额为1011亿美元。根据卖方分析师的普遍预期，波音还有望在2022财年实现盈利，运营现金流和自由现金流分别达到94亿美元和75亿美元。在2019财年和2020财年的过去两年里，波音的运营现金流和自由现金流均为负值，预计2021财年将保持不变。值得注意的是，波音2021年第一季度的运营现金流为- 34亿美元，较2020年第一季度的- 43亿美元有所改善。尽管如此，波音公司还是在2021第一季度财报电话会议上强调，“我们的现金流状况在很大程度上取决于能否获得剩余的737 MAX监管批准、商用飞机业务的复苏以及与客户就机群规划需求进行的持续讨论。在猛兽财经看来，目前市场对波音公司的财务预测还是有点过于乐观了。当前，疫情在全球部分地区再次抬头，国际旅行复苏速度低于预期。而且目前还不能确定的是，波音最新的电气系统问题是否还会导致737 MAX的交付进一步延迟。我们认为卖方分析师很有可能会考虑下调对波音未来几个季度的财务预测。在2021年应该买入波音股票吗？从长远来看，我们确实非常喜欢波音这种非常优秀的企业。更重要的是，在可预见的未来，空客和波音这种公司在商用飞机领域的双头垄断格局不太可能会受到任何公司的挑战，因为这个领域在规模和资金方面存在着巨大的进入壁垒。另一方面，波音的股票在短期内可能不那么有吸引力。理由就是我们前面说过的那些，目前市场对波音的财务预测还是太乐观了，而且市场对波音的估值高于与其竞争对手空客，以及更多的737 MAX飞机还在受到当前电气系统问题的影响，还有就是疫情需要比预期更长的时间才能得到有效控制等因素，促使我们得到这样的结论。","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":3068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107667959,"gmtCreate":1620482954871,"gmtModify":1704344269401,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107667959","repostId":"2133685773","repostType":4,"repost":{"id":"2133685773","kind":"news","pubTimestamp":1620469680,"share":"https://ttm.financial/m/news/2133685773?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:28","market":"us","language":"zh","title":"Why is \"Stock God\" Buffett questioned by shareholders?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133685773","media":"新浪财经综合","summary":"巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的。巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。而巴菲特过去一直对独立董事会成员持批评态度。贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。","content":"<p>Source: ESG Asia Report</p><p>The epidemic has aroused the world's attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The world's top investment institutions represented by China are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into active investment strategies, they adopt the method of \"corporate engagement and shareholder action\" to supervise the ESG practices of invested companies with the help of shareholder rights.</p><p>This time, they turned their attention to the \"stock god\" Buffett<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, questioning its ESG governance status quo.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders submitted two proposals on ESG information disclosure to the board of directors: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion. Related to the report of initiatives.</p><p>As an investor in Berkshire, BlackRock agreed with both proposals based on its high recognition of the concept of sustainable development.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and neither shareholder proposal was passed in the end.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG matters.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received more and more attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will bring systemic risks to global economic development. Many risks have come into play, and the value of companies in energy, transportation, chemicals and other industries has been affected.</p><p>Investors need to understand whether companies are prepared for climate risks. Therefore, climate disclosure at the company level is critical.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, CalPERS, Hermes Investment Management Company, and Quebec Savings Investment Group jointly launched a proposal for the \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders are asking Berkshire's board to publish an annual report starting in 2022 that assesses how the company manages climate-related risks and articulates physical and transformational risks and opportunities.</p><p>Shareholders suggested that the report should include:</p><p>Summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2 °C scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two competitors of Berkshire's BNSF rail transportation company in the proposal (<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail freight companies) for good practices in setting science-based carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can bring benefits to companies</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform in gender diversity are 21% higher in terms of profitability and 27% more likely to create superior value.</p><p>Foreign media's research on the S&P 500 Index found that from 2015 to 2019, the average annualized return on the stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the 20 worst companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge hurdles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, many Berkshire subsidiaries have also been accused of sexism and racism.</p><p>Berkshire shareholders sought quantitative, comparable data to understand the company's diversity and the effectiveness of inclusion programs.</p><p>Handlery Hotels proposed to Berkshire through an agent that it publish annual reports assessing the company's progress on diversity and inclusion, including:</p><p>The process by which the Board assesses whether diversity, equity, and inclusion programs are effective;</p><p>Evaluation by the Board of Directors of the execution of inclusion programs, particularly the monitoring of indicators in recruitment, promotion and protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Faced with these two proposals that are in line with the development of the times, Berkshire board members all voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Responses to proposals for climate-related disclosures</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks responsibly is critical to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and companies it invests in. work.</p><p>The board of directors has seen many subsidiaries make wise decisions related to climate change. For example, its railway transportation companies and energy companies have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At that time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the earth, rather than \"certainly\".</p><p>Buffett believes that it is foolish to ask for 100% proof that the world is about to suffer a great disaster when there is uncertainty and the possibility of taking quick action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on the earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in clear skies?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically re-set annually (rather than fixed prices for ten or two decades), and if more frequent or costly climate events occur, Berkshire's insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett quips that as an individual citizen, you can understandably stay up at night due to climate change-as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be on your list of concerns when you're merely a shareholder in a large insurance company.</p><p><b>Response to the Diversity Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board said the company has built a diverse, equitable and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reason is: Berkshire operates in different industries in many regions around the world, and it is unreasonable to require unified diversified, fair and inclusive quantitative reporting; Furthermore, as in response to proposals for reporting on climate-related risks, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes there are risks in Berkshire's governance structure</b></p><p>As a shareholder of Berkshire, BlackRock absolutely agrees with the above two shareholder proposals based on its emphasis on sustainable development investment.</p><p>BlackRock even pointed out that Berkshire also has risks in its governance structure.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are insufficient. At present, there are only two committees (responsible for salary and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but does not have a chief independent director, which is not conducive to the independent decision-making and judgment of the board of directors.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said that independent directors can be paid hundreds of thousands of dollars per year for just a few days of work; They are not exactly interested in the future of the company and are often biased towards management, who will agree with whatever management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles in Berkshire, and Berkshire has not provided information disclosure on how to address succession risks, such as the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and this succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of duty of the company's audit committee.</p><p>As a result, BlackRock voted against the * vote to chair Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote decision, BlackRock wrote: The company has not adapted to a world where ESG is becoming more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink (Laurence D. Fink) once again emphasized the long-term value of sustainability investments in a letter to all shareholders and made sustainability commitments for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Emission Asset Manager Initiative Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage companies that clients invest in to consider the opportunities brought by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment plan.</p><p>As one of the largest investment companies in the world, Berkshire recently confirmed Buffett's successor. In an interview with American financial media on Monday, 91-year-old Buffett admitted that the directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why is \"Stock God\" Buffett questioned by shareholders?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy is \"Stock God\" Buffett questioned by shareholders?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-05-08 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Source: ESG Asia Report</p><p>The epidemic has aroused the world's attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The world's top investment institutions represented by China are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into active investment strategies, they adopt the method of \"corporate engagement and shareholder action\" to supervise the ESG practices of invested companies with the help of shareholder rights.</p><p>This time, they turned their attention to the \"stock god\" Buffett<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, questioning its ESG governance status quo.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders submitted two proposals on ESG information disclosure to the board of directors: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion. Related to the report of initiatives.</p><p>As an investor in Berkshire, BlackRock agreed with both proposals based on its high recognition of the concept of sustainable development.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and neither shareholder proposal was passed in the end.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG matters.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received more and more attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will bring systemic risks to global economic development. Many risks have come into play, and the value of companies in energy, transportation, chemicals and other industries has been affected.</p><p>Investors need to understand whether companies are prepared for climate risks. Therefore, climate disclosure at the company level is critical.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, CalPERS, Hermes Investment Management Company, and Quebec Savings Investment Group jointly launched a proposal for the \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders are asking Berkshire's board to publish an annual report starting in 2022 that assesses how the company manages climate-related risks and articulates physical and transformational risks and opportunities.</p><p>Shareholders suggested that the report should include:</p><p>Summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2 °C scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two competitors of Berkshire's BNSF rail transportation company in the proposal (<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail freight companies) for good practices in setting science-based carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can bring benefits to companies</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform in gender diversity are 21% higher in terms of profitability and 27% more likely to create superior value.</p><p>Foreign media's research on the S&P 500 Index found that from 2015 to 2019, the average annualized return on the stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the 20 worst companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge hurdles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, many Berkshire subsidiaries have also been accused of sexism and racism.</p><p>Berkshire shareholders sought quantitative, comparable data to understand the company's diversity and the effectiveness of inclusion programs.</p><p>Handlery Hotels proposed to Berkshire through an agent that it publish annual reports assessing the company's progress on diversity and inclusion, including:</p><p>The process by which the Board assesses whether diversity, equity, and inclusion programs are effective;</p><p>Evaluation by the Board of Directors of the execution of inclusion programs, particularly the monitoring of indicators in recruitment, promotion and protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Faced with these two proposals that are in line with the development of the times, Berkshire board members all voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Responses to proposals for climate-related disclosures</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks responsibly is critical to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and companies it invests in. work.</p><p>The board of directors has seen many subsidiaries make wise decisions related to climate change. For example, its railway transportation companies and energy companies have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At that time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the earth, rather than \"certainly\".</p><p>Buffett believes that it is foolish to ask for 100% proof that the world is about to suffer a great disaster when there is uncertainty and the possibility of taking quick action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on the earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in clear skies?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically re-set annually (rather than fixed prices for ten or two decades), and if more frequent or costly climate events occur, Berkshire's insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett quips that as an individual citizen, you can understandably stay up at night due to climate change-as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be on your list of concerns when you're merely a shareholder in a large insurance company.</p><p><b>Response to the Diversity Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board said the company has built a diverse, equitable and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reason is: Berkshire operates in different industries in many regions around the world, and it is unreasonable to require unified diversified, fair and inclusive quantitative reporting; Furthermore, as in response to proposals for reporting on climate-related risks, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes there are risks in Berkshire's governance structure</b></p><p>As a shareholder of Berkshire, BlackRock absolutely agrees with the above two shareholder proposals based on its emphasis on sustainable development investment.</p><p>BlackRock even pointed out that Berkshire also has risks in its governance structure.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are insufficient. At present, there are only two committees (responsible for salary and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but does not have a chief independent director, which is not conducive to the independent decision-making and judgment of the board of directors.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said that independent directors can be paid hundreds of thousands of dollars per year for just a few days of work; They are not exactly interested in the future of the company and are often biased towards management, who will agree with whatever management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles in Berkshire, and Berkshire has not provided information disclosure on how to address succession risks, such as the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and this succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of duty of the company's audit committee.</p><p>As a result, BlackRock voted against the * vote to chair Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote decision, BlackRock wrote: The company has not adapted to a world where ESG is becoming more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink (Laurence D. Fink) once again emphasized the long-term value of sustainability investments in a letter to all shareholders and made sustainability commitments for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Emission Asset Manager Initiative Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage companies that clients invest in to consider the opportunities brought by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment plan.</p><p>As one of the largest investment companies in the world, Berkshire recently confirmed Buffett's successor. In an interview with American financial media on Monday, 91-year-old Buffett admitted that the directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1b9fef028787bba142fa31212ae49d2","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133685773","content_text":"来源：ESG亚洲报告\n疫情唤起了世界对可持续发展领域的关注，ESG投资迎来了新一轮的发展机遇。\n以贝莱德为代表的世界顶级投资机构对可持续发展投资的长期回报信心不断增强，在将ESG因素纳入主动投资策略的同时，采用“企业参与及股东行动（corporate engagement and shareholder action）”的方式，借助股东权利督导所投公司的ESG实践。\n这次，他们将注意力转向了“股神”巴菲特麾下的伯克希尔哈撒韦公司，对其ESG治理现状提出质疑。\n在近日结束的2021年股东大会上，伯克希尔股东们向董事会递交了两项有关ESG信息披露的提案：一项与气候相关风险和机遇的报告有关，另一项与员工多元化和包容性举措的报告有关。\n作为伯克希尔的投资者，贝莱德基于自身对可持续发展理念的高度认可，对两项提案均表示赞同。\n但拥有多数投票权的伯克希尔董事会却投出了一致的反对票，最终两项股东提案均没有获得通过。\n世界上最大的资产管理公司与世界上最著名的投资机构就ESG事宜发生分歧。\n01、伯克希尔股东：气候相关与多元化信息披露不足\n气候变化和多元化议题在近年来受到越来越多的重视。\n应对气候变化已经在全球范围内达成共识\n市场普遍认为，气候事件和向低碳经济的过渡会给全球经济发展带来系统性风险。诸多风险已经开始发挥作用，能源、交通、化工等行业的公司价值受到影响。\n投资者需要了解公司是否已经做好了应对气候风险的准备。因此，公司层面的气候信息披露至关重要。\n因对伯克希尔气候相关信息披露不足的担忧，加州公务员退休基金（CalPERS）、爱马仕投资管理公司、魁北克储蓄投资集团共同发起了“气候相关风险和机遇报告”的提案。\n股东们要求伯克希尔董事会从2022年开始，每年发布一份评估公司气候相关风险管理方式，以及阐明物理与转型风险及机遇的报告。\n股东们建议该报告应包括：\n子公司和被投公司的气候风险和机遇摘要，以董事会认为可能受到气候变化重大影响或对气候变化有重大贡献的信息为主；\n董事会监督和管理气候相关风险和机遇的方法；\n检视公司基于2℃情境下的温室气体减排目标。\n为“刺激”伯克希尔，股东们在提案中还谈及伯克希尔旗下BNSF铁路运输公司的两家竞争对手（CSX运输公司和联合太平洋铁路货运公司）在设定科学碳目标方面的优秀实践。\n大量研究表明，多元化的员工队伍可以给公司带来收益\n麦肯锡在一篇研究报告中指出，性别多元化方面表现优异的前25%的公司在盈利能力方面高出21%，在创造卓越价值方面的可能性高出27%。\n外媒对标普500指数的研究发现，2015-2019年间，多元化表现最好的20家公司，其股票的平均年化收益率比最差的20家公司高出5.8%。\n尽管有这些优势，多元化和包容性的员工队伍建设在现实中存在巨大障碍。\n伯克希尔在多元性方面的表现也让股东担忧。\n不仅在多元化信息披露方面存在不足，伯克希尔许多子公司还遭到了有关性别歧视和种族主义的指控。\n伯克希尔股东寻求量化，可比的数据以了解公司多元化情况，以及包容性计划的有效性。\n汉得利酒店（Handlery Hotels）通过代理人向伯克希尔提议，要求其每年发布报告，评估公司的多元化和包容性进展，包括：\n董事会评估多元化、公平性和包容性计划是否有效的过程；\n董事会对包容性计划执行的评估，特别是在招聘、晋升和特殊类别员工保护方面的指标监督。\n02、巴菲特：这些提案违背公司的自治理念\n面对这两项顺应时代发展的提案，伯克希尔董事会成员均投出了反对票，其中也包括拥有三分之一投票权的巴菲特。\n对气候相关信息披露提案的回应\n伯克希尔董事会投出反对票的理由是，虽然认识到以负责任的方式管理与气候相关的风险对股东和经营业务至关重要，但不希望干预子公司及所投公司的气候相关风险管理工作。\n董事会看到诸多子公司做出了与气候变化相关的明智决定，如旗下的铁路运输公司和能源公司都已经在碳减排方面采取了有效行动。\n而在核心保险业务方面，巴菲特早在2015年年报中，亲自做出了对气候相关风险的理解。当时，伯克希尔也收到了相关股东提案。\n巴菲特在2015年年报中在写道：对于他而言，由于缺乏气候科学的专业背景，气候变化“很有可能（highly likely）”对地球构成重大威胁，而不是“一定（certain）”。\n巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的（foolish）。\n巴菲特质疑，如果地球发生重大灾难的可能性只有百分之一，而诺亚方舟对于生存至关重要，难道要在晴空万里的今天，就开始建造它么？\n巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。\n巴菲特认为，伯克希尔保单价格通常每年都会重新制定一次（而不是十年或二十年的固定价格），如果发生更频繁或损失更大的气候事件，伯克希尔保险业务反而会因保单价格提高而规模更大、利润更高。\n巴菲特调侃道，作为个人公民，您可能会因气候变化彻夜难眠，这是可以理解的——作为低洼地区的房主，您不妨考虑搬家；但是，当您仅仅作为一家大型保险公司的股东时，气候变化就不应列入您的担忧之列。\n对多元化信息披露提案的回应\n面对该提案，伯克希尔董事会表示公司已经建立了多元性、公平性和包容性的员工队伍，并将继续成为公司成功和长期可持续发展的重要因素。\n但最终，伯克希尔董事会还是对员工多元化报告提案投出了一致的反对票。\n其理由是：伯克希尔在全球多个地域经营着不同行业，要求统一的多元化，公平性和包容性定量报告是不合理的；此外，正如对有关气候相关风险报告提案的回应那样，伯克希尔以非集中的方式管理其经营的业务，很少参与这些业务的日常活动。\n03、贝莱德认为伯克希尔治理架构存在风险\n作为伯克希尔的股东，贝莱德基于自身对可持续发展投资的重视，对以上两项股东提案是持绝对赞成意见的。\n贝莱德甚至指出，伯克希尔在治理架构方面也存在风险。\n贝莱德认为，伯克希尔董事会下设的专门委员会是不足的，目前只有两个（分别负责薪酬和审计）。\n贝莱德还认为，伯克希尔由巴菲特兼任董事长和CEO，却没有首席独立董事，这不利于董事会做出独立的决策和判断。\n而巴菲特过去一直对独立董事会成员持批评态度。\n在2020年致股东信中，巴菲特表示，独立董事每年只需工作几天就能获得数十万美元的报酬；他们对公司的未来并不感兴趣，而且经常偏向于管理层，管理层想要什么他们都会同意。\n此外，贝莱德对伯克希尔关键领导角色的继任计划感到担忧，伯克希尔未提供有关如何解决继任风险的信息披露，如有关董事会对候选人的审查过程等。\n贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。\n而就伯克希尔在ESG治理方面的不足，贝莱德将其归咎于公司审计委员会的失职。\n因此，贝莱德在伯克希尔审计委员会主席的连任投票中投出了反对票。\n贝莱德在一份关于伯克希尔投票决定的简报中写道：该公司没有适应一个ESG对业绩变得更加重要的世界。\n可见，贝莱德对伯克希尔未来的可持续发展韧性充满担忧。\n作为全球最大的资产管理公司，贝莱德管理的资金规模达到9万亿美元。\n2021年，贝莱德董事长及首席执行官劳伦斯·芬克（Laurence D． Fink）在致全体股东的信中，再次强调了可持续发展投资的长期价值，并做出了新一年的可持续发展承诺。\n贝莱德在近期宣布加入净零排放资产管理人倡议（Net Zero Asset Managers Initiative）。因此，“敦促投资督导鼓励客户投资的公司在缓解气候风险的同时，考虑零净转型带来的机遇”成为贝莱德可持续投资计划中的重要行动。\n而作为世界最大投资公司之一的伯克希尔，在近期确定了巴菲特的接班人。本周一在接受美国财经媒体采访时，91岁的巴菲特承认，董事们一致同意，未来将由伯克希尔非保险业务副董事长格雷格·阿贝尔（Greg Abel）接任CEO。\n不知道阿贝尔上任后，是否会将伯克希尔的ESG管理职责收归到集团层面，以满足股东和投资者日益强烈的ESG治理与披露需求。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":480389804212888,"gmtCreate":1758306744568,"gmtModify":1758306747116,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>&nbsp;","text":"$特斯拉(TSLA)$","images":[{"img":"https://community-static.tradeup.com/news/98794ce11d4fbaf099435ea85267747b","width":"1122","height":"1737"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/480389804212888","isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":107667247,"gmtCreate":1620483027789,"gmtModify":1704344270228,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107667247","repostId":"1129750415","repostType":4,"repost":{"id":"1129750415","kind":"news","pubTimestamp":1620468958,"share":"https://ttm.financial/m/news/1129750415?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:15","market":"us","language":"zh","title":"Is Boeing Stock a Buy in 2021?","url":"https://stock-news.laohu8.com/highlight/detail?id=1129750415","media":"猛兽财经","summary":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电","content":"<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since its stock price reached an all-time high in March 2019, it has been hit by the grounding of the 737 MAX and the epidemic. Two years have passed and it has not yet recovered. Looking ahead, Boeing's road to recovery hasn't been very smooth either, and the 737 MAX is still grounded in China and facing problems with its electrical system. In addition, the recovery in international travel has also been slower than expected.</p><p>The market generally expects that Boeing will achieve positive profitability and cash flow in fiscal year 2022, and this year's revenue will exceed the level of 2019, but in the view of Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Because in addition to the uncertain timing of the launch of the new 737 MAX model and the speed of the recovery in international travel, the market also values Boeing higher than rival Airbus. Given these factors, we don't think Boeing is a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims that Boeing is the world's largest aerospace company, the world's leading manufacturer of civil aircraft and defense, space and security systems, and a provider of after-sales support services. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.</p><p>Boeing has three business units: Commercial Aircraft Group, Defense, Space and Security Group, and Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial is responsible for supporting these business groups.</p><p>In addition, there are functional organizations that work at the entire company level, focusing on engineering and project management, technical and research and development project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been duopolised by Boeing and Airbus.</p><p>Prior to the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its fiscal 2018 revenue and operating profit, respectively, from its core commercial aircraft business. In fiscal year 2018, the revenue contributed by defense, space and security, global services and financial businesses accounted for 26%, 17% and 1% of Boeing's overall revenue respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services and financial businesses accounted for 28%, 45%, 26% and 1% of Boeing's overall revenue respectively. Boeing's core commercial aircraft business unit has been losing money in fiscal 2019, fiscal 2020 and the first quarter of fiscal 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, because this business once contributed the largest revenue to Boeing and this business is the key for Boeing to narrow losses and eventually return to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, mainly because the company reported a month ago on January 30, 2019, its fiscal 2018 revenue and profit record highs.</p><p>However, the good days didn't last long. Boeing's 737 MAX passenger plane was grounded after the Ethiopian Airlines 737 MAX passenger plane crashed in March 2019. As of December 31, 2019, Boeing's stock price has fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program.\" A week later, on December 23, 2019, Boeing revealed that its chairman David l. Calhoun would replace Dennis A. Muilenburg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the epidemic, Boeing's stock price fell to $95.01, setting a five-year low. The epidemic is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to fight the epidemic and global air travel has stopped.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019 to $214.06 on December 31, 2020, a drop of 34%. But its shares have since jumped another 125% from their March lows. Specifically, Boeing's stock price rebounded strongly in November and December 2020 on positive news about the lifting of the grounding of the 737 MAX and vaccinations. On Nov. 18, 2020, the Federal Aviation Administration (FAA) lifted its grounding order on the 737 MAX. Separately, the World Health Organization noted in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price will continue to rebound. Since the beginning of this year, Boeing's stock price has risen 7%, from $214.06 on December 31, 2020 to $228.18 on May 5, 2021. While it is safe to say that Boeing's worst is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's share price continue to recover</b></p><p>Beast Finance believes that the key to whether Boeing's stock price can continue to recover lies in whether its core commercial aircraft business unit can reduce losses in time and regain profitability. And the future prospects for Boeing's commercial aircraft business are in turn impacted by 737 MAX deliveries and the resumption of global travel.</p><p>So far, revenue from Boeing's commercial aircraft business has fallen 31% year-on-year, from US $6.2 billion in the first quarter of 2020 to US $4.3 billion in the first quarter of 2021. This is already an improvement from the 50% decline in revenue for the full year of fiscal 2020. In addition, part of the operating loss of the commercial aircraft business also decreased from US $2.1 billion in the first quarter of 2020 to US $900 million in the most recent quarter. The improvement was primarily due to the resumption of deliveries of the 737 MAX after the Federal Aviation Administration lifted its grounding order on the 737 MAX in November 2020. As of April 26, 2021, Boeing has delivered more than 85 737MAX aircraft. It is worth noting that Boeing also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to land in China, a major aviation market. During its first quarter 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX\" and that \"its timing will impact our 737 delivery plans\" and \"future productivity rates\". To further complicate the matter, whether China can lift the grounding order of the 737 MAX is not just a safety issue, because U.S.-China relations may also be an important factor in determining when the 737 MAX will be approved to resume service in China.</p><p>More importantly, there are still many problems with the 737 MAX aircraft itself. Reuters reported on April 29, 2021 that the Federal Aviation Administration has asked Boeing to \"fix connectivity problems in the electrical systems of some of its 737 MAX aircraft that may cause engine protection measures to fail and critical functions of the cockpit to fail.\" Reuters then published another article on May 5, 2021, emphasizing the requirement that Boeing provide the FAA with \"up-to-date documentation to prove that the 737 MAX subsystem is not affected by electrical connectivity problems.\" Boeing earlier disclosed at the end of April 2021 that about \"100 aircraft in service were affected by electrical system problems\", which would result in \"very few deliveries in April.\"</p><p>In other words, getting the 737 MAX back to normal delivery levels could take longer than expected.</p><p>Separately, the resumption of global travel is another key factor that has a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4th shows that the prospect of global air travel is bleak in the near future. According to the International Air Transport Association, the number of kilometers flown by passengers worldwide is still about one-third of what it was before the pandemic (that is, March 2019). Compared with domestic travel, international travel is expected to take longer to resume.</p><p><b>Global Travel Data and Trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>Apart from that, there are other, more complicating factors. In April 2021, the WHO noted that it did not support the resumption of global travel given \"uncertainty about whether vaccination will prevent the spread of the pandemic and equity concerns,\" Reuters reported. A few days ago, the IATA also warned that travel resumption \"could be dangerously impacted by [high] costs.\" More importantly, as the graph below shows, the 2019 pandemic has been uneven in containment around the world. While the number of weekly confirmed cases in the United States has dropped significantly, confirmed cases continue to increase in places such as India and Latin America.</p><p>Confirmed cases of novel coronavirus pneumonia around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, although Boeing's commercial aircraft business will definitely recover eventually, the timing of the recovery is still very uncertain, mainly due to the complications we mentioned above.<b>Financial projections for Boeing</b>Boeing reiterated at its first-quarter 2021 results presentation that \"in line with the International Air Transport Association and other industry groups, we expect passenger traffic to return to 2019 levels from 2023 to 2024. Boeing also added on the earnings call,\" The recovery in the commercial aircraft business will allow us to achieve positive cash flow in 2022. \"</p><p>A sell-side analyst will typically be consistent with the company's management in their future financial projections. According to data from S&P Capital IQ, the market generally believes that Boeing'S revenue will increase by 37% and 12% in fiscal 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to be flat in fiscal 2023 and increase 8% year-over-year to $96 billion in fiscal 2024. For reference, Boeing had revenue of $76.6 billion in fiscal 2019 and sales of $101.1 billion in fiscal 2020.</p><p>Boeing is also on track to be profitable in fiscal 2022, with operating cash flow and free cash flow of $9.4 billion and $7.5 billion, respectively, according to the consensus estimate of sell-side analysts. Over the last two years of fiscal 2019 and fiscal 2020, Boeing's operating cash flow and free cash flow were negative, and it is expected to remain unchanged in fiscal 2021. Notably, Boeing's operating cash flow in the first quarter of 2021 was-$3.4 billion, an improvement from-$4.3 billion in the first quarter of 2020. Nonetheless, Boeing emphasized on its first-quarter 2021 earnings call that \"our cash flow position is largely dependent on the availability of remaining 737 MAX regulatory approvals, the recovery of the commercial aircraft business and ongoing discussions with customers on fleet planning needs.</p><p>In the view of Beast Finance, the current market is still a bit too optimistic about Boeing's financial forecast. At present, the epidemic is on the rise again in some parts of the world, and the recovery speed of international travel is slower than expected. And what is still uncertain is whether Boeing's latest electrical system problems will cause further delays in 737 MAX deliveries. We think there is a good chance that sell-side analysts will consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should You Buy Boeing Stock in 2021?</b>In the long run, we really like Boeing, a very good enterprise. More importantly, the duopoly pattern of companies like Airbus and Boeing in commercial aircraft is unlikely to be challenged by any company in the foreseeable future, because there are huge barriers to entry in this field in terms of scale and capital.</p><p>On the other hand, Boeing stock may not be as attractive in the near term. The reason is what we mentioned earlier. The current market is still too optimistic about Boeing's financial forecast, and the market's valuation of Boeing is higher than that of its competitor Airbus, and more 737 MAX aircraft are still suffering from current electrical system problems. The impact, as well as factors such as the epidemic taking longer than expected to be effectively controlled, prompted us to reach this conclusion.</p>","source":"lsy1586862168255","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Boeing Stock a Buy in 2021?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Boeing Stock a Buy in 2021?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">猛兽财经</strong><span class=\"h-time small\">2021-05-08 18:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BA\">boeing</a>Since its stock price reached an all-time high in March 2019, it has been hit by the grounding of the 737 MAX and the epidemic. Two years have passed and it has not yet recovered. Looking ahead, Boeing's road to recovery hasn't been very smooth either, and the 737 MAX is still grounded in China and facing problems with its electrical system. In addition, the recovery in international travel has also been slower than expected.</p><p>The market generally expects that Boeing will achieve positive profitability and cash flow in fiscal year 2022, and this year's revenue will exceed the level of 2019, but in the view of Beast Finance, the market is still too optimistic. While the market's long-term expectations for passenger traffic growth and aircraft demand remain unchanged, we still believe that buying Boeing stock in 2021 is not a good investment. Because in addition to the uncertain timing of the launch of the new 737 MAX model and the speed of the recovery in international travel, the market also values Boeing higher than rival Airbus. Given these factors, we don't think Boeing is a good buy in 2021.</p><p><b>Company Introduction</b></p><p>On Boeing's website, you can see that Boeing claims that Boeing is the world's largest aerospace company, the world's leading manufacturer of civil aircraft and defense, space and security systems, and a provider of after-sales support services. As the largest manufacturing exporter in the United States, Boeing supports airline and government customers in more than 150 countries and regions around the world. Boeing's products and customized services include: civil and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.</p><p>Boeing has three business units: Commercial Aircraft Group, Defense, Space and Security Group, and Boeing Global Services Group. As a global provider of financial solutions, Boeing Financial is responsible for supporting these business groups.</p><p>In addition, there are functional organizations that work at the entire company level, focusing on engineering and project management, technical and research and development project execution, advanced design and manufacturing systems, safety, finance, quality and productivity improvement, and information technology.</p><p>But we all know that the global commercial aircraft market has long been duopolised by Boeing and Airbus.</p><p>Prior to the grounding of the 737 MAX in 2019 and the outbreak of the pandemic in 2020, Boeing generated 57% and 65% of its fiscal 2018 revenue and operating profit, respectively, from its core commercial aircraft business. In fiscal year 2018, the revenue contributed by defense, space and security, global services and financial businesses accounted for 26%, 17% and 1% of Boeing's overall revenue respectively.</p><p>In fiscal year 2020, revenue from commercial aircraft, defense, space and security, global services and financial businesses accounted for 28%, 45%, 26% and 1% of Boeing's overall revenue respectively. Boeing's core commercial aircraft business unit has been losing money in fiscal 2019, fiscal 2020 and the first quarter of fiscal 2021.</p><p>In this article, Beast Finance mainly focuses on Boeing's commercial aircraft business, because this business once contributed the largest revenue to Boeing and this business is the key for Boeing to narrow losses and eventually return to profitability in the future.</p><p><b>Boeing's stock price</b></p><p>Boeing's stock price reached an all-time high of $430.30 on March 1, 2019, mainly because the company reported a month ago on January 30, 2019, its fiscal 2018 revenue and profit record highs.</p><p>However, the good days didn't last long. Boeing's 737 MAX passenger plane was grounded after the Ethiopian Airlines 737 MAX passenger plane crashed in March 2019. As of December 31, 2019, Boeing's stock price has fallen 25% from its all-time high to $323.83.</p><p>On December 16, 2019, Boeing announced that it would \"suspend production of the 737 program.\" A week later, on December 23, 2019, Boeing revealed that its chairman David l. Calhoun would replace Dennis A. Muilenburg as the company's new CEO.</p><p>To make matters worse, on March 20, 2020, with the outbreak of the epidemic, Boeing's stock price fell to $95.01, setting a five-year low. The epidemic is another major blow to Boeing's core commercial aircraft business, as countries have imposed travel restrictions to fight the epidemic and global air travel has stopped.</p><p>Boeing's stock price eventually fell from $323.83 on December 31, 2019 to $214.06 on December 31, 2020, a drop of 34%. But its shares have since jumped another 125% from their March lows. Specifically, Boeing's stock price rebounded strongly in November and December 2020 on positive news about the lifting of the grounding of the 737 MAX and vaccinations. On Nov. 18, 2020, the Federal Aviation Administration (FAA) lifted its grounding order on the 737 MAX. Separately, the World Health Organization noted in December 2020 that the \"first mass vaccination program\" had begun.</p><p>In 2021, Boeing's stock price will continue to rebound. Since the beginning of this year, Boeing's stock price has risen 7%, from $214.06 on December 31, 2020 to $228.18 on May 5, 2021. While it is safe to say that Boeing's worst is over, the road to recovery will certainly not be smooth sailing.</p><p><b>Can Boeing's share price continue to recover</b></p><p>Beast Finance believes that the key to whether Boeing's stock price can continue to recover lies in whether its core commercial aircraft business unit can reduce losses in time and regain profitability. And the future prospects for Boeing's commercial aircraft business are in turn impacted by 737 MAX deliveries and the resumption of global travel.</p><p>So far, revenue from Boeing's commercial aircraft business has fallen 31% year-on-year, from US $6.2 billion in the first quarter of 2020 to US $4.3 billion in the first quarter of 2021. This is already an improvement from the 50% decline in revenue for the full year of fiscal 2020. In addition, part of the operating loss of the commercial aircraft business also decreased from US $2.1 billion in the first quarter of 2020 to US $900 million in the most recent quarter. The improvement was primarily due to the resumption of deliveries of the 737 MAX after the Federal Aviation Administration lifted its grounding order on the 737 MAX in November 2020. As of April 26, 2021, Boeing has delivered more than 85 737MAX aircraft. It is worth noting that Boeing also received new orders for 737 aircraft from some other airlines in the United States.</p><p>On the other hand, the 737 MAX is still waiting to land in China, a major aviation market. During its first quarter 2021 earnings call on April 28, 2021, Boeing acknowledged that \"we are still awaiting regulatory approval from China for the 737 MAX\" and that \"its timing will impact our 737 delivery plans\" and \"future productivity rates\". To further complicate the matter, whether China can lift the grounding order of the 737 MAX is not just a safety issue, because U.S.-China relations may also be an important factor in determining when the 737 MAX will be approved to resume service in China.</p><p>More importantly, there are still many problems with the 737 MAX aircraft itself. Reuters reported on April 29, 2021 that the Federal Aviation Administration has asked Boeing to \"fix connectivity problems in the electrical systems of some of its 737 MAX aircraft that may cause engine protection measures to fail and critical functions of the cockpit to fail.\" Reuters then published another article on May 5, 2021, emphasizing the requirement that Boeing provide the FAA with \"up-to-date documentation to prove that the 737 MAX subsystem is not affected by electrical connectivity problems.\" Boeing earlier disclosed at the end of April 2021 that about \"100 aircraft in service were affected by electrical system problems\", which would result in \"very few deliveries in April.\"</p><p>In other words, getting the 737 MAX back to normal delivery levels could take longer than expected.</p><p>Separately, the resumption of global travel is another key factor that has a significant impact on Boeing's core commercial aircraft business. The latest news released by the International Air Transport Association on May 4th shows that the prospect of global air travel is bleak in the near future. According to the International Air Transport Association, the number of kilometers flown by passengers worldwide is still about one-third of what it was before the pandemic (that is, March 2019). Compared with domestic travel, international travel is expected to take longer to resume.</p><p><b>Global Travel Data and Trends</b></p><p><img src=\"https://static.tigerbbs.com/86b27b9e7d4e601fe5b8504d6617226e\" tg-width=\"672\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b99a53447a89ee63ca432ae05ca7a611\" tg-width=\"669\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a48841f1f97ed09d443ecb67dbe2ffd1\" tg-width=\"655\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>Apart from that, there are other, more complicating factors. In April 2021, the WHO noted that it did not support the resumption of global travel given \"uncertainty about whether vaccination will prevent the spread of the pandemic and equity concerns,\" Reuters reported. A few days ago, the IATA also warned that travel resumption \"could be dangerously impacted by [high] costs.\" More importantly, as the graph below shows, the 2019 pandemic has been uneven in containment around the world. While the number of weekly confirmed cases in the United States has dropped significantly, confirmed cases continue to increase in places such as India and Latin America.</p><p>Confirmed cases of novel coronavirus pneumonia around the world</p><p><img src=\"https://static.tigerbbs.com/38a1ab352a9a07223c40c479d1fd3c58\" tg-width=\"627\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p><p>Source: International Air Transport Association</p><p>In short, although Boeing's commercial aircraft business will definitely recover eventually, the timing of the recovery is still very uncertain, mainly due to the complications we mentioned above.<b>Financial projections for Boeing</b>Boeing reiterated at its first-quarter 2021 results presentation that \"in line with the International Air Transport Association and other industry groups, we expect passenger traffic to return to 2019 levels from 2023 to 2024. Boeing also added on the earnings call,\" The recovery in the commercial aircraft business will allow us to achieve positive cash flow in 2022. \"</p><p>A sell-side analyst will typically be consistent with the company's management in their future financial projections. According to data from S&P Capital IQ, the market generally believes that Boeing'S revenue will increase by 37% and 12% in fiscal 2021 and 2022, respectively, to $79.8 billion and $89.5 billion. Wall Street expects Boeing's revenue to be flat in fiscal 2023 and increase 8% year-over-year to $96 billion in fiscal 2024. For reference, Boeing had revenue of $76.6 billion in fiscal 2019 and sales of $101.1 billion in fiscal 2020.</p><p>Boeing is also on track to be profitable in fiscal 2022, with operating cash flow and free cash flow of $9.4 billion and $7.5 billion, respectively, according to the consensus estimate of sell-side analysts. Over the last two years of fiscal 2019 and fiscal 2020, Boeing's operating cash flow and free cash flow were negative, and it is expected to remain unchanged in fiscal 2021. Notably, Boeing's operating cash flow in the first quarter of 2021 was-$3.4 billion, an improvement from-$4.3 billion in the first quarter of 2020. Nonetheless, Boeing emphasized on its first-quarter 2021 earnings call that \"our cash flow position is largely dependent on the availability of remaining 737 MAX regulatory approvals, the recovery of the commercial aircraft business and ongoing discussions with customers on fleet planning needs.</p><p>In the view of Beast Finance, the current market is still a bit too optimistic about Boeing's financial forecast. At present, the epidemic is on the rise again in some parts of the world, and the recovery speed of international travel is slower than expected. And what is still uncertain is whether Boeing's latest electrical system problems will cause further delays in 737 MAX deliveries. We think there is a good chance that sell-side analysts will consider lowering their financial forecasts for Boeing in the coming quarters.</p><p><b>Should You Buy Boeing Stock in 2021?</b>In the long run, we really like Boeing, a very good enterprise. More importantly, the duopoly pattern of companies like Airbus and Boeing in commercial aircraft is unlikely to be challenged by any company in the foreseeable future, because there are huge barriers to entry in this field in terms of scale and capital.</p><p>On the other hand, Boeing stock may not be as attractive in the near term. The reason is what we mentioned earlier. The current market is still too optimistic about Boeing's financial forecast, and the market's valuation of Boeing is higher than that of its competitor Airbus, and more 737 MAX aircraft are still suffering from current electrical system problems. The impact, as well as factors such as the epidemic taking longer than expected to be effectively controlled, prompted us to reach this conclusion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw\">猛兽财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/db65f3d4f6f7c47bb1a0c9e744a2fd64","relate_stocks":{"BA":"波音"},"source_url":"https://mp.weixin.qq.com/s/H-dZ6S6YFsOHwpuTgXAlgw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129750415","content_text":"波音的股价自从在2019年3月达到历史最高点后，就受到了737 MAX停飞和疫情的双重打击，两年过去了至今还没恢复过来。展望未来，波音的复苏之路也不是很顺利，而且737 MAX仍在中国停飞，并面临着电气系统的问题。此外，国际旅行的复苏速度也比预期的要慢。市场普遍预期，波音将在2022财年实现盈利和现金流转正，今年的收入将超过2019年的水平，但在猛兽财经看来，市场还是太乐观了。虽然市场对客流量的增长和飞机需求的长期预期保持不变，但我们还是认为在2021年买入波音的股票不是一项好的投资。因为除了737 MAX新机型的推出时间和国际旅行的复苏速度不确定之外，市场对波音的估值也比竞争对手空客高。考虑到这些因素，我们认为波音在2021年不是一个好的买入对象。公司介绍在波音网站上可以看到波音宣称波音公司是全球最大的航空航天业公司，也是世界领先的民用飞机和防务、空间与安全系统制造商，以及售后支持服务提供商。作为美国最大的制造出口商，波音公司为分布在全球150多个国家和地区的航空公司和政府客户提供支持。波音的产品以及定制的服务包括：民用和军用飞机、卫星、武器、电子和防御系统、发射系统、先进信息和通讯系统，以及基于性能的物流和培训等。波音公司下设三个业务部门：商用飞机集团，防务、空间与安全集团，以及波音全球服务集团。作为金融解决方案的全球提供者，波音金融公司负责支持这些业务集团。此外，还有一些在整个公司层面工作的职能组织，关注工程和项目管理、技术和研发项目执行、先进设计和制造系统、安全、财务、质量和生产力改进，以及信息技术。但我们都知道，全球商用飞机市场早已被波音和空客这两家公司双头垄断了。在2019年737 MAX停飞和2020年疫情爆发之前，波音2018财年的收入和运营利润分别有57%和65%来自其核心商用飞机业务。2018财年，防务、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的26%、17%和1%。在2020财年，来自商用飞机、国防、空间与安全、全球服务和金融业务贡献的收入分别占到了波音整体收入的28%、45%、26%和1%。而波音公司的核心商用飞机业务部门在2019财年、2020财年和2021财年第一季度一直处于亏损状态。在本文中，猛兽财经主要关注的是波音的商用飞机业务，因为这项业务曾为波音贡献了最大的收入以及该业务是波音缩小亏损并最终在未来恢复盈利的关键。波音的股价波音的股价在2019年3月1日达到了430.30美元的历史最高点，主要是因为该公司在一个月前的2019年1月30日公布的其2018财年收入和利润都创造了历史新高。然而好日子并没有持续多久。2019年3月，埃塞俄比亚航空公司的737 MAX客机坠毁后，波音的737 MAX客机就被停飞了。截至2019年12月31日，波音的股价已经从其历史最高点下跌了25%，至323.83美元。2019年12月16日，波音公司宣布将“暂停737项目的生产”。一周后，也就是2019年12月23日，波音公司透露，其董事长大卫·l·卡尔霍恩将取代丹尼斯·A·米伦伯格成为公司的新CEO。更糟糕的是，2020年3月20日，随着疫情的爆发，波音股价跌到了95.01美元，创下了五年来的新低。这次疫情对波音核心商用飞机业务来说又是一次重大打击，因为各国为抗击疫情已经实施了旅行限制，全球航空旅行已经停止了。波音的股价最终从2019年12月31日的323.83美元下跌到了2020年12月31日的214.06美元，下跌了34%。但其股价后来从3月份的低点又大幅上涨了125%。具体来说，波音的股价在2020年11月和12月出现了强劲反弹，原因是有关取消737 MAX停飞和疫苗接种的利好消息。2020年11月18日，美国联邦航空管理局(FAA)取消了对737 MAX的停飞令。另外，世界卫生组织在2020年12月指出，“第一次大规模疫苗接种计划”已经开始。2021年，波音的股价继续在回升。今年以来，波音股价上涨了7%，从2020年12月31日的214.06美元上涨到了2021年5月5日的228.18美元。虽然可以有把握的说，波音最糟糕的时期已经过去，但复苏之路肯定不会一帆风顺。波音股价能否持续回升猛兽财经认为波音股价能否持续回升的关键在于其核心商用飞机业务部门能否及时减少亏损，并重新实现盈利。而波音商业飞机业务的未来前景反过来又受到737 MAX交付量和全球旅行恢复的影响。到目前为止波音商用飞机业务的营收已经同比下降了31%，从2020年第一季度的62亿美元下降到了2021年第一季度的43亿美元。这已经比在2020财年全年收入下降50%的情况下有所改善。另外商用飞机业务的部分运营亏损也从2020年第一季度的21亿美元减少到最近一季度的9亿美元。这一改善主要是由于美国联邦航空管理局在2020年11月取消了对737 MAX的停飞令后，737 MAX的交付恢复。截至2021年4月26日，波音已交付了超过85架的737MAX飞机。值得注意的是，波音也从美国的一些其他航空公司接到了737飞机的新订单。另一方面，737 MAX仍在等待在中国这个主要的航空市场落地。在2021年4月28日的2021年第一季度财报电话会议上，波音承认“我们仍在等待中国对737 MAX的监管批准”，“它的时间将影响我们的737交付计划”和“未来的生产率”。令问题进一步复杂化的是，中国能不能取消对737 MAX的停飞令不仅仅是一个安全问题，因为美中关系也可能是决定737 MAX何时获准在中国恢复服务的一个重要因素。更重要的是，737 MAX飞机本身还存在着很多问题。路透社在2021年4月29日报道，美国联邦航空管理局已要求波音公司“修复其部分737 MAX飞机电气系统的连接问题，这些问题可能会导致发动机擎保护措施失效和驾驶舱的关键功能失效。”路透社随后又在2021年5月5日发表了另一篇文章，强调要求波音向美国联邦航空管理局提供“最新的文件，用来证明737 MAX子系统不会受到电气连接问题的影响。”波音公司早前在2021年4月底就透露，约有“100架在用飞机受到了电气系统问题的影响”，这将导致“4月份的交付量很少”。换句话说，将737 MAX恢复到正常的交付水平可能要花费比预期更长的时间。另外，全球旅行的恢复是对波音核心商用飞机业务产生重大影响的另一个关键因素。国际航空运输协会5月4日的发布的最新消息显示，近期全球航空旅行前景黯淡。根据国际航空运输协会的数据，全球旅客飞行公里数仍约为疫情前的(即2019年3月)的三分之一。与国内旅游相比，国际旅行预计还需要更长的时间才能恢复。全球旅行数据和趋势资料来源:国际航空运输协会除此之外，还有其他更复杂的因素。据路透社报道，2021年4月，世卫组织指出，鉴于“接种疫苗是否能防止疫情传播的不确定性以及公平担忧”，它不支持恢复全球旅行。几天前，国际航空运输协会还警告说，旅行恢复“可能会因(高昂的)成本而受到危险的影响。”更重要的是，如下图所示，2019疫情在世界各地的遏制情况并不均衡。虽然美国每周确诊的病例显著下降，但在印度和拉丁美洲等地，确诊病例还在继续增加。世界各地的新冠肺炎确诊病例资料来源:国际航空运输协会简而言之，虽然波音的商用飞机业务最终肯定会复苏，但复苏的时间还非常不确定，主要原因还是我们上面说的那些复杂因素。对波音的财务预测波音在2021年第一季度业绩发布会上重申，“与国际航空运输协会和其他行业团体一致，我们预计2023年至2024年客运量将恢复到2019年的水平。波音还在财报电话会议上补充道，“商用飞机业务的复苏将使我们能够在2022年实现正现金流。”卖方分析师通常会与公司管理层在未来的财务预测上保持一致。根据S&P Capital IQ的数据，市场普遍认为，波音在2021财年和2022财年的营收将分别增长37%和12%，达到798亿美元和895亿美元。华尔街预计，波音的营收将在2023财年持平，2024财年将同比增长8%，达到960亿美元。作为参考，波音在2019财年的收入为766亿美元，在2020财年的销售额为1011亿美元。根据卖方分析师的普遍预期，波音还有望在2022财年实现盈利，运营现金流和自由现金流分别达到94亿美元和75亿美元。在2019财年和2020财年的过去两年里，波音的运营现金流和自由现金流均为负值，预计2021财年将保持不变。值得注意的是，波音2021年第一季度的运营现金流为- 34亿美元，较2020年第一季度的- 43亿美元有所改善。尽管如此，波音公司还是在2021第一季度财报电话会议上强调，“我们的现金流状况在很大程度上取决于能否获得剩余的737 MAX监管批准、商用飞机业务的复苏以及与客户就机群规划需求进行的持续讨论。在猛兽财经看来，目前市场对波音公司的财务预测还是有点过于乐观了。当前，疫情在全球部分地区再次抬头，国际旅行复苏速度低于预期。而且目前还不能确定的是，波音最新的电气系统问题是否还会导致737 MAX的交付进一步延迟。我们认为卖方分析师很有可能会考虑下调对波音未来几个季度的财务预测。在2021年应该买入波音股票吗？从长远来看，我们确实非常喜欢波音这种非常优秀的企业。更重要的是，在可预见的未来，空客和波音这种公司在商用飞机领域的双头垄断格局不太可能会受到任何公司的挑战，因为这个领域在规模和资金方面存在着巨大的进入壁垒。另一方面，波音的股票在短期内可能不那么有吸引力。理由就是我们前面说过的那些，目前市场对波音的财务预测还是太乐观了，而且市场对波音的估值高于与其竞争对手空客，以及更多的737 MAX飞机还在受到当前电气系统问题的影响，还有就是疫情需要比预期更长的时间才能得到有效控制等因素，促使我们得到这样的结论。","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":447682196480224,"gmtCreate":1750319682758,"gmtModify":1750319687545,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 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1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159104337","repostId":"1104770632","repostType":4,"repost":{"id":"1104770632","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624927163,"share":"https://ttm.financial/m/news/1104770632?lang=en_US&edition=fundamental","pubTime":"2021-06-29 08:39","market":"hk","language":"zh","title":"Nayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1104770632","media":"老虎资讯综合","summary":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头","content":"<p>News on June 29, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company issued 257 million shares, priced at HK $19.8 per share, with 500 shares per lot, and is expected to be listed on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 8%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering stage, Nayuki's tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of offer shares was 129 million shares (excluding over-allocation shares), equivalent to 50% of the total number of offer shares.</p><p>In terms of fund-raising purposes, the company intends to use the net proceeds received from the global offering estimated to be approximately HK $4.84 billion (assuming that the over-allotment option is not exercised) for the following purposes: approximately 70.0% will be used to expand the tea shop network in the next three years and increase its market penetration; Approximately 10.0% will be used in the next three years to further improve overall operations by strengthening technical capabilities to improve operational efficiency; About 10.0% will be used to improve supply chain capabilities in the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from 1.087 billion yuan in 2018 to 3.057 billion yuan in 2020, with a compound annual growth rate of 67.7% from 2018 to 2020; The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of 2.115 billion yuan and adjusted net profit of 4.484 million yuan. Under the influence of the epidemic, the domestic food industry has been greatly impacted. The company's adjusted net profit has narrowed under pressure, but its revenue still maintains a strong growth momentum.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-29 08:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 29, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company issued 257 million shares, priced at HK $19.8 per share, with 500 shares per lot, and is expected to be listed on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 8%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering stage, Nayuki's tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of offer shares was 129 million shares (excluding over-allocation shares), equivalent to 50% of the total number of offer shares.</p><p>In terms of fund-raising purposes, the company intends to use the net proceeds received from the global offering estimated to be approximately HK $4.84 billion (assuming that the over-allotment option is not exercised) for the following purposes: approximately 70.0% will be used to expand the tea shop network in the next three years and increase its market penetration; Approximately 10.0% will be used in the next three years to further improve overall operations by strengthening technical capabilities to improve operational efficiency; About 10.0% will be used to improve supply chain capabilities in the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from 1.087 billion yuan in 2018 to 3.057 billion yuan in 2020, with a compound annual growth rate of 67.7% from 2018 to 2020; The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of 2.115 billion yuan and adjusted net profit of 4.484 million yuan. Under the influence of the epidemic, the domestic food industry has been greatly impacted. The company's adjusted net profit has narrowed under pressure, but its revenue still maintains a strong growth momentum.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104770632","content_text":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头为30万股（600手），获配3000股（6手）。公开发售阶段奈雪的茶获432.03倍认购，分配至公开发售的发售股份最终数目为1.29亿股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获642033份有效申请。\n此外，国际发售获大幅超额认购，发售股份最终数目为1.29亿股（不包括超额分配股份），相当于发售股份总数的50%。\n筹资用途方面，公司拟将收取的全球发售所得款项净额估计约48.4亿港元（假设超额配股权并无获行使）用于以下用途：约70.0%将在未来三年用于扩张茶饮店网络并提高其市场渗透率；约10.0%将在未来三年用于通过强化技术能力，进一步提升整体运营，以提升运营效率；约10.0%将在未来三年用于提升供应链能力，以支持公司的规模扩张；约10.0%将用作营运资金及作一般企业用途。\n据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现制茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现制茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3470万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n于整个往绩记录期间，公司的盈利能力不断提升，总营收由2018年的10.87亿元提升至2020年的30.57亿元人民币，2018~2020年的复合年增长率达67.7%；经调整净亏损由2018年的人民币5658万元大幅减少至2019年的人民币1173.5万元，并进一步扭转为2020年的经调整净利润1664.3万元人民币。\n2020年前9个月，公司录得收入21.15亿元，经调整净利润448.4万元。在疫情影响下，国内食品行业受到较大冲击，公司经调整净利润承压收窄，但营收仍保持强劲增长势头。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":2291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107620950,"gmtCreate":1620483078770,"gmtModify":1704344271693,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107620950","repostId":"2133432685","repostType":4,"repost":{"id":"2133432685","kind":"news","pubTimestamp":1620465440,"share":"https://ttm.financial/m/news/2133432685?lang=en_US&edition=fundamental","pubTime":"2021-05-08 17:17","market":"us","language":"zh","title":"IBM builds its first 2nm chip, how will TSMC and GAA processes be affected?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133432685","media":"36氪","summary":"当日，IBM 于官网宣布推出全球首创的 2 纳米芯片技术，“为半导体领域开辟了新的领域”。况且，2nm 芯片因工艺特殊，对光刻机的要求也更为苛刻。此次 IBM 2nm GAA 芯片的问世，等于彻底打通了从 3nm 到 2nm 的路径。但此时与三星保持良好合作关系的 IBM ，突然宣布 2nm GAA 芯片研制成功，将局势逆转，对台积电的既定规划造成了冲击。","content":"<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151733749v235tk5hnw90fg3\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/IBM\">IBM</a>Standing at the forefront of the world, the chip industry has ushered in another milestone, and Moore's Law has been saved again. This is what happened in the global chip industry on May 6, 2021.</p><p>On the same day, IBM announced the launch of the world's first 2-nanometer chip technology on its official website, \"opening up a new field for the semiconductor field.\" At present, there are only<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The research and development of 3nm process chips has been realized, and mass production has not yet been achieved. The 2nm chip is indeed the first in the industry. According to the situation disclosed by foreign media, the transistor density of IBM 2nm chips can reach 333 million per square millimeter (MTr/mm2). At the same time, judging from the pictures disclosed on IBM's official website, the 2nm chip uses the GAA (Gate-All-Around, surrounding gate transistor) process, which also lays a solid foundation for the subsequent popularization of this process.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151739312v235w0cgeruu1r1\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>Transistor density comparison reference compiled by foreign media<b>From 3nm to 2nm, GAA is at the heart of this event</b></p><p>The successful development of the 2nm chip means that all indicators will be greatly improved. IBM said: \"Compared with today's most advanced 7 nm node chips, it is expected to achieve 45% performance improvement or 75% energy consumption reduction.\" The announcement also posted a more specific comparison of potential performance advantages: the battery life of mobile phones is increased by three times, and users are only required to charge their devices every four days. Reduce the carbon footprint (referring to the total greenhouse gas emissions caused by individuals, events, organizations, services or products) of data centers that account for one percent of global energy usage; Faster processing of applications and faster access to the internet, greatly enhancing the functionality of your laptop. Helps self-driving cars speed up object detection and reduce reaction time.</p><p>The above performance improvement and energy consumption reduction indicators are very important innovations and leaps for the entire semiconductor industry. But compared with the industry, it is still a beautiful dream that cannot be achieved in a short time.</p><p>First of all, successful development does not mean successful mass production. Dr. Shao Wei, a former senior product manager of ARM's infrastructure business line and a former senior product manager of a major manufacturer, said: \"In the IBM (release) news, there was no mention of yield, so when will the entire industry really use 2nm? The manufacturing process still needs to wait for the news of mass production.\"</p><p>In addition, \"the common customer endorsement link has also been missed in the news, so speculate that there are no customers yet. In the absence of customers, it is difficult to speculate how long it will take from development to mass production,\" Dr. Shao Wei added.</p><p>Moreover, 2nm chips have more stringent requirements for lithography due to their special processes. It is reported that the new generation lithography of the Dutch company ASML is expected to be mass-produced by 2025, and its NA value will increase to 0.5, which is likely to be enough to support the mass production of 2nm support chips. If the news is true, it means that the industry will not have the basic mass production conditions of 2nm chips until 2025.</p><p>In contrast, the application practice of this chip to GAA process is more meaningful. What is GAA? Dr. Nerissa Draeger described it in a previous interview as simple and easy to understand: \"A surround gate transistor (GAA) is an improved transistor structure in which all faces of the channel are in contact with the gate, so that continuous scaling can be achieved.\"</p><p>Corresponding to GAA is FinFET (fin field effect transistor). FinFET is a key process for chips to gradually move from 22nm to 7nm and 5nm. Its inventor, Professor Hu Zhengming, is therefore called \"the man who saved Moore's Law.\" But after entering below 7nm, FinFET is approaching its limit, and the industry urgently needs new process technologies. At this time, GAA appeared.</p><p>Samsung highly respects GAA, but the \"big brother\" TSMC seeks stability rather than speed. In August last year, TSMC stated that the company's 3nm will continue to use the previous FinFET, which also cast a shadow over the implementation and popularization of GAA. The advent of IBM's 2nm GAA chip is equivalent to completely opening up the path from 3nm to 2nm. Previously, people were still hesitating: Can GAA replace FinFET? Today, such questions have vanished with the advent of 2nm chips.</p><p>\"This is a big progress. For the entire semiconductor industry, it can be regarded as a double insurance for GAA technology. At least there are not too many obstacles to the evolution of the process to 3nm/2nm, which is gratifying.\" Dr. Shao Wei said happily in the interview.<b>TSMC, Samsung,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The battle between the top three</b></p><p>IBM itself does not have the conditions and capabilities to mass-produce chips. Its 2nm chips will be handed over to high-end chip foundries in the form of authorization. This is not a remarkable thing, it is just a manifestation of the detailed division of labor in the industrial chain. But for TSMC, things are not that simple.</p><p>Zhang Zhongmou, founder of Taiwan Semiconductor Manufacturing Company (TSMC), once said at the \"2021 Master Think Tank Forum\" that TSMC's biggest competitor is still Samsung. And the two sides are indeed at loggerheads over the 3nm chip. According to media reports, Samsung has announced that it will invest more than US $100 billion in the next 10 years, with the goal of maintaining a leading position in the field of chip manufacturing by 2025.</p><p>However, the reality is often unsatisfactory. Although Samsung claims to have paid attention to GAA and invested in research in 2002, there is still no exact time for the mass production of its 3nm GAA chip. On the other hand, TSMC, 3nm FinFET chips are expected to be mass-produced in 2022, and 2nm GAA chips are also under development. It seems that TSMC will still firmly sit on the throne of the world's number one chip foundry.</p><p>But IBM, which maintained a good cooperative relationship with Samsung at this time, suddenly announced the successful development of the 2nm GAA chip, reversing the situation and having an impact on TSMC's established plan.</p><p>Besides Samsung, Intel is also likely to participate in foundry production. Besides, Intel's entry into the foundry business is a \"surprise raid\". Previously, Pat Kissinger, the new CEO of Intel, even claimed to surpass TSMC within two years.</p><p>The competition is more intense and the situation is more complicated. This is the future market facing TSMC.</p><p>Fortunately, TSMC's real lifeblood lies in<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Large orders. As long as you make small steps and run fast, you will not be greatly impacted by the emergence of IBM 2nm chips in the short term. \"Everyone (foundries and customers) generally align their goals for 3-5 years in advance. Apple won't mind the name 2nm/3nm, and the alignment is all about the detailed parameters,\" Dr. Shao Wei told InfoQ reporters. \"For Apple's production capacity demand, whoever takes the order has to process the factory and production line, at least 2 years in advance.\"</p><p>For TSMC, the real battle may not be now, but in the next 3-5 years, there will be a tip-to-tip competition with \"challenger\" Samsung.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IBM builds its first 2nm chip, how will TSMC and GAA processes be affected?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIBM builds its first 2nm chip, how will TSMC and GAA processes be affected?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-05-08 17:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151733749v235tk5hnw90fg3\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/IBM\">IBM</a>Standing at the forefront of the world, the chip industry has ushered in another milestone, and Moore's Law has been saved again. This is what happened in the global chip industry on May 6, 2021.</p><p>On the same day, IBM announced the launch of the world's first 2-nanometer chip technology on its official website, \"opening up a new field for the semiconductor field.\" At present, there are only<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The research and development of 3nm process chips has been realized, and mass production has not yet been achieved. The 2nm chip is indeed the first in the industry. According to the situation disclosed by foreign media, the transistor density of IBM 2nm chips can reach 333 million per square millimeter (MTr/mm2). At the same time, judging from the pictures disclosed on IBM's official website, the 2nm chip uses the GAA (Gate-All-Around, surrounding gate transistor) process, which also lays a solid foundation for the subsequent popularization of this process.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210508151739312v235w0cgeruu1r1\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>Transistor density comparison reference compiled by foreign media<b>From 3nm to 2nm, GAA is at the heart of this event</b></p><p>The successful development of the 2nm chip means that all indicators will be greatly improved. IBM said: \"Compared with today's most advanced 7 nm node chips, it is expected to achieve 45% performance improvement or 75% energy consumption reduction.\" The announcement also posted a more specific comparison of potential performance advantages: the battery life of mobile phones is increased by three times, and users are only required to charge their devices every four days. Reduce the carbon footprint (referring to the total greenhouse gas emissions caused by individuals, events, organizations, services or products) of data centers that account for one percent of global energy usage; Faster processing of applications and faster access to the internet, greatly enhancing the functionality of your laptop. Helps self-driving cars speed up object detection and reduce reaction time.</p><p>The above performance improvement and energy consumption reduction indicators are very important innovations and leaps for the entire semiconductor industry. But compared with the industry, it is still a beautiful dream that cannot be achieved in a short time.</p><p>First of all, successful development does not mean successful mass production. Dr. Shao Wei, a former senior product manager of ARM's infrastructure business line and a former senior product manager of a major manufacturer, said: \"In the IBM (release) news, there was no mention of yield, so when will the entire industry really use 2nm? The manufacturing process still needs to wait for the news of mass production.\"</p><p>In addition, \"the common customer endorsement link has also been missed in the news, so speculate that there are no customers yet. In the absence of customers, it is difficult to speculate how long it will take from development to mass production,\" Dr. Shao Wei added.</p><p>Moreover, 2nm chips have more stringent requirements for lithography due to their special processes. It is reported that the new generation lithography of the Dutch company ASML is expected to be mass-produced by 2025, and its NA value will increase to 0.5, which is likely to be enough to support the mass production of 2nm support chips. If the news is true, it means that the industry will not have the basic mass production conditions of 2nm chips until 2025.</p><p>In contrast, the application practice of this chip to GAA process is more meaningful. What is GAA? Dr. Nerissa Draeger described it in a previous interview as simple and easy to understand: \"A surround gate transistor (GAA) is an improved transistor structure in which all faces of the channel are in contact with the gate, so that continuous scaling can be achieved.\"</p><p>Corresponding to GAA is FinFET (fin field effect transistor). FinFET is a key process for chips to gradually move from 22nm to 7nm and 5nm. Its inventor, Professor Hu Zhengming, is therefore called \"the man who saved Moore's Law.\" But after entering below 7nm, FinFET is approaching its limit, and the industry urgently needs new process technologies. At this time, GAA appeared.</p><p>Samsung highly respects GAA, but the \"big brother\" TSMC seeks stability rather than speed. In August last year, TSMC stated that the company's 3nm will continue to use the previous FinFET, which also cast a shadow over the implementation and popularization of GAA. The advent of IBM's 2nm GAA chip is equivalent to completely opening up the path from 3nm to 2nm. Previously, people were still hesitating: Can GAA replace FinFET? Today, such questions have vanished with the advent of 2nm chips.</p><p>\"This is a big progress. For the entire semiconductor industry, it can be regarded as a double insurance for GAA technology. At least there are not too many obstacles to the evolution of the process to 3nm/2nm, which is gratifying.\" Dr. Shao Wei said happily in the interview.<b>TSMC, Samsung,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The battle between the top three</b></p><p>IBM itself does not have the conditions and capabilities to mass-produce chips. Its 2nm chips will be handed over to high-end chip foundries in the form of authorization. This is not a remarkable thing, it is just a manifestation of the detailed division of labor in the industrial chain. But for TSMC, things are not that simple.</p><p>Zhang Zhongmou, founder of Taiwan Semiconductor Manufacturing Company (TSMC), once said at the \"2021 Master Think Tank Forum\" that TSMC's biggest competitor is still Samsung. And the two sides are indeed at loggerheads over the 3nm chip. According to media reports, Samsung has announced that it will invest more than US $100 billion in the next 10 years, with the goal of maintaining a leading position in the field of chip manufacturing by 2025.</p><p>However, the reality is often unsatisfactory. Although Samsung claims to have paid attention to GAA and invested in research in 2002, there is still no exact time for the mass production of its 3nm GAA chip. On the other hand, TSMC, 3nm FinFET chips are expected to be mass-produced in 2022, and 2nm GAA chips are also under development. It seems that TSMC will still firmly sit on the throne of the world's number one chip foundry.</p><p>But IBM, which maintained a good cooperative relationship with Samsung at this time, suddenly announced the successful development of the 2nm GAA chip, reversing the situation and having an impact on TSMC's established plan.</p><p>Besides Samsung, Intel is also likely to participate in foundry production. Besides, Intel's entry into the foundry business is a \"surprise raid\". Previously, Pat Kissinger, the new CEO of Intel, even claimed to surpass TSMC within two years.</p><p>The competition is more intense and the situation is more complicated. This is the future market facing TSMC.</p><p>Fortunately, TSMC's real lifeblood lies in<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Large orders. As long as you make small steps and run fast, you will not be greatly impacted by the emergence of IBM 2nm chips in the short term. \"Everyone (foundries and customers) generally align their goals for 3-5 years in advance. Apple won't mind the name 2nm/3nm, and the alignment is all about the detailed parameters,\" Dr. Shao Wei told InfoQ reporters. \"For Apple's production capacity demand, whoever takes the order has to process the factory and production line, at least 2 years in advance.\"</p><p>For TSMC, the real battle may not be now, but in the next 3-5 years, there will be a tip-to-tip competition with \"challenger\" Samsung.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021050815173977e6913f&s=b\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c95dc9b62af63b498dce2238fb18ba3","relate_stocks":{"159813":"芯片","TSM":"台积电","EWT":"台湾ETF-iShares MSCI","IBM":"IBM","03145":"华夏亚洲高息股"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021050815173977e6913f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133432685","content_text":"IBM 站到世界的最前沿，芯片产业迎来又一个里程碑，摩尔定律再次被拯救，这就是 2021 年 5 月 6 日，全球芯片产业界所发生的事。当日，IBM 于官网宣布推出全球首创的 2 纳米芯片技术，“为半导体领域开辟了新的领域”。当下，业内只有台积电、三星实现了 3nm 制程芯片的研发，且尚未实现量产，2nm 芯片确为业界首创。根据外媒披露的情况来看，IBM 2nm 芯片的晶体管密度可以达到每平方毫米 3.33 亿个 (MTr/mm2)。同时，从 IBM 官网披露的图片来看，该 2nm 芯片采用了 GAA（Gate-All-Around，环绕栅极晶体管）工艺，也为该项工艺后续的普及打下了坚实的基础。由外媒整理的晶体管密度对比参考从 3nm 到 2nm，GAA 才是这一事件的核心2nm 芯片研制成功，意味着各项指标都会出现大幅提升。IBM 对外表示：“与当今最先进的 7 nm 节点芯片相比，预计它将实现 45％的性能提高或 75％的能耗降低。”公告同时贴出了更加具体的潜在性能优势对比：手机电池寿命增加三倍，仅要求用户每四天为设备充电一次。削减数据中心的碳足迹（指由个人、事件、组织、服务或产品造成的温室气体总排放量），这些数据中心占全球能源使用量的百分之一；更快地处理应用程序，更快地访问互联网，极大增强笔记本电脑的功能。有助于 自动驾驶汽车加快物体检测速度，降低反应时间。以上性能提升和能耗降低指标，对于整个半导体行业而言，都是非常重要的创新和飞跃。但相对于产业界来说，却仍然是个短时间内无法企及的美好梦想。首先，研制成功不等于量产成功。前 ARM 公司基础设施事业线高级产品经理、某大厂前高级产品经理邵巍博士表示：“在 IBM（发布）的新闻中，没有提到良率问题，因此整个业界什么时候能够真正用上 2nm 的制程，还需要等待量产的消息。”此外，“新闻中也漏掉了常见的客户背书环节，因此推测一下，暂时还无客户。在无客户的情况下， 很难推测从研制到量产需要多久”，邵巍博士补充道。况且，2nm 芯片因工艺特殊，对光刻机的要求也更为苛刻。有消息称，荷兰 ASML 公司的全新一代光刻机预计到 2025 年量产，其 NA 值提升到 0.5 ，很可能足以支撑 2nm 支撑芯片的量产。如果消息属实，意味着，到 2025 年产业界才具备 2nm 芯片的基础量产条件。相比之下，该芯片对 GAA 工艺的应用实践，反而更具意义。什么是 GAA 呢？Nerissa Draeger 博士在此前的一篇采访中形容的较为简洁易懂：“环绕栅极晶体管 (GAA) 是一种经过改良的晶体管结构，其中通道的所有面都与栅极接触，这样就可以实现连续缩放。”与 GAA 相对应的是 FinFET（鳍式场效应晶体管），FinFET 是芯片从 22nm 逐步进军 7nm、5nm 的关键工艺，其发明人胡正明教授因此被称作“挽救了摩尔定律的男人”。可在进入 7nm 以下后，FinFET 逼近极限，产业界迫切需要新的工艺技术。这时，GAA 出现了。三星对 GAA 极为推崇，但“老大哥”台积电则求稳不求快。去年 8 月，台积电对外表示，公司的 3nm 将继续沿用之前的 FinFET，这也为 GAA 的落地、普及蒙上了一层阴影。此次 IBM 2nm GAA 芯片的问世，等于彻底打通了从 3nm 到 2nm 的路径。此前，人们还在犹豫：GAA 能否替代 FinFET？如今，这样的疑问随着 2nm 芯片的问世烟消云散。“这是一个大进步，对于整个半导体业界来说，算是对 GAA 技术的双保险，至少工艺制程演进到 3nm/2nm 不存在太多障碍了，可喜可贺。”邵巍博士在采访中高兴地说道。台积电、三星、英特尔的三强之争IBM 本身并不具备量产芯片的条件和能力， 其 2nm 芯片会通过授权的形式，交给高端芯片代工厂商来完成。这本来不是什么了不得的事，仅仅是产业链分工细化的表现。但对于台积电而言，事情就没那么简单了。台积电（TSMC）创始人张忠谋在“2021 大师智库论坛”曾表示，台积电最大的竞争对手仍然是三星。而双方也确实在 3nm 芯片这一阵地剑拔弩张。据媒体报道，三星曾对外宣布未来 10 年投资超 1000 亿美元，目标到 2025 年在芯片制造领域内保持领先。不过现实往往不遂人愿，虽然三星自称在 2002 年就对 GAA 保持关注并投入研究，但其 3nm GAA 芯片的量产至今仍无确切时间。反观台积电，3nm FinFET 芯片预计 2022 就可以实现量产，2nm GAA 芯片也在研制中。看样子，台积电还将稳坐全球芯片代工第一的宝座。但此时与三星保持良好合作关系的 IBM ，突然宣布 2nm GAA 芯片研制成功，将局势逆转，对台积电的既定规划造成了冲击。除了三星，英特尔也很可能参与到代工生产中来，况且英特尔入局代工生意本就属于“突袭”，此前英特尔新任 CEO 帕特・基辛格更是宣称 2 年内超越台积电。竞争更加激烈，局势更加复杂，这就是台积电面对的未来市场。好在台积电的真正命脉在于苹果、高通的大笔订单。只要做好小步快跑，短期内并不会因为 IBM 2nm 芯片的出现收到较大冲击。“大家（代工厂商与客户）一般都会提前对齐 3-5 年的目标，苹果不会介意 2nm/3nm 这种名字，对齐的都是跟细节的参数”，邵巍博士对 InfoQ 记者说道，“苹果那个产能需求量， 谁接了单，都得加工厂、加生产线， 至少提前 2 年。”对于台积电而言，真正的战役可能不在当下，而是在未来的 3 - 5 年内，与“挑战者”三星来一场针尖对麦芒的比拼。","news_type":1,"symbols_score_info":{"159813":0.9,"TWmain":0.9,"EWT":0.9,"TSM":0.9,"IBM":0.9,"03145":0.9}},"isVote":1,"tweetType":1,"viewCount":2233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107620017,"gmtCreate":1620483054639,"gmtModify":1704344270392,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107620017","repostId":"2133795685","repostType":4,"isVote":1,"tweetType":1,"viewCount":2108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107667959,"gmtCreate":1620482954871,"gmtModify":1704344269401,"author":{"id":"3583563863440771","authorId":"3583563863440771","name":"David 1687","avatar":"https://community-static.tradeup.com/news/4b157762339ba1ee4ba36c63726ede25","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583563863440771","authorIdStr":"3583563863440771"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107667959","repostId":"2133685773","repostType":4,"repost":{"id":"2133685773","kind":"news","pubTimestamp":1620469680,"share":"https://ttm.financial/m/news/2133685773?lang=en_US&edition=fundamental","pubTime":"2021-05-08 18:28","market":"us","language":"zh","title":"Why is \"Stock God\" Buffett questioned by shareholders?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133685773","media":"新浪财经综合","summary":"巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的。巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。而巴菲特过去一直对独立董事会成员持批评态度。贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。","content":"<p>Source: ESG Asia Report</p><p>The epidemic has aroused the world's attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The world's top investment institutions represented by China are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into active investment strategies, they adopt the method of \"corporate engagement and shareholder action\" to supervise the ESG practices of invested companies with the help of shareholder rights.</p><p>This time, they turned their attention to the \"stock god\" Buffett<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, questioning its ESG governance status quo.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders submitted two proposals on ESG information disclosure to the board of directors: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion. Related to the report of initiatives.</p><p>As an investor in Berkshire, BlackRock agreed with both proposals based on its high recognition of the concept of sustainable development.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and neither shareholder proposal was passed in the end.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG matters.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received more and more attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will bring systemic risks to global economic development. Many risks have come into play, and the value of companies in energy, transportation, chemicals and other industries has been affected.</p><p>Investors need to understand whether companies are prepared for climate risks. Therefore, climate disclosure at the company level is critical.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, CalPERS, Hermes Investment Management Company, and Quebec Savings Investment Group jointly launched a proposal for the \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders are asking Berkshire's board to publish an annual report starting in 2022 that assesses how the company manages climate-related risks and articulates physical and transformational risks and opportunities.</p><p>Shareholders suggested that the report should include:</p><p>Summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2 °C scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two competitors of Berkshire's BNSF rail transportation company in the proposal (<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail freight companies) for good practices in setting science-based carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can bring benefits to companies</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform in gender diversity are 21% higher in terms of profitability and 27% more likely to create superior value.</p><p>Foreign media's research on the S&P 500 Index found that from 2015 to 2019, the average annualized return on the stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the 20 worst companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge hurdles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, many Berkshire subsidiaries have also been accused of sexism and racism.</p><p>Berkshire shareholders sought quantitative, comparable data to understand the company's diversity and the effectiveness of inclusion programs.</p><p>Handlery Hotels proposed to Berkshire through an agent that it publish annual reports assessing the company's progress on diversity and inclusion, including:</p><p>The process by which the Board assesses whether diversity, equity, and inclusion programs are effective;</p><p>Evaluation by the Board of Directors of the execution of inclusion programs, particularly the monitoring of indicators in recruitment, promotion and protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Faced with these two proposals that are in line with the development of the times, Berkshire board members all voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Responses to proposals for climate-related disclosures</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks responsibly is critical to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and companies it invests in. work.</p><p>The board of directors has seen many subsidiaries make wise decisions related to climate change. For example, its railway transportation companies and energy companies have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At that time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the earth, rather than \"certainly\".</p><p>Buffett believes that it is foolish to ask for 100% proof that the world is about to suffer a great disaster when there is uncertainty and the possibility of taking quick action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on the earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in clear skies?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically re-set annually (rather than fixed prices for ten or two decades), and if more frequent or costly climate events occur, Berkshire's insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett quips that as an individual citizen, you can understandably stay up at night due to climate change-as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be on your list of concerns when you're merely a shareholder in a large insurance company.</p><p><b>Response to the Diversity Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board said the company has built a diverse, equitable and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reason is: Berkshire operates in different industries in many regions around the world, and it is unreasonable to require unified diversified, fair and inclusive quantitative reporting; Furthermore, as in response to proposals for reporting on climate-related risks, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes there are risks in Berkshire's governance structure</b></p><p>As a shareholder of Berkshire, BlackRock absolutely agrees with the above two shareholder proposals based on its emphasis on sustainable development investment.</p><p>BlackRock even pointed out that Berkshire also has risks in its governance structure.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are insufficient. At present, there are only two committees (responsible for salary and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but does not have a chief independent director, which is not conducive to the independent decision-making and judgment of the board of directors.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said that independent directors can be paid hundreds of thousands of dollars per year for just a few days of work; They are not exactly interested in the future of the company and are often biased towards management, who will agree with whatever management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles in Berkshire, and Berkshire has not provided information disclosure on how to address succession risks, such as the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and this succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of duty of the company's audit committee.</p><p>As a result, BlackRock voted against the * vote to chair Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote decision, BlackRock wrote: The company has not adapted to a world where ESG is becoming more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink (Laurence D. Fink) once again emphasized the long-term value of sustainability investments in a letter to all shareholders and made sustainability commitments for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Emission Asset Manager Initiative Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage companies that clients invest in to consider the opportunities brought by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment plan.</p><p>As one of the largest investment companies in the world, Berkshire recently confirmed Buffett's successor. In an interview with American financial media on Monday, 91-year-old Buffett admitted that the directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why is \"Stock God\" Buffett questioned by shareholders?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy is \"Stock God\" Buffett questioned by shareholders?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-05-08 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Source: ESG Asia Report</p><p>The epidemic has aroused the world's attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The world's top investment institutions represented by China are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into active investment strategies, they adopt the method of \"corporate engagement and shareholder action\" to supervise the ESG practices of invested companies with the help of shareholder rights.</p><p>This time, they turned their attention to the \"stock god\" Buffett<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, questioning its ESG governance status quo.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders submitted two proposals on ESG information disclosure to the board of directors: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion. Related to the report of initiatives.</p><p>As an investor in Berkshire, BlackRock agreed with both proposals based on its high recognition of the concept of sustainable development.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and neither shareholder proposal was passed in the end.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG matters.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received more and more attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will bring systemic risks to global economic development. Many risks have come into play, and the value of companies in energy, transportation, chemicals and other industries has been affected.</p><p>Investors need to understand whether companies are prepared for climate risks. Therefore, climate disclosure at the company level is critical.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, CalPERS, Hermes Investment Management Company, and Quebec Savings Investment Group jointly launched a proposal for the \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders are asking Berkshire's board to publish an annual report starting in 2022 that assesses how the company manages climate-related risks and articulates physical and transformational risks and opportunities.</p><p>Shareholders suggested that the report should include:</p><p>Summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2 °C scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two competitors of Berkshire's BNSF rail transportation company in the proposal (<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail freight companies) for good practices in setting science-based carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can bring benefits to companies</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform in gender diversity are 21% higher in terms of profitability and 27% more likely to create superior value.</p><p>Foreign media's research on the S&P 500 Index found that from 2015 to 2019, the average annualized return on the stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the 20 worst companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge hurdles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, many Berkshire subsidiaries have also been accused of sexism and racism.</p><p>Berkshire shareholders sought quantitative, comparable data to understand the company's diversity and the effectiveness of inclusion programs.</p><p>Handlery Hotels proposed to Berkshire through an agent that it publish annual reports assessing the company's progress on diversity and inclusion, including:</p><p>The process by which the Board assesses whether diversity, equity, and inclusion programs are effective;</p><p>Evaluation by the Board of Directors of the execution of inclusion programs, particularly the monitoring of indicators in recruitment, promotion and protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Faced with these two proposals that are in line with the development of the times, Berkshire board members all voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Responses to proposals for climate-related disclosures</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks responsibly is critical to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and companies it invests in. work.</p><p>The board of directors has seen many subsidiaries make wise decisions related to climate change. For example, its railway transportation companies and energy companies have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At that time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the earth, rather than \"certainly\".</p><p>Buffett believes that it is foolish to ask for 100% proof that the world is about to suffer a great disaster when there is uncertainty and the possibility of taking quick action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on the earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in clear skies?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically re-set annually (rather than fixed prices for ten or two decades), and if more frequent or costly climate events occur, Berkshire's insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett quips that as an individual citizen, you can understandably stay up at night due to climate change-as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be on your list of concerns when you're merely a shareholder in a large insurance company.</p><p><b>Response to the Diversity Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board said the company has built a diverse, equitable and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reason is: Berkshire operates in different industries in many regions around the world, and it is unreasonable to require unified diversified, fair and inclusive quantitative reporting; Furthermore, as in response to proposals for reporting on climate-related risks, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes there are risks in Berkshire's governance structure</b></p><p>As a shareholder of Berkshire, BlackRock absolutely agrees with the above two shareholder proposals based on its emphasis on sustainable development investment.</p><p>BlackRock even pointed out that Berkshire also has risks in its governance structure.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are insufficient. At present, there are only two committees (responsible for salary and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but does not have a chief independent director, which is not conducive to the independent decision-making and judgment of the board of directors.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said that independent directors can be paid hundreds of thousands of dollars per year for just a few days of work; They are not exactly interested in the future of the company and are often biased towards management, who will agree with whatever management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles in Berkshire, and Berkshire has not provided information disclosure on how to address succession risks, such as the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and this succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of duty of the company's audit committee.</p><p>As a result, BlackRock voted against the * vote to chair Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote decision, BlackRock wrote: The company has not adapted to a world where ESG is becoming more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink (Laurence D. Fink) once again emphasized the long-term value of sustainability investments in a letter to all shareholders and made sustainability commitments for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Emission Asset Manager Initiative Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage companies that clients invest in to consider the opportunities brought by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment plan.</p><p>As one of the largest investment companies in the world, Berkshire recently confirmed Buffett's successor. In an interview with American financial media on Monday, 91-year-old Buffett admitted that the directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1b9fef028787bba142fa31212ae49d2","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133685773","content_text":"来源：ESG亚洲报告\n疫情唤起了世界对可持续发展领域的关注，ESG投资迎来了新一轮的发展机遇。\n以贝莱德为代表的世界顶级投资机构对可持续发展投资的长期回报信心不断增强，在将ESG因素纳入主动投资策略的同时，采用“企业参与及股东行动（corporate engagement and shareholder action）”的方式，借助股东权利督导所投公司的ESG实践。\n这次，他们将注意力转向了“股神”巴菲特麾下的伯克希尔哈撒韦公司，对其ESG治理现状提出质疑。\n在近日结束的2021年股东大会上，伯克希尔股东们向董事会递交了两项有关ESG信息披露的提案：一项与气候相关风险和机遇的报告有关，另一项与员工多元化和包容性举措的报告有关。\n作为伯克希尔的投资者，贝莱德基于自身对可持续发展理念的高度认可，对两项提案均表示赞同。\n但拥有多数投票权的伯克希尔董事会却投出了一致的反对票，最终两项股东提案均没有获得通过。\n世界上最大的资产管理公司与世界上最著名的投资机构就ESG事宜发生分歧。\n01、伯克希尔股东：气候相关与多元化信息披露不足\n气候变化和多元化议题在近年来受到越来越多的重视。\n应对气候变化已经在全球范围内达成共识\n市场普遍认为，气候事件和向低碳经济的过渡会给全球经济发展带来系统性风险。诸多风险已经开始发挥作用，能源、交通、化工等行业的公司价值受到影响。\n投资者需要了解公司是否已经做好了应对气候风险的准备。因此，公司层面的气候信息披露至关重要。\n因对伯克希尔气候相关信息披露不足的担忧，加州公务员退休基金（CalPERS）、爱马仕投资管理公司、魁北克储蓄投资集团共同发起了“气候相关风险和机遇报告”的提案。\n股东们要求伯克希尔董事会从2022年开始，每年发布一份评估公司气候相关风险管理方式，以及阐明物理与转型风险及机遇的报告。\n股东们建议该报告应包括：\n子公司和被投公司的气候风险和机遇摘要，以董事会认为可能受到气候变化重大影响或对气候变化有重大贡献的信息为主；\n董事会监督和管理气候相关风险和机遇的方法；\n检视公司基于2℃情境下的温室气体减排目标。\n为“刺激”伯克希尔，股东们在提案中还谈及伯克希尔旗下BNSF铁路运输公司的两家竞争对手（CSX运输公司和联合太平洋铁路货运公司）在设定科学碳目标方面的优秀实践。\n大量研究表明，多元化的员工队伍可以给公司带来收益\n麦肯锡在一篇研究报告中指出，性别多元化方面表现优异的前25%的公司在盈利能力方面高出21%，在创造卓越价值方面的可能性高出27%。\n外媒对标普500指数的研究发现，2015-2019年间，多元化表现最好的20家公司，其股票的平均年化收益率比最差的20家公司高出5.8%。\n尽管有这些优势，多元化和包容性的员工队伍建设在现实中存在巨大障碍。\n伯克希尔在多元性方面的表现也让股东担忧。\n不仅在多元化信息披露方面存在不足，伯克希尔许多子公司还遭到了有关性别歧视和种族主义的指控。\n伯克希尔股东寻求量化，可比的数据以了解公司多元化情况，以及包容性计划的有效性。\n汉得利酒店（Handlery Hotels）通过代理人向伯克希尔提议，要求其每年发布报告，评估公司的多元化和包容性进展，包括：\n董事会评估多元化、公平性和包容性计划是否有效的过程；\n董事会对包容性计划执行的评估，特别是在招聘、晋升和特殊类别员工保护方面的指标监督。\n02、巴菲特：这些提案违背公司的自治理念\n面对这两项顺应时代发展的提案，伯克希尔董事会成员均投出了反对票，其中也包括拥有三分之一投票权的巴菲特。\n对气候相关信息披露提案的回应\n伯克希尔董事会投出反对票的理由是，虽然认识到以负责任的方式管理与气候相关的风险对股东和经营业务至关重要，但不希望干预子公司及所投公司的气候相关风险管理工作。\n董事会看到诸多子公司做出了与气候变化相关的明智决定，如旗下的铁路运输公司和能源公司都已经在碳减排方面采取了有效行动。\n而在核心保险业务方面，巴菲特早在2015年年报中，亲自做出了对气候相关风险的理解。当时，伯克希尔也收到了相关股东提案。\n巴菲特在2015年年报中在写道：对于他而言，由于缺乏气候科学的专业背景，气候变化“很有可能（highly likely）”对地球构成重大威胁，而不是“一定（certain）”。\n巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的（foolish）。\n巴菲特质疑，如果地球发生重大灾难的可能性只有百分之一，而诺亚方舟对于生存至关重要，难道要在晴空万里的今天，就开始建造它么？\n巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。\n巴菲特认为，伯克希尔保单价格通常每年都会重新制定一次（而不是十年或二十年的固定价格），如果发生更频繁或损失更大的气候事件，伯克希尔保险业务反而会因保单价格提高而规模更大、利润更高。\n巴菲特调侃道，作为个人公民，您可能会因气候变化彻夜难眠，这是可以理解的——作为低洼地区的房主，您不妨考虑搬家；但是，当您仅仅作为一家大型保险公司的股东时，气候变化就不应列入您的担忧之列。\n对多元化信息披露提案的回应\n面对该提案，伯克希尔董事会表示公司已经建立了多元性、公平性和包容性的员工队伍，并将继续成为公司成功和长期可持续发展的重要因素。\n但最终，伯克希尔董事会还是对员工多元化报告提案投出了一致的反对票。\n其理由是：伯克希尔在全球多个地域经营着不同行业，要求统一的多元化，公平性和包容性定量报告是不合理的；此外，正如对有关气候相关风险报告提案的回应那样，伯克希尔以非集中的方式管理其经营的业务，很少参与这些业务的日常活动。\n03、贝莱德认为伯克希尔治理架构存在风险\n作为伯克希尔的股东，贝莱德基于自身对可持续发展投资的重视，对以上两项股东提案是持绝对赞成意见的。\n贝莱德甚至指出，伯克希尔在治理架构方面也存在风险。\n贝莱德认为，伯克希尔董事会下设的专门委员会是不足的，目前只有两个（分别负责薪酬和审计）。\n贝莱德还认为，伯克希尔由巴菲特兼任董事长和CEO，却没有首席独立董事，这不利于董事会做出独立的决策和判断。\n而巴菲特过去一直对独立董事会成员持批评态度。\n在2020年致股东信中，巴菲特表示，独立董事每年只需工作几天就能获得数十万美元的报酬；他们对公司的未来并不感兴趣，而且经常偏向于管理层，管理层想要什么他们都会同意。\n此外，贝莱德对伯克希尔关键领导角色的继任计划感到担忧，伯克希尔未提供有关如何解决继任风险的信息披露，如有关董事会对候选人的审查过程等。\n贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。\n而就伯克希尔在ESG治理方面的不足，贝莱德将其归咎于公司审计委员会的失职。\n因此，贝莱德在伯克希尔审计委员会主席的连任投票中投出了反对票。\n贝莱德在一份关于伯克希尔投票决定的简报中写道：该公司没有适应一个ESG对业绩变得更加重要的世界。\n可见，贝莱德对伯克希尔未来的可持续发展韧性充满担忧。\n作为全球最大的资产管理公司，贝莱德管理的资金规模达到9万亿美元。\n2021年，贝莱德董事长及首席执行官劳伦斯·芬克（Laurence D． Fink）在致全体股东的信中，再次强调了可持续发展投资的长期价值，并做出了新一年的可持续发展承诺。\n贝莱德在近期宣布加入净零排放资产管理人倡议（Net Zero Asset Managers Initiative）。因此，“敦促投资督导鼓励客户投资的公司在缓解气候风险的同时，考虑零净转型带来的机遇”成为贝莱德可持续投资计划中的重要行动。\n而作为世界最大投资公司之一的伯克希尔，在近期确定了巴菲特的接班人。本周一在接受美国财经媒体采访时，91岁的巴菲特承认，董事们一致同意，未来将由伯克希尔非保险业务副董事长格雷格·阿贝尔（Greg Abel）接任CEO。\n不知道阿贝尔上任后，是否会将伯克希尔的ESG管理职责收归到集团层面，以满足股东和投资者日益强烈的ESG治理与披露需求。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}