阿里巴巴上市前夕到底该不该投资其价格不菲的股票

2014-05-08 14:10:03来源：可可英语

　　Alibaba generates revenue from sales commissions and advertising by merchants looking to stand out on its marketplaces. Last year, revenue climbed 62%, to $8 billion. That's roughly as much revenue as Facebook, but Alibaba is growing faster; Facebook grew 55% last year.

　　阿里巴巴的收入来源是向商户收取佣金和宣传广告费。去年该公司营收增长62%，至80亿美元。这一规模与Facebook基本相当，不过阿里巴巴的增长速度更快。Facebook去年营收增长55%。

　　But expenses are relatively small, since Alibaba, like eBay, only provides a marketplace for others and doesn't stock inventory itself. As a result, for every $1 of revenue, Alibaba retains 50 cents as operating profit. That's more than the 37% operating margin at Facebook, and nearly twice the 28% at Google, both considered extraordinarily high for a big U.S. company.

　　阿里巴巴支出规模相对较小，因为与eBay一样，阿里巴巴只提供市场平台，自身不建立库存。因此，每获得一美元营收，其中50美分可以成为阿里巴巴的营运利润。相比之下，Facebook和谷歌(Google)的营运利润率分别为37%和28%，对大型美国企业而言，两者的营运利润率已经算相当高的水平。

　　Moreover, operating-profit margin has been growing, more than doubling from 20% in 2011. The higher profits for each additional dollar of revenue show how Alibaba is reaping the benefits of its dominant position in Chinese online shopping.

　　而且，阿里巴巴的营运利润率还在一直上升，相比于2011年的20%已提高超过一倍。这种每多增加1美元收入所获得的利润较高的情况显示出，阿里巴巴正得益于其在中国网络购物领域的主导地位。

　　And Alibaba appears to have extraordinary growth prospects, which for many investors will justify paying more for $1 of today's profits. China's economy is growing three times as fast as the U.S.'s. A smaller percentage of Chinese are online, 46% compared with the U.S.'s 82%. And the Chinese have fewer retail options, pushing many to shop online.

　　此外，阿里巴巴似乎还拥有非凡的增长潜力，这为投资者买入该股提供了依据。中国经济增速是美国的三倍。中国上网人口比例还只有46%，而美国为82%。中国人的零售选择也较少，这促使许多人网上购物。

　　The excitement--and the potential--make it likely investors will have to pay up. Bernstein & Co. analyst Carlos Kirjner says the company is worth up to $250 billion. That's about 70 times last year's profit; Google trades at about 30 times last year's profit.

　　阿里巴巴良好的业绩以及潜力意味着投资者可能将不得不花更多钱才能买到该股。Bernstein & Co.分析师柯基纳(Carlos Kirjner)表示，阿里巴巴的估值可能高达2,500亿美元。这大致相当于该公司去年利润的70倍。谷歌当前的市值为去年利润的30倍左右。

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