$CHWY · Parkev Tatevosian, CFA · 2026-10-30
Chewy 管理非常出色，在疫情进入和退出两个阶段都应对得当，没有盲目扩张，并改善了物流和仓库。按 33 美元的公允价值估算对比 21.50 美元的价格，说话者预计未来 12 至 18 个月涨幅超过 53%。
逐段跳播
我要重点讲的第四个品牌是宠物用品在线零售商“Chewy”。在我看来，这家公司管理得非常好。它是少数几家认为自己无论在疫情进入还是退出阶段都做得不错的公司之一。不是吗？相对很少有公司做到这一点。
有些公司在疫情来临时表现良好，另一些在重新开放时表现良好，但很少有公司在这两方面都成功，而我觉得 Chewy 就是其中之一。
The fourth brand I will highlight is “ Chewy”, the online retailer of pet supplies . This company, in my opinion, is very well managed. It is one of the few companies that felt it had done a good job both entering and exiting the pandemic .
Isn't that so? Relatively few companies did that. Some performed well when entering the pandemic and others performed well when reopening, but few succeeded on both fronts, and I felt that Choi was one of them.
疫情期间，由于竞争对手被迫关闭实体店，他们的销售一度火爆，但他们并没有被过度的热情冲昏头脑。作为一家网店，Chewy 在封锁期间当然受益，但即便在这些事件之中，它也做出了明智的决定。
他们没有盲目扩张。他们没有根据封锁阶段看到的需求，就做出所有这些扩张业务的决定。
They did not get carried away by excessive enthusiasm when sales boomed during the pandemic because their competitors were forced to close their physical stores. As an online store, Choi certainly benefited during the lockdowns, yet it made wise decisions even in the midst of those events.
They did not expand recklessly. They did not make all these decisions to grow the business based on the demand they saw during the lockdown phases.
他们改进了物流和仓库，以提升运营。总体而言，公司的公允价值估计为 33 美元，而当前市场价格为 21.50 美元。我计算出 Chipotle 在未来 12 到 18 个月将上涨超过 53%。
They have made improvements to their logistics and warehouses to improve operations. Overall, the fair value of the company was estimated at $33, while the current market price is $21.50.
I have calculated an increase of more than 53% over the next 12 to 18 months for Chipotle.
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