ON凭借高毛利率、约20%的营收增长以及相对同业的低估值而具备吸引力，已加入关注名单。
逐段跳播
On 拥有市场份额，而从长远来看，对 On 最重要的一点是，它拥有的份额伴随着非常高的利润率。这是一款人们愿意为之付费、并且愿意支付溢价的产品；他们在长期预测中设定了 65% 的利润率。
On has market share, and the most important thing for On in the long run is that it has a share with a very high profit margin. This is a product that people will pay for and will pay extra; They set a profit margin of 65% in their long-term forecasts.
这一预测延伸到 2029 年。他们表示收入将增长近 20%，并实现 65% 的毛利率。这比他们的竞争对手高出 15%、20% 甚至 30%。
This extends to 2029. They said they would grow revenues by nearly 20% and achieve a gross profit margin of 65%. This is 15, 20 or even 30% higher than their competitors.
另一件大事是，他们最近表示已签下姆巴佩。所以他们进军足球领域——如果你愿意这么称呼的话。他们也在转向高尔夫。但是，如果把这一切与这只股票目前的预期市盈率约为 17 倍这一事实结合起来看，对于一家年增长 20% 的公司来说，这是一个疯狂的价格。
The other big thing is that they recently said they have signed Mbappe. So they move on to football, if you want to call it that. They are also turning to golf. But, if you put all this together with the fact that the stock is now trading at a forward price-to-earnings ratio of around 17, that's an insane price for a company that's growing at 20% annually.
我一直在等待 On 以一种我能够认可的方式被评估。
I was waiting for "On" to be evaluated in a way that I could support.
鞋类公司的股票通常估值并不高。但 On 做到了。它超出了我认为合理的范围。既然价格已经开始下跌，这让我非常感兴趣。
Stocks in shoe companies are not usually very highly valued. But "On" did that. It was beyond what I considered reasonable. Now that the price has started to fall, this interests me a lot.
因此，On 完全可以在更多运动品类中获得增长势头。我认为这是一个长期驱动力。这只股票现在被加入了我的关注列表。
Thus, "On" can certainly gain momentum in additional sports categories. I believe this is a long- term driver. This stock is now added to my watchlist.
关于 On 另一件我觉得非常有意思、值得思考的事，是想一想谁会买 On 的鞋。谁会为一双鞋花 150 美元、200 美元，有时甚至 300 美元？不一定是去跑步的人。他是想拥有一个知名品牌的人。
他们想要一点优雅，也许还有点与众不同。是那些开车送孩子去踢足球的郊区妈妈或爸爸。我到处都能看到他们。我现在就住在郊区。而我妻子给我买了我的第一双 On 鞋。正是这一点引起了我的注意。
Another thing to consider regarding "On" that I find very interesting is thinking about who buys "On" shoes. Who pays $150, $200, or sometimes $300 for a pair of shoes? Not necessarily the person who goes for a run.
He is the person who wants to acquire a well-known brand. They want something a little elegant , and perhaps a little different . It's the suburban mom or dad who drives their kids to football.
I see them everywhere. I now live in the suburbs. But my wife bought me my first pair of "On" shoes. That's what caught my attention.
如果这是我妻子的兴趣之一，那么要知道，女性承担了大部分购物。这也是当初促使我买入 On 股票的原因之一，因为他们的营销重点放在女性身上，而且他们拥有最好的运动员、最好的跑者和最好的网球选手，Zendaya 就是他们的品牌大使之一。
If this is among my wife's interests, then know that women do the majority of the shopping. This is one of the reasons that made me buy On shares in the first place, because their marketing was heavily focused on women, and they had the best athletes, the best runners, and the best tennis players, and Zendaya was one of their brand ambassadors.
他们与她合作拥有一条完整的产品线。他们现在通过签下姆巴佩，更多地转向了男性市场。但他们的支出仍然不如 Nike 这样的公司。我认为这是正确的经营方式，因为你是靠卖给郊区居民和那些负担得起这些花费的人来赚钱，而不只是卖给顶尖运动员。
因为如果它不能让我想买鞋好送孩子上学，那就没有意义。因此，他们处于一个非常有趣且有价值的位置。
They have a complete production line in cooperation with her. They have now moved more towards the men's side with their signing of "Mbappe". But they still don't spend as much as a company like Nike.
And I think this is the right way to operate, because you make your money selling to suburbanites and people who can afford to spend these amounts, not just selling to top athletes.
Because if it doesn't make me want to buy shoes so I can take my children to school, then it's pointless. Therefore, they are in a very interesting and valuable position .
我再重复一遍这个数字。需要关注的数字是他们的毛利率。他们将其维持在 65%。这向你展示了他们在市场上拥有的定价权。
I repeat that number again. The number to watch is their gross profit margin. They maintain it at 65%. This shows you the pricing power they have in the market.
这个频道对 $ON 的历次判断
The Motley Fool 在这只股票上只有这一条判断。