$PLTR · Schwab Network · 2026-11-03
PLTR 是长期买入标的，对持有三至五年的耐心投资者而言是良好的买入机会，尽管其股价下跌 3.7%，且第四季度销售增速预计将从 96% 放缓至 89%。说话者提到其独特的 AI、165% 的留存率、158% 的 rule-of-40、商业合同超过政府合同，以及主权 AI/国防潜力；预计其将继续跑赢，并伴随裁员和营业利润率提升，但 PLTR 必须证明能够持续兑现。
逐段跳播
Palantir 交出了亮眼的数字。他们这个季度表现强劲，超出预期并上调了指引。销售额超出预期6%，实现了96%的销售增长。正如你所说，商业合同首次超过了政府合同。他们在利润方面也表现出色。
每股收益达到44美分，增长了7%，他们还上调了整体销售指引，但股价今早却下跌了。
Palantir delivered impressive figures. They had a strong quarter in which they exceeded expectations and raised their guidance. They exceeded sales expectations by 6%, achieving sales growth of 96%.
As you said, commercial contracts have surpassed their governmental counterparts for the first time. They also excelled in their profits. Earnings reached 44 cents, representing a 7% increase, and they raised their overall sales guidance , but the stock fell this morning.
我认为接近8%。如你所知，他们对第四季度的预测，如果非要挑这份财报的毛病，是略弱于预期的。本季度销售额增长了96%，但预计将放缓至89%，而市场根本无法容忍任何疲软或销售放缓的迹象，尤其是在科技板块，特别是在人工智能领域。
I think it's close to 8%. As you know, their forecast for the fourth quarter, if I have to criticize the report, was slightly weaker than expected . Sales grew by 96% this quarter, but are expected to slow to 89%, and the market simply cannot tolerate any signs of weakness or slowdown in sales, especially in the technology sector and specifically in the field of artificial intelligence.
这会影响像 Palantir 这样的公司，还是会带来机会？两者都是。而“Balantir”就是最突出的例子。但对我们来说，这创造了机会。我们真心相信 Palantir 是一家独一无二的公司。
我们不认为他们的财报反映了其他公司的表现。他们做的事情非常不同、非常独特。他们运用人工智能的方式非常有特色。他们能够把一个几十年来收购了大量业务、除了现代设备之外还拥有上世纪70年代、80年代和90年代系统的企业集团，从所有这些系统中提取实时信息，并首次让管理层即时看到自己的业务全貌，使他们能够以前所未有的方式做出明智决策。
没有其他公司能接近他们的水平，因此我们对 Palantir 继续保持高度信心，对我们来说，这次抛售是加仓的机会。
Does this affect a company like Palantir, or does it present an opportunity? both of them. And " Balantir" is the most prominent example of this. But for us, this creates opportunities.
We truly believe that Palantir is a unique company . We do not believe that their earnings report reflects the performance of other companies. What they do is very different and unique.
Their approach to using artificial intelligence is very distinctive. They are able to take a business conglomerate that has acquired a lot of business over decades and has systems from the 1970s, 1980s and 1990s in addition to modern devices, extract real-time information from all of that, and give management an instant view of their business for the first time, allowing them to make informed decisions in a way that was not available to them before.
No other company comes close to their level, so we continue to have a high degree of confidence in Palantir, and for us, this sale represents an opportunity to add to it.
我们两人都谈到了商业合同，它增长了148%，这真是令人惊叹。这现在已经是他们业务的一大部分。确实如此，Alex Karp 实际上说过：“一旦你与 Palantir 打交道，你就永远不会退缩。”
她表示他们取得了这些出色的数字，并且他们提供的是独一无二的东西。
It's amazing how we both discussed the commercial contracts, which have increased by 148%. This is a large part of their work now. It's true, and Alex Karp actually says: "Once you deal with Palantir, you never back down."
She stated that they achieved these exceptional figures, and that they are offering something unique.
完全正确，是的，他们结合销售增长和营业利润率的“40法则”今年在科技板块创下了历史新高。任何超过40的数字都被视为出色。他们达到了158%。据我所知，在过去二十年里，只有一家公司超过了这个水平，那就是 Nvidia。
Exactly, yes, their “rule of forty,” which combines sales growth and operating margin, hit a record high this year in the technology sector. Any number exceeding forty is considered exceptional.
They achieved 158%. To my knowledge, in the last twenty years, only one company has surpassed that, and that is Nvidia.
所以，我还要指出，他们的留存率是165%，这简单来说就是，即使流失了一些客户，一年前每年花100美元的客户现在花165美元。这说明了 Palantir 平台的价值。正如我提到的，这也解释了为什么客户一旦使用了这个平台、并获得了这种实时、跨所有系统完整查看自身数据的新能力之后，就很难再放弃它。
这对组织来说价值巨大。它曾被政府使用，政府的系统当然非常孤立，但现在这些大型机构也在从中受益。
So, I will also point out that their retention rate is 165%, which simply means that even with the loss of some customers, a customer who was spending $100 a year ago is now spending $165.
This illustrates the value of the Palantir platform. As I mentioned, this explains how difficult it is for customers to abandon the platform once they have used it and lost that newfound ability to see their data in its entirety across all their systems in real time.
This is of great value to organizations. It was used by the government, which of course has very isolated systems, but now these large institutions are also benefiting from it .
有意思的是，你注意到客户在与 Palantir 的合作中看到了如此大的价值，以至于他们愿意支付更多。还有关于主权人工智能的讨论，不是吗？政府。这是商业。这是商业故事。主权人工智能未来可能给 Palantir 带来强劲推动。你知道，政府在使用这个，对吧？
Interestingly, you've noticed that clients see so much value in their partnerships with Palantir that they are willing to pay more. There's also talk of sovereign artificial intelligence, is n't there?
Governments. This is commercial. This is the business story. Sovereign artificial intelligence could give Palantir a strong boost in the future. You know, governments use this, right ?
因此，Palantir 能够给他们提供高效运营所需的独特视野，以及他们以前不具备的能力。是的，而且你知道，主权人工智能，我指的是人工智能的应用，这当然会给他们带来巨大的推动。国防是这家公司的另一个大故事。
但总体来看，他们的定价是基于完美预期吗？尽管有一些非常亮眼的数字和乐观的未来预期，股价在这里还是下跌了3.7%。但3年或5年后，价格会比现在更高吗？我的意思是，你认为这是一项长期投资吗？
Therefore, Palantir can give them that unique vision they need to operate efficiently and with capabilities they did not have before. Yes, and you know, sovereign artificial intelligence , and I mean the adoption of artificial intelligence which of course gives them a huge boost.
Defense is another big story for this company. But overall, look, are they priced based on perfection? The stock has fallen here by 3.7% despite some really impressive numbers and upbeat future expectations.
But in 3 or 5 years, will the price be higher than it is now? I mean, do you think this is a long- term investment?
我认为是的。我认为 Palantir 绝对是一项长期买入。我把它看作是一个低价买入的好机会，适合有耐心、能够采取三年或五年视野的投资者。我们采取的是五年视野。因此，我们相信他们会继续超出预期。
他们将能够减少员工。他们将能够随着时间推移提高营业利润率，并继续扩大忠诚客户群。因此，我们看不到任何阻碍他们的因素。他们需要一些时间来证明，他们所说正在做的一切，都会继续落实并交付给股东。
I think so. I think Palantir is definitely a long-term buy. I see it as a good buying opportunity on a low price for investors who are patient and who can adopt a three- or five-year vision.
We are adopting a five-year vision. Therefore, we believe they will continue to exceed expectations. They will be able to reduce their staff. They will be able to increase their operating profit margin over time and continue to grow their loyal customer base .
Therefore, we see nothing hindering them. It will take them some time here to prove that everything they say they are doing, they will continue to implement and deliver to shareholders.
这个频道对 $PLTR 的历次判断
Schwab Network 在这只股票上共 16 条判断，这里只列相邻的几条。