06/05/2025, 04:54 AM UTC
Celestica：一家无护城河公司的显著高估Celestica: Significantly Overvalued For A No-Moat Company
1、作者认为Celestica因毛利率低（10%）且无法投资构建竞争优势而被显著高估；2、尽管运营利润率改善且2025财年指引乐观，但研发支出不足和创新乏力使近期股价上涨不可持续；3、看空观点强调，尽管存在短期股价波动，Celestica的基本面无法支撑当前估值。1. The author argues Celestica is significantly overvalued due to its low gross margins (10%) and inability to invest in building competitive advantages; 2. Despite improved operating margins and upbeat FY2025 guidance, the stock's recent rally is deemed unsustainable given weak R&D spending and lack of innovation; 3. The bearish thesis emphasizes that Celestica’s fundamentals do not justify its current valuation, despite short-term price fluctuations.---
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