卡特彼勒的投资是对垂直整合的竞争优势布局，而非追求财务回报；将其约110亿美元的长期股权投资按账面价值计入后，有效估值倍数从18倍降至17倍营业利润。
逐段跳播
但CAT还在做的是，他们正在为这些换电站增加超级充电桩。因此，同一个站既可以服务换电，也可以服务固定电池车辆。
But what CAT is also doing is that they are adding superchargers to these swapping stations. So the same station can cater to both a battery swapping as well as fixed battery vehicles.
是的，我认为CAT的投资组合更多是战略性的，而非财务性的。这有助于他们实现垂直整合。它涵盖了从上游矿业公司到下游汽车制造商以及储能系统中的电力基础设施参与者。
Yeah, I like I think the CAT's investment portfolio I think is more strategic than financial. It helps them to achieve vertical integration. It spans upstream mining companies to downstream automakers and power infrastructure player in the energy storage system.
我相信他们对DeepSeek的投资是他们AI数据中心整合策略的一部分。尽管我认为投资一个基础AI模型实验室是垂直整合的极端。
Their investment in deepseek I believe is a part of their AI data center integration play. Although I think investing in a foundational AI model lab is going to the extreme end of vertical integration.
在估值方面，对这些投资进行估值很棘手，因为它们大多数是私有的，并且根据其持股比例，从财务会计的角度来看，它们的处理方式不同。我认为最简单的看法是看他们资产负债表上的长期股权投资行项目。
截至上个季度，这个数字约为110亿。因此略低于营业利润的一倍。所以当我们看18倍营业利润时，我没有考虑这些长期投资的价值。但如果按账面价值计入，则降至约17倍。但我更愿意将这些投资归类为通过垂直整合实现的竞争优势，而不是财务投资。
In terms of valuation, uh it is tricky to value these investments because most of them are private and depending on their stake, they are treated differently from a financial accounting point of view. I believe the simplest way to look at it is to see the long-term equity investment line item on their balance sheet. So as of last quarter uh this number was about 11 billion. So slightly less than one time operating profit. So when we look at 18 times the operating profit I did not account for the uh value of these long-term investments. But if we include them at book value then it drops to about 17 times. But I would categorize these numbers, these investments more as a competitive advantage play through vertical integration and less as a financial investment play.
这个频道对 $CAT 的历次判断
The Investor's Podcast 在这只股票上只有这一条判断。