相较于NKE，LULU因估值更优、利润率更高且扭亏负担更轻，是更受青睐的买入标的。
逐段跳播
Nike和Lululemon属于表现不佳的运动服饰零售商之列，其股价均接近52周低点。我想知道这两只下跌的股票中，哪一只目前代表更好的买入机会。
Nike and Lululemon are among the underperforming sportswear retailers, with their shares trading near 52- week lows. I wanted to know which of these two declining stocks represents a better buying opportunity at the moment .
Nike和Lululemon都面临类似的逆风，这些逆风正在阻碍销售增长，甚至将它们推向下滑。总体而言，Nike仍然是一家规模大得多的公司，过去十二个月的销售额为460亿美元，而Lululemon紧随其后。
Both Nike and Lululemon are facing similar headwinds that are hindering sales growth and even pushing them into decline. Overall, Nike is still a much larger company with sales of $46 billion over the past twelve months, while Lululemon comes right behind it.
也许我不该说紧随其后，但在近期这些挑战之前，Lululemon增长更快，正在追赶Nike。
Well, maybe I shouldn't say right behind it, but Lululemon was growing faster and catching up with Nike before these recent challenges.
Lululemon的年销售额为110亿美元。展望未来，两家公司的销售可能都将保持疲软。两家公司的管理团队都下调了近期增长预期，并且仍在努力应对关税和可支配收入减少等宏观经济挑战。
Lululemon generates annual sales of $11 billion. Looking ahead, sales for both companies are likely to remain weak. The management teams at both companies have lowered their near-term growth forecasts and are still trying to cope with macroeconomic challenges such as tariffs and reduced disposable income.
有趣的是，尽管Lululemon在营收方面过去是、现在仍然是规模较小的公司，但它实现了比Nike更高的利润率。
Interestingly, although Lululemon was and still is the smaller company in terms of revenue, it achieves better profit margins than Nike.
Lululemon的产品被认为更具特色，平均售价更高，使该公司能够实现更大的利润率。
Lululemon products are considered more distinctive and are sold at higher average prices, allowing the company to achieve larger profit margins.
在过去十年中，Lululemon一直实现比Nike更好的营业利润率。最近，Lululemon录得18%的营业利润率，而Nike录得8.8%。
Over the past decade, Lululemon has consistently achieved better operating profit margins than Nike. Recently, Lululemon recorded an operating margin of 18%, while Nike recorded 8.8%.
然而，Lululemon的营业利润率从25%降至18%，而Nike的营业利润率上升，主要归因于其获得的关税退款。
However, Lululemon's operating margin fell from 25% to 18%, while Nike's operating profit margin rose mainly due to the tariff refunds it received.
此外，投入资本回报率方面Lululemon占优，为21.4%，而Nike为12.4%。因此，就我们目前考察的三个指标而言，Nike的整体销售额更高，但Lululemon实现了更好的增长。
Furthermore, the return on invested capital is in Lululemon's favor at 21.4% compared to 12.4% for Nike. So, for the three metrics we've looked at so far, Nike has higher overall sales, but Lululemon has achieved better growth.
与Nike相比，Lululemon还实现了更好的营业利润率和更好的投入资本回报率。Nike目前的远期市盈率为15.7，而Lululemon的远期市盈率为11.4。
Lululemon also achieves better operating profit margins and better returns on invested capital compared to Nike. Nike is currently trading at a forward P/E ratio of 15.7, compared to Lululemon which is trading at a forward P/E ratio of 11.4.
与此同时，我计算出Lululemon的公允价值为126美元。当前市场价格为100美元。因此，无论是以远期市盈率衡量，还是以现金流折现法衡量，Lululemon 似乎都被低估了。
At the same time, I calculated a fair value for Lululemon at $126. The current market price is $100. Therefore, Lululemon appears to be undervalued, whether measured on a forward earnings multiple basis or on a discounted cash flow basis.
我不能说 Lululemon 的股票在当前价位上似乎被低估或显著低估。所以，为了透明起见，我持有 Lululemon 的股票。我大约一年前买入。我在这笔持仓上遭受了重大亏损。
I can't say that Lululemon stock appears to be undervalued or significantly undervalued at these levels. So, for the sake of transparency, I own shares in Lululemon. I bought it about a year ago. I suffered a significant loss in this position.
但是，如果我今天必须在这两只股票之间做出选择，我会选择 Lululemon。
But, if I had to choose between these two stocks today, I would choose Lululemon.
它的估值更具吸引力，利润率更高，而且与 Nike 为夺回竞争地位所需要做的工作相比，它为重建业务所需要做的工作更少。
Its valuation is more attractive, its profit margins are better, and it has less work to do to rebuild its business compared to what Nike needs to regain its competitive position.
不用说，我把这两者都归类为买入机会。在当前价格下，这两只我都喜欢，但如果必须选一只，我会选择 Lululemon。
Needless to say, I have categorized both as buying opportunities. I like both of them at these prices, but if I had to choose one, I would choose Lululemon.
这个频道对 $LULU 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 3 条判断，这里只列相邻的几条。