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Step Aside, BlackBerry: This AI Stock Is the Real Deal for Canadian Investors

Step Aside, BlackBerry: This AI Stock Is the Real Deal for Canadian Investors

讓開,黑莓:這隻人工智能股票才是真正的加拿大投資者的交易
The Motley Fool ·  2024/12/09 16:20

Eight years ago, BlackBerry (TSX:BB) exited the smartphone segment to focus on its higher-margin software and services business. However, despite this pivot, BlackBerry stock has been down over 60% since December 2016 as it continues to wrestle with sluggish sales and negative cash flows.

八年前,黑莓(多倫多證券交易所股票代碼:BB)退出智能手機領域,專注於利潤率更高的軟件和服務業務。但是,儘管有這樣的轉折點,但自2016年12月以來,黑莓股價已下跌60%以上,原因是它繼續爲銷售疲軟和負現金流而苦苦掙扎。

The company's sales have fallen from US$1.30 billion in fiscal 2017 (ended in February) to US$637 million in the last four quarters. Further, it continues to report a free cash outflow, which indicates that BlackBerry is struggling with a higher cost base and unsustainable profit margins.

該公司的銷售額已從2017財年(截至2月)的13.0億美元下降到過去四個季度的6.37億美元。此外,它繼續報告自由現金流出,這表明黑莓正在爲更高的成本基礎和不可持續的利潤率而苦苦掙扎。

Is BlackBerry stock a good buy right now?

黑莓股票現在是個不錯的買入嗎?

BlackBerry, valued at $2.2 billion by market cap, provides intelligent security software and services to enterprises. In the fiscal second quarter (Q2) of 2025, BlackBerry reported revenue of US$145 million, an increase of 9.8% compared to the year-ago period.

按市值計算,黑莓市值爲22億美元,爲企業提供智能安全軟件和服務。在2025年第二財季(第二季度),黑莓公佈的收入爲1.45億美元,與去年同期相比增長9.8%。

BlackBerry's Internet of Things (IoT) business grew by 12% year over year to US$55 million, while cybersecurity sales were up 10% to US$87 million. It reported an operating loss of US$4 million, while its cash usage stood at US$13 million, compared to US$56 million in the year-ago period.

黑莓的物聯網(IoT)業務同比增長12%,達到5500萬美元,而網絡安全銷售額增長了10%,達到8700萬美元。該公司報告的營業虧損爲400萬美元,現金使用量爲1,300萬美元,而去年同期爲5,600萬美元。

BlackBerry emphasized that its IoT business reported a gross margin of 82% in Q2, an increase of 100 basis points sequentially due to strong production-based royalties and multiple new ADAS (Advanced Driver Assistance System) wins.

黑莓強調,其物聯網業務在第二季度公佈的毛利率爲82%,環比增長100個點子,這要歸因於強勁的生產特許權使用費和多項新的ADAS(高級駕駛輔助系統)的勝利。

Notably, sales of its core cybersecurity products increased 24%, and the segment ended Q2 with an annual recurring revenue of US$279 million. While the net retention rate for this segment improved to 88%, it suggests that existing customers reduced spending by 12% over the last 12 months.

值得注意的是,其核心網絡安全產品的銷售額增長了24%,該細分市場在第二季度末的年度經常性收入爲2.79億美元。儘管該細分市場的淨留存率提高到88%,但這表明現有客戶在過去12個月中減少了12%的支出。

A focus on cost management allowed BlackBerry to reduce operating expenses by 24% year over year to US$99 million in Q2. The company expects to report a positive adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) in fiscal 2025 and return to positive cash flow by the end of Q4.

對成本管理的關注使黑莓在第二季度將運營支出同比減少了24%,至9900萬美元。該公司預計將在2025財年報告調整後的息稅折舊攤銷前利潤(扣除利息、稅項、折舊和攤銷前的收益)爲正,並在第四季度末恢復正現金流。

Despite its improving financials, BlackBerry remains a high-risk investment as it faces competition from established peers that are growing much faster. BlackBerry is part of multiple growth segments such as cybersecurity, artificial intelligence, and IoT but is struggling to grow at the top line, which suggests it is losing market share.

儘管財務狀況有所改善,但黑莓仍然是一項高風險投資,因爲它面臨着來自增長速度快得多的知名同行的競爭。黑莓是網絡安全、人工智能和物聯網等多個增長領域的一部分,但收入卻難以增長,這表明它正在失去市場份額。

Buy this AI stock instead

改爲購買這隻人工智能股票

Investors looking to buy undervalued AI stocks can consider gaining exposure to UiPath (NYSE:PATH). Valued at US$8.12 billion by market cap, UiPath provides an end-to-end automation platform that offers robotic process automation (RPA) solutions in the U.S. and other international markets. It offers enterprise-facing solutions to build, manage, rub, engage, measure, and govern automation within an organization.

想要購買被低估的人工智能股票的投資者可以考慮增加對UiPath(紐約證券交易所代碼:PATH)的敞口。按市值計算,UiPath的估值爲81.2億美元,提供端到端自動化平台,在美國和其他國際市場提供機器人過程自動化(RPA)解決方案。它提供面向企業的解決方案,用於在組織內構建、管理、調試、參與、衡量和管理自動化。

Sales have risen from US$336.2 million in fiscal 2020 (which ended in January) to US$1.4 billion in the last 12 months. However, its growth story is far from over, given that analysts expect UiPath sales to rise to US$1.58 billion in fiscal 2026 and US$1.75 billion in 2027.

銷售額已從2020財年(截至1月)的3.362億美元增加到過去12個月的14億美元。但是,其增長故事遠未結束,因爲分析師預計UiPath的銷售額將在2026財年增至15.8億美元,在2027財年增至17.5億美元。

Unlike BlackBerry, UiPath is reporting consistent free cash flow. Wall Street projects its free cash flow to surpass US$400 million in fiscal 2027, compared to a free cash outflow of US$34 million in 2023.

與黑莓不同,UiPath報告了穩定的自由現金流。華爾街預計,其自由現金流將在2027財年超過4億美元,而2023年的自由現金流出量爲3,400萬美元。

Priced at less than 30 times forward earnings, PATH stock is quite cheap, given its growth estimates. Analysts remain bullish on the AI stock and expect it to gain close to 10% from current levels, given consensus price target estimates.

鑑於其增長預期,PATH股票的定價不到遠期收益的30倍,相當便宜。分析師仍然看好人工智能股票,鑑於共識的目標股價,預計該股將從目前的水平上漲近10%。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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