Better Electric Vehicle (EV) Stock: Magna International Vs. Rivian
Better Electric Vehicle (EV) Stock: Magna International Vs. Rivian
One advantage that Magna International has over Rivian is the fact that it is a profitable company that is not at risk of simply dying out. In the last 12 months, the company achieved the following profitability metrics:Magna International (TSX:MG)(TSX:MGA) and Rivian (NASDAQ:RIVN) are two companies that don't appear to have much in common on the surface. One is an auto parts manufacturer; the other is a car manufacturer. One mostly develops internal combustion engine (ICE) car parts, while the other develops electric vehicles (EVs). The differences are clear.
曼格納國際（TSX:MG）（TSX:MGA）和裏維安（納斯達克:RIVN）這兩家公司表面上似乎沒有太多共同點。一家是汽車零件製造商，另一家是汽車製造商。一家主要開發內燃機（ICE）汽車零件，而另一家則開發新能源車（EV）。差異很明顯。
However, there is one similarity between Magna and Rivian: they're both involved in the EV industry; directly in Rivian's case, indirectly in Magna's case. Rivian is an EV manufacturer that designs and builds its own cars. Magna, through a joint venture (JV) with LG Electronics, builds parts that are used in EVs. So, Magna and Rivian are worth comparing.
然而，曼格納和裏維安之間有一個相似之處：他們都參與了新能源汽車行業；在裏維安的情況下是直接參與，而在曼格納的情況下則是間接參與。裏維安是一家設計和製造自身汽車的新能源車製造商。曼格納通過與LG電子的合資企業（JV）製造用於新能源車的零件。因此，曼格納和裏維安值得比較。
In this article, I will explore these two EV stocks side by side so you can determine which is best for your portfolio.
在本文中，我將並排探討這兩隻新能源汽車股票，以便您判斷哪個更適合您的投資組合。
The case for Magna International
曼格納國際的優勢
One advantage that Magna International has over Rivian is the fact that it is a profitable company that is not at risk of simply dying out. In the last 12 months, the company achieved the following profitability metrics:
曼格納國際相對於瑞維安的一個優勢是，它是一家有盈利能力的公司，不會面臨倒閉的風險。在過去12個月中，該公司實現了以下盈利指標：
- A 13.5% gross profit margin.
- A 4.7% operating income margin.
- A 2.5% net income margin.
- A 2% free cash flow (FCF) margin.
- A 9% return on equity (ROE).
- 毛利率爲13.5%。
- 營業收入利潤率爲4.7%。
- 淨利率爲2.5%。
- 自由現金流（FCF）毛利率爲2%。
- ROE爲9%。
These aren't exactly high margins, but they are at least positive. Now let's look at the comparable metrics for Rivian:
這些毛利率並不算高，但至少是正數。現在我們來看看Rivian的可比指標：
- Gross margin: -43%.
- Operating income margin: -123%.
- Net margin: -121%.
- FCF margin: -84%.
- ROE: -67%.
- 毛利率：-43%。
- 營業收入淨利率：-123%。
- 淨利率：-121%。
- 自由現金流淨利率：-84%。
- ROE：-67%。
It's a night and day difference. Now, there is a pretty simple explanation for this difference in margins: Magna is an old company while Rivian is a new company, and it usually takes a while for startups to turn profits. However, while Rivian is older than Magna, it's not exactly a startup. Founded in 2009, it is 15 years old. It's not clear that this long a period of unprofitability is inevitable or to be expected for a typical company. So Rivian's lack of profitability could be a concern.
這是天壤之別。現在，解釋這種毛利率差異的原因相對簡單：曼格納國際是一家老公司，而Rivian是一家新公司，創業公司通常需要一段時間才能實現盈利。然而，雖然Rivian的成立時間比曼格納國際早，但它並不完全算是創業公司。成立於2009年的Rivian已經有15年的歷史。這個漫長的虧損期是否必然或往常可預見，對一家典型公司來說並不清楚。因此，Rivian缺乏盈利能力可能是一個令人擔憂的問題。
The case for Rivian
Rivian的案例
The case for Rivian comes down to growth. Rivian's revenue grew 20% in the trailing 12-month period, while MG's revenue grew just 1.8%. Rivian is certainly a faster grower than Magna. However, there is a caveat here: while Rivian's revenue is growing, its negative profit margins are growing too, so you could argue that there is "reverse growth" in profit that is much worse than Magna's merely slow growth.
Rivian的案例歸結爲增長。在最近的12個月中，Rivian的營業收入增長了20%，而MG的營業收入僅增長了1.8%。Rivian無疑是曼格納國際中增長更快的公司。然而，這裏有一個警告：雖然Rivian的營業收入在增長，但其負毛利率也在增長，因此可以說，收益的 "逆增長" 比曼格納國際的緩慢增長更嚴重。
Final verdict
最終裁決
It seems pretty clear that Magna is a better business than Rivian. It's profitable, its margins are stable if not high, and it has a clear market for its services. In addition to that, it has a much healthier balance sheet than Rivian, with more equity than debt (the reverse is true with Rivian). You could see Rivian going bankrupt in the next few years; that will not happen with Magna.
很明顯，曼格納國際的業務比瑞維安更好。它是盈利的，毛利率穩定，儘管不高，並且它的服務有明確的市場。此外，它的資產負債表比瑞維安健康得多，擁有的股權多於債務（瑞維安則相反）。你可能會看到瑞維安在未來幾年破產，而曼格納國際不會發生這樣的事情。
Nevertheless, Rivian is a growth stock in a highly publicized industry. You can't rule out the possibility of a short-term "pump" in the stock price. As a long-term holding, though, it leaves much to be desired.
然而，瑞維安是一隻增長股票，處於一個備受關注的行業。你不能排除短期內股票價格"上漲"的可能性。不過，作爲長揸，瑞維安的表現相當令人失望。
譯文內容由第三人軟體翻譯。
