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Plug Power's Recent Drop Is A Great Opportunity

PLUG股价的近期下跌是一个巨大的机会

Summary

总结

Citron’s report has hurt Plug Power, but its long-termprospects remain strong as the fuel cell industry is expected to grow at arapid pace.

虽然香橼的作空报告已经深深伤害了PLUG，但其长期前景依然强劲，燃料电池产业有望保持快速发展的步伐。

Plug Power already has a solid base of customers, and it islooking to attract more with its suite of services and products.

PLUG已经有了坚实的客户基础，而且它拥有一整套的服务和产品，有希望吸引更多的客户。

Plug Power is aggressively focusing on cost reductions, andplans to turn in a profit this year.

Plug Power公司正在积极专注于削减成本，并计划在今年盈利。

Analysts expect Plug Power’s earnings to grow at a terrificpace.

分析师预计，PLUG的盈利将会有一个了不起的增长步伐。


Fuel cell maker Plug Power (PLUG) has been on a tearing runthis year, with shares up close to 340%. However, short-seller Citron Researchhas somewhat spoiled Plug Power's party by calling it a "casinostock." According to Citron, the fair value of Plug Power shares is just$0.50, while the stock currently trades at around $7.15 as of this writing.Citron explains its thesis by saying:

燃料电池制造商PLUG今年以来一直在痛苦的伴随下快速地发展，今年以后股价已经上涨接近340 ％ 。然而，卖空机构香橼在其作空报告中则形容购买PLUG股票纯粹是赌博，这则报告坏了PLUG的名声。据香橼说PLUG的股票只值50美分，但其股价目前约为7.15美元，香橼采用了以下论点来解释其作空言论：

 Well over a decade asa public company, during which they have lost close to $850 million whiledeveloping no (intellectual property) or meaningful revenue growth.

PLUG作为一家上市公司已有十多年历史，但在此期间，他们已经损失了接近至8.5亿美元，却没有获得任何知识产权或有意义的收入增长。

But, in my opinion, Plug Power is still a solid investmentas the thesis should be based on the future, not what has happened in the past.For example, analysts at Reportlinker project that the fuel cell industry ispresently in a nascent stage and has huge growth potential going forward. Thefirm expects the market to grow at a CAGR of 22% during 2014-2020, suggestingthat Plug Power has solid prospects ahead of it.

但是，在我看来，我们应该聚焦于其未来的发展而不是总是挖掘它的过去，从长远来看PLUG仍然是一个值得投资的好公司。例如，根据分析师调查报告（Reportlinker project）的研究，燃料电池产业目前正处于起步阶段，具有巨大的增长潜力。该研究报告预计燃料电池市场在2014年至2020年将会有22％的年复合增长率，这表明PLUG有可预期的光明的发展前景。

Positives all around

各方面的积极因素

In fact, Plug Power has already been reporting solid growth,with revenue growing 35% in the previous quarter. The company expects to turnprofitable this year, setting the stage for a strong performance going forward.

事实上，PLUG最近的财报已经表明其正在稳健增长，与上一季度相比，其营收增长35 ％ 。该公司在今年预计将扭亏为盈，并为今后进一步的发展打好基础。

Plug Power, despite operating in a competitive environment,is posting solid growth. Well-known companies such as Wal-Mart (WMT), Kroger(KR), BMW, and Mercedes are driving its growth, leading to new order bookingsworth $32 million in the fourth quarter. In addition, Plug Power has a strongbalance sheet, and it has maintained a strong cash position of $66 million,driven by fundraising initiatives and the exercising of warrants.

PLUG尽管身处于竞争激烈的环境中但依然保持着稳健的增长。与知名企业如沃尔玛，克罗格，宝马，奔驰和合作正在推动其增长，这体现在去年第四季度新增的价值3200万美元的订单。此外，PLUG也有一份漂亮的资产负债表，通过资金募集和行使其认股权证等方法，它一直保持着6600万美元现金盈余。

The way ahead

未来的前进道路

Now, the company is focusing on product development, and itsnewly-announced GenKey suite of hydrogen fuel cell products and services areexpected to drive its financial performance going forward, while also giving ita competitive advantage over peers.

现在，该公司专注于新产品的研发，其新推出的基于氢燃料电池GenKey套件的相关产品和服务预计将带给公司优秀的财务表现，同时也将会在与同行的竞争中给它带来很大的优势。

Also, Plug Power has witnessed successful fuel cell betatrials at Wal-Mart, leading the retail giant to purchase GenDrive units for itsfood distribution center in Washington Courthouse, Ohio, and the Wal-MartCanada facility in Balzac and Cornwall for a total of 535 GenDrive deployments.

此外，PLUG与沃尔玛合作进行的关于其燃料电池的试验已经举得了成功，这项成功让零售巨头们得以打消疑虑，纷纷购买PLUG生产 的GenDrive Unit，并部署在其位于华盛顿、俄亥俄州的食品配送中心，甚至远在加拿大Balzac 和Cornwall地区的沃尔玛也采用了PLUG生产的GenDriveUnit, 目前一共有535个GenDriveUnit正在服役。

GenKey has unique features that have attracted severalpotential customers. GenKey enables a smooth transition away from lead acidbatteries by giving customers the entire kit needed for incorporating hydrogenfuel cells into their business operations. Further, Plug Power is focusing oninnovation in its product line to enhance the services that it provides.

GenKey独特的功能已经吸引了数个潜在的大客户。 GenKey可以让客户在其经营活动中从使用传统的铅酸电池平稳地过渡到使用氢燃料电池。此外，PLUG还专注于创新，不断改进产品线，从而提高其产品质量和服务水平。

In addition, the GenFuel and GenCare suite of products arealso performing well. These products are enabling customers to take advantageof Plug Power's economies of scale to obtain cost-effective, cost-efficienthydrogen fuel. Further, Plug Power is also focusing on after sales service bydelivering preventive maintenance, a rapid response service, system monitoring,and periodic system enhancements. These moves should result in more customersatisfaction and help it expand the customer base.

此外， GenFuel和GenCare套装产品也表现良好。这些产品使客户能够充分利用PLUG大规模生产以降低成本的特点，从而获得成本更低的氢燃料电池，使客户可以进一步节省开支并获得更大的经济效益。此外，PLUG也非常注重售后服务，PLUG将为客户提供预防性维护，快速响应服务，系统监控和定期的系统增强功能等完善的售后服务保障。这些举措将提高PLUG的客户满意度，并将进一步帮助它扩大客户群。

Becoming cost effective

更具成本优势

Moving ahead, Plug Power is focusing on being more costeffective by reducing material costs and improving the efficiency of itsservice business. The company is undertaking many initiatives and studies toincrease its profit margin. Further, an increase in global sourcing, combinedwith additional leverage from volume, is expected to be a key driver of PlugPower's cost improvement initiatives. For understanding the key elements of rawmaterial markup, Plug Power is undertaking detailed cost analysis.

展望未来，PLUG聚焦于通过降低原料成本和提高其业务效率来获得更好的成本效益。该公司正在积极主动地进行许多研究以提高其利润率。此外，PLUG通过将增加全球采购与增加额外的杠杆作用相结合的方式有望进一步节省其成本。PLUG正在进行详细的成本分析用以明确其原料成本中的关键因素。

Driven by its cost-reduction initiatives, Plug Power isexpecting its gross margins to increase above 25% in 2014. This will beachieved by reducing compressor costs by 29%. Also, due to the increase insales, Plug Power is making moves to shift internal components to a lower costdie-cast process, leading to better margins.

通过成本削减计划， Plug预计其毛利率在2014年将提高到25％以上。这将通过降低压缩机29％的成本来实现。此外，由于销售量的增加，PLUG将在内部组件的生产中采用成本更低的压铸工艺，从而获得更好的利润。

Conclusion

总结

Thus, we see that Plug Power is making a lot of good movesto grow the business. Analysts are also hopeful about the company's prospects,with earnings expected to grow 73.5% this year and 155.6% next year. Since PlugPower isn't yet profitable, it doesn't have a trailing P/E ratio, but given theterrific earnings and revenue growth that's expected, investors shoulddefinitely consider this stock for their portfolio.

综上所述，我们看到，PLUG正在采取大量有效的举措来发展业务。分析师们对公司的发展前景充满信心，预计PLUG将在今年取得73.5％的增长并在明年取得155.6％的增长 。尽管由于PLUG目前尚未盈利而没有市盈率得以参考，但是考虑到PLUG非常好的收入和收入增长率的预期，投资者一定不要错过这支股票，请大胆地将它加入到你的投资组合中吧！