<p><strong>Opendoor Technologies</strong>(OPEN 2.38%) 和 <strong>Redfin</strong>(RDFN -1.58%) 在许多方面都是同一类产品。它们都是旨在颠覆庞大的房地产行业的房地产科技股票。它们都与房地产市场有很大的关联，这导致这两只股票在疫情后的低迷中受挫。</p>
<p>如下图所示，Opendoor 和 Redfin 的股价均大幅下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2da7a42fa06731d1e36f6784c39bcf04.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2da7a42fa06731d1e36f6784c39bcf04.png"/></p>
<p>YCharts 提供 OPEN 数据。</p>
<p>这两只股票的股价从疫情时期的高点下跌了大约 90%，但随着投资者期待利率下调，预计将于 9 月开始，Redfin 和 Opendoor 突然受到追捧。</p>
<p>截至 8 月 27 日，Redfin 的股价比 8 月 7 日收盘价上涨了 75%，而 Opendoor 在同一时间段内上涨了 49%。</p>
<p>这些涨幅是合理的。投资者普遍预计美联储将在 9 月份降低基准利率，特别是在 Jerome Powell 上周的讲话之后。较低的抵押贷款利率应有助于振兴陷入困境的房地产市场，推动 Opendoor 和 Redfin 的发展。</p>
<p>但是，如果您试图在这两只股票之间做出选择，哪一只是更好的购买选择呢？让我们来看看谁更胜一筹。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg3ODMvcmVhbC1lc3RhdGUtZm9yLXNhbGUtc2lnbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg3ODMvcmVhbC1lc3RhdGUtZm9yLXNhbGUtc2lnbi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Opendoor vs. Redfin：商业模式</h2>
<p>尽管 Opendoor 和 Redfin 定位为前沿科技的房地产颠覆者，但它们采用不同的商业模式。Opendoor 本质上是一个翻房公司。该公司试图购买房屋，并在进行适度维修或改进后以更高价值转售，除了通常向卖家收取 5% 的服务费外。</p>
<p>Opendoor 旨在通过提供一种比传统途径更简单、更高效的房屋销售形式来颠覆房地产市场。通过向 Opendoor 出售，卖家可以避免找中介、为展示准备房屋、接待参观、等待报价和修缮协商，以及卖家反悔的风险。</p>
<p>另一方面，Redfin 是一家在线房地产经纪公司。该公司向大多数房屋卖家收取 1%-1.5% 的佣金，而传统经纪公司的标准费率为 2.5%-3%。然而，在全国房地产经纪人协会（NAR）达成和解后，情况可能会发生变化。</p>
<p>除了传统的经纪业务，该公司还提供租赁、抵押贷款和产权服务，努力成为有意购房者的一站式服务商。Redfin 以前有一个类似于 Opendoor 的翻房业务，名为 Redfin Now，但由于亏损并发现难以准确预测价格，于 2022 年关闭了该业务。</p>
<h2>Opendoor vs. Redfin：财务状况</h2>
<p>Redfin 和 Opendoor 在历史上一直未盈利，尤其是在房地产市场面临挑战的情况下。在疫情期间，Redfin 在营业收入方面曾短暂盈利，而 Opendoor 自上市以来从未在营业收入上盈利，尽管在 2022 年之前几乎做到了，之后抵押贷款利率开始上升。</p>
<p>在最近的一个季度中，Opendoor 报告的毛利为 1.51 亿美元，营收为 15.1 亿美元，调整后的利息、税收、折旧和摊销前利润（EBITDA）亏损 500 万美元。与一年前的季度相比，Opendoor 的数字有了显著改善，因为公司清理了定价过高的库存。</p>
<p>Redfin 的营收在第二季度上涨了 7%，达到 2.952 亿美元，毛利涨幅为 9%，达到 1.096 亿美元。它还报告了持平的调整后 EBITDA，而在第二季度亏损 690 万美元。</p>
<h2>Opendoor vs. Redfin：估值</h2>
<p>对这两家公司进行估值是困难的，因为它们并没有盈利。使用营收作为衡量标准对于 Opendoor 来说也是不恰当的，因为其营收基本上是从购买的房屋销售中的过渡收入。它很容易产生无利润的营收。</p>
<p>也许通过使用毛利来比较这两家公司的估值是最好的方式。这两家公司的估值相似，Opendoor 的毛利交易价值为 4.1 倍，而 Redfin 的估值为 3.9 倍。差异微乎其微。</p>
<h2>Opendoor vs. Redfin：哪个更值得购买？</h2>
<p>从比较中可以看出，这两只股票有很多共同点，包括类似的估值、财务挑战以及房地产行业中尚未经证实的颠覆性商业模式。</p>
<p>在这两家公司中，Redfin 目前似乎稍占优势。在健康的房地产环境中，经纪模式是盈利的，Redfin 可能会受益于 NAR 的和解，这可能会鼓励更多受传统经纪公司低佣金影响而感到沮丧的经纪人与 Redfin 合作。</p>
<p>Redfin 似乎也更有可能从较低的利率中获益，因为这可能会吸引更多购房者进入市场，并推动待售房屋库存的回升。Opendoor 更依赖房价上涨，但由于房价已经达到历史高点，这可能更加困难。</p>
<p>在这两者之间，Redfin 似乎是更好的房地产复苏投资方式，但寻求多样化选择的投资者也可以考虑购买 Opendoor 的股票。随着房地产市场的复苏，这两只股票都有很大的上涨潜力。</p>

OPEN

RDFN

<p>Opendoor Technologies 和 Redfin 是知名的房地产科技股票，两者从疫情高点下跌近 90%。最近市场对降息的预期导致它们的股价出现了显著的上涨，Redfin 自 8 月初以来上涨了 75%，Opendoor 上涨了 49%。在商业模式方面，Opendoor 作为一个房屋翻新者，而 Redfin 则作为一个在线经纪公司，提供低于传统费率的佣金结构。在财务上，两家公司都面临挑战，但由于其经纪模式和可能从 NAR 和解中获得的潜在改善，Redfin 似乎略为更有利于从房地产市场预期的复苏中受益</p>

<p><strong>Opendoor Technologies</strong>(OPEN 2.38%) and <strong>Redfin</strong>(RDFN -1.58%) are cut from the same cloth in many ways. Both are real estate tech stocks aiming to disrupt the massive real estate industry. They have a lot of exposure to the housing market, which has sunk both stocks in the post-pandemic slump.</p>
<div class="lb-trans"><p><strong>Opendoor Technologies</strong>(OPEN 2.38%) 和 <strong>Redfin</strong>(RDFN -1.58%) 在许多方面都是同一类产品。它们都是旨在颠覆庞大的房地产行业的房地产科技股票。它们都与房地产市场有很大的关联，这导致这两只股票在疫情后的低迷中受挫。</p>
</div><p>As the chart below shows, Opendoor and Redfin are both down sharply from their previous peaks.</p>
<div class="lb-trans"><p>如下图所示，Opendoor 和 Redfin 的股价均大幅下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2da7a42fa06731d1e36f6784c39bcf04.png" alt="" original-src="https://media.ycharts.com/charts/2da7a42fa06731d1e36f6784c39bcf04.png"/></p>
<p>OPEN data by YCharts.</p>
<div class="lb-trans"><p>YCharts 提供 OPEN 数据。</p>
</div><p>Both stocks are down roughly 90% from their pandemic-era peaks, but as investors look forward to interest rate cuts, expected to begin in September, Redfin and Opendoor are suddenly popping.</p>
<div class="lb-trans"><p>这两只股票的股价从疫情时期的高点下跌了大约 90%，但随着投资者期待利率下调，预计将于 9 月开始，Redfin 和 Opendoor 突然受到追捧。</p>
</div><p>As of Aug. 27, Redfin was up 75% from where it closed on Aug. 7, while Opendoor is up 49% in the same timeframe.</p>
<div class="lb-trans"><p>截至 8 月 27 日，Redfin 的股价比 8 月 7 日收盘价上涨了 75%，而 Opendoor 在同一时间段内上涨了 49%。</p>
</div><p>Those rallies make sense. Investors now widely expect the Federal Reserve to cut benchmark interest rates in September, especially after Jerome Powell's comments last week. Lower mortgage rates should help revive the struggling housing market, boosting Opendoor and Redfin.</p>
<div class="lb-trans"><p>这些涨幅是合理的。投资者普遍预计美联储将在 9 月份降低基准利率，特别是在 Jerome Powell 上周的讲话之后。较低的抵押贷款利率应有助于振兴陷入困境的房地产市场，推动 Opendoor 和 Redfin 的发展。</p>
</div><p>But if you're trying to choose between these two stocks, which is the better one to buy today? Let's take a look to see who comes out on top.</p>
<div class="lb-trans"><p>但是，如果您试图在这两只股票之间做出选择，哪一只是更好的购买选择呢？让我们来看看谁更胜一筹。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg3ODMvcmVhbC1lc3RhdGUtZm9yLXNhbGUtc2lnbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788783%2Freal-estate-for-sale-sign.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Opendoor vs. Redfin: business model</h2>
<div class="lb-trans"><h2>Opendoor vs. Redfin：商业模式</h2>
</div><p>Though Opendoor and Redfin position themselves as tech-forward real estate disruptors, they operate with different business models. Opendoor is essentially a home flipper. The company seeks to purchase homes and resell them for a higher value after making modest repairs or improvements that, in addition to a 5% service fee, it typically charges the seller.</p>
<div class="lb-trans"><p>尽管 Opendoor 和 Redfin 定位为前沿科技的房地产颠覆者，但它们采用不同的商业模式。Opendoor 本质上是一个翻房公司。该公司试图购买房屋，并在进行适度维修或改进后以更高价值转售，除了通常向卖家收取 5% 的服务费外。</p>
</div><p>Opendoor aims to disrupt the housing market by presenting a form of home-selling that it believes is easier and more efficient than the traditional route. By selling to Opendoor, a seller can avoid finding an agent, preparing the home for showings, hosting visits, waiting for offers, and negotiating over repairs, as well as the risk that the seller will back out.</p>
<div class="lb-trans"><p>Opendoor 旨在通过提供一种比传统途径更简单、更高效的房屋销售形式来颠覆房地产市场。通过向 Opendoor 出售，卖家可以避免找中介、为展示准备房屋、接待参观、等待报价和修缮协商，以及卖家反悔的风险。</p>
</div><p>Redfin, on the other hand, functions as an online real estate brokerage. The company charges most home sellers a commission of 1%-1.5%, compared to traditional brokerages' 2.5%-3% standard rate. However, that could change after the National Association of Realtors (NAR) settlement.</p>
<div class="lb-trans"><p>另一方面，Redfin 是一家在线房地产经纪公司。该公司向大多数房屋卖家收取 1%-1.5% 的佣金，而传统经纪公司的标准费率为 2.5%-3%。然而，在全国房地产经纪人协会（NAR）达成和解后，情况可能会发生变化。</p>
</div><p>In addition to the traditional brokerage business, the company offers rentals, mortgages, and title services in an effort to be a one-stop shop for prospective homebuyers. Redfin previously had a home-flipping business similar to Opendoor, called Redfin Now, but it shuttered it in 2022 as it was losing money and found it too hard to predict prices accurately.</p>
<div class="lb-trans"><p>除了传统的经纪业务，该公司还提供租赁、抵押贷款和产权服务，努力成为有意购房者的一站式服务商。Redfin 以前有一个类似于 Opendoor 的翻房业务，名为 Redfin Now，但由于亏损并发现难以准确预测价格，于 2022 年关闭了该业务。</p>
</div><h2>Opendoor vs. Redfin: financials</h2>
<div class="lb-trans"><h2>Opendoor vs. Redfin：财务状况</h2>
</div><p>Both Redfin and Opendoor have been historically unprofitable, especially amid the challenges in the housing market. Redfin was briefly profitable on an operating income basis during the pandemic, while Opendoor has never been operating-income profitable since it went public, though it came close in 2022 before mortgage rates started to rise.</p>
<div class="lb-trans"><p>Redfin 和 Opendoor 在历史上一直未盈利，尤其是在房地产市场面临挑战的情况下。在疫情期间，Redfin 在营业收入方面曾短暂盈利，而 Opendoor 自上市以来从未在营业收入上盈利，尽管在 2022 年之前几乎做到了，之后抵押贷款利率开始上升。</p>
</div><p>In its most recent quarter, Opendoor reported a gross profit of $129 million on $1.51 billion in revenue and an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $5 million. Opendoor's numbers had improved substantially from the quarter a year ago as the company cleared its overpriced inventory.</p>
<div class="lb-trans"><p>在最近的一个季度中，Opendoor 报告的毛利为 1.51 亿美元，营收为 15.1 亿美元，调整后的利息、税收、折旧和摊销前利润（EBITDA）亏损 500 万美元。与一年前的季度相比，Opendoor 的数字有了显著改善，因为公司清理了定价过高的库存。</p>
</div><p>Redfin's revenue rose 7% to $295.2 million in the second quarter, and its gross profit was up 9% to $109.6 million. It also reported flat adjusted EBITDA, up from a loss of $6.9 million in the second quarter.</p>
<div class="lb-trans"><p>Redfin 的营收在第二季度上涨了 7%，达到 2.952 亿美元，毛利涨幅为 9%，达到 1.096 亿美元。它还报告了持平的调整后 EBITDA，而在第二季度亏损 690 万美元。</p>
</div><h2>Opendoor vs. Redfin: valuation</h2>
<div class="lb-trans"><h2>Opendoor vs. Redfin：估值</h2>
</div><p>Valuing the two companies is difficult because they aren't profitable. Revenue is also a poor metric to use with Opendoor because its revenue is essentially pass-through income from the sales of the homes it purchases. It can easily generate unprofitable revenue.</p>
<div class="lb-trans"><p>对这两家公司进行估值是困难的，因为它们并没有盈利。使用营收作为衡量标准对于 Opendoor 来说也是不恰当的，因为其营收基本上是从购买的房屋销售中的过渡收入。它很容易产生无利润的营收。</p>
</div><p>Perhaps the best way to compare the two companies on valuation is by using gross profit. The two companies have similar valuations, with Opendoor trading at 4.1 times gross profit while Redfin is valued at 3.9. The difference is negligible.</p>
<div class="lb-trans"><p>也许通过使用毛利来比较这两家公司的估值是最好的方式。这两家公司的估值相似，Opendoor 的毛利交易价值为 4.1 倍，而 Redfin 的估值为 3.9 倍。差异微乎其微。</p>
</div><h2>Opendoor vs. Redfin: Which is the better buy?</h2>
<div class="lb-trans"><h2>Opendoor vs. Redfin：哪个更值得购买？</h2>
</div><p>As you can see from the comparisons, the two stocks have a lot in common, including similar valuations, financial challenges, and disruptive-yet-unproven business models in the real estate industry.</p>
<div class="lb-trans"><p>从比较中可以看出，这两只股票有很多共同点，包括类似的估值、财务挑战以及房地产行业中尚未经证实的颠覆性商业模式。</p>
</div><p>Of the two companies, Redfin seems to have a slight edge right now. The brokerage model is profitable in a healthy real estate environment, and Redfin could benefit from the NAR settlement, which could encourage more agents frustrated with what could be lower commissions from traditional brokerages to work with Redfin.</p>
<div class="lb-trans"><p>在这两家公司中，Redfin 目前似乎稍占优势。在健康的房地产环境中，经纪模式是盈利的，Redfin 可能会受益于 NAR 的和解，这可能会鼓励更多受传统经纪公司低佣金影响而感到沮丧的经纪人与 Redfin 合作。</p>
</div><p>Redfin also seems better positioned to capitalize on lower rates as that seems likely to bring homebuyers back into the market and drive a rebound in housing inventory for sale. Opendoor is more reliant on home prices rising, but that may be more difficult since they are already at all-time highs.</p>
<div class="lb-trans"><p>Redfin 似乎也更有可能从较低的利率中获益，因为这可能会吸引更多购房者进入市场，并推动待售房屋库存的回升。Opendoor 更依赖房价上涨，但由于房价已经达到历史高点，这可能更加困难。</p>
</div><p>Between the two, Redfin looks like the better way to play the real estate recovery, but investors looking for a range of options wouldn't be remiss to buy shares of Opendoor. Both stocks have a lot of upside potential as the housing market comes back to life.</p>
<div class="lb-trans"><p>在这两者之间，Redfin 似乎是更好的房地产复苏投资方式，但寻求多样化选择的投资者也可以考虑购买 Opendoor 的股票。随着房地产市场的复苏，这两只股票都有很大的上涨潜力。</p>
</div>

更值得购买的房地产股票：Opendoor 与 Redfin