<p>Take-Two Interactive NASDAQ: TTWO 是市场上一些最重要和最畅销的视频游戏制造商之一，但过去五年该公司的回报可能让投资者希望玩一款不同于股市的游戏。</p>
<p>公司的总回报仅为 20%，在通信服务行业表现不佳。通信服务选择部门 SPDR 基金 NYSEARCA: XLC 在同期提供了 82% 的总回报。</p>
<p>让我们深入了解 Take-Two 的运营，更好地了解其业务运作方式。我们将研究公司的增长情况，并思考其历史上最受期待的游戏《侠盗猎车手 VI（GTA VI）》的即将发布如何影响股价。</p>
<h2><strong>Take-Two 进军新的领域</strong></h2>
<p>Take-Two 将其收入分为几个关键领域：移动、主机、PC 和其他。移动部门通过移动游戏中的应用内购买和广告带来收入。对于整个公司来说，各种类型的应用内收入通常占据总收入的大部分。</p>
<p>然而，特定于主机和 PC 部门，公司的收入会周期性地因 “完整游戏” 购买而增加。这种时机是基于新一代游戏发布日期的。公司为最新的 PlayStation、Xbox 或任天堂 Switch 主机以及 PC 制作这些游戏。</p>
<p>该公司历史上制作了一些最受追捧的游戏。《荒野大镖客 2（RDR2）》和《侠盗猎车手 V（GTA V）》分别排名第七和第三畅销游戏。RDR2 发布季度的收入增长了 153%。</p>
<p>2024 财年，移动收入占总收入的 51%，而主机收入占 41%。然而，这种分配是一个相对较新的发展。在 2022 财年，主机收入占总收入的 72%。移动收入的大幅增长主要是由于公司于 2022 年收购了 Zynga，这有助于到 2023 年 3 月将该部门的收入增加了 6 倍。</p>
<h2><strong>尽管利润下降，Take-Two 的股价仍保持稳定</strong></h2>
<p>Take-Two Interactive 过去两年股价表现引人注目。自 2022 年 3 月以来，公司的利润基本上出现了反转。在那一季度，公司过去十二个月的标准化净收入为 3.55 亿美元。在最近的盈利发布后，这一数字为-3.36 亿美元。然而，股价在该期间几乎持平，下跌了略超过 2%。</p>
<p>在利润大幅下降且从盈利转为亏损的情况下，我本以为股价会有更大的下跌。那么，是什么因素可能有助于维持股价稳定呢？观察过去十二个月的收入，我们可以看到自 2022 年 3 月以来，收入大幅增长约 20 亿美元。</p>
<p>然而，这种增长似乎主要是非有机的，主要是由于收购 Zynga 所致。这意味着公司的产品并未出现快速需求增长；他们只是从另一家公司购买了收入。</p>
<p>显然，自收购以来 Take-Two 未能做出太多努力来发展 Zynga 业务。自 2023 年 3 月以来，移动部门的销售基本上保持不变。人们希望公司能找到一种方式将其强大的知识产权和游戏专业知识结合起来，以增加移动收入。事实证明，公司未能做到这一点并不是一个好迹象。</p>
<h2><strong>GTA VI 发布：可能有限提振，但 Take-Two 的股票仍具有增长潜力</strong></h2>
<p>股价稳定的一个可能原因是《侠盗猎车手 VI》将于 2025 年秋季发布。有人认为这可能是 “历史上最受期待的视频游戏”，市场可能已经将其预期销售额的相当部分计入股价。共识预测显示，由于这一点，2026 年收入将增长 44%，调整后的盈利将增加三倍多。</p>
<p>在《侠盗猎车手 V》发布后的 52 周内，公司股价上涨了 28%。然而，该公司在那段时期开始时的前瞻市盈率（P/E）约为现在的 10%，并在那段时期增长了五倍。由于目前高达 59 倍的前瞻市盈率，很难说股价会因《侠盗猎车手 VI》的发布而获得大幅提振。然而，华尔街平均股价目标显示股票有 16% 的潜在上涨空间。</p>
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<h2>现在是否应该投资 1000 美元购买 Take-Two Interactive Software?</h2>
<p>在考虑购买 Take-Two Interactive Software 之前，您可能想听听这个。</p>
<p>MarketBeat 每天跟踪华尔街评级最高且表现最佳的研究分析师以及他们每日向客户推荐的股票。MarketBeat 已确定了五只顶级分析师悄悄告诉客户在更广泛市场注意之前购买的股票... 而 Take-Two Interactive Software 不在名单上。</p>
<p>尽管 Take-Two Interactive Software 目前在分析师中有 “中等买入” 评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>查看这五只股票</p>

Take-Two互动软件

<p>Take-Two 互动软件的股票表现不佳，过去五年仅实现了 20% 的回报，而同行业为 82%。预计《侠盗猎车手 VI》将于 2025 年秋季发布，可能会在 2026 年将收入提高 44%，并使利润翻三倍，但目前高达 59 倍的市盈率限制了股票潜在增长。尽管最近出现利润下滑，股价仍然稳定，部分原因是即将推出的游戏已经影响了市场预期</p>

<p>Take-Two Interactive NASDAQ: TTWO makes some of the most important and best-selling video games on the market, but the company’s return over the past five years would leave investors wanting to play a game other than the stock market.</p>
<div class="lb-trans"><p>Take-Two Interactive NASDAQ: TTWO 是市场上一些最重要和最畅销的视频游戏制造商之一，但过去五年该公司的回报可能让投资者希望玩一款不同于股市的游戏。</p>
</div><p>With a paltry total return of 20%, the company has greatly underperformed in the communication services sector. The Communication Services Select Sector SPDR Fund NYSEARCA: XLC has provided a total return of 82% over that span.</p>
<div class="lb-trans"><p>公司的总回报仅为 20%，在通信服务行业表现不佳。通信服务选择部门 SPDR 基金 NYSEARCA: XLC 在同期提供了 82% 的总回报。</p>
</div><p>Let’s look into Take-Two's operations and get a better understanding of how its business works. We’ll examine how the company is growing, and think about how the upcoming release of the most anticipated game in its history, Grand Theft Auto VI (GTA VI), could affect the share price.</p>
<div class="lb-trans"><p>让我们深入了解 Take-Two 的运营，更好地了解其业务运作方式。我们将研究公司的增长情况，并思考其历史上最受期待的游戏《侠盗猎车手 VI（GTA VI）》的即将发布如何影响股价。</p>
</div><h2><strong>Take-Two Has Ventured Into a New Playing Field</strong></h2>
<div class="lb-trans"><h2><strong>Take-Two 进军新的领域</strong></h2>
</div><p>Take-Two breaks down its revenue into several key streams: Mobile, Console, PC, and Other. The mobile division brings in revenue based on in-game purchases and advertisements from mobile phone games. For the company overall, various types of in-game revenue typically account for the majority of total revenue.</p>
<div class="lb-trans"><p>Take-Two 将其收入分为几个关键领域：移动、主机、PC 和其他。移动部门通过移动游戏中的应用内购买和广告带来收入。对于整个公司来说，各种类型的应用内收入通常占据总收入的大部分。</p>
</div><p>However, specific to the console and PC divisions, the company’s revenues are periodically spiked by “full-game” purchases. This timing is based on the release dates of new blockbuster games. It makes these games for the latest PlayStation, Xbox, or Nintendo Switch consoles and PCs.</p>
<div class="lb-trans"><p>然而，特定于主机和 PC 部门，公司的收入会周期性地因 “完整游戏” 购买而增加。这种时机是基于新一代游戏发布日期的。公司为最新的 PlayStation、Xbox 或任天堂 Switch 主机以及 PC 制作这些游戏。</p>
</div><p>The company has historically made some of the most sought-after games. Red Dead Redemption 2 (RDR2) and Grand Theft Auto V (GTA V) are ranked as the seventh and third best-selling games of all time, respectively. Revenues spiked by 153% in the quarter when RDR2 was released.</p>
<div class="lb-trans"><p>该公司历史上制作了一些最受追捧的游戏。《荒野大镖客 2（RDR2）》和《侠盗猎车手 V（GTA V）》分别排名第七和第三畅销游戏。RDR2 发布季度的收入增长了 153%。</p>
</div><p>In fiscal 2024, mobile revenue accounted for 51% of total revenue, while console revenue made up 41%. However, this distribution is a relatively new development. In fiscal 2022, console revenue made up 72% of the total. The large jump in mobile revenue is largely due to the firm’s acquisition of Zynga in 2022, which helped to 6x the revenue in that division by March 2023.</p>
<div class="lb-trans"><p>2024 财年，移动收入占总收入的 51%，而主机收入占 41%。然而，这种分配是一个相对较新的发展。在 2022 财年，主机收入占总收入的 72%。移动收入的大幅增长主要是由于公司于 2022 年收购了 Zynga，这有助于到 2023 年 3 月将该部门的收入增加了 6 倍。</p>
</div><h2><strong>Take-Two’s Share Price Remains Stable Despite Profit Losses</strong></h2>
<div class="lb-trans"><h2><strong>尽管利润下降，Take-Two 的股价仍保持稳定</strong></h2>
</div><p>An interesting story for Take-Two Interactive is how the shares have performed over the past two years. Since March 2022, the company’s profit has essentially inverted. In that quarter, the company’s last twelve-month normalized net income was $355 million. After the most recent earnings release, the figure sits at—$336 million. Yet, the share price has been nearly flat over that period, falling just over 2%.</p>
<div class="lb-trans"><p>Take-Two Interactive 过去两年股价表现引人注目。自 2022 年 3 月以来，公司的利润基本上出现了反转。在那一季度，公司过去十二个月的标准化净收入为 3.55 亿美元。在最近的盈利发布后，这一数字为-3.36 亿美元。然而，股价在该期间几乎持平，下跌了略超过 2%。</p>
</div><p>With such a massive decline in profits and a shift from making money to losing money, I would expect a more significant decline in the shares. So, what are some factors that might be helping to maintain the share price despite this? Looking at the last twelve months' revenue, we see that since March of 2022, it has grown substantially by around $2 billion.</p>
<div class="lb-trans"><p>在利润大幅下降且从盈利转为亏损的情况下，我本以为股价会有更大的下跌。那么，是什么因素可能有助于维持股价稳定呢？观察过去十二个月的收入，我们可以看到自 2022 年 3 月以来，收入大幅增长约 20 亿美元。</p>
</div><p>However, this growth appears largely inorganic, driven predominantly by the acquisition of Zynga. This means the company’s products aren’t seeing rapid demand growth; they simply purchased revenue from another company.</p>
<div class="lb-trans"><p>然而，这种增长似乎主要是非有机的，主要是由于收购 Zynga 所致。这意味着公司的产品并未出现快速需求增长；他们只是从另一家公司购买了收入。</p>
</div><p>It’s also evident that Take-Two hasn’t been able to do much to grow the Zynga business since the acquisition. Sales in the mobile division have been essentially flat since March 2023. It would be hoped the company could find a way to combine its strong intellectual property and gaming expertise to grow mobile revenues. The fact that it hasn’t been able to do so is not a great sign.</p>
<div class="lb-trans"><p>显然，自收购以来 Take-Two 未能做出太多努力来发展 Zynga 业务。自 2023 年 3 月以来，移动部门的销售基本上保持不变。人们希望公司能找到一种方式将其强大的知识产权和游戏专业知识结合起来，以增加移动收入。事实证明，公司未能做到这一点并不是一个好迹象。</p>
</div><h2><strong>GTA VI Launch: Limited Boost Likely, but Take-Two’s Stock Still Has Growth Potential</strong></h2>
<div class="lb-trans"><h2><strong>GTA VI 发布：可能有限提振，但 Take-Two 的股票仍具有增长潜力</strong></h2>
</div><p>A likely reason for the stability in the stock price is the upcoming release of Grand Theft Auto VI in the fall of 2025. Regarded by some as perhaps the “most highly anticipated video game in history,&#34; it is possible the market has baked in a good amount of its projected sales into the stock price. Consensus forecasts show revenues increasing by 44% in 2026 because of this, and adjusted earnings more than tripling.</p>
<div class="lb-trans"><p>股价稳定的一个可能原因是《侠盗猎车手 VI》将于 2025 年秋季发布。有人认为这可能是 “历史上最受期待的视频游戏”，市场可能已经将其预期销售额的相当部分计入股价。共识预测显示，由于这一点，2026 年收入将增长 44%，调整后的盈利将增加三倍多。</p>
</div><p>In the 52 weeks after GTA V came out, the company's shares returned 28%. However, the company’s forward price-to-earnings (P/E) ratio at the beginning of that period was around 10% of what it is now, and it increased by five times over that period. With its currently high forward P/E ratio of 59x, it's hard to say shares will get a big boost again based on the release of GTA VI. However, the average Wall Street price target does show an implied upside of 16% in the stock.</p>
<div class="lb-trans"><p>在《侠盗猎车手 V》发布后的 52 周内，公司股价上涨了 28%。然而，该公司在那段时期开始时的前瞻市盈率（P/E）约为现在的 10%，并在那段时期增长了五倍。由于目前高达 59 倍的前瞻市盈率，很难说股价会因《侠盗猎车手 VI》的发布而获得大幅提振。然而，华尔街平均股价目标显示股票有 16% 的潜在上涨空间。</p>
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<h2>Should you invest $1,000 in Take-Two Interactive Software right now?</h2>
<div class="lb-trans"><h2>现在是否应该投资 1000 美元购买 Take-Two Interactive Software?</h2>
</div><p>Before you consider Take-Two Interactive Software, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑购买 Take-Two Interactive Software 之前，您可能想听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Take-Two Interactive Software wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街评级最高且表现最佳的研究分析师以及他们每日向客户推荐的股票。MarketBeat 已确定了五只顶级分析师悄悄告诉客户在更广泛市场注意之前购买的股票... 而 Take-Two Interactive Software 不在名单上。</p>
</div><p>While Take-Two Interactive Software currently has a &#34;Moderate Buy&#34; rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>尽管 Take-Two Interactive Software 目前在分析师中有 “中等买入” 评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票</p>
</div>

GTA VI 是否使 Take-Two Interactive Software 的股票成为不可抗拒的买入选择？