<p>让位于 <strong>Nvidia</strong> 和 <strong>Palantir Technologies</strong>，<strong>AppLovin</strong>（APP 17.64%）凭借其第三季度业绩发布后股价的激增，成为 2024 年表现最佳的人工智能（AI）股票。截至 11 月 9 日，该股价上涨约 628%。</p>
<p>AppLovin 拥有一系列游戏应用程序，但其主要业务是为移动应用开发者提供广告技术解决方案，以帮助他们吸引用户并更好地实现应用变现。自 2023 年第二季度推出基于 Axon 2 的人工智能广告技术以来，公司经历了爆炸式增长。</p>
<p>让我们仔细看看公司的第三季度业绩，以及该股票是否仍然值得购买。</p>
<h2>Axon 2 继续推动增长</h2>
<p>Axon 2 凭借其软件平台的收入飙升 66% 至 8.35 亿美元，几乎是 AppLovin 所有增长的来源。与此同时，公司传统应用业务的收入增长 1% 至 3.69 亿美元。整体收入增长 39% 至 12 亿美元，超过 LSEG 汇编的 11.3 亿美元的共识预期。</p>
<p>随着销售额的增长，公司在业务中继续看到大量的经营杠杆，季度毛利率从一年前的 69.3% 改善至 77.5%。尽管公司将销售和营销支出减少了 3%，但收入的激增依然显著。这种组合相当了不起。</p>
<p>每股收益（EPS）从一年前的 0.30 美元激增至 1.25 美元。调整后的息税折旧摊销前利润（EBITDA）则增长 72% 至 7.22 亿美元。软件平台的调整后 EBITDA 跃升 78% 至 6.53 亿美元，而其应用业务的调整后 EBITDA 增长 19% 至 6800 万美元，因为公司优化了业务的成本结构。</p>
<p>公司产生了 5.51 亿美元的经营现金流和 5.45 亿美元的自由现金流。季度末净债务为 29 亿美元。</p>
<p>AppLovin 指导第四季度收入将在 12.4 亿至 12.6 亿美元之间。这将意味着增长在 30% 到 32% 之间，超过公司长期目标 20% 到 30% 的收入增长。预计第四季度调整后 EBITDA 将在 4.75 亿至 4.95 亿美元之间，高于一年前的 4.76 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTcwMzcvZ2V0dHlpbWFnZXMtMTQ5MjE4MDUyNy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTcwMzcvZ2V0dHlpbWFnZXMtMTQ5MjE4MDUyNy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>该股票仍然值得购买吗？</h2>
<p>AppLovin 已证明是最大的人工智能赢家之一，因为其 Axon 2 人工智能广告技术平台使其游戏客户的收入飙升。同时，它在业务中也看到了大量的经营杠杆，能够在不增加销售和营销支出的情况下实现巨大的增长，并改善其毛利率。</p>
<p>公司预计其游戏客户将持续实现 20% 到 30% 的稳定增长，但它也刚刚开始与电子商务平台进行试点。它表示，早期结果超出预期，并认为这一领域明年可以扩展并开始成为强有力的贡献者。超越游戏是公司一个巨大的潜在机会。</p>
<p>随着股价年初至今上涨约 628%，公司的前瞻市盈率（P/E）已上升至 47，基于 2025 年的分析师预估。其市盈率与增长比率（PEG）现在为 1.28。PEG 比率低于 1 被视为被低估，而成长股通常会要求远高于 1 的倍数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3443cf52b936e1eee7e0e6c32b4729c8.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/3443cf52b936e1eee7e0e6c32b4729c8.png"/></p>
<p>数据来源：YCharts。</p>
<p>我今年多次对 AppLovin 进行了积极的评价，早在四月就开始，而在六月我将其列为我认为可能会出现抛物线增长的两只股票之一。尽管自那时以来，股票及其估值大幅上涨，但我认为仍然可能有更多的上行空间。</p>
<p>如果 AppLovin 能够继续以 30% 的速度增长收入，同时控制支出，其估值是合理的。同时，如果它能够通过 Axon 2 超越游戏领域，前景将是无限的。</p>
<p>虽然我认为对于获得巨大收益的投资者来说，适度获利了结是明智的，但即使在股价经历了这次惊人的上涨后，我仍会继续持有该股票。</p>

<p>AppLovin (APP) 已成为 2024 年表现最佳的人工智能股票，年初至今上涨了 628%，这得益于强劲的第三季度业绩。该公司的基于 Axon 2 的人工智能广告技术推动了显著增长，整体收入增长了 39%，达到 12 亿美元。AppLovin 的毛利率提高至 77.5%，调整后的息税折旧摊销前利润（EBITDA）增长了 72%。公司预计第四季度收入增长将达到 30-32%。尽管估值较高，分析师仍然看好其进一步上涨的潜力，尤其是在其扩展至游戏以外的领域时。建议投资者考虑获利了结，但仍可持有该股票以获取未来收益</p>

<p>Move over <strong>Nvidia</strong> and <strong>Palantir Technologies</strong>, <strong>AppLovin</strong>(APP 17.64%) took over as the top-performing artificial intelligence (AI) stock in 2024 thanks to the share price surge that followed the release of its third-quarter results. The price jump puts the stock up about 628% year to date as of Nov. 9.</p>
<div class="lb-trans"><p>让位于 <strong>Nvidia</strong> 和 <strong>Palantir Technologies</strong>，<strong>AppLovin</strong>（APP 17.64%）凭借其第三季度业绩发布后股价的激增，成为 2024 年表现最佳的人工智能（AI）股票。截至 11 月 9 日，该股价上涨约 628%。</p>
</div><p>AppLovin owns a portfolio of gaming apps but its primary business is an adtech solution to help mobile app developers attract users and better monetize their apps. Since the launch of its Axon 2 AI-based advertising technology in the second quarter of 2023, the company has seen explosive growth.</p>
<div class="lb-trans"><p>AppLovin 拥有一系列游戏应用程序，但其主要业务是为移动应用开发者提供广告技术解决方案，以帮助他们吸引用户并更好地实现应用变现。自 2023 年第二季度推出基于 Axon 2 的人工智能广告技术以来，公司经历了爆炸式增长。</p>
</div><p>Let's take a close look at the company's Q3 results and whether the stock is still a buy.</p>
<div class="lb-trans"><p>让我们仔细看看公司的第三季度业绩，以及该股票是否仍然值得购买。</p>
</div><h2>Axon 2 continues to drive growth</h2>
<div class="lb-trans"><h2>Axon 2 继续推动增长</h2>
</div><p>Axon 2 has been the source behind nearly all of AppLovin's growth, with its software platform revenue soaring 66% to $835 million. The company's legacy apps business, meanwhile, saw revenue increase 1% to $369 million. Overall revenue climbed 39% to $1.2 billion, topping the $1.13 billion consensus as compiled by LSEG.</p>
<div class="lb-trans"><p>Axon 2 凭借其软件平台的收入飙升 66% 至 8.35 亿美元，几乎是 AppLovin 所有增长的来源。与此同时，公司传统应用业务的收入增长 1% 至 3.69 亿美元。整体收入增长 39% 至 12 亿美元，超过 LSEG 汇编的 11.3 亿美元的共识预期。</p>
</div><p>The company continues to see a ton of operating leverage in its business as sales climb, with gross margin for the quarter improving to 77.5% from 69.3% a year ago. The revenue surge also came despite the company reducing its sales and marketing spend by 3%. That combination is quite remarkable.</p>
<div class="lb-trans"><p>随着销售额的增长，公司在业务中继续看到大量的经营杠杆，季度毛利率从一年前的 69.3% 改善至 77.5%。尽管公司将销售和营销支出减少了 3%，但收入的激增依然显著。这种组合相当了不起。</p>
</div><p>Earnings per share (EPS) surged from $0.30 a year ago to $1.25. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), meanwhile, climbed 72% to $722 million. Software platform adjusted EBITDA jumped 78% to $653 million, while its apps business grew adjusted EBITDA by 19% to $68 million as the company optimized the business's cost structure.</p>
<div class="lb-trans"><p>每股收益（EPS）从一年前的 0.30 美元激增至 1.25 美元。调整后的息税折旧摊销前利润（EBITDA）则增长 72% 至 7.22 亿美元。软件平台的调整后 EBITDA 跃升 78% 至 6.53 亿美元，而其应用业务的调整后 EBITDA 增长 19% 至 6800 万美元，因为公司优化了业务的成本结构。</p>
</div><p>The company produced $551 million in operating cash flow and $545 million in free cash flow. It ended the quarter with $2.9 billion in net debt.</p>
<div class="lb-trans"><p>公司产生了 5.51 亿美元的经营现金流和 5.45 亿美元的自由现金流。季度末净债务为 29 亿美元。</p>
</div><p>AppLovin guided for fourth-quarter revenue to come in a range of $1.24 billion to $1.26 billion. That would equate to growth of between 30% and 32% and is above the company's long-term goal to grow revenue by between 20% and 30%. It is projecting Q4 adjusted EBITDA to be between $475 million and $495 million, up from $476 million a year ago.</p>
<div class="lb-trans"><p>AppLovin 指导第四季度收入将在 12.4 亿至 12.6 亿美元之间。这将意味着增长在 30% 到 32% 之间，超过公司长期目标 20% 到 30% 的收入增长。预计第四季度调整后 EBITDA 将在 4.75 亿至 4.95 亿美元之间，高于一年前的 4.76 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTcwMzcvZ2V0dHlpbWFnZXMtMTQ5MjE4MDUyNy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797037%2Fgettyimages-1492180527.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>Is the stock still a buy?</h2>
<div class="lb-trans"><h2>该股票仍然值得购买吗？</h2>
</div><p>AppLovin has proven to be one of the biggest AI winners, as its Axon 2 AI adtech platform has led to soaring revenue with its gaming customers. At the same time, it has seen a ton of operating leverage in its business, being able to realize tremendous growth while not increasing its sales and marketing spend and improving its gross margin.</p>
<div class="lb-trans"><p>AppLovin 已证明是最大的人工智能赢家之一，因为其 Axon 2 人工智能广告技术平台使其游戏客户的收入飙升。同时，它在业务中也看到了大量的经营杠杆，能够在不增加销售和营销支出的情况下实现巨大的增长，并改善其毛利率。</p>
</div><p>The company expects consistent growth of between 20% and 30% from its gaming customers, but it has also just started piloting the platform with e-commerce. It has said early results are tracking above expectations and that it thinks this vertical can scale next year and start being a strong contributor. Moving beyond gaming is a huge potential opportunity for the company.</p>
<div class="lb-trans"><p>公司预计其游戏客户将持续实现 20% 到 30% 的稳定增长，但它也刚刚开始与电子商务平台进行试点。它表示，早期结果超出预期，并认为这一领域明年可以扩展并开始成为强有力的贡献者。超越游戏是公司一个巨大的潜在机会。</p>
</div><p>With its stock up about 628% year to date, the company's forward price-to-earnings (P/E) ratio has risen to 47 based on 2025 analyst estimates. Its price/earnings-to-growth (PEG) ratio now sits at 1.28. A PEG ratio of under 1 is considered undervalued and growth stocks will often command multiples well above 1.</p>
<div class="lb-trans"><p>随着股价年初至今上涨约 628%，公司的前瞻市盈率（P/E）已上升至 47，基于 2025 年的分析师预估。其市盈率与增长比率（PEG）现在为 1.28。PEG 比率低于 1 被视为被低估，而成长股通常会要求远高于 1 的倍数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3443cf52b936e1eee7e0e6c32b4729c8.png" alt="" original-src="https://media.ycharts.com/charts/3443cf52b936e1eee7e0e6c32b4729c8.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>I've written favorably about AppLovin several times this year, going as far back as April, while in June I listed it as one of two stocks that I thought could go parabolic. While the stock and its valuation have greatly increased since then, I think there could still be more upside ahead.</p>
<div class="lb-trans"><p>我今年多次对 AppLovin 进行了积极的评价，早在四月就开始，而在六月我将其列为我认为可能会出现抛物线增长的两只股票之一。尽管自那时以来，股票及其估值大幅上涨，但我认为仍然可能有更多的上行空间。</p>
</div><p>If AppLovin can continue to grow revenue at a 30% pace while keeping expenses in check, its valuation is reasonable. Meanwhile, if it is able to move beyond gaming with Axon 2, the sky remains the limit.</p>
<div class="lb-trans"><p>如果 AppLovin 能够继续以 30% 的速度增长收入，同时控制支出，其估值是合理的。同时，如果它能够通过 Axon 2 超越游戏领域，前景将是无限的。</p>
</div><p>While I think it is prudent for investors with big gains to take some profits, I'd still be holding onto the stock even after this incredible run in its share price.</p>
<div class="lb-trans"><p>虽然我认为对于获得巨大收益的投资者来说，适度获利了结是明智的，但即使在股价经历了这次惊人的上涨后，我仍会继续持有该股票。</p>
</div>

Move Over Nvidia and Palantir, This AI Juggernaut Is Up 628% Year to Date. Can the Stock's Momentum Continue?

- AppLovin 成为 2024 年表现最佳的人工智能股票，股价上涨约 628%。  
- 第三季度收入增长 39%，达到 .2 亿美元，超出市场预期。  
- 公司预计第四季度收入将增长 30% 至 32%，并在电商领域有扩展潜力。  

让开 Nvidia 和 Palantir，这个 AI 巨头今年迄今已上涨 628%。该股票的涨势能否持续？