<p><strong>AppLovin</strong>(APP 4.80%) 是过去几年最大的赢家之一，因为这家广告科技公司的增长惊人，利润率巨大。</p>
<p>其基于人工智能（AI）的广告平台 Axon 的提前推出，使公司从一家移动游戏开发商转变为一个在移动游戏上促进和管理广告的公司，并且越来越多地扩展到电子商务等其他类别。广告业务的增长如此强劲，以至于今年早些时候，公司出售了其移动应用业务，成为一家纯粹的广告科技公司。</p>
<p>在过去三年中，股票上涨超过 3000%，自 8 月 20 日以来，尽管没有重大公告，股票仍上涨超过 50%。公司没有报告收益或宣布收购。</p>
<p>事实上，推动股票上涨的唯一具体新闻是其被纳入 <strong>标准普尔 500 指数</strong>。在 9 月 8 日宣布将加入基准指数后，股票上涨了 11%，并在 9 月 19 日准备于下周一被加入时再次上涨了 5%。</p>
<p>加入标准普尔 500 指数不仅是 <strong>标准普尔全球</strong> 对股票的认可印章。它还触发了跟踪该指数的交易所交易基金（ETF）的股票购买，这解释了为什么股票在加入标准普尔 500 指数时再次上涨。</p>
<p>然而，这仅仅解释了过去一个月股票涨幅的一部分。让我们看看其他可能推动 AppLovin 股票上涨的因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMjMvZGlnaXRhbC1hZHMtYWQtdGVjaC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMjMvZGlnaXRhbC1hZHMtYWQtdGVjaC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 其广告产品正在获得市场份额</h2>
<p>AppLovin 的增长发生在另一家广告科技公司显著挣扎的情况下。<strong>The Trade Desk</strong> 的股票今年大幅下跌，因为公司的增长放缓，并面临来自 <strong>亚马逊</strong> 和其他 “围墙花园” 的竞争。另一方面，AppLovin 并不直接与 The Trade Desk 竞争，并继续看到前景光明。</p>
<p><strong>Jefferies</strong> 在周一将该股票的目标价从 615 美元上调至 760 美元，指出公司在广告客户中获得了显著的市场份额。分析师提到一家广告代理商 Avenue Z，其在 AppLovin 上的广告预算支出占比为 3% 到 5%，高于在 TikTok 上的支出。由 <strong>Meta Platforms</strong> 和谷歌主导的数字广告市场仍然庞大，如果 AppLovin 能够削弱这一领先地位，仍有很大的增长空间。</p>
<h2>2. 拓展至游戏之外</h2>
<p>去年，AppLovin 宣布计划拓展至电子商务和联网电视等领域，这一努力似乎正在取得成效，另一位分析师最近对此进行了评论。它在国际市场上的需求也在增加。</p>
<p>投资银行 BTIG 在 9 月 15 日将其目标价从 547 美元上调至 664 美元，并维持对该股票的买入评级。该公司将第四季度非游戏收入的预估从 3.69 亿美元上调至 5.31 亿美元，原因包括国际扩张、新的推荐计划以及假期季节的季节性因素。</p>
<p>BTIG 还表示，渠道检查显示广告支出的回报率改善了 50%，导致客户支出增加。</p>
<h2>这轮上涨是否可持续？</h2>
<p>AppLovin 的股价已经从 9 月 23 日 670.19 美元的盘中高点回落约 5%，这表明这轮上涨可能过热。该广告科技公司的市值已超过 2000 亿美元，目前的市销率为 39，使其比标准普尔 500 指数中的其他股票更昂贵，只有 <strong>Palantir Technologies</strong> 除外。</p>
<p>但考虑到其第二季度 77% 的收入增长率和 81% 的调整后息税折旧摊销前利润（EBITDA）利润率。结合上述有利因素，目前的估值似乎比乍一看更合理。由于其宽广的利润率，该股票的市盈率为 87，实际上比一些其他成长股便宜。</p>
<p>尽管如此，广告行业 notoriously 具有波动性，市场估值看起来也有些紧张。如果你持有该股票，适当减持可能是明智的。毕竟，AppLovin 在今年早些时候因 “解放日” 关税的抛售而下跌超过 50%。然而，从长远来看，这只快速增长的广告科技股票仍然看起来是一个赢家。</p>

<p>AppLovin 的股票在三年内飙升超过 3000%，最近在被纳入标准普尔 500 指数后上涨了 50%。该公司在出售其移动应用业务后，现已成为一家纯粹的广告技术公司，正在获得市场份额并扩展到电子商务和国际市场。分析师大幅提高了价格目标，指出强劲的收入增长和高利润率。然而，股票的高估值以及广告行业的波动性引发了对其涨势可持续性的质疑。尽管长期增长潜力，投资者可能会考虑减持头寸</p>

<p><strong>AppLovin</strong>(APP 4.80%) has been one of the biggest winners of the last few years as the adtech stock has put up monster growth and huge profit margins.</p>
<div class="lb-trans"><p><strong>AppLovin</strong>(APP 4.80%) 是过去几年最大的赢家之一，因为这家广告科技公司的增长惊人，利润率巨大。</p>
</div><p>The earlier launch of its artificial intelligence (AI)-based ad platform, Axon, transformed the company from a mobile game developer to one that facilitates and manages ads on mobile games, and increasingly, other categories like e-commerce. The growth of the ad business was so strong that earlier this year, the company sold its mobile app business, becoming a pure-play adtech company.</p>
<div class="lb-trans"><p>其基于人工智能（AI）的广告平台 Axon 的提前推出，使公司从一家移动游戏开发商转变为一个在移动游戏上促进和管理广告的公司，并且越来越多地扩展到电子商务等其他类别。广告业务的增长如此强劲，以至于今年早些时候，公司出售了其移动应用业务，成为一家纯粹的广告科技公司。</p>
</div><p>Over the last three years, the stock has jumped more than 3,000%, and, since Aug. 20, the stock has jumped over 50% even though there's been no major announcement since then. The company hasn't reported earnings or announced an acquisition.</p>
<div class="lb-trans"><p>在过去三年中，股票上涨超过 3000%，自 8 月 20 日以来，尽管没有重大公告，股票仍上涨超过 50%。公司没有报告收益或宣布收购。</p>
</div><p>In fact, the only concrete news item driving the stock higher was its admission into the <strong>S&amp;P 500</strong>. The stock jumped 11% on Sept. 8 after the news came out that it would be joining the benchmark index, and then another 5% on Sept. 19 as it prepared to be added the following Monday.</p>
<div class="lb-trans"><p>事实上，推动股票上涨的唯一具体新闻是其被纳入 <strong>标准普尔 500 指数</strong>。在 9 月 8 日宣布将加入基准指数后，股票上涨了 11%，并在 9 月 19 日准备于下周一被加入时再次上涨了 5%。</p>
</div><p>Joining the S&amp;P 500 not only acts as a stamp of approval for a stock from <strong>S&amp;P Global</strong>, the manager of the index. It also triggers stock purchasing from the exchange-traded funds (ETFs) that track the index, which explains why the stock moved a second time when it joined the S&amp;P 500.</p>
<div class="lb-trans"><p>加入标准普尔 500 指数不仅是 <strong>标准普尔全球</strong> 对股票的认可印章。它还触发了跟踪该指数的交易所交易基金（ETF）的股票购买，这解释了为什么股票在加入标准普尔 500 指数时再次上涨。</p>
</div><p>However, that only accounts for part of the stock's gains over the last month. Let's take a look at some other factors that could be driving AppLovin stock higher.</p>
<div class="lb-trans"><p>然而，这仅仅解释了过去一个月股票涨幅的一部分。让我们看看其他可能推动 AppLovin 股票上涨的因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMjMvZGlnaXRhbC1hZHMtYWQtdGVjaC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835123%2Fdigital-ads-ad-tech.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>1. Its ad product is gaining market share</h2>
<div class="lb-trans"><h2>1. 其广告产品正在获得市场份额</h2>
</div><p>AppLovin's gains come while another adtech stock is notably struggling. Shares of <strong>The Trade Desk</strong> have tumbled this year as the company's growth has slowed and it's faced rising competition from <strong>Amazon</strong> and other &#34;walled gardens.&#34; AppLovin, on the other hand, doesn't compete directly with The Trade Desk and continues to see clear skies ahead.</p>
<div class="lb-trans"><p>AppLovin 的增长发生在另一家广告科技公司显著挣扎的情况下。<strong>The Trade Desk</strong> 的股票今年大幅下跌，因为公司的增长放缓，并面临来自 <strong>亚马逊</strong> 和其他 “围墙花园” 的竞争。另一方面，AppLovin 并不直接与 The Trade Desk 竞争，并继续看到前景光明。</p>
</div><p><strong>Jefferies</strong> raised its price target on the stock from $615 to $760 on Monday, noting that the company is gaining significant market share with advertisers. The analyst cited one ad agency, Avenue Z, that spent more of its ad budget on AppLovin, 3% to 5%, than it did on TikTok. The digital ad market, led by <strong>Meta Platforms</strong> and Google, is still massive, and AppLovin could have a lot of room to run if it can chip away at that lead.</p>
<div class="lb-trans"><p><strong>Jefferies</strong> 在周一将该股票的目标价从 615 美元上调至 760 美元，指出公司在广告客户中获得了显著的市场份额。分析师提到一家广告代理商 Avenue Z，其在 AppLovin 上的广告预算支出占比为 3% 到 5%，高于在 TikTok 上的支出。由 <strong>Meta Platforms</strong> 和谷歌主导的数字广告市场仍然庞大，如果 AppLovin 能够削弱这一领先地位，仍有很大的增长空间。</p>
</div><h2>2. Expanding beyond gaming</h2>
<div class="lb-trans"><h2>2. 拓展至游戏之外</h2>
</div><p>Last year, AppLovin announced plans to expand beyond gaming to areas like e-commerce and connected TV, and that push seems to be paying off as another analyst commented recently. It's also seeing increasing demand in international markets.</p>
<div class="lb-trans"><p>去年，AppLovin 宣布计划拓展至电子商务和联网电视等领域，这一努力似乎正在取得成效，另一位分析师最近对此进行了评论。它在国际市场上的需求也在增加。</p>
</div><p>Investment bank BTIG raised its price target from $547 to $664 and maintained a buy rating on the stock on Sept. 15. The firm hiked its estimate for non-gaming revenue in the fourth quarter from $369 million to $531 million due to tailwinds like its international expansion, a new referral program, and seasonality during the holiday season.</p>
<div class="lb-trans"><p>投资银行 BTIG 在 9 月 15 日将其目标价从 547 美元上调至 664 美元，并维持对该股票的买入评级。该公司将第四季度非游戏收入的预估从 3.69 亿美元上调至 5.31 亿美元，原因包括国际扩张、新的推荐计划以及假期季节的季节性因素。</p>
</div><p>BTIG also said that channel checks showed a 50% improvement in return on ad spend, leading to more spending from its customers.</p>
<div class="lb-trans"><p>BTIG 还表示，渠道检查显示广告支出的回报率改善了 50%，导致客户支出增加。</p>
</div><h2>Is the rally sustainable?</h2>
<div class="lb-trans"><h2>这轮上涨是否可持续？</h2>
</div><p>AppLovin has already pulled back about 5% from its intraday peak at $670.19 on Sept. 23, a sign that the rally may be getting overheated. The adtech company's market capitalization has jumped past $200 billion, and it now trades at a price-to-sales ratio of 39, making it more expensive than any other stock on the S&amp;P 500, except for <strong>Palantir Technologies</strong>.</p>
<div class="lb-trans"><p>AppLovin 的股价已经从 9 月 23 日 670.19 美元的盘中高点回落约 5%，这表明这轮上涨可能过热。该广告科技公司的市值已超过 2000 亿美元，目前的市销率为 39，使其比标准普尔 500 指数中的其他股票更昂贵，只有 <strong>Palantir Technologies</strong> 除外。</p>
</div><p>But consider its revenue growth rate of 77% in the second quarter and its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 81%. Together with the favorable notes above, the current valuation seems more reasonable than it looks at first glance. Because of its wide profit margins, the stock trades at a P/E of 87, which is actually cheaper than some other growth stocks.</p>
<div class="lb-trans"><p>但考虑到其第二季度 77% 的收入增长率和 81% 的调整后息税折旧摊销前利润（EBITDA）利润率。结合上述有利因素，目前的估值似乎比乍一看更合理。由于其宽广的利润率，该股票的市盈率为 87，实际上比一些其他成长股便宜。</p>
</div><p>Still, advertising is a notoriously volatile industry and market valuations are looking stretched. If you own the stock, trimming your position could be prudent. After all, AppLovin fell more than 50% earlier this year, driven in part by the sell-off from &#34;Liberation Day&#34; tariffs. Over the long term, however, the fast-growing adtech stock still looks like a winner.</p>
<div class="lb-trans"><p>尽管如此，广告行业 notoriously 具有波动性，市场估值看起来也有些紧张。如果你持有该股票，适当减持可能是明智的。毕竟，AppLovin 在今年早些时候因 “解放日” 关税的抛售而下跌超过 50%。然而，从长远来看，这只快速增长的广告科技股票仍然看起来是一个赢家。</p>
</div>

AppLovin 的股价突然飙升。这种增长能否持续下去？