<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/05/AppLovin.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/05/AppLovin.png"/></p>
<p>AppLovin 的股价在今年表现强劲，延续了几年前以 9.20 美元交易时开始的牛市。它已飙升至 720 美元，使其市值超过 2430 亿美元，较不到 10 亿美元大幅上涨。那么，这家广告公司会继续其牛市吗？</p>
<h2>AppLovin 股价飙升，增长加速</h2>
<p>AppLovin 是科技和广告行业的顶尖公司，为企业提供广告、变现、分析和出版工具。</p>
<p>在过去几年中，随着广告行业保持韧性和收入增长持续，该公司的业务表现良好。</p>
<p>数据显示，其年收入从 2018 年的 4.83 亿美元增长到 47 亿美元，华尔街分析师认为它还有更多的增长空间。</p>
<p>分析师的平均预估是，今年的收入将跃升至 57.5 亿美元，2026 年达到 78 亿美元。</p>
<p>最重要的是，其每股收益（EPS）预计将从 2024 年的 4.53 美元上升到今年的 9.35 美元，以及明年的 14.5 美元。由于其长期超出预期的记录，实际数字可能远高于预估。</p>
<p>最近的结果显示，AppLovin 的收入在今年第三季度增长了 68%，达到 14.1 亿美元，持续经营的净收入上升了 93%，达到 8.36 亿美元。</p>
<h2>估值担忧依然存在</h2>
<p>AppLovin 股价的飙升让许多投资者感到意外，其中最显著的是 Muddy Waters，该公司发布了一份做空报告，指控该公司夸大收入，并违反了谷歌和 Meta Platforms 等公司的服务条款。这份报告导致了对这些做法的 SEC 调查。</p>
<p>自 2024 年该报告发布以来，股价一直表现良好。然而，这一飙升引发了对公司估值的担忧。</p>
<p>根据 Seeking Alpha 汇编的数据，它的估值等级为 D+。这一估值是基于其前瞻市盈率为 87，远高于行业中位数 24 的观点。</p>
<p>该估值倍数高于五年平均水平 33，也远高于其他快速增长的公司，如 Nvidia。</p>
<p>与此同时，前瞻 EV/EBITDA 倍数为 61，高于行业中位数 20。这表明该公司的定价接近完美，意味着它需要继续大幅超出分析师的预期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/AppLovin-Valuation-1024x608.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="608" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/AppLovin-Valuation-1024x608.jpeg"/></p>
<p><em>APP 估值指标 | 来源：Seeking Alpha</em></p>
<p>另一种看待公司估值的方法是使用 40 规则，该规则关注公司的增长和利润率。在这种情况下，该公司的前瞻收入增长为 33%，而净收入利润率为 44%，使其 40 规则倍数为 77%。</p>
<p>因此，尽管市盈率高于其他公司，但 40 规则倍数意味着它发出了混合信号。</p>
<h2>AppLovin 股价技术分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/AppLovin-stock-1024x579.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="579" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/AppLovin-stock-1024x579.png"/></p>
<p><em>APP 股票图表 | 来源：TradingView</em></p>
<p>日线图显示，APP 股价在过去几个月中处于强劲的上升趋势，目前交易价格为 725 美元，距离历史最高点 742 美元仅差几分。</p>
<p>它一直保持在 50 日和 100 日指数移动平均线（EMA）之上，表明多头占据主导地位。</p>
<p>该股在 725 美元形成了双顶形态，颈线位于 490 美元，这意味着在接下来的几周可能会回调。</p>
<p>然而，仔细观察显示，它可能正在形成一个反向头肩形态，这是一种常见的看涨反转信号。</p>
<p>因此，如果股价突破 725 美元的颈线，可能会继续上涨，潜在目标为 800 美元。</p>
<p>阅读更多：Cramer 建议在 S&amp;P 500 纳入前削减对 AppLovin 股票的敞口</p>
<p>文章《AppLovin 股票又度辉煌：它还有上涨空间吗？》最初发布在 Invezz 上。</p>

<p>AppLovin 的股票从 9.20 美元飙升至 720 美元，市值超过 2430 亿美元。尽管存在估值担忧，分析师预测公司将继续增长，预计今年收入将达到 57.5 亿美元。技术分析表明，如果股票超过 725 美元，可能会有进一步的涨幅。然而，估值指标显示出混合信号，Cramer 建议在纳入标准普尔 500 指数之前减少持仓</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/05/AppLovin.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/05/AppLovin.png"/></p>
<p>AppLovin stock price has had a strong performance this year, continuing a bull run that started a few years ago when it was trading at $9.20. It has jumped to $720, giving it a market capitalization of over $243 billion, up sharply from less than $1 billion. So, will this advertising company continue its bull run?</p>
<div class="lb-trans"><p>AppLovin 的股价在今年表现强劲，延续了几年前以 9.20 美元交易时开始的牛市。它已飙升至 720 美元，使其市值超过 2430 亿美元，较不到 10 亿美元大幅上涨。那么，这家广告公司会继续其牛市吗？</p>
</div><h2>AppLovin stock has surged as its growth has accelerated</h2>
<div class="lb-trans"><h2>AppLovin 股价飙升，增长加速</h2>
</div><p>AppLovin is a top company in the technology and advertising industry, where it provides companies with tools for advertising, monetizing, analytics, and publishing.</p>
<div class="lb-trans"><p>AppLovin 是科技和广告行业的顶尖公司，为企业提供广告、变现、分析和出版工具。</p>
</div><p>The company’s business has done well in the past few years as the advertising industry maintains its resilience and revenue growth continues.</p>
<div class="lb-trans"><p>在过去几年中，随着广告行业保持韧性和收入增长持续，该公司的业务表现良好。</p>
</div><p>Data shows that its annual revenue moved from $483 million in 2018 to $4.7 billion, and Wall Street analysts believe that it has more growth to run.</p>
<div class="lb-trans"><p>数据显示，其年收入从 2018 年的 4.83 亿美元增长到 47 亿美元，华尔街分析师认为它还有更多的增长空间。</p>
</div><p>The average estimate among analysts is that its revenue will jump to $5.75 billion this year and $7.8 billion in 2026.</p>
<div class="lb-trans"><p>分析师的平均预估是，今年的收入将跃升至 57.5 亿美元，2026 年达到 78 亿美元。</p>
</div><p>Most importantly, its earnings per share (EPS) is expected to move from $4.53 in 2024 to $9.35 this year and $14.5 in the coming year. Its real numbers will likely be much higher than estimates, as it has a long record of beating estimates.</p>
<div class="lb-trans"><p>最重要的是，其每股收益（EPS）预计将从 2024 年的 4.53 美元上升到今年的 9.35 美元，以及明年的 14.5 美元。由于其长期超出预期的记录，实际数字可能远高于预估。</p>
</div><p>The most recent results showed that AppLovin’s revenue jumped by 68% in the third quarter of the year to $1.41 billion, with its net income from continuing operations rising by 93% to $836 million.</p>
<div class="lb-trans"><p>最近的结果显示，AppLovin 的收入在今年第三季度增长了 68%，达到 14.1 亿美元，持续经营的净收入上升了 93%，达到 8.36 亿美元。</p>
</div><h2>Valuation concerns remain</h2>
<div class="lb-trans"><h2>估值担忧依然存在</h2>
</div><p>AppLovin stock price surge has caught many investors by surprise, with the most notable ones being Muddy Waters, which published a short report. It accused the company of overstating its revenue and violating the terms of service by companies like Google and Meta Platforms. This report led to an SEC investigation on these practices.</p>
<div class="lb-trans"><p>AppLovin 股价的飙升让许多投资者感到意外，其中最显著的是 Muddy Waters，该公司发布了一份做空报告，指控该公司夸大收入，并违反了谷歌和 Meta Platforms 等公司的服务条款。这份报告导致了对这些做法的 SEC 调查。</p>
</div><p>The stock has thrived since that report came out in 2024. Still, this surge has led to concerns about the company’s valuation, which has extended.</p>
<div class="lb-trans"><p>自 2024 年该报告发布以来，股价一直表现良好。然而，这一飙升引发了对公司估值的担忧。</p>
</div><p>Data compiled by Seeking Alpha shows that it has a valuation grade of D+. This valuation is based on the view that it has a forward PE ratio of 87, much higher than the sector median of 24.</p>
<div class="lb-trans"><p>根据 Seeking Alpha 汇编的数据，它的估值等级为 D+。这一估值是基于其前瞻市盈率为 87，远高于行业中位数 24 的观点。</p>
</div><p>The valuation multiple is higher than the five-year average of 33. It is also much higher than other faster-growing companies like Nvidia.</p>
<div class="lb-trans"><p>该估值倍数高于五年平均水平 33，也远高于其他快速增长的公司，如 Nvidia。</p>
</div><p>Meanwhile, the forward EV-to-EBITDA multiple of 61, which is higher than the sector median of 20. That is a sign that the company is priced to perfection, meaning that it needs to continue beating analysts’ estimates by far.</p>
<div class="lb-trans"><p>与此同时，前瞻 EV/EBITDA 倍数为 61，高于行业中位数 20。这表明该公司的定价接近完美，意味着它需要继续大幅超出分析师的预期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/AppLovin-Valuation-1024x608.jpeg" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/AppLovin-Valuation-1024x608.jpeg"/></p>
<p><em>APP valuation metrics | Source: Seeking Alpha</em></p>
<div class="lb-trans"><p><em>APP 估值指标 | 来源：Seeking Alpha</em></p>
</div><p>Another way to look at the company’s valuation is to use the rule-of-40 approach, which looks at a company’s growth and its margins. In this case, the company’s forward revenue growth is 33%, while its net income margin is 44%, giving it a rule-of-40 multiple of 77%.</p>
<div class="lb-trans"><p>另一种看待公司估值的方法是使用 40 规则，该规则关注公司的增长和利润率。在这种情况下，该公司的前瞻收入增长为 33%，而净收入利润率为 44%，使其 40 规则倍数为 77%。</p>
</div><p>Therefore, while the P/E multiple is higher than that of other companies, the rule-of-40 multiple means that it is sending mixed signals.</p>
<div class="lb-trans"><p>因此，尽管市盈率高于其他公司，但 40 规则倍数意味着它发出了混合信号。</p>
</div><h2>AppLovin share price technical analysis</h2>
<div class="lb-trans"><h2>AppLovin 股价技术分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/AppLovin-stock-1024x579.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/AppLovin-stock-1024x579.png"/></p>
<p><em>APP stock chart | Source: TradingView</em></p>
<div class="lb-trans"><p><em>APP 股票图表 | 来源：TradingView</em></p>
</div><p>The daily timeframe chart shows that the APP stock price has been in a strong uptrend in the past few months and is now trading at $725, a few points below the all-time high of $742.</p>
<div class="lb-trans"><p>日线图显示，APP 股价在过去几个月中处于强劲的上升趋势，目前交易价格为 725 美元，距离历史最高点 742 美元仅差几分。</p>
</div><p>It has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control.</p>
<div class="lb-trans"><p>它一直保持在 50 日和 100 日指数移动平均线（EMA）之上，表明多头占据主导地位。</p>
</div><p>The stock has formed a double-top pattern at $725 and a neckline at $490, meaning it may retreat in the coming weeks.</p>
<div class="lb-trans"><p>该股在 725 美元形成了双顶形态，颈线位于 490 美元，这意味着在接下来的几周可能会回调。</p>
</div><p>However, a closer look shows that it may be forming an inverse head-and-shoulders pattern, which is a common bullish reversal sign.</p>
<div class="lb-trans"><p>然而，仔细观察显示，它可能正在形成一个反向头肩形态，这是一种常见的看涨反转信号。</p>
</div><p>Therefore, the stock may keep rising if it moves above the neckline at $725. A move above that level will point to more gains, potentially to $800.</p>
<div class="lb-trans"><p>因此，如果股价突破 725 美元的颈线，可能会继续上涨，潜在目标为 800 美元。</p>
</div><p>READ MORE: Cramer recommends trimming exposure to AppLovin stock ahead of S&amp;P 500 inclusion</p>
<div class="lb-trans"><p>阅读更多：Cramer 建议在 S&amp;P 500 纳入前削减对 AppLovin 股票的敞口</p>
</div><p>The post AppLovin stock had another great year: does it have room to run? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《AppLovin 股票又度辉煌：它还有上涨空间吗？》最初发布在 Invezz 上。</p>
</div>

AppLovin 的股票又经历了一个丰收年：它是否还有继续上涨的空间？