<p><strong>Opendoor Technologies</strong>(OPEN 2.38%) 和 <strong>Redfin</strong>(RDFN -1.58%) 在許多方面都是同一類產品。它們都是旨在顛覆龐大的房地產行業的房地產科技股票。它們都與房地產市場有很大的關聯，這導致這兩隻股票在疫情後的低迷中受挫。</p>
<p>如下圖所示，Opendoor 和 Redfin 的股價均大幅下跌。</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 數據。</p>
<p>這兩隻股票的股價從疫情時期的高點下跌了大約 90%，但隨着投資者期待利率下調，預計將於 9 月開始，Redfin 和 Opendoor 突然受到追捧。</p>
<p>截至 8 月 27 日，Redfin 的股價比 8 月 7 日收盤價上漲了 75%，而 Opendoor 在同一時間段內上漲了 49%。</p>
<p>這些漲幅是合理的。投資者普遍預計美聯儲將在 9 月份降低基準利率，特別是在 Jerome Powell 上週的講話之後。較低的抵押貸款利率應有助於振興陷入困境的房地產市場，推動 Opendoor 和 Redfin 的發展。</p>
<p>但是，如果您試圖在這兩隻股票之間做出選擇，哪一隻是更好的購買選擇呢？讓我們來看看誰更勝一籌。</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>圖片來源：Getty Images。</p>
<h2>Opendoor vs. Redfin：商業模式</h2>
<p>儘管 Opendoor 和 Redfin 定位為前沿科技的房地產顛覆者，但它們採用不同的商業模式。Opendoor 本質上是一個翻房公司。該公司試圖購買房屋，並在進行適度維修或改進後以更高價值轉售，除了通常向賣家收取 5% 的服務費外。</p>
<p>Opendoor 旨在通過提供一種比傳統途徑更簡單、更高效的房屋銷售形式來顛覆房地產市場。通過向 Opendoor 出售，賣家可以避免找中介、為展示準備房屋、接待參觀、等待報價和修繕協商，以及賣家反悔的風險。</p>
<p>另一方面，Redfin 是一家在線房地產經紀公司。該公司向大多數房屋賣家收取 1%-1.5% 的佣金，而傳統經紀公司的標準費率為 2.5%-3%。然而，在全國房地產經紀人協會（NAR）達成和解後，情況可能會發生變化。</p>
<p>除了傳統的經紀業務，該公司還提供租賃、抵押貸款和產權服務，努力成為有意購房者的一站式服務商。Redfin 以前有一個類似於 Opendoor 的翻房業務，名為 Redfin Now，但由於虧損並發現難以準確預測價格，於 2022 年關閉了該業務。</p>
<h2>Opendoor vs. Redfin：財務狀況</h2>
<p>Redfin 和 Opendoor 在歷史上一直未盈利，尤其是在房地產市場面臨挑戰的情況下。在疫情期間，Redfin 在營業收入方面曾短暫盈利，而 Opendoor 自上市以來從未在營業收入上盈利，儘管在 2022 年之前幾乎做到了，之後抵押貸款利率開始上升。</p>
<p>在最近的一個季度中，Opendoor 報告的毛利為 1.51 億美元，營收為 15.1 億美元，調整後的利息、税收、折舊和攤銷前利潤（EBITDA）虧損 500 萬美元。與一年前的季度相比，Opendoor 的數字有了顯著改善，因為公司清理了定價過高的庫存。</p>
<p>Redfin 的營收在第二季度上漲了 7%，達到 2.952 億美元，毛利漲幅為 9%，達到 1.096 億美元。它還報告了持平的調整後 EBITDA，而在第二季度虧損 690 萬美元。</p>
<h2>Opendoor vs. Redfin：估值</h2>
<p>對這兩家公司進行估值是困難的，因為它們並沒有盈利。使用營收作為衡量標準對於 Opendoor 來説也是不恰當的，因為其營收基本上是從購買的房屋銷售中的過渡收入。它很容易產生無利潤的營收。</p>
<p>也許通過使用毛利來比較這兩家公司的估值是最好的方式。這兩家公司的估值相似，Opendoor 的毛利交易價值為 4.1 倍，而 Redfin 的估值為 3.9 倍。差異微乎其微。</p>
<h2>Opendoor vs. Redfin：哪個更值得購買？</h2>
<p>從比較中可以看出，這兩隻股票有很多共同點，包括類似的估值、財務挑戰以及房地產行業中尚未經證實的顛覆性商業模式。</p>
<p>在這兩家公司中，Redfin 目前似乎稍佔優勢。在健康的房地產環境中，經紀模式是盈利的，Redfin 可能會受益於 NAR 的和解，這可能會鼓勵更多受傳統經紀公司低佣金影響而感到沮喪的經紀人與 Redfin 合作。</p>
<p>Redfin 似乎也更有可能從較低的利率中獲益，因為這可能會吸引更多購房者進入市場，並推動待售房屋庫存的回升。Opendoor 更依賴房價上漲，但由於房價已經達到歷史高點，這可能更加困難。</p>
<p>在這兩者之間，Redfin 似乎是更好的房地產復甦投資方式，但尋求多樣化選擇的投資者也可以考慮購買 Opendoor 的股票。隨着房地產市場的復甦，這兩隻股票都有很大的上漲潛力。</p>

OPEN

RDFN

<p>Opendoor Technologies 和 Redfin 是知名的房地產科技股票，兩者從疫情高點下跌近 90%。最近市場對降息的預期導致它們的股價出現了顯著的上漲，Redfin 自 8 月初以來上漲了 75%，Opendoor 上漲了 49%。在商業模式方面，Opendoor 作為一個房屋翻新者，而 Redfin 則作為一個在線經紀公司，提供低於傳統費率的佣金結構。在財務上，兩家公司都面臨挑戰，但由於其經紀模式和可能從 NAR 和解中獲得的潛在改善，Redfin 似乎略為更有利於從房地產市場預期的復甦中受益</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%) 在許多方面都是同一類產品。它們都是旨在顛覆龐大的房地產行業的房地產科技股票。它們都與房地產市場有很大的關聯，這導致這兩隻股票在疫情後的低迷中受挫。</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>如下圖所示，Opendoor 和 Redfin 的股價均大幅下跌。</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 數據。</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>這兩隻股票的股價從疫情時期的高點下跌了大約 90%，但隨着投資者期待利率下調，預計將於 9 月開始，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 的股價比 8 月 7 日收盤價上漲了 75%，而 Opendoor 在同一時間段內上漲了 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>這些漲幅是合理的。投資者普遍預計美聯儲將在 9 月份降低基準利率，特別是在 Jerome Powell 上週的講話之後。較低的抵押貸款利率應有助於振興陷入困境的房地產市場，推動 Opendoor 和 Redfin 的發展。</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，如果您試圖在這兩隻股票之間做出選擇，哪一隻是更好的購買選擇呢？讓我們來看看誰更勝一籌。</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>圖片來源：Getty Images。</p>
</div><h2>Opendoor vs. Redfin: business model</h2>
<div class="lb-trans"><h2>Opendoor vs. Redfin：商業模式</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>儘管 Opendoor 和 Redfin 定位為前沿科技的房地產顛覆者，但它們採用不同的商業模式。Opendoor 本質上是一個翻房公司。該公司試圖購買房屋，並在進行適度維修或改進後以更高價值轉售，除了通常向賣家收取 5% 的服務費外。</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 旨在通過提供一種比傳統途徑更簡單、更高效的房屋銷售形式來顛覆房地產市場。通過向 Opendoor 出售，賣家可以避免找中介、為展示準備房屋、接待參觀、等待報價和修繕協商，以及賣家反悔的風險。</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 是一家在線房地產經紀公司。該公司向大多數房屋賣家收取 1%-1.5% 的佣金，而傳統經紀公司的標準費率為 2.5%-3%。然而，在全國房地產經紀人協會（NAR）達成和解後，情況可能會發生變化。</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>除了傳統的經紀業務，該公司還提供租賃、抵押貸款和產權服務，努力成為有意購房者的一站式服務商。Redfin 以前有一個類似於 Opendoor 的翻房業務，名為 Redfin Now，但由於虧損並發現難以準確預測價格，於 2022 年關閉了該業務。</p>
</div><h2>Opendoor vs. Redfin: financials</h2>
<div class="lb-trans"><h2>Opendoor vs. Redfin：財務狀況</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 在歷史上一直未盈利，尤其是在房地產市場面臨挑戰的情況下。在疫情期間，Redfin 在營業收入方面曾短暫盈利，而 Opendoor 自上市以來從未在營業收入上盈利，儘管在 2022 年之前幾乎做到了，之後抵押貸款利率開始上升。</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>在最近的一個季度中，Opendoor 報告的毛利為 1.51 億美元，營收為 15.1 億美元，調整後的利息、税收、折舊和攤銷前利潤（EBITDA）虧損 500 萬美元。與一年前的季度相比，Opendoor 的數字有了顯著改善，因為公司清理了定價過高的庫存。</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 的營收在第二季度上漲了 7%，達到 2.952 億美元，毛利漲幅為 9%，達到 1.096 億美元。它還報告了持平的調整後 EBITDA，而在第二季度虧損 690 萬美元。</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>對這兩家公司進行估值是困難的，因為它們並沒有盈利。使用營收作為衡量標準對於 Opendoor 來説也是不恰當的，因為其營收基本上是從購買的房屋銷售中的過渡收入。它很容易產生無利潤的營收。</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>也許通過使用毛利來比較這兩家公司的估值是最好的方式。這兩家公司的估值相似，Opendoor 的毛利交易價值為 4.1 倍，而 Redfin 的估值為 3.9 倍。差異微乎其微。</p>
</div><h2>Opendoor vs. Redfin: Which is the better buy?</h2>
<div class="lb-trans"><h2>Opendoor vs. Redfin：哪個更值得購買？</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>從比較中可以看出，這兩隻股票有很多共同點，包括類似的估值、財務挑戰以及房地產行業中尚未經證實的顛覆性商業模式。</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>在這兩家公司中，Redfin 目前似乎稍佔優勢。在健康的房地產環境中，經紀模式是盈利的，Redfin 可能會受益於 NAR 的和解，這可能會鼓勵更多受傳統經紀公司低佣金影響而感到沮喪的經紀人與 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 似乎也更有可能從較低的利率中獲益，因為這可能會吸引更多購房者進入市場，並推動待售房屋庫存的回升。Opendoor 更依賴房價上漲，但由於房價已經達到歷史高點，這可能更加困難。</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>在這兩者之間，Redfin 似乎是更好的房地產復甦投資方式，但尋求多樣化選擇的投資者也可以考慮購買 Opendoor 的股票。隨着房地產市場的復甦，這兩隻股票都有很大的上漲潛力。</p>
</div>

更值得購買的房地產股票：Opendoor 與 Redfin