<p><strong>AppLovin</strong>(APP 4.80%) 是過去幾年最大的贏家之一，因為這家廣告科技公司的增長驚人，利潤率巨大。</p>
<p>其基於人工智能（AI）的廣告平台 Axon 的提前推出，使公司從一家移動遊戲開發商轉變為一個在移動遊戲上促進和管理廣告的公司，並且越來越多地擴展到電子商務等其他類別。廣告業務的增長如此強勁，以至於今年早些時候，公司出售了其移動應用業務，成為一家純粹的廣告科技公司。</p>
<p>在過去三年中，股票上漲超過 3000%，自 8 月 20 日以來，儘管沒有重大公告，股票仍上漲超過 50%。公司沒有報告收益或宣佈收購。</p>
<p>事實上，推動股票上漲的唯一具體新聞是其被納入 <strong>標準普爾 500 指數</strong>。在 9 月 8 日宣佈將加入基準指數後，股票上漲了 11%，並在 9 月 19 日準備於下週一被加入時再次上漲了 5%。</p>
<p>加入標準普爾 500 指數不僅是 <strong>標準普爾全球</strong> 對股票的認可印章。它還觸發了跟蹤該指數的交易所交易基金（ETF）的股票購買，這解釋了為什麼股票在加入標準普爾 500 指數時再次上漲。</p>
<p>然而，這僅僅解釋了過去一個月股票漲幅的一部分。讓我們看看其他可能推動 AppLovin 股票上漲的因素。</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>圖片來源：Getty Images。</p>
<h2>1. 其廣告產品正在獲得市場份額</h2>
<p>AppLovin 的增長髮生在另一家廣告科技公司顯著掙扎的情況下。<strong>The Trade Desk</strong> 的股票今年大幅下跌，因為公司的增長放緩，並面臨來自 <strong>亞馬遜</strong> 和其他 “圍牆花園” 的競爭。另一方面，AppLovin 並不直接與 The Trade Desk 競爭，並繼續看到前景光明。</p>
<p><strong>Jefferies</strong> 在週一將該股票的目標價從 615 美元上調至 760 美元，指出公司在廣告客户中獲得了顯著的市場份額。分析師提到一家廣告代理商 Avenue Z，其在 AppLovin 上的廣告預算支出佔比為 3% 到 5%，高於在 TikTok 上的支出。由 <strong>Meta Platforms</strong> 和谷歌主導的數字廣告市場仍然龐大，如果 AppLovin 能夠削弱這一領先地位，仍有很大的增長空間。</p>
<h2>2. 拓展至遊戲之外</h2>
<p>去年，AppLovin 宣佈計劃拓展至電子商務和聯網電視等領域，這一努力似乎正在取得成效，另一位分析師最近對此進行了評論。它在國際市場上的需求也在增加。</p>
<p>投資銀行 BTIG 在 9 月 15 日將其目標價從 547 美元上調至 664 美元，並維持對該股票的買入評級。該公司將第四季度非遊戲收入的預估從 3.69 億美元上調至 5.31 億美元，原因包括國際擴張、新的推薦計劃以及假期季節的季節性因素。</p>
<p>BTIG 還表示，渠道檢查顯示廣告支出的回報率改善了 50%，導致客户支出增加。</p>
<h2>這輪上漲是否可持續？</h2>
<p>AppLovin 的股價已經從 9 月 23 日 670.19 美元的盤中高點回落約 5%，這表明這輪上漲可能過熱。該廣告科技公司的市值已超過 2000 億美元，目前的市銷率為 39，使其比標準普爾 500 指數中的其他股票更昂貴，只有 <strong>Palantir Technologies</strong> 除外。</p>
<p>但考慮到其第二季度 77% 的收入增長率和 81% 的調整後息税折舊攤銷前利潤（EBITDA）利潤率。結合上述有利因素，目前的估值似乎比乍一看更合理。由於其寬廣的利潤率，該股票的市盈率為 87，實際上比一些其他成長股便宜。</p>
<p>儘管如此，廣告行業 notoriously 具有波動性，市場估值看起來也有些緊張。如果你持有該股票，適當減持可能是明智的。畢竟，AppLovin 在今年早些時候因 “解放日” 關税的拋售而下跌超過 50%。然而，從長遠來看，這隻快速增長的廣告科技股票仍然看起來是一個贏家。</p>

<p>AppLovin 的股票在三年內飆升超過 3000%，最近在被納入標準普爾 500 指數後上漲了 50%。該公司在出售其移動應用業務後，現已成為一家純粹的廣告技術公司，正在獲得市場份額並擴展到電子商務和國際市場。分析師大幅提高了價格目標，指出強勁的收入增長和高利潤率。然而，股票的高估值以及廣告行業的波動性引發了對其漲勢可持續性的質疑。儘管長期增長潛力，投資者可能會考慮減持頭寸</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%) 是過去幾年最大的贏家之一，因為這家廣告科技公司的增長驚人，利潤率巨大。</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>其基於人工智能（AI）的廣告平台 Axon 的提前推出，使公司從一家移動遊戲開發商轉變為一個在移動遊戲上促進和管理廣告的公司，並且越來越多地擴展到電子商務等其他類別。廣告業務的增長如此強勁，以至於今年早些時候，公司出售了其移動應用業務，成為一家純粹的廣告科技公司。</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>在過去三年中，股票上漲超過 3000%，自 8 月 20 日以來，儘管沒有重大公告，股票仍上漲超過 50%。公司沒有報告收益或宣佈收購。</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>事實上，推動股票上漲的唯一具體新聞是其被納入 <strong>標準普爾 500 指數</strong>。在 9 月 8 日宣佈將加入基準指數後，股票上漲了 11%，並在 9 月 19 日準備於下週一被加入時再次上漲了 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>加入標準普爾 500 指數不僅是 <strong>標準普爾全球</strong> 對股票的認可印章。它還觸發了跟蹤該指數的交易所交易基金（ETF）的股票購買，這解釋了為什麼股票在加入標準普爾 500 指數時再次上漲。</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，這僅僅解釋了過去一個月股票漲幅的一部分。讓我們看看其他可能推動 AppLovin 股票上漲的因素。</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>圖片來源：Getty Images。</p>
</div><h2>1. Its ad product is gaining market share</h2>
<div class="lb-trans"><h2>1. 其廣告產品正在獲得市場份額</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 的增長髮生在另一家廣告科技公司顯著掙扎的情況下。<strong>The Trade Desk</strong> 的股票今年大幅下跌，因為公司的增長放緩，並面臨來自 <strong>亞馬遜</strong> 和其他 “圍牆花園” 的競爭。另一方面，AppLovin 並不直接與 The Trade Desk 競爭，並繼續看到前景光明。</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> 在週一將該股票的目標價從 615 美元上調至 760 美元，指出公司在廣告客户中獲得了顯著的市場份額。分析師提到一家廣告代理商 Avenue Z，其在 AppLovin 上的廣告預算支出佔比為 3% 到 5%，高於在 TikTok 上的支出。由 <strong>Meta Platforms</strong> 和谷歌主導的數字廣告市場仍然龐大，如果 AppLovin 能夠削弱這一領先地位，仍有很大的增長空間。</p>
</div><h2>2. Expanding beyond gaming</h2>
<div class="lb-trans"><h2>2. 拓展至遊戲之外</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 宣佈計劃拓展至電子商務和聯網電視等領域，這一努力似乎正在取得成效，另一位分析師最近對此進行了評論。它在國際市場上的需求也在增加。</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>投資銀行 BTIG 在 9 月 15 日將其目標價從 547 美元上調至 664 美元，並維持對該股票的買入評級。該公司將第四季度非遊戲收入的預估從 3.69 億美元上調至 5.31 億美元，原因包括國際擴張、新的推薦計劃以及假期季節的季節性因素。</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 還表示，渠道檢查顯示廣告支出的回報率改善了 50%，導致客户支出增加。</p>
</div><h2>Is the rally sustainable?</h2>
<div class="lb-trans"><h2>這輪上漲是否可持續？</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 的股價已經從 9 月 23 日 670.19 美元的盤中高點回落約 5%，這表明這輪上漲可能過熱。該廣告科技公司的市值已超過 2000 億美元，目前的市銷率為 39，使其比標準普爾 500 指數中的其他股票更昂貴，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>但考慮到其第二季度 77% 的收入增長率和 81% 的調整後息税折舊攤銷前利潤（EBITDA）利潤率。結合上述有利因素，目前的估值似乎比乍一看更合理。由於其寬廣的利潤率，該股票的市盈率為 87，實際上比一些其他成長股便宜。</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>儘管如此，廣告行業 notoriously 具有波動性，市場估值看起來也有些緊張。如果你持有該股票，適當減持可能是明智的。畢竟，AppLovin 在今年早些時候因 “解放日” 關税的拋售而下跌超過 50%。然而，從長遠來看，這隻快速增長的廣告科技股票仍然看起來是一個贏家。</p>
</div>

AppLovin 的股價突然飆升。這種增長能否持續下去？