<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 的股價在今年表現強勁，延續了幾年前以 9.20 美元交易時開始的牛市。它已飆升至 720 美元，使其市值超過 2430 億美元，較不到 10 億美元大幅上漲。那麼，這家廣告公司會繼續其牛市嗎？</p>
<h2>AppLovin 股價飆升，增長加速</h2>
<p>AppLovin 是科技和廣告行業的頂尖公司，為企業提供廣告、變現、分析和出版工具。</p>
<p>在過去幾年中，隨着廣告行業保持韌性和收入增長持續，該公司的業務表現良好。</p>
<p>數據顯示，其年收入從 2018 年的 4.83 億美元增長到 47 億美元，華爾街分析師認為它還有更多的增長空間。</p>
<p>分析師的平均預估是，今年的收入將躍升至 57.5 億美元，2026 年達到 78 億美元。</p>
<p>最重要的是，其每股收益（EPS）預計將從 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。由於其長期超出預期的記錄，實際數字可能遠高於預估。</p>
<p>最近的結果顯示，AppLovin 的收入在今年第三季度增長了 68%，達到 14.1 億美元，持續經營的淨收入上升了 93%，達到 8.36 億美元。</p>
<h2>估值擔憂依然存在</h2>
<p>AppLovin 股價的飆升讓許多投資者感到意外，其中最顯著的是 Muddy Waters，該公司發佈了一份做空報告，指控該公司誇大收入，並違反了谷歌和 Meta Platforms 等公司的服務條款。這份報告導致了對這些做法的 SEC 調查。</p>
<p>自 2024 年該報告發布以來，股價一直表現良好。然而，這一飆升引發了對公司估值的擔憂。</p>
<p>根據 Seeking Alpha 彙編的數據，它的估值等級為 D+。這一估值是基於其前瞻市盈率為 87，遠高於行業中位數 24 的觀點。</p>
<p>該估值倍數高於五年平均水平 33，也遠高於其他快速增長的公司，如 Nvidia。</p>
<p>與此同時，前瞻 EV/EBITDA 倍數為 61，高於行業中位數 20。這表明該公司的定價接近完美，意味着它需要繼續大幅超出分析師的預期。</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 估值指標 | 來源：Seeking Alpha</em></p>
<p>另一種看待公司估值的方法是使用 40 規則，該規則關注公司的增長和利潤率。在這種情況下，該公司的前瞻收入增長為 33%，而淨收入利潤率為 44%，使其 40 規則倍數為 77%。</p>
<p>因此，儘管市盈率高於其他公司，但 40 規則倍數意味着它發出了混合信號。</p>
<h2>AppLovin 股價技術分析</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 股票圖表 | 來源：TradingView</em></p>
<p>日線圖顯示，APP 股價在過去幾個月中處於強勁的上升趨勢，目前交易價格為 725 美元，距離歷史最高點 742 美元僅差幾分。</p>
<p>它一直保持在 50 日和 100 日指數移動平均線（EMA）之上，表明多頭佔據主導地位。</p>
<p>該股在 725 美元形成了雙頂形態，頸線位於 490 美元，這意味着在接下來的幾周可能會回調。</p>
<p>然而，仔細觀察顯示，它可能正在形成一個反向頭肩形態，這是一種常見的看漲反轉信號。</p>
<p>因此，如果股價突破 725 美元的頸線，可能會繼續上漲，潛在目標為 800 美元。</p>
<p>閲讀更多：Cramer 建議在 S&amp;P 500 納入前削減對 AppLovin 股票的敞口</p>
<p>文章《AppLovin 股票又度輝煌：它還有上漲空間嗎？》最初發布在 Invezz 上。</p>

<p>AppLovin 的股票從 9.20 美元飆升至 720 美元，市值超過 2430 億美元。儘管存在估值擔憂，分析師預測公司將繼續增長，預計今年收入將達到 57.5 億美元。技術分析表明，如果股票超過 725 美元，可能會有進一步的漲幅。然而，估值指標顯示出混合信號，Cramer 建議在納入標準普爾 500 指數之前減少持倉</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 的股價在今年表現強勁，延續了幾年前以 9.20 美元交易時開始的牛市。它已飆升至 720 美元，使其市值超過 2430 億美元，較不到 10 億美元大幅上漲。那麼，這家廣告公司會繼續其牛市嗎？</p>
</div><h2>AppLovin stock has surged as its growth has accelerated</h2>
<div class="lb-trans"><h2>AppLovin 股價飆升，增長加速</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 是科技和廣告行業的頂尖公司，為企業提供廣告、變現、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>在過去幾年中，隨着廣告行業保持韌性和收入增長持續，該公司的業務表現良好。</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>數據顯示，其年收入從 2018 年的 4.83 億美元增長到 47 億美元，華爾街分析師認為它還有更多的增長空間。</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>分析師的平均預估是，今年的收入將躍升至 57.5 億美元，2026 年達到 78 億美元。</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）預計將從 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。由於其長期超出預期的記錄，實際數字可能遠高於預估。</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>最近的結果顯示，AppLovin 的收入在今年第三季度增長了 68%，達到 14.1 億美元，持續經營的淨收入上升了 93%，達到 8.36 億美元。</p>
</div><h2>Valuation concerns remain</h2>
<div class="lb-trans"><h2>估值擔憂依然存在</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 股價的飆升讓許多投資者感到意外，其中最顯著的是 Muddy Waters，該公司發佈了一份做空報告，指控該公司誇大收入，並違反了谷歌和 Meta Platforms 等公司的服務條款。這份報告導致了對這些做法的 SEC 調查。</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 年該報告發布以來，股價一直表現良好。然而，這一飆升引發了對公司估值的擔憂。</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>根據 Seeking Alpha 彙編的數據，它的估值等級為 D+。這一估值是基於其前瞻市盈率為 87，遠高於行業中位數 24 的觀點。</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>該估值倍數高於五年平均水平 33，也遠高於其他快速增長的公司，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>與此同時，前瞻 EV/EBITDA 倍數為 61，高於行業中位數 20。這表明該公司的定價接近完美，意味着它需要繼續大幅超出分析師的預期。</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 估值指標 | 來源：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>另一種看待公司估值的方法是使用 40 規則，該規則關注公司的增長和利潤率。在這種情況下，該公司的前瞻收入增長為 33%，而淨收入利潤率為 44%，使其 40 規則倍數為 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，儘管市盈率高於其他公司，但 40 規則倍數意味着它發出了混合信號。</p>
</div><h2>AppLovin share price technical analysis</h2>
<div class="lb-trans"><h2>AppLovin 股價技術分析</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 股票圖表 | 來源：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>日線圖顯示，APP 股價在過去幾個月中處於強勁的上升趨勢，目前交易價格為 725 美元，距離歷史最高點 742 美元僅差幾分。</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 日指數移動平均線（EMA）之上，表明多頭佔據主導地位。</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>該股在 725 美元形成了雙頂形態，頸線位於 490 美元，這意味着在接下來的幾周可能會回調。</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，仔細觀察顯示，它可能正在形成一個反向頭肩形態，這是一種常見的看漲反轉信號。</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，如果股價突破 725 美元的頸線，可能會繼續上漲，潛在目標為 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>閲讀更多：Cramer 建議在 S&amp;P 500 納入前削減對 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 股票又度輝煌：它還有上漲空間嗎？》最初發布在 Invezz 上。</p>
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AppLovin 的股票又經歷了一個豐收年：它是否還有繼續上漲的空間？