{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u7a4dGod","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/jakgod","title":"\u963f\u91cc\u5df4\u5df4Q4\u696d\u7e3e\u53caDCF\u4f30\u503c\u66f4\u65b0 - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/541234\">\u963f\u91cc\u5df4\u5df4Q4\u696d\u7e3e\u53caDCF\u4f30\u503c\u66f4\u65b0<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var 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\u4ee5\u6dd8\u5bf6\u70ba\u4ee3\u8868\u7684\u4e2d\u570b\u96f6\u552e\u5e02\u5834\u696d\u52d9\uff0c\u622a\u6b622021\u5e743\u670831\u65e5\u6b62\u768412\u500b\u6708\uff0c\u5e74\u5ea6\u6d3b\u8e8d\u6d88\u8cbb\u8005\uff08AAC\uff09\u90548.11\u5104\uff0c\u76f8\u6bd4\u4e0a\u5b63\u5ea6\u672b\u589e\u52a03200\u842c\uff0c\u589e\u5e45\u70ba9\u5b63\u5ea6\u4ee5\u4f86\u65b0\u9ad8\uff1b3\u6708\u6708\u5ea6\u6d3b\u8e8d\u7528\u6236\uff08MAU\uff09\u90549.25\u5104\uff0c\u55ae\u5b63\u589e\u52a0 2300\u842c\uff0c\u589e\u5e45\u540c\u6a23\u4e5f\u662f3\u5b63\u5ea6\u4ee5\u4f86\u6700\u9ad8\u7684\u3002 \u622a\u81f32021\u5e743\u670831\u65e5\uff0c\u6dd8\u5bf6\u7279\u50f9\u7248\u7684\u5e74\u5ea6\u6d3b\u8e8d\u6d88\u8cbb\u8005\u8d85\u904e1.5\u5104\u3002\u6574\u500b2021\u8ca1\u5e74\uff0c\u963f\u91cc\u5df4\u5df4\u5927\u7d04\u670970%\u7684\u65b0\u589e\u5e74\u5ea6\u6d3b\u8e8d\u6d88\u8cbb\u8005\u4f86\u81ea\u6b20\u767c\u9054\u5730\u5340\uff0c\u6240\u4ee5\u4e0b\u6c88\u5e02\u5834\u5df2\u6210\u70ba\u4e86\u5df4\u5df4\u7528\u6236\u589e\u91cf\u7684\u4e3b\u8981\u4f86\u6e90\u3002 \u963f\u91cc\u7684\u696d\u52d9\u4e3b\u8981\u5206\u70ba\u56db\u5927\u696d\u52d9\uff0c\u6838\u5fc3\u5546\u696d\u3001\u96f2\u8a08\u7b97\u3001\u6578\u5b57\u5a92\u9ad4\u53ca\u5a1b\u6a02\u3001\u5275\u65b0\u696d\u52d9\u53ca\u5176\u4ed6\u3002 1. \u6838\u5fc3\u5546\u696d\u5305\u62ec\u4e2d\u570b\u96f6\u552e\u5e02\u5834\uff08\u7522\u54c1\u6709\u6dd8\u5bf6\uff0c\u5929\u8c93\uff0c\u6dd8\u5bf6\u7279\u50f9\u7248\uff09\uff0c\u65b0\u96f6\u552e\uff08\u7522\u54c1\u6709\u76d2\u99ac\u3001\u6dd8\u9bae\u9054\u3001\u6536\u8cfc\u7684\u9ad8\u946b\u96f6\u552e\u5373\u5927\u4e2d\u5c0f\u6f64\u767c\uff09\uff0c\u672c\u5730\u751f\u6d3b\u670d\u52d9\uff08\u9913\u4e86\u9ebc\uff09\uff0c\u83dc\u9ce5\u7db2\u7d61\u3001\u570b\u969b\uff08\u6536\u8cfc\u6771\u5357\u4e9e\u7684Lazada\u548c\u901f\u8ce3\u901a\uff09\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\u83dc\u9ce5\u7db2\u7d61\u7684\u6536\u5165\u540c\u6bd4\u589e\u957768%\u9054\u5230\u4e86372.58\u5104\uff0c\u4e26\u57282021\u5e74\u5be6\u73fe\u4e86\u6b63\u7d93\u71df\u73fe\u91d1\u6d41\u3002 2. \u5728\u4e0a\u4e00\u4efd\u696d\u7e3e\u4e2d\uff0c\u963f\u91cc\u5df4\u5df4\u8457\u91cd\u63d0\u53ca\u4e86\u96f2\u8a08\u7b97\u696d\u52d9\u7d93\u8abf\u6574EBITA\u8f49\u6b63\u7684\u60c5\u6cc1\u3002\u963f\u91cc\u96f2Q4 Adjusted EBITA\u70ba3.08\u5104\u5143\uff0cAdjusted EBITA\u5229\u6f64\u7387\u70ba2%\uff0c\u5ef6\u7e8c\u4e86\u8a72\u9805\u6578\u64da\u8f49\u6b63\u7684\u60c5\u6cc1\u3002\u4e0d\u904e\u963f\u91cc\u96f2\u8a08\u7b97\u696d\u52d9Q4\u6536\u5165\u540c\u6bd4\u50c5\u589e37%\uff0c\u660e\u986f\u4f4e\u65bc\u524d\u5e7e\u500b\u5b63\u5ea650%\u4ee5\u4e0a\u7684\u589e\u901f\u3002 \u8ca1\u5831\u5c0d\u6b64\u7684\u89e3\u91cb\u662f\uff1a\u67d0\u4e92\u806f\u7db2\u55ae\u4e00\u982d\u90e8\u7528\u6236\u56e0\u300c\u975e\u7522\u54c1\u76f8\u95dc\u7684\u8981\u6c42\u300d\uff0c\u7d42\u6b62\u4e86\u5176\u570b\u969b\u696d\u52d9\u8207\u963f\u91cc\u96f2\u7684\u95dc\u4fc2\uff0c(\u5e02\u5834\u63a8\u6e2c\u662f\u6296\u97f3)\u3002\u4f46\u8ca1\u5831\u4e5f\u5f37\u8abf\uff0c\u5728\u5254\u9664\u8a72\u5ba2\u6236\u7684\u60c5\u6cc1\u4e0b\uff0c\u963f\u91cc\u96f2\u524d10\u540d\u7684\u975e\u95dc\u806f\u516c\u53f8\u5ba2\u6236\u6536\u5165\u8ca2\u737b\u5408\u8a08\u4e0d\u8d85\u963f\u91cc\u96f22021\u5e74\u7e3d\u6536\u5165\u76848%\u3002 3. \u6578\u5b57\u5a92\u9ad4\u53ca\u5a1b\u6a02\u3001\u5275\u65b0\u696d\u52d9\u65b9\u9762\uff0c\u4e3b\u8981\u63d0\u53ca\u4e0b\u512a\u9177\u8996\u983b\u548c\u9ad8\u5fb7\u5730\u5716\u3002\u512a\u9177\u96d6\u7136\u5728\u9577\u8996\u983b\u91cc\u6392\u7b2c\u4e09\uff0c\u843d\u5f8c\u65bc\u9a30\u8a0a\u8996\u983b\u548c\u611b\u5947\u85dd\u8996\u983b\uff0c\u4f46\u843d\u5f8c\u5dee\u8ddd\u4e0d\u5c11\uff0c\u4e14\u5f8c\u9762\u53c8\u6709\u8292\u679c\u7684\u8ffd\u8d95\uff0c\u52a0\u4e0a\u6574\u500b\u9577\u8996\u983b\u884c\u696d\u9084\u53d7\u5230\u6296\u97f3\u3001\u5feb\u624b\u3001B\u7ad9\u77ed\u8996\u983b\u7684\u4fb5\u5165\u3002\u963f\u91cc\u7684\u904a\u6232\u300a\u4e09\u570b\u5fd7-\u6230\u7565\u7248\u5728\u8ca1\u5831\u4e0a\u7121\u63d0\u53ca\u5230\uff0c\u4e0d\u904e\u8fd1\u671f\u90fd\u4e00\u76f4\u4fdd\u6301\u5728AppStore\u66a2\u92b7\u699c\u7684\u524d\u4e94\u4f4d\u7f6e\u3002 DCF\u4f30\u503c (\u66f4\u65b0) \u53caPE\u4f30\u503c \u9664\u66f4\u65b0Actual figure\u5916(\u85cd\u8272), Assumption\u65b9\u9762\u53ea\u662f\u8abf\u9ad8WACC\u81f310.8%\u53caFCF\/ Sales ratio \u964d\u81f324%, Continuous growth\u7dad\u63013%, growth rate\u7dad\u630110% (\u504f\u4fdd\u5b88\u5730\u964d\u4f4e\uff0c\u5be6\u969b\u589e\u9577\u4e00\u5b9a\u4e0d\u6b62\u9019\u500b\u6578)\u3002 \u904b\u7b97\u5f8c\u7684\u80a1\u50f9\u70baUSD227\uff0c\u56e0Sales\u53caCash\u4e0a\u5347\uff0cdebt\u90fd\u76f8\u5c0d\u5730\u6bd4\u4e0a\u6b21\u5c0f\uff0c\u6240\u4ee5\u904b\u7b97\u7d50\u679c\u6bd4\u4e0a\u6b21USD210\u9ad8\u3002\u4e0a\u6b21\u4f30\u503c \u73fe\u6642PE\u5927\u7d0420.7\u500d (USD206\/ 9.94 (Non GAAP EPS))\uff0c\u96d6\u7136\u5716\u4e2d\u986f\u793a\u662f\u4ee5GAAP EPS\u53bb\u8a08\u8fd15\u5e74\u7684PE, \u4f46\u6211\u5730\u53ef\u4ee5\u7c97\u7565\u898b\u5230\u73fe\u6642\u963f\u91cc\u7684\u4f30\u503c\u6c34\u5e73\u662f\u8655\u65bc\u8fd15\u5e74\u4f4e\u4f4d\u3002 \u7e3d\u7d50: \u963f\u91cc\u672a\u4f86\u7b56\u7565\u662f\u900f\u904e\u6295\u653e\u5de8\u984d\u8cc7\u91d1\u767c\u5c55\u65b0\u696d\u52d9\uff0c\u653e\u68c4\u77ed\u671f\u5229\u6f64\u4f86\u63db\u53d6\u9577\u671f\u7684\u589e\u9577\uff0c\u6240\u4ee5\u6211\u5011\u61c9\u8a72\u964d\u4f4e\u963f\u91cc\u672a\u4f86\u5229\u6f64\u7684\u589e\u9577\u80fd\u529b\u3002 \u5982\u679c\u6253\u7b97\u9577\u7dda\u6295\u8cc7\u7684\u8a71(\u81f3\u5c112\u5e74\u4ee5\u4e0a)\uff0cBABA\u73fe\u50f9\u4f30\u503c\u6c34\u5e73\u4ecd\u5c6c\u975e\u5e38\u5438\u5f15(base on \u5ba2\u89c0\u6578\u64da)\uff0c\u503c\u5f97\u7e7c\u7e8c\u6301\u6709\uff0c\u800c\u6700\u5927\u98a8\u96aa\u90fd\u662f\u653f\u6cbb\u56e0\u7d20\u3002 \u4ee5\u4e0a\u5167\u5bb9\u4e0d\u69cb\u6210\u6295\u8cc7\u8cb7\u8ce3\u5efa\u8b70\u3002"}