中文翻译
我喜欢人们分享他们的高确信度观点。$PINS 很有趣，我完全忘了它的存在。这绝对是一个不错的候选标的，过去6个月下跌了28%。我看好的一点是，他们在季度营收超过10亿美元的情况下，毛利率约为79.8%，且营收同比仍增长16%。仅从高层概览来看：研发(R&D)支出：3.71亿美元；销售与营销(S&M)支出：2.97亿美元；一般及行政(G&A)费用：1.1亿美元。可能还需要花更多时间进行建模，看看那占营收35%的研发支出是否属于浪费性的冗余。但除此之外，2.97亿美元的营销支出是合理的。
· 个股论点
分析$PINS高毛利与营收增长，评估研发支出合理性。
涉及标的： $PINS
英文原文
I love it when people share their high conviction. $PINS is interesting, I completely forgot that existed. Definitely a good candidate, down -28% last 6 months. What I like is that they have ~79.8% gross margins off $1B+ quarterly revenue, and still have 16% Y/Y revenue growth. Just looking at a high-level overview: R&D: $371M Sales & marketing: $297M G&A: $110M Will probably need to spend some more time to do modelling and see if that 35% of revenue on R&D is wasteful bloat. But otherwise the $297M marketing makes sense.