· 个股论点
涉及标的： $RDDT
我觉得 $RDDT 被错误地归入那些会被 AI 颠覆的“软件”类股票中。然后当 Reddit 状况良好时，它却跟着一起被抛售。我不认为你还能再看到一家中型市值公司实现 70% 的同比增长、91.5% 的毛利率以及约 27-30 倍的前瞻市盈率（Forward P/E）。而且他们的前瞻预估增长率约为 54%。他们 35% 的收入是净利润，这太离谱了。上个季度授权收入仅占总收入的 5%（几乎可以忽略不计），而且很可能只会增加。由于业务模式如此轻量化，收入增长直接转化为底线利润。在 141 美元价位，Reddit 就是一台印钞机。
I feel like $RDDT gets added to the “software” names that gets disrupted by AI bucket by mistake. Then gets sold off together when Reddit is fine. Don’t think you’ll ever see a mid cap company growing 70% y/y, 91.5% gross margin, ~27-30 forward p/e again. And they’re forward estimates are ~54% 35% of their revenue is net income, which is absurd. Licensing revenue was 5% of total revenue (almost nonfactor) last quarter and is likely to only go up. Revenue increases just hit the bottom line since it’s so lightweight. Reddit is a money printer at $141.