Reddit 增长指标强劲（营收、用户、利润），且估值偏低（远期市盈率 19 倍），尽管较历史高点已下跌 45%，仍具吸引力，值得买入。
逐段跳播
好，我们名单上的第四只，Reddit。你今天喜欢 Reddit 的什么？Reddit 股价较历史高点下跌 45%。这里非常有趣的是增长叙事。我的意思是，我们已经连续两年实现 60% 或更高的季度营收增长。
而随着我继续从业务角度观察趋势，这是一家用户基数仍在以非常健康的速度增长的公司。所以，最近一个季度日活用户增长 18%。这里非常有趣的是，最近一个季度有 10 亿条新帖子。也就是说，你在 Reddit 上能找到的所有内容中有 4% 是在过去 3 个月里创建的。
所以参与度仍然非常强劲，管理层指出它最近做了一些改变。现在新用户留存率提升了 50%。留存率提升 50%。我认为这确实是个好兆头，会在数字中体现出来。所以广告主对 Reddit 平台越来越放心。
管理团队有点把它比作 Pinterest。就像在 Reddit 上有很高的购买意图。这让它对广告主更有利一些，但最近一个季度广告营收同比增长 64%，把它推到全年来看，仍然预期非常好的增长。
而且，利润增长快于营收。随便你挑哪个指标：自由现金流、经营现金流、净利润，所有这些在最近一个季度都同比增长了一倍以上。
All right, number four on our list, Reddit. What do you like about Reddit today? Reddit stock down 45% from its all-time high. What is so interesting here is the growth narrative. I mean, we're at two years of 60% or greater quarterly revenue growth. And as I continue to look at the trends from the business perspective, you know, this is a company that is increasing in its user base still at a very healthy rate. So, daily users up 18% in the most recent quarter. What's so interesting here is that you know a billion new posts were in the most recent quarter. That is 4% of all the material that you can find on Reddit was created in the last 3 months. So the engagement is still very strong and management pointing out that it recently made some changes. It is now it now had a 50% improvement in new user retention. A 50% improvement in retention. I think that really bodess well bearing out in the numbers here. So advertisers increasingly comfortable with the Reddit platform. It the management team is kind of talking about it like Pinterest. Like there's high intent for making a purchase on Reddit. So that makes it a little bit more favorable to advertisers, but the ad revenue in the most recent quarter up 64% year-over-year as you push that out over the the whole year. Still expecting really good growth. And you know, the profits are growing faster than revenue. Pick your metric. free cash flow, operating cash flow, net income, all of these more than doubled year-over-year in the most recent quarter.
是的，你把那种营收增长与那种经营杠杆结合起来，在 Reddit 这样的公司身上看到，简直太惊人了。我仍然无法释怀的是，它在任何一个市场里其实都不是领导者。它也不是我使用的产品。所以，它一直是我不断忽视的公司之一。
Yeah, you combine that revenue growth with that operating leverage, and the it's just phenomenal to see with a company like Reddit, I I still can't get over that this is not really a leader in any of its markets. It's it's not a product that I use. So, it's always one of those companies that I continuously overlook.
另外我想强调的一点是，它属于那种从Google等公司获得相当可观收入的数据公司之一。我认为与Google的协议大约带来6000万美元的收入，但他们的授权总收入大概在1.5亿到2亿美元这个区间。
而这基本上就是AI代理在抓取他们较新的数据。所以，如果你设想一下，如果你是一个AI，正在想，嘿，我该去哪里找到这条随机的信息？它们会去看Reddit，然后想，嘿，最近有人发过关于这个的帖子吗？
而多半情况下，确实有人发过。所以这就是为什么Reddit常常是许多这类AI聊天机器人的数据来源。这对他们来说不是巨大的收入来源，但这是另一个可能随着时间显著增长的业务。
The other thing that I just wanted to highlight is they are one of these data companies that's generating pretty significant revenue from companies like Google. I think the Google deal is about $60 million in revenue, but their total licensing is somewhere in that $150 to $200 million range. Uh, and that's basically just AI agents scraping their more recent data. So, if you you think about if you're an AI looking for, hey, where am I going to find this piece of random information? They'll go look at Reddit and go, "Hey, has someone posted about this recently?" And more likely than not, they have. And so that's why Reddit's often a source for a lot of these AI chat bots. Not a huge revenue source for them, but that one that's another one that could grow pretty significantly over time.
是的。目前市盈率为其预期盈利的19倍。预计下一季度仍将增长48%。我的意思是，对于这样的估值来说，这是惊人的增长率。
Yeah. Trading at 19 times its forward earnings right now. Still expecting to grow 48% in the upcoming quarter. I mean, that's an incredible growth rate for that valuation.
这个频道对 $RDDT 的历次判断
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