科技股今日集体下挫,其中涂鸦智能盘中一度大跌6.02%,引发了市场广泛关注。究竟这家物联网公司为何出现如此大幅下跌?我们来梳理一番。
从资本运作层面,涂鸦智能昨日宣布将因员工及董事行使公司股权激励计划而发行逾500万股新股,增加了总股本,导致股价面临一定下跌压力。这算是公司为吸引和留住人才所采取的常规操作,但不可避免地给股价带来短期影响。
此外,更重要的原因或许在于业绩层面。尽管公司2024年实现营收同比大增29.8%,创历史新高,更扭转了多年亏损局面收获499.7万美元净利润。但投资者或许对此并不满意。一方面,公司业绩增长主要依赖了财务盘活现金获取的利息收入,核心业务为物联网PaaS和AI解决方案的增速相对有限;另一方面,TUYA的估值遭到了长期压制,目前仍在市盈率120倍的偏高水平,一旦有利空消息或投资者对其成长前景转趋悲观,其股价也很容易受到冲击。
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