此篇报告是上 一篇行业深度报告《从多邻国看 AI在教育行业的应用》的后续,深入探讨与投资更为相关的“估值”和“价值”。我们以近期多邻国股价最高点(2 月18 日)为基准,相对2024 年预估收入和净利润,计算可得PS 约为26x,PE 超过200x。虽然23Q2开始多邻国利润扭亏后,由于前期基数较低,单季度呈现翻倍式增长的态势,但当前的PS 和PE 水平与消费类资产的估值体系并不相符。因此,我们...
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