KYLeong
2021-12-27
Buy on dips
Unity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity股票：如果您一直在等待，现在是买入的时候了</blockquote>
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Moreover, its use cases ha","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Unity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases have expanded beyond gaming.</li> <li>It recently closed its Weta Digital acquisition. We believe the deal is transformative.</li> <li>Its stock has also dropped 30% from its all-time high following its momentum spike.</li> <li>We discuss why we think investors can consider the opportunity to buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb000e942dc4b466fc45e2c1073f83b3\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Unity是游戏创作者实时3D的领先引擎。此外，它的用例已经扩展到游戏之外。</li><li>它最近完成了对维塔数码的收购。我们相信这笔交易具有变革性。</li><li>在势头飙升后，其股价也较历史高点下跌了30%。</li><li>我们讨论为什么我们认为投资者现在可以考虑买入的机会。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Unity Software Inc. (U) stock suffered a well-deserved battering recently as sellers took control. The retracement knocked its price level back to more reasonable levels after dropping 30% from its all-time high. Impatient investors had driven the stock up as it reported robust earnings, coupled with the euphoria surrounding its Weta Digital acquisition. The bull-trap was well-laid by the market makers, and these investors have been given invaluable lessons about patience and valuation.</p><p><blockquote>随着卖家控制，Unity Software Inc.(U)的股票最近遭受了当之无愧的重创。在从历史高点下跌30%后，回调将其价格水平推回到了更合理的水平。由于该公司公布了强劲的盈利，加上围绕收购维塔数码的兴奋情绪，不耐烦的投资者推动了该股上涨。做市商精心设计了牛市陷阱，这些投资者在耐心和估值方面得到了宝贵的教训。</blockquote></p><p> Nevertheless, we have been bullish on Unity stock throughout the year. Our bullish calls in May and June are still up 62% and 32%, respectively. However, we updated in a recent November article cautioning investors not to chase the hype and revised our rating to Neutral. The stock has fallen 20% since the article was published.</p><p><blockquote>尽管如此，我们全年一直看好Unity股票。我们5月和6月看涨的评级仍分别上涨62%和32%。然而，我们在最近11月的一篇文章中更新了警告投资者不要追逐炒作，并将我们的评级修改为中性。自文章发表以来，该股已下跌20%。</blockquote></p><p> Moreover, thanks to the steep retracement in growth stocks recently, we believe that the time has come for us to revisit our rating. We discuss why we think investors who have been biding their time can consider adding exposure.</p><p><blockquote>此外，由于近期成长股大幅回撤，我们认为是时候重新审视我们的评级了。我们讨论了为什么我们认为一直在等待时机的投资者可以考虑增加敞口。</blockquote></p><p> <b>U Stock YTD Performance</b></p><p><blockquote><b>U股年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24e18b8051240c38f096c7aff30cb51f\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>U stock YTD performance (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>U股票年初至今表现（截至21年12月23日）。</span></p></blockquote></p><p> Unity stock has had a disappointing year until its upward momentum started to recover in H2'21. We also saw the opportunity from its mispricing in May and June and thus encouraged investors to accumulate. The stock was on a steady climb towards its recovery until the momentum spike catapulted its YTD gain to 28% in November. However, the euphoria was short-lived as Unity stock's valuation returned to haunt investors who joined the \"spike bandwagon.\" After its recent retracement, the stock is back in the red for the year, with a YTD return of -5.2%, significantly underperforming the market.</p><p><blockquote>Unity股票经历了令人失望的一年，直到21年下半年开始恢复上涨势头。我们也从5月和6月的错误定价中看到了机会，从而鼓励投资者积累。该股一直在稳步回升，直到11月份势头飙升，年初至今涨幅达到28%。然而，这种兴奋是短暂的，因为Unity股票的估值重新困扰着加入“飙升潮流”的投资者。经过近期回调后，该股年内重回亏损状态，年初至今回报率为-5.2%，明显跑输大盘。</blockquote></p><p> <b>Why We are Turning Bullish On Unity Stock?</b></p><p><blockquote><b>为什么我们开始看好Unity股票？</b></blockquote></p><p> We took the opportunity to pare down our exposure in the recent spike and rotated to other undervalued growth stocks. However, we always intend to add exposure again when the euphoria has dissipated. Unity's robust FQ3 report card demonstrated that the company is still barely scratching the surface of its massive TAM, which expanded to $45B recently. The company has also completed its acquisition of Weta Digital on 1 December, as it works on integrating Weta Digital's unique technology stack into its offerings. The deal also brought 275 world-class engineers into Unity's payroll, which the company believes is some of the best talents that Weta Digital has recruited. Unity emphasized (edited): \"These 275 people, they're extraordinary. They're PhDs, research scientists. They've been focused on graphics research for 20 years. If you go to SIGGRAPH and look through papers… it just goes Weta, Weta, Weta.\"</p><p><blockquote>我们借此机会在最近的飙升中削减了敞口，并转向其他被低估的成长型股票。然而，当欣快感消散后，我们总是打算再次增加曝光。Unity强劲的第三季度成绩单表明，该公司仍仅触及其庞大TAM的表面，该TAM最近已扩大至45B美元。该公司还于12月1日完成了对维塔数码的收购，致力于将维塔数码独特的技术堆栈集成到其产品中。这笔交易还为Unity带来了275名世界级工程师，该公司认为这是维塔数码招募的最优秀的人才之一。Unity强调（编辑）：“这275人，他们是非凡的。他们是博士，研究科学家。他们已经专注于图形研究20年了。如果你去SIGGRAPH浏览论文……它只是去Weta，Weta，Weta。”</blockquote></p><p> Therefore, we firmly believe that it's a transformative acquisition for Unity. Creators have already used the company's solutions across multiple industries, most notably in gaming. In addition, the company has documented numerous industrial and commercial use cases as enterprise customers realize the power of its real-time 3D engine.</p><p><blockquote>因此，我们坚信这是Unity的一次变革性收购。创作者已经在多个行业使用了该公司的解决方案，尤其是在游戏领域。此外，随着企业客户认识到其实时3D引擎的强大功能，该公司还记录了大量工业和商业用例。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/878e57a9fe0cb69914c0f7f253b774f1\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity enterprise customers. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity企业客户。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb656e9fcbf3fc8a38a59165058c147f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity dollar-based net expansion rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>以单位美元为基础的净膨胀率。数据来源：公司备案</span></p></blockquote></p><p> Consequently, Unity continues to experience stellar growth in its enterprise base. Its enterprise customer grew from just 553 in FQ3'19 to 973 in FQ3'21, representing a CAGR of 32.7%. Moreover, its customers continue to expand their use cases consistently. As a result, its net expansion rate has maintained around 140% over time. Therefore, the company has sustained robust monetization in its Operate solutions while driving new use cases through its Create solutions.</p><p><blockquote>因此，Unity的企业基础继续实现强劲增长。其企业客户从19年第三季度的553家增长到21年第三季度的973家，复合年增长率为32.7%。此外，其客户继续不断扩展他们的用例。因此，随着时间的推移，其净扩张率一直保持在140%左右。因此，该公司在其运营解决方案中保持了强劲的货币化，同时通过其创建解决方案推动了新的用例。</blockquote></p><p></p><p> While it's still early to determine the expansion of new or expanded use cases linked to Weta's technology stack, Unity is confident that it can leverage strongly. In addition, it has an eye on the multi-trillion-dollar metaverse, as it aims to be one of the critical engines for creators. Unity General Manager Marc Whitten emphasized (edited):</p><p><blockquote>虽然现在确定与Weta技术堆栈相关的新的或扩展的用例的扩展还为时过早，但Unity有信心它可以强有力地利用。此外，它还着眼于价值数万亿美元的元宇宙，因为它的目标是成为创作者的关键引擎之一。Unity总经理Marc Whitten强调（编辑）：</blockquote></p><p> The key for me - I strongly believe, whatever word you want to use for <i>the metaverse, it's going to need more 3D content</i>. It's going to need an <i>extraordinary increase in the number of people capable of building in 3D</i>. Certainly from a Unity perspective, we really started thinking hard about how we could build something that democratizes content creation. Between Unity and Weta, we had the tools to do something extraordinary. You have this set of people at Weta who had built the most spectacular tools ever for 3D content creation that had never been productized. And then you have Unity, where our bread and butter is packaging and democratizing tools and making them more accessible. It became more and more clear that we could find the right transaction to make it happen. (VentureBeat) It's also essential for readers to note Weta's highly scalable tools. Unity articulated that Weta has an \"incredibly forward-looking architectural approach.\" They use \"one data model, one data river, and a set of tools that impact that. [It allows] individuals to see how things show up across multiple objects, or multiple artists to be able to collaborate and work in parallel and do amazing things around that.\" As a result, the company believes it can scale Weta's stack with its technology and extend the use cases well beyond gaming. CEO John Riccitiello added (edited):</p><p><blockquote>我的关键——我坚信，无论你想用什么词<i>元宇宙将需要更多3D内容</i>.它需要一个<i>能够进行3D建筑的人数大幅增加</i>当然，从Unity的角度来看，我们真的开始认真思考如何构建内容创作民主化的东西。在Unity和Weta之间，我们拥有了做一些非凡事情的工具。Weta有一群人，他们为从未产品化的3D内容创作构建了有史以来最壮观的工具。然后是Unity，我们的面包和黄油是包装和民主化工具，使它们更容易获得。越来越清楚的是，我们可以找到合适的交易来实现这一目标。(VentureBeat)读者还必须注意Weta的高度可扩展工具。Unity表示，Weta拥有“令人难以置信的前瞻性架构方法”。他们使用“一个数据模型、一条数据河和一套影响这一点的工具。[它允许]个人看到事物如何在多个对象上显示，或者多个艺术家能够协作和并行工作，并围绕它做令人惊叹的事情。”因此，该公司相信它可以利用其技术扩展Weta的堆栈，并将用例扩展到游戏之外。首席执行官John Riccitiello补充道（编辑）：</blockquote></p><p> I would expect the use cases to continue to grow. We see huge opportunities for us in media and entertainment, in games, adding more seats -- with artists. We believe there is an opportunity in architecture. We believe there are opportunities in automotive. So many, many different industries will continue to see growth. (Unity's FQ3'21 earnings call) We have always believed that Unity's engine is the world leader in real-time 3D. Moreover, it has proven its use cases well beyond gaming. Furthermore, the Weta deal demonstrates how management intends to further consolidate its leadership against its peers by taking its competitive moat a step further. We love companies that are relentless in their pursuit of innovation.</p><p><blockquote>我预计用例会继续增长。我们在媒体和娱乐、游戏、增加更多席位——与艺术家一起，看到了巨大的机会。我们相信建筑领域有机会。我们相信汽车行业存在机会。许多许多不同的行业将继续增长。（Unity 21年第三季度财报看涨期权）我们一直相信Unity的引擎是实时3D领域的全球领导者。此外，它已经证明了其用例远远超出了游戏。此外，Weta交易表明管理层打算如何通过进一步巩固其竞争护城河来进一步巩固其相对于同行的领导地位。我们喜欢不懈追求创新的公司。</blockquote></p><p> <b>Key Risks That Investors Should Consider?</b></p><p><blockquote><b>投资者应该考虑的主要风险？</b></blockquote></p><p> The transformative acquisition is not cheap. But it shouldn't be cheap for a tech stack of this scale. The company closed the deal with a mix of cash and stock that amounted to $1.625B. Moreover, the company recently announced $1.5B in convertible senior notes, which would partly be used to fund its acquisitions. Given that the company had minimal long-term debt ($124M in FQ3) compared to cash and short-term investments of $1.28B, the size of the debt offering is massive. Therefore, Weta's acquisition has introduced significant execution and balance sheet risks that Unity needs to manage well.</p><p><blockquote>变革性收购并不便宜。但对于这种规模的技术堆栈来说，它应该不便宜。该公司以现金和股票的组合完成了这笔交易，金额为$16.25 B。此外，该公司最近宣布发行15亿美元的可转换优先票据，其中部分将用于为其收购提供资金。鉴于该公司的长期债务很少（第三季度为1.24亿美元），而现金和短期投资为1.28 B美元，因此此次债务发行的规模巨大。因此，Weta的收购带来了Unity需要管理好的重大执行和资产负债表风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93223041a6aea690d094bf9568d6ecfa\" tg-width=\"640\" tg-height=\"231\" width=\"100%\" height=\"auto\"><span>High-growth SaaS EV/NTM Revenue comps.</span></p><p><blockquote><p class=\"t-img-caption\"><span>高增长的SaaS EV/NTM收入比较。</span></p></blockquote></p><p> In addition, Unity stock is still priced at a significant premium. It is trading at an EV/NTM Revenue of 31.3x, well ahead of the high-growth SaaS comps median of 16.5x. Therefore, it's imperative for management to execute very well moving forward. Otherwise, the risks for significant value compressions could potentially occur.</p><p><blockquote>此外，Unity股票的定价仍显着溢价。其EV/NTM收入为31.3倍，远高于高增长SaaS公司16.5倍的中值。因此，管理层必须在未来执行得非常好。否则，可能会出现价值大幅压缩的风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32134bf7ef0916208beb58db317ea9de\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\"><span>Unity stock EV/NTM Revenue 1Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity股票EV/NTM收入1年平均值。</span></p></blockquote></p><p> Unity stock is highly volatile. Therefore, we have added the stock in batches throughout the year as we believe its inherent volatility should continue to create attractive opportunities. Hence, we have not joined impatient investors adding through the momentum spikes.</p><p><blockquote>Unity股票波动很大。因此，我们全年分批增持该股，因为我们相信其固有的波动性应该会继续创造有吸引力的机会。因此，我们没有加入不耐烦的投资者的行列，通过势头飙升来增加。</blockquote></p><p> Nevertheless, Unity stock is trading near its 1Y revenue multiple mean. Despite that, it's clear that the stock is trading at a premium valuation.</p><p><blockquote>尽管如此，Unity股票的交易价格接近其1年收入倍数平均值。尽管如此，很明显，该股的交易估值较高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2cf9d3632332048d967b44d16e34369\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity revenue and adjusted EBITDA margins. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity收入和调整后EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> However, investors should note that Unity is estimated to gain significant operating leverage moving forward. Its top line is expected to increase at a CAGR of about 33% over the next three years (FY20-23). However, its adjusted EBITDA margin is projected to reach 7.3% in FY23, from -3.3% in the last FY. Hence, investors should start to pay more attention to Unity's bottom line growth moving forward. The company could begin gaining tremendous leverage and turn profitable on an adjusted EBITDA basis.</p><p><blockquote>然而，投资者应注意，Unity预计未来将获得显着的运营杠杆。预计未来三年（20-23财年）其营收将以约33%的复合年增长率增长。然而，其在2023财年的调整后EBITDA利润率预计将从上一财年的-3.3%达到7.3%。因此，投资者应该开始更多地关注Unity未来的利润增长。该公司可能会开始获得巨大的杠杆作用，并在调整后的EBITDA基础上实现盈利。</blockquote></p><p> Consequently, we believe it's appropriate for us to apply a DCF valuation framework that accounts for its operating leverage moving forward. It would allow us to appreciate the impact of its profit drivers better.</p><p><blockquote>因此，我们认为应用DCF估值框架来考虑其未来的运营杠杆是合适的。这将使我们能够更好地了解其利润驱动因素的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8bb7ed09dd878907100b68112586567b\" tg-width=\"902\" tg-height=\"605\" width=\"100%\" height=\"auto\"><span>Unity stock DCF valuation model. Data source: S&P Capital IQ, company filings, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity股票DCF估值模型。数据来源：S&P Capital IQ，公司文件，作者</span></p></blockquote></p><p> Hence, Unity stock seems to be right in our fair value zone right now. Investors who need a more considerable margin of safety can continue to wait for a potentially deeper retracement. However, investors who have high conviction could use this opportunity to add exposure to a fantastic company.</p><p><blockquote>因此，Unity股票目前似乎处于我们的公允价值区域。需要更可观安全边际的投资者可以继续等待潜在更深的回撤。然而，有高度信念的投资者可以利用这个机会增加对一家出色公司的投资。</blockquote></p><p> Consequently,<i>we revise our rating on Unity stock to Buy</i>.</p><p><blockquote>因此，<i>我们将Unity股票评级调整为买入</i>.</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Unity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity股票：如果您一直在等待，现在是买入的时候了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUnity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity股票：如果您一直在等待，现在是买入的时候了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-27 15:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Unity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases have expanded beyond gaming.</li> <li>It recently closed its Weta Digital acquisition. We believe the deal is transformative.</li> <li>Its stock has also dropped 30% from its all-time high following its momentum spike.</li> <li>We discuss why we think investors can consider the opportunity to buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb000e942dc4b466fc45e2c1073f83b3\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Unity是游戏创作者实时3D的领先引擎。此外，它的用例已经扩展到游戏之外。</li><li>它最近完成了对维塔数码的收购。我们相信这笔交易具有变革性。</li><li>在势头飙升后，其股价也较历史高点下跌了30%。</li><li>我们讨论为什么我们认为投资者现在可以考虑买入的机会。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Unity Software Inc. (U) stock suffered a well-deserved battering recently as sellers took control. The retracement knocked its price level back to more reasonable levels after dropping 30% from its all-time high. Impatient investors had driven the stock up as it reported robust earnings, coupled with the euphoria surrounding its Weta Digital acquisition. The bull-trap was well-laid by the market makers, and these investors have been given invaluable lessons about patience and valuation.</p><p><blockquote>随着卖家控制，Unity Software Inc.(U)的股票最近遭受了当之无愧的重创。在从历史高点下跌30%后，回调将其价格水平推回到了更合理的水平。由于该公司公布了强劲的盈利，加上围绕收购维塔数码的兴奋情绪，不耐烦的投资者推动了该股上涨。做市商精心设计了牛市陷阱，这些投资者在耐心和估值方面得到了宝贵的教训。</blockquote></p><p> Nevertheless, we have been bullish on Unity stock throughout the year. Our bullish calls in May and June are still up 62% and 32%, respectively. However, we updated in a recent November article cautioning investors not to chase the hype and revised our rating to Neutral. The stock has fallen 20% since the article was published.</p><p><blockquote>尽管如此，我们全年一直看好Unity股票。我们5月和6月看涨的评级仍分别上涨62%和32%。然而，我们在最近11月的一篇文章中更新了警告投资者不要追逐炒作，并将我们的评级修改为中性。自文章发表以来，该股已下跌20%。</blockquote></p><p> Moreover, thanks to the steep retracement in growth stocks recently, we believe that the time has come for us to revisit our rating. We discuss why we think investors who have been biding their time can consider adding exposure.</p><p><blockquote>此外，由于近期成长股大幅回撤，我们认为是时候重新审视我们的评级了。我们讨论了为什么我们认为一直在等待时机的投资者可以考虑增加敞口。</blockquote></p><p> <b>U Stock YTD Performance</b></p><p><blockquote><b>U股年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24e18b8051240c38f096c7aff30cb51f\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>U stock YTD performance (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>U股票年初至今表现（截至21年12月23日）。</span></p></blockquote></p><p> Unity stock has had a disappointing year until its upward momentum started to recover in H2'21. We also saw the opportunity from its mispricing in May and June and thus encouraged investors to accumulate. The stock was on a steady climb towards its recovery until the momentum spike catapulted its YTD gain to 28% in November. However, the euphoria was short-lived as Unity stock's valuation returned to haunt investors who joined the \"spike bandwagon.\" After its recent retracement, the stock is back in the red for the year, with a YTD return of -5.2%, significantly underperforming the market.</p><p><blockquote>Unity股票经历了令人失望的一年，直到21年下半年开始恢复上涨势头。我们也从5月和6月的错误定价中看到了机会，从而鼓励投资者积累。该股一直在稳步回升，直到11月份势头飙升，年初至今涨幅达到28%。然而，这种兴奋是短暂的，因为Unity股票的估值重新困扰着加入“飙升潮流”的投资者。经过近期回调后，该股年内重回亏损状态，年初至今回报率为-5.2%，明显跑输大盘。</blockquote></p><p> <b>Why We are Turning Bullish On Unity Stock?</b></p><p><blockquote><b>为什么我们开始看好Unity股票？</b></blockquote></p><p> We took the opportunity to pare down our exposure in the recent spike and rotated to other undervalued growth stocks. However, we always intend to add exposure again when the euphoria has dissipated. Unity's robust FQ3 report card demonstrated that the company is still barely scratching the surface of its massive TAM, which expanded to $45B recently. The company has also completed its acquisition of Weta Digital on 1 December, as it works on integrating Weta Digital's unique technology stack into its offerings. The deal also brought 275 world-class engineers into Unity's payroll, which the company believes is some of the best talents that Weta Digital has recruited. Unity emphasized (edited): \"These 275 people, they're extraordinary. They're PhDs, research scientists. They've been focused on graphics research for 20 years. If you go to SIGGRAPH and look through papers… it just goes Weta, Weta, Weta.\"</p><p><blockquote>我们借此机会在最近的飙升中削减了敞口，并转向其他被低估的成长型股票。然而，当欣快感消散后，我们总是打算再次增加曝光。Unity强劲的第三季度成绩单表明，该公司仍仅触及其庞大TAM的表面，该TAM最近已扩大至45B美元。该公司还于12月1日完成了对维塔数码的收购，致力于将维塔数码独特的技术堆栈集成到其产品中。这笔交易还为Unity带来了275名世界级工程师，该公司认为这是维塔数码招募的最优秀的人才之一。Unity强调（编辑）：“这275人，他们是非凡的。他们是博士，研究科学家。他们已经专注于图形研究20年了。如果你去SIGGRAPH浏览论文……它只是去Weta，Weta，Weta。”</blockquote></p><p> Therefore, we firmly believe that it's a transformative acquisition for Unity. Creators have already used the company's solutions across multiple industries, most notably in gaming. In addition, the company has documented numerous industrial and commercial use cases as enterprise customers realize the power of its real-time 3D engine.</p><p><blockquote>因此，我们坚信这是Unity的一次变革性收购。创作者已经在多个行业使用了该公司的解决方案，尤其是在游戏领域。此外，随着企业客户认识到其实时3D引擎的强大功能，该公司还记录了大量工业和商业用例。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/878e57a9fe0cb69914c0f7f253b774f1\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity enterprise customers. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity企业客户。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb656e9fcbf3fc8a38a59165058c147f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity dollar-based net expansion rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>以单位美元为基础的净膨胀率。数据来源：公司备案</span></p></blockquote></p><p> Consequently, Unity continues to experience stellar growth in its enterprise base. Its enterprise customer grew from just 553 in FQ3'19 to 973 in FQ3'21, representing a CAGR of 32.7%. Moreover, its customers continue to expand their use cases consistently. As a result, its net expansion rate has maintained around 140% over time. Therefore, the company has sustained robust monetization in its Operate solutions while driving new use cases through its Create solutions.</p><p><blockquote>因此，Unity的企业基础继续实现强劲增长。其企业客户从19年第三季度的553家增长到21年第三季度的973家，复合年增长率为32.7%。此外，其客户继续不断扩展他们的用例。因此，随着时间的推移，其净扩张率一直保持在140%左右。因此，该公司在其运营解决方案中保持了强劲的货币化，同时通过其创建解决方案推动了新的用例。</blockquote></p><p></p><p> While it's still early to determine the expansion of new or expanded use cases linked to Weta's technology stack, Unity is confident that it can leverage strongly. In addition, it has an eye on the multi-trillion-dollar metaverse, as it aims to be one of the critical engines for creators. Unity General Manager Marc Whitten emphasized (edited):</p><p><blockquote>虽然现在确定与Weta技术堆栈相关的新的或扩展的用例的扩展还为时过早，但Unity有信心它可以强有力地利用。此外，它还着眼于价值数万亿美元的元宇宙，因为它的目标是成为创作者的关键引擎之一。Unity总经理Marc Whitten强调（编辑）：</blockquote></p><p> The key for me - I strongly believe, whatever word you want to use for <i>the metaverse, it's going to need more 3D content</i>. It's going to need an <i>extraordinary increase in the number of people capable of building in 3D</i>. Certainly from a Unity perspective, we really started thinking hard about how we could build something that democratizes content creation. Between Unity and Weta, we had the tools to do something extraordinary. You have this set of people at Weta who had built the most spectacular tools ever for 3D content creation that had never been productized. And then you have Unity, where our bread and butter is packaging and democratizing tools and making them more accessible. It became more and more clear that we could find the right transaction to make it happen. (VentureBeat) It's also essential for readers to note Weta's highly scalable tools. Unity articulated that Weta has an \"incredibly forward-looking architectural approach.\" They use \"one data model, one data river, and a set of tools that impact that. [It allows] individuals to see how things show up across multiple objects, or multiple artists to be able to collaborate and work in parallel and do amazing things around that.\" As a result, the company believes it can scale Weta's stack with its technology and extend the use cases well beyond gaming. CEO John Riccitiello added (edited):</p><p><blockquote>我的关键——我坚信，无论你想用什么词<i>元宇宙将需要更多3D内容</i>.它需要一个<i>能够进行3D建筑的人数大幅增加</i>当然，从Unity的角度来看，我们真的开始认真思考如何构建内容创作民主化的东西。在Unity和Weta之间，我们拥有了做一些非凡事情的工具。Weta有一群人，他们为从未产品化的3D内容创作构建了有史以来最壮观的工具。然后是Unity，我们的面包和黄油是包装和民主化工具，使它们更容易获得。越来越清楚的是，我们可以找到合适的交易来实现这一目标。(VentureBeat)读者还必须注意Weta的高度可扩展工具。Unity表示，Weta拥有“令人难以置信的前瞻性架构方法”。他们使用“一个数据模型、一条数据河和一套影响这一点的工具。[它允许]个人看到事物如何在多个对象上显示，或者多个艺术家能够协作和并行工作，并围绕它做令人惊叹的事情。”因此，该公司相信它可以利用其技术扩展Weta的堆栈，并将用例扩展到游戏之外。首席执行官John Riccitiello补充道（编辑）：</blockquote></p><p> I would expect the use cases to continue to grow. We see huge opportunities for us in media and entertainment, in games, adding more seats -- with artists. We believe there is an opportunity in architecture. We believe there are opportunities in automotive. So many, many different industries will continue to see growth. (Unity's FQ3'21 earnings call) We have always believed that Unity's engine is the world leader in real-time 3D. Moreover, it has proven its use cases well beyond gaming. Furthermore, the Weta deal demonstrates how management intends to further consolidate its leadership against its peers by taking its competitive moat a step further. We love companies that are relentless in their pursuit of innovation.</p><p><blockquote>我预计用例会继续增长。我们在媒体和娱乐、游戏、增加更多席位——与艺术家一起，看到了巨大的机会。我们相信建筑领域有机会。我们相信汽车行业存在机会。许多许多不同的行业将继续增长。（Unity 21年第三季度财报看涨期权）我们一直相信Unity的引擎是实时3D领域的全球领导者。此外，它已经证明了其用例远远超出了游戏。此外，Weta交易表明管理层打算如何通过进一步巩固其竞争护城河来进一步巩固其相对于同行的领导地位。我们喜欢不懈追求创新的公司。</blockquote></p><p> <b>Key Risks That Investors Should Consider?</b></p><p><blockquote><b>投资者应该考虑的主要风险？</b></blockquote></p><p> The transformative acquisition is not cheap. But it shouldn't be cheap for a tech stack of this scale. The company closed the deal with a mix of cash and stock that amounted to $1.625B. Moreover, the company recently announced $1.5B in convertible senior notes, which would partly be used to fund its acquisitions. Given that the company had minimal long-term debt ($124M in FQ3) compared to cash and short-term investments of $1.28B, the size of the debt offering is massive. Therefore, Weta's acquisition has introduced significant execution and balance sheet risks that Unity needs to manage well.</p><p><blockquote>变革性收购并不便宜。但对于这种规模的技术堆栈来说，它应该不便宜。该公司以现金和股票的组合完成了这笔交易，金额为$16.25 B。此外，该公司最近宣布发行15亿美元的可转换优先票据，其中部分将用于为其收购提供资金。鉴于该公司的长期债务很少（第三季度为1.24亿美元），而现金和短期投资为1.28 B美元，因此此次债务发行的规模巨大。因此，Weta的收购带来了Unity需要管理好的重大执行和资产负债表风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93223041a6aea690d094bf9568d6ecfa\" tg-width=\"640\" tg-height=\"231\" width=\"100%\" height=\"auto\"><span>High-growth SaaS EV/NTM Revenue comps.</span></p><p><blockquote><p class=\"t-img-caption\"><span>高增长的SaaS EV/NTM收入比较。</span></p></blockquote></p><p> In addition, Unity stock is still priced at a significant premium. It is trading at an EV/NTM Revenue of 31.3x, well ahead of the high-growth SaaS comps median of 16.5x. Therefore, it's imperative for management to execute very well moving forward. Otherwise, the risks for significant value compressions could potentially occur.</p><p><blockquote>此外，Unity股票的定价仍显着溢价。其EV/NTM收入为31.3倍，远高于高增长SaaS公司16.5倍的中值。因此，管理层必须在未来执行得非常好。否则，可能会出现价值大幅压缩的风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32134bf7ef0916208beb58db317ea9de\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\"><span>Unity stock EV/NTM Revenue 1Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity股票EV/NTM收入1年平均值。</span></p></blockquote></p><p> Unity stock is highly volatile. Therefore, we have added the stock in batches throughout the year as we believe its inherent volatility should continue to create attractive opportunities. Hence, we have not joined impatient investors adding through the momentum spikes.</p><p><blockquote>Unity股票波动很大。因此，我们全年分批增持该股，因为我们相信其固有的波动性应该会继续创造有吸引力的机会。因此，我们没有加入不耐烦的投资者的行列，通过势头飙升来增加。</blockquote></p><p> Nevertheless, Unity stock is trading near its 1Y revenue multiple mean. Despite that, it's clear that the stock is trading at a premium valuation.</p><p><blockquote>尽管如此，Unity股票的交易价格接近其1年收入倍数平均值。尽管如此，很明显，该股的交易估值较高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2cf9d3632332048d967b44d16e34369\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity revenue and adjusted EBITDA margins. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity收入和调整后EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> However, investors should note that Unity is estimated to gain significant operating leverage moving forward. Its top line is expected to increase at a CAGR of about 33% over the next three years (FY20-23). However, its adjusted EBITDA margin is projected to reach 7.3% in FY23, from -3.3% in the last FY. Hence, investors should start to pay more attention to Unity's bottom line growth moving forward. The company could begin gaining tremendous leverage and turn profitable on an adjusted EBITDA basis.</p><p><blockquote>然而，投资者应注意，Unity预计未来将获得显着的运营杠杆。预计未来三年（20-23财年）其营收将以约33%的复合年增长率增长。然而，其在2023财年的调整后EBITDA利润率预计将从上一财年的-3.3%达到7.3%。因此，投资者应该开始更多地关注Unity未来的利润增长。该公司可能会开始获得巨大的杠杆作用，并在调整后的EBITDA基础上实现盈利。</blockquote></p><p> Consequently, we believe it's appropriate for us to apply a DCF valuation framework that accounts for its operating leverage moving forward. It would allow us to appreciate the impact of its profit drivers better.</p><p><blockquote>因此，我们认为应用DCF估值框架来考虑其未来的运营杠杆是合适的。这将使我们能够更好地了解其利润驱动因素的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8bb7ed09dd878907100b68112586567b\" tg-width=\"902\" tg-height=\"605\" width=\"100%\" height=\"auto\"><span>Unity stock DCF valuation model. Data source: S&P Capital IQ, company filings, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity股票DCF估值模型。数据来源：S&P Capital IQ，公司文件，作者</span></p></blockquote></p><p> Hence, Unity stock seems to be right in our fair value zone right now. Investors who need a more considerable margin of safety can continue to wait for a potentially deeper retracement. However, investors who have high conviction could use this opportunity to add exposure to a fantastic company.</p><p><blockquote>因此，Unity股票目前似乎处于我们的公允价值区域。需要更可观安全边际的投资者可以继续等待潜在更深的回撤。然而，有高度信念的投资者可以利用这个机会增加对一家出色公司的投资。</blockquote></p><p> Consequently,<i>we revise our rating on Unity stock to Buy</i>.</p><p><blockquote>因此，<i>我们将Unity股票评级调整为买入</i>.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476859-unity-stock-time-to-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"U":"Unity Software Inc."},"source_url":"https://seekingalpha.com/article/4476859-unity-stock-time-to-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136351826","content_text":"Summary\n\nUnity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases have expanded beyond gaming.\nIt recently closed its Weta Digital acquisition. We believe the deal is transformative.\nIts stock has also dropped 30% from its all-time high following its momentum spike.\nWe discuss why we think investors can consider the opportunity to buy now.\n\nSundry Photography/iStock Editorial via Getty Images\nInvestment Thesis\nUnity Software Inc. (U) stock suffered a well-deserved battering recently as sellers took control. The retracement knocked its price level back to more reasonable levels after dropping 30% from its all-time high. Impatient investors had driven the stock up as it reported robust earnings, coupled with the euphoria surrounding its Weta Digital acquisition. The bull-trap was well-laid by the market makers, and these investors have been given invaluable lessons about patience and valuation.\nNevertheless, we have been bullish on Unity stock throughout the year. Our bullish calls in May and June are still up 62% and 32%, respectively. However, we updated in a recent November article cautioning investors not to chase the hype and revised our rating to Neutral. The stock has fallen 20% since the article was published.\nMoreover, thanks to the steep retracement in growth stocks recently, we believe that the time has come for us to revisit our rating. We discuss why we think investors who have been biding their time can consider adding exposure.\nU Stock YTD Performance\nU stock YTD performance (as of 23 December' 21).\nUnity stock has had a disappointing year until its upward momentum started to recover in H2'21. We also saw the opportunity from its mispricing in May and June and thus encouraged investors to accumulate. The stock was on a steady climb towards its recovery until the momentum spike catapulted its YTD gain to 28% in November. However, the euphoria was short-lived as Unity stock's valuation returned to haunt investors who joined the \"spike bandwagon.\" After its recent retracement, the stock is back in the red for the year, with a YTD return of -5.2%, significantly underperforming the market.\nWhy We are Turning Bullish On Unity Stock?\nWe took the opportunity to pare down our exposure in the recent spike and rotated to other undervalued growth stocks. However, we always intend to add exposure again when the euphoria has dissipated. Unity's robust FQ3 report card demonstrated that the company is still barely scratching the surface of its massive TAM, which expanded to $45B recently. The company has also completed its acquisition of Weta Digital on 1 December, as it works on integrating Weta Digital's unique technology stack into its offerings. The deal also brought 275 world-class engineers into Unity's payroll, which the company believes is some of the best talents that Weta Digital has recruited. Unity emphasized (edited): \"These 275 people, they're extraordinary. They're PhDs, research scientists. They've been focused on graphics research for 20 years. If you go to SIGGRAPH and look through papers… it just goes Weta, Weta, Weta.\"\nTherefore, we firmly believe that it's a transformative acquisition for Unity. Creators have already used the company's solutions across multiple industries, most notably in gaming. In addition, the company has documented numerous industrial and commercial use cases as enterprise customers realize the power of its real-time 3D engine.\nUnity enterprise customers. Data source: Company filings\nUnity dollar-based net expansion rate. Data source: Company filings\nConsequently, Unity continues to experience stellar growth in its enterprise base. Its enterprise customer grew from just 553 in FQ3'19 to 973 in FQ3'21, representing a CAGR of 32.7%. Moreover, its customers continue to expand their use cases consistently. As a result, its net expansion rate has maintained around 140% over time. Therefore, the company has sustained robust monetization in its Operate solutions while driving new use cases through its Create solutions.\nWhile it's still early to determine the expansion of new or expanded use cases linked to Weta's technology stack, Unity is confident that it can leverage strongly. In addition, it has an eye on the multi-trillion-dollar metaverse, as it aims to be one of the critical engines for creators. Unity General Manager Marc Whitten emphasized (edited):\n\n The key for me - I strongly believe, whatever word you want to use for\n the metaverse, it's going to need more 3D content. It's going to need an\n extraordinary increase in the number of people capable of building in 3D. Certainly from a Unity perspective, we really started thinking hard about how we could build something that democratizes content creation. Between Unity and Weta, we had the tools to do something extraordinary. You have this set of people at Weta who had built the most spectacular tools ever for 3D content creation that had never been productized. And then you have Unity, where our bread and butter is packaging and democratizing tools and making them more accessible. It became more and more clear that we could find the right transaction to make it happen. (VentureBeat)\n\nIt's also essential for readers to note Weta's highly scalable tools. Unity articulated that Weta has an \"incredibly forward-looking architectural approach.\" They use \"one data model, one data river, and a set of tools that impact that. [It allows] individuals to see how things show up across multiple objects, or multiple artists to be able to collaborate and work in parallel and do amazing things around that.\" As a result, the company believes it can scale Weta's stack with its technology and extend the use cases well beyond gaming. CEO John Riccitiello added (edited):\n\n I would expect the use cases to continue to grow. We see huge opportunities for us in media and entertainment, in games, adding more seats -- with artists. We believe there is an opportunity in architecture. We believe there are opportunities in automotive. So many, many different industries will continue to see growth. (Unity's FQ3'21 earnings call)\n\nWe have always believed that Unity's engine is the world leader in real-time 3D. Moreover, it has proven its use cases well beyond gaming. Furthermore, the Weta deal demonstrates how management intends to further consolidate its leadership against its peers by taking its competitive moat a step further. We love companies that are relentless in their pursuit of innovation.\nKey Risks That Investors Should Consider?\nThe transformative acquisition is not cheap. But it shouldn't be cheap for a tech stack of this scale. The company closed the deal with a mix of cash and stock that amounted to $1.625B. Moreover, the company recently announced $1.5B in convertible senior notes, which would partly be used to fund its acquisitions. Given that the company had minimal long-term debt ($124M in FQ3) compared to cash and short-term investments of $1.28B, the size of the debt offering is massive. Therefore, Weta's acquisition has introduced significant execution and balance sheet risks that Unity needs to manage well.\nHigh-growth SaaS EV/NTM Revenue comps.\nIn addition, Unity stock is still priced at a significant premium. It is trading at an EV/NTM Revenue of 31.3x, well ahead of the high-growth SaaS comps median of 16.5x. Therefore, it's imperative for management to execute very well moving forward. Otherwise, the risks for significant value compressions could potentially occur.\nUnity stock EV/NTM Revenue 1Y mean.\nUnity stock is highly volatile. Therefore, we have added the stock in batches throughout the year as we believe its inherent volatility should continue to create attractive opportunities. Hence, we have not joined impatient investors adding through the momentum spikes.\nNevertheless, Unity stock is trading near its 1Y revenue multiple mean. Despite that, it's clear that the stock is trading at a premium valuation.\nUnity revenue and adjusted EBITDA margins. Data source: S&P Capital IQ\nHowever, investors should note that Unity is estimated to gain significant operating leverage moving forward. Its top line is expected to increase at a CAGR of about 33% over the next three years (FY20-23). However, its adjusted EBITDA margin is projected to reach 7.3% in FY23, from -3.3% in the last FY. Hence, investors should start to pay more attention to Unity's bottom line growth moving forward. The company could begin gaining tremendous leverage and turn profitable on an adjusted EBITDA basis.\nConsequently, we believe it's appropriate for us to apply a DCF valuation framework that accounts for its operating leverage moving forward. It would allow us to appreciate the impact of its profit drivers better.\nUnity stock DCF valuation model. Data source: S&P Capital IQ, company filings, author\nHence, Unity stock seems to be right in our fair value zone right now. Investors who need a more considerable margin of safety can continue to wait for a potentially deeper retracement. However, investors who have high conviction could use this opportunity to add exposure to a fantastic company.\nConsequently,we revise our rating on Unity stock to Buy.","news_type":1,"symbols_score_info":{"U":0.9}},"isVote":1,"tweetType":1,"viewCount":2673,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/696905074"}
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