VONNE
2021-10-15
Like my comment
Is SoFi Stock Worth Buying Or Is It A Sell? It Depends On Revenue Growth And Profitability<blockquote>SoFi 股票值得买入还是值得卖出？这取决于收入增长和盈利能力</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
1
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":824848818,"tweetId":"824848818","gmtCreate":1634305187981,"gmtModify":1634305188303,"author":{"id":3574662449014770,"idStr":"3574662449014770","authorId":3574662449014770,"authorIdStr":"3574662449014770","name":"VONNE","avatar":"https://static.tigerbbs.com/438611ee296f83f2798a33a1d4c44a1c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":17,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Like my comment </p></body></html>","htmlText":"<html><head></head><body><p>Like my comment </p></body></html>","text":"Like my comment","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/824848818","repostId":1154140637,"repostType":4,"repost":{"id":"1154140637","kind":"news","pubTimestamp":1634300873,"share":"https://www.laohu8.com/m/news/1154140637?lang=zh_CN&edition=full","pubTime":"2021-10-15 20:27","market":"us","language":"en","title":"Is SoFi Stock Worth Buying Or Is It A Sell? It Depends On Revenue Growth And Profitability<blockquote>SoFi 股票值得买入还是值得卖出？这取决于收入增长和盈利能力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154140637","media":"Seeking Alpha","summary":"Summary\n\nSoFi has been growing rapidly, as evidenced by the significant increase in the company's me","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>SoFi has been growing rapidly, as evidenced by the significant increase in the company's membership base, the total number of product offerings, and revenue.</li> <li>SoFi's valuations are in the middle of the pack among its peers, and this seems fair given that it is still loss-making notwithstanding its attractive revenue growth prospects.</li> <li>SoFi is a Hold, considering its future prospects in terms of revenue growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi一直在快速增长，公司会员基础、产品供应总数和收入的显着增加就是证明。</li><li>SoFi 的估值在同行中处于中等水平，考虑到尽管其收入增长前景有吸引力，但它仍在亏损，这似乎是公平的。</li><li>考虑到 SoFi 在收入增长和盈利能力方面的未来前景，其评级为持有。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Elevator Pitch</p><p><blockquote>电梯俯仰</blockquote></p><p> I have a Hold or Neutral rating assigned to SoFi Technologies, Inc. (SOFI).</p><p><blockquote>我对 SoFi Technologies, Inc. (SOFI) 给予持有或中性评级。</blockquote></p><p> Based on Wall Street's revenue forecasts and the company's financial targets, SOFI is expected to be able to maintain robust top line expansion (i.e. annual revenue growth in the +30%-60% range) over the next few years, and I see cross-selling as the key driver supporting the company's future growth expectations.</p><p><blockquote>根据华尔街的收入预测和公司的财务目标，SOFI 预计将能够在未来几年保持强劲的营收扩张（即年收入增长在+30%-60%范围内），我认为交叉销售是支持公司未来增长预期的关键驱动力。</blockquote></p><p> SoFi Technologies' forward price-to-sales multiples in the high single-digit to low-teens range appear reasonable. On one hand, the company has the strongest revenue growth potential in its peer group. On the other hand, SOFI is expected to reach profitability by fiscal 2023, while its peers are already in the black.</p><p><blockquote>SoFi Technologies 的远期市销率在高个位数到低十位数范围内似乎是合理的。一方面，公司在同行群体中营收增长潜力最强。另一方面，SOFI 预计将在 2023 财年实现盈利，而其同行已经处于亏损状态。</blockquote></p><p> In conclusion, I think thatSoFi'sstock is neither worth buying nor a strong Sell now, which translates into a Neutral investment rating for the name.</p><p><blockquote>总之，我认为索菲的股票现在既不值得买入，也不值得强力卖出，这意味着该名称的投资评级为中性。</blockquote></p><p> <b>Company Description</b></p><p><blockquote><b>公司简介</b></blockquote></p><p> On its investors' FAQs webpage, SoFi Technologies, Inc refers to itself as a company that \"was founded in April 2011 out of Stanford GSB (Graduate School of Business) with the goal of pioneering MBA peer-to-peer student loan refinancing.\"</p><p><blockquote>在其投资者常见问题解答网页上，SoFi Technologies, Inc 将自己称为一家“于 2011 年 4 月在斯坦福大学 GSB（商学院）成立的公司，目标是开创 MBA 点对点学生贷款再融资”。</blockquote></p><p> SOFI also began providing mortgages and personal loans in 2014 and 2015, respectively. In 2019, SoFi Technologies ventured into financial services with the introduction of SoFi Money (\"cash management account\") and SoFi Invest (\"brokerage account\"). In 2020, SoFi Technologies bought out Galileo Financial Technologies, which it called \"a global payments platform\" that \"enables critical checking and savings account-like functionality via its powerful open APIs (Application Programming Interfaces).\"</p><p><blockquote>SOFI还分别于2014年和2015年开始提供抵押贷款和个人贷款。2019年，SoFi Technologies推出SoFi Money（“现金管理账户”）和SoFi Invest（“经纪账户”），进军金融服务领域。2020 年，SoFi Technologies 收购了 Galileo Financial Technologies，称其为“全球支付平台”，“通过其强大的开放 API（应用程序编程接口）实现关键支票和储蓄账户等功能”。</blockquote></p><p> SOFI's Lending, Technology Platform and Financial Services business segments contributed 73%, 21%, and 6% of the company's revenue, respectively in the first half of 2021.</p><p><blockquote>2021年上半年，SOFI的贷款、技术平台和金融服务业务部门分别贡献了公司收入的73%、21%和6%。</blockquote></p><p> <b>SOFI's Three Business Segments</b></p><p><blockquote><b>SOFI 的三个业务部门</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f8f049f7c677bfec09dfa10c8206759\" tg-width=\"640\" tg-height=\"286\" width=\"100%\" height=\"auto\"><span>Source: SoFi Technologies' Q2 2021 Financial Results Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi Technologies 2021 年第二季度财务业绩演示幻灯片</span></p></blockquote></p><p> <b>Is SoFi Growing?</b></p><p><blockquote><b>SoFi在成长吗？</b></blockquote></p><p> As of June 30, 2021, SoFi Technologies had approximately 2.6 million members and 3.7 million products (lending and financial services). In its Q2 2021 earnings report, SOFI defines members as \"someone who has a lending relationship with us through origination or servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service\".</p><p><blockquote>截至2021年6月30日，SoFi Technologies拥有约260万会员和370万种产品（贷款和金融服务）。在其2021年第二季度收益报告中，SOFI将会员定义为“通过发起或服务与我们建立贷款关系、开设金融服务账户、将外部账户链接到我们的平台或注册我们的信用评分监控服务的人”。</blockquote></p><p> Based on my calculations, SOFI's membership base and product portfolio grew by two-year CAGRs of +84% and +105%, respectively up to the end of the second quarter of this year. SoFi Technologies' total number of accounts for its Technology Platform business segment also more than doubled from 36.0 million as of June 30, 2020 to 78.9 million as of June 30, 2021 following the company's acquisition of Galileo last year, as per its second-quarter earnings report.</p><p><blockquote>根据我的计算，截至今年第二季度末，SOFI 的会员基础和产品组合的两年复合年增长率分别为 +84% 和 +105%。根据第二季度收益报告，SoFi Technologies 去年收购 Galileo 后，其技术平台业务部门的账户总数也增加了一倍多，从截至 2020 年 6 月 30 日的 3600 万个增加到截至 2021 年 6 月 30 日的 7890 万个。</blockquote></p><p> SoFi Technologies' adjusted net revenue, which it calculates as \"total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt\", increased by +74% YoY from $136.3 million in Q2 2020 to $237.2 million in Q2 2021. During the same period, SOFI reversed from an operating loss of -$23.8 million a year ago to register a positive non-GAAP adjusted EBITDA of +$11.2 million in the recent quarter.</p><p><blockquote>SoFi Technologies 的调整后净收入计算为“总净收入，调整后不包括服务权的公允价值变动和分类为债务的剩余权益”，同比增长 +74%2020 年第二季度的 1.363 亿美元至 2.372 亿美元2021 年第二季度。同期，SOFI 从一年前的 -2380 万美元的运营亏损中扭转，最近一个季度的非 GAAP 调整后 EBITDA 为 +1120 万美元。</blockquote></p><p> It is clear that SoFi has been growing very fast.</p><p><blockquote>很明显，SoFi一直在快速发展。</blockquote></p><p> Looking ahead, both the company management and sell-side analysts expect SoFi Technologies' strong revenue growth momentum to be sustained in the next couple of years, as per the two charts presented below.</p><p><blockquote>展望未来，公司管理层和卖方分析师均预计 SoFi Technologies 强劲的收入增长势头将在未来几年内持续，如下图所示。</blockquote></p><p> <b>Company Management's Revenue Growth Expectations</b></p><p><blockquote><b>公司管理层的收入增长预期</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb5eb50b028f4e5e56d9965bab4f8e76\" tg-width=\"640\" tg-height=\"596\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SOFI 2021 年 1 月投资者演示幻灯片</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f51fce29fb44c295bbcf5d1dac2a012e\" tg-width=\"640\" tg-height=\"190\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha's Earnings Page For SOFI</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha 的 SOFI 收益页面</span></p></blockquote></p><p> I attribute the positive growth outlook for SOFI to its key value proposition of making a wide range of financial products and services available on a single platform, which translates to a huge potential for cross-selling.</p><p><blockquote>我将 SOFI 的积极增长前景归功于其关键价值主张，即在单一平台上提供广泛的金融产品和服务，这转化为交叉销售的巨大潜力。</blockquote></p><p> <b>SoFi Technologies' Value Proposition</b></p><p><blockquote><b>SoFi Technologies的价值主张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f4a7797ec8573542b65518e9d3aa8de0\" tg-width=\"640\" tg-height=\"237\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SOFI 2021 年 1 月投资者演示幻灯片</span></p></blockquote></p><p> <b>SoFi Technologies' Integrated Financial Solutions In A Single App</b></p><p><blockquote><b>SoFi Technologies 在单个应用程序中集成金融解决方案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb69af9d4d4ad110793256b6ba63dd85\" tg-width=\"640\" tg-height=\"347\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SOFI 2021 年 1 月投资者演示幻灯片</span></p></blockquote></p><p> As evidence of SoFi Technologies' efforts to drive cross-selling in the past, SOFI's products per member (calculated as total number of products divided by its membership base) increased from 1.14 in Q2 2019 to 1.43 in Q2 2021. At the company's Q2 2021 earnings call, SOFI also highlighted that a tripling of the \"number of financial services products held by SoFi members\" led to \"a 1.7x increase in the number of products that were cross-bought in the quarter versus Q2 2020.\"</p><p><blockquote>作为 SoFi Technologies 过去推动交叉销售努力的证据，SoFi 的每个会员产品（以产品总数除以其会员基数计算）从 2019 年第二季度的 1.14 件增加到 2021 年第二季度的 1.43 件。在该公司 2021 年第二季度财报看涨期权上，SoFi 还强调，“SoFi 会员持有的金融服务产品数量”增加了两倍，导致“与 2020 年第二季度相比，本季度交叉购买的产品数量增加了 1.7 倍。”</blockquote></p><p> More significantly, SoFi has set a target for the Financial Services business segment to account for 32% of the company's total adjusted revenue in fiscal 2025, as compared with the segment's current single-digit revenue contribution. As SoFi Technologies continues to ramp up its current financial services offerings and introduce new products & services over time, the company should be able to realize its ambitious top line expansion targets.</p><p><blockquote>更重要的是，SoFi 为金融服务业务部门设定了目标，即在 2025 财年占公司调整后总收入的 32%，而该部门目前的收入贡献仅为个位数。随着SoFi Technologies继续扩大其当前的金融服务产品，并随着时间的推移推出新产品和服务，该公司应该能够实现其雄心勃勃的营收扩张目标。</blockquote></p><p> <b>Is SoFi Stock Overvalued?</b></p><p><blockquote><b>SoFi 股票是否被高估？</b></blockquote></p><p> SoFi's closing stock price as of June 1, 2021, the first day of its listing, was $22.65, and the company's shares later fell by -40% to an all-time trough of $13.65 during intra-day on trading on August 17, 2021. SOFI's share price subsequently recovered by 39% in the next two months to close at $18.92 as of October 13, 2021.</p><p><blockquote>截至2021年6月1日上市第一天，SoFi的收盘价为22.65美元，该公司股价随后在2021年8月17日的盘中交易中下跌-40%，至13.65美元的历史低点。SOFI 的股价随后在接下来的两个月内回升了 39%，截至 2021 年 10 月 13 日收于 18.92 美元。</blockquote></p><p> Considering the volatility in SoFi Technologies' share price in the four and half months following its listing, it is worth examining SOFI's valuations to see if the stock is either overvalued and undervalued.</p><p><blockquote>考虑到SoFi Technologies上市后四个半月的股价波动，值得研究一下SoFi的估值，看看该股是被高估还是被低估。</blockquote></p><p> <b>SoFi Technologies' Peer Valuation Comparison</b></p><p><blockquote><b>SoFi Technologies 的同行估值比较</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7dea5543afac5a50276efbffdcbd4c81\" tg-width=\"678\" tg-height=\"749\" width=\"100%\" height=\"auto\"><span>Source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：标准普尔资本智商</span></p></blockquote></p><p> As per the peer valuation comparison table above, the various stocks' forward price-to-sales ratios are largely correlated with their respective forecasted revenue growth rates (i.e. the better the revenue growth rates, the higher the valuation multiples), with the exception of SOFI.</p><p><blockquote>根据上述同业估值对比表，各类股票的远期市销率在很大程度上与其各自的预测收入增长率相关（即收入增长率越好，估值倍数越高），但SOFI除外。</blockquote></p><p> SoFi Technologies' revenue growth expectations are the best among its peers, but its price-to-sales valuation is in the middle of the pack. The key issue here is profitability, as SOFI is the only loss-making company in the peer group. Both sell-side analysts and management expect SOFI to only become profitable in fiscal 2023. As such, it is reasonable that the market assigns a discount to SoFi Technologies, given that the company is still in the red.</p><p><blockquote>SoFi Technologies 的收入增长预期是同行中最好的，但其市销率估值处于中等水平。这里的关键问题是盈利能力，因为 SOFI 是同行中唯一一家亏损的公司。卖方分析师和管理层都预计 SOFI 要到 2023 财年才能实现盈利。因此，鉴于 SoFi Technologies 仍处于亏损状态，市场给予该公司折扣是合理的。</blockquote></p><p> I think that SOFI's shares are fairly valued. While the company's revenue growth prospects are excellent, it is not among the cheapest stocks in the sector and it is still unprofitable.</p><p><blockquote>我认为SOFI的股票估值合理。虽然该公司的收入增长前景非常好，但它并不是该行业最便宜的股票之一，而且仍然没有盈利。</blockquote></p><p> <b>Is SOFI Stock A Buy, Sell Or Hold?</b></p><p><blockquote><b>SOFI 股票是买入、卖出还是持有？</b></blockquote></p><p> A Hold rating is what I will assign to SOFI's shares.</p><p><blockquote>我将给予 SOFI 股票持有评级。</blockquote></p><p> I am positive on the company's medium-term revenue outlook, especially in relation to its ability to cross-sell its products to support its future top line expansion. Notably, the revenue contribution of the Financial Services business segment is still very low, now in the single-digit percentage range, suggesting that there is significant room to market its existing offerings more aggressively and launch new products as well.</p><p><blockquote>我对公司的中期收入前景持乐观态度，特别是其交叉销售产品以支持未来营收扩张的能力。值得注意的是，金融服务业务部门的收入贡献仍然非常低，目前处于个位数百分比范围内，这表明其有很大的空间更积极地营销其现有产品并推出新产品。</blockquote></p><p> On the flip side, I am concerned that if there is a significant shift (e.g. higher interest rates) in the current accommodating credit environment going forward, SoFi Technologies might take a longer-than-expected time (i.e. later than FY 2023 as per management guidance and Wall Street's forecasts) to achieve profitability, as a result of potentially more expensive funding and higher-than-expected credit losses. This will imply that the valuation discount assigned to SOFI for its lack of profitability could possibly persist for some time.</p><p><blockquote>另一方面，我担心，如果当前宽松的信贷环境未来发生重大变化（例如利率上升），SoFi Technologies 可能需要比预期更长的时间（即晚于 2023 财年根据管理层指导和华尔街的预测）实现盈利，这是由于潜在的更昂贵的融资和高于预期的信贷损失。这意味着 SOFI 因缺乏盈利能力而获得的估值折扣可能会持续一段时间。</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>Is SoFi Stock Worth Buying Or Is It A Sell? It Depends On Revenue Growth And Profitability<blockquote>SoFi 股票值得买入还是值得卖出？这取决于收入增长和盈利能力</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\">\nIs SoFi Stock Worth Buying Or Is It A Sell? It Depends On Revenue Growth And Profitability<blockquote>SoFi 股票值得买入还是值得卖出？这取决于收入增长和盈利能力</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\">2021-10-15 20:27</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>SoFi has been growing rapidly, as evidenced by the significant increase in the company's membership base, the total number of product offerings, and revenue.</li> <li>SoFi's valuations are in the middle of the pack among its peers, and this seems fair given that it is still loss-making notwithstanding its attractive revenue growth prospects.</li> <li>SoFi is a Hold, considering its future prospects in terms of revenue growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi一直在快速增长，公司会员基础、产品供应总数和收入的显着增加就是证明。</li><li>SoFi 的估值在同行中处于中等水平，考虑到尽管其收入增长前景有吸引力，但它仍在亏损，这似乎是公平的。</li><li>考虑到 SoFi 在收入增长和盈利能力方面的未来前景，其评级为持有。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Elevator Pitch</p><p><blockquote>电梯俯仰</blockquote></p><p> I have a Hold or Neutral rating assigned to SoFi Technologies, Inc. (SOFI).</p><p><blockquote>我对 SoFi Technologies, Inc. (SOFI) 给予持有或中性评级。</blockquote></p><p> Based on Wall Street's revenue forecasts and the company's financial targets, SOFI is expected to be able to maintain robust top line expansion (i.e. annual revenue growth in the +30%-60% range) over the next few years, and I see cross-selling as the key driver supporting the company's future growth expectations.</p><p><blockquote>根据华尔街的收入预测和公司的财务目标，SOFI 预计将能够在未来几年保持强劲的营收扩张（即年收入增长在+30%-60%范围内），我认为交叉销售是支持公司未来增长预期的关键驱动力。</blockquote></p><p> SoFi Technologies' forward price-to-sales multiples in the high single-digit to low-teens range appear reasonable. On one hand, the company has the strongest revenue growth potential in its peer group. On the other hand, SOFI is expected to reach profitability by fiscal 2023, while its peers are already in the black.</p><p><blockquote>SoFi Technologies 的远期市销率在高个位数到低十位数范围内似乎是合理的。一方面，公司在同行群体中营收增长潜力最强。另一方面，SOFI 预计将在 2023 财年实现盈利，而其同行已经处于亏损状态。</blockquote></p><p> In conclusion, I think thatSoFi'sstock is neither worth buying nor a strong Sell now, which translates into a Neutral investment rating for the name.</p><p><blockquote>总之，我认为索菲的股票现在既不值得买入，也不值得强力卖出，这意味着该名称的投资评级为中性。</blockquote></p><p> <b>Company Description</b></p><p><blockquote><b>公司简介</b></blockquote></p><p> On its investors' FAQs webpage, SoFi Technologies, Inc refers to itself as a company that \"was founded in April 2011 out of Stanford GSB (Graduate School of Business) with the goal of pioneering MBA peer-to-peer student loan refinancing.\"</p><p><blockquote>在其投资者常见问题解答网页上，SoFi Technologies, Inc 将自己称为一家“于 2011 年 4 月在斯坦福大学 GSB（商学院）成立的公司，目标是开创 MBA 点对点学生贷款再融资”。</blockquote></p><p> SOFI also began providing mortgages and personal loans in 2014 and 2015, respectively. In 2019, SoFi Technologies ventured into financial services with the introduction of SoFi Money (\"cash management account\") and SoFi Invest (\"brokerage account\"). In 2020, SoFi Technologies bought out Galileo Financial Technologies, which it called \"a global payments platform\" that \"enables critical checking and savings account-like functionality via its powerful open APIs (Application Programming Interfaces).\"</p><p><blockquote>SOFI还分别于2014年和2015年开始提供抵押贷款和个人贷款。2019年，SoFi Technologies推出SoFi Money（“现金管理账户”）和SoFi Invest（“经纪账户”），进军金融服务领域。2020 年，SoFi Technologies 收购了 Galileo Financial Technologies，称其为“全球支付平台”，“通过其强大的开放 API（应用程序编程接口）实现关键支票和储蓄账户等功能”。</blockquote></p><p> SOFI's Lending, Technology Platform and Financial Services business segments contributed 73%, 21%, and 6% of the company's revenue, respectively in the first half of 2021.</p><p><blockquote>2021年上半年，SOFI的贷款、技术平台和金融服务业务部门分别贡献了公司收入的73%、21%和6%。</blockquote></p><p> <b>SOFI's Three Business Segments</b></p><p><blockquote><b>SOFI 的三个业务部门</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f8f049f7c677bfec09dfa10c8206759\" tg-width=\"640\" tg-height=\"286\" width=\"100%\" height=\"auto\"><span>Source: SoFi Technologies' Q2 2021 Financial Results Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi Technologies 2021 年第二季度财务业绩演示幻灯片</span></p></blockquote></p><p> <b>Is SoFi Growing?</b></p><p><blockquote><b>SoFi在成长吗？</b></blockquote></p><p> As of June 30, 2021, SoFi Technologies had approximately 2.6 million members and 3.7 million products (lending and financial services). In its Q2 2021 earnings report, SOFI defines members as \"someone who has a lending relationship with us through origination or servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service\".</p><p><blockquote>截至2021年6月30日，SoFi Technologies拥有约260万会员和370万种产品（贷款和金融服务）。在其2021年第二季度收益报告中，SOFI将会员定义为“通过发起或服务与我们建立贷款关系、开设金融服务账户、将外部账户链接到我们的平台或注册我们的信用评分监控服务的人”。</blockquote></p><p> Based on my calculations, SOFI's membership base and product portfolio grew by two-year CAGRs of +84% and +105%, respectively up to the end of the second quarter of this year. SoFi Technologies' total number of accounts for its Technology Platform business segment also more than doubled from 36.0 million as of June 30, 2020 to 78.9 million as of June 30, 2021 following the company's acquisition of Galileo last year, as per its second-quarter earnings report.</p><p><blockquote>根据我的计算，截至今年第二季度末，SOFI 的会员基础和产品组合的两年复合年增长率分别为 +84% 和 +105%。根据第二季度收益报告，SoFi Technologies 去年收购 Galileo 后，其技术平台业务部门的账户总数也增加了一倍多，从截至 2020 年 6 月 30 日的 3600 万个增加到截至 2021 年 6 月 30 日的 7890 万个。</blockquote></p><p> SoFi Technologies' adjusted net revenue, which it calculates as \"total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt\", increased by +74% YoY from $136.3 million in Q2 2020 to $237.2 million in Q2 2021. During the same period, SOFI reversed from an operating loss of -$23.8 million a year ago to register a positive non-GAAP adjusted EBITDA of +$11.2 million in the recent quarter.</p><p><blockquote>SoFi Technologies 的调整后净收入计算为“总净收入，调整后不包括服务权的公允价值变动和分类为债务的剩余权益”，同比增长 +74%2020 年第二季度的 1.363 亿美元至 2.372 亿美元2021 年第二季度。同期，SOFI 从一年前的 -2380 万美元的运营亏损中扭转，最近一个季度的非 GAAP 调整后 EBITDA 为 +1120 万美元。</blockquote></p><p> It is clear that SoFi has been growing very fast.</p><p><blockquote>很明显，SoFi一直在快速发展。</blockquote></p><p> Looking ahead, both the company management and sell-side analysts expect SoFi Technologies' strong revenue growth momentum to be sustained in the next couple of years, as per the two charts presented below.</p><p><blockquote>展望未来，公司管理层和卖方分析师均预计 SoFi Technologies 强劲的收入增长势头将在未来几年内持续，如下图所示。</blockquote></p><p> <b>Company Management's Revenue Growth Expectations</b></p><p><blockquote><b>公司管理层的收入增长预期</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb5eb50b028f4e5e56d9965bab4f8e76\" tg-width=\"640\" tg-height=\"596\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SOFI 2021 年 1 月投资者演示幻灯片</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f51fce29fb44c295bbcf5d1dac2a012e\" tg-width=\"640\" tg-height=\"190\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha's Earnings Page For SOFI</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha 的 SOFI 收益页面</span></p></blockquote></p><p> I attribute the positive growth outlook for SOFI to its key value proposition of making a wide range of financial products and services available on a single platform, which translates to a huge potential for cross-selling.</p><p><blockquote>我将 SOFI 的积极增长前景归功于其关键价值主张，即在单一平台上提供广泛的金融产品和服务，这转化为交叉销售的巨大潜力。</blockquote></p><p> <b>SoFi Technologies' Value Proposition</b></p><p><blockquote><b>SoFi Technologies的价值主张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f4a7797ec8573542b65518e9d3aa8de0\" tg-width=\"640\" tg-height=\"237\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SOFI 2021 年 1 月投资者演示幻灯片</span></p></blockquote></p><p> <b>SoFi Technologies' Integrated Financial Solutions In A Single App</b></p><p><blockquote><b>SoFi Technologies 在单个应用程序中集成金融解决方案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb69af9d4d4ad110793256b6ba63dd85\" tg-width=\"640\" tg-height=\"347\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SOFI 2021 年 1 月投资者演示幻灯片</span></p></blockquote></p><p> As evidence of SoFi Technologies' efforts to drive cross-selling in the past, SOFI's products per member (calculated as total number of products divided by its membership base) increased from 1.14 in Q2 2019 to 1.43 in Q2 2021. At the company's Q2 2021 earnings call, SOFI also highlighted that a tripling of the \"number of financial services products held by SoFi members\" led to \"a 1.7x increase in the number of products that were cross-bought in the quarter versus Q2 2020.\"</p><p><blockquote>作为 SoFi Technologies 过去推动交叉销售努力的证据，SoFi 的每个会员产品（以产品总数除以其会员基数计算）从 2019 年第二季度的 1.14 件增加到 2021 年第二季度的 1.43 件。在该公司 2021 年第二季度财报看涨期权上，SoFi 还强调，“SoFi 会员持有的金融服务产品数量”增加了两倍，导致“与 2020 年第二季度相比，本季度交叉购买的产品数量增加了 1.7 倍。”</blockquote></p><p> More significantly, SoFi has set a target for the Financial Services business segment to account for 32% of the company's total adjusted revenue in fiscal 2025, as compared with the segment's current single-digit revenue contribution. As SoFi Technologies continues to ramp up its current financial services offerings and introduce new products & services over time, the company should be able to realize its ambitious top line expansion targets.</p><p><blockquote>更重要的是，SoFi 为金融服务业务部门设定了目标，即在 2025 财年占公司调整后总收入的 32%，而该部门目前的收入贡献仅为个位数。随着SoFi Technologies继续扩大其当前的金融服务产品，并随着时间的推移推出新产品和服务，该公司应该能够实现其雄心勃勃的营收扩张目标。</blockquote></p><p> <b>Is SoFi Stock Overvalued?</b></p><p><blockquote><b>SoFi 股票是否被高估？</b></blockquote></p><p> SoFi's closing stock price as of June 1, 2021, the first day of its listing, was $22.65, and the company's shares later fell by -40% to an all-time trough of $13.65 during intra-day on trading on August 17, 2021. SOFI's share price subsequently recovered by 39% in the next two months to close at $18.92 as of October 13, 2021.</p><p><blockquote>截至2021年6月1日上市第一天，SoFi的收盘价为22.65美元，该公司股价随后在2021年8月17日的盘中交易中下跌-40%，至13.65美元的历史低点。SOFI 的股价随后在接下来的两个月内回升了 39%，截至 2021 年 10 月 13 日收于 18.92 美元。</blockquote></p><p> Considering the volatility in SoFi Technologies' share price in the four and half months following its listing, it is worth examining SOFI's valuations to see if the stock is either overvalued and undervalued.</p><p><blockquote>考虑到SoFi Technologies上市后四个半月的股价波动，值得研究一下SoFi的估值，看看该股是被高估还是被低估。</blockquote></p><p> <b>SoFi Technologies' Peer Valuation Comparison</b></p><p><blockquote><b>SoFi Technologies 的同行估值比较</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7dea5543afac5a50276efbffdcbd4c81\" tg-width=\"678\" tg-height=\"749\" width=\"100%\" height=\"auto\"><span>Source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：标准普尔资本智商</span></p></blockquote></p><p> As per the peer valuation comparison table above, the various stocks' forward price-to-sales ratios are largely correlated with their respective forecasted revenue growth rates (i.e. the better the revenue growth rates, the higher the valuation multiples), with the exception of SOFI.</p><p><blockquote>根据上述同业估值对比表，各类股票的远期市销率在很大程度上与其各自的预测收入增长率相关（即收入增长率越好，估值倍数越高），但SOFI除外。</blockquote></p><p> SoFi Technologies' revenue growth expectations are the best among its peers, but its price-to-sales valuation is in the middle of the pack. The key issue here is profitability, as SOFI is the only loss-making company in the peer group. Both sell-side analysts and management expect SOFI to only become profitable in fiscal 2023. As such, it is reasonable that the market assigns a discount to SoFi Technologies, given that the company is still in the red.</p><p><blockquote>SoFi Technologies 的收入增长预期是同行中最好的，但其市销率估值处于中等水平。这里的关键问题是盈利能力，因为 SOFI 是同行中唯一一家亏损的公司。卖方分析师和管理层都预计 SOFI 要到 2023 财年才能实现盈利。因此，鉴于 SoFi Technologies 仍处于亏损状态，市场给予该公司折扣是合理的。</blockquote></p><p> I think that SOFI's shares are fairly valued. While the company's revenue growth prospects are excellent, it is not among the cheapest stocks in the sector and it is still unprofitable.</p><p><blockquote>我认为SOFI的股票估值合理。虽然该公司的收入增长前景非常好，但它并不是该行业最便宜的股票之一，而且仍然没有盈利。</blockquote></p><p> <b>Is SOFI Stock A Buy, Sell Or Hold?</b></p><p><blockquote><b>SOFI 股票是买入、卖出还是持有？</b></blockquote></p><p> A Hold rating is what I will assign to SOFI's shares.</p><p><blockquote>我将给予 SOFI 股票持有评级。</blockquote></p><p> I am positive on the company's medium-term revenue outlook, especially in relation to its ability to cross-sell its products to support its future top line expansion. Notably, the revenue contribution of the Financial Services business segment is still very low, now in the single-digit percentage range, suggesting that there is significant room to market its existing offerings more aggressively and launch new products as well.</p><p><blockquote>我对公司的中期收入前景持乐观态度，特别是其交叉销售产品以支持未来营收扩张的能力。值得注意的是，金融服务业务部门的收入贡献仍然非常低，目前处于个位数百分比范围内，这表明其有很大的空间更积极地营销其现有产品并推出新产品。</blockquote></p><p> On the flip side, I am concerned that if there is a significant shift (e.g. higher interest rates) in the current accommodating credit environment going forward, SoFi Technologies might take a longer-than-expected time (i.e. later than FY 2023 as per management guidance and Wall Street's forecasts) to achieve profitability, as a result of potentially more expensive funding and higher-than-expected credit losses. This will imply that the valuation discount assigned to SOFI for its lack of profitability could possibly persist for some time.</p><p><blockquote>另一方面，我担心，如果当前宽松的信贷环境未来发生重大变化（例如利率上升），SoFi Technologies 可能需要比预期更长的时间（即晚于 2023 财年根据管理层指导和华尔街的预测）实现盈利，这是由于潜在的更昂贵的融资和高于预期的信贷损失。这意味着 SOFI 因缺乏盈利能力而获得的估值折扣可能会持续一段时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459896-sofi-stock-worth-buying-or-sell\">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":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/article/4459896-sofi-stock-worth-buying-or-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154140637","content_text":"Summary\n\nSoFi has been growing rapidly, as evidenced by the significant increase in the company's membership base, the total number of product offerings, and revenue.\nSoFi's valuations are in the middle of the pack among its peers, and this seems fair given that it is still loss-making notwithstanding its attractive revenue growth prospects.\nSoFi is a Hold, considering its future prospects in terms of revenue growth and profitability.\n\nipopba/iStock via Getty Images\nElevator Pitch\nI have a Hold or Neutral rating assigned to SoFi Technologies, Inc. (SOFI).\nBased on Wall Street's revenue forecasts and the company's financial targets, SOFI is expected to be able to maintain robust top line expansion (i.e. annual revenue growth in the +30%-60% range) over the next few years, and I see cross-selling as the key driver supporting the company's future growth expectations.\nSoFi Technologies' forward price-to-sales multiples in the high single-digit to low-teens range appear reasonable. On one hand, the company has the strongest revenue growth potential in its peer group. On the other hand, SOFI is expected to reach profitability by fiscal 2023, while its peers are already in the black.\nIn conclusion, I think thatSoFi'sstock is neither worth buying nor a strong Sell now, which translates into a Neutral investment rating for the name.\nCompany Description\nOn its investors' FAQs webpage, SoFi Technologies, Inc refers to itself as a company that \"was founded in April 2011 out of Stanford GSB (Graduate School of Business) with the goal of pioneering MBA peer-to-peer student loan refinancing.\"\nSOFI also began providing mortgages and personal loans in 2014 and 2015, respectively. In 2019, SoFi Technologies ventured into financial services with the introduction of SoFi Money (\"cash management account\") and SoFi Invest (\"brokerage account\"). In 2020, SoFi Technologies bought out Galileo Financial Technologies, which it called \"a global payments platform\" that \"enables critical checking and savings account-like functionality via its powerful open APIs (Application Programming Interfaces).\"\nSOFI's Lending, Technology Platform and Financial Services business segments contributed 73%, 21%, and 6% of the company's revenue, respectively in the first half of 2021.\nSOFI's Three Business Segments\nSource: SoFi Technologies' Q2 2021 Financial Results Presentation Slides\nIs SoFi Growing?\nAs of June 30, 2021, SoFi Technologies had approximately 2.6 million members and 3.7 million products (lending and financial services). In its Q2 2021 earnings report, SOFI defines members as \"someone who has a lending relationship with us through origination or servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service\".\nBased on my calculations, SOFI's membership base and product portfolio grew by two-year CAGRs of +84% and +105%, respectively up to the end of the second quarter of this year. SoFi Technologies' total number of accounts for its Technology Platform business segment also more than doubled from 36.0 million as of June 30, 2020 to 78.9 million as of June 30, 2021 following the company's acquisition of Galileo last year, as per its second-quarter earnings report.\nSoFi Technologies' adjusted net revenue, which it calculates as \"total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt\", increased by +74% YoY from $136.3 million in Q2 2020 to $237.2 million in Q2 2021. During the same period, SOFI reversed from an operating loss of -$23.8 million a year ago to register a positive non-GAAP adjusted EBITDA of +$11.2 million in the recent quarter.\nIt is clear that SoFi has been growing very fast.\nLooking ahead, both the company management and sell-side analysts expect SoFi Technologies' strong revenue growth momentum to be sustained in the next couple of years, as per the two charts presented below.\nCompany Management's Revenue Growth Expectations\nSource: SOFI's January 2021 Investor Presentation Slides\nSource: Seeking Alpha's Earnings Page For SOFI\nI attribute the positive growth outlook for SOFI to its key value proposition of making a wide range of financial products and services available on a single platform, which translates to a huge potential for cross-selling.\nSoFi Technologies' Value Proposition\nSource: SOFI's January 2021 Investor Presentation Slides\nSoFi Technologies' Integrated Financial Solutions In A Single App\nSource: SOFI's January 2021 Investor Presentation Slides\nAs evidence of SoFi Technologies' efforts to drive cross-selling in the past, SOFI's products per member (calculated as total number of products divided by its membership base) increased from 1.14 in Q2 2019 to 1.43 in Q2 2021. At the company's Q2 2021 earnings call, SOFI also highlighted that a tripling of the \"number of financial services products held by SoFi members\" led to \"a 1.7x increase in the number of products that were cross-bought in the quarter versus Q2 2020.\"\nMore significantly, SoFi has set a target for the Financial Services business segment to account for 32% of the company's total adjusted revenue in fiscal 2025, as compared with the segment's current single-digit revenue contribution. As SoFi Technologies continues to ramp up its current financial services offerings and introduce new products & services over time, the company should be able to realize its ambitious top line expansion targets.\nIs SoFi Stock Overvalued?\nSoFi's closing stock price as of June 1, 2021, the first day of its listing, was $22.65, and the company's shares later fell by -40% to an all-time trough of $13.65 during intra-day on trading on August 17, 2021. SOFI's share price subsequently recovered by 39% in the next two months to close at $18.92 as of October 13, 2021.\nConsidering the volatility in SoFi Technologies' share price in the four and half months following its listing, it is worth examining SOFI's valuations to see if the stock is either overvalued and undervalued.\nSoFi Technologies' Peer Valuation Comparison\nSource: S&P Capital IQ\nAs per the peer valuation comparison table above, the various stocks' forward price-to-sales ratios are largely correlated with their respective forecasted revenue growth rates (i.e. the better the revenue growth rates, the higher the valuation multiples), with the exception of SOFI.\nSoFi Technologies' revenue growth expectations are the best among its peers, but its price-to-sales valuation is in the middle of the pack. The key issue here is profitability, as SOFI is the only loss-making company in the peer group. Both sell-side analysts and management expect SOFI to only become profitable in fiscal 2023. As such, it is reasonable that the market assigns a discount to SoFi Technologies, given that the company is still in the red.\nI think that SOFI's shares are fairly valued. While the company's revenue growth prospects are excellent, it is not among the cheapest stocks in the sector and it is still unprofitable.\nIs SOFI Stock A Buy, Sell Or Hold?\nA Hold rating is what I will assign to SOFI's shares.\nI am positive on the company's medium-term revenue outlook, especially in relation to its ability to cross-sell its products to support its future top line expansion. Notably, the revenue contribution of the Financial Services business segment is still very low, now in the single-digit percentage range, suggesting that there is significant room to market its existing offerings more aggressively and launch new products as well.\nOn the flip side, I am concerned that if there is a significant shift (e.g. higher interest rates) in the current accommodating credit environment going forward, SoFi Technologies might take a longer-than-expected time (i.e. later than FY 2023 as per management guidance and Wall Street's forecasts) to achieve profitability, as a result of potentially more expensive funding and higher-than-expected credit losses. This will imply that the valuation discount assigned to SOFI for its lack of profitability could possibly persist for some time.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":2832,"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":13,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/824848818"}
精彩评论