$SE · The Motley Fool · 2026-10-29
看好Sea Limited这门生意：收入增长在加速（第一季度47%，第二季度48%），2026年上半年真实净利润接近10亿，远期市盈率22倍、自由现金流约10倍，且不受AI资本开支影响，因为它没有自建数据中心，AI用于内部而非对外销售。游戏是更难做的生意，代理式购物可能削弱Shopee与终端用户的联系；说话者目前尚未持股。
逐段跳播
好，我想谈谈你的第一只股票。是Sea Limited。对，Sea Limited。这是一家来自新加坡的500亿美元公司。它有三块业务。第一，他们有Shopee，这是他们的电商业务。
他们拥有SeaMoney，这是一项金融服务业务。然后他们有Garena，这是一项视频游戏业务。
Okay, I want to talk about your first stock. It is Sea Limited . Yes, Sea Limited. This is a $ 50 billion company from Singapore. It has three branches. First, they have Shopee, which is their e-commerce business .
They own SeaMoney, which is a financial services business. Then they have Garena, which is a video game business.
这是一家非常大的公司，但它的营收增长却在加速。所以，第一季度增长47%，第二季度增长48%。如果你看预期增长。管理层只预期电商交易额增长，但预计全年交易额增长约25%。这与上半年非常相似。
这仍然是显著的增长速度。这还没有考虑公司另外两块业务，它们的增长略快一些。
This is a very large company, yet its revenue growth is accelerating . So, growth of 47% in the first quarter, and growth of 48% in the second quarter. If you look at the expected growth.
The administration only anticipates growth in e-commerce volume, but it expects volume growth of about 25% for the entire year. This is very similar to the first half of the year.
This is still a remarkable growth rate. It does not take into account the company’s other two branches, which are growing a little faster .
该股目前的交易价格仅为预期市盈率的22倍。所以，一家增长迅猛、盈利能力极强、2026年上半年净利润接近10亿美元的公司，不是调整后利润。这是真正的净利润。而且这里的估值是合理的。
The stock is trading at just 22 times forward earnings. So, a company with tremendous growth, extremely profitable, with net income approaching one billion in the first half of 2026, not adjusted earnings.
This is true net income. And a reasonable assessment here.
所以，Sea Limited是我最初就喜欢其业务的一家公司。我认为它在增长、利润和估值方面是一个很好的组合，但我也认为，正如我们稍后会谈到的，它不受人工智能影响。
So, Sea Limited is a company I liked as a business initially. I think it's a great mix of growth, profit and valuation, but I also think, as we'll talk about shortly, that it's insulated from the impact of artificial intelligence.
是的，我喜欢这个评级；它确实很有说服力。我总是对那些我无法真正接触其产品的公司感到困难。但是，我认为你谈论的市场非常有吸引力。我之前展示了一个营收增长率；这是一个非凡的营收增长率。如你所知，他们似乎已经建立了良好的声誉。
Yes, I like the rating; it's really convincing. I always have difficulty with these companies whose products I can't really interact with. But, you know, I think the markets you're talking about are very attractive.
I have shown a revenue growth rate earlier; it is an exceptional revenue growth rate. As you know, they seem to have built a good reputation.
游戏活动是我会思考的事情之一。这适用于所有那些游戏公司。我认为这已经成为一项困难得多的活动。然而，该股目前的交易价格约为其自由现金流的10倍，这是一个非常有吸引力的估值。对他们来说，人工智能的故事是什么，或者没有故事？
Gaming activity is one of the things I wonder about. This kind of applies to all those gaming companies . I think this has become a much more difficult activity . However, the stock is currently trading at around 10 times its free cash flow , which is a very compelling valuation .
What is the story of artificial intelligence for them, or the lack of a story?
嗯，你提到自由现金流这个话题很有意思，因为这是我想指出的事情之一。这不是一家将资本支出投资于建设AI基础设施的公司。它没有数据中心。她根本没有试图参与这个游戏。事实上，它甚至没有物流仓库。
他们从其他公司租用。因此，在这方面，这被认为是一项低资本资产业务。而说到自由现金流，是的，它非常强劲，因为它在资本支出上投入不多。
Well, it's interesting that you brought up the topic of free cash flow , because that's one of the things I wanted to point out. This is not a company that invests its capital expenditures in building AI infrastructure.
It does not have data centers. She is not trying to participate in this game at all. In fact, it doesn't even have logistics warehouses. They rent them from other companies. Therefore, this is considered a low-capital asset business in this respect.
And when it comes to free cash flow, yes, it is very strong because it does not invest much in capital expenditures.
或者，如果你想一想，她只是利用人工智能来改善自己的业务。她不用它向客户销售人工智能。因此，人工智能不是待售产品。相反，它是你在内部用来让事情变得更好的东西。
Or, if you think about it , she's simply using artificial intelligence to improve her own business. She does not use it to sell artificial intelligence to her clients. Therefore, artificial intelligence is not a product for sale.
Rather, it is what you use internally to make things better.
所以，你可以利用的一件事是，它正在增长其广告业务。我们之前在其他视频中提到，人工智能可以改善数字广告，因为它可以更好、更高效地利用可用库存。以确保它触达合适的人。这可能导致更高的价格。
因此，它在运营中使用人工智能，但并不销售它。这是这里的积极点之一。
So, one of the things you have available is the fact that it is growing its advertising business. We have previously mentioned in other videos that artificial intelligence can improve digital advertising because it can use available inventory better and more efficiently.
To ensure it reaches the right people. This could lead to higher prices. Therefore, it uses artificial intelligence in its operations, but it does not sell it. This is one of the positive points here.
因此，Sea Limited在我的关注名单上。我还没有持有它的任何股份。
Therefore, Sea Limited is on my watch list. I don't own any shares in it yet.
是的，在我之前对C Limited的思考中，是的，在AI基础设施支出方面，它某种程度上是无风险的，但就AI本身而言，它面临一些风险。特别是，Shopee业务中通过代理购物规模巨大，如果代理是与平台互动的一方，他们会寻找最低价格。
这符合公司的最佳利益，但这也将Shop，或者更确切地说，C Limited，与最终用户隔离开来，这可能给其金融部门和广告业务带来复杂问题。因此，它并非完全不受人工智能风险的影响。
Yes, in my previous thought about C Limited, yes, it is somewhat risk-free when it comes to spending on AI infrastructure, but with regard to AI itself, it is exposed to some risks.
In particular, shopping through agents in the Shoppe business is huge, and if agents are the ones interacting with the platform, they are looking for the lowest price. This is in the company's best interest, but it also separates Shop, or rather, C Limited, from the end user, and this could cause complications for its financial arm and advertising business.
Therefore, it is not entirely immune to the risks of artificial intelligence.