$Vivid Seats (SEAT.US)$In the October 2022 inventory, the st...

Launched in 2021, mainly for ticketing services, mainly in the US market, the current price is 6.07.

In the year of listing, revenue shrank sharply, and grew rapidly in the past two years. Operating profit declined sharply in 2020 and reached 77 million in 2021. Net profit shrank 0.7% in 2022 due to falling gross margin and excessive increase in sales and management expenses. Net profit was affected by interest expenses. Interest expenses fell sharply in 2022 and special expenses were drastically reduced. Net profit reached 71 million, but after deducting minority shareholders' income, there was only 29 million yuan left. Interest expenses account for 17% of operating profit in 2022, and the interest burden is still not light. Gross margin increased to 76.6% after listing.

Revenue increased 18.2 in the first 3 quarters of 2023, operating profit increased by 34.8% due to a decrease in the share of expenses, and net profit increased 0.84 times to 85 million due to income tax rebates, but only 50 million was left after deducting minority shareholders' income.

Currently, the price-earnings ratio is 16.9, and the price-earnings ratio is TTM 10.8. Considering that the actual price-earnings ratio of minority shareholders' earnings should be 28.3, you can observe a few more quarters before making a judgment.