3300亿美元的字节太便宜了

Core Viewpoint - The market is reassessing the valuation logic of ByteDance after resolving the long-standing regulatory issues surrounding TikTok's U.S. operations, suggesting that the current valuation of approximately $330 billion is significantly undervalued compared to its growth potential and market position [1][5]. Valuation and Financial Performance - ByteDance's valuation in the private secondary market is around $330 billion, which is considered "cheap" compared to Meta's $1.6 trillion valuation, despite both companies having similar social media business models and annual revenues nearing $200 billion [1][4]. - ByteDance's revenue growth rate reached 25% in Q2 2025, totaling $48 billion, surpassing Meta's 22% growth rate. If this trend continues, ByteDance's total revenue for 2025 could approach $200 billion [4]. - The price-to-sales ratio for ByteDance is projected to be less than 2 times its expected sales for 2026, while Meta's is around 7 times, indicating a significant valuation discrepancy [4]. AI and Growth Potential - ByteDance is recognized for its leading position in the AI sector, which is driving the expansion of its cloud business and capturing clients from larger competitors like Alibaba [2][5]. - The company is expected to achieve a profit of $50 billion in 2025, reflecting a 51% increase from 2024, despite concerns about profit margins due to heavy investments in AI [10]. Regulatory Developments - The resolution of TikTok's regulatory issues in the U.S. has fundamentally changed the landscape for ByteDance, allowing it to comply with legal requirements and alleviating the threat of a ban [12]. - The sale of 80.1% of its U.S. data security business to a consortium, including Oracle, has restored regulatory certainty, which is expected to encourage advertisers to invest more in TikTok [12][13]. Future Outlook - The key question for investors is how much revenue ByteDance can generate from TikTok after forming a joint venture, which will handle data protection and algorithm security while ByteDance retains advertising and e-commerce operations [15]. - Despite uncertainties regarding revenue sharing and costs, ByteDance's relatively low valuation positions it as a highly attractive candidate for public offerings [16].