從去年十一月開始，東南亞的科技巨頭 SEA 冬海集團 (股票代碼: SE)，股價就出現了一路崩跌的走勢，對比去年的股價高峰，現在的股價已經不到三分之一，再加上前一陣子，印度傳出要封禁 SEA 旗下的熱門遊戲 Free Fire，更讓這間公司雪上加霜，慘上加慘。而這樣的狀況，也讓很多人開始懷疑這家東南亞科技產業龍頭，到底未來有沒有如之前想像的那樣光明。而就在這個月初，SEA 也正式發表了其去年第四季的財報，雖然營收與獲利都超過分析師的預期，但對於新的 2022 年的指引，在遊戲事業方面，對比去年調降了相當多，也讓市場上出現了相當負面的情緒。究竟 SEA 的狀況到底如何，我們該怎麼理解這間公司呢？就讓本期的科技巨頭解碼，帶領大家一起來一探究竟。
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營收與獲利
在 2021 第四季，SEA 的營收，來到了 32.2 億美元，對比前年同期，成長了 105.7%。而在毛利方面，則是來到了 13.1 億美元，年成長率為 145.6%，毛利率 Gross Margin 為 40.7%。
在營業利益方面，這一季 SEA 的 Operating Income 來到了 -4.42 億美元，仍然為虧損的狀態，但虧損金額較上一季略微縮窄。在淨利方面，SEA 本季的淨利為虧損 6.16 億美元，每股的 EPS 來到 -0.88 美元。
整體而言，SEA 在去年第四季的表現，大致上是符合外界的預期，營收持續維持非常漂亮的成長，但投資在公司業務成長的費用也毫不軟手繼續加碼，整間公司仍然處於以燒錢追求成長的階段。
在現金流方面，SEA 去年第四季的營運現金流為負的3億美元，期末現金仍有 108 億美元，雖然公司仍處於燒錢成長階段，但現金水位無疑的是非常充足的。AA