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《大行報告》中信證券升拼多多(PDD.US)目標價至161美元 業績再超預期
中信證券發表報告指出,拼多多(PDD.US)第三季實現營收按年增長94%至688億元人民幣,非通用會計準則(Non-GAAP)淨利潤按年增長36.8%至170億元人民幣,收入與利潤大幅超出市場預期,展現出強勁的增長勢能與盈利能力。期內,主站商品交易額(GMV)與貨幣化持續增長,費用端大幅改善;Temu高速擴張,虧損率控制得當。 該行預期,拼多多國內主站業務盈利爲公司估值帶來穩定支持,跨境業務迅速增長有望拉動估值潛力,上調對公司目標價至161美元,維持「買入」評級。另調整公司2023至2025年營收預測,由原預期的2,069億、2,730億及3,355億元人民幣,上調至2,361億、3,232億及3,967億元人民幣,經調整Non-GAAP淨利潤預測上調至615億、918億及1,143億元人民幣,原預期爲527億、725億及862億元人民幣。
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