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《大行報告》招商證券首予拼多多(PDD.US)「增持」評級 目標價172美元
招商證券發表評級報告指,在宏觀逆風下,拼多多(PDD.US)第三季卓越業績表現繼續展示公司的增長潛力,基於低價心智份額及用戶基群穩固、產品結構改善、以及Temu在全球迅速擴張,有潛力在全球範圍內複製拼多多在中國市場的成功。 招商證券表示,展望2024年,拼多多和Temu的低價心智穩固,並且低價模式在當前的宏觀環境中仍有出色表現。該行預計今年第四季、今年全年及明年收入,分別按年增長78%、76%、34%,而調整後淨利潤率則按年增長17%、38%、24%。 該行指,公司明年利潤增速將慢於收入增速,基於利潤率壓力,尤其是來自Temu。該行首予拼多多目標價為172美元,其投資評級為「增持」。(ca/cy) ~
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