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《大行報告》中金:拼多多(PDD.US)上季非通用會計準則淨利超預期 主站貨幣化率歷史新高
阿思達克 03-21 14:43
中金發表報告指,拼多多(PDD.US)上季收入按年增長123%至889億元人民幣,高過市場預期11%,交易服務和廣告收入均大超市場預期。非通用會計準則淨利潤255億元人民幣,高過市場預期52%,主要得益於貨幣化率提升帶來經營槓桿改善。 中金認為拼多多國內價格優勢來自流量分配機制、營運效率和規模效應,在各電商平台的流量機制調整和營運效率改善無實質性進展前,拼多多面臨的競爭風險可控。同時判斷Temu今年重點投入方向將從北美轉向歐洲、中東、日韓和拉美,北美區域有望在客單價上行、獲客放緩和半托管模式變化的共同影響下大幅減虧,預測Temu今年虧損25億美元,疊加國內經營槓桿改善,拼多多今年non-GAAP淨利潤 1,059億元人民幣。 中金上調對拼多多今明兩年收入預測各15%和 2%至3,927億元和4,984億元人民幣,主要得益於拼多多國內海外貨幣化率提升,上調今明兩年非通用準則淨利潤各25%和15%至1,059億元和1,523億元人民幣,主要得益於經營槓桿改善和Temu持續減虧。升目標價9%至187美元,維持「跑贏行業」評級。
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