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《大行報告》招商證券升拼多多(PDD.US)目標價至192美元 延續高速增長傳奇
招商證券發表報告指,拼多多(PDD.US)2023年第四季收入表現勝市場預期11%,而且受惠於國內雙11期間的銷售增長,以及旗下電商子公司TEMU在去年第四季的表現,推動集團在線營銷服務收入及交易服務收入有明顯增長。 該行亦指,雖然集團去年第四季毛利率,按年跌17個百分點。不過與上一季比較則按季持平,維持在61%的水平,符合該行預期。至於集團同期的非通用會計準則(non-GAAP)經營利潤按年增長146%,超出該行預期48%。另外,集團的利息收入亦錄得持續增長,第四季利息收入貢獻約29%的稅前收入增長。招商證券認為以上因素,均有利推動拼多多末季non-GAAP淨利潤按年增長110%,並超出該行預期的52%。 該行料拼多多可延續高速增長傳奇,上調對其今明兩財年收入預測各19%及17%,非GAAP淨利潤預測各25%及20%,以反映強勁的增長態勢以及TEMU好於預期的減虧幅度。預計24/25財年集團收入將按年各增48%及31%,調整後淨利潤按年各增25%及30%。目標價相應由172美元上調至192美元,維持「增持」評級。
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