《大行報告》大摩升拼多多(PDD.US)目標價至170美元 內地電商首選
大摩發表報告指,拼多多(PDD.US)第三季業績強勁,意味著其國內電子商務業務的市場份額持續擴大,以及跨境電子商務業務Temu增長勢頭強勁,料這些優勢將在今年第四季和明年持續。該行指,拼多多是其中國電子商務領域首選。
大摩預計,Temu的商品成交金額將在第四季達到86億美元,佣金抽成將達到38.5%。因此預測帶動拼多多第四季交易服務收入按年增長321%,總收入按年增長 111%。該行預計,全年總銷售額按年增長30%,非通用會計準則下的淨利潤達到600億元人民幣,意味著非通用會計準則下的淨利潤率為24.7%,去年為30.3%。
大摩將拼多多2023至2025年的盈利預測分別上調21%、16%和12%。目標價由140美元升至170美元,評級「增持」。
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