研報掘金|招商證券:上調拼多多目標價至211美元 維持“增持”評級
招商證券發表報吿指,拼多多首季收入按年增長131%,超預期13%;佣金收入按年增長 327%,得益於Temu的亮麗的增長。non-GAAP經營利潤率達歷史新高的33%,受益於Temu虧損收窄及國內業務持續改善的推動,整體推動non-GAAP淨利潤按年增長約202%,遠超預期。
該行上調拼多多2024至2026財年收入預測11至13%,上調non-GAAP淨利潤預測53至61%,反映強勁的增長態勢以及Temu好於預期的減虧幅度;預計2024和2025財年集團收入將按年增長65%和32%,調整後淨利潤率按年增長91%和37%。基於10倍拼多多主站業務的目標市盈率和3倍Temu目標市銷率,目標價從192美元上調至211美元,維持“增持”評級。
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