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格隆匯發佈拼多多4Q24更新報告: Short-Term Pain, Long-Term Play
格隆匯 03-21 15:20
格隆匯中概研究院發佈拼多多(PDD.US) 4Q24更新報告《Short-Term Pain, Long-Term Play》。拼多多在3月20日美股盤前公佈了2024年第四季度業績,總收入錄得152億美元,同比增長24%(低於格隆匯預期155億美元/彭博一致預期159億美元),非美國會計準則下,毛利率和經營利潤率同比下滑3.5/2.4個百分點,非美國會計準則下淨利潤達到41億美元。公司整體季度業績略低於市場預期。主要原因是Temu業務結構變化的影響,以及國內主站爲商家減免傭金和對國內商家的物流補貼。公司海外業務Temu半託管模式是實現積極轉型的有效手段。全託管模式受監管和關稅政策影響較大,轉型半託管是應對上述問題的有效手段,預計2025年Temu半託管GMV佔比有望超過30%。Temu全球用戶數和復購率均保持健康態勢,隨着客單上行、復購提升和企業效能提升,未來Temu有望爲拼多多利潤率改善提供空間。格隆匯預測拼多多1Q25收入143億美元,同比增長20%,2025年全年640億美元,同比增長19%。報告全文可從格隆匯官網及App、彭博終端、S&P Capital IQ、LSEG Refinitiv、FactSet、Morningstar、AlphaSense等渠道獲取。

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