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《大行》高盛:拼多多(PDD.US)承諾再投資將令EBIT利潤率回落 降目標價至131美元
阿思達克 05-28 10:49
高盛發表研究報告,將拼多多(PDD.US)2025至2027年經調整淨利潤預測下調24%、13%及8%,以公司承諾將就用戶體驗及商家幫扶進行再投資,從而推動平臺生態系統更健康發展,目標價從152美元下調至131美元,預測拼多多國內平臺EBIT利潤率將從2024財年的64%大幅下降至2026財年的49%。 但高盛亦預期拼多多的海外電商業務Temu盈利可持續改善,相信2025財年虧損可收窄,至2026財年料實現盈利,目前預測拼多多今明兩年整體經調整淨利潤將達到960億及1,400億元人民幣,並認爲隨着2025 年下半年利潤高基數影響減少,估值或存在重估空間,維持「買入」評級。
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