《大行》建銀國際降拼多多(PDD.US)目標價至135美元 首季業績遜預期
建銀國際發表報告,維持拼多多(PDD.US)「跑贏大市」評級,目標價由145美元降至135美元,相當預測明年市盈率12倍。該行指,拼多多2025年一季業績不及預期,主因交易服務收入驟降及銷售行銷費用激增,達到傳統旺季水平。在業績會上,管理層強調在承壓環境中將聚焦商家支援與生態建設。
該行認為,為增強競爭優勢的投入雖影響短期盈利,但能打造更具成本效益的供應鏈,強化用戶「高性價比」心智,長期價值顯著。
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