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《大行》花旗降拼多多(PDD.US)目標價至152美元 投資回報週期錯配影響短期盈利能力
阿思達克 05-28 11:24
花旗發表報告指,拼多多(PDD.US)投資回報週期錯配影響短期盈利能力。由於其國際平台Temu從全託管模式持續轉向半託管模式,2025年第一季度交易服務收入增長顯著放緩至按年升6%,相較於2024年第四季度的按年升33%大幅放緩。同時,商戶支持投資計劃被計為會計費用,導致投資與回報週期錯配,令本季度及短期內錄得較高的成本和費用,而回報及收入增長可能在未來幾季實現。 2025年第一季度因關稅爭議導致3至5個月庫存提前發貨,加上國家以舊換新計劃的額外補貼,銷售與市場推廣支出按年增長44%,而收入僅按年增長10%,導致經營利潤和淨利潤分別按年下降36%和45%。隨著預測重置及股價下跌超過15%,雖然收入和利潤增長何時正常化仍不確定,但花旗認為逢低買入的機會正在增加。該行維持予拼多多「買入」評級,目標價由165美元降至152美元。 該行下調拼多多2025至27年各年收入預測分別6.3%、8.1%及9.9%,non-GAAP純利預測分別降28%、15.3%及17.4%,以反映持續轉型至半託管平台,持續加大營銷開支,作為對商戶支持的舉措。
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