《大行》花旗:拼多多(PDD.US)旗下Temu轉型影響交易服務收入增長 下調目標價至152美元
花旗報告指,拼多多(PDD.US)旗下Temu從全託管模式向半託管模式持續轉型,導致交易服務收入增長顯著放緩,今年首季按年僅升6%,相較去年第四季按年升33%。商家支持投資計劃被視作會計費用,導致投資與回報周期不匹配,表明本季度及短期內記錄較高成本及費用,未來數季可能實現回報及收入增長。
該行又指,今年首季因關稅問題引發提前3至5個月庫存發貨,以及與國家以舊換新計劃相關的額外補貼,令拼多多的銷售與市場推廣支出按年升44%,收入僅按年升10%,導致經營溢利及淨利潤分別按年跌36%和45%。
該行指出,隨著拼多多預測調整和股價下跌超過15%,雖然收入和利潤增長何時正常化仍不確定,但該行認為是逢低買入機會,維持「買入」評級,目標價由165美元下調至152美元。
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