《大行》美銀:拼多多(PDD.US)首季業績遜預期 降目標價至120美元
美銀發表研報指,拼多多(PDD.US)首季收入及盈利均遜預期,令市場感到意外,交易收入按年增速從上季的33%放緩至6%,Non-GAAP淨利潤更按年跌45%,相信是來自高利潤的國內收入減少、Temu持續虧損,以及家電和電子產品補貼輕微增加等影響。憧憬以舊換新補貼政策的不利影響及Temu虧損壓力將在未來幾個季度逐步消退,但美銀亦指出,拼多多承諾為支持平台生態發展及商家幫扶,將在未來三年進行再投資,因此將2025至2026年收入預測下調4%至6%,Non-GAAP淨利潤預測下調20%至25%。
美銀目前預測拼多多今年收入將按年增長9%,Non-GAAP淨利潤料達到991億元人民幣,將目標價從140美元下調至120美元,認為公司正犧牲短期收入及利潤增長,來換取長期生態健康發展,重申「中性」評級。
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