《大行》摩通降拼多多(PDD.US)目標價至105美元 維持「中性」評級
摩根大通發表報告,認為拼多多(PDD.US)今年首季度調整後經營利潤率進一步跌至19%(對比2024年第四季為25%),料其未來邊際利潤將穩定在今年第一季度水平之上,摩通對拼多多維持「中性」評級,目標價從125美元下調至105美元,2025財年預測市盈率維持在12倍。
摩通表示,拼多多今年首季度調整後經營利潤率進一步跌至19%,其管理層將原因歸咎於1)公司響應政府以舊換新政策提供消費者補貼,但拼多多的平台模式無法像京東一樣全盤受益;2)美國當局加徵關稅對Temu營運造成干擾;3)對商家的支持措施,包括4月推出的「三年1000億支持計劃」(含現金支出與資源投入)等。
該行認為,因市場難以對盈利達成共識,拼多多邊際利潤的劇烈下滑將導致股價持續盤整。但相信其邊際利潤將穩定在今年首季度水平之上。
另外,直至美中貿易談判按計劃於8月完成前,摩通認為Temu的財務狀況仍面臨不確定性,且商家支出大多由拼多多自主決策,預計調整後經營利潤率將在今年二季度提升至23%,估計今年全年達24%。
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