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《大行》招商證券國際:升拼多多(PDD.US)目標價至147美元 料下半年盈利重新加速增長
阿思達克 08-27 14:20
招商證券國際研究報告指出,拼多多(PDD.US)今年二季度集團收入按年增長7%,符合預期,None-GAAP營業利潤、淨利潤分別超出市場預期28%、47%,主要得益於銷售及營銷費用控制改善以及更高的利息收入。該行認為,國內盈利在今年下半年有望延續復甦趨勢,受益於較低的按年基數,抽傭率趨穩及成本控制;維持「增持」評級,目標價由136美元上調至147美元,對應26財年11.8倍市盈率。 展望未來,該行預計拼多多國內收入將保持低兩位數增長,同時國內盈利在今年下半年實現全面復甦的趨勢不變,預計2025年三季度、四季度分別按年增長1%、8%。 對於TEMU,該行繼續看好其虧損收窄趨勢,受益於半託管模式滲透加速及POP商家增加,預計今年TEMU商品交易總額(GMV)將達到 670億美元,營業利潤率、GMV比率為跌5.5%。
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