【券商聚焦】第一上海下调拼多多(PDD)目标价9%至100.78美元予买入评级

凤凰网港股2023-03-24

第一上海发研报指，拼多多去年Q4业绩略低于预期，主因四季度是电商促销旺季，叠加疫后经济重开，以及Temu自22年9月上线以来仍处于早期投放阶段。但拼多多的增长仍优于整体大盘，且盈利水平维持稳健，具有较强的韧性。由于国内电商竞争持续加剧，同时公司快于拓展至跨国家运营，中短期可能影响整体盈利水平。该行下调未来三年收入预测至1,724/2,102/2,505亿元，运营利润355/456/571亿元，EPS28.5/36.0/44.3元。采用DCF估值法，WACC 13.6%，求得目标价100.78美元(原110.82美元)，具备26%的增长空间，买入评级。

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【券商聚焦】第一上海下调拼多多(PDD)目标价9%至100.78美元 予买入评级

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【券商聚焦】第一上海下调拼多多(PDD)目标价9%至100.78美元予买入评级