拼多多:虽然风险上升 机会仍大于风险 维持“买入”评级

浦银国际
22 Nov 2024

收入利润皆不及市场预期:3Q24 收入994 亿元,低于市场预期3.4%,同比增长44%;调整后净利润为275 亿元,同比增61%,低于市场预期6%。3Q24 调整后净利率27.6%,2Q24 为35.3%,3Q23 为24.7%。收入增速放缓,利润率环比下滑:3Q24 整体收入同比增长44%(2Q24为86%),增速大幅放缓,其中广告收入同比增24%(2Q24 为29%),与市场预期一致,我们...

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