拼多多2024Q3财报点评:公司加大商户佣金减免 受竞争影响未来利润承压

国信证券
22 Nov 2024

营收:本季度公司营业收入994 亿元,同比增长44%,其中广告营销收入490 亿元,yoy +29%;支付通道收入500 亿元,yoy +72%,环比看广告和支付通道收入增速均有下降。分拆看,广告收入为主站广告营销收入,据我们测算,Q3 公司主站GMV 增速为20%左右,广告与GMV 增速GAP同环比均收窄,仍保持货币化率提升趋势;支付通道收入包含主站佣金、多多买菜与TEMU 收入,本季度支付通道...

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