拼多多：笼罩TEMU的关税问题短期难以消解

研究报告 Research Report 评级 中性 NEUTRAL 现价 US$122.15 目标价 US$130.00 1mth 3mth 12mth 绝对值 -20.8% -4.1% 14.8% 绝对值（美元） -20.8% -4.1% 14.8% 相对 MSCI China -12.3% -30.2% -5.6% [Table_Profit] Rmb mn Dec-22A Dec-23A Dec-24E Dec-25E Revenue 130,558 247,639 414,070 535,334 Revenue (+/-) 39% 90% 67% 29% Adj. Net profit 39,530 67,899 127,708 155,776 Net profit (+/-) 186% 72% 88% 22% Diluted EPADS (Rmb) 27.51 46.56 86.21 105.15 GPM 75.9% 63.0% 63.6% 65.3% ROE 84.0% 72.2% 50.8% 37.6% P/E 32 19 10 8 资料来源：公司信息, HTI 6 Nov 2024 拼多多 ...