交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 8 月 26 日 | | --- | --- | --- | --- | --- | --- | --- | | 美元 | | 128.21 | 美元 | 150.00↑ | +17.0% | | | 拼多多 (PDD US) | | | | | | | 2 季度利润因利息收益好于预期； 下半年业绩压力较上半年边际好转 2 季度利润好于预期，主因利息收益及营销开支好于预期。广告收入同比增 13%与我们预期一致，佣金收入因全托管业务收缩和商家扶持计划增速进一步 放缓。预计下半年虽然公司仍将保持商家扶持和用户投入力度，商家扶持计 划及国补对公司的影响将边际好转，海外业务所受扰动也弱于 2 季度， 我们 基于2季度业绩好于预期，上调2025年利润预期4%，将估值调整至2026年， 目标价从 135 美元上调至 150 美元，基于 2026 年 11 倍市盈率，维持买入。 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -20% -10% 0% 10% 20% 3 ...

Core Viewpoint - The company reported a revenue growth of 10.2% year-on-year in Q1 2025, but GAAP net profit decreased by 47.3% [3]. Financial Performance - In Q1 2025, the company achieved an operating revenue of 95.672 billion, a year-on-year increase of 10.2%. GAAP net profit was 14.742 billion, down 47.3%, while Non-GAAP net profit was 16.916 billion, down 44.7% [3]. - The comprehensive gross margin for Q1 2025 was 57.2%, a decrease of 5.1 percentage points year-on-year, primarily due to the ongoing expansion of overseas business and investments to maintain platform competitiveness and support merchants [4]. Expense Analysis - In Q1 2025, the sales, management, and R&D expense ratios were 34.9%, 1.7%, and 3.7%, respectively, with year-on-year changes of +7.9, -0.4, and +0.4 percentage points. The significant increase in sales expense ratio was attributed to higher promotional expenditures, while the management expense ratio benefited from overall efficiency improvements [4]. Revenue Breakdown - Online marketing service revenue in Q1 2025 was 48.722 billion, reflecting a year-on-year growth of 15%. Commission revenue was 46.950 billion, with a year-on-year increase of 6% [5]. - The company has implemented measures to support merchants and optimize the platform ecosystem, including the establishment of a "Merchant Rights Protection Committee" and the launch of a "Billion Support" strategy to reduce deposits for various product categories [5].