叮咚买菜（DDL）今日盘中大跌5.67%，引发市场关注。此次下跌主要受到多家券商下调公司业绩预期的影响。
中信证券虽然维持叮咚买菜"买入"评级，但预计公司2025年第一季度Non-GAAP净利润将同比下降14.7%至3,348万元。分析师指出，公司业绩受到农产品价格下行及市场竞争加剧的影响。中金公司则维持叮咚买菜"跑赢行业"评级，但将目标价下调至3美元。中金分析师下调了2025年和2026年的收入和净利润预测，主要原因是公司商品结构调整和客单价下滑。
尽管短期面临挑战，券商仍对叮咚买菜的长期发展持谨慎乐观态度。中信证券看好公司的好商品战略和海外业务协同，认为这将有助于增强其竞争力并拓展利润空间。中金公司则看好公司的商品力建设和B端收入提升，预计2025年non-GAAP净利润为4.0亿元，对应13倍市盈率，上行空间为27%。然而，分析师也提醒投资者注意宏观消费疲软和竞争加剧的风险。
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