拼多多:收入利润均低于预期 投入增加导致盈利能力有所下滑

东吴证券
Nov 27, 2024

投资要点营收利润不及市场预期,货币化能力继续提升。2024Q3,拼多多实现营收993.5 亿元,yoy+44%,qoq+2%,低于彭博一致预期1028.34 亿元;Non-GAAP 归母净利润为人民币274.59 亿元,yoy+61%,qoq-20%,低于彭博一致预期292.07 亿元。营收维持高速增长,加码平台生态投资。公司广告收入493.51 亿元,yoy+24%,qoq+0%,符合市场预期...

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