核心观点:本季度公司广告收入因外卖分流叠加惠商政策加码影响,导致take rate下降增速略低于预期,但随着友商外卖竞争趋缓及国补影响消退预计Q4 将迎来改善。Temu 及团购业务延续Q2 向好趋势,收入进入健康增长趋势,减亏节奏有望加快。三大主业均处于改善趋势中,我们对应调整2025-2027 年收入及利润预测并上调目标价至179.21 美元,维持“买入”评级。主站广告收入略降速,改善趋势不变。...
Source Link核心观点:本季度公司广告收入因外卖分流叠加惠商政策加码影响,导致take rate下降增速略低于预期,但随着友商外卖竞争趋缓及国补影响消退预计Q4 将迎来改善。Temu 及团购业务延续Q2 向好趋势,收入进入健康增长趋势,减亏节奏有望加快。三大主业均处于改善趋势中,我们对应调整2025-2027 年收入及利润预测并上调目标价至179.21 美元,维持“买入”评级。主站广告收入略降速,改善趋势不变。...
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