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hi牛牛
hi牛牛
·
01-15
赞👍
TikTok准备周日在美国立即关闭:用户将无法访问,即使已下载
TikTok计划根据一项预计将生效的禁令,于周日关闭其应用程序,而不是让已经下载该应用程序的人继续使用。通过这样做,TikTok将立即向所有用户传达禁令的影响。TikTok已向最高法院提起上诉,要求以第一修正案为由推翻该法律,目前正在等待裁决。TikTok没有立即回应置评请求。如果字节跳动出售TikTok的美国业务,该禁令将被解除。这意味着TikTok的买家可以恢复该应用程序。
TikTok准备周日在美国立即关闭:用户将无法访问,即使已下载
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hi牛牛
hi牛牛
·
2024-12-09
$极氪(ZK)$
加油极氪加油
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hi牛牛
hi牛牛
·
2024-01-29
$特斯拉(TSLA)$
280 280 28” 280
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1
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hi牛牛
hi牛牛
·
2023-09-13
$苹果(AAPL)$
确实创新乏力,但对手太弱。
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hi牛牛
hi牛牛
·
2023-09-12
$苹果(AAPL)$
滴滴答答滴滴答答断断续续
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1
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hi牛牛
hi牛牛
·
2023-07-03
$特斯拉(TSLA)$
今天发生了什么?
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1
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3
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hi牛牛
hi牛牛
·
2023-06-15
$C3.ai, Inc.(AI)$
1 111111111111111
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1
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hi牛牛
hi牛牛
·
2022-03-14
$阿里巴巴(BABA)$
兄弟们改变人生的时刻到了
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hi牛牛
hi牛牛
·
2022-03-14
$拼多多(PDD)$
兄弟们,改变人生的时刻到了
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hi牛牛
hi牛牛
·
2021-11-26
刚好说反了
拼多多财报前瞻:Q3营收有望大增,但盈利或难持续?
$拼多多$将于本周五美股盘前公布2021年第三季度财报。市场预期拼多多2021第三季度营业收入265亿元,同比上升87%;预期净利润为-5.18亿元。2021年第二季度,拼多多总营收为230.5亿元,同比增长89%,相比较前两个季度的高增长有所放缓。归属于拼多多普通股股东的净利润为24.146亿元,而上年同期净亏损人民币8.993亿元,利润率达10.5%。根据中信证券观点,预计拼多多将在2021Q3单季GMV和营收分别同比增长48%、106%,Non-GAAP净利润-4亿元,净利率-1.4%。
拼多多财报前瞻:Q3营收有望大增,但盈利或难持续?
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14:49","market":"hk","language":"zh","title":"TikTok准备周日在美国立即关闭:用户将无法访问,即使已下载","url":"https://stock-news.laohu8.com/highlight/detail?id=1185519650","media":"鞭牛士","summary":"TikTok计划根据一项预计将生效的禁令,于周日关闭其应用程序,而不是让已经下载该应用程序的人继续使用。通过这样做,TikTok将立即向所有用户传达禁令的影响。TikTok已向最高法院提起上诉,要求以第一修正案为由推翻该法律,目前正在等待裁决。TikTok没有立即回应置评请求。如果字节跳动出售TikTok的美国业务,该禁令将被解除。这意味着TikTok的买家可以恢复该应用程序。","content":"<html><head></head><body><p>1月15日消息,据 The Information 报道,据两位熟悉TikTok计划的人士透露,TikTok计划在周日关闭其面向美国用户的应用程序,当天美国联邦法律将禁止该应用程序,除非最高法院介入阻止该禁令。</p><p style=\"text-align: start;\">突然关闭该应用程序,而不是允许已经下载过它的人继续使用它,将使TikTok的所有用户感受到禁令的影响。</p><p style=\"text-align: start;\">其中一位知情人士表示,根据该计划,试图打开TikTok应用程序的人将看到一条弹出消息,将他们引导到一个包含有关禁令信息的网站。</p><p style=\"text-align: start;\">该人士表示,TikTok计划让用户可以选择下载所有数据,这样他们就可以随身携带个人信息记录。</p><p style=\"text-align: start;\">TikTok计划根据一项预计将生效的禁令,于周日关闭其应用程序,而不是让已经下载该应用程序的人继续使用。通过这样做,TikTok将立即向所有用户传达禁令的影响。</p><p style=\"text-align: start;\">根据去年通过的一项法律,TikTok将于1月19日在美国被禁止,除非它与中国母公司字节跳动断绝关系。TikTok已向最高法院提起上诉,要求以第一修正案为由推翻该法律,目前正在等待裁决。但上周五最高法院法官在案件口头辩论中提出的问题表明,法院可能会支持该法律。</p><p style=\"text-align: start;\">法律没有要求TikTok关闭该应用程序。相反,法律要求苹果和谷歌等应用商店运营商停止提供TikTok下载。它还要求TikTok的云提供商甲骨文停止托管该应用程序的美国用户数据。</p><p style=\"text-align: start;\">该应用程序预计将在禁令日期之后继续运行,直到苹果或谷歌的软件更新开始造成问题。在这种情况下,禁令的直接影响将仅限于阻止新用户下载该应用程序。</p><p style=\"text-align: start;\">相比之下,主动关闭应用程序可以确保TikTok的所有用户都会立即受到影响。</p><p style=\"text-align: start;\">TikTok没有立即回应置评请求。</p><p style=\"text-align: start;\">TikTok的计划有助于解释代表TikTok的律师诺埃尔·弗朗西斯科在周五最高法院听证会上的评论,当时他说,如果法院不干预以阻止法律生效,该应用程序将变黑。</p><p style=\"text-align: start;\">据The Verge报道,TikTok在周二发给员工的一封电子邮件中表示,该公司正在为各种情况做计划,对于美国的员工来说,「你的就业、薪酬和福利是安全的,我们的办公室将继续开放,即使这种情况在1月19日截止日期之前没有得到解决。」</p><p style=\"text-align: start;\">随着禁令日期的临近,关于字节跳动将如何回应的猜测越来越多,包括该公司是否会放弃不同意出售TikTok的立场。</p><p style=\"text-align: start;\">更不确定的是,唐纳德·特朗普将于周一,即禁令生效后的第二天,开始他的第二个总统任期。特朗普表示,他反对禁令,部分原因是他不想看到Instagram所有者Meta Platforms的加强。如果用户开始抱怨,他可能比现任政府更倾向于采取行动帮助恢复TikTok。</p><p style=\"text-align: start;\">如果字节跳动出售TikTok的美国业务,该禁令将被解除。这意味着TikTok的买家可以恢复该应用程序。</p></body></html>","source":"bns","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TikTok准备周日在美国立即关闭:用户将无法访问,即使已下载</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTikTok准备周日在美国立即关闭:用户将无法访问,即使已下载\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-01-15 14:49 北京时间 <a href=http://www.bianews.com/news/details?id=203829><strong>鞭牛士</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1月15日消息,据 The Information 报道,据两位熟悉TikTok计划的人士透露,TikTok计划在周日关闭其面向美国用户的应用程序,当天美国联邦法律将禁止该应用程序,除非最高法院介入阻止该禁令。突然关闭该应用程序,而不是允许已经下载过它的人继续使用它,将使TikTok的所有用户感受到禁令的影响。其中一位知情人士表示,根据该计划,试图打开TikTok应用程序的人将看到一条弹出消息,将...</p>\n\n<a href=\"http://www.bianews.com/news/details?id=203829\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd6691d93fce81924136b11b4784093c","relate_stocks":{},"source_url":"http://www.bianews.com/news/details?id=203829","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185519650","content_text":"1月15日消息,据 The Information 报道,据两位熟悉TikTok计划的人士透露,TikTok计划在周日关闭其面向美国用户的应用程序,当天美国联邦法律将禁止该应用程序,除非最高法院介入阻止该禁令。突然关闭该应用程序,而不是允许已经下载过它的人继续使用它,将使TikTok的所有用户感受到禁令的影响。其中一位知情人士表示,根据该计划,试图打开TikTok应用程序的人将看到一条弹出消息,将他们引导到一个包含有关禁令信息的网站。该人士表示,TikTok计划让用户可以选择下载所有数据,这样他们就可以随身携带个人信息记录。TikTok计划根据一项预计将生效的禁令,于周日关闭其应用程序,而不是让已经下载该应用程序的人继续使用。通过这样做,TikTok将立即向所有用户传达禁令的影响。根据去年通过的一项法律,TikTok将于1月19日在美国被禁止,除非它与中国母公司字节跳动断绝关系。TikTok已向最高法院提起上诉,要求以第一修正案为由推翻该法律,目前正在等待裁决。但上周五最高法院法官在案件口头辩论中提出的问题表明,法院可能会支持该法律。法律没有要求TikTok关闭该应用程序。相反,法律要求苹果和谷歌等应用商店运营商停止提供TikTok下载。它还要求TikTok的云提供商甲骨文停止托管该应用程序的美国用户数据。该应用程序预计将在禁令日期之后继续运行,直到苹果或谷歌的软件更新开始造成问题。在这种情况下,禁令的直接影响将仅限于阻止新用户下载该应用程序。相比之下,主动关闭应用程序可以确保TikTok的所有用户都会立即受到影响。TikTok没有立即回应置评请求。TikTok的计划有助于解释代表TikTok的律师诺埃尔·弗朗西斯科在周五最高法院听证会上的评论,当时他说,如果法院不干预以阻止法律生效,该应用程序将变黑。据The Verge报道,TikTok在周二发给员工的一封电子邮件中表示,该公司正在为各种情况做计划,对于美国的员工来说,「你的就业、薪酬和福利是安全的,我们的办公室将继续开放,即使这种情况在1月19日截止日期之前没有得到解决。」随着禁令日期的临近,关于字节跳动将如何回应的猜测越来越多,包括该公司是否会放弃不同意出售TikTok的立场。更不确定的是,唐纳德·特朗普将于周一,即禁令生效后的第二天,开始他的第二个总统任期。特朗普表示,他反对禁令,部分原因是他不想看到Instagram所有者Meta Platforms的加强。如果用户开始抱怨,他可能比现任政府更倾向于采取行动帮助恢复TikTok。如果字节跳动出售TikTok的美国业务,该禁令将被解除。这意味着TikTok的买家可以恢复该应用程序。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":379702301413800,"gmtCreate":1733734909515,"gmtModify":1733734910977,"author":{"id":"3457153395355303","authorId":"3457153395355303","name":"hi牛牛","avatar":"https://static.laohu8.com/01d4e0d87a91bd33c1b334dba6504146","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457153395355303","idStr":"3457153395355303"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZK\">$极氪(ZK)$ </a><v-v data-views=\"1\"></v-v> 加油极氪加油","listText":"<a href=\"https://laohu8.com/S/ZK\">$极氪(ZK)$ </a><v-v data-views=\"1\"></v-v> 加油极氪加油","text":"$极氪(ZK)$ 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111111111111111","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187648622776352","isVote":1,"tweetType":1,"viewCount":1470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":635757475,"gmtCreate":1647261336458,"gmtModify":1647261336458,"author":{"id":"3457153395355303","authorId":"3457153395355303","name":"hi牛牛","avatar":"https://static.laohu8.com/01d4e0d87a91bd33c1b334dba6504146","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457153395355303","idStr":"3457153395355303"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>兄弟们改变人生的时刻到了","listText":"<a 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href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>兄弟们,改变人生的时刻到了","text":"$拼多多(PDD)$兄弟们,改变人生的时刻到了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/635757252","isVote":1,"tweetType":1,"viewCount":5363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877644114,"gmtCreate":1637930065190,"gmtModify":1637930065190,"author":{"id":"3457153395355303","authorId":"3457153395355303","name":"hi牛牛","avatar":"https://static.laohu8.com/01d4e0d87a91bd33c1b334dba6504146","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457153395355303","idStr":"3457153395355303"},"themes":[],"htmlText":"刚好说反了","listText":"刚好说反了","text":"刚好说反了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877644114","repostId":"1166274928","repostType":2,"repost":{"id":"1166274928","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637638606,"share":"https://www.laohu8.com/m/news/1166274928?lang=&edition=full","pubTime":"2021-11-23 11:36","market":"us","language":"zh","title":"拼多多财报前瞻:Q3营收有望大增,但盈利或难持续?","url":"https://stock-news.laohu8.com/highlight/detail?id=1166274928","media":"老虎资讯综合","summary":"$拼多多$将于本周五美股盘前公布2021年第三季度财报。市场预期拼多多2021第三季度营业收入265亿元,同比上升87%;预期净利润为-5.18亿元。2021年第二季度,拼多多总营收为230.5亿元,同比增长89%,相比较前两个季度的高增长有所放缓。归属于拼多多普通股股东的净利润为24.146亿元,而上年同期净亏损人民币8.993亿元,利润率达10.5%。根据中信证券观点,预计拼多多将在2021Q3单季GMV和营收分别同比增长48%、106%,Non-GAAP净利润-4亿元,净利率-1.4%。","content":"<p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>将于本周五(11月26日)美股盘前公布2021年第三季度财报。市场预期拼多多2021第三季度营业收入265亿元,同比上升87%;预期净利润为-5.18亿元。</p>\n<p><b>上季度财报回顾</b></p>\n<p>2021年第二季度,拼多多总营收为230.5亿元,同比增长89%,相比较前两个季度的高增长有所放缓。归属于拼多多普通股股东的净利润为24.146亿元,而上年同期净亏损人民币8.993亿元,利润率达10.5%。</p>\n<p><b>三季报有哪些方面值得关注?</b></p>\n<p>三季度整体消费需求偏弱,但考虑到拼多多满足性价比、刚性需求为主,用户、商品供给仍处于健康增长期,预计21Q3仍能保持较快的规模增长。而社区团购业务(多多买菜)方面,预计21Q3单季经营利润为-36.3亿元,经营利润率为-15.3%。</p>\n<p><b>一、预计营收有望翻倍,消费疲软不改成长大势</b></p>\n<p>根据中信证券观点,预计拼多多将在2021Q3单季GMV和营收分别同比增长48%、106%,Non-GAAP净利润-4亿元,净利率-1.4%。</p>\n<p><img src=\"https://static.tigerbbs.com/e567a620da75e1899e4090104b7943a5\" tg-width=\"860\" tg-height=\"378\" referrerpolicy=\"no-referrer\">来源:中信证券</p>\n<p>电商行业再入投入期,短期内卷不可避免,但公司品牌供应扩容、多多买菜两大成长路径清晰,底层机制带来的渠道效率优势明显,长期仍是电商赛道最具竞争力的玩家。</p>\n<p>三季度整体消费需求偏弱,实物商品网上零售额同比仅增8.8%(vs21Q2同比+13.3%),规模以上快递业务量同比+23.0%(vs21Q2同比+28.6%)。但考虑到拼多多满足性价比、刚性需求为主,用户、商品供给仍处于健康增长期,预计21Q3仍能保持较快的规模增长,预计单季GMV和营收分别同比增长48%、106%。</p>\n<p><b>二、3P核心业务带动营销,多多买菜稳健增长</b></p>\n<p>分业务来看,首先是拼多多的3P核心业务。根据中信证券预计,拼多多2021年Q3单季GMV有望达6176亿元,同比增长40.9%,广告位量价齐升驱动下预计广告货币化率同比上升0.3%,带动在线营销收入同比增长55.3%至200亿元。中信预计拼多多主站营销费用投放亦将延续Q2的谨慎态势,多多买菜进一步优化UE模型,预计单季Non-GAAP净利润为-4.0亿元。</p>\n<p>同时预计Q3拼多多仍将延续ROI(投资回报率)优先的营销投放原则,预计3P核心主业单季Non-GAAP OP(经营利润)为30亿元,对应OPM(经营利润率)预计将达13.7%。</p>\n<p><img src=\"https://static.tigerbbs.com/7b4c8442f7df3c4b1016d975be0d3bfb\" tg-width=\"860\" tg-height=\"577\" referrerpolicy=\"no-referrer\">来源:公司财报</p>\n<p>而多多买菜方面,预计其单季GMV将达237亿元,环比增长25.4%,日均订单量2860万单,环比增长14%。</p>\n<p>目前社区团购行业需求进入平台期,拼多多在巩固行业第一梯队的同时通过客单价&毛利率提升及规模效应释放带动UE模型(单位经济模型)环比改善,中信预计拼多多2021Q3单季OP(经营利润)为-36.3亿元,OPM(经营利润率)为-15.3%。</p>\n<p><img src=\"https://static.tigerbbs.com/c36ac742a9a3ff52be6a2ec63381f134\" tg-width=\"860\" tg-height=\"579\" referrerpolicy=\"no-referrer\"><b></b>来源:中信证券</p>\n<p><b>三、短期盈利面临压力,但具备独特竞争优势</b></p>\n<p>中信证券分析认为,客观来看,电商行业在经历了2019-2020年低线用户的红利外溢后,已经进入新的投入周期,而内容平台的电商化、淘特为代表的低价性价比平台大幅投入加剧了用户口袋份额的竞争,拼多多短期的规模增长和盈利变现均面临一定程度的压力。</p>\n<p>但拼多多的大单品的运营逻辑、重SKU轻品牌的流量分发机制、平权普惠的广告竞价体系,保证了平台可以提供全渠道最具性价比的商品,同时兼顾商家、尤其是中小商家的广告ROI,其渠道效率要大幅优于内容电商/其他性价比平台。</p>\n<p>从行业增量的争夺到存量的再平衡,拼多多均是电商行业竞争力最出众的玩家之一,公司的长期业务发展和平台生态价值兼具高成长和高确定性。</p>\n<p>考虑到拼多多1P业务收缩,中信证券略下调拼多多2021年-2023年营收预测至1168亿/1778亿/1891亿元(原预测1194亿/1858亿/2033亿元),上调Non-GAAP净利润预测至28.3亿/158.7亿/329亿元(原预测24.1亿/153.9亿/325.5亿元)。</p>\n<p><b>中信证券认为,拼多多对应合理市值约2,209亿美元,折合目标价146美元/ADS,较现价有约67%上涨空间,当前公司股价已落入极具性价比的配置区间。</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>拼多多财报前瞻:Q3营收有望大增,但盈利或难持续?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n拼多多财报前瞻:Q3营收有望大增,但盈利或难持续?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-11-23 11:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>将于本周五(11月26日)美股盘前公布2021年第三季度财报。市场预期拼多多2021第三季度营业收入265亿元,同比上升87%;预期净利润为-5.18亿元。</p>\n<p><b>上季度财报回顾</b></p>\n<p>2021年第二季度,拼多多总营收为230.5亿元,同比增长89%,相比较前两个季度的高增长有所放缓。归属于拼多多普通股股东的净利润为24.146亿元,而上年同期净亏损人民币8.993亿元,利润率达10.5%。</p>\n<p><b>三季报有哪些方面值得关注?</b></p>\n<p>三季度整体消费需求偏弱,但考虑到拼多多满足性价比、刚性需求为主,用户、商品供给仍处于健康增长期,预计21Q3仍能保持较快的规模增长。而社区团购业务(多多买菜)方面,预计21Q3单季经营利润为-36.3亿元,经营利润率为-15.3%。</p>\n<p><b>一、预计营收有望翻倍,消费疲软不改成长大势</b></p>\n<p>根据中信证券观点,预计拼多多将在2021Q3单季GMV和营收分别同比增长48%、106%,Non-GAAP净利润-4亿元,净利率-1.4%。</p>\n<p><img src=\"https://static.tigerbbs.com/e567a620da75e1899e4090104b7943a5\" tg-width=\"860\" tg-height=\"378\" referrerpolicy=\"no-referrer\">来源:中信证券</p>\n<p>电商行业再入投入期,短期内卷不可避免,但公司品牌供应扩容、多多买菜两大成长路径清晰,底层机制带来的渠道效率优势明显,长期仍是电商赛道最具竞争力的玩家。</p>\n<p>三季度整体消费需求偏弱,实物商品网上零售额同比仅增8.8%(vs21Q2同比+13.3%),规模以上快递业务量同比+23.0%(vs21Q2同比+28.6%)。但考虑到拼多多满足性价比、刚性需求为主,用户、商品供给仍处于健康增长期,预计21Q3仍能保持较快的规模增长,预计单季GMV和营收分别同比增长48%、106%。</p>\n<p><b>二、3P核心业务带动营销,多多买菜稳健增长</b></p>\n<p>分业务来看,首先是拼多多的3P核心业务。根据中信证券预计,拼多多2021年Q3单季GMV有望达6176亿元,同比增长40.9%,广告位量价齐升驱动下预计广告货币化率同比上升0.3%,带动在线营销收入同比增长55.3%至200亿元。中信预计拼多多主站营销费用投放亦将延续Q2的谨慎态势,多多买菜进一步优化UE模型,预计单季Non-GAAP净利润为-4.0亿元。</p>\n<p>同时预计Q3拼多多仍将延续ROI(投资回报率)优先的营销投放原则,预计3P核心主业单季Non-GAAP OP(经营利润)为30亿元,对应OPM(经营利润率)预计将达13.7%。</p>\n<p><img src=\"https://static.tigerbbs.com/7b4c8442f7df3c4b1016d975be0d3bfb\" tg-width=\"860\" tg-height=\"577\" referrerpolicy=\"no-referrer\">来源:公司财报</p>\n<p>而多多买菜方面,预计其单季GMV将达237亿元,环比增长25.4%,日均订单量2860万单,环比增长14%。</p>\n<p>目前社区团购行业需求进入平台期,拼多多在巩固行业第一梯队的同时通过客单价&毛利率提升及规模效应释放带动UE模型(单位经济模型)环比改善,中信预计拼多多2021Q3单季OP(经营利润)为-36.3亿元,OPM(经营利润率)为-15.3%。</p>\n<p><img src=\"https://static.tigerbbs.com/c36ac742a9a3ff52be6a2ec63381f134\" tg-width=\"860\" tg-height=\"579\" referrerpolicy=\"no-referrer\"><b></b>来源:中信证券</p>\n<p><b>三、短期盈利面临压力,但具备独特竞争优势</b></p>\n<p>中信证券分析认为,客观来看,电商行业在经历了2019-2020年低线用户的红利外溢后,已经进入新的投入周期,而内容平台的电商化、淘特为代表的低价性价比平台大幅投入加剧了用户口袋份额的竞争,拼多多短期的规模增长和盈利变现均面临一定程度的压力。</p>\n<p>但拼多多的大单品的运营逻辑、重SKU轻品牌的流量分发机制、平权普惠的广告竞价体系,保证了平台可以提供全渠道最具性价比的商品,同时兼顾商家、尤其是中小商家的广告ROI,其渠道效率要大幅优于内容电商/其他性价比平台。</p>\n<p>从行业增量的争夺到存量的再平衡,拼多多均是电商行业竞争力最出众的玩家之一,公司的长期业务发展和平台生态价值兼具高成长和高确定性。</p>\n<p>考虑到拼多多1P业务收缩,中信证券略下调拼多多2021年-2023年营收预测至1168亿/1778亿/1891亿元(原预测1194亿/1858亿/2033亿元),上调Non-GAAP净利润预测至28.3亿/158.7亿/329亿元(原预测24.1亿/153.9亿/325.5亿元)。</p>\n<p><b>中信证券认为,拼多多对应合理市值约2,209亿美元,折合目标价146美元/ADS,较现价有约67%上涨空间,当前公司股价已落入极具性价比的配置区间。</b></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a2db5797ca32628002f32e69d5dea58b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166274928","content_text":"拼多多将于本周五(11月26日)美股盘前公布2021年第三季度财报。市场预期拼多多2021第三季度营业收入265亿元,同比上升87%;预期净利润为-5.18亿元。\n上季度财报回顾\n2021年第二季度,拼多多总营收为230.5亿元,同比增长89%,相比较前两个季度的高增长有所放缓。归属于拼多多普通股股东的净利润为24.146亿元,而上年同期净亏损人民币8.993亿元,利润率达10.5%。\n三季报有哪些方面值得关注?\n三季度整体消费需求偏弱,但考虑到拼多多满足性价比、刚性需求为主,用户、商品供给仍处于健康增长期,预计21Q3仍能保持较快的规模增长。而社区团购业务(多多买菜)方面,预计21Q3单季经营利润为-36.3亿元,经营利润率为-15.3%。\n一、预计营收有望翻倍,消费疲软不改成长大势\n根据中信证券观点,预计拼多多将在2021Q3单季GMV和营收分别同比增长48%、106%,Non-GAAP净利润-4亿元,净利率-1.4%。\n来源:中信证券\n电商行业再入投入期,短期内卷不可避免,但公司品牌供应扩容、多多买菜两大成长路径清晰,底层机制带来的渠道效率优势明显,长期仍是电商赛道最具竞争力的玩家。\n三季度整体消费需求偏弱,实物商品网上零售额同比仅增8.8%(vs21Q2同比+13.3%),规模以上快递业务量同比+23.0%(vs21Q2同比+28.6%)。但考虑到拼多多满足性价比、刚性需求为主,用户、商品供给仍处于健康增长期,预计21Q3仍能保持较快的规模增长,预计单季GMV和营收分别同比增长48%、106%。\n二、3P核心业务带动营销,多多买菜稳健增长\n分业务来看,首先是拼多多的3P核心业务。根据中信证券预计,拼多多2021年Q3单季GMV有望达6176亿元,同比增长40.9%,广告位量价齐升驱动下预计广告货币化率同比上升0.3%,带动在线营销收入同比增长55.3%至200亿元。中信预计拼多多主站营销费用投放亦将延续Q2的谨慎态势,多多买菜进一步优化UE模型,预计单季Non-GAAP净利润为-4.0亿元。\n同时预计Q3拼多多仍将延续ROI(投资回报率)优先的营销投放原则,预计3P核心主业单季Non-GAAP OP(经营利润)为30亿元,对应OPM(经营利润率)预计将达13.7%。\n来源:公司财报\n而多多买菜方面,预计其单季GMV将达237亿元,环比增长25.4%,日均订单量2860万单,环比增长14%。\n目前社区团购行业需求进入平台期,拼多多在巩固行业第一梯队的同时通过客单价&毛利率提升及规模效应释放带动UE模型(单位经济模型)环比改善,中信预计拼多多2021Q3单季OP(经营利润)为-36.3亿元,OPM(经营利润率)为-15.3%。\n来源:中信证券\n三、短期盈利面临压力,但具备独特竞争优势\n中信证券分析认为,客观来看,电商行业在经历了2019-2020年低线用户的红利外溢后,已经进入新的投入周期,而内容平台的电商化、淘特为代表的低价性价比平台大幅投入加剧了用户口袋份额的竞争,拼多多短期的规模增长和盈利变现均面临一定程度的压力。\n但拼多多的大单品的运营逻辑、重SKU轻品牌的流量分发机制、平权普惠的广告竞价体系,保证了平台可以提供全渠道最具性价比的商品,同时兼顾商家、尤其是中小商家的广告ROI,其渠道效率要大幅优于内容电商/其他性价比平台。\n从行业增量的争夺到存量的再平衡,拼多多均是电商行业竞争力最出众的玩家之一,公司的长期业务发展和平台生态价值兼具高成长和高确定性。\n考虑到拼多多1P业务收缩,中信证券略下调拼多多2021年-2023年营收预测至1168亿/1778亿/1891亿元(原预测1194亿/1858亿/2033亿元),上调Non-GAAP净利润预测至28.3亿/158.7亿/329亿元(原预测24.1亿/153.9亿/325.5亿元)。\n中信证券认为,拼多多对应合理市值约2,209亿美元,折合目标价146美元/ADS,较现价有约67%上涨空间,当前公司股价已落入极具性价比的配置区间。","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":3088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}