社区
首页
集团介绍
社区
资讯
行情
学堂
TigerAI
登录
注册
阿方哥
IP属地:福建
+关注
帖子 · 3
帖子 · 3
关注 · 0
关注 · 0
粉丝 · 0
粉丝 · 0
阿方哥
阿方哥
·
2020-01-15
港股会越来越好
非常抱歉,此主贴已删除
看
2,915
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
阿方哥
阿方哥
·
2019-12-26
确实看好拼多多的发展
拼多多( PDD.O)“敢拼“系列深度报告之一:便宜就是未来,维持“强烈推荐”评级,目标价67美元
机构:东兴证券评级:强烈推荐目标价:67美元报告摘要:在“多、快、好、省”这四个方面中,拼多多本身的优势是“省”,我们本篇报告将尝试解答市场最为关注的问题,即拼多多商品为什么便宜,能不能继续便宜,还能
拼多多( PDD.O)“敢拼“系列深度报告之一:便宜就是未来,维持“强烈推荐”评级,目标价67美元
看
2,937
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
阿方哥
阿方哥
·
2019-11-28
让人寒心的企业……
非常抱歉,此主贴已删除
看
2,488
回复
评论
点赞
点赞
编组 21备份 2
分享
举报
加载更多
热议股票
{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3532339932011999","uuid":"3532339932011999","gmtCreate":1569245910056,"gmtModify":1622023651684,"name":"阿方哥","pinyin":"efgefangge","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/fbfe733e79dc92574205d664c26d9824","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":2,"headSize":37,"tweetSize":3,"questionSize":0,"limitLevel":999,"accountStatus":3,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖(非转发)","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":1,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.03.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001}],"userBadgeCount":1,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"福建","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":918428171,"gmtCreate":1579086016193,"gmtModify":1704338879978,"author":{"id":"3532339932011999","authorId":"3532339932011999","name":"阿方哥","avatar":"https://static.tigerbbs.com/fbfe733e79dc92574205d664c26d9824","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3532339932011999","idStr":"3532339932011999"},"themes":[],"htmlText":"港股会越来越好","listText":"港股会越来越好","text":"港股会越来越好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/918428171","repostId":"1123325340","repostType":2,"isVote":1,"tweetType":1,"viewCount":2915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":913359579,"gmtCreate":1577326552091,"gmtModify":1704335582736,"author":{"id":"3532339932011999","authorId":"3532339932011999","name":"阿方哥","avatar":"https://static.tigerbbs.com/fbfe733e79dc92574205d664c26d9824","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3532339932011999","idStr":"3532339932011999"},"themes":[],"htmlText":"确实看好拼多多的发展","listText":"确实看好拼多多的发展","text":"确实看好拼多多的发展","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/913359579","repostId":"1993756473","repostType":2,"repost":{"id":"1993756473","kind":"news","pubTimestamp":1577176465,"share":"https://www.laohu8.com/m/news/1993756473?lang=&edition=full","pubTime":"2019-12-24 16:34","market":"us","language":"zh","title":"拼多多( PDD.O)“敢拼“系列深度报告之一:便宜就是未来,维持“强烈推荐”评级,目标价67美元","url":"https://stock-news.laohu8.com/highlight/detail?id=1993756473","media":"格隆汇","summary":"机构:东兴证券评级:强烈推荐目标价:67美元报告摘要:在“多、快、好、省”这四个方面中,拼多多本身的优势是“省”,我们本篇报告将尝试解答市场最为关注的问题,即拼多多商品为什么便宜,能不能继续便宜,还能","content":"<html><body><article><p>机构:<a href=\"https://laohu8.com/S/601198\">东兴证券</a></p><p>评级:强烈推荐</p><p>目标价:67美元</p><p>报告摘要:</p><p>在“多、快、好、省”这四个方面中,<a href=\"https://laohu8.com/S/PDD\">拼多多</a>本身的优势是“省”,我们本篇报告将尝试解答市场最为关注的问题,即拼多多商品为什么便宜,能不能继续便宜,还能不能更便宜。</p><p><strong>1、“便宜”就是拼多多最重要的护城河,流量分发原则、补贴和扣点率低构筑比较优势。</strong>不考虑物流,商品的潜在利润=商品售价-(商家拿货的价格+做广告的费用+每单交易中被平台抽取的佣金-平台给予的补贴),拼多多的奥秘在于帮助商家大大降低做广告的费用和交易佣金,同时提供了更多的补贴,商家存在较大的让利空间可以打更低的折扣让利给消费者,而商家定价低又会有利于打造爆款产品实现薄利多销,增加总利润。</p><p><strong>2、未来可以继续“便宜”,收入端的提升空间还很大。</strong>一方面,拼多多未来的广告推广模式和流量分配模式会延续;另一方面,我们认为市场关注度较高的高额补贴未来也可延续,“自身现金流充足+可转债融资”让拼多多对未来可持续的补贴更有底气。回看拼多多的盈利模式,主要赚取的是流量成本的差,未来收入端的提升空间还很大。而行业龙头都经历先野蛮生长再治理纠偏,现阶段估值应该考虑用户增长而非企业盈利。</p><p><strong>3、依靠反向定制真正降低商品成本,让商品从更上游开始便宜</strong>。反向定制的含义是消费者需求对供应链的反向拉动,即将原本的研发、制造、生产和销售等流程,根据C端反馈的购买数据直接传递到生产制造端,再有针对性地将匹配C端需求的产品送到C端手中。第一,拼多多依靠反向定制可以压缩供应链环节,有望帮助商家省去渠道成本;第二,通过反向定制打造“白牌”商品,通过降低品牌溢价的形式降低成本。</p><p><strong>4、公司盈利预测及投资评级:</strong>我们看好拼多多的差异化战略,预测2019、2020年和2021年收入将分别达到555亿、766亿和960亿,同比分别增长159%、63%和38%。可以参考SaaS公司采用市销率估值。按照2020年底10倍PS,给予公司18个月目标价67美元。维持“强烈推荐”评级。</p><p><strong>风险提示:</strong>产品升级、竞争加剧、供应链改造不及预期的风险</p></article></body></html>","source":"tencent","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( PDD.O)“敢拼“系列深度报告之一:便宜就是未来,维持“强烈推荐”评级,目标价67美元</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( PDD.O)“敢拼“系列深度报告之一:便宜就是未来,维持“强烈推荐”评级,目标价67美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2019-12-24 16:34 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2019122416342664a7d837&s=b><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>机构:东兴证券评级:强烈推荐目标价:67美元报告摘要:在“多、快、好、省”这四个方面中,拼多多本身的优势是“省”,我们本篇报告将尝试解答市场最为关注的问题,即拼多多商品为什么便宜,能不能继续便宜,还能不能更便宜。1、“便宜”就是拼多多最重要的护城河,流量分发原则、补贴和扣点率低构筑比较优势。不考虑物流,商品的潜在利润=商品售价-(商家拿货的价格+做广告的费用+每单交易中被平台抽取的佣金-平台给予的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2019122416342664a7d837&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9ad0916074d4fd8a0d19716314c632dc","relate_stocks":{},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2019122416342664a7d837&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"1993756473","content_text":"机构:东兴证券评级:强烈推荐目标价:67美元报告摘要:在“多、快、好、省”这四个方面中,拼多多本身的优势是“省”,我们本篇报告将尝试解答市场最为关注的问题,即拼多多商品为什么便宜,能不能继续便宜,还能不能更便宜。1、“便宜”就是拼多多最重要的护城河,流量分发原则、补贴和扣点率低构筑比较优势。不考虑物流,商品的潜在利润=商品售价-(商家拿货的价格+做广告的费用+每单交易中被平台抽取的佣金-平台给予的补贴),拼多多的奥秘在于帮助商家大大降低做广告的费用和交易佣金,同时提供了更多的补贴,商家存在较大的让利空间可以打更低的折扣让利给消费者,而商家定价低又会有利于打造爆款产品实现薄利多销,增加总利润。2、未来可以继续“便宜”,收入端的提升空间还很大。一方面,拼多多未来的广告推广模式和流量分配模式会延续;另一方面,我们认为市场关注度较高的高额补贴未来也可延续,“自身现金流充足+可转债融资”让拼多多对未来可持续的补贴更有底气。回看拼多多的盈利模式,主要赚取的是流量成本的差,未来收入端的提升空间还很大。而行业龙头都经历先野蛮生长再治理纠偏,现阶段估值应该考虑用户增长而非企业盈利。3、依靠反向定制真正降低商品成本,让商品从更上游开始便宜。反向定制的含义是消费者需求对供应链的反向拉动,即将原本的研发、制造、生产和销售等流程,根据C端反馈的购买数据直接传递到生产制造端,再有针对性地将匹配C端需求的产品送到C端手中。第一,拼多多依靠反向定制可以压缩供应链环节,有望帮助商家省去渠道成本;第二,通过反向定制打造“白牌”商品,通过降低品牌溢价的形式降低成本。4、公司盈利预测及投资评级:我们看好拼多多的差异化战略,预测2019、2020年和2021年收入将分别达到555亿、766亿和960亿,同比分别增长159%、63%和38%。可以参考SaaS公司采用市销率估值。按照2020年底10倍PS,给予公司18个月目标价67美元。维持“强烈推荐”评级。风险提示:产品升级、竞争加剧、供应链改造不及预期的风险","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":937875928,"gmtCreate":1574905043664,"gmtModify":1704728781630,"author":{"id":"3532339932011999","authorId":"3532339932011999","name":"阿方哥","avatar":"https://static.tigerbbs.com/fbfe733e79dc92574205d664c26d9824","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3532339932011999","idStr":"3532339932011999"},"themes":[],"htmlText":"让人寒心的企业……","listText":"让人寒心的企业……","text":"让人寒心的企业……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/937875928","repostId":"1131426890","repostType":2,"isVote":1,"tweetType":1,"viewCount":2488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}