2026年5月28日，招商证券（HK6099）(香港)发布研报，上调拼多多（PDD）评级，评级由“BUY”调整为“买入”。本次评级报告研究员为李怡珊。
该研报摘要表示：
Maintain BUY, TP at USD100: We see PDD at a key strategic inflection. Near-term margin pressure from elevated investment should support long-term transformation from a traffic Distribution（DSGR） platform toward a supply chain–driven platform, unlocking mid-market growth. Current valuation largely reflects earnings headwinds, with limited pricing of potential long-term upside from Xinpinmu. We maintain BUY, TP at USD100, implying 11x/9x FY26/27E adj. P/E. Catalysts: 1) Xinpinmu sales outperformance after 3Q launch; 2) continued strong Temu transaction revenue growth; 3) ad growth stabilizes on PDD platform; 4) potential shareholder returns. Key risks: 1) Larger-than-expected losses from Xinpinmu’s asset-heavy model; 2) tightening tariffs/regulation impacting Temu; 3) intensifying domestic competition pressuring GMV and ads; 4) governance/regulatory risks.
（数据来源：同花顺（300033）iFinD）
更多机构研报请查看研报功能>>
