东兴证券：拼多多(PDD.US)“百亿补贴”在现阶段仍有重要价值，可以实现向中高端市场进军

资本邦2019-12-03

12月3日，资本邦讯，东兴证券发布针对拼多多的研报。报告认为，拼多多“补贴”本质上是资源的投入。但是补贴并不是万能的，事实上补贴的结果也是大相径庭。补贴有以下三重境界：1、商业模型并未跑通;在此情况下，补贴只能带来一时的增长和虚假的繁荣。一旦停止补贴，补贴带来的需求就会快速消退，公司糟糕的商业模型会原形毕露。典型案例是借贷宝;2、领先者壁垒太高难以攻破;虽然商业模型是成立的，但是领先者的壁垒太高，...

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Deep_Thinker
2019-12-03
Deep_Thinker
一年以后股价跌掉3/4，立此为证

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东兴证券：拼多多(PDD.US)“百亿补贴”在现阶段仍有重要价值 ，可以实现向中高端市场进军

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东兴证券：拼多多(PDD.US)“百亿补贴”在现阶段仍有重要价值，可以实现向中高端市场进军