斯维特斯
03-21
有没有人能解释下昨天财报超预期后大跳水背后的原因？昨天的情况真是难得一见，盘前的超预期让人打鸡血，结果一开盘，巨大的抛压看的一脸懵…盘前追涨的全部套牢…什么传言都有…到底咋回事？
$拼多多(PDD)$
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目光之后
03-21
目光之后
这还不简单，能出现这种走势那肯定是机构提前知道了业绩并且在财报前已经入场了，然后等财报出来后直接抛售出货。这说明了公司的财报信息已经提前泄露了。 [微笑]
Corbin_7892
:
国内公司很有可能
syngef
03-21
syngef
我本来涨了1万美元了，想跑，哄女儿好了一看，居然只有3000了，就睡了
美股探索者
:
今天一看还亏钱了 [捂脸]
花式
03-21
花式
四季度拼多多的毛利润538亿，毛利率60.5%，同比大幅下降超17pct，但环比仅略微下降了0.5pct。我们上次业绩时已指出，毛利率的波动主要是受Temu业务逐渐膨胀的营收和成本的影响，因此更多因从毛利润绝对值变化的角度来看。
1）假如主站广告和佣金增量收入是可全部转化为增量毛利润的，按我们的测算主站收入环比上季度增加了约110亿，而毛利润则是增加了117亿。换言之，Temu业务的毛利润至少增加了7亿（实际会更多）。
不过，相比Temu营收环比增长了约80~90亿的营收，毛利润增长的幅度是明显不及的。我们认为，这很可能是因为Temu在大力拓展美国意外的市场，而随着市场的增多，Temu履约的难度增加，规模效应却反可能是下降的。从而使得Temu虽收入大涨，毛利却没有同比例提升。
Daisy2021
03-21
Daisy2021
传言有哪些
CZDUE
:
传言就是因为tiktok
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[捂脸]","text":"今天一看还亏钱了 [捂脸]","html":"今天一看还亏钱了 [捂脸]"}],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0},{"id":286692441284904,"commentId":"286692441284904","gmtCreate":1711013409580,"gmtModify":1711013413614,"authorId":3464324161064700,"author":{"id":3464324161064700,"idStr":"3464324161064700","authorId":3464324161064700,"name":"花式","avatar":"https://static.laohu8.com/608828e79384008b6eef411c40b5bfe1","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":286683044257808,"objectIdStr":"286683044257808","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"四季度拼多多的毛利润538亿，毛利率60.5%，同比大幅下降超17pct，但环比仅略微下降了0.5pct。我们上次业绩时已指出，毛利率的波动主要是受Temu业务逐渐膨胀的营收和成本的影响，因此更多因从毛利润绝对值变化的角度来看。\n<br>1）假如主站广告和佣金增量收入是可全部转化为增量毛利润的，按我们的测算主站收入环比上季度增加了约110亿，而毛利润则是增加了117亿。换言之，Temu业务的毛利润至少增加了7亿（实际会更多）。\n<br>不过，相比Temu营收环比增长了约80~90亿的营收，毛利润增长的幅度是明显不及的。我们认为，这很可能是因为Temu在大力拓展美国意外的市场，而随着市场的增多，Temu履约的难度增加，规模效应却反可能是下降的。从而使得Temu虽收入大涨，毛利却没有同比例提升。","text":"四季度拼多多的毛利润538亿，毛利率60.5%，同比大幅下降超17pct，但环比仅略微下降了0.5pct。我们上次业绩时已指出，毛利率的波动主要是受Temu业务逐渐膨胀的营收和成本的影响，因此更多因从毛利润绝对值变化的角度来看。\n<br>1）假如主站广告和佣金增量收入是可全部转化为增量毛利润的，按我们的测算主站收入环比上季度增加了约110亿，而毛利润则是增加了117亿。换言之，Temu业务的毛利润至少增加了7亿（实际会更多）。\n<br>不过，相比Temu营收环比增长了约80~90亿的营收，毛利润增长的幅度是明显不及的。我们认为，这很可能是因为Temu在大力拓展美国意外的市场，而随着市场的增多，Temu履约的难度增加，规模效应却反可能是下降的。从而使得Temu虽收入大涨，毛利却没有同比例提升。","html":"四季度拼多多的毛利润538亿，毛利率60.5%，同比大幅下降超17pct，但环比仅略微下降了0.5pct。我们上次业绩时已指出，毛利率的波动主要是受Temu业务逐渐膨胀的营收和成本的影响，因此更多因从毛利润绝对值变化的角度来看。\n<br>1）假如主站广告和佣金增量收入是可全部转化为增量毛利润的，按我们的测算主站收入环比上季度增加了约110亿，而毛利润则是增加了117亿。换言之，Temu业务的毛利润至少增加了7亿（实际会更多）。\n<br>不过，相比Temu营收环比增长了约80~90亿的营收，毛利润增长的幅度是明显不及的。我们认为，这很可能是因为Temu在大力拓展美国意外的市场，而随着市场的增多，Temu履约的难度增加，规模效应却反可能是下降的。从而使得Temu虽收入大涨，毛利却没有同比例提升。","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0},{"id":286674795327728,"commentId":"286674795327728","gmtCreate":1711009003150,"gmtModify":1711011792360,"authorId":3516227035743642,"author":{"id":3516227035743642,"idStr":"3516227035743642","authorId":3516227035743642,"name":"Daisy2021","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":286683044257808,"objectIdStr":"286683044257808","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<span class=\"s1\">传言有哪些</span>","text":"<span class=\"s1\">传言有哪些</span>","html":"<span class=\"s1\">传言有哪些</span>","likeSize":0,"commentSize":1,"subComments":[{"id":286709547892896,"commentId":"286709547892896","gmtCreate":1711017486797,"gmtModify":1711017490554,"authorId":4125049091280352,"author":{"id":4125049091280352,"idStr":"4125049091280352","authorId":4125049091280352,"name":"CZDUE","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.06.26","exceedPercentage":"93.77%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":9,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":286683044257808,"objectIdStr":"286683044257808","type":1,"supId":286674795327728,"supIdStr":"286674795327728","prevId":0,"prevIdStr":"0","content":"传言就是因为tiktok","text":"传言就是因为tiktok","html":"传言就是因为tiktok"}],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/286683044257808"}
精彩评论
1）假如主站广告和佣金增量收入是可全部转化为增量毛利润的，按我们的测算主站收入环比上季度增加了约110亿，而毛利润则是增加了117亿。换言之，Temu业务的毛利润至少增加了7亿（实际会更多）。
不过，相比Temu营收环比增长了约80~90亿的营收，毛利润增长的幅度是明显不及的。我们认为，这很可能是因为Temu在大力拓展美国意外的市场，而随着市场的增多，Temu履约的难度增加，规模效应却反可能是下降的。从而使得Temu虽收入大涨，毛利却没有同比例提升。