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PDD Holdings Inc. (PDD) 财务分析 | 估值·财报 | 100Baggers.club

PDD Holdings Inc.

PDD

PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace. It focuses on bringing businesses and people into the digital economy. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. The company was incorporated in 2015 and is based in Dublin, Ireland.

深度研究阅读完整报告

Pinduoduo拼多多(PDD)股票深度分析 — 三段式组合的定价失灵 — 现金牛、期权、黑箱各值多少?

坐拥760亿美元净现金的电商巨兽，为何仍被市场简单定价？其「现金牛+高赔率期权+黑箱」的三段式组合本质，导致了系统性的定价失灵与认知偏差。

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利润瀑布图分析

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现金流瀑布图

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流入

流出

小计

起止点

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

56.74%

毛利润 = $8.58B

营业收入 = $15.13B

Operating Profit Margini营业利润率

23.11%

营业利润 = $3.50B

营业收入 = $15.13B

EBITDA MarginiEBITDA利润率

23.11%

EBITDA = $3.50B

营业收入 = $15.13B

EBIT MarginiEBIT利润率

23.11%

EBIT = $4.65B

营业收入 = $15.13B

Net Profit Margini净利率

27.09%

净利润 = $4.10B

营业收入 = $15.13B

Pretax Profit Margini税前利润率

30.77%

税前利润 = $4.65B

营业收入 = $15.13B

E

运营效率指标

Interest Coveragei利息保障倍数

N/A (无利息支出)

EBIT (TTM) = $14.18B

利息费用 (TTM) = $0

N/A

N/A

N/A

N/A

N/A

SG&A / Revenuei销管费率

29.63%

销售及管理费用 = $4.48B

营业收入 = $15.13B

R&D / Revenuei研发占比

4.00%

研发费用 = $0.61B

营业收入 = $15.13B

R

回报率指标 (TTM)

⚡ 比率按CNY计算，去除汇率影响

ROAi总资产回报率

18.00%

净利润 = $14.19B

平均总资产 = $78.85B

⚡ ROA比率 = 18.00% (按CNY计算，去除汇率影响)

ROEi净资产收益率

28.04%

净利润 = $14.19B

平均股东权益 = $50.60B

⚡ ROE比率 = 28.04% (按CNY计算，去除汇率影响)

ROICi投入资本回报率

-371.73%

NOPAT (TTM) = $10.88B

平均投入资本 = $-2.93B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

⚡ ROIC比率 = -371.73% (按CNY计算，去除汇率影响)

Revenue Growthi营收增长率

10.36%

当期营收 = $105.59B

去年同期营收 = $95.67B

⚡ Revenue Growth = 10.36% (按CNY计算，去除汇率影响)

+10.2%

+7.1%

+9.0%

+12.0%

+10.4%

Operating Cash Flow/Sharei每股经营现金流

$72.26

经营现金流 = $106.94B

流通股数 = 1.48B

$78.47

$63.58

$75.49

$71.93

$72.26

综合分析

⚡ YoY Growth & Margin按CNY计算，去除汇率影响

利润表项目	同比增长	当季数据	趋势
营业收入	+10.4%	$105.59B	↑
毛利	+7.8%	$58.98B, 55.86%	↑
营业利润	+30.7%	$21.02B, 19.91%	↑
EBITDA	+29.2%	$21.02B, 19.91%	↑
税前利润	-13.8%	$16.56B, 15.68%	↓
净利润	-15.4%	$12.47B, 11.81%	↓
稀释每股收益	-15.7%	8.40	↓

L

流动性指标

Current Ratioi流动比率

2.45

健康

流动资产 = $72.92B

流动负债 = $29.82B

Quick Ratioi速动比率

2.45

健康

速动资产 = $72.92B

流动负债 = $29.82B

Cash Ratioi现金比率

2.34

健康

现金及等价物 = $69.71B

流动负债 = $29.82B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.01

健康

总债务 = $0.76B

总权益 = $58.30B

Liabilities to Assetsi资产负债率 (总负债)

34.1%

健康

总负债 = $30.23B

总资产 = $88.53B

Equity Multiplieri权益乘数

1.52

健康

总资产 = $88.53B

总权益 = $58.30B

E

效率指标

Asset Turnoveri总资产周转率

0.76

正常

营收 (TTM) = $59.80B

平均总资产 = $78.85B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $26.15B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

27.95

健康

营收 (TTM) = $59.80B

平均应收账款 = $2.14B

S

偿债能力

Interest Coveragei利息保障倍数

N/A

正常

EBIT (TTM) = $14.46B

利息费用 (TTM) = $0.00B

Net Debt to EBITDAi净债务/EBITDA

-1.72

健康

净债务 = $-24.92B

EBITDA (TTM) = $14.48B

Debt Service Coveragei偿债覆盖率

42.41

健康

经营现金流 (TTM) = $14.89B

债务偿付 = $0.35B

V

价值指标

Goodwill %i商誉占比

0.0%

健康

商誉 = $0.00B

总资产 = $88.53B

Working Capital Ratioi营运资本比率

0.49

健康

营运资本 = $43.10B

总资产 = $88.53B

C

现金流指标

经营现金流 TTMi

$13.07B

自由现金流 TTMi

$12.94B

FCF = OCF - CapEx

经营现金流 (TTM) = $13.07B

资本支出 (TTM) = $-0.13B

自由现金流收益率i

67.40%

关注

FCF (TTM) = $12.94B

市值 = $173.10B

经营现金流/销售比i

24.86%

健康

经营现金流 (TTM) = $13.07B

营业收入 (TTM) = $56.77B

⚡ 经营现金流/销售比 = 24.86% (比率按CNY计算，去除汇率影响)

Q

质量与覆盖指标

收益质量i

1.08x

正常

经营现金流 (TTM) = $13.07B

净利润 (TTM) = $13.58B

⚡ 收益质量 = 1.08x (比率按CNY计算，去除汇率影响)

现金流/债务比i

19.87x

健康

经营现金流 (TTM) = $13.07B

总负债 = $1.53B

⚡ 现金流/债务比 = 19.87x (比率按CNY计算，去除汇率影响)

短期覆盖率i

0.50x

正常

经营现金流 (TTM) = $13.07B

流动负债 = $28.18B

⚡ 短期覆盖率 = 0.50x (比率按CNY计算，去除汇率影响)

资本支出覆盖率i

N/A

正常

经营现金流 (TTM) = $13.07B

资本支出 (TTM) = $0.13B

⚡ 资本支出覆盖率 = N/A (比率按CNY计算，去除汇率影响)

E

效率指标

⚡ 比率按CNY计算，去除汇率影响

自由/经营现金流比i

100.00%

健康

自由现金流 (TTM) = $12.94B

经营现金流 (TTM) = $13.07B

资本支出/营收比i

0.00%

健康

资本支出 (TTM) = $0.13B

营业收入 (TTM) = $56.77B

净债务/EBITDAi

-0.52

健康

净债务 = $-7.29B

EBITDA (TTM) = $14.15B

G

增长指标

经营现金流增长率i

-29.60%

关注

当期OCF (TTM) = $13.07B

上期OCF = $18.57B

股东盈余i

$13.45B

健康

净利润 (TTM) = $13.58B

+ 折旧摊销 (TTM) = $0.00B

- 资本支出 (TTM) = $-0.13B