PDD因高现金水平下行风险有限，但上行取决于未经证实的管理层承诺，因此评估谨慎。
逐段跳播
管理层表示，他们将在未来三年内打造下一个“拼多多”。如果他们信守承诺，这只股票的价值将翻倍或增至三倍。如果他们不守承诺，股票可能会停滞不前。因此，考虑到他们正在建设的东西，现金流等方面的下行风险可能有限。
潜在收益可能相当可观。但对于这些中国公司，你总是要警惕那些承诺。他们总是在建设、建设，投资、投资，你永远不知道什么时候会成功。这就是为什么它属于“糟糕”类别。业绩不错，仍有8%的增长，一切看起来都很好。
利润率因投资而略有下降。但如果你看看现金、短期投资和受限现金，相对于1200亿美元的市值，这是一大笔钱，意味着50%是现金。但他们将用这些钱来打造下一个“拼多多”。
Management says they are building the next "Pendododo" over the next three years. If they keep their promises, this stock will double or triple in size. If they do not keep their promises, the stock may stagnate. Therefore, the downside risks due to cash flow and everything else may be limited given what they are building. The potential gains could be substantial. But with these Chinese companies, you should always be wary of those promises. They are always building and building, investing and investing, and you never know when it will work or not. That's why it falls under the bad category. The results were good, there is still 8% growth , and everything looks good. Profit margin decreased slightly due to investments. But if you look at cash, short-term investments, and restricted cash , that's a large amount compared to the $60 billion market capitalization of $120 billion, meaning 50% is cash. But they will use that to build the next "Bendododo" .
这个频道对 $PDD 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。