More than 2018 GMV reached 471.6 billion yuan UBS gave a target price of 37 dollars

[TechWeb] March 13 news, pinduoduo today released the fourth quarter of 2018 and the full year results, data show that Q4, pinduoduo achieved revenue of 5.6539 billion yuan in 2018, the operating loss of the platform is 2.6409 billion yuan, NON-GAAP lost 2.1129 billion yuan. Before the results were released, a number of major international banks, including Morgan Stanley, Goldman Sachs, UBS, Credit Suisse and others, released research papers and gave ratings of "buy-in" and "increase holdings". Among them, UBS and Morgan Stanley gave a target price of $37.


UBS believes that as a 2.0-generation e-commerce, pinduoduo has become China's second-largest ecommerce platform and will continue to grow at a high rate. UBS forecasts that in 2021, Pindao's annual active users will reach 628 million, the same as the number of users of Alibaba Group at the end of 2018; in 2023, the average annual consumption of Pindao's users will reach 3823 yuan; In 2021, more than the year GMV will catch up with JingDong, to 2.07 trillion yuan.

Morgan Stanley pointed out that innovations in the "purchase" and "C2M" models will provide sufficient momentum for the company's strong growth. A lot of management has been effective in the management of cottage and counterfeit products, and the performance of the platform to sell high-priced goods is much higher than market expectations.

According to the financial report data, in 2018, the multi-platform GMV reached 471.6 billion yuan, a year-on-year increase of 234%; the number of active buyers of the platform reached 418.5 million, an increase of 173.7 million over the same period in 2017. By the end of 2018, the number of active merchants in the multi-platform platform reached 3.6 million, an increase of 2.6 million compared with about 1 million active businesses on March 31, 2018.

Fight a lot 2018 GMV up 4716 100 million UBS given 37 US dollars target price

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