拼多多深度分析报告目录1、拼多多---拼购+社交，差异化电商平台崛起..................................................-5 -1.1 拼多多发展历程.............................................................................................-5 -1.2 电商服务收入带动业绩高速增长.................................................................-7 -1.2.1 营收、毛利井喷，Non-GAAP净利润尚为负值......................................-7 -1.2.2 转变平台定位，电商服务为核心..............................................................-8 -1.3 GMV与用户保持高速增长.......................................................................-11 -1.3.1 GMV与货币化率推动营收攀升...............................................................-11 -1.3.2 拼多多快速聚集平台用户与商家............................................................-12 -2、产品界面丰富，兼顾创收与用户....................................................................-15 -2.1 拼多多页面丰富，形成多种创收场景.......................................................-15 -2.1.1 多多进宝....................................................................................................-15 -2.1.2 搜索推广....................................................................................................-17 -2.1.3 场景推广....................................................................................................-19 -2.1.4 明星店铺....................................................................................................-22 -2.1.5 聚焦展位....................................................................................................-24 -2.1.6 短信服务....................................................................................................-25 -2.2免费营销活动不断，助理商家做大，为用户提供实惠.............................-27 -2.2.1 首页资源位活动........................................................................................-27 -2.2.2 多种游戏界面智能引流............................................................................-30 -2.2.3 竞价活动....................................................................................................-32 -3、拼购+社交模式助力平台突围..........................................................................-34 -3.1 拼购+社交汇聚差异化用户群体.................................................................-34 -3.2 拼购+社交助力用户更快增长.....................................................................-35 -3.3 平台品类丰富，高客单价商品销售占比提升，GMV增长动力强劲.....-36 -3.4 头部商铺销售额集中度较低，平台广告收入提升天花板尚远................-36 -4、投资评级及策略................................................................................................-37 -图1、公司发展历程.................................................................................................-6 -图2、2016-2018营收（亿元）及其增速（%）....................................................-7 -图3、2017-2018季度营收（亿元）及增速（%）................................................-7 -图4、拼多多Non-GAAP净利润（亿元）............................................................-8 -图5、2016-2018公司营收概览（亿元）..............................................................-8 -图6、2016-2018电商服务营收概览（亿元）.......................................................-8 -图7、2016-2018营业成本（亿元）及增速（%）................................................-9 -图8、2017-2018季度营业成本（亿元）及增速（%）........................................-9 -图9、2016-2018营业成本构成（亿元）...............................................................-9 -图10、2016-2018毛利（亿元）及其增速（%）...............................................-10 -图11、2017-2018季度毛利（亿元）及毛利率（%）........................................-10 -图12、拼多多费用（亿元）构成.........................................................................-10 -图13、拼多多费用率趋势对比.............................................................................-10 -图14、拼多多获客成本（元）.............................................................................-11 -图15、过去12个月累计GMV（亿元）及增长率.................................................-11 -图16、2017-2018拼多多季度GMV预测............................................................-11 -图17、2017Q4-2018Q4拼多多货币化率变化情况.............................................-12 -图18、拼多多季度活跃买家（百万）.................................................................-12 -图19拼多多每月活跃用户平均数（百万）13图20、拼多多每位活跃买家年消费（元）.........................................................-13 -图21、2018.2-2019.1拼多多月度独立设备数（万）和环比增长率.................-14 -图22、多多进宝佣金比例（0.1%-50%）............................................................-16 -图23、多多进宝首页.............................................................................................-16 -图24、多多进宝商品展示页.................................................................................-16 -图25、多多进宝推广商品链接建立.....................................................................-17 -图26、多多进宝推广链接微信界面.....................................................................-17 -图27、多多进宝推广优秀案例.............................................................................-17 -图28、搜索推广展示位示例.................................................................................-18 -图29、拼多多部分商铺推广效果展示（推广流量占30%）.............................-19 -图30、某女装搜索推广报表（平均点击消耗0.3元左右）. (19)图31、场景推广展示位置示例（首页+搜索）...................................................-20 -图32、场景推广类目商品页展示位示例.............................................................-20 -图33、场景推广现金签到页展示位示例.............................................................-21 -图34、场景推广商品详情页展示位示例.............................................................-21 -图35、场景推广其他展示位示例.........................................................................-22 -图36、明星店铺示例.............................................................................................-23 -图37、明星店铺搜索示例1..................................................................................-23 -图38、明星店铺搜索示例2..................................................................................-24 -图39、明星店铺搜索示例3..................................................................................-24 -图40、聚焦展位示例.............................................................................................-25 -图41、短信营销商家后台设置示例.....................................................................-26 -图42、短信营销效果示例.....................................................................................-26 -图43、首页资源位活动.........................................................................................-27 -图44、限时秒杀效果示例.....................................................................................-27 -图45、9块9特卖入口..........................................................................................-28 -图46、9块9特卖示例..........................................................................................-28 -图47、品牌馆入口.................................................................................................-28 -图48、品牌馆特卖示例.........................................................................................-28 -图49、砍价免费拿/助力享免单活动入口............................................................-29 -图50、砍价免费拿界面.........................................................................................-30 -图51、助力享免单界面.........................................................................................-30 -图52、推广小游戏主页面.....................................................................................-30 -图53、推广小游戏引流推广页面.........................................................................-31 -图54、春节集年味活动.........................................................................................-31 -图55、竞价活动概览.............................................................................................-32 -图56、拼多多竞价概况.........................................................................................-33 -图57、拼多多竞价案例.........................................................................................-33 -图58、拼多多季使用人群性别占比.....................................................................-34 -图59、典型电商使用人群性别占比对比.............................................................-34 -图60、拼多多季使用人群年龄占比.....................................................................-34 -图61、典型电商使用人群年龄占比对比.............................................................-34 -图62、拼多多使用区域占比.................................................................................-35 -图63、拼多多用户城市分布（201803）.............................................................-35 -图64、各电商平台月度独立设备数对比（万台）..............................................-35 -图65、各平台年度消费用户增速拼多多领先（亿）..........................................-35 -图66、拼多多MAU增速领先（亿）..................................................................-35 -图67、各平台每12个月的GMV情况（亿）.......................................................-36 -图68、阿里巴巴GMV平稳增长（亿）..............................................................-36 -表1、公司大股东持股情况（2019-2-12）.............................................................-6 -表2、融资历程.........................................................................................................-7 -表3、2018年电商平台佣金率对比......................................................................-14 -表4、拼多多电商平台收费模式...........................................................................-15 -报告正文1、拼多多---拼购+社交，差异化电商平台崛起1.1拼多多发展历程飞速发展，三年上市。