证券研究报告 | 2025年03月25日 拼多多（PDD.O） 优于大市 2024Q4 财报点评：利润表现好于预期，平台生态建设向收获 期迈进 持续投入平台生态建设，收入表现低于预期。本季度公司营业收入 1106 亿元， 同比增长 24%，其中广告营销收入 570 亿元，yoy+17%；支付通道收入 536 亿元，yoy+33%，环比看广告和支付通道收入增速均有下降。分拆看，广告 收入为主站广告营销收入，据我们测算，Q4 公司主站 GMV 增速为 14%左右， 广告与 GMV 增速 GAP 同比收窄，延续 24 年的货币化率提升趋势。支付通道 收入包含主站佣金、多多买菜与 TEMU 收入，本季度收入增速较上季度继续 显著收窄，主要是因为公司继续推动高质量发展战略，其中包括百亿费用减 免计划（已帮助超 1000 万商家提高运营效率并降低成本）、推广服务费返 还计划、双十一超级加倍补（补贴新质供给）等，虽然让利商家和用户造成 短期的收入增速放缓，但推动了平台生态的可持续发展。 利润表现好于预期，费用投放保持高效。本季度公司 non-GAAP 净利润 299 亿 元，yoy+14%，non-GAAP 净利率 25% ...

拼多多（PDD.O） 优于大市 2024Q4 财报点评：利润表现好于预期，平台生态建设向收获 期迈进 持续投入平台生态建设，收入表现低于预期。本季度公司营业收入 1106 亿元， 同比增长 24%，其中广告营销收入 570 亿元，yoy+17%；支付通道收入 536 亿元，yoy+33%，环比看广告和支付通道收入增速均有下降。分拆看，广告 收入为主站广告营销收入，据我们测算，Q4 公司主站 GMV 增速为 14%左右， 广告与 GMV 增速 GAP 同比收窄，延续 24 年的货币化率提升趋势。支付通道 收入包含主站佣金、多多买菜与 TEMU 收入，本季度收入增速较上季度继续 显著收窄，主要是因为公司继续推动高质量发展战略，其中包括百亿费用减 免计划（已帮助超 1000 万商家提高运营效率并降低成本）、推广服务费返 还计划、双十一超级加倍补（补贴新质供给）等，虽然让利商家和用户造成 短期的收入增速放缓，但推动了平台生态的可持续发展。 利润表现好于预期，费用投放保持高效。本季度公司 non-GAAP 净利润 299 亿 元，yoy+14%，non-GAAP 净利率 25%，净利率同比下降 2.3pct。本季度公司 ...

PDD Holdings (PDD) recently released its fourth-quarter and fiscal 2024 financial results, showing a mixed performance that has left investors questioning its near-term trajectory. The China-based e-commerce giant reported fourth-quarter revenues of $15.15 billion, representing a 24% year-over-year increase, while missing analyst expectations by approximately $746 million. Despite the revenue miss, earnings per share came in at $2.78, beating estimates by 6 cents.The company's performance reflects its ongoi ...

Core Insights - PDD (NASDAQ: PDD) reported Q4-24 results with revenue 5% below consensus and EBIT 3% below consensus, primarily due to a significant miss in transaction service revenue, which grew by 33% year-over-year compared to the consensus expectation of 52% year-over-year growth [1] - Online marketing service revenue growth was recorded at 17%, indicating a slower growth rate compared to previous expectations [1] Financial Performance - Revenue for Q4-24 was lower than expected, coming in at a 5% shortfall against consensus estimates [1] - EBIT also fell short, being 3% below consensus, highlighting potential challenges in operational efficiency or market conditions [1] - Transaction service revenue growth of 33% year-over-year was significantly below the anticipated 52% growth, suggesting a potential slowdown in this segment [1] - Online marketing service revenue growth of 17% reflects a more stable but slower growth trajectory compared to previous periods [1]

China's third largest e-commerce company is a potential multibagger from here.PDD (PDD -3.31%) is one of China's fastest-growing e-commerce companies. In the years since its 2015 founding, it has attracted hundreds of millions of shoppers with its discount marketplace for group purchases. It later expanded its booming e-commerce platform into higher-end markets, directly linked farmers to shoppers with its agricultural marketplace, and expanded overseas with Temu, which enabled its Chinese merchants to sell ...

Shares of PDD Holdings Inc PDD tanked in early trading on Friday, after the company reported downbeat fourth-quarter revenues.The company, which owns Temu, reported its results amid an exciting earnings season. Here are some key analyst takeaways.Benchmark analyst Fawne Jiang reiterated a Buy rating and price target of $160.Goldman Sachs analyst Ronald Keung maintained a Buy rating and price target of $157.Check out other analyst stock ratings.Benchmark: PDD reported quarterly revenues of RMB 111 billion ($ ...

The company behind Pinduoduo and Temu reported robust earnings per share in the fourth quarter, but revenue fell short of expectations.PDD Holdings (PDD 3.98%), a notable operator in global e-commerce, unveiled its financial results for the fourth quarter of 2024 on March 20. The company reported non-GAAP earnings per share (EPS) of $2.76, slightly exceeding the analyst estimate of $2.74. However, revenue of $15.15 billion missed the consensus estimate by 2.5% amid competitive market pressures. MetricQ4 202 ...

Temu and Pinduoduo parent PDD Holdings Inc (NASDAQ:PDD) reported lower-than-expected fourth-quarter earnings and revenue before the open today, dinged by stiff competition and weak demand in China. The company still doubled its annual profit to $15.4 billion, however. At last glance, PDD was up 2% at $128.48, reversing its earlier losses and brushing off a price-target cut from Jefferies to $156 from $171. Familiar pressure at the $130 level is keeping gains in check, however. Year-to-date, the equity is ou ...

Financial Performance - Total revenues for Q4 2024 were RMB 110,610.1 million (US$ 15,153.5 million), an increase of 24% from RMB 88,881.0 million in Q4 2023[4] - Operating profit for Q4 2024 was RMB 25,592.2 million (US$ 3,506.1 million), an increase of 14% from RMB 22,395.0 million in Q4 2023[4] - Net income attributable to ordinary shareholders for Q4 2024 was RMB 27,446.6 million (US$ 3,760.2 million), an increase of 18% from RMB 23,280.3 million in Q4 2023[9] - Total revenues for the fiscal year 2024 were RMB 393,836.1 million (US$ 53,955.3 million), an increase of 59% from RMB 247,639.2 million in 2023[12] - Revenues from transaction services for Q4 2024 were RMB 53,599.0 million (US$ 7,343.0 million), an increase of 33% from RMB 40,205.4 million in Q4 2023[7] - Net income for Q4 2024 was RMB 27,446,637, up 17.5% from RMB 23,280,309 in Q4 2023[36] - Operating profit for the year ended December 31, 2024, was RMB 108,422,862, a significant increase of 84.7% compared to RMB 58,698,762 in 2023[34] Expenses and Costs - Total costs of revenues for the fiscal year 2024 were RMB 153,900.4 million (US$ 21,084.3 million), an increase of 68% from RMB 91,723.6 million in 2023[13] - Research and development expenses for Q4 2024 were RMB 3,777.2 million (US$ 517.5 million), compared to RMB 2,864.4 million in Q4 2023[7] - Research and development expenses for the year ended December 31, 2024, were RMB 12,659,361, an increase of 15.6% from RMB 10,952,374 in 2023[34] Earnings and Shares - Basic earnings per ADS for Q4 2024 were RMB 19.76 (US$ 2.71), compared to RMB 17.00 in Q4 2023[10] - Earnings per ordinary share (diluted) for Q4 2024 was RMB 4.63, compared to RMB 3.96 in Q4 2023, indicating a growth of 16.8%[36] - The diluted earnings per ordinary share for the year ended December 31, 2024, increased to RMB 19.00, up from RMB 10.29 in 2023, marking a growth of 84.5%[45] - The non-GAAP diluted earnings per ordinary share for the year ended December 31, 2024, was RMB 20.68, compared to RMB 11.63 in 2023, reflecting a growth of 77.5%[45] Cash and Investments - Cash, cash equivalents, and short-term investments were RMB 331.6 billion (US$ 45.4 billion) as of December 31, 2024, compared to RMB 217.2 billion as of December 31, 2023[11] - Net cash generated from operating activities for the year ended December 31, 2024, was RMB 121,929,292, an increase of 29.5% from RMB 94,162,531 in 2023[43] - The company reported a net cash used in investing activities of RMB (118,356,036) for the year ended December 31, 2024, compared to RMB (55,431,278) in 2023, indicating a significant increase in investment[43] - The increase in cash, cash equivalents, and restricted cash for the year ended December 31, 2024, was RMB 4,414,516, down from RMB 29,479,488 in 2023, showing a decrease in cash growth[43] Assets and Liabilities - Total assets increased to RMB 505,034,316 as of December 31, 2024, up from RMB 348,078,120 in 2023, reflecting a growth of 45%[30] - Total liabilities rose to RMB 191,721,192 as of December 31, 2024, compared to RMB 160,836,513 in 2023, marking a 19.2% increase[32] - Shareholders' equity grew to RMB 313,313,124 as of December 31, 2024, from RMB 187,241,607 in 2023, reflecting a 67.1% increase[32] Other Notable Changes - The company reported a significant increase in online marketing services revenues, which reached RMB 57,011,061 for Q4 2024, up from RMB 48,675,618 in Q4 2023[38] - The non-GAAP net income attributable to ordinary shareholders for Q4 2024 was RMB 29,850.9 million (US$ 4,089.6 million), an increase of 17% from RMB 25,476.5 million in Q4 2023[9] - The non-GAAP net income attributable to ordinary shareholders for the year ended December 31, 2024, was RMB 122,343,561, a significant increase of 80% from RMB 67,899,292 in 2023[45] - The company experienced a loss from fair value change of certain investments amounting to RMB 25,485 for the year ended December 31, 2024[45]

Core Insights - PDD Holdings Inc. reported mixed earnings for Q4 2024, with revenue falling short of expectations while other metrics exceeded analyst forecasts [1] Financial Performance - The company missed revenue targets but achieved better-than-expected results in other financial metrics [1]