Investment Rating - The report maintains a "BUY" rating for PDD Holdings with a target price of US$192.70, which represents a 31.0% upside from the current price of US$147.09 [1]. Core Insights - PDD Holdings reported a strong performance in 1Q24, with revenue increasing by 131% year-over-year to RMB86.8 billion, surpassing Bloomberg consensus estimates by 13% [1]. - The significant revenue growth is attributed to enhanced monetization of the domestic business and accelerated international expansion [1]. - Non-GAAP net profit rose by 202% year-over-year to RMB30.6 billion, exceeding consensus expectations of RMB15.5 billion [1]. - The company is transitioning its valuation method from DCF to SOTP to better reflect the value split between its core domestic and international businesses [1]. Financial Performance Summary - In 1Q24, online marketing services and other revenues increased by 56% year-over-year to RMB42.5 billion, accounting for 48.9% of total revenue [3]. - Transaction services revenue grew by 327% year-over-year to RMB44.4 billion, driven by the Temu business and optimized consumer subsidy spending [1][3]. - Gross profit margin (GPM) decreased to 62.3% in 1Q24 from 70.4% in 1Q23, while operating profit margin (OPM) improved to 29.9% from 18.4% in 1Q23 [3]. - The company aims to build a compliance program to support long-term business development and mitigate geopolitical risks [1]. Revenue and Profit Forecast - Revenue is projected to grow from RMB247.6 billion in FY23A to RMB438.7 billion in FY24E, reflecting a year-over-year growth of 78.8% [2]. - Adjusted net profit is expected to increase from RMB67.9 billion in FY23A to RMB121.4 billion in FY24E, indicating a growth rate of 78.8% [2]. - The report anticipates a continued strong performance with a projected P/E ratio of 12.8x for FY24E [2]. Valuation Breakdown - The SOTP-based target price of US$192.7 includes valuations of US$154.6 for the main app, US$1.9 for Duoduo Grocery, and US$15.6 for Temu, along with US$20.6 for net cash [10].

拼多多现在比阿里更会赚钱 在又一个狂奔的季度后，拼多多拖着仍在亏损的海外业务，经营利润第一次超过了阿里巴巴，达到 259 亿元、比去年四季度电商旺季还好，这一规模非常接近交通银行和中国人寿。当季淘天经调整 EBITA 仍 高于拼多多，但阿里经调整 EBITA 低于拼多多。 今年前 3 个月里，拼多多总收入是去年同期的 1.3 倍、达到 868 亿元。其中包含跨境电商 Temu 业务的 交易服务收入是去年同期的 3.26 倍、达到 443.55 亿元，占总收入比重第一次超过在线营销收入。 业绩会上，管理层继续建议投资者不要基于几个季度的结果来预测拼多多的增长。高管们还在业绩分享 和问答环节讲了大概 24 次农业（2021 年二季度讲了 81 次）。据 Wind，财报发布后，拼多多股价开盘 后涨近 5%、截至发稿收窄至 1.8%，市值 2057 亿美元左右。阿里巴巴同时期跌 3% 左右、市值来到 2130 亿美元。 拼多多现在比阿里更会赚钱 快手要拿 1/4 资金回购 微软想提供有用的 AI 华尔街最有权力的人考虑退休 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 在线营销和交易服务收入相比去年同期大幅 ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 reached RMB86.8 billion, representing a 131% year-on-year increase [2][50] - Net income attributable to ordinary shareholders was RMB28 billion, compared to RMB8.1 billion in the same quarter last year [24] - Non-GAAP operating profit was RMB28.6 billion, up from RMB8.5 billion in the same quarter last year, with a non-GAAP operating profit margin of 33% compared to 22% in the same quarter last year [52][24] Business Line Data and Key Metrics Changes - Revenues from online marketing services were RMB42.5 billion, up 56% year-on-year [50] - Revenues from transaction services were RMB44.4 billion, up 327% from the same quarter last year [50] - Non-GAAP sales and marketing expenses were RMB22.7 billion, up 44% year-on-year [51] Market Data and Key Metrics Changes - The consumer market in Q1 showed strong online consumption and rising online retail penetration [43] - The company reported a rapid year-on-year growth of order volume from remote areas due to improved shipping services [45] Company Strategy and Development Direction - The company is focusing on high-quality development, emphasizing long-term value creation over short-term gains [4][15] - Key strategic areas include consumption, supply, compliance, and platform ecosystem [15][40] - The company is committed to enhancing supply chain capabilities and compliance standards to support sustainable growth [83][82] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the consumer market in China, driven by macroeconomic improvements and effective promotional events [43] - The company acknowledged intensified competition but emphasized a focus on delivering value to consumers and merchants [29][12] - Management highlighted the importance of compliance as a core capability for long-term development [82][90] Other Important Information - The company is investing in agriculture technology and initiatives to support local farmers and enhance agricultural product offerings [18][68] - The company has a significant cash position of RMB242.1 billion as of March 31, 2024 [54] Q&A Session Summary Question: How does management evaluate the competitive landscape and strategic focus going forward? - Management noted that consumers are comparing shopping experiences across platforms and emphasized the importance of product selection, pricing, and services [56][57] Question: Can management discuss the growth potential of the agricultural product category? - Management highlighted agriculture as a foundational aspect of the business, with ongoing investments and innovations to enhance the agricultural supply chain [66][68] Question: What are the company's plans regarding profitability and resource allocation? - Management reiterated a focus on long-term growth and intrinsic value, suggesting that short-term fluctuations should not dictate overall performance [66][84]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about PDD Holdings Inc. (PDD) .PDD Holdings Inc. currently has an average broker ...

先更新一下昨天的热点，网络论坛神秘账号精确卡点预测涨停的事情破案了。深交所还专门为此发了一条公告。 字小如果你懒得放大图片看，我简单总结一下，肇事者叫陈果，他持有700股中通客车，上午的时候他把这700股挂在涨停价附近， 然后发帖称1点20分 涨停。结果后来真的涨起来了，他又反悔不想卖，把单子撤了。 由于他扰乱了市场，最后对他的处罚是禁止交易15天。 所以就是一个口嗨的散户碰巧蒙对了涨停的时间，不是操纵股价的游资大佬。也幸亏他不是游资大佬，否则操纵市场罪名落实，监管层就不会这么轻易的 放过他。 其实从我十几年前炒股起，股民在论坛里口嗨涨停就是一个传统娱乐节目，但以前就算偶尔蒙对也不至于发酵到舆情，大家哈哈一乐就完事。这次之所以 不同，是因为最近几天连续有焦点股票被蒙对（不是同一个网友），而且都是涨停跌停的极端行情，于是让股民开始担心背后有操纵股价的布局。监管层 出来调查澄清了也好，大家也不用再疑神疑鬼。 所以资金去拉中介服务板块是对的，只要成交量上来了，房价涨不涨中介就能抽佣，至于房地产板块这波底部起来已经反弹了29%，我觉得势能释放的差 不多了。 至于大盘走势，目前上证依然稳健向上，属于那种可以70分做多的 ...

Key TakeawaysAmerican depositary receipts (ADRs) of Temu parent company PDD Holdings rose Wednesday as the company reported quarterly results substantially above expectations.Revenue once again doubled year-over-year, while net income more than tripled.Temu has driven the revenue growth in the U.S. since its September 2022 launch, gaining market share and attention of American consumers. Chinese e-commerce company PDD Holdings (PDD), which owns the discount marketplace Temu, saw its American depositary rece ...

Revenue Growth - Total revenues in Q1 2024 were RMB86,812.1 million (US$12,023.3 million), a 131% increase from RMB37,637.1 million in Q1 2023[3][4] - Revenues from online marketing services and others were RMB42,456.2 million (US$5,880.1 million), a 56% increase from RMB27,244.4 million in Q1 2023[1] - Revenues from transaction services were RMB44,355.8 million (US$6,143.2 million), a 327% increase from RMB10,392.6 million in Q1 2023[18] - Total revenues for Q1 2024 reached RMB 86,812,059 (US$ 12,023,331), a significant increase from RMB 37,637,050 in the same period last year[25] - Online marketing services and others contributed RMB 42,456,243 (US$ 5,880,121) to revenues in Q1 2024, up from RMB 27,244,426 in Q1 2023[26] - Transaction services revenue for Q1 2024 was RMB 44,355,816 (US$ 6,143,210), compared to RMB 10,392,624 in Q1 2023[26] Profitability - Operating profit in Q1 2024 was RMB25,973.7 million (US$3,597.3 million), a 275% increase from RMB6,929.0 million in Q1 2023[2][3] - Non-GAAP operating profit in Q1 2024 was RMB28,552.2 million (US$3,954.4 million), a 237% increase from RMB8,462.4 million in Q1 2023[2][3] - Net income attributable to ordinary shareholders in Q1 2024 was RMB27,997.8 million (US$3,877.7 million), a 246% increase from RMB8,101.0 million in Q1 2023[2][3] - Non-GAAP net income attributable to ordinary shareholders in Q1 2024 was RMB30,601.8 million (US$4,238.3 million), a 202% increase from RMB10,126.4 million in Q1 2023[2][3] - Net income for Q1 2024 was RMB 27,997,826 (US$ 3,877,654), compared to RMB 8,101,027 in Q1 2023[25] - Non-GAAP net income attributable to ordinary shareholders for Q1 2024 was RMB 30,601,805 (US$ 4,238,301), up from RMB 10,126,392 in Q1 2023[28] - Diluted earnings per ordinary share for Q1 2024 were RMB 5.18 (US$ 0.71), compared to RMB 1.73 in Q1 2023[28] Cash Flow and Liquidity - Net cash generated from operating activities in Q1 2024 was RMB21,067.2 million (US$2,917.8 million), compared with RMB1,338.0 million in Q1 2023[2][16] - Cash, cash equivalents, and short-term investments were RMB242.1 billion (US$33.5 billion) as of March 31, 2024, compared with RMB217.2 billion as of December 31, 2023[20] - Total current assets as of March 31, 2024, were RMB 316,469,963 (US$ 43,830,584), up from RMB 294,750,472 in the previous year[24] - Cash and cash equivalents stood at RMB 55,591,888 (US$ 7,699,388) as of March 31, 2024, compared to RMB 59,794,469 in the previous year[24] Operating Expenses - Sales and marketing expenses in Q1 2024 were RMB23,410.7 million (US$3,242.3 million), a 44% increase from RMB16,259.7 million in Q1 2023[19] - Total operating expenses for Q1 2024 were RMB 28,143,720 (US$ 3,897,860), up from RMB 19,582,747 in Q1 2023[25] - Research and development expenses increased to RMB 2,909,620 (US$ 402,978) in Q1 2024 from RMB 2,506,657 in Q1 2023[25]

DUBLIN and SHANGHAI, May 22, 2024 (GLOBE NEWSWIRE) -- PDD Holdings Inc. ("PDD Holdings" or the "Company") (NASDAQ:PDD), today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Total revenues in the quarter were RMB86,812.1 million (US$112,023.3 million), an increase of 131% from RMB37,637.1 million in the same quarter of 2023.Operating profit in the quarter was RMB25,973.7 million (US$3,597.3 million), an increase of 275% from RMB6,929.0 mill ...

DUBLIN and SHANGHAI, May 22, 2024 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Total revenues in the quarter were RMB86,812.1 million (US$112,023.3 million), an increase of 131% from RMB37,637.1 million in the same quarter of 2023.Operating profit in the quarter was RMB25,973.7 million (US$3,597.3 million), an increase of 275% from RMB6,929.0 mil ...