请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年11月22日 拼多多（PDD.O） 优于大市 2024Q3 财报点评：公司加大商户佣金减免，受竞争影响未来 利润承压 营收：本季度公司营业收入 994 亿元，同比增长 44%，其中广告营销收 入 490 亿元，yoy +29%；支付通道收入 500 亿元，yoy +72%，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，Q3 公司主站 GMV 增速为 20%左右，广告与 GMV 增速 GAP 同环比均收窄，仍保持货币化率提升趋势；支付通道收入包含主站佣金、 多多买菜与 TEMU 收入，本季度支付通道收入增速同环比显著下滑（去 年同期 yoy+315%、24Q2 yoy+234%），我们认为支付通道收入增速下滑 主要原因为公司投入平台生态建设、主动下调国内主站佣金，24Q3 公司 推出"百亿费用减免计划"，包括服务费返还、降低"先用后付"服务 费用等，目前已覆盖平台所有产品品类，计划未来一年减免费用超 100 亿元。 利润：本季度公司 non-GAAP 净利润 275 亿元，yoy+61%，non ...

交银国际研究 财务模型更新 股份资料 52周高位 (美元) 157.57 52周低位 (美元) 89.17 市值 (百万美元) 144,557.07 日均成交量 (百万) 32.82 年初至今变化 (%) (28.86) 200天平均价 (美元) 129.68 收盘价 美元104.09 互联网 2024 年 11 月 22 日 目标价 美元144.00↓ 潜在涨幅 +38.3% 拼多多 (PDD US) 百亿减免政策落地导致佣金收入及利润不及预期，预计投入持续 3 季度业绩低于预期，主要因佣金收入低于预期，反映百亿减免政策落地对佣 金率带来的短期影响。预计4季度佣金率下降影响持续，扰动利润增长预期。 我们下调 2024/25 年利润 5%/7%，基于 2025 年 10 倍市盈率（前为 13 倍，反 映利润增长不确定性及海外关税政策风险），目标价从 188 美元下调至 144 美 元。现价对应 2025 年 7 倍市盈率，维持买入。 3季度收入同比增44%至993.5亿元（人民币，下同），符合我们的预期， 较彭博一致预期低 3%。调整后净利润为 274.6 亿元，同比增 61%，较彭博 一致预期的 292 亿 ...

浦银国际研究 浦银国际 公司研究 SPDBI 目标价 目前价 市场预期区间 资料来源：Bloomberg、浦银国际 拼多多 （ PDD.US） 公司研究 | 互联网行业 拼多多（PDD.US）：虽然风险上升，机会 仍大于风险，维持"买入"评级 收入利润皆不及市场预期：3Q24 收入 994 亿元，低于市场预期 3.4%， 同比增长 44%；调整后净利润为 275 亿元，同比增 61%，低于市场预 期 6%。3Q24 调整后净利率 27.6%，2Q24 为 35.3%，3Q23 为 24.7%。 收入增速放缓，利润率环比下滑：3Q24 整体收入同比增长 44%（2Q24 为 86%），增速大幅放缓，其中广告收入同比增 24%（2Q24 为 29%）， 与市场预期一致，我们认为和 GMV 增速也逐渐趋于一致。根据我们 调研数据，"双十一"期间，拼多多交易额同比增长 20%+。交易服 务收入同比增长 72%（2Q24 为 234%），环比增 4.3%，虽然也存在季 节性因素，但主要由于减免优质商家的交易服务费等扶持政策导致。 3Q24 净利率为 27.6%，环比下降 7.9pp，其中毛利率环比下降 5.3pp， 销 ...

2024 年 11 月 22 日 公司研究 销售费用率环比提升，3Q 广告收入同增 24.35% ——拼多多（PDD.O）2024 年三季报点评 要点 公司 3Q2024 营收同比增长 44.33%，GAAP 归母净利润同比增长 60.78% 公司公布 2024 年三季报：1-3Q2024 实现营业收入 2832.26 亿元，同比增长 78.40%，实现 GAAP 归母净利润 849.88 亿元，同比增长 131.28%，实现 Non-GAAP 归母净利润 924.93 亿元，同比增长 118.03%。 单季度拆分来看，3Q2024 实现营业收入 993.54 亿元，同比增长 44.33%，实现 GAAP 归母净利润 249.81 亿元，同比增长 60.78%，实现 Non-GAAP 归母净利 润 274.59 亿元，同比增长 61.26%。 公司 3Q2024 综合毛利率下降 0.99 个百分点，期间费用率下降 1.27 个百分点 1-3Q2024 公司综合毛利率为 62.54%，同比下降 1.78 个百分点。单季度拆分来 看，3Q2024 公司综合毛利率为 60.03%，同比下降 0.99 个百分点。 1 ...

CMB 国际全球市场 | 股票研究 | 公司更新 22 Nov 2024 PDD 控股公司(PDD US) | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

22 Nov 2024 CMB International Global Markets | Equity Research | Company Update PDD Holdings (PDD US) | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Revenue Growth - Total revenues in Q3 2024 were RMB99,354.4 million (US$14,157.9 million), a 44% increase from RMB68,840.4 million in Q3 2023[4] - Total revenues for the three months ended September 30, 2024, reached RMB 99.35 billion (US$ 14.16 billion), a significant increase from RMB 68.84 billion in the same period of 2023[32] - Revenues from online marketing services and others were RMB49,351.0 million (US$7,032.5 million), a 24% increase from RMB39,687.7 million in Q3 2023[8] - Revenues from transaction services were RMB50,003.4 million (US$7,125.4 million), a 72% increase from RMB29,152.7 million in Q3 2023[9] - Revenues from online marketing services and others for the three months ended September 30, 2024, were RMB 49.35 billion (US$ 7.03 billion), compared to RMB 39.69 billion in the same period of 2023[37] - Revenues from transaction services for the three months ended September 30, 2024, were RMB 50.00 billion (US$ 7.13 billion), up from RMB 29.15 billion in the same period of 2023[37] Profitability - Operating profit in Q3 2024 was RMB24,292.5 million (US$3,461.6 million), a 46% increase from RMB16,656.0 million in Q3 2023[4] - Net income attributable to ordinary shareholders in Q3 2024 was RMB24,980.7 million (US$3,559.7 million), a 61% increase from RMB15,537.1 million in Q3 2023[5] - Non-GAAP net income attributable to ordinary shareholders in Q3 2024 was RMB27,458.7 million (US$3,912.8 million), a 61% increase from RMB17,027.1 million in Q3 2023[14] - Net income for the three months ended September 30, 2024, was RMB 24.98 billion (US$ 3.56 billion), up from RMB 15.54 billion in the same period of 2023[32] - Operating profit for the three months ended September 30, 2024, stood at RMB 24.29 billion (US$ 3.46 billion), compared to RMB 16.66 billion in the same period of 2023[32] - Non-GAAP operating profit for the three months ended September 30, 2024, was RMB 26,770,463 (US$ 3,814,760), compared to RMB 18,125,840 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the three months ended September 30, 2024, was RMB 27,458,701 (US$ 3,912,832), compared to RMB 17,027,084 for the same period in 2023[45] - Non-GAAP operating profit for the nine months ended September 30, 2024, was RMB 90,309,956 (US$ 12,869,065), compared to RMB 41,197,644 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the nine months ended September 30, 2024, was RMB 92,492,640 (US$ 13,180,094), compared to RMB 42,422,832 for the same period in 2023[45] Earnings Per Share - Earnings per diluted ordinary share for the three months ended September 30, 2024, were RMB 4.23 (US$ 0.60), up from RMB 2.65 in the same period of 2023[35] - Non-GAAP diluted earnings per ordinary share for the three months ended September 30, 2024, was RMB 4.65 (US$ 0.66), compared to RMB 2.90 for the same period in 2023[45] - Non-GAAP diluted earnings per ordinary share for the nine months ended September 30, 2024, was RMB 15.64 (US$ 2.23), compared to RMB 7.25 for the same period in 2023[45] Cash Flow and Investments - Net cash generated from operating activities was RMB27,522.3 million (US$3,921.9 million), compared to RMB32,537.9 million in Q3 2023[15] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 27,522,313 (US$ 3,921,898), compared to RMB 32,537,857 for the same period in 2023[43] - Net cash used in investing activities for the three months ended September 30, 2024, was RMB 16,898,558 (US$ 2,408,025), compared to RMB 4,820,500 for the same period in 2023[43] - Net cash generated from operating activities for the nine months ended September 30, 2024, was RMB 92,382,132 (US$ 13,164,348), compared to RMB 57,271,860 for the same period in 2023[43] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 87,810,779 (US$ 12,512,936), compared to RMB 38,960,607 for the same period in 2023[43] Assets and Liabilities - Cash, cash equivalents, and short-term investments were RMB308.5 billion (US$44.0 billion) as of September 30, 2024, compared to RMB217.2 billion as of December 31, 2023[16] - Other non-current assets were RMB74.0 billion (US$10.5 billion) as of September 30, 2024, compared to RMB48.0 billion as of December 31, 2023[16] - Total current liabilities as of September 30, 2024, were RMB 179.99 billion (US$ 25.65 billion), down from RMB 152.90 billion as of December 31, 2023[30] - Total shareholders' equity as of September 30, 2024, increased to RMB 278.50 billion (US$ 39.69 billion) from RMB 187.24 billion as of December 31, 2023[30] Expenses - Sales and marketing expenses were RMB30,483.8 million (US$4,343.9 million), a 40% increase from RMB21,748.5 million in Q3 2023[10] - Total share-based compensation expenses for the three months ended September 30, 2024, were RMB 2.48 billion (US$ 353.11 million), compared to RMB 1.47 billion in the same period of 2023[40]

The primary goal of the Cash Flow Kingdom Income Portfolio is to produce an overall yield in the 7% - 10% range. We accomplish this by combining several different income streams to form an attractive, steady portfolio payout. The portfolio's price can fluctuate, but the income stream remains consistent. Start your free two-week trial today!PDD Holdings Inc. (NASDAQ: PDD ) reported strong business growth for the most recent quarter, but expectations were somewhat higher compared to what the company delivered ...

PDD Holdings Inc. (NASDAQ:PDD) Q3 2024 Earnings Conference Call November 21, 2024 7:30 AM ET Company Participants Lei Chen - Chairman & Co-Chief Executive Officer Jiazhen Zhao - Executive Director & Co-Chief Executive Officer Jun Liu - Vice President, Finance Conference Call Participants Kenneth Fong - UBS Charlene Liu - HSBC Joyce Ju - Bank of America Operator Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Third Quarter 2024 Earnings Conference Call. At this time, all par ...

KEY TAKEAWAYSU.S.-traded shares in PDD Holdings are plunging in premarket trading Thursday after the parent of the Temu discount marketplace posted quarterly results that fell massively short of analysts’ estimates.Competition and a costly expansion have been cutting into PDD's earnings.PDD shares are down 20% this year. U.S.-traded shares in PDD Holdings (PDD) are plunging in premarket trading Thursday after the parent of the Temu discount marketplace posted quarterly results that fell massively short of a ...