【拼多多（PDD.O）】销售费用率环比提升，3Q广告收入同增24.35%——2024年三季报点评（付天姿/赵越/田然）

Core Viewpoint - The company reported significant growth in revenue and net profit for Q3 2024, indicating strong operational performance and effective cost management strategies [2][3]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 283.23 billion yuan, a year-on-year increase of 78.40%, and a GAAP net profit of 84.99 billion yuan, up 131.28% [2]. - In Q3 2024 alone, the company recorded a revenue of 99.35 billion yuan, representing a 44.33% year-on-year growth, with a GAAP net profit of 24.98 billion yuan, increasing by 60.78% [2]. Profitability Metrics - The overall gross margin for the first three quarters of 2024 was 62.54%, a decrease of 1.78 percentage points year-on-year, while the gross margin for Q3 2024 was 60.03%, down 0.99 percentage points [3]. - The operating expense ratio for the first three quarters of 2024 was 33.29%, a decrease of 8.18 percentage points year-on-year, with Q3 2024 showing an operating expense ratio of 35.58%, down 1.27 percentage points [3]. Revenue Breakdown - Online marketing service revenue for the first three quarters of 2024 reached 140.92 billion yuan, a year-on-year increase of 34.39%, while commission revenue was 142.30 billion yuan, up 164.05% [4]. - In Q3 2024, online marketing service revenue was 49.35 billion yuan, growing by 24.35%, and commission revenue was 50.00 billion yuan, increasing by 71.52% [4].