大行评级｜建银国际：上调拼多多目标价至148美元 上调2025至27年盈测

Core Viewpoint - Jianyin International's research report indicates that Pinduoduo's second-quarter earnings exceeded expectations, primarily due to a quarterly decline in sales and marketing expenses, along with a more than doubling of interest and investment income [1] Group 1: Financial Performance - Pinduoduo's second-quarter profitability surpassed market expectations [1] - Sales and marketing expenses decreased on a quarterly basis [1] - Interest and investment income increased by over 100% [1] Group 2: Market Valuation and Forecast - The market has not fully reflected the potential growth valuation of Pinduoduo's e-commerce platform, Temu [1] - Earnings forecasts for the group have been raised by 16%, 9%, and 12% for the years 2025 to 2027 [1] - Target price has been increased from $135 to $148, maintaining an "outperform" rating [1]