Investment Rating - Maintains a "Buy" rating [11] Core Views - 2Q2024 revenue increased by 85.65% YoY to RMB 970.60 billion, with GAAP net profit attributable to shareholders rising by 144.20% YoY to RMB 320.09 billion [15] - Non-GAAP net profit attributable to shareholders grew by 125.50% YoY to RMB 344.32 billion in 2Q2024 [15] - 1H2024 revenue reached RMB 1,838.72 billion, up 104.49% YoY, with GAAP net profit attributable to shareholders increasing by 182.93% YoY to RMB 600.07 billion [1] - Non-GAAP net profit attributable to shareholders for 1H2024 was RMB 650.34 billion, up 156.08% YoY [1] Financial Performance Revenue and Profit - 2Q2024 online marketing service revenue grew by 29.48% YoY to RMB 491.16 billion, while commission income surged by 234.15% YoY to RMB 479.44 billion [16] - 1H2024 online marketing service revenue increased by 40.50% YoY to RMB 915.72 billion, and commission income rose by 273.07% YoY to RMB 922.99 billion [16] Profit Margins - 1H2024 gross margin was 63.89%, down 2.95 percentage points YoY [2] - 2Q2024 gross margin improved by 1.03 percentage points YoY to 65.28% [2] - 1H2024 operating expense ratio decreased by 12.96 percentage points YoY to 32.06% [15] - 2Q2024 operating expense ratio dropped by 8.22 percentage points YoY to 31.73% [15] Earnings Per Share (EPS) - 1H2024 diluted EPS was RMB 10.14 [1] - 2Q2024 diluted EPS was RMB 5.40 [15] Valuation and Market Performance - Current market capitalization is USD 138.877 billion [4] - The stock's 1-year low/high range is USD 108.87/164.69 [4] - 3-month turnover rate is 54.35% [4] Strategic Initiatives - The company plans to invest billions of resources to support high-quality merchants and industrial belts, reducing transaction fees for premium merchants and improving supply chain quality and efficiency [16] Future Outlook - The company has revised its GAAP net profit attributable to shareholders forecast for 2024/2025/2026 downward by 10%/7%/9% to RMB 1,263.48/1,844.46/2,474.26 billion, respectively, due to uncertainties in overseas business [16]
拼多多：2024年半年报点评：2Q24收入同增86%，加大力度扶持优质商家