Investment Rating - Maintain "Outperform" rating [2][18][22][33] Core Views - The company's non-GAAP net profit for the quarter reached 34.3 billion yuan, a year-on-year increase of 125%, with a non-GAAP net profit margin of 35%, up 6 percentage points year-on-year [2][5] - The significant improvement in net profit margin is primarily due to the substantial reduction in losses from TEMU [2][5] - The company's gross profit margin for the quarter was 65%, up 1 percentage point year-on-year [2][5] - Sales expenses increased by 48% year-on-year, but the sales expense ratio decreased by 7 percentage points to 27% [2][5] - Management indicated that the company will not engage in share buybacks or dividends in the near future due to intense competition and external uncertainties [2][5] Revenue and Profit Forecasts - Revenue is expected to grow from 419.3 billion yuan in 2024E to 592.2 billion yuan in 2026E, with growth rates of 69.3%, 22.0%, and 15.8% respectively [1] - Adjusted net profit is projected to increase from 121.3 billion yuan in 2024E to 163.1 billion yuan in 2026E, with growth rates of 78.7%, 17.2%, and 14.7% respectively [1] - Adjusted EPS is forecasted to rise from 22.15 yuan in 2024E to 29.78 yuan in 2026E [1] Financial Metrics - EBIT margin is expected to decline from 32.7% in 2024E to 28.0% in 2025E and 2026E [1] - ROE is projected to peak at 39.7% in 2024E before declining to 25.9% in 2026E [1] - The PE ratio is expected to decrease from 8.0x in 2024E to 6.0x in 2026E [1] - EV/EBITDA is forecasted to increase from 2.9x in 2024E to 3.9x in 2026E [1] Business Performance - Quarterly revenue reached 97.0 billion yuan, up 85% year-on-year, driven by a 234% increase in payment channel revenue, largely due to TEMU's rapid growth [17][20] - Advertising revenue grew by 29% year-on-year, reflecting the company's enhanced monetization capabilities [17][20] - TEMU's Q2 GMV exceeded 13.0 billion USD, contributing approximately 47.1 billion yuan in revenue [17][20] Strategic Focus - The company plans to reduce transaction fees for high-quality merchants by 10.0 billion yuan in the first year [17][20] - Investments will be made to streamline merchant onboarding and product listing processes, improving platform quality and merchant environment [17][20] - The company is shifting its strategy towards long-term investments, which may pressure profitability in the future [33]
拼多多：2024Q2财报点评：利润表现亮眼，公司将加大投入商家生态