Investment Rating - The report maintains an "Overweight" rating for Pinduoduo (PDD.O) with a target price of 160 USD for 2024 [4][11] Core Views - Pinduoduo's revenue growth slowed in Q2 2024, with online marketing and commission income falling below consensus expectations [4][10] - The company is focusing on long-term high-quality development, with increased investments in R&D and merchant ecosystem governance [4][21] - Pinduoduo's adjusted operating profit in Q2 2024 increased by 139% YoY, while adjusted net profit rose by 125% YoY [9][21] Financial Performance - Q2 2024 revenue reached 97.1 billion RMB, an 86% YoY increase, but below the Bloomberg consensus estimate of 100 billion RMB [21] - Online marketing services and other revenues grew by 29% YoY to 49.1 billion RMB, while transaction services revenue surged by 234% YoY to 47.9 billion RMB [21] - Adjusted operating profit margin improved to 33.6%, and adjusted net profit margin rose to 35.5% in Q2 2024 [9] Business Segments - Online marketing services and other revenues grew by 29% YoY in Q2 2024, reaching 49.1 billion RMB [10] - Commission income increased by 234% YoY in Q2 2024, totaling 47.9 billion RMB [10] Future Projections - Revenue for FY2024E/FY2025E/FY2026E is projected at 447.6/570.7/664.7 billion RMB, representing YoY growth of 81%/28%/16% [10][21] - Adjusted net profit for FY2024E/FY2025E/FY2026E is forecasted at 1,296/1,475/1,662 billion RMB, with YoY growth of 91%/14%/13% [10][21] Strategic Initiatives - Pinduoduo is investing in high-quality development, focusing on merchant ecosystem governance and R&D [4][21] - The company plans to support high-quality merchants by reducing transaction fees by approximately 10 billion RMB [21] - Pinduoduo is also enhancing consumer experience and advancing agricultural projects to improve supply chain efficiency [21]
拼多多2024Q2业绩点评：营收增速放缓，持续投入高质量发展