Investment Rating - The investment rating for PDD Holdings Inc is Overweight, with a price target of US141.47 [6]. Core Insights - Temu has expanded its market presence by entering four countries with a fully-entrusted model and one with a semi-entrusted model as of September 2024 [2][3]. - Temu's global accumulated downloads reached 747 million, with significant contributions from the US (26%), EU (28%), and LatAM (23%) [3]. - Monthly downloads for Temu in September were 56 million, slightly down from 59 million in August, with Colombia leading at 7.1 million downloads [3]. - Monthly Active Users (MAU) for Temu increased to 311 million in September, up from 290 million in August, representing 92% of Amazon's global MAU [3]. - Daily Active Users (DAU) for Temu reached 32.2 million in September, compared to 30.8 million in August, with Amazon's DAU at 98 million [3]. Summary by Sections Company Overview - PDD Holdings Inc operates in the China Internet and Other Services sector, with a market capitalization of US145.98 billion [6]. Financial Metrics - For the fiscal year ending December 2023, PDD Holdings is projected to have a revenue of RMB 247.64 billion, with an EPS of RMB 41.12 [6]. - The company is expected to see revenue growth to RMB 513.22 billion by December 2026, with EPS projected to reach RMB 89.10 [6]. Valuation Metrics - The P/E ratio for PDD Holdings is currently 25.3, expected to drop to 11.2 by December 2026, indicating improving valuation over time [6]. - The Return on Equity (ROE) is projected to decrease from 51.0% in 2023 to 30.2% by 2026, reflecting potential challenges in maintaining high profitability [6].
摩根士丹利：拼多多_ Temu 进度检查 - 2024 年 9 月
2024-10-14 14:30