Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - The company, Pinduoduo (PDD.US), is expected to report total revenue of 101.6 billion yuan for Q3 2024, representing a year-on-year growth of 48% [2]. - Online marketing revenue is projected to be 49.5 billion yuan, up 25% year-on-year, while transaction service revenue is anticipated to reach 52.4 billion yuan, reflecting an 80% increase [2]. - Operating expenses are expected to total 35.1 billion yuan, a 38% increase year-on-year, with a cost structure that includes marketing expenses growing 36% to 29.6 billion yuan, management expenses rising 143% to 1.8 billion yuan, and R&D expenses increasing 27% to 4.3 billion yuan [2]. - The anticipated operating profit is 28.6 billion yuan, a 71% increase year-on-year, with a profit margin of 28% [2]. - For the full year 2024, total revenue is projected to be 423.6 billion yuan, a 71% year-on-year growth, with online marketing revenue expected to be 194.4 billion yuan (27% growth) and transaction service revenue at 229.2 billion yuan (144% growth) [2]. - The management has indicated that due to external environment and competitive landscape changes, high growth and profitability will face challenges, leading to increased investments without considering stock buybacks or dividend plans [2]. Summary by Sections Q3 2024 Performance Expectations - Total revenue is expected to be 101.6 billion yuan, with online marketing revenue at 49.5 billion yuan and transaction service revenue at 52.4 billion yuan [2]. - Operating expenses are projected at 35.1 billion yuan, with a significant increase in marketing and management expenses [2]. - Anticipated operating profit is 28.6 billion yuan, with a profit margin of 28% [2]. Full Year 2024 Projections - Total revenue for 2024 is expected to reach 423.6 billion yuan, with substantial growth in both online marketing and transaction service revenues [2]. - Operating profit is projected to be 125.4 billion yuan, reflecting a 114% year-on-year increase [2]. - The management's strategy includes increased investments to navigate market uncertainties and competition [2].
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