Investment Rating - The report maintains a "Buy" rating for PDD Holdings, citing that the stock price reflects short-term pressures and is supported by policy measures to boost consumption [1]. Core Insights - PDD Holdings reported a revenue growth of 44.3% year-on-year for Q3 2024, reaching RMB 99.4 billion, which was approximately 3% below Bloomberg consensus estimates [1]. - The company has adjusted its revenue forecasts for 2024 to 2026 down by 4%-9% and non-GAAP net profit forecasts down by 9%-16% due to the impact of enhanced merchant support measures [1]. - The target price has been revised down from USD 187.90 to USD 156.80, corresponding to a 14x P/E ratio for 2024 [1]. Financial Performance Summary - For FY24E, revenue is projected at RMB 398.2 billion, with a non-GAAP net profit of RMB 123.4 billion, reflecting a year-on-year growth of 81.7% [3]. - The gross profit margin for Q3 2024 decreased to 60.0%, down 2.1 percentage points from the previous year, attributed to a miss in commission revenue forecasts [1][6]. - The company’s operating profit margin for Q3 2024 was reported at 24.5%, which is 2.9 percentage points lower than expected [6]. Revenue Breakdown - Online marketing services and other revenues grew by 24.3% year-on-year in Q3 2024, reaching RMB 49.4 billion, while transaction service fees increased by 71.5% to RMB 50 billion [1][6]. - The total revenue for Q3 2024 was RMB 99.4 billion, reflecting a year-on-year growth of 44.3% [6]. Strategic Initiatives - Management emphasized ongoing investments in the merchant ecosystem to foster a healthier and more sustainable platform, including fee waivers and enhanced after-sales support [1]. - The company has implemented a RMB 10 billion fee reduction plan benefiting over 10 million merchants, aimed at cost savings and efficiency improvements [1].
拼多多：增强商家支持的影响开始显现