拼多多（PDD）：2024年三季报点评：销售费用率环比提升，3Q广告收入同增24.35%

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a revenue growth of 44.33% year-on-year for Q3 2024, with GAAP net profit increasing by 60.78% [1]. - For the first three quarters of 2024, the company achieved a total revenue of 283.23 billion yuan, representing a year-on-year growth of 78.40%, and a GAAP net profit of 84.99 billion yuan, up 131.28% [1]. - The report indicates a decrease in gross margin by 0.99 percentage points in Q3 2024, with a comprehensive gross margin of 60.03% [2]. - The online marketing services revenue for Q3 2024 grew by 24.35%, while commission income surged by 71.52% [3]. - The company has implemented various measures to reduce costs for merchants, which have positively impacted operational efficiency [3]. Financial Performance Summary - Q3 2024 revenue was 99.35 billion yuan, with a GAAP net profit of 24.98 billion yuan, reflecting a year-on-year increase of 44.33% and 60.78% respectively [1]. - The comprehensive gross margin for the first three quarters of 2024 was 62.54%, down 1.78 percentage points year-on-year [2]. - The company’s operating expenses ratio decreased by 8.18 percentage points year-on-year for the first three quarters of 2024, with Q3 2024 showing a 1.27 percentage point decline [2]. Revenue Breakdown - Online marketing services revenue for the first three quarters of 2024 reached 140.92 billion yuan, a year-on-year increase of 34.39% [3]. - Commission revenue for the same period was 142.30 billion yuan, marking a significant year-on-year growth of 164.05% [3]. Profitability Forecast - The report has adjusted the profit forecast for 2024, 2025, and 2026 downwards by 15%, 24%, and 27% respectively, due to the uncertain cost inputs associated with the TEMU business and increased marketing expenditures [4].