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]. - Online marketing service revenue grew by 24.35% year-on-year in Q3 2024, while commission income surged by 71.52% [3]. Summary by Sections Financial Performance - Q3 2024 revenue reached 99.35 billion yuan, a 44.33% increase year-on-year, with GAAP net profit at 24.98 billion yuan, up 60.78% [1]. - For the first three quarters of 2024, the company reported a comprehensive gross margin of 62.54%, down 1.78 percentage points year-on-year [2]. Revenue Breakdown - Online marketing service revenue for the first three quarters of 2024 was 140.92 billion yuan, a 34.39% increase year-on-year, while commission income was 142.30 billion yuan, up 164.05% [3]. Profitability Forecast - The report has adjusted the profit forecast downwards, reducing the GAAP net profit estimates for 2024, 2025, and 2026 by 15%, 24%, and 27% respectively, due to increased marketing expenditures and the uncertain costs associated with the TEMU business [4].
拼多多：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%