PDD(US:PDD)2024-11-25 01:13Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD) [4][8][18] Core Insights - Pinduoduo reported Q3 2024 revenue of RMB 99.4 billion, a 44% year-on-year increase, with operating profit rising 46% to RMB 24.3 billion and non-GAAP net profit increasing 61% to RMB 27.5 billion [4][12][18] - The company has implemented a RMB 10 billion merchant support policy to enhance ecosystem optimization, which has temporarily impacted commission income growth [5][13][18] - Pinduoduo's gross profit for Q3 2024 was RMB 59.6 billion, with a gross margin of 60.0%, reflecting a slight decline [6][14] - The Temu platform has expanded into over 70 countries, achieving significant user growth and sales, becoming the second most visited e-commerce site globally [7][17][18] Financial Data and Profit Forecast - For 2024, Pinduoduo's projected revenue is RMB 395.7 billion, with a year-on-year growth rate of 59.77% [9][22] - Non-GAAP net profit is forecasted to reach RMB 123.5 billion in 2024, with continued growth expected in subsequent years [9][18]