Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD.O) with a current price of $104.09 [1]. Core Views - Pinduoduo's Q3 2024 financial report shows a revenue of 99.35 billion yuan, a year-over-year increase of 44%. The Non-GAAP net profit attributable to ordinary shareholders was 27.46 billion yuan, up 61% year-over-year. However, both revenue and profit fell short of market expectations due to increased investments in the domestic platform ecosystem and overseas compliance [1][2]. - As of September 2024, Pinduoduo's cash and cash equivalents, along with short-term investments, amounted to 308.5 billion yuan, indicating a strong cash position compared to 284.9 billion yuan at the end of June 2024 and 202.8 billion yuan at the end of September 2023 [1]. Summary by Sections Revenue Breakdown - Online marketing services revenue reached 49.35 billion yuan, growing 24% year-over-year, contributing nearly 50% of total revenue. Transaction services revenue was 50 billion yuan, a 72% year-over-year increase, but the growth rate slowed due to changes in commission rates and an increase in the share of Temu's semi-managed services [2][3]. - Pinduoduo launched several merchant support initiatives, including a 10 billion yuan reduction plan and a new merchant support plan, aimed at enhancing the platform and merchant ecosystem for long-term development [2][3]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenue growth rates of 61.7%, 27.6%, and 20.9% for 2024, 2025, and 2026, respectively. Non-GAAP net profits are projected to be 116.5 billion yuan, 148.2 billion yuan, and 188.4 billion yuan for the same years, corresponding to price-to-earnings ratios of 9.0, 7.1, and 5.6 [3][4]. - The report expresses confidence in Pinduoduo's ability to capture market share in both domestic and international markets, maintaining the "Buy" rating and continuous recommendation [3].
拼多多：加大平台生态&海外合规投入，立足长远发展