Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD) [1][32] Core Insights - Revenue and profit fell short of market expectations, but monetization capabilities continue to improve. In Q3 2024, Pinduoduo achieved revenue of RMB 99.35 billion, a year-over-year increase of 44%, but below Bloomberg's consensus estimate of RMB 102.83 billion. The Non-GAAP net profit was RMB 27.459 billion, up 61% year-over-year but down 20% quarter-over-quarter, also below the consensus estimate of RMB 29.207 billion [1][17] - The company is increasing investments in its platform ecosystem, with advertising revenue of RMB 49.351 billion (up 24% year-over-year) and commission revenue of RMB 50 billion (up 72% year-over-year), although the latter was below market expectations [2][19] - The platform's governance system is continuously optimized to reduce product safety risks, with significant investments in compliance teams and proactive management of product listings [2][23] Summary by Sections Revenue and Profit Growth - In Q3 2024, Pinduoduo's revenue reached RMB 99.35 billion, a year-over-year increase of 44% and a quarter-over-quarter increase of 2%, but below market expectations [1][17] - The company continues to enhance its platform ecosystem, launching initiatives to reduce merchant transaction costs and improve operational efficiency [2][19] Gross Margin and Profitability - The gross margin for Q3 2024 was 60.03%, a decrease of 1 percentage point year-over-year and a decline of 5.25 percentage points quarter-over-quarter [3][25] - The report indicates that while profitability may be under pressure in the short term, there is potential for long-term improvement [3][30] Earnings Forecast and Investment Rating - Due to lower-than-expected profit release in Q3 2024, the forecast for Non-GAAP net profit for 2024-2026 has been adjusted to RMB 1211.9 billion, RMB 1486.3 billion, and RMB 1817.1 billion, respectively, with corresponding PE ratios of 8.3, 6.8, and 5.5 [3][32]
拼多多：2024Q3业绩点评：收入利润均低于预期，投入增加导致盈利能力有所下滑