Investment Rating - Maintains a "Buy" rating for the company [1][4] Core Views - The company's main site revenue growth has slowed due to intense competition in the e-commerce industry [1] - The company is increasing investments in the supply side, which may pressure short-term profitability but is expected to support long-term growth [1][13] - The company's overseas market is steadily expanding, with TEMU now available in over 80 countries and regions [6] - The semi-hosted model introduced in North America and later in Europe, Japan, and South Korea is expected to partially mitigate overseas regulatory and policy risks [6] - The company's 24Q3 revenue grew by 44% YoY to 99.4 billion yuan, with marketing service revenue increasing by 24% and transaction service revenue growing by 72% [11] - The company's 24Q3 non-GAAP net profit increased by 61% YoY to 27.46 billion yuan, with a non-GAAP net margin of 27.6% [11] Revenue and Profit Forecasts - The company's 2024-2025 revenue forecasts are revised down to 3970/4771 billion yuan (previously 3990/4863 billion yuan), representing YoY growth of 60%/20% [1] - The company's 2024-2025 non-GAAP net profit forecasts are revised down to 1231/1380 billion yuan (previously 1282/1553 billion yuan), representing YoY growth of 81%/12% [1] Overseas Expansion - TEMU has been launched in over 80 countries and regions, with the semi-hosted model introduced in North America, Europe, Japan, and South Korea [6] - The company is focusing on compliance and building a healthy business environment for long-term overseas development [6] 24Q3 Performance - 24Q3 revenue grew by 44% YoY to 99.4 billion yuan, driven by a 24% increase in marketing service revenue and a 72% increase in transaction service revenue [11] - 24Q3 non-GAAP net profit increased by 61% YoY to 27.46 billion yuan, with a non-GAAP net margin of 27.6% [11] - The company's revenue growth was impacted by increased competition and internal investments [11][13]
拼多多：24Q3业绩：内部投入加大，看好公司长期发展