PDD(US:PDD) KAIYUAN SECURITIES·2025-08-26 09:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company is expected to continue its long-term ecological investments despite short-term profit fluctuations, with a focus on sustainable development through enhanced merchant services and user experience [2][4] - The company's revenue for Q2 2025 was 104 billion yuan, a year-on-year increase of 7%, aligning with Bloomberg's consensus expectations, while non-GAAP net profit was 32.7 billion yuan, down 5% year-on-year but exceeding expectations [3] - The company has adjusted its non-GAAP net profit forecasts for 2025-2027 to 99 billion, 138.3 billion, and 170 billion yuan respectively, reflecting a year-on-year growth rate of -19.1%, 39.7%, and 22.9% [2][6] Financial Summary and Valuation Metrics - For 2025, the expected revenue is 445.3 billion yuan, with a year-on-year growth of 13.1%, and non-GAAP net profit is projected at 99.0 billion yuan, reflecting a decline of 19.1% [6] - The gross margin is expected to be 55.6% in 2025, down from 63.0% in 2023, while the net profit margin is projected at 22.2% [6] - The diluted EPS for 2025 is estimated at 16.7 yuan, with a P/E ratio of 13.2 times [6]