PDD(US:PDD) CMS·2025-11-19 00:43Investment Rating - The report maintains a "Strong Buy" rating for Pinduoduo (PDD.O) [2] Core Insights - Pinduoduo's Q3 2025 revenue reached 108.3 billion yuan, a year-over-year increase of 9%, with advertising revenue at 53.35 billion yuan, up 8%, slightly below expectations. Non-GAAP net profit was 31.4 billion yuan, a 14.3% increase year-over-year, exceeding expectations. The company plans to continue significant investments in its ecosystem, which may impact short-term profits but is expected to drive sustainable high-quality growth in the long term [1][4] - The company is optimistic about the long-term growth potential of its domestic business and overseas markets, despite short-term fluctuations in profits due to increased ecosystem investments and macroeconomic uncertainties [1][4] Financial Data Summary - For 2023, the total revenue is projected at 247.639 billion yuan, with a year-over-year growth of 90%. The net profit is expected to be 67.899 billion yuan, reflecting a 72% increase. The EPS (Non-GAAP) is projected at 6.79 yuan, with a P/E ratio of 18.9 [2][7] - The financial forecasts for 2024 to 2027 indicate continued growth, with total revenue expected to reach 557.912 billion yuan by 2027, and net profit projected at 162.547 billion yuan [2][5][7] Stock Performance - The stock has shown a 1-month absolute performance of 0.4%, a 6-month performance of 9.9%, and a 12-month performance of 10.0%. However, the relative performance over 12 months is down by 24.2% [4]