PDD(US:PDD) Shenwan Hongyuan Securities·2025-11-21 11:03Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD) [2][12] Core Insights - Pinduoduo reported FY3Q25 revenue of RMB 108.3 billion, a 9% year-over-year increase, exceeding consensus estimates of RMB 107.6 billion. Non-GAAP net profit increased by 14% year-over-year to RMB 31.4 billion, surpassing market expectations [5][6][12] - The "RMB 100 billion Merchant Support" program is driving transformation and high-quality development within the ecosystem, with significant growth in the number of young merchants and high-quality product SKUs [7][10][12] - The company is focusing on cost control, with total operating expenses accounting for 33.6% of revenue, down 2.0 percentage points year-over-year. R&D expenditure increased significantly, indicating a commitment to technological advancement [8][10][12] - Temu, a subsidiary, is experiencing strong growth in active users and market popularity, with cumulative global downloads exceeding 1.2 billion and a record high of 530 million monthly active users in August 2025 [11][12] Financial Data and Profit Forecast - Revenue projections for Pinduoduo are as follows: - 2023: RMB 247.639 billion - 2024: RMB 393.836 billion - 2025E: RMB 431.367 billion - 2026E: RMB 494.010 billion - 2027E: RMB 561.012 billion - Non-GAAP net profit forecasts have been adjusted to: - 2025E: RMB 109.029 billion (up from RMB 102.4 billion) - 2026E: RMB 128.155 billion (down from RMB 138.6 billion) - 2027E: RMB 155.770 billion (down from RMB 168.9 billion) [4][12]