PDD(US:PDD) Huaan Securities·2025-11-27 03:43Investment Rating - Investment Rating: Maintain "Buy" [3] Core Insights - The report highlights that Pinduoduo's Q3 2025 performance exceeded expectations, with a revenue of 108.3 billion yuan, representing a year-over-year increase of 9%. The company's net profit reached 31.4 billion yuan, up 14% year-over-year, surpassing Bloomberg consensus estimates by 24.9% [2][6][9] - The international business, particularly through Temu, showed significant user growth and recovery, with a total download exceeding 1.2 billion and monthly active users reaching 530 million as of October 2025 [7] - The domestic segment's online marketing revenue was slightly below expectations, but the long-term outlook remains positive due to the company's support plans and expected improvements in the competitive landscape [8] Financial Performance Summary - For Q3 2025, Pinduoduo's revenue was 108.3 billion yuan, with online marketing revenue at 53.3 billion yuan (up 8% YoY) and transaction services revenue at 54.9 billion yuan (up 10% YoY) [6][7] - The report projects revenues of 429.2 billion yuan, 498.0 billion yuan, and 569.3 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 9.0%, 16.0%, and 14.3% [9][13] - Adjusted net profits are expected to be 104.6 billion yuan, 122.6 billion yuan, and 152.7 billion yuan for the same years, with growth rates of -14.5%, 17.2%, and 24.5% respectively [9][13]