商贸零售行业周报：拼多多营收利润超预期，预计海外业务高速增长

Investment Rating - The report maintains an "Overweight" rating for the retail industry [9]. Core Insights - Pinduoduo's revenue and profit exceeded expectations, with Q1 2024 revenue reaching 86.812 billion yuan, a year-on-year increase of 131%. Operating profit was 25.974 billion yuan, up 275%, and net profit attributable to shareholders was 27.998 billion yuan, a 246% increase [5]. - Temu is expected to experience rapid growth, with significant advertising investments and a shift to a semi-managed model for logistics, which may reduce losses and improve profit margins in the long term [5]. - Traditional retail shows signs of recovery, with a 4.1% year-on-year increase in total retail sales from January to April 2024, and a 5.86% growth in offline retail during the same period [6]. - The gold and jewelry sector saw a 3.6% year-on-year increase in retail sales, supported by rising gold prices, which are expected to continue benefiting the sector [7]. Summary by Sections E-commerce - Pinduoduo's Q1 2024 revenue was 86.812 billion yuan, a 131% increase year-on-year. The operating profit was 25.974 billion yuan, up 275%, and net profit was 27.998 billion yuan, a 246% increase [5]. - Temu's advertising during the Super Bowl led to a 34% increase in downloads, and its search popularity surged post-event. The company is transitioning to a semi-managed logistics model, which is expected to narrow losses [5]. Traditional Retail - From January to April 2024, total retail sales increased by 4.1% year-on-year, with offline retail growing by 5.86%. In April, retail sales in urban areas grew by 2.1%, while rural areas saw a 3.5% increase [6]. - The report suggests focusing on retail companies with strong supply chain barriers and high dividend yields, such as Miniso and Chongqing Department Store [6]. Gold and Jewelry - Retail sales in the gold and jewelry sector grew by 3.6% year-on-year in the first four months of 2024, with gold prices rising by 14%. The report anticipates continued strong performance in this sector due to gold's safe-haven appeal [7]. Market Performance - The retail index fell by 3.30% in the week of May 20-24, 2024, underperforming the CSI 300 index by 1.22 percentage points. Year-to-date, the retail sector is down 9.87% [14]. - The report highlights significant company announcements and market movements, including the opening of new stores and promotional activities [23][24].