Kenneth Cheung Investment Thesis PDD Holdings (NASDAQ:PDD) delivered very strong results. The company is extremely secretive and keeps its prospects very close to its chest. By the details we can glean, we can see a company that is growing at such a rapid pace, with such strong free cash flows, that paying approximately 13x forward free cash flow makes this stock cheap enough that it more than makes up for its opaqueness. What's more, the business has approximately $8 billion of net cash, which means that g ...

PDD Holdings Inc. (PDD) closed the last trading session at $119.52, gaining 2.5% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $167 indicates a 39.7% upside potential.The mean estimate comprises 14 short-term price targets with a standard deviation of $32.98. While the lowest estimate of $111 indicates a 7.1% decline from the current price level, the most optimistic analyst expec ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about PDD Holdings Inc. (PDD) .PDD Holdings Inc. currently has an average broker ...

PDD Holdings Inc. (PDD) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Over the past month, shares of this company have returned +2.5%, compared to the Zacks S&P 500 composite's +1.6% change. During this period, the Zacks Internet - Commerce industry, which PDD Holdings Inc. falls in, has gained 1.3%. The key question now is: What could be the stock's future direction?While med ...

In the latest market close, PDD Holdings Inc. (PDD) reached $118.24, with a -0.77% movement compared to the previous day. The stock fell short of the S&P 500, which registered a loss of 0.72% for the day. On the other hand, the Dow registered a loss of 1%, and the technology-centric Nasdaq decreased by 0.95%.The company's stock has dropped by 2.42% in the past month, falling short of the Retail-Wholesale sector's gain of 0.99% and the S&P 500's gain of 2.16%.The upcoming earnings release of PDD Holdings Inc ...

Company Analysis - The company's gross margin has declined in the short term due to the impact of Temu, but the control of period expenses remains at a reasonable level [2][3] - In 2023, the company achieved a Non-GAAP net profit attributable to the parent company of 678.99 billion yuan, a year-on-year increase of 72%, with a Non-GAAP net profit margin of 27%, down 2.86 percentage points year-on-year [6] - Temu's warehousing and logistics systems are in the construction phase, with significant room for optimization in the future [13] Industry Analysis - The e-commerce industry has entered an era of stock competition, with "low price" becoming the core of competition [7] - The growth rate of China's online retail sales of physical goods has gradually slowed down, with the penetration rate of online retail sales reaching 27.61% by the end of 2023, up 0.40 percentage points from the end of 2022 [10] - The e-commerce industry's growth rate has diverged, with live-streaming e-commerce maintaining a growth rate significantly higher than the industry average, and its market share continues to increase [22] Temu's Development and Optimization - Temu has entered 51 countries and regions by March 2024, maintaining a high level of investment, and is expected to maintain high growth in traffic and GMV [32] - Temu's logistics system is in the construction phase, with significant room for optimization in the future, which can improve consumer shopping experience and reduce logistics costs [13] - Temu has partnered with major shipping companies to reduce logistics costs by 30-60% through sea freight, which can enhance profitability while maintaining low prices [14] - Temu plans to build overseas warehouses in the US to improve logistics efficiency and reduce costs, which will help solve the issue of warehouse overcapacity and improve delivery times [15] Financial Projections - The company's revenue is expected to grow from 3574 billion yuan in 2024 to 5781 billion yuan in 2026, with net profit attributable to the parent company projected to be 791/1106/1530 billion yuan in 2024/2025/2026, respectively [37][41] - Temu's GMV is expected to grow from 175 billion USD in 2023 to 808 billion USD in 2026, with revenue projected to increase from 72 billion USD in 2023 to 331 billion USD in 2026 [33][34] - The company's gross margin is expected to decline in the short term due to the rising proportion of Temu's revenue but is projected to recover as Temu's scale increases and logistics costs decrease [38] Competitive Landscape - Pinduoduo's market share is expected to reach 21.2% in 2023, surpassing JD.com's 20.4% and becoming the second-largest e-commerce platform in China [28] - The e-commerce industry is experiencing intensified competition, with "low price" becoming the focus of all platforms, and Pinduoduo's user base and traffic advantages have built a solid moat [28][72] - Pinduoduo's domestic main site is expected to maintain stable growth, with its user and merchant barriers being relatively solid, and the company's future growth drivers include the main site, Duoduo Maicai, and Temu [75][76]

[Table_StockNameRptType] 拼多多（PDD） 公司研究/美股点评 敬请参阅末页重要声明及评级说明 证券研究报告 [Table_CompanyRptType1] 拼多多（PDD） | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------|-------|----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

The up-and-coming Chinese e-commerce company Pinduoduo Inc (PDD -0.35%) has caught investors' attention recently. It delivered a solid financial performance in the last few quarters, and its cross-border e-commerce marketplace Temu has captured the mindshare of millions of overseas consumers.Pinduoduo's stock price is up by more than 50% in the last 12 months and investors are optimistic that the momentum could continue in 2024. Still, there are always risks when investing in any company. Here are two criti ...

免责声明 长城证券股份有限公司（以下简称长城证券）具备中国证监会批准的证券投资咨询业务资格。 长城证券在法律允许的情况下可参与、投资或持有本报告涉及的证券或进行证券交易，或向本报告涉及的公司提供或争取提供包括投资 银行业务在内的服务或业务支持。长城证券可能与本报告涉及的公司之间存在业务关系，并无需事先或在获得业务关系后通知客户。 长城证券版权所有并保留一切权利。 长城证券产业金融研究院 地址：上海市浦东新区世博馆路 200 号 A 座 8 层 传真：021-31829681 深圳 北京 传真：86-10-88366686 作者 -40% -20% 0 % 20% 40% 60% 80% 100% 120% PDD.O IXIC.GI 邮编：200126 拼多多（PDD.O） 23Q4 及 2023 年度业绩点评:国内主站及海外业务齐头并进，持续 推动高质量发展 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------|-- ...

业绩简评 2024 年 3 月 20 日公司公布 23Q4 及全年业绩。23Q4 收入 888.81 亿元，同比 123.21%，Non-GAAP 归母净利润 254.76 亿元，同比 110.45%，Non-GAAP 归母净利润率 28.66%。2023 全年收入 2476.39 亿元，同比 89.68%，Non-GAAP 归母净利润 678.99 亿元，同比 71.60%，Non-GAAP 归母净利润率 27.42%。收入、利润均大超预期。 经营分析 公司核心电商性价比优势明显，海外布局增长加速。预计 2024-2026E收入分别为3999亿元/5150亿元/6302亿元，Non-GAAP 归母净利润分别为 1052 亿元/1420 亿元/1855 亿元。对应 PE 为 11.45x/8.48x/6.49x，给予"买入"评级。 消费需求走弱，行业竞争加剧，用户增长不及预期，海外业务发 展不及预期及海外政策风险，费用控制不及预期等。 2.《拼多多 23Q2 点评-业绩超预期，平台高质量发展》, 2023.8.31 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 60. ...