拼多多（PDD.O） 买入 利润：本季度公司 non-GAAP 净利润 255 亿元，yoy+110%，non-GAAP 净 利率 29%，净利率同比下降 1pct，我们认为净利率基本稳定的主要原因 是 TEMU 投放更加平稳可控。2023Q4 公司毛利率 61%，同比下降 17pct， 主要由于 TEMU 模式较重，跨境履约费用（TEMU 物流费用计入成本）较 高拉低毛利率；规模效应下各项费率显著下降，本季度公司销售费率同 比提升 50%，销售费率同比下降 15pct 至 30%；管理费用同比上升 16%， 管理费率同比下降 2pct 至 2.1%，研发费用同比上升 19%，研发费率同 比下降 2.8pct 至 3.2%，公司费用投放更加高效。我们预计本季度海外 业务亏损 84 亿人民币。 核心观点 公司研究·海外公司财报点评 互联网·互联网Ⅱ | --- | --- | |----------------------------------------|------------------------------------| | 基础数据 | | | 投资评级 | 买入(维持) | | 合理估值 | 2 ...

数据来源：Bloomberg，国泰君安证券研究预测 v [Table_MainInfo] [Table_Title] 拼多多（PDD.O） TEMU 快速生长，驱动业绩大超预期 | --- | --- | |----------------------|-------------------| | ——拼多多 | 2023Q4 业绩点评 | | 李奇 ( 分析师 ) | | | 0755-23976888 | | | liqi028295@gtjas.com | | | S0880523060001 | | 营收、利润均大超预期，判断主要系 TEMU 营收快速增长、亏损幅度大幅收窄，且 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|---------|----------|-------|-------|-------------------------------------------------------|---------------------------- ...

证 券 研 究 报 告 拼多多（PDD）2023 年四季度及全年财报点评 推荐（维持） 利润再超预期，推动高质量发展，出海增长 迅猛 事项： 拼多多 23 年 Q4 实现收入 888.8 亿元（同比+123%），实现经营利润 223.95 亿 元（同比+146%），实现归属于普通股东净利润 232.8 亿元（同比+146%）。Q4 实现 Non-GAAP 经营利润 245.8 亿元（同比+112%），Non-GAPP 归属于普通 股东净利润 254.77 亿元（同比+110%）。 拼多多 23 年全年实现收入 2476 亿元（同比+90%），实现经营利润 587 亿元 （同比+93%），实现归属于普通股东净利润 600 亿元（同比+90%）。23 年全年 实现 Non-GAAP 经营利润 658 亿元（同比+73%），实现 Non-GAAP 归属于普 通股东净利润 679 亿元（同比+72%）。 评论： 主站"省"心智明确，平台变现能力提升，海外快速扩张。23 年 Q4 实现广告收 入 487 亿元（同比+57%），我们预计实现广告货币化率 4.15%（环比+0.24pct）， 受益于推广账户的快速增长以及站 ...

证券研究报告·海外公司点评·互联网电商 2023Q4 业绩点评：营收利润大超预期，向 高质量发展转型 2024 年 03 月 23 日 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-----------|-----------|-----------|------------|------------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 130,558 | 247,639 | 360,290 | 458,802 | 588,594 | | 同比 | 38.97% | 89.68% | 45.49% | 27.34% | 28.29% | | 归母净利润（百万元） 同比 Non-GAAP 净利润 | 39,529.72 | 67,899.29 | 83,224.16 | 111,620.25 | 150,687.33 | | 同比 | 305.94% | 90. ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's overall revenue and profits exceeded expectations, driven by strong growth in domestic GMV, record-high monetization rates, and impressive performance from the overseas business Temu [2] - Online marketing service revenue grew robustly, and transaction commission revenue significantly surpassed expectations [6] - The company's operating leverage improved, leading to a substantial release of overall profits, with Non-GAAP net profit far exceeding Bloomberg consensus estimates [2] Financial Performance - In 2023Q4, the company achieved revenue of RMB 88.9 billion (YoY +123%, QoQ +29%), gross profit of RMB 53.8 billion (YoY +74%, QoQ +28%), operating profit of RMB 22.4 billion (YoY +146%, QoQ +34%), and net profit of RMB 23.3 billion (YoY +146%, QoQ +50%) [1][12] - Non-GAAP net profit attributable to shareholders was RMB 25.5 billion (YoY +110%, QoQ +50%) [1][12] - Gross margin was 60.5%, operating margin was 25.2%, net profit margin was 26.2%, and Non-GAAP net profit margin was 28.7% [15] Business Segments - Online marketing services and other revenue reached RMB 48.7 billion (YoY +57%, QoQ +23%), exceeding Bloomberg consensus estimates of RMB 46 billion [6][34] - Transaction commission revenue was RMB 40.2 billion (YoY +357%, QoQ +38%), significantly higher than the Bloomberg consensus estimate of RMB 34.2 billion [6][34] - The domestic main platform's GMV grew by 25% YoY in 2023Q4, with the commission monetization rate increasing to 0.9% [37] - Temu, the overseas business, contributed approximately RMB 24.5 billion in revenue in 2023Q4, with GMV reaching RMB 59 billion and a monetization rate of 42% [38] Profit Forecast and Valuation - Revenue for 2024-2026 is projected to be RMB 4,004 billion, RMB 5,491 billion, and RMB 6,701 billion, respectively [41] - Net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 1,007 billion, RMB 1,396 billion, and RMB 1,710 billion, respectively [41] - Non-GAAP net profit attributable to shareholders for 2024-2026 is expected to be RMB 1,116 billion, RMB 1,573 billion, and RMB 1,926 billion, respectively [41] - The target market capitalization for 2024 is RMB 18,563 billion, with a target price of $194 per ADS [41][42] Market Performance - The company's stock price was $122.30 as of March 21, 2024, with a 52-week range of $60.02 to $151.33 [6] - The company's market capitalization was $162.486 billion [6]

浦银国际研究 公司研究 （ PDD.US） 拼多多（PDD.US）：收入利润皆翻倍， 为何股价高开低走？ 海外业务维持爆发式增长：4Q23 集团整体收入同比增长 123%，且连 续第四个季度提速，主要得益于 Temu 业务持续高速增长。交易服务 收入同比增长 357%，远高于我们预期，Temu 业务相关佣金收入爆发 式增长。海外业务仍在快速扩张，我们预计 2024 年或仍实现翻倍增 长。而国内方面，拼多多平台受益于消费分级趋势，性价比优势依然 凸显，持续扩大市场份额。去年"双十一"大促期间，拼多多平台百 亿补贴用户达到 6.2 亿，订单量翻倍，仍保持强劲增长，远高于大盘 的个位数增速。 为何强劲业绩后，股价高开低走？公司收入和利润皆翻倍增长，增速 在中国互联网上市公司中处于断档式领先，但业绩发布后股价高开低 走，YTD 股价跌幅近 10%，跑输互联网行业大盘。我们认为地缘政治 风险是对公司股价的最大压制。出海业务成为双刃剑，一方面爆发式 增长成为公司第二增长曲线，另一方面，海外业务占比提升也面临更 大的地缘政治风险。市场对于拼多多的分歧，主要是对海外环境不确 定性的担忧，情绪仍偏谨慎。我们认为，短期来看，美国 ...

公 司 研 究 互联网电商 加速扩张，维持"买入"评级 国内用户心智及低价货盘稳固，平台货币化率持续提升；社区团购竞争放缓，多 加速扩张有望成为第二增长曲线，我们上调公司 亿元（前值 869/1187 亿元），新 亿元，对应摊薄后 EPS17.4/26.1/33.7 元， 122.3USD 对应 2024-2026 年 。国内消费弱复苏下低价心智稳固，市场份额有望持续提升， 占比提升及广告工具迭代仍有空间；海外 TEMU 加速扩 张，聚焦重点地区及引入半托管模式，亏损率有望大幅收窄，维持"买入"评级。 相关研究报告 2023Q4 业绩大幅超预期，主要源于主站货币化率及 TEMU 收入超预期 主站货币化率持续提升，TEMU 驱动二次增长 风险提示：海外扩张不及预期、竞争加剧、监管政策变动。 请务必参阅正文后面的信息披露和法律声明 1 / 3 《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正 式实施。根据上述规定，开源证券评定此研报的风险等级为R4（中高风险），因此通过公共平台推送的研报其适用 的投资者类别仅限定为境内专业投资者及风险承受能力为C4、C5 ...

Financial Performance - Operating profit for Q4 2023 was RMB22,395.0 million (US$3,154.3 million), a 146% increase from RMB9,113.7 million in Q4 2022[2] - Total revenues for Q4 2023 reached RMB88,881.0 million (US$12,518.6 million), representing a 123% increase from RMB39,820.0 million in the same quarter of 2022[8] - Net income attributable to ordinary shareholders in Q4 2023 was RMB23,280.3 million (US$3,279.0 million), an increase of 146% from RMB9,453.7 million in Q4 2022[34] - Non-GAAP operating profit for Q4 2023 was RMB24,579.9 million (US$3,462.0 million), a 112% increase from RMB11,600.1 million in Q4 2022[6] - Non-GAAP net income for Q4 2023 was RMB25,476.5 million (US$3,588.3 million), a 110% increase from RMB12,105.8 million in Q4 2022[34] - Total revenues for the fiscal year 2023 were RMB247,639.2 million (US$34,879.3 million), a 90% increase from RMB130,557.6 million in 2022[14] - Non-GAAP net income attributable to ordinary shareholders for the year ended December 31, 2023, was RMB 67,899,292 (US$ 9,563,415), compared to RMB 39,529,722 in 2022, reflecting a growth of approximately 71.8%[69] - Diluted earnings per ordinary share for the year ended December 31, 2023, was RMB 10.29 (US$ 1.45), up from RMB 5.48 in 2022, indicating an increase of 87.5%[69] - Basic earnings per ADS for the year ended December 31, 2023, was RMB 44.33 (US$ 6.24), compared to RMB 24.94 in 2022, representing an increase of 77.5%[75] Revenue Breakdown - Revenues from transaction services in Q4 2023 were RMB40,205.4 million (US$5,662.8 million), a 357% increase from RMB8,796.6 million in Q4 2022[4] - Revenues from online marketing services and others were RMB153,540.6 million (US$21,625.7 million), representing an increase of 49% from RMB102,931.1 million in 2022[41] - The company reported a significant increase in transaction services revenue for the three months ended December 31, 2023, reaching RMB 40,205,418 (US$ 5,662,815), compared to RMB 8,796,628 in the same period of 2022, reflecting a growth of 356.5%[78] Expenses - Research and development expenses for Q4 2023 were RMB2,864.4 million (US$403.4 million), compared to RMB2,406.7 million in Q4 2022[38] - Sales and marketing expenses for Q4 2023 were RMB26,638.5 million (US$3,752.0 million), a 50% increase from RMB17,732.4 million in Q4 2022[11] - Total operating expenses for the quarter were RMB31,407.8 million (US$4,423.7 million), an increase of 44% from RMB21,779.6 million in the same quarter of 2022[63] - Research and development expenses were RMB10,952.4 million (US$1,542.6 million), compared with RMB10,384.7 million in 2022[44] - The company’s share-based compensation expenses for the year ended December 31, 2023, totaled RMB 7,078,794 (US$ 997,027), compared to RMB 7,718,365 in 2022, showing a decrease of 8.3%[68] Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled RMB217.2 billion (US$30.6 billion) as of December 31, 2023, up from RMB149.4 billion a year earlier[7] - Total assets as of December 31, 2023, were RMB348,078.1 million (US$49,025.8 million), up from RMB237,119.9 million[54] - The total current liabilities increased to RMB 152,900,901 (US$ 21,535,641) as of December 31, 2023, from RMB 116,889,480 in the previous year, indicating a rise of 30.8%[77] - The company’s total liabilities as of December 31, 2023, were RMB 160,836,513 (US$ 22,653,349), compared to RMB 119,349,042 in 2022, representing an increase of 34.8%[77] Cash Flow - Net cash generated from operating activities was RMB36,890.7 million (US$5,195.9 million), compared with RMB26,550.3 million in the same quarter of 2022[40] Future Outlook - The company aims to bring more businesses and people into the digital economy, benefiting local communities and small businesses[52] - The management will hold an earnings conference call on March 20, 2024, at 7:30 AM ET[47]

PDD Holdings, the multinational commerce group that owns and operates shopping platforms Pinduoduo and Temu, saw its revenue double year-over-year as consumers sought “value for money.”The company’s total revenues in the fourth quarter of 2023 were $12.5 billion, up 123% from the same quarter a year earlier, PDD Holdings said in a Wednesday (March 20) press release.“In the fourth quarter, we saw growing demand driven by encouraging consumer sentiment,” Jiazhen Zhao, executive director and co-CEO of PDD Hold ...

PDD Holdings Inc. (NASDAQ:PDD) Q4 2023 Earnings Conference Call March 20, 2024 7:30 AM ET Company Participants Lei Chen - Chairman & Co-Chief Executive Officer Jiazhen Zhao - Executive Director & Co-Chief Executive Officer Jun Liu - Vice President of Finance Conference Call Participants Joyce Ju - Bank of America Kenneth Fong - UBS Thomas Chong - Jefferies Operator Ladies and gentlemen, thank you for standing by and welcome to PDD Holdings, Inc. Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. ...