Investment Rating - The report maintains a "Buy" rating for the company, Pinduoduo [3][10][26]. Core Insights - The company's revenue for Q2 2024 reached 97.06 billion RMB, showing a year-over-year increase of 86% and a quarter-over-quarter increase of 12%, although it slightly missed Bloomberg's consensus estimate of 99.985 billion RMB [10][16]. - Non-GAAP net profit for Q2 2024 was 34.432 billion RMB, up 126% year-over-year and 13% quarter-over-quarter, exceeding Bloomberg's estimate of 30.1 billion RMB [10][16]. - The company is actively innovating to enhance its platform ecosystem, focusing on improving service experiences and user value, which has led to strong revenue growth [10][18]. - Pinduoduo's global business has expanded to over 70 markets, emphasizing compliance and quality in its international operations [2][20]. Summary by Sections Revenue and Profit Growth - The company achieved significant revenue growth, with advertising revenue at 49.116 billion RMB (up 29% YoY) and commission revenue at 47.944 billion RMB (up 234% YoY) for Q2 2024 [10][39]. - The gross margin for Q2 2024 was 65.28%, reflecting a year-over-year increase of 1.03 percentage points [11][42]. Global Expansion and Risk Management - Pinduoduo is continuously iterating its global business model and exploring new international opportunities while maintaining a focus on compliance and quality [2][20]. Earnings Forecast and Investment Rating - The forecast for Non-GAAP net profit for 2024-2026 has been adjusted to 122.36 billion RMB, 154.96 billion RMB, and 205.92 billion RMB, respectively, with corresponding PE ratios of 8.2, 6.5, and 4.9 [3][26].
拼多多：2024Q2业绩点评：收入低于预期，未来投入加大短期业绩承压