Investment Rating - The report maintains a "Recommended" rating for Pinduoduo (PDD) with a target market value of approximately $227.3 billion based on a 12X PE for the expected Non-GAAP net profit for 2024 [7][35]. Core Insights - Pinduoduo's revenue for Q2 2024 reached 97.06 billion yuan, representing a year-on-year increase of 86%. The operating profit was 32.56 billion yuan, up 156% year-on-year, while the Non-GAAP net profit attributable to ordinary shareholders was 34.4 billion yuan, reflecting a 125% increase year-on-year [23]. - The report highlights that the growth in online marketing service revenue has slowed due to a slight decrease in GMV growth and the postponement of the 618 shopping festival. However, the transaction service revenue surged by 234% year-on-year, driven by an increase in the proportion of the "Hundred Billion Subsidy" and growth in overseas GMV from TEMU [7][23]. - The company is focusing on high-quality development in response to the competitive landscape in both domestic and international e-commerce markets, emphasizing efficiency in its operations [7][23]. Financial Summary - Total revenue projections for Pinduoduo are 422.57 billion yuan for 2024, 525.62 billion yuan for 2025, and 603.37 billion yuan for 2026, with corresponding year-on-year growth rates of 70.6%, 24.4%, and 14.8% respectively [2][7]. - The net profit attributable to ordinary shareholders is expected to be 103.52 billion yuan in 2024, 137.31 billion yuan in 2025, and 176.78 billion yuan in 2026, with year-on-year growth rates of 72.5%, 32.6%, and 28.7% respectively [2][7]. - The report indicates a projected PE ratio of 9.2 for 2024, 6.9 for 2025, and 5.4 for 2026, suggesting a favorable valuation trend [2][7].
拼多多：2024年二季报点评：直面国内电商竞争，为海外电商竞争厉兵秣马