Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD) with a 6-month outlook [1] Core Views - Pinduoduo's Q2 2024 revenue grew 86% YoY to 97.1 billion RMB, slightly below Bloomberg consensus by 3% [1] - Non-GAAP adjusted net profit surged 125.5% YoY to 34.43 billion RMB, exceeding Bloomberg consensus [1] - Marketing service revenue increased 29% YoY to 49.12 billion RMB, while transaction service revenue jumped 234% YoY to 47.94 billion RMB, driven by Temu's overseas expansion [1] - The company's Non-GAAP net margin reached 35.5%, attributed to effective cost control and operational efficiency improvements [1] Revenue Breakdown - Marketing service revenue growth slowed to 29% YoY, below market expectations, due to macroeconomic weakness and intense Q2 e-commerce competition [2] - Transaction service revenue growth of 234% YoY was slightly below market consensus, impacted by increased subsidies and competitive pressures [2] Strategic Focus - Pinduoduo is prioritizing GMV growth and increasing supply-side investments to address industry competition, which may temporarily affect monetization rates [2] - The company plans to invest in high-quality supply chains, offering 10 billion RMB in transaction fee reductions for quality merchants and simplifying merchant onboarding processes [2] - Management emphasized long-term healthy development, with no immediate plans for share buybacks or dividends [2] Temu's Contribution - Temu's semi-hosted model, launched in North America and expanded to Europe, Japan, and South Korea, is improving overseas unit economics and increasing large-item SKU availability [3] - The semi-hosted model shifts warehousing, shipping, and return responsibilities to merchants, enhancing profitability [3] Financial Forecasts - Revenue forecasts for 2024 and 2025 were revised downward to 3.99 trillion RMB and 4.863 trillion RMB, representing YoY growth of 61% and 22%, respectively [3] - Non-GAAP net profit estimates for 2024 and 2025 were adjusted to 1.282 trillion RMB and 1.553 trillion RMB, reflecting YoY growth of 89% and 21% [3] - The stock's PE ratio stands at 7X for 2024 and 6X for 2025 based on the September 6 closing price [3]
拼多多：24Q2业绩：收入利润稳健增长，看好公司长期发展