Dingdong(DDL) 天风证券·2024-11-12 00:45Investment Rating - The report recommends to pay attention to Dingdong Maicai, indicating a positive outlook on the company's performance and growth potential [3]. Core Insights - Dingdong Maicai's Q3 2024 revenue reached 6.54 billion yuan, exceeding Bloomberg consensus by 0.4%. The adjusted gross profit was 1.95 billion yuan, with a gross margin of 29.8%. The adjusted net profit was 160 million yuan, surpassing expectations by 5.6% [1]. - The company's GMV (Gross Merchandise Volume) reached a record high of 7.27 billion yuan in Q3 2024, representing a year-on-year growth of 28.3% [1]. - The company has achieved Non-GAAP profitability for eight consecutive quarters and GAAP profitability for three consecutive quarters [1]. Summary by Sections Financial Performance - Q3 2024 revenue: 6.54 billion yuan, product revenue: 6.46 billion yuan, service revenue: 79.8 million yuan [1]. - Adjusted gross profit: 1.95 billion yuan, gross margin: 29.8% [1]. - Adjusted net profit: 160 million yuan, exceeding expectations by 5.6% [1]. - GMV in Q3 2024: 7.27 billion yuan, up 28.3% year-on-year [1]. User Growth and Engagement - Monthly Active Users (MTU) reached 8.22 million, a year-on-year increase of 24.5% [1]. - Monthly member ARPU (Average Revenue Per User) was 540 yuan, up 8.8% [1]. - Average monthly orders per member: 7.6, a year-on-year increase of 9.8% [1]. Operational Improvements - Opened 80 new fulfillment stations this year, increasing daily order volume [2]. - Expanded product offerings, including coffee, fruits, dairy, and snacks, leading to increased daily transaction volume [2]. - Enhanced end-to-end efficiency, reducing stockouts and improving delivery speed [2]. Cost Management and Profitability - Q3 2024 fulfillment costs: 1.4 billion yuan, fulfillment cost rate decreased by 1.8 percentage points to 21.4% [3]. - Sales expenses: 140 million yuan, sales expense rate increased by 0.2 percentage points to 2.2% [3]. - Management expenses: 100 million yuan, management expense rate decreased by 0.2 percentage points to 1.6% [3]. - R&D expenses: 200 million yuan, R&D expense rate decreased by 0.8 percentage points to 3.1% [3]. Future Guidance - The company raised its net profit and scale expectations, anticipating significant year-on-year growth in Q4 2024 and for the full year [3]. - Projected revenues for 2024 and 2025 are 23.3 billion yuan and 27.2 billion yuan, respectively, with adjusted net profits of 360 million yuan and 510 million yuan [3].