叮咚买菜24Q3业绩点评：加速增长，利润率持续提升

Investment Rating - The report assigns a "Buy" rating to Dingdong (Cayman) Limited (DDL N) [4] Core Views - Dingdong's Q3 2024 performance met expectations with accelerated growth in GMV and revenue driven by strong seasonal demand [2] - The company demonstrates strong scale effects in the fresh food category [2] - Regional expansion is progressing smoothly with accelerated growth in orders and average order value [5] - Scale effects are driving continuous quarter-over-quarter improvement in profit margins [5] - The company has achieved regional profitability in its fresh food category with strong category scale effects [5] Financial Performance - Q3 2024 revenue reached RMB 6 538 billion +27 21% YoY [5] - Adjusted net profit attributable to parent company was RMB 164 million compared to RMB 13 32 million in Q3 2023 [5] - Q3 2024 GMV reached RMB 7 267 billion +28 27% YoY [5] - Fulfillment expense ratio reached a historical low of 21 38% [5] - Profit margin stood at 2 47% indicating successful operations in Shanghai and regional expansion in Jiangsu-Zhejiang [5] Growth Drivers - Accelerated warehouse openings with 80 new warehouses in Q3 2024 completing the annual target [5] - Full-year 2024 warehouse opening target is 110 [5] - Profit improvement mainly from supply chain scale effects and increased order density [5] - The company expects GMV growth to maintain 17-18% for the full year with adjusted net profit margin of 1 7-1 8% [5] Industry Landscape - Recent changes in the industry include increased investment by JD com in front warehouses and Hema's restart of front warehouses [5] - Xiaoxiang Supermarket is advancing rapidly in North and South China with relatively steady expansion in East China [5] - The report suggests that these competitors have different models and regional focuses with no aggressive price wars expected in the short term [5] Historical Financials - 2024E revenue is projected at RMB 22 979 52 million +15 06% YoY [6] - 2024E gross profit is projected at RMB 6 893 86 million [6] - 2024E adjusted net profit attributable to parent company is projected at RMB 409 60 million with a margin of 1 78% [6]