Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q4 2024, the company's revenue was 110.6 billion yuan (yoy +24%), which was 4.7% lower than Bloomberg consensus expectations, while the Non-GAAP net profit reached 29.85 billion yuan (yoy +17.2%), exceeding expectations by 4.4% [4][6] - The online marketing services revenue was 57 billion yuan (yoy +17.1%), aligning with expectations, while transaction services revenue was 53.6 billion yuan (yoy +33.3%), falling short of expectations by 9.6% [4][5] - The company is focusing on enhancing quality supply through initiatives like the "Hundred Billion Subsidy" program, which aims to support high-quality merchants and improve consumer experience [5][6] Financial Performance Summary - For 2024, the company reported total revenue of 393.84 billion yuan, with a year-on-year growth of 56.4% and an adjusted net profit of 122.34 billion yuan, reflecting a growth of 80.2% [8] - Revenue projections for 2025, 2026, and 2027 are 482.47 billion yuan, 556.02 billion yuan, and 620.58 billion yuan, respectively, with expected year-on-year growth rates of 24.6%, 15.2%, and 11.6% [6][8] - Adjusted net profit forecasts for the same years are 135.84 billion yuan, 170.15 billion yuan, and 188.91 billion yuan, with growth rates of 11.0%, 25.3%, and 11.0% [6][8] Business Segment Insights - The company is facing competitive pressure in its overseas business, particularly with Temu's performance in the U.S. being below expectations due to increased competition from platforms like Amazon [4][5] - The company is adapting to potential tariff impacts by promoting a semi-managed model for merchants to mitigate costs associated with U.S. tariffs [4][5]
拼多多（PDD）：24Q4业绩点评：利润超预期，持续提升优质供给化