Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4][10]. Core Views - The company reported a robust revenue growth of 24% year-on-year in Q4 2024, reaching 110.6 billion yuan, with marketing services revenue growing by 17% and transaction services revenue increasing by 33% [1][2]. - The revenue growth slowdown is attributed to intensified competition and external uncertainties, while profit fluctuations are due to increased investments in merchant support and platform ecosystem development [1][2]. - The company is expected to strengthen its supply chain and support new quality merchants, which is beneficial for long-term consumer service and platform health [2]. Revenue and Profit Analysis - In Q4 2024, the adjusted net profit increased by 17% year-on-year to 29.9 billion yuan, exceeding Bloomberg consensus estimates by 4%, with a Non-GAAP net profit margin of 27% [1]. - The marketing services revenue growth has slowed down, and the transaction services revenue growth is also expected to decelerate due to the rising share of TEMU's semi-managed GMV and lower monetization rates [2][3]. Future Projections - Revenue projections for 2025-2027 have been adjusted to 470.2 billion, 547.8 billion, and 625.0 billion yuan respectively, with year-on-year growth rates of 19%, 17%, and 14% [3]. - Non-GAAP net profit estimates for 2025-2027 are set at 138.0 billion, 169.8 billion, and 196.9 billion yuan, with growth rates of 13%, 23%, and 16% respectively [3].
拼多多（PDD）：24Q4业绩：收入稳健增长，看好公司长期发展