Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue and profit significantly exceeded expectations, driven by strong growth in overseas business [1] - In Q1 2024, the company achieved revenue of 86.8 billion RMB, a year-over-year increase of 131% and a quarter-over-quarter decrease of 2% [8] - Gross profit reached 54.1 billion RMB, up 104% year-over-year and up 1% quarter-over-quarter [8] - Operating profit was 26 billion RMB, reflecting a year-over-year increase of 275% and a quarter-over-quarter increase of 16% [8] - Net profit amounted to 28 billion RMB, a year-over-year increase of 246% and a quarter-over-quarter increase of 20% [8] - Non-GAAP net profit attributable to shareholders was 30.6 billion RMB, up 202% year-over-year and up 20% quarter-over-quarter [8] Financial Overview - The company reported a strong performance with a gross margin of 62.3% and a net profit margin of 32.3% in Q1 2024 [18][19] - The report highlights a significant increase in transaction commission revenue, which reached 44.4 billion RMB, a year-over-year increase of 327% [1][8] - The company's effective cost control and improved operating leverage contributed to the substantial profit release, with net profit far exceeding Bloomberg consensus estimates [1] Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 458.3 billion RMB, 624 billion RMB, and 812.8 billion RMB respectively [12][21] - The net profit forecast for the same period has been revised to 144.8 billion RMB, 203.2 billion RMB, and 258.5 billion RMB respectively [12][21] - The report estimates a target market value of 2,192.1 billion RMB for 2024, corresponding to a target price of 218 USD per ADS [12][22]
拼多多：2024Q1财报点评：营收利润大超预期，海外业务高速增长