Investment Rating - The report does not explicitly mention an investment rating for Pinduoduo (PDD US) [7] Core Views - Pinduoduo is expected to report strong Q1 2024 results with total revenue of RMB 76 4 billion, up 103% YoY [7] - Online marketing revenue is projected at RMB 37 5 billion, up 38% YoY, while transaction service revenue is expected to reach RMB 39 0 billion, up 275% YoY [7] - Operating expenses are forecasted at RMB 30 5 billion, up 56% YoY, with a cost ratio of 40% [7] - Operating profit is anticipated to be RMB 12 8 billion, up 85% YoY, with a profit margin of 16 7% [7] - Non GAAP operating profit is estimated at RMB 14 9 billion, up 76% YoY, with a profit margin of 19 5% [7] - Diluted EPS is projected at RMB 2 25, with ADS earnings of RMB 8 75 [7] Business Segments - Pinduoduo s main platform is expected to maintain a leading growth rate compared to peers, partly due to a low base in Q1 2023 [7] - Duoduo Maicai achieved profitability in Q1, driven by both average order value and profit margins [7] - Temu s global GMV continued to grow sequentially in Q1, with semi hosted services launched in mid March showing progress [7] - Overseas business costs are primarily driven by logistics and marketing expenses, with fulfillment costs increasing sequentially in Q1 [7] - Marketing expenses are expected to be controlled, as the company paused US market spending after the Super Bowl in February [7]
拼多多：2024年第一季度业绩前瞻