PDD Holdings Inc. (PDD, Financial) is arguably one of the most attractive Chinese e-commerce investment on the market right now. Its distinct business model that cuts out intermediaries allows it to offer cost-competitive products. While it has faced quality control challenges and there are pressures from instability in the broader Chinese macro economy, the investment is still unmistakably attractive due to its high growth rates but lower valuation multiples than many of its peers. Operational analysisThe ...

NEW YORK, Sept. 16, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of PDD Holdings Inc. f/k/a Pinduoduo Inc. (NASDAQ: PDD).Shareholders who purchased shares of PDD during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.CONTACT US HERE:https://securitiesclasslaw.com/securities/pdd-holdings-inc-f-k-a-pinduoduo-inc-loss-submission-form/?id=10242 ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In PDD To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $100,000 in PDD between April 30, 2021 and June 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] NEW YORK, Sept. 13, 2024 (GLOBE NEWSWIRE) ...

RADNOR, Pa., Sept. 12, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against PDD Holdings Inc. f/k/a Pinduoduo Inc. (“PDD”) (NASDAQ: PDD) on behalf of investors who purchased or otherwise acquired PDD securities between April 30, 2021 and June 25, 2024, inclusive (the “Class Period”) The lead plaintiff deadline is Octobe ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In PDD To Contact Him Directly To Discuss Their OptionsIf you suffered losses exceeding $100,000 in PDD between April 30, 2021 and June 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).[You may also click here for additional information]NEW YORK, Sept. 12, 2024 /PRNewswire/ -- Faru ...

NEW YORK, Sept. 12, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of PDD Holdings Inc. f/k/a Pinduoduo Inc. (NASDAQ: PDD).Shareholders who purchased shares of PDD during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.CONTACT US HERE:https://securitiesclasslaw.com/securities/pdd-holdings-inc-f-k-a-pinduoduo-inc-loss-submission-form/?id=10189 ...

PDD Holdings (PDD) saw its stock taking a significant hit in the past month, plunging 34.7% due to growing macro headwinds. Uncertainties in the global environment, changing consumption patterns, recessionary fears, market volatility and challenging conditions in China's economy have been taking a toll on the PDD stock.The company’s loss compares unfavorably with the industry’s decline of 9.1% and the S&P 500 index’s rally of 2% in the past month.PDD Holdings also faces stiff competition in the domestic and ...

The company needs to overcome these hurdles to keep its growth machine spinning.PDD Holdings (PDD 0.65%) has been the best-performing Chinese tech company in the last 12 months -- until lately. Despite reporting solid quarterly earnings, stock in Pinduoduo's parent company plunged by more than 30% as investors sold it amid the company's pessimistic guidance on its prospects.Still, contrarian investors and PDD Holdings bulls are taking this sell-off to buy the stock on the cheap. But before they rush into lo ...

报告公司投资评级 - 报告给予公司"买入"评级,维持6个月评级 [1] 报告的核心观点 公司业绩稳健增长 - 2024Q2公司营业收入同比增长86%至971亿元,略低于预期 [1] - 公司2024Q2 Non-GAAP调整后净利润同比增长125.5%至344.3亿元,超预期 [1] - Non-GAAP净利率为35.5%,主要系费率有效控制和经营效率提升 [1] 行业竞争激烈,公司增速有所放缓 - 公司2024Q2营销服务收入同比增29%,略低于预期,交易服务收入同比增234%,略低于预期 [1] - 增速放缓主要系宏观消费疲软叠加Q2电商旺季竞争激烈,各家补贴有所增加 [1] 公司注重长期健康发展,加大供给端投入 - 公司将推进高质量供给建设,大力扶持优质商家,减免100亿优质商家交易手续费 [1] - 公司加大供给端投入,短期平台货币化率或承压,但有利于缓和商家和平台的紧张关系 [1] TEMU半托管占比稳步提升,带来收入增量 - 公司在北美推出半托管模式,有望持续改善海外UE模型,丰富大件SKU的供给 [1] - 预计全年海外亏损额可控 [1] 投资建议 - 考虑到行业竞争激烈,公司主站收入增速有所放缓,我们下调公司2024-2025年营业收入和净利润预测 [1] - 维持"买入"评级,对应9月6日收盘价PE分别为7X/6X [1] 风险提示 - 宏观经济不确定性 - 行业竞争加剧 - 主站收入增速放缓,货币化率提升不及预期 - 海外业务开展不及预期 - 多多买菜业务盈利进度不及预期 - 海外监管存在不确定性 [1]

报告公司投资评级 - 报告未给出拼多多的具体投资评级 [1] 报告的核心观点 拼多多Q2业绩表现 - 拼多多Q2收入同比增长86%至970.6亿元,但略低于预期 [3] - 经调整净利润同比增长125%至344.3亿元,超出预期 [3] - 收入增速放缓主要是因为在线广告收入同比增长29.5%,回落至2022Q1水平,反映国内基本盘业务面临竞争压力 [3] - 净利润超预期主要是毛利率较高以及费用率较低 [3] 拼多多管理层的指引 - 管理层表示准备接受短期利润下降,未来一段时间内可能出现利润率下滑 [4] - 管理层预计未来收入增长将面临压力,主要由于行业竞争加剧和外部挑战 [4] - 公司未来几年内不会进行股票回购或分红计划,因为需要持续大力投资 [4] - 公司未来一年将减免优质商家100亿元手续费,以应对日渐加剧的行业竞争 [4] 拼多多主站和买菜业务 - 主站方面,增加商家返利和专注于GMV增长将推动抽成率下降,但被更高的GMV增长所抵消 [7] - 在线营销收入增速预计将回到teens-level,公司计划未来12个月投资100亿元支持商家 [7] - 买菜业务此前重点是减亏和提升效率,目前已实现全国盈利,并将重点转向增长 [7] Temu业务 - Temu的运营受到许多非商业因素的负面影响,面临越来越多的不确定性,竞争也变得更加激烈 [8] - Temu正在清理低质量商家,提高商家准入门槛,实施严格的惩罚和罚款政策 [8] - Temu在美国可能已经达到了高用户渗透率和流量瓶颈,因此正在缩减在美国的支出 [8] - Temu要求商家不要过度竞争价格,因为Temu已经在所有平台上提供了最低的价格 [8] 正反观点分析 正面观点 [9] - 公司业务经营和拓展能力依旧不变,核心看经营（主站、Temu和买菜） - 历史上存在管理预期的行为,这次也是只是过火 - 不分红、不回购有自身发展的原因 - 与阿里京东相比,业绩增长高下立判,但估值已经在同一水平 负面观点 [10] - 不透明的信披 - 对待投资者的傲慢态度（矛盾的发言和不分红派息） - 刻意打压股价的管理层言论,与投资者利益不一致 - Temu海外依旧面临监管风险 - 跨境卖家冲击PDD大楼以及国内"反内卷"浪潮带来国内政策性风险 正反观点的共识与分歧 [11][12] 共识: - 对拼多多的不明确指引和投资策略感到困惑,并对行业竞争加剧表示担忧 分歧: - 悲观投资者更担心拼多多增费和增加投资的指引会打破行业竞争格局,而乐观投资者则持怀疑态度 - 悲观投资者还担心多头投资者可能的抛售行为 行业整体业绩展望 - 互联网公司业绩高度分化,短期形象改变,多头观点出现显著分歧 [13] - 拼多多估值已经低于京东和阿里 [13] 机构持股变化 - 拼多多是机构投资者二季度买入最多的中概股,增持的机构数量增加超过五成 [16]