> **来源：[研报客](https://pc.yanbaoke.cn)** # PDD Holdings (PDD US) Summary ## Core Content PDD Holdings (PDD US) reported its second-quarter 2026 financial results, showing revenue growth of 8.1% year-over-year (YoY), which was slightly below the Bloomberg consensus. This was primarily due to a 6% miss in transaction services revenue, attributed to a more prudent revenue growth strategy in the TEMU business. However, the company outperformed in online marketing services and others revenue, which grew by 2% above the consensus. Operating profit (OP) increased by 7.6% YoY to RMB27.8bn, 2% above the consensus, driven by a 1.8ppt improvement in gross profit margin (GPM) and better control of sales and marketing expenses. The company is focusing on visible growth opportunities amid a challenging environment, emphasizing growth in consumer staples categories within the domestic market and adopting a more disciplined approach to investment in the TEMU business due to overseas regulatory uncertainties. As a result, the analysts have lowered their 2026E revenue and non-GAAP net profit forecasts by 3% each. The SOTP-based target price (TP) has been cut by 4% to US\$148.4, implying a 14.6x 2026E price-to-earnings (PE) ratio. The current share price is trading at approximately 8x 2026E PE, and the company holds RMB456.4bn in cash, restricted cash, and short-term investments, representing over 50% of its market capitalization. This valuation is considered undemanding, with potential catalysts expected from a return to positive earnings growth in 4Q26E. The analysts maintain a **BUY** rating. ## Key Financial Metrics ### Revenue - **2Q26**: RMB112.4bn (+8.1% YoY), 2% above consensus - **FY24A**: RMB393,836mn - **FY25A**: RMB431,846mn - **FY26E**: RMB467,457mn - **FY27E**: RMB510,684mn - **FY28E**: RMB544,483mn ### Net Profit - **2Q26**: RMB27.182bn - **FY24A**: RMB112,434.5mn - **FY25A**: RMB99,364.5mn - **FY26E**: RMB98,793.3mn - **FY27E**: RMB125,138.7mn - **FY28E**: RMB139,793.1mn ### Adjusted Net Profit - **2Q26**: RMB28.489bn - **FY24A**: RMB122,343.6mn - **FY25A**: RMB107,301.4mn - **FY26E**: RMB104,870.2mn - **FY27E**: RMB131,266.9mn - **FY28E**: RMB146,326.9mn ### Gross Profit Margin (GPM) - **2Q26**: 57.3%, expanded by 1.4ppt QoQ and 1.8ppt above consensus - **FY24A**: 55.9% - **FY25A**: 55.9% - **FY26E**: 57.4% - **FY27E**: 57.7% - **FY28E**: 57.6% ### Operating Profit - **2Q26**: RMB27.8bn (+7.6% YoY), 1.0ppt above consensus - **FY24A**: RMB108,423mn - **FY25A**: RMB94,624mn - **FY26E**: RMB109,033mn - **FY27E**: RMB130,875mn - **FY28E**: RMB145,827mn ### Operating Margin - **2Q26**: 24.7%, 1.0ppt above consensus - **FY24A**: 24.8% - **FY25A**: 23.1% - **FY26E**: 23.3% - **FY27E**: 25.6% - **FY28E**: 26.8% ## Target Price and Valuation - **Target Price (TP)**: US\$148.40 (down from US\$154.80) - **Current Price**: US\$87.07 - **12-Month Price Performance**: - Absolute: -18.6% over 6 months - Relative: -27.4% over 6 months - **Market Cap**: US\$128,297.6mn - **Shareholding Structure**: - Zheng Huang: 24.8% - Tencent: 13.8% ## SOTP Valuation Breakdown | Segment | Valuation (RMB mn) | 2026E P/E (x) | 2026E P/S (x) | Comment | |--------|-------------------|--------------|--------------|---------| | Main app Duoduo | 918,079 | 10.0 | - | 10x 2026E PE | | Grocery Temu | 36,501 | - | 1.0 | 1.0x 2026E PS | | TEMU | 181,304 | - | 1.0 | 1.0x 2026E PS | | Net cash | 394,371 | - | - | 2026E net cash | **Total SOTP Valuation**: US\$218,608mn (RMB1,530,255mn) ## Financial Performance Highlights - **Online Marketing Services and Others Revenue**: - 2Q26: RMB57.6bn (+3.5% YoY), 2% above consensus - YoY Growth: 3.5% (2Q26), 1.6% (diff) - **Transaction Services Revenue**: - 2Q26: RMB54.7bn (+13.3% YoY), 6% below consensus - YoY Growth: 13.3% (2Q26), -6.2% (diff) - **Total Revenue**: - 2Q26: RMB112.4bn (+8.1% YoY), -2.5% below consensus - YoY Growth: 8.1% (2Q26), -2.5% (diff) ## Risks 1. Slower-than-expected global business expansion 2. Geopolitical issues impacting business development 3. Slower-than-expected margin expansion ## Analyst Ratings - **BUY**: Stock with potential return of over 15% over the next 12 months - **HOLD**: Stock with potential return of +15% to -10% over the next 12 months - **SELL**: Stock with potential loss of over 10% over the next 12 months - **NOT RATED**: Stock is not rated by CMBIGM - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark - **UNDERPERFORM**: Industry expected to underperform the relevant broad market benchmark ## CMB International Global Markets Limited - **Address**: 45/F, Champion Tower, 3 Garden Road, Hong Kong - **Tel**: (852) 3900 0888 - **Fax**: (852) 3900 0800 - **Parent Company**: CMB International Capital Corporation Limited (a subsidiary of China Merchants Bank) ## Important Disclosures - The report is for informational purposes only and does not constitute investment advice. - Past performance is not indicative of future results. - The value of investments may fluctuate and is not guaranteed. - CMBIGM is not a registered broker-dealer in the United States and is not subject to U.S. rules regarding research reports and analyst independence. - The research analyst is not registered or qualified as a research analyst with FINRA.