格隆汇中概研究院发布拼多多（PDD）首次覆盖报告，预估 2024全年收入 580 亿美元

We are initiating coverage of PDD Holdings Inc. (PDD). Since its founding in 2015 and IPO in 2018, PDD has seen its e-commerce market share in China rise to 19% from 7.2% in 2019 by mid-2023, and become the fifth largest E-Commerce platform in the world in terms of 2023 revenue. PDD operates under the name “Pinduoduo” in China and “Temu” in the rest of the world. With proven success of its unique business model in China under Pinduoduo, Temu, is expected to be PDD’s next growth engine and positions PDD as the next global E-Commerce giant. The brand new semi-entrusted model is expected to contribute marginal performance for Temu. We estimate PDD’s 2024 revenue and EBITDA of US$58 Billion and $17 Billion, representing y/y growth of 69% and 108%, respectively. Currently, PDD is trading at EV/EBITDA of 6x/4x in 2024E/2025E vs. peers’ average of 12x/10x in 2024E/2025E. Access our full report:  Shop Like A Billionaire: Temu On The Rise.