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This equity research report focuses on Pinduoduo Inc. (PDD US), a company in the internet sector. The report highlights that PDD's 3Q2022 results exceeded expectations, with accelerated revenue growth and higher profitability thanks to the scale effect. The company's bottom line was far above expectations, driven by mixed impacts of slowing investment schedule and faster revenue growth. The report concludes that PDD's business scale expansion is ongoing, driving up profit, and user expansion and merchant recruitment could both increase net profit. The report maintains an investment rating of "Accumulate" with a target price of US$105.00.