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Pinduoduo (PDD) is expected to maintain relatively more elastic GMV and 2023E revenue growth, driven by user stickiness and increased integration of more brand products and grocery stores (DDG). The company's core e-commerce business has entered a phase of stable growth, which will provide strong cash flow support for Temu's overseas expansion. Aggressive investment in Feiteng has been well-received by the market. The company's core business profitability outlook remains positive, as well as its potential for overseas expansion. The analyst has提前推出基于DCF的估值到2023年，每ADS TP提高到116.9美元。维持买入。
