PDD: Positive On 1Q24 Performance Driven By Rapid Growth From Temu
We are positive about PDD’s performance in 1Q24 driven by Temu. TEMU’s contribution continues to be significant, as it not only contributes to topline growth, but also to the margins. We estimate that TEMU likely contributes approximately 30% of GMV to PDD’s revenue. We estimate GMV Q/Q growth to be ~18.5% in 1Q24, with approximately two-thirds of GMV coming from the US market.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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