【拼多多】销售费用率环比提升，3Q广告收入同增24.35%——2024年三季报点评（付天姿/赵越/田然）

光大证券研究09:18

点击上方“光大证券研究”可以订阅哦点击注册小程序查看完整报告特别申明：本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大证券的客户。...

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Ran)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PDD":1},"content_text":"点击上方“光大证券研究”可以订阅哦点击注册小程序查看完整报告特别申明：本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大证券的客户。报告摘要公司3Q2024营收同比增长44.33%，GAAP归母净利润同比增长60.78%公司公布2024年三季报：1-3Q2024实现营业收入2832.26亿元，同比增长78.40%，实现GAAP归母净利润849.88亿元，同比增长131.28%，实现Non-GAAP归母净利润924.93亿元，同比增长118.03%。单季度拆分来看，3Q2024实现营业收入993.54亿元，同比增长44.33%，实现GAAP归母净利润249.81亿元，同比增长60.78%，实现Non-GAAP归母净利润274.59亿元，同比增长61.26%。公司3Q2024综合毛利率下降0.99个百分点，期间费用率下降1.27个百分点1-3Q2024公司综合毛利率为62.54%，同比下降1.78个百分点。单季度拆分来看，3Q2024公司综合毛利率为60.03%，同比下降0.99个百分点。1-3Q2024公司期间费用率为33.29%，同比下降8.18个百分点，其中，销售/管理/财务/研发费用率分别为28.23%/1.93%/0.00%/3.14%，同比分别变化-6.76/ +0.56/-0.02/-1.96个百分点。3Q2024公司期间费用率为35.58%，同比下降1.27个百分点，其中，销售/管理/财务/研发费用率分别为30.68%/1.82%/ 0.00%/3.08%，同比分别变化-0.91/ +0.72/ 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