---
title: "Goldman Sachs pointed out that PDD's low base effect provides room for value reassessment, maintaining a \"Buy\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/266476447.md"
description: "Goldman Sachs analyzes PDD's third-quarter performance, noting that online advertising revenue growth fell short of expectations, which may have led to a negative reaction in the stock price. The management's comments were conservative, and accelerating reinvestment in the future may lead to performance volatility. Goldman Sachs has lowered its revenue forecast but raised its net profit forecast for this year, maintaining a \"Buy\" rating and lowering the target price to $147, expecting that the low base effect will provide room for value reassessment"
datetime: "2025-11-19T03:57:44.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266476447.md)
  - [en](https://longbridge.com/en/news/266476447.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266476447.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/266476447.md) | [繁體中文](https://longbridge.com/zh-HK/news/266476447.md)


# Goldman Sachs pointed out that PDD's low base effect provides room for value reassessment, maintaining a "Buy" rating

Goldman Sachs pointed out that Pinduoduo (PDD.US) had mixed results in the third quarter, with quarterly operating profit rising year-on-year for the first time this year, but online advertising revenue growth fell to single digits for the first time, significantly below expectations. The bank believes that the negative reaction in Pinduoduo's stock price may stem from the disappointing online advertising revenue. The bank noted that management's comments remain cautious, reiterating that accelerated reinvestment in the future may lead to fluctuations in quarterly performance. On a positive note, the company's investment and equity income exceeded expectations, indicating improvements in the unit economics and profit margins of the Temu division.

The bank has lowered its revenue forecasts for the company from this year to the next two years by 2% to 3%, while raising the adjusted net profit forecast for this year by 4%. However, it has subsequently cut the forecasts for the next two years by 8% and 9%, based on the company's incremental investments in the domestic platform ecosystem and the intensified competition and changing regulatory environment faced by Temu. The bank expects the company's adjusted net profit to decline by 15% year-on-year in the fourth quarter and to rise by 14% year-on-year next year, with net profit in 2027 expected to increase by 30% year-on-year.

The bank has lowered its target price for Pinduoduo from $157 to $147, maintaining a "Buy" rating, and continues to expect that the low base effect next year and the year after will provide room for value reassessment

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- [PDD (PDD.US)](https://longbridge.com/zh-CN/quote/PDD.US.md)

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