Guojing International's research report states that pdd holdings' Non-GaaP net income attributable to shareholders for Q3 2024 is 27.46 billion yuan, a year-on-year increase of 61%, with earnings of 18.6 yuan per ADS, lower than the expected 20.2 yuan. The market has high expectations for the company, but the actual performance has not met these expectations, possibly due to increased competition in the e-commerce industry and the impact of pdd holdings' policies to support merchants, such as the "100 billion reduction" initiative on short-term financial performance. Considering the valuations of leading internet companies in china and similar e-commerce companies in the US stock market, as well as pdd holdings' past performance and new business expansion potential, the current valuation level of pdd holdings is already very attractive. Nevertheless, due to the company's outlook on business growth and expense ratios falling short of expectations, the target price is maintained at $132.0 per ADR, corresponding to a 10.5x/8.6x pe valuation for 2024/2025, and the "buy" rating is upheld.