Glonghui, January 15 | Bank of America Securities published a research report saying that Pinduoduo is expected to announce results for the fourth quarter of last year in mid-late March. Taking into account the rapid increase in TEMU revenue during the holiday season and the healthy increase in package volume in December last year, Bank of America currently predicts that Pinduoduo's fourth quarter revenue will increase 108% year-on-year to 82.7 billion yuan, 5% higher than market expectations; the non-GAAP net profit forecast reached 17.6 billion yuan, and the net profit margin was expected to reach 21.2%. Driven by GMV's growth of about 29% and the overall commission rate to 5.18%, Bank of America also expects Pinduoduo's domestic core market revenue to increase 71% year-on-year in the fourth quarter of last year. Assuming that TEMU's GMV for the fourth quarter exceeds 7 billion US dollars, Bank of America predicts that TEMU's revenue will reach 18 billion yuan, contributing about 22% of total revenue. The bank expects Pinduoduo's net profit under non-GAAP to grow to 60 billion yuan in fiscal year 2023, compared to 40 billion yuan in fiscal year 2022. It is hoped that the decline in consumption in the Chinese market will continue this year. Bank of America expects Pinduoduo to stabilize its position as a “cost-effective” e-commerce platform, and that its market share is expected to increase. Coupled with the positive development of TEMU, it can support steady growth this year. It predicts that net profit under non-GAAP will increase 37% year-on-year to 82 billion yuan this year, and raise Pinduoduo's target price from 153 US dollars to 182 US dollars, reaffirming the “buy” rating.