Glonghui, January 26 | According to a research report published in Lyon, Pinduoduo's performance in the fourth quarter of last year is expected to record another strong growth. Driven by rapid GMV growth in the mainland and overseas, total revenue will increase 93% year-on-year to 77 billion yuan, and adjusted net profit will increase 18% to 14.3 billion yuan. The bank said that the group is ready to cope with the downgrade in consumption. It is expected that its domestic GMV will increase by more than 20% year-on-year, and that its average order value (AOV) will rise as sales of brands and large products increase. The bank also expects Temu's GMV to grow 50% quarterly to $8 billion. Furthermore, since the Group suppresses advertising spending in China to promote overseas expansion, its domestic profit margin should remain above 30%. The bank believes that Pinduoduo's strong momentum will continue this year. Its revenue and profit will increase by 35% and 20%, respectively, and the adjusted net profit forecast for 2023 and 24 will be increased by 4% and 20%, and the target price will be raised from 167 US dollars to 180 US dollars, maintaining the “buy” rating.