China Merchants Securities issued a report stating thatdeuceswildcardgameonline, Pinduo's first-quarter revenue increased by 131% year-on-year, exceeding expectations by 13%; commission income increased by 327% year-on-year, thanks to Temu's brilliant growth. Non-GAAP operating profit margin reached a record high of 33%. Driven by Temu's narrowing losses and continued improvement in domestic business, the overall non-GAAP net profit increased by approximately 202% year-on-year, far exceeding expectations. The bank raised Pinduoduo's revenue forecast for fiscal years 2024 to 2026 by 11 to 13%, and raised its non-GAAP net profit forecast by 53 to 61%, reflecting strong growth and Temu's better-than-expected loss reduction; it is expected that group revenue will increase by 65% and 32% year-on-year in fiscal years 2024 and 2025, and adjusted net profit margin will increase by 91% and 37% year-on-year. Based on the target P/E ratio of 10 times for the main station business and 3 times Temu's target P/E ratio, the target price has been raised from US$192 to US$211, maintaining the "overweight" rating.