$PDD Holdings Inc(PDD)$
If you look at the development of the Margis for PDD, $Alibaba(BABA)$ $BABA-W(09988)$ and $JD.com(JD)$ $JD-SW(09618)$ , you will see that after 2018 PDDs Gross Profit Margin was always much higher than BABAs and JDs had always by far the lowest.
For the EBIT Margin its a similar picture. It went up for PDD with raising revenue and is now double that of BABA and 9 times that of JD!
Even if you broaden the view and look at other big Consumer discretionary companies,, you will realize that Margins usually don´t change that much over time.
Coming back to PDD: Is it really reaonable to assume that their growth and their margins will completely collapse or is it more reasonable to assume that growth will maybee go down to 5-15% within 2-3 years at the worst and reduced profitability will maybee mean that EBIT Margin will go back to levels of 2023 meaning low instead of high 20th. In this case you will have a company with still higher growth than its peers and lower P/E.
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