CICC: Maintains Bubble Mart outperform rating with target price of HK$248.

China Gold released a research report stating that considering that Pinduoduo has placed more emphasis on quality rather than growth in the past 26 years, it is expected that the net profit after adjustment for 26/27 will be 15.4/17.7 billion yuan. The current stock price corresponds to a 13/11 times adjusted P/E for 26/27 years. The industry rating is maintained, and based on profit forecast adjustments, as well as changes in risk preferences for the new consumer sector in the Hong Kong stock market, a target price of 248 Hong Kong dollars is given, corresponding to a 19/16 times adjusted P/E for 26/27 years, with a 47% upside potential compared to the current stock price.