Yes they are. "Panda" is not a scientific classification like crocodilian, it's just a name people use for an animal. There is no "Pandadae" animal, just an ursine (giant panda) and an Ailurid (red panda) that resembles a raccoon. Hence a red panda is a "panda" since "panda" is not a scientific classification. If pandas were a specific group of animal like Ursidae (bears) THEN a red panda would not be a panda but it's not. Of course a red panda is not a bear, just like a koala is not a bear since neither are Ursidae.