Investment Rating - The investment rating for JD Group is upgraded to "Buy" [3][8] Core Views - The report highlights that JD Group's retail business showed strong performance in Q4 2023, with total revenue reaching 306.1 billion yuan, a year-on-year increase of 3.6%. The retail revenue was 267.6 billion yuan, up 3.4% year-on-year, with specific categories like powered goods growing by 6% [1][5] - The company is focusing on improving user experience and expanding market share in 2024, expecting retail GMV and revenue growth to outpace the expected 6% growth in social retail [5][8] - JD Group's non-GAAP net profit for Q4 2023 was 8.4 billion yuan, with a non-GAAP net profit margin of 2.7%, reflecting a slight increase from the previous year [1][5] Financial Performance - The projected revenues for JD Group are 1,152.2 billion yuan in 2024 and 1,231.4 billion yuan in 2025, with adjustments of -4.3% and -4.7% respectively, mainly due to a focus on cultivating the merchant ecosystem [2][8] - The company has a projected PE ratio of approximately 8x for 2024, with an implied PE for the e-commerce business at 7x. After excluding cash and short-term investments, the PE ratio is about 3x, indicating low valuation elasticity [2][8] - The report anticipates a compound annual growth rate (CAGR) of 10% for adjusted net profit from 2024 to 2026 [2][8] Shareholder Returns - In 2023, JD Group's dividend and buyback return rate was 4.7%, with a declared annual dividend of $0.38 per share, totaling approximately $1.2 billion, resulting in a dividend yield of 3.6% [1][5] - The company repurchased 55.5 million shares in Q4 2023, totaling about $203 million, and approved a new buyback plan allowing for up to $3 billion in share repurchases until March 2027 [1][5]

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[京I Tnaf 东bol]e 集_Ti团tle] - SW（9618618） [评Tab级le_：Inv est] 增持 当前价格（港元）： 94.55 低价策略已见成效，用户数、购频有望持续增长 2024.03.09 海 ——京东集团2023Q4 业绩点评 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 82.50- 秦和平(分析师) 李奇(分析师) 186.40 公 0755-23976666 0755-23976888 当前股本（百万股） 3,180 司 qinheping027734@gtjas.com liqi028295@gtjas.com 当前市值（百万港元） 300,638 证书编号 S0880523110003 S0880523060001 （ 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 业绩超预期，降本增效成效显著。京东集团持续提升用户体验有望带动活跃用户数、 国 购频持续增长。 京东集团-SW 恒生指数 香 摘要： 港 1% [T ab盈 ...

业绩简评 2024年3月6日公司披露23Q4及全年业绩。23Q4实现收入3060.77 亿元，同比 3.60%。Non-GAAP 归母净利润84.15 亿元，同比9.87%， Non-GAAP 归母净利润率2.75%。23 全年实现收入10846.62 亿元， 同比 3.67%。Non-GAAP 归母净利润 352.00 亿元，同比 24.73%， Non-GAAP 归母净利润率3.52%。 经营分析  3C 家电品类优势巩固。23Q4 商品收入占比 80.54%，同比 3.75%，其中 3C家电品类同比6.13%，增速高于行业平均水平， 日用品增速0.23%。  商家生态持续完善，补贴策略导致经营利润率下降。3P 增加 招商，为用户提供更丰富供给，有效商家数接近百万，全年 3P商家数量同比188%。在免佣降费的背景下，23Q4 服务收入 增速2.99%，占收入比例 19.46%，全年服务收入增速 17.81%。 23Q4 京东零售经营利润率 2.6%，同比-44bps。京东集团 23 港币(元) 成交金额(百万元) 年Non-GAAP 利润率稳步提升，23Q4 为 2.7%，同比+10bps， 202. ...

Investment Rating - The report maintains a "Recommend" rating for JD com Inc with a target price of HKD 127, compared to the current price of HKD 92 6 [1] Core Views - JD com's Q4 2023 revenue reached RMB 306 1 billion, a year-on-year increase of 3 6%, exceeding expectations [1] - Non-GAAP net profit attributable to shareholders in Q4 2023 was RMB 8 42 billion, up 9 9% year-on-year [1] - Full-year 2023 revenue was RMB 1,084 7 billion, a 3 7% increase year-on-year, with Non-GAAP net profit attributable to shareholders rising 24 7% to RMB 35 2 billion [1] - The company announced a cash dividend of approximately USD 1 2 billion and a new share repurchase plan of up to USD 3 billion over the next 36 months, demonstrating confidence in long-term growth [1] Business Performance - In Q4 2023, JD com's merchandise revenue was RMB 246 5 billion, up 3 7% year-on-year, with 3C and home appliance revenue increasing 6 1% to RMB 150 3 billion [1] - Service revenue grew 3 0% year-on-year to RMB 59 6 billion, with logistics and other service revenue increasing 8 1% to RMB 36 billion [1] - The number of POP merchants on the platform grew 188% year-on-year, with new merchants increasing 4 3 times [1] Profitability - JD Retail's operating profit margin in Q4 2023 was 2 6%, down 0 4 percentage points year-on-year [1] - JD Logistics achieved an operating profit of RMB 1 33 billion, with a margin of 2 8%, up 0 7 percentage points year-on-year [1] - New businesses reduced losses to RMB 800 million, significantly improving from a loss of RMB 1 36 billion in the same period last year [1] Financial Projections - Revenue is expected to grow to RMB 1 2 trillion in 2024, RMB 1 3 trillion in 2025, and RMB 1 3 trillion in 2026, with year-on-year growth rates of 8 1%, 7 0%, and 6 1% respectively [1] - Non-GAAP net profit attributable to shareholders is projected to be RMB 35 5 billion in 2024, RMB 39 2 billion in 2025, and RMB 43 1 billion in 2026 [1] Valuation - The target market capitalization for 2024 is HKD 405 3 billion, with a target price of HKD 127 per share [1] - The P/E ratio is estimated at 11 1x for 2023, 10 2x for 2024, 11 4x for 2025, and 10 4x for 2026 [5]

2024 年 03 月 08 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 收入增长超预期，重视长期股东回报 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 ——京东集团 （ ） 财报点 -SW 9618.HK 2023Q4 zhangjj02@ghzq.com.cn 联系人 ： 罗婉琦 S0350122040042 评 luowq@ghzq.com.cn 最近一年走势 事件 : 2024 年 3 月 6 日公司公告 2023Q4 财报实现营业收入 3061 亿元 （YoY+4%，QoQ+24%）；毛利润435亿元（YoY+5%，QoQ+12%）， 营业利润20亿元（YoY-58%，QoQ-78%），净利润19亿元（YoY-41%， QoQ-77%），归母净利润34亿元（YoY+12%，QoQ-57%），Non-GAAP 归母净利润84亿元（YoY+10%，QoQ-21%）。 我们的观点 : 相对恒生指数表现 2024/03/07  整体业绩表现：2023Q4营收及经调整归母净利润均超 ...

商贸零售/互联网电商 公 司 京东集团-SW（09618.HK）2024 年力求份额扩张，加大分红回购提升股东回报 研 究 2024年03月08日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 荀月（联系人） wuliuyan@kysec.cn xunyue@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122100036 日期 2024/3/7 港 当前股价(港元) 94.550  2024年力求市场份额扩张，加大分红回购提升股东回报，维持“买入”评级 股 一年最高最低(港元) 192.20/81.550 短期公司加大用户体验、商家补贴及营销投入，但物流效率提升及管理费用管控 公 司 总市值(亿港元) 3,006.38 严格，我们下调公司2024-2025年non-GAAP归母净利润预测至355/407亿元（前 信 流通市值(亿港元) 2,964.78 值：361/ 408亿元），新增2026年non-GAAP归母净利润预测453亿元，对应同 息 更 总股本(亿股) 31.80 比增速 1.1%/14.7%/11.2%，对应调整后摊薄 EPS 11. ...

浦银国际研究 公司研究 | 互联网行业 京东（9618.HK/JD.US）：股东回报加大，低 赵丹 价战略延续，业绩未见明显好转 首席互联网分析师 浦 dan_zhao@spdbi.com 银 (852) 2808 6436 国 京东业绩整体优于预期，但未见明显好转，股东回报力度加大。公司 杨子超，CFA 际 互联网分析师 持续加大投入低价战略，预计短期利润率改善空间有限，维持“持有” charles_yang@spdbi.com 评级及目标价 103港元/26 美元。 (852) 2808 6409 2024年3月7日 业绩整体优于市场预期，加大股东回报：公司 4Q23 收入为人民币 3061 京东（9618.HK） 亿元，同比增长3.6%，优于市场预期 2.1%，主要受益于带电品类增长 公 推动；商品收入同比增长3.7%，服务收入同比增长3.0%；调整后净利 目标价（港元） 103 司 潜在升幅/降幅 +15% 研 润 84 亿元，同比增长 9.9%，调整后利润率为 2.7%，同比提升 0.1pp。 目前股价（港元） 89.2 究 股东回报方面，公司宣布2023 年股息0.76 美元/ADS（合计约 12 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its continuous improvement in platform ecosystem and user growth despite increased competition in the e-commerce industry [4] Core Views - The company's 2023 revenue increased by 3.67% YoY to RMB 1,084.662 billion, with Non-GAAP net profit attributable to shareholders growing by 24.73% YoY to RMB 35.2 billion [2] - The company's gross margin improved by 0.67 percentage points to 14.72% in 2023, while operating expense ratio decreased by 0.18 percentage points to 12.32% [2] - The company announced a new share repurchase plan of up to $3 billion and a cash dividend of approximately $1.2 billion [3] Financial Performance - In 4Q2023, revenue grew by 3.60% YoY to RMB 306.077 billion, with Non-GAAP net profit attributable to shareholders increasing by 9.87% YoY to RMB 8.415 billion [2] - The company's 2023 GAAP net profit attributable to shareholders surged by 132.82% YoY to RMB 24.167 billion [2] - The company's 2023 operating expense breakdown shows sales/management/financial/R&D/fulfillment expense ratios at 3.70%/0.90%/0.27%/1.51%/5.95% respectively [2] Business Segments - JD Retail achieved record-high GMV, order volume, and user numbers during the 2023 Double 11 shopping festival, with live-streaming viewership exceeding 380 million [8] - JD Health expanded its instant retail business in 4Q2023 by opening self-operated community pharmacies in Beijing with 24-hour pickup services [8] - JD Logistics provided integrated supply chain solutions for global clients, including a leading Chinese tech company in Europe and a US-based water bottle brand during Black Friday [8] Revenue Breakdown - Electronics and home appliance products accounted for 49.12% of total revenue in 4Q2023, growing 6.13% YoY to RMB 150.353 billion [9] - Daily necessities revenue contributed 31.41% of total revenue in 4Q2023, with a slight 0.23% YoY increase to RMB 96.148 billion [9] - Logistics and other services revenue grew 8.12% YoY in 4Q2023, accounting for 11.75% of total revenue [9] Future Projections - The report revised down 2024/2025 Non-GAAP net profit forecasts by 6%/7% to RMB 35.25 billion and RMB 38.158 billion respectively, while introducing a 2026 forecast of RMB 40.889 billion [4] - Revenue is expected to grow at a CAGR of 6.23% from 2023 to 2026, reaching RMB 1.3 trillion by 2026 [5] - The company's gross margin is projected to gradually increase from 14.72% in 2023 to 14.87% by 2026 [16]

今年开学季是真的热闹，各家笔记本厂商新品不断，价格一个比一个香。这不，1 月份刚上架发售的雷神猎刃 15 游戏本新品，趁着京东 38 焕新周和开学季，直接把价格拉回首发时的 5999 元，还在观望的学生朋友们可千万别错过。 雷神猎刃 15 游戏本标配了 i7-13650HX 处理器和 140W 满血版 RTX 4060 显卡，借助“飍”科技散热系统和内部 3 把夜枭风扇，5 根冰川热管，直冲式散热、3D 进风风道设计等一系列散热堆料，性能拉满的同时，兼顾高效散热和低噪音，双烤表面最高温度仅 39 度，最高噪音仅为 48dB。 i7-13650HX 拥有 14 核心 20 线程，最高睿频可达 4.9GHz，RTX 4060 显卡支持 DLSS 3、光线追踪、Reflex 低延迟以及 CUDA 加速等技术，足以流畅游玩主流 3A 游戏，也能胜任各类专业创意生产工具，无论学习还是娱乐都不在话下。 雷神猎刃 15 游戏本还配备一块电竞好屏，15.6 英寸标准 16:9 比例 IPS 窄边框屏幕，拥有 2.5K 分辨率，165Hz 高刷新率，100% sRGB 色域以及 DC 调光支持，配合独显直连切换功能，既可 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈我們股東大會的任何決議案，A類普通 股持有人每股可投1票，而B類普通股持有人則每股可投20票，惟法律或我們的組織章程大綱及細則另行規定者除 外。股東及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表 兩股A類普通股）於美國納斯達克全球精選市場上市，股份代碼為JD。 JD.com, Inc. 京東集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9618（港幣櫃台）及89618（人民幣櫃台）） 2023 年 第 四 季 度 及 全 年 業 績 、年 度 股 利 及 股 份 回 購 計 劃 公 告 我們謹此公佈截至2023年12月31日止三個月及全年的未經審計業績、截至2023年12 月31日止年度的年度現金股利以及採納新股份回購計劃。本公告可於香港聯交 ...