Financial Data and Key Metrics Changes - The company's net revenues grew by 5% year-on-year to RMB 260 billion in Q3 2024, with product revenues also up by 5% [6][7] - Gross profit increased by 16% year-on-year, and gross margin improved by 165 basis points to 17.3% [9] - Non-GAAP operating income rose by 18% year-on-year, with an operating margin of 5% in Q3, up 54% year-on-year [9][10] Business Line Data and Key Metrics Changes - General merchandise revenues increased by 8% year-on-year, driven by strong performance in the supermarket category, which saw double-digit growth [2][6] - Electronics and home appliances revenues grew by 3% year-on-year, with notable strength in September [7][8] - Service revenues grew by 7% year-on-year, with marketplace and marketing revenues up 6% and logistics and other service revenues up 7% [8] Market Data and Key Metrics Changes - The active user base and shopping frequency expanded, with a 20% increase in shopping frequency in the supermarket category [3][4] - The company reported a double-digit year-on-year growth in active users, particularly in lower-tier markets [4][5] - The trading program has positively impacted sales in home appliances and consumer electronics, with significant growth noted in September [12][13] Company Strategy and Development Direction - The company is focused on enhancing supply chain capabilities and logistics infrastructure to improve cost efficiency and user experience [2][3] - There is a commitment to maintaining price competitiveness through various promotional campaigns and expanding product offerings [4][5] - The company aims to leverage government stimulus measures to boost consumption and drive industry upgrades [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment and consumer confidence, emphasizing the importance of government policies in stimulating consumption [10][19] - The company plans to continue investing in user experience and expanding product categories to sustain growth [20][21] - There is a focus on long-term profitability improvement driven by supply chain efficiency and category mix [20][21] Other Important Information - The company completed a share repurchase program and announced a new $5 billion share repurchase program for the next three years [6][9] - The last 12-month free cash flow as of the end of Q3 was RMB 34 billion, a decrease from RMB 39 billion in the same period last year [10] Q&A Session All Questions and Answers Question: Can you talk about the growth in the 3rd and 4th quarter, and how long will it last? - Management highlighted that government policies have positively impacted consumption and that JD is well-positioned to leverage these changes for sustained growth [11][12] Question: Could you help quantify the boost to third quarter and potentially into the fourth quarter from the appliance trading programs? - Management noted that the trading program has driven increased demand for home appliances and that the full potential of the program is yet to be realized [12][13] Question: What are the strategies to sustain growth in supermarket general merchandise? - Management emphasized ongoing efforts to enhance price competitiveness and expand product offerings to meet diverse consumer needs [15][16] Question: What is management's view on the current industry competitive landscape? - Management stated that China's retail market has significant room for growth and that JD will continue to invest in enhancing user experience and supply chain capabilities [22][23]

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）） 2024 年第三季度業績公告 我們謹此公佈截至 2024 年 9 月 30 日 止 三 個 月 的 未 經 審 計 業 績（「2024 年第三季度業 績」）。2024年第三季度業績公告可於香港聯交所網站www.hkexnews.hk及我們的網站 http://i ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 185.5 HKD per share, corresponding to a market capitalization of 540.2 billion HKD [2][4][7]. Core Insights - The company is expected to achieve a revenue of 259.6 billion CNY in Q3 2024, representing a growth of 4.8%, and an adjusted net profit of 11 billion CNY, reflecting a 3.2% increase, continuing a stable recovery trend [1][2]. - The Gross Merchandise Volume (GMV) is anticipated to grow at a high single-digit rate, outperforming the overall retail market, with third-party (3P) growth expected to exceed first-party (1P) growth [1]. - The "Trade-in" policy has shown significant benefits, with an increase in demand for home appliances due to high temperatures and the policy's implementation, leading to a positive growth rate for the electrical category [1][2]. Financial Summary - The company’s projected revenues for 2024-2026 are 1,134.4 billion CNY, 1,208.7 billion CNY, and 1,284.7 billion CNY, respectively, with adjusted net profits of 41.8 billion CNY, 43.1 billion CNY, and 44.7 billion CNY [2][3][7]. - The retail segment is expected to generate 222.9 billion CNY in revenue for Q3 2024, with an operating profit of 11.1 billion CNY, resulting in a profit margin of 4.96% [1][9]. - The logistics segment is projected to achieve a revenue of 44.3 billion CNY in Q3 2024, reflecting a growth of 6.4% [1][9]. Revenue Breakdown - Product revenue is expected to reach 203.5 billion CNY in Q3 2024, with the electrical category projected to generate 122.8 billion CNY and daily necessities expected to reach 80.7 billion CNY [1][8]. - Service revenue is anticipated to be 56.1 billion CNY, benefiting from the acceleration of 3P business [1][8]. Market Performance - The company’s stock has shown a relative performance of -1.64% over the past week, but a significant increase of 66.16% over the past year [4][9].

证券研究报告 | 公司点评 gszqdatemark 2024 10 26 年 月 日 京东集团-SW（09618.HK） 受益以旧换新、关注双 11 大促 9 月社零增速环比提升，家电 3C 类增速可观。10 月 18 日统计局数据显 示，今年前三季度，我国社会消费品零售总额约为 35.36 万亿元，同比增 长 3.3%。其中，9 月份社零总额约为 4.11 万亿元，同比增长 3.2%，增 速比上月加快 1.1 个百分点。按品类看，家用电器和音像器材类 9 月零售 额同比增长 20.5%。 京东是电器以旧换新政策的核心受益电商平台。商务部开启对 8 类家电产 品的消费者购买补贴，单件产品最高补贴 2000 元。在家电品类之外，多 地自主扩充更多补贴品类，如：广州增加家居家装品类、深圳增加手机平 板手表耳机等 3C 品类，更加灵活多元地满足消费者的需求。 商务部全国家电以旧换新数据平台显示：截至 10 月 15 日，已有超过 1000 万名消费者购买 8 类家电产品 1462.4 万台，享受 131.7 亿元中央补贴， 带动销售 690.9 亿元。京东家电收入占整体收入的比例较高，相较于其他 电商平台而言受益 ...

Investment Rating - The report maintains a "Buy" rating for JD Group-SW (9618.HK) [1] Core Views - JD Group is expected to see a revenue recovery driven by the "trade-in" policy, with a projected total revenue of 261.3 billion yuan for Q3 2024, representing a year-on-year increase of 5.5% [2] - The report highlights that JD's retail revenue is anticipated to grow by 5.2% year-on-year to 223.1 billion yuan in Q3 2024, benefiting from recent government stimulus policies and a recovery in consumer spending [4] - The Non-GAAP net profit for Q3 2024 is projected to be 11.8 billion yuan, reflecting an 11% year-on-year increase, with a Non-GAAP net profit margin improvement to 4.5% [2] Financial Forecasts - Total revenue for JD Group is forecasted to reach 1,139.57 billion yuan in 2024, with a growth rate of 5% [6] - The expected net profit attributable to shareholders for 2024 is 36.5 billion yuan, indicating a 51% growth compared to the previous year [6] - The report projects a diluted EPS of 11.69 yuan for 2024, with a return on equity (ROE) of 17% [6][7] Retail Performance - JD Retail's revenue is expected to recover, with a year-on-year growth of 5.2% to 223.1 billion yuan in Q3 2024, driven by the trade-in policy and a healthy growth in daily necessities [4] - The gross merchandise volume (GMV) for JD Retail is projected to increase by 6% year-on-year [4] - The report notes that the 1P (first-party) revenue from electronic products is expected to grow by 2.2% to 121.9 billion yuan, while daily necessities are projected to grow by 8.4% to 82.4 billion yuan [4] Market Performance - JD Group has outperformed the Hang Seng Index, with a 12-month performance of 58.8% compared to the index's 17.3% [3] - The current market capitalization of JD Group is approximately 464.97 billion HKD [3]

海外公司报告 | 公司动态研究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

浦银国际研究 浦银国际 财务模型更新 财务模型更新 | 互联网行业 京东（9618.HK/JD.US）：以旧换新政策 有望推动收入增速回升 得益于以旧换新补贴政策刺激，我们预计公司三季度收入增速将有 所回升，调整目标价至 155 港元/40 美元，维持"持有"评级。 得益于全国各地以旧换新补贴政策陆续上线，我们预计公司三季度收 入增速将有所回升，预计三季度收入为人民币 2582 亿元，同比增长 4.2%，预计 GMV 实现高个位数增长。按品类看，在家电以旧换新补 贴刺激下，预计带电品类收入增速转正；日用百货品类预计将延续良 好增长势头，其中商超品类保持双位数增长。随着公司加大在用户拉 新和促活方面投入，我们预计公司三季度用户数将保持快速增长。 今年双十一大促时间进一步延长，公司折扣力度也预计将有所加大， 并注重消费者体验。我们认为公司四季度有望受益于以旧换新政策刺 激和双十一大促活动，实现收入增速进一步提升。我们调整目标价至 155 港元/40 美元，对应 2024E/2025E 10.4x/10.0x P/E，维持"持有" 评级。 投资风险：行业竞争加剧；用户增长不及预期；利润率不及预期。 图表 1：盈利预 ...

Investment Rating - The investment rating for JD Group is "Outperform the Market" (maintained) [2][6] Core Views - JD Group is expected to report strong revenue and profit performance for Q3 2024, with revenue projected to reach 259.6 billion yuan, a year-on-year increase of 5%. The Non-GAAP net profit margin is anticipated to improve by 0.1 percentage points to 4.3% [3][4] - The company is expected to benefit significantly from the national subsidy policy for trade-in programs, which was officially issued at the end of August 2024. Revenue forecasts for 2024-2026 have been adjusted slightly downward by 0.1% for each year, while adjusted net profit forecasts have been reduced by 9% for 2024 and 2025, and by 8% for 2026 [6][4] Summary by Relevant Sections Revenue and Profit Forecast - Q3 2024 revenue is expected to be 259.6 billion yuan, with JD Retail revenue growth at 5%. The growth in the electronics category is expected to turn positive, and the daily necessities category is projected to grow in the high single digits. The POP model is expected to grow faster than the market average [3][4] - The company is maintaining disciplined spending, which has enhanced its bargaining power and led to a recovery in gross margins. This is expected to drive adjusted net profit growth of 6% year-on-year [4][6] Market Dynamics - The GMV (Gross Merchandise Volume) is expected to see high single-digit growth in Q3, primarily driven by the trade-in program for electronics. The number of active merchants is expected to maintain double-digit growth, and the number of active purchasing users is projected to grow in double digits year-on-year [4][6] Financial Adjustments - The revenue forecasts for 2024-2026 have been adjusted to 1,134.2 billion yuan, 1,201.6 billion yuan, and 1,280.9 billion yuan respectively. The adjusted net profit forecasts for the same period are 41.9 billion yuan, 46.9 billion yuan, and 52 billion yuan respectively [6][4]

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------|------------------------| | 08[Table_StockInfo 月 21 日收盘价（港]元） | 102.4 | | 52 周股价波动（港元） | 79.3-138.8 | | 总股本/流通股（百万股） | 3183/2860 | | 总市值/流通市值（百万港元） | 325984/292887 | | 相关研究 | | | [Table_ReportInfo] 《京东集团 1Q2024 季报点评： | 1Q24 收入增 | | 7 超预期，供需两侧正向飞轮转动》 | 2024.06.09 | | 《京东集团 4Q2023 季报点评： | Non-GAAP | | 净利增 9.9% | 超预期，加码股东回报》 | | 2024.03.28 | | | 《京东集团 4Q2023 季报点评： | Non-G ...

商贸零售/互联网电商 2024Q2 利润超预期，核心品类增长承压 京东集团-SW（09618.HK） 2024 年 08 月 20 日 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/19 | | 当前股价(港元) | 112.40 | | 一年最高最低(港元) | 138.80/81.550 | | 总市值(亿港元) | 3,583.31 | | 流通市值(亿港元) | 3,291.07 | | 总股本(亿股) | 31.88 | | 流通港股(亿股) | 29.28 | | 近 3 个月换手率(%) | 21.02 | 股价走势图 京东集团-SW 恒生指数 -48% -36% -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《2024Q1 利润超预期，加大投入用户 体验和生态建设 —港股公司信息更 新报告》-2024.5.20 《2024 年力求份额扩张，加大分红回 购提升股东回报 —港股公司信息更 ...