Investment Rating - The report indicates a positive investment outlook for JD.com, highlighting a significant increase in net profit and stock buybacks, suggesting a recovery in the company's performance [1]. Core Insights - JD.com reported a revenue of 291.4 billion, a year-on-year increase of 1.2%, and a net profit of 12.6 billion, which represents a remarkable year-on-year growth of 91%, exceeding market expectations [1]. - The company's logistics and retail segments have shown strong performance, with daily necessities and logistics services growing at rates of 8.7% and 7.7% respectively [1][12]. - JD.com has shifted its competitive strategy from price competition to enhancing overall customer experience through a combination of product variety and service quality [2][4]. Summary by Sections Financial Performance - JD.com achieved a net profit of 12.6 billion, marking a 91% increase year-on-year, with a significant rise in profitability across both retail and logistics segments [1][12]. - The logistics segment reported a net profit of 2.25 billion, a staggering year-on-year increase of 342%, with an operating profit margin improvement of 3.7 percentage points [1]. Business Strategy - The company has focused on enhancing user experience rather than competing solely on price, leveraging its self-operated model and logistics capabilities [2][10]. - JD.com has implemented initiatives to support third-party merchants, resulting in a significant increase in active merchants on the platform, reaching nearly one million [3][4]. Logistics and Cost Management - JD Logistics experienced a revenue growth of 7.7%, with external clients contributing 72% of the revenue increase, while operating costs rose only by 3.5% [6]. - The company has invested in cost reduction and efficiency measures, leading to a 55% increase in gross profit [6]. Employee and Technology Investment - JD.com has made substantial investments in employee welfare and technology, with annual human resource investments exceeding 100 billion, which has positively impacted service quality [7][8]. - The company operates 42 smart industrial parks across 30 cities, showcasing its commitment to technological innovation [7]. Shareholder Returns - JD.com has a robust financial position with cash and cash equivalents totaling 209.5 billion, representing 32% of total assets, and a debt ratio of 56% [10]. - The company has initiated a new share buyback plan, with 2.1 billion in shares repurchased in the second quarter alone, and a total of 4.2 billion in dividends paid over the past two years, reflecting a high payout ratio of 86% [10][12].

Investment Rating - The report maintains a "Buy" rating for JD Group-SW (09618) with a target price of 112.4 HKD [5] Core Views - JD Group's Q2 2024 performance showed significant improvement in profitability, with Non-GAAP net profit reaching 14.5 billion CNY, a 69% YoY increase, and Non-GAAP net profit margin reaching 5%, a 2.0pct YoY improvement [1] - The company's focus on user experience and supply chain capabilities is paying off, with active users and shopping frequency showing double-digit growth [1] - JD Retail's revenue grew 1.5% YoY to 257.1 billion CNY, exceeding market expectations, with daily necessities category growing 8.7% YoY, outperforming the industry average [2] - JD Logistics' revenue grew 7.7% YoY to 44.2 billion CNY, surpassing market expectations, with global supply chain infrastructure assets reaching 156 billion CNY, an 11% YoY increase [3] Financial Performance - Q2 2024 revenue reached 291.4 billion CNY, a 1.2% YoY increase, with service revenue growing 6.3% YoY to 57.5 billion CNY [1] - Operating profit for JD Retail reached 10.108 billion CNY, a 3.9% YoY increase, while JD Logistics' operating profit reached 2.183 billion CNY, significantly higher than the market expectation of 909 million CNY [2][3] - The company has been actively returning value to shareholders, repurchasing 68 million ADS shares worth 2.1 billion USD, representing 4.5% of outstanding shares as of March 31, 2024 [1] Business Segments - JD Retail's electronics and home appliances category revenue declined 4.6% YoY to 145.061 billion CNY, but the company is expected to regain market share through trade-in policies [2] - The daily necessities category grew 8.7% YoY to 88.8 billion CNY, with the supermarket category showing double-digit GMV growth, becoming a key growth driver [2] - JD Logistics maintains a global leading position in supply chain, with nearly 100 bonded, direct mail, and overseas warehouses worldwide, offering 3-day delivery to major European and American countries [3] Strategic Initiatives - JD is focusing on improving user experience through initiatives like "Everyday Low Prices" and investing over 3 billion CNY in beauty category subsidies [2] - The company is optimizing its merchant ecosystem, with a 46% QoQ increase in new third-party merchants in Q2 2024, supported by AI-powered tools that have improved operational efficiency by over 90% for 140,000 merchants [2] - JD is leveraging its global supply chain network to support Chinese brands' overseas expansion, with external integrated supply chain customers expected to grow steadily [3] Future Outlook - The report forecasts JD's 2024-2026 revenue at 1,151/1,254.9/1,318.3 billion CNY, with YoY growth rates of 6.1%/9.0%/5.1% [3] - Non-GAAP net profit attributable to shareholders is expected to be 47.5/50.6/51.9 billion CNY for 2024-2026, revised upwards from previous estimates [3] - The company's core electronics category is expected to continue gaining market share, while the supermarket category is expected to return to healthy growth [3]

Investment Rating - The report maintains a "Recommended" rating for JD Group with a target price of HKD 187 per share [1]. Core Views - JD Group's Q2 2024 results exceeded expectations, showcasing strong profitability with a significant year-on-year increase in Non-GAAP net profit by 69% to CNY 14.46 billion [1]. - The company is expected to benefit from the "trade-in" policy in the 3C electronics category, which has shown nearly 100% growth in order volume during the 618 shopping festival [1]. - Despite a slight adjustment in revenue forecasts due to weak consumer confidence, the profit outlook has been upgraded, reflecting improved cost management and profitability [1]. Summary by Sections Financial Performance - In Q2 2024, JD Group achieved revenue of CNY 291.4 billion, a year-on-year increase of 1.2%. Operating profit reached CNY 10.5 billion, up 27% year-on-year, with an operating margin of 3.6% [1]. - The Non-GAAP net profit for the quarter was CNY 14.46 billion, with a Non-GAAP net profit margin of 5.0%, reflecting a year-on-year increase of 2.0 percentage points [1]. - The retail segment reported an operating profit of CNY 10.11 billion, with a margin of 3.9%, while logistics achieved an operating profit of CNY 2.18 billion, with a margin of 4.9% [1]. Revenue Breakdown - JD Group's product revenue was CNY 233.91 billion, remaining flat year-on-year. The 3C electronics category saw a revenue decline of 4.6% to CNY 145.06 billion, attributed to high base effects and disciplined promotional spending [1]. - Daily necessities revenue grew by 8.7% to CNY 88.85 billion, with significant growth in the supermarket category [1]. - Service revenue increased by 6.3% to CNY 57.49 billion, with platform and advertising services growing by 4.1% and logistics services by 7.9% [1]. Shareholder Returns - JD Group has continued its share buyback program, repurchasing 220 million Class A ordinary shares, equivalent to 110 million American Depositary Shares, totaling USD 3.3 billion, representing 7.1% of its circulating shares as of June 30, 2024 [1]. Future Outlook - Revenue forecasts for 2024-2026 have been slightly adjusted to CNY 1.14 trillion, CNY 1.21 trillion, and CNY 1.28 trillion, respectively, while Non-GAAP net profit estimates have been raised to CNY 44.2 billion, CNY 45.5 billion, and CNY 51.5 billion for the same period [1].

Investment Rating - The report maintains a "Hold" rating for the company with a target price of HKD 122 / USD 31, indicating a potential upside of 23% for the Hong Kong stock and 15% for the US stock [2][4][9]. Core Insights - The company reported a stable revenue growth of RMB 291.4 billion in Q2 2024, a year-on-year increase of 1.2%, aligning with market expectations. The gross margin improved to 15.8%, up 1.4 percentage points year-on-year, and the adjusted net profit surged by 69% to RMB 14.5 billion, exceeding market expectations by 15.7% [1]. - The retail segment's revenue reached RMB 257.1 billion, reflecting a 1.5% year-on-year growth, driven by enhanced supply chain efficiency and disciplined promotions. The logistics revenue also grew by 7.7% year-on-year to RMB 42.2 billion, achieving a record operating margin of 4.9% [1][3]. - The company is expected to maintain a growth rate exceeding the overall retail market for the year, supported by strong user growth and a robust 3P ecosystem, which saw over 20% growth in order volume year-on-year [1][2]. Financial Summary - The adjusted net profit forecast for FY24 is RMB 40.4 billion, with revenue projections adjusted to RMB 1,129.2 billion for FY24 and RMB 1,188.3 billion for FY25, reflecting a P/E ratio of 8.5x for FY24 and 8.7x for FY25 [2][3]. - The company’s total market capitalization is approximately HKD 331.1 billion, with an average trading volume of HKD 1.036 billion over the past three months [4][9]. - The report highlights a significant increase in the adjusted net profit margin, which is expected to reach 3.6% in FY25, up from 3.2% in FY24 [3][6].

2024 年 08 月 18 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|-----------------------| | 证券分析师： | S0350521090003 | | | chenmz@ghzq.com.cn | | 证券分析师： | S0350523110004 | | | zhangjj02@ghzq.com.cn | | 证券分析师： | S0350524050002 | | | luowq@ghzq.com.cn | 最近一年走势 相对恒生指数表现 2024/08/16 表现 1M 3M 12M 京 东 集 团 3.5% -18.3% -20.9% -SW 恒生指数 -1.7% -10.0% -4.9% | --- | --- | |------------------------|--------------| | 市场数据 | 2024/08/16 | | 当前价格（港元） | 108.20 | | 52 周价格区间（港元） | 81.55-138.80 | | 总市值（百万港元） | 344,447.60 | | 流通市 ...

证券研究报告 | 2024年08月18日 京东集团-SW（09618.HK） 优于大市 2024Q2 点评：收入稳健增长，费用投放克制，利润表现亮眼 本季度收入稳健增长：本季度公司实现营业收入 2914 亿元，同比+1.2%，分 拆看，1）本季度京东零售收入 2571 亿元，同比+1.5%，我们测算自营业务 收入同比中高个位数增长，其中带电品类收入增速-5%，商超品类收入增速 8.7%，增速持续回升；POP 模式收入低个位数增速，主要原因是目前以培养 平台商家生态为主，商业化变现不是首要任务。平台本季度活跃用户数以及 订单量均实现两位数增长。2）京东物流收入 442 亿元，同比+15.2%；3）新 业务收入同比+7.4%。 公司利润表现亮眼：公司 non-GAAP 净利润 145 亿元，non-GAAP 净利率 5.0%， 与去年同期相比提升 2.0pct。其中经调 EBITDA 利润率从 3.6%提升至 4.6%， 其他收入贡献约 1pct 的经调净利率提升，公司表示超过一半的其他收入影 响可延续至下半年。分业务看，零售经营利润率提升 0.7pct，主要受免邮门 槛降低、大促营销费用增加影响，物流经营利润率 ...

Investment Rating - The report maintains a "Buy" rating for JD com Inc (9618 HK) [4] Core Views - JD com's 2Q2024 revenue grew 1 20% YoY while Non GAAP net profit attributable to shareholders surged 68 98% YoY [2] - The company's gross margin improved by 1 37 percentage points in 2Q2024 [2] - JD com repurchased 136 8 million Class A ordinary shares worth $2 1 billion in 2Q2024 [3] - The report raised 2024 2025 2026 Non GAAP net profit forecasts by 24% 31% 34% respectively [4] Financial Performance Revenue - 1H2024 revenue reached 551 446 billion yuan up 3 87% YoY [2] - 2Q2024 revenue was 291 397 billion yuan a 1 20% YoY increase [2] Profitability - 1H2024 GAAP net profit attributable to shareholders was 19 774 billion yuan up 53 98% YoY [2] - 2Q2024 GAAP net profit attributable to shareholders jumped 92 13% YoY to 12 644 billion yuan [2] - Non GAAP net profit attributable to shareholders rose 44 66% YoY to 23 359 billion yuan in 1H2024 [2] Margins - 2Q2024 gross margin increased to 15 76% up 1 37 percentage points YoY [2] - 1H2024 operating expense ratio rose 0 14 percentage points to 12 48% [2] Business Segments JD Retail - 2Q2024 revenue grew 1 50% YoY to 257 072 billion yuan [9] - Operating profit margin improved by 0 72 percentage points to 3 93% [9] JD Logistics - 2Q2024 revenue increased 7 74% YoY to 44 207 billion yuan [9] - Operating profit margin surged 3 70 percentage points to 4 94% [9] New Businesses - 2Q2024 revenue declined 34 95% YoY to 4 636 billion yuan [9] - Operating loss margin widened by 29 47 percentage points to 14 99% [9] Strategic Developments - JD com signed strategic cooperation agreements with Xiaomi Lenovo and OPPO in 2Q2024 [3] - Multiple pharmaceutical companies launched new specialty drugs on JD Health platform in 2Q2024 [3] Valuation - The report forecasts 2024 2025 2026 revenue of 1 1416 trillion 1 2012 trillion and 1 2595 trillion yuan respectively [5] - 2024 2025 2026 Non GAAP net profit is projected at 43 541 billion 49 888 billion and 54 587 billion yuan respectively [5]

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並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 年第二季度及中期業績公告 我們謹此公佈(i)截 至2024年6月30日 止 三 個 月 及 六 個 月 的 未 經 審 計 業 績（「2024年 中 期業績」），以 及(ii)丁琨女士和余雅頴女士已獲委任為本公司董事會獨立董事。2024 年中期業績公 ...

证券研究报告 | 季报点评 2024 年 07 月 23 日 京东集团-SW(09618.HK) 预计 Q2 增长趋势稳健 预计京东收入有望维持高于社零的增速。7 月 15 日国家统计局发布最新 数据:2024H1,中国社零总额 235969 亿元人民币,同比增长 3.7%,实 物商品网上零售额同比增长8.8%,占社零的比重为25.3%。其中,基本 生活类和升级类商品销售增势较好,高能效等级家电、智能家电销售实 现较快增长。考虑到网购渗透率的持续提升,以及整体社零良好的增长 态势,我们预计京东收入仍将维持高于社零增速的增长。 收入层面,带电产品可能拖累 Q2 整体增速,日百品类望增长可观。首 先,带电品类在 2024Q2 可能收入承压。分品类来看,1)空调或受到去 年高基数的影响而增长承压,且空调在家电中占比较高。同时,预计家 电品类在公司整体带电品类里占比也相对较高,因此对整体收入增长亦 可能拖累。但我们预计下半年排除高基数影响后,家电类收入增速或有 明显改善。2)手机方面,根据 IDC,2024Q2 全球智能手机的出货量维 持高单位数增长,同时国内 618 购物节的提前也有利于二季度的手机销 量增速回升, ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4] Core Views - The macroeconomic environment is gradually recovering, with a slight expected increase in revenue for Q2 2024, projected to rise by 0.5% year-on-year to 289.3 billion yuan [1] - The company's self-operated business has strong barriers, and the POP ecosystem construction is progressing steadily, enhancing user consumption experience and stimulating demand [2] - The company has initiated a share repurchase plan, with approximately 700 million USD repurchased as of May 15, 2024, indicating potential for valuation reassessment [3] Summary by Sections Macroeconomic Environment - The retail sales of consumer goods in the first half of 2024 have shown a steady recovery, reaching 235,969 billion yuan, with a year-on-year growth of 3.7% [1] - Online retail sales reached 70,991 billion yuan, growing by 9.8% year-on-year, indicating a stronger performance compared to overall retail sales [1] Company Performance - The company is expected to achieve a non-GAAP net profit of 10.79 billion yuan in Q2 2024, reflecting a year-on-year increase of 12.1% [2] - The company has seen significant growth in its 618 shopping festival, with transaction volume and order quantity reaching new highs, and over 83 brands achieving cumulative sales exceeding 1 billion yuan [2] Future Projections - Revenue projections for 2024-2026 are set at 1,152.7 billion yuan, 1,256.7 billion yuan, and 1,318.7 billion yuan, with year-on-year growth rates of 6.3%, 9.0%, and 4.9% respectively [3] - Non-GAAP net profit estimates for the same period are adjusted to 37.3 billion yuan, 42.7 billion yuan, and 44.6 billion yuan, indicating a positive outlook for profitability [3]