Investment Rating - The report assigns an "Accumulate" rating to JD Group, indicating a positive outlook for the company's performance [2][6]. Core Views - The report emphasizes that JD Group is expected to continue enhancing its platform ecosystem, leading to sustained performance growth. The retail GMV and revenue are projected to show healthy growth, with JD Logistics benefiting from the 618 shopping festival [5][6]. Financial Summary - The adjusted revenue forecasts for JD Group for FY2024E, FY2025E, and FY2026E are RMB 1,120.9 billion, RMB 1,177.1 billion, and RMB 1,237.7 billion, respectively, reflecting growth rates of 3%, 5%, and 5% [6][9]. - The adjusted net profit estimates for the same periods are RMB 40.3 billion, RMB 42.4 billion, and RMB 46.8 billion, indicating growth rates of 15%, 5%, and 10% [6][9]. - The report anticipates a revenue of RMB 290.1 billion for FY2024Q2, with a year-on-year increase of 1% [6][9]. Retail Business Insights - JD Retail is expected to benefit from the platform ecosystem, with GMV growth outpacing revenue growth by 1-2%. The company is simplifying merchant onboarding processes and enhancing user experience, which is likely to increase active merchants and customer satisfaction [6][9]. Logistics Business Insights - JD Logistics is projected to gain from the 618 shopping festival, with a high certainty of revenue growth. The report notes that national express delivery volume exceeded 15 billion packages in June 2024, indicating strong demand [6][9].
京东集团-SW：京东集团FY24Q2业绩前瞻：加码平台生态建设，业绩有望持续释放