Investment Rating - The report maintains a "Buy" rating for JD Group [3][4]. Core Insights - The company's revenue for Q3 2024 reached 260.4 billion yuan, a year-on-year increase of 5%, with NON-GAAP net profit of 13.2 billion yuan, up 24% year-on-year [4]. - The core 3C home appliance category benefited from national subsidies, with revenue growth expected to continue into Q4 [4]. - JD Logistics achieved a record high profit of 2.57 billion yuan in Q3 2024, a 205% increase year-on-year, driven by technological innovations and operational efficiency [4]. - The company has initiated a new share repurchase plan, with a total of 255.3 million A shares repurchased for 3.6 billion USD as of September 30, 2024 [4]. Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 1,141.4 billion yuan, 1,208.0 billion yuan, and 1,286.6 billion yuan respectively, with NON-GAAP net profits of 45.6 billion yuan, 50.6 billion yuan, and 55.6 billion yuan [4][5]. - The current stock price corresponds to a PE ratio of 8.56, 7.70, and 7.02 for the years 2024, 2025, and 2026 respectively [4].
京东集团-SW：国补驱动业绩增长，Q4将继续受益