Investment Rating - The report maintains a "Buy" rating for JD Group [4][6] Core Views - JD Group reported Q3 2024 revenue of 260.4 billion yuan, a year-on-year increase of 5.1%. The revenue breakdown includes JD Retail at 225 billion yuan, JD Logistics at 44.4 billion yuan, and new businesses at 5 billion yuan, with respective year-on-year growth rates of 6.1%, 6.6%, and -25.7% [2][3] - The operating profit for the quarter was 12 billion yuan, with JD Retail, JD Logistics, and new businesses having operating profit margins of approximately 5.2%, 4.7%, and -12.4% respectively. The non-GAAP net profit attributable to shareholders was 13.2 billion yuan, reflecting a 24% year-on-year growth, with a non-GAAP net profit margin of about 5.1% [2][3] - The report highlights the continuous expansion of product categories and improvement in profit structure, driven by effective policies such as the trade-in program and the growth of high-margin businesses [3] Financial Summary - Revenue projections for 2024-2026 are 1,136.3 billion yuan, 1,197.9 billion yuan, and 1,260 billion yuan, with year-on-year growth rates of 5% for each year. Non-GAAP net profit is expected to be 41.8 billion yuan, 46.5 billion yuan, and 51.1 billion yuan, with growth rates of 19%, 11%, and 10% respectively [4][5] - The report estimates a reasonable market capitalization of 465.3 billion yuan for JD Group, corresponding to target prices of 40 USD and 157 HKD [4]
京东集团-SW：品类持续扩张，利润结构改善