Investment Rating - The report maintains a "Buy" rating for the company and considers it an industry favorite, with an updated target price of 178 HKD / 46 USD [2][22]. Core Insights - The company is expected to benefit from the expanded "trade-in" policy, which includes subsidies for various household appliances and digital products, potentially accelerating revenue growth in the fourth quarter [1][2]. - Revenue forecast for Q4 is raised to RMB 333.6 billion, representing a 9% year-on-year increase, with adjusted net profit expected to reach RMB 9.4 billion, a growth of 11% [2]. - The report highlights significant improvements in the sales of electronic products due to government subsidies, with active user growth anticipated to remain in double digits [2]. Financial Projections - Revenue and profit forecasts for FY24E and FY25E have been slightly adjusted upwards by 1.3% and 1.2%, respectively, reflecting the positive impact of the trade-in policy [2]. - The projected financial metrics include: - FY24E Revenue: RMB 1,145.4 billion - FY25E Revenue: RMB 1,203.1 billion - FY24E Adjusted Net Profit: RMB 45.9 billion - FY25E Adjusted Net Profit: RMB 50.2 billion [4][6][7]. - The adjusted target P/E ratios for FY25E and FY26E are 10.0x and 9.2x, respectively [2][7].
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