Investment Rating - The report maintains a "Buy" rating for the company, citing its continuous improvement in platform ecosystem and user growth despite increased competition in the e-commerce industry [4] Core Views - The company's 2023 revenue increased by 3.67% YoY to RMB 1,084.662 billion, with Non-GAAP net profit attributable to shareholders growing by 24.73% YoY to RMB 35.2 billion [2] - The company's gross margin improved by 0.67 percentage points to 14.72% in 2023, while operating expense ratio decreased by 0.18 percentage points to 12.32% [2] - The company announced a new share repurchase plan of up to 1.2 billion [3] Financial Performance - In 4Q2023, revenue grew by 3.60% YoY to RMB 306.077 billion, with Non-GAAP net profit attributable to shareholders increasing by 9.87% YoY to RMB 8.415 billion [2] - The company's 2023 GAAP net profit attributable to shareholders surged by 132.82% YoY to RMB 24.167 billion [2] - The company's 2023 operating expense breakdown shows sales/management/financial/R&D/fulfillment expense ratios at 3.70%/0.90%/0.27%/1.51%/5.95% respectively [2] Business Segments - JD Retail achieved record-high GMV, order volume, and user numbers during the 2023 Double 11 shopping festival, with live-streaming viewership exceeding 380 million [8] - JD Health expanded its instant retail business in 4Q2023 by opening self-operated community pharmacies in Beijing with 24-hour pickup services [8] - JD Logistics provided integrated supply chain solutions for global clients, including a leading Chinese tech company in Europe and a US-based water bottle brand during Black Friday [8] Revenue Breakdown - Electronics and home appliance products accounted for 49.12% of total revenue in 4Q2023, growing 6.13% YoY to RMB 150.353 billion [9] - Daily necessities revenue contributed 31.41% of total revenue in 4Q2023, with a slight 0.23% YoY increase to RMB 96.148 billion [9] - Logistics and other services revenue grew 8.12% YoY in 4Q2023, accounting for 11.75% of total revenue [9] Future Projections - The report revised down 2024/2025 Non-GAAP net profit forecasts by 6%/7% to RMB 35.25 billion and RMB 38.158 billion respectively, while introducing a 2026 forecast of RMB 40.889 billion [4] - Revenue is expected to grow at a CAGR of 6.23% from 2023 to 2026, reaching RMB 1.3 trillion by 2026 [5] - The company's gross margin is projected to gradually increase from 14.72% in 2023 to 14.87% by 2026 [16]
2023年年报点评：新增回购及股利，不断完善平台用户消费体验