Investment Rating - The report maintains a "Buy" rating for JD Group [1] Core Insights - JD Group's Q1 2024 performance shows robust growth, with revenue reaching 260.05 billion yuan, a year-on-year increase of 7.0%, surpassing Bloomberg's consensus estimate of 258.35 billion yuan. Non-GAAP net profit was 8.9 billion yuan, up 17.2% year-on-year, also exceeding expectations [10][12] - The supermarket category has shown a strong recovery, contributing to a 6.6% year-on-year increase in merchandise sales revenue, totaling 208.51 billion yuan, which is above market expectations [12][13] - The company continues to focus on cost reduction and efficiency improvements, with a gross margin increase of 0.5 percentage points year-on-year [16] Summary by Sections Revenue and Profit Performance - JD Group reported Q1 2024 revenue of 2600.5 billion yuan, a 7.0% increase year-on-year, and Non-GAAP net profit of 89 billion yuan, a 17.2% increase year-on-year, both exceeding market expectations [10][12] Supermarket Category Recovery - Merchandise sales revenue from the supermarket category increased by 6.6% year-on-year to 2085.1 billion yuan, driven by a strong recovery in this segment [12][13] - Service and other revenues reached 51.54 billion yuan, up 8.8% year-on-year, also surpassing market expectations [12] Cost Management and Efficiency - The company has made progress in cost reduction, with a gross margin of 15.3%, up 0.5 percentage points year-on-year. Fulfillment costs increased by 9.3% year-on-year, totaling 16.81 billion yuan [16][17] - The fulfillment expense ratio was 6.5%, reflecting a slight increase, primarily due to lower thresholds for free delivery services [17] Earnings Forecast and Investment Rating - The earnings per share (EPS) forecast for 2024-2025 has been adjusted to 11.5 and 12.6 yuan, respectively, with a projected PE ratio of 10.9 for 2024 [19] - The report emphasizes that JD Group is building a stronger competitive advantage, maintaining the "Buy" rating [19]
京东集团-SW：2024Q1业绩点评：业绩稳健增长，商超品类强劲复苏