Investment Rating - The investment rating for JD Group is maintained as "Buy" [2][5][11] Core Insights - The company is increasing investments in user experience, merchant subsidies, and marketing while maintaining strict cost control on procurement and logistics efficiency. The non-GAAP net profit forecast for 2024-2026 has been raised to 36.2 billion, 41 billion, and 45.7 billion respectively, with corresponding year-on-year growth rates of 3.2%, 13.3%, and 11.3% [5][6] - In Q1 2024, the company's revenue grew by 7% year-on-year, aligning with Bloomberg consensus expectations, while non-GAAP net profit reached 8.9 billion, exceeding expectations due to better-than-expected gross margin performance and reduced losses in logistics and new businesses [6][7] - The company expects GMV growth in 2024 to exceed that of social retail, focusing on enhancing user experience and market share, with core categories benefiting from consumption promotion policies [7] Summary by Relevant Sections Financial Performance - For 2024, the company projects revenue of 115.2 billion, with a year-on-year growth of 6.2%. Non-GAAP net profit is expected to be 36.2 billion, reflecting a growth of 3.2% [8] - The gross margin is projected to improve from 15.3% in 2023 to 15.5% in 2024, while net profit margin is expected to slightly decline to 3.1% [8] Market Position and Strategy - The company is focusing on expanding its market share and enhancing its platform ecosystem, which is expected to drive valuation recovery as performance stabilizes with macroeconomic recovery [5][6] - The company maintains strong bargaining power in procurement, which is anticipated to lower costs further, while also managing R&D and administrative expenses tightly [7]
京东集团-SW：港股公司信息更新报告：2024Q1利润超预期，加大投入用户体验和生态建设