Investment Rating - The report maintains an "Outperform" rating for the company [4][9][15] Core Insights - The company reported a revenue of 260 billion yuan for Q1 2024, representing a year-on-year growth of 7.0%, while Non-GAAP net profit reached 8.9 billion yuan, up 12.66% year-on-year [4][5][9] - The company has been actively repurchasing shares, with a total of 98.3 million A-class ordinary shares repurchased for 1.3 billion USD from January 1, 2024, to May 15, 2024, which is approximately 3.1% of its outstanding shares as of December 31, 2023 [4][9] - The report highlights strong performance in various segments, including a 5.3% increase in home appliances and 8.6% in fast-moving consumer goods [4][5] Financial Analysis - Q1 2024 revenue was 260 billion yuan, a 7.0% increase year-on-year, with Non-GAAP net profit of 8.9 billion yuan, reflecting a 12.66% growth [5][6] - Active user numbers and merchant ecosystem have shown double-digit growth, with over one million third-party merchant stores [5][6] - The company’s gross margin for Q1 2024 was 15.29%, an increase of 0.47 percentage points year-on-year, while marketing expenses rose to 3.6% of revenue [7][8] Earnings Forecast and Valuation - The company is projected to achieve Non-GAAP net profits of 36.4 billion, 40.1 billion, and 44.3 billion yuan for 2024, 2025, and 2026, respectively [9][11] - The report estimates a reasonable market capitalization range of 458.7 billion to 516.1 billion HKD for 2024, corresponding to a fair value range of 144 to 162 HKD per share [9][10]
京东集团-SW：公司季报点评：1Q24收入增7超预期，供需两侧正向飞轮转动