Core Viewpoint - JPMorgan's report indicates that JD.com is not willing to engage in a costly battle for market share in the food delivery sector, reflecting that competitors' short-term actions will not affect the company's overall strategy [1] Group 1: Business Strategy - The company aims to achieve synergy with its traditional e-commerce business through food delivery services, enhancing cross-selling on its platform and increasing user stickiness [1] - Management emphasizes a focus on healthy growth in order volume and user base, along with improvements in unit economics (UE) [1] Group 2: User Conversion and Sales - In March, 40% of new users acquired through the food delivery service converted to e-commerce users by July [1] - Key product categories for cross-selling include supermarket goods, electronic accessories, and lifestyle service coupons, which have lower order values [1] - Management anticipates that it will take an additional 1 to 2 years for new users to contribute significantly to gross merchandise volume (GMV) and revenue [1] Group 3: Travel Platform Business - The company views its travel platform as a value-added service to meet user needs, noting that the frequency of travel orders is significantly lower than that of food delivery and e-commerce [1] - The company is not in a hurry to develop the travel business and plans to gradually build capacity and supply over a longer period [1]
大行评级|摩根大通:京东无意大举争夺外卖市场份额 目标价在于与电商业务协同