Investment Rating - The report maintains a "Buy" rating for JD com Inc (9618 HK) [4] Core Views - JD com's 2Q2024 revenue grew 1 20% YoY while Non GAAP net profit attributable to shareholders surged 68 98% YoY [2] - The company's gross margin improved by 1 37 percentage points in 2Q2024 [2] - JD com repurchased 136 8 million Class A ordinary shares worth $2 1 billion in 2Q2024 [3] - The report raised 2024 2025 2026 Non GAAP net profit forecasts by 24% 31% 34% respectively [4] Financial Performance Revenue - 1H2024 revenue reached 551 446 billion yuan up 3 87% YoY [2] - 2Q2024 revenue was 291 397 billion yuan a 1 20% YoY increase [2] Profitability - 1H2024 GAAP net profit attributable to shareholders was 19 774 billion yuan up 53 98% YoY [2] - 2Q2024 GAAP net profit attributable to shareholders jumped 92 13% YoY to 12 644 billion yuan [2] - Non GAAP net profit attributable to shareholders rose 44 66% YoY to 23 359 billion yuan in 1H2024 [2] Margins - 2Q2024 gross margin increased to 15 76% up 1 37 percentage points YoY [2] - 1H2024 operating expense ratio rose 0 14 percentage points to 12 48% [2] Business Segments JD Retail - 2Q2024 revenue grew 1 50% YoY to 257 072 billion yuan [9] - Operating profit margin improved by 0 72 percentage points to 3 93% [9] JD Logistics - 2Q2024 revenue increased 7 74% YoY to 44 207 billion yuan [9] - Operating profit margin surged 3 70 percentage points to 4 94% [9] New Businesses - 2Q2024 revenue declined 34 95% YoY to 4 636 billion yuan [9] - Operating loss margin widened by 29 47 percentage points to 14 99% [9] Strategic Developments - JD com signed strategic cooperation agreements with Xiaomi Lenovo and OPPO in 2Q2024 [3] - Multiple pharmaceutical companies launched new specialty drugs on JD Health platform in 2Q2024 [3] Valuation - The report forecasts 2024 2025 2026 revenue of 1 1416 trillion 1 2012 trillion and 1 2595 trillion yuan respectively [5] - 2024 2025 2026 Non GAAP net profit is projected at 43 541 billion 49 888 billion and 54 587 billion yuan respectively [5]
京东集团-SW：2024年中报点评：深化品牌战略合作，大商超品类增速亮眼