2024-10-17 00:38Investment Rating - The report maintains a "Buy" rating for JD.com, indicating a strong performance relative to the market [5][11]. Core Insights - JD.com is expected to see a revenue increase of 4% year-on-year in Q3 FY24, reaching RMB 257.7 billion, with an adjusted net profit forecast of RMB 10.3 billion, corresponding to a net profit margin of 4.0% [5][8]. - The company is benefiting from government support for trade-in policies, which is expected to stimulate demand for home appliances and enhance user experience through ongoing subsidy projects [5][9]. - JD.com plans to increase its investment in user acquisition and enhance its product offerings in fashion and beauty categories, aiming to boost long-term user engagement and purchasing frequency [10][11]. Financial Data and Profit Forecast - Revenue projections for JD.com are as follows: RMB 1,131.1 billion for 2024, RMB 1,202.1 billion for 2025, and RMB 1,280.2 billion for 2026, with respective growth rates of 4.3%, 5.9%, and 6.5% [7][13]. - Non-GAAP net profit is forecasted to be RMB 40.9 billion for 2024, RMB 44.8 billion for 2025, and RMB 47.8 billion for 2026, reflecting growth rates of 16.1%, 6.4%, and 6.7% respectively [7][13]. - The report highlights a stable gross margin trend, supported by economies of scale and supply chain advantages, with a projected net margin of 4.0% for Q3 FY24 [10][11].