Investment Rating - The report assigns a "Buy" rating to the company with a target price of 33.35 [1][15]. Core Insights - The company has shown a revenue growth of 5% year-over-year in Q3 2024, with total revenue reaching 260.4 billion RMB. The growth was driven by a recovery in the sales of electronic products and strong performance in the supermarket and apparel categories [8]. - The adjusted net profit for Q3 2024 was 13.2 billion RMB, reflecting a 24% increase year-over-year, attributed to improved supply chain capabilities and competitive pricing [8]. - The report maintains a revenue growth forecast of 5.7% for Q4 2024, with an expected adjusted net profit of 8.5 billion RMB, consistent with previous estimates [9]. Financial Projections - Total revenue projections for 2024E, 2025E, and 2026E are 1,135,232 million RMB, 1,199,132 million RMB, and 1,268,015 million RMB respectively, with growth rates of 4.7%, 5.6%, and 5.7% [4]. - The adjusted operating profit for 2024E is projected at 41,606 million RMB, with a margin of 3.7% [6]. - The adjusted net profit for 2024E is expected to be 45,029 million RMB, with a net profit margin of 4.0% [7]. Market Performance - The company's market capitalization is approximately 47.08 and a low of $21.44 [2]. - The stock has shown a year-to-date increase of 15.44% [2]. Earnings Forecast Changes - The report indicates minor adjustments in revenue and profit forecasts, with total revenue for 2024E slightly revised from 1,134,675 million RMB to 1,135,232 million RMB, reflecting a negligible change [4]. - The adjusted operating profit forecast for 2025E has been reduced from 50,187 million RMB to 48,400 million RMB, indicating a 3.6% decrease [6]. Competitive Position - The company is positioned favorably within the e-commerce sector, with strong growth in active user numbers and shopping frequency, contributing to its competitive edge [8]. - The report highlights the company's ability to leverage logistics and supply chain efficiencies to enhance profitability [9].
京东：3季度利润超预期，上调全年利润增长预期