Investment Rating - The report maintains a "Buy" rating for JD [4][14] Core Insights - JD's Q3 2024 revenue reached RMB 260.4 billion, a year-on-year increase of 5.1%, with service revenue at RMB 55.8 billion, up 6.5% year-on-year. Non-GAAP net profit was RMB 13.2 billion, exceeding expectations with a growth of 23.9% year-on-year [4][8] - The trade-in policy has significantly boosted home appliance sales, with JD's retail revenue growing by 6.1% year-on-year to RMB 225 billion. The company has maintained double-digit growth in active users and purchase frequency for three consecutive quarters [4][9] - JD's gross margin improved to 17.3%, up 1.7 percentage points year-on-year, while fulfillment gross margin reached 11.0%, an increase of 1.5 percentage points year-on-year. The operational margin for JD retail remained stable at 5.2% [4][12] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2024E: RMB 1,133.861 billion - 2025E: RMB 1,175.199 billion - 2026E: RMB 1,236.912 billion - Non-GAAP net profit forecasts are updated to: - 2024E: RMB 42.759 billion - 2025E: RMB 46.207 billion - 2026E: RMB 48.523 billion [5][14]
京东：以旧换新拉动家电增长，盈利能力进一步提升