Investment Rating - The report maintains a "Buy" rating for the company, citing its strong supply chain and user experience advantages as key drivers for sustained profit growth [6][3] Core Views - The company's revenue in Q3 2024 reached RMB 260.39 billion, a year-on-year increase of 5.1%, driven by its focus on supply chain capabilities and logistics infrastructure [3] - Non-GAAP operating profit for Q3 2024 was RMB 13.08 billion, up 17.9% year-on-year, with a Non-GAAP operating margin of 5.0%, an increase of 0.5 percentage points [3] - The company's retail segment achieved a revenue of RMB 224.99 billion, with a stable operating margin, while the logistics segment saw a revenue of RMB 44.4 billion and an operating margin of 4.7%, up 4.0 percentage points year-on-year [3] - The company repurchased approximately USD 390 million worth of Class A ordinary shares from July to September 2024 and announced a new share repurchase plan of up to USD 5 billion over the next 36 months [3] Financial Performance - The company's total assets stood at RMB 643.559 billion, with a net asset attributable to the parent company of RMB 229.082 billion [2] - The company's revenue is expected to grow to RMB 11,367 billion in 2024, RMB 12,076 billion in 2025, and RMB 12,916 billion in 2026, with Non-GAAP net profit attributable to the parent company projected to be RMB 44.928 billion, RMB 47.952 billion, and RMB 51.016 billion respectively [5] - The company's gross margin is expected to increase from 14.7% in 2023 to 16.0% in 2026, with Non-GAAP net profit margin projected to be 4.0% in 2024 and 2025, and 3.9% in 2026 [5] Segment Performance - The company's product revenue in Q3 2024 was RMB 204.61 billion, up 4.8% year-on-year, with electronics and home appliances revenue reaching RMB 122.56 billion, a 2.7% increase, and general merchandise revenue growing 8.0% to RMB 82.05 billion [3] - Service revenue in Q3 2024 was RMB 55.77 billion, up 6.5% year-on-year, with platform advertising revenue increasing 6.3% to RMB 20.76 billion and logistics and other revenue growing 6.5% to RMB 35.01 billion [3] Future Outlook - The company is expected to benefit from macro policies such as the "trade-in" policy, which is likely to further stimulate consumption upgrades [3] - The company's supply chain and user experience advantages are expected to continue driving profit growth, with revenue and profit projections showing steady increases over the next three years [3][5]
京东集团-SW：利润超预期，以旧换新刺激长期增长