Investment Rating - The report maintains a "Buy" rating for JD, indicating a positive outlook on the company's performance and growth potential [6][13]. Core Insights - The report highlights that JD's core electric product categories are expected to see a significant increase in GMV driven by ongoing government subsidies, with a strong profit growth forecast for Q4 [4][8]. - JD's supply chain advantages and competitive barriers in key product categories remain robust, with continued investments aimed at enhancing user experience and expanding into new categories like apparel [10][13]. - The introduction of a new "gift-giving" feature is anticipated to enhance user engagement and drive sales during the Spring Festival [12][13]. Financial Data and Profit Forecast - For FY24, JD's revenue is projected to reach RMB 333.6 billion, representing a 9% year-over-year increase, with an adjusted net profit of RMB 94.5 billion, reflecting a net margin of 2.8% [7][10]. - The adjusted net profit forecast for FY24 has been raised from RMB 42.8 billion to RMB 46.0 billion, with projections for FY25 and FY26 remaining at RMB 46.2 billion and RMB 48.5 billion, respectively [6][13]. - Revenue growth is expected to improve sequentially, with JD Retail anticipated to grow by 9.5% year-over-year to RMB 293.1 billion in Q4 [8][10]. Market Performance - JD's stock closed at USD 39.00, with a market capitalization of USD 62.1 billion, reflecting a strong position in the market [5]. - The report notes that online retail sales of physical goods in Q4 are expected to grow by 3.5% year-over-year, indicating a positive trend in consumer demand [8]. Strategic Initiatives - JD is focusing on enhancing its supply chain capabilities and operational efficiency, which are expected to drive profitability [9][10]. - The company is also increasing user investments and subsidies in emerging categories to stimulate user engagement and purchase frequency [10][12].
京东：国补持续驱动核心带电品类GMV提升，预计Q4利润增长强劲