京东（JD）：收入重回双位数增长，预计政策拉动趋势持续

Investment Rating - The report maintains a "Buy" rating for JD US with a target price increase from $60 to$62, indicating a potential upside of 41.2% from the current price of $43.92 [1][2][15]. Core Insights - JD US has returned to double-digit revenue growth, with a 13% year-on-year increase in revenue for Q4 2024, driven by various business segments and favorable policies [1][6]. - The company is expected to continue this growth trend into Q1 2025, with revenue and profit forecasts adjusted upward by 3% and 5% respectively for 2025 [1][6]. - The report highlights the strong performance of the electric product category, which saw a 16% increase due to trade-in policies, and a consistent double-digit growth in supermarket sales [6][7]. Financial Performance Summary - For Q4 2024, total revenue reached RMB 306.08 billion, with product sales contributing RMB 246.50 billion, and service revenue at RMB 59.58 billion [7]. - The gross profit margin improved by 1.1 percentage points year-on-year, with adjusted net profit increasing by 34% to RMB 11.30 billion [6][7]. - The report projects total revenue for 2025 to be RMB 1,243.37 billion, reflecting a growth rate of 7.3% [5][17]. Earnings Forecast Changes - The new revenue forecast for 2025 is RMB 1,243.37 billion, up from the previous estimate of RMB 1,207.02 billion, marking a 3% increase [5]. - Adjusted net profit for 2025 is projected at RMB 51.90 billion, an increase from the prior forecast of RMB 48.63 billion, also reflecting an 8.2% growth [5][17]. - The report anticipates a stable profit margin while maintaining user investment, with a focus on cautious investment in new business areas [1][6].