Investment Rating - The report maintains a "Buy" rating for JD Group-SW (9618.HK) [4][6] Core Insights - The company reported a revenue of CNY 1,158.82 billion for 2024, representing a year-on-year growth of 6.8%, and a GAAP net profit of CNY 41.36 billion, up 71.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of CNY 347.0 billion, a 13.4% increase year-on-year, with a GAAP net profit of CNY 9.85 billion, reflecting a 190.8% year-on-year growth [1][10] - The retail business showed significant recovery, with product revenue in Q4 2024 reaching CNY 281.0 billion, a 14.0% increase year-on-year, driven by the "trade-in" policy [2] Summary by Sections Financial Performance - For 2024, JD Group achieved a Non-GAAP net profit of CNY 47.83 billion, a 35.7% increase year-on-year [1] - The company announced a cash dividend of USD 0.5 per share for 2024, totaling approximately USD 1.5 billion [3] - The company plans to repurchase 255 million Class A ordinary shares, amounting to about USD 3.6 billion, which represents 8.1% of the total shares outstanding as of the end of 2023 [3] Revenue Growth and Business Strategy - The "trade-in" policy significantly boosted revenue in the electronics and home appliances categories, achieving a 15.8% year-on-year growth [2] - The company enhanced its platform ecosystem, leading to a 12.7% year-on-year growth in platform and advertising revenue in Q4 2024 [2] - The active user base and shopping frequency both experienced double-digit year-on-year growth, indicating improved user engagement [2] Profitability and Future Outlook - The report projects an increase in Non-GAAP net profit to CNY 52.33 billion for 2025, reflecting a 1.4% upward revision [4] - The company is expected to benefit from continued demand driven by the "trade-in" policy and ongoing improvements in its platform ecosystem [4]
京东集团-SW：2024年年报点评：以旧换新效果显著，现金股利强化股东回报-20250309