申万宏源证券晨会报告-20250515

Core Insights - JD's Q1 2025 revenue reached 301.1 billion yuan, a year-on-year increase of 15.8%, marking the highest quarterly growth rate in three years, with service revenue at 58.8 billion yuan, up 14.0% year-on-year [2][10] - Non-GAAP net profit attributable to ordinary shareholders was 12.8 billion yuan, exceeding expectations by 43.4% [2][10] - The retail revenue of JD grew by 16.3% year-on-year to 263.8 billion yuan, driven by strong user growth and supply chain optimization [2][10] Revenue and Profitability - The group achieved a gross margin of 15.9%, an increase of 0.6 percentage points year-on-year, and a fulfillment gross margin of 9.3%, up 0.5 percentage points year-on-year [3][10] - JD's retail operating profit margin improved by 0.8 percentage points to 4.9% [3][10] - The company continues to enhance its operational efficiency through its supply chain infrastructure and smart integration of business ecosystems [3][10] Business Development - JD's food delivery service surpassed 10 million daily orders as of April 22, 2025, indicating significant progress in this segment [3][10] - The company has repurchased 1.5 billion USD worth of shares, amounting to approximately 2.8% of its outstanding shares as of December 31, 2024 [3][10] - The expansion of the platform into new markets, including Hong Kong and international regions, is ongoing, with a focus on maintaining high growth rates in various product categories [10] Policy and Market Environment - The April Politburo meeting emphasized stabilizing employment and the economy, with a focus on expanding domestic demand and promoting consumption [4][11] - The government is expected to introduce flexible policies to address uncertainties in tariffs and enhance financial support for various sectors [11] - The focus on long-term structural reforms and support for consumer spending is anticipated to drive economic growth in the coming quarters [11]