Investment Rating - The investment rating for the company is "Buy" [7][8] Core Views - The report highlights that JD's revenue for Q1 2025 increased by 15.8% year-on-year to 301.1 billion RMB, exceeding both consensus expectations and Huatai's forecasts [1][2] - Non-GAAP net profit reached 12.8 billion RMB, a year-on-year growth of 43.4%, driven by better-than-expected operating profit in the retail segment [1][2] - The report emphasizes the importance of the new business segments, particularly food delivery, and their potential impact on overall growth [3][4] Summary by Sections Revenue and Profitability - JD's total revenue for Q1 2025 was 263.8 billion RMB, reflecting a 16.3% year-on-year increase, with operating profit at 12.8 billion RMB, up 37.8% [2][11] - The retail segment's active buyer count grew over 20% year-on-year, marking six consecutive quarters of double-digit growth [2][3] New Business Focus - The food delivery business has seen rapid growth, with daily order volume approaching 20 million, and management is focusing on optimizing user experience and ROI [3][4] - The synergy between instant retail and traditional e-commerce is noted as a significant opportunity for enhancing user engagement and conversion rates [3] Financial Forecasts and Valuation - The report adjusts the non-GAAP net profit forecasts for 2025-2027 downwards by 22.0%, 14.5%, and 10.6% to 40.2 billion, 49.8 billion, and 58.0 billion RMB respectively, due to higher-than-expected investments in new businesses [4][19] - The target price is set at 51.24 USD per ADS and 199.61 HKD per ordinary share, reflecting an increase based on improved valuations of the company and its investments [4][22]
关注外卖等新业务成长节奏