互联网行业月报：国补持续拉动4月电商平稳增长，1季报超预期-20250520

Industry Rating - The report assigns a "Leading" investment rating to the internet industry, indicating an expectation of attractive performance relative to the benchmark index over the next 12 months [1][16]. Core Insights - The report highlights that the e-commerce sector experienced stable growth in April, driven by government subsidies, with a year-on-year increase of 6.1% in adjusted online retail sales [4][6]. - The report notes that various platforms are adapting their promotional strategies for the 618 shopping festival, focusing on a balance of price, quality, and experience rather than just low prices [4]. - The first quarter earnings reports from major platforms exceeded expectations, with Alibaba, JD.com, and Pinduoduo showing strong revenue and profit growth [4]. Summary by Sections E-commerce Performance - In April 2025, the adjusted year-on-year growth rate for online retail sales was 6.1%, down from 6.9% in March and 5.7% in the first quarter [4][6]. - Specific categories such as communication equipment saw a 20% year-on-year growth, while home appliances experienced a 39% increase as demand recovered [4][7]. Promotional Strategies - Platforms like Alibaba and JD.com extended their promotional periods for the 618 festival, simplifying promotional activities and emphasizing ease of purchase [4]. - Alibaba reported that in the first hour of the sale, 43 brands achieved over 100 million in sales, a year-on-year increase of over 50% [4]. Earnings Reports - Alibaba's CMR growth exceeded expectations, benefiting from increased monetization rates [4]. - JD.com reported strong growth in retail revenue and profits, particularly in categories benefiting from the trade-in policy [4]. - Pinduoduo's revenue growth slowed due to investments in its e-commerce ecosystem, while Kuaishou's GMV grew by 15% year-on-year [4]. Investment Insights - Current price-to-earnings ratios for major companies are as follows: Alibaba at 11.1x, JD.com at 7.8x, Pinduoduo at 9.0x, and Kuaishou at 10.2x [4]. - The report emphasizes the importance of monitoring the continuation of government subsidies and the impact of the 618 shopping festival on e-commerce platforms [4].