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京东(JD):25Q1点评:业绩继续超预期,关注新业务进展
Orient Securities· 2025-05-22 12:06
Investment Rating - The report maintains a "Buy" rating for JD Group, with a target price of 203.81 HKD per share, based on a valuation of 10x PE for JD Retail in 2025 [4][11]. Core Views - JD Group's Q1 2025 performance exceeded expectations, with total revenue of 3010.8 billion CNY, representing a year-on-year growth of 15.8% [8]. - The adjusted net profit for Q1 2025 was 127.6 billion CNY, up 43.4% year-on-year, significantly surpassing market expectations [8]. - The report highlights the strong performance in product revenue, particularly in the electronics category, which benefited from government subsidies and increased market demand [8]. Financial Performance Summary - For 2025-2027, the revenue forecast has been adjusted to 12832/13637/14266 billion CNY, up from previous estimates due to accelerated product revenue growth [11]. - The adjusted net profit forecast for the same period is now 433/489/518 billion CNY, down from earlier estimates due to increased investment in the food delivery business [11]. - The report indicates that JD Retail achieved revenue of 2638.5 billion CNY in Q1 2025, with an operating profit margin of 4.87% [8][12]. Business Segment Analysis - JD Retail's Q1 2025 revenue was 2638.5 billion CNY, with a year-on-year growth of 16.3%, driven by high-margin electronics sales [8]. - JD Logistics reported revenue of 469.7 billion CNY in Q1 2025, with a year-on-year growth of 11.5%, although profit margins were impacted by increased overseas expansion costs [8]. - New business segments, particularly food delivery, generated 57.5 billion CNY in revenue for Q1 2025, reflecting an 18.1% year-on-year increase, but also incurred an operating loss of 13.3 billion CNY due to higher investment [8]. Shareholder Returns - In Q1 2025, JD Group repurchased approximately 80.7 million shares, totaling around 1.5 billion USD, which represents 2.8% of the total shares outstanding as of the end of 2024 [8].
京东集团-SW(9618.HK)2025Q1财报点评:业绩超预期 关注新业务投入对利润端影响
Ge Long Hui· 2025-05-15 10:22
Core Viewpoint - In Q1 2025, JD achieved revenue of 301.08 billion RMB, a year-on-year increase of 15.78%, and a Non-GAAP net profit of 12.76 billion RMB, up 43.4%, with a net profit margin of 4.24%, exceeding Bloomberg consensus expectations [1] Group 1: Financial Performance - JD's Q1 2025 revenue was 3010.82 billion RMB, with 1P revenue at 2423.09 billion RMB (up 16.2%) and 3P revenue at 587.73 billion RMB (up 14.0%) [1] - The retail segment generated revenue of 2638.45 billion RMB, a 16.3% increase, with adjusted operating profit of 128.46 billion RMB and a profit margin of 4.87% [1] - The logistics segment reported revenue of 46.97 billion RMB, a year-on-year growth of 11.5%, with adjusted operating profit of 1.45 billion RMB and a profit margin of 0.31% [1] Group 2: Market Trends and Policies - National subsidy policies have supported JD's continued growth, with expectations for these policies to persist in 2025, further enhancing offline integration [1] - JD's new food delivery service has made significant progress, with daily order volume surpassing 10 million, indicating strong market penetration compared to competitors [2] - Regulatory bodies are emphasizing compliance and fair competition in the food delivery sector, which may lead to a more rational investment approach in the future [2] Group 3: Future Projections - Revenue forecasts for JD are 1286.4 billion RMB and 1375.1 billion RMB for 2025 and 2026, respectively, with expected growth rates of 11.01% and 6.90% [3] - Non-GAAP net profit projections are 51.01 billion RMB and 59.28 billion RMB for 2025 and 2026, with growth rates of 6.66% and 16.22% [3] - The target price is set at 207.89 HKD, corresponding to a 12x PE for the group in 2025 [3]
野村指京东首财季业绩强劲 但因外卖业务增速快不再维持全年指引
news flash· 2025-05-14 02:39
野村指京东首财季业绩强劲 但因外卖业务增速快不再维持全年指引 金十数据5月14日讯,野村证券发表报告指,京东(JD.O)公布2025年首财季业绩表现强劲。该行对京东 (JD.O)目标价为56美元,投资评级为"买入"。然而,野村指,尽管对收入持乐观态度展望,但京东管理 层对2025财年的利润前景持谨慎态度—不再维持2025财年的利润指引(高净利润增长个位数百分比), 理由是外卖业务(FD)业务增长迅速。据管理层称,京东FD在推出后的短短三个月内,每日订单量峰 值可能达到2000万笔,相较之下,美团(03690.HK)FD的每日平均订单量为6000—7000万单。该行认 为,以同类比较来看,京东和美团的FD业务之间的差距可能比这些数字显示的要大。 ...
京东CEO许冉:京东外卖日单量预计很快突破2000万单
news flash· 2025-05-13 13:06
京东CEO许冉:京东外卖日单量预计很快突破2000万单 金十数据5月13日讯,京东CEO许冉在谈到外卖业务时表示,京东外卖日单量预计很快突破2000万单。4 月24日,京东外卖日单量已突破1000万单,覆盖166个城市。此前4月15日,京东外卖宣布日单量突破 500万单。许冉表示,中国外卖规模很大,容得下多个平台,目前仍有大量需求未被满足,京东首创行 业最严格的入驻标准,给予合作伙伴合理的利润空间。会持续提供给商家更好的佣金政策和流量。 (澎湃) ...