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京东(JD):京东零售增长强劲,电商与外卖加速协同
Investment Rating - The report maintains a "Buy" rating for JD [1][13][25] Core Insights - JD's retail growth remains strong, with effective synergies between e-commerce and food delivery, leading to a significant increase in active users and shopping frequency [7][9][11] - The company's revenue for Q2 FY25 reached RMB 356.7 billion, a year-on-year increase of 22.4%, exceeding expectations [8][10] - Non-GAAP net profit for Q2 FY25 was RMB 7.4 billion, down 48.9% year-on-year, but still surpassing forecasts [8][10] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2023: RMB 1,084.66 billion - 2024: RMB 1,158.82 billion - 2025E: RMB 1,328.95 billion - 2026E: RMB 1,425.11 billion - 2027E: RMB 1,522.26 billion - Non-GAAP net profit estimates for the upcoming years are: - 2025E: RMB 26.96 billion - 2026E: RMB 47.73 billion - 2027E: RMB 60.53 billion [16][10][13] Operational Performance - JD's food delivery business has shown healthy growth, with daily orders exceeding 25 million across 1.5 million partner restaurants in 350 cities [11][12] - The company's operational efficiency improved, achieving a gross margin of 15.9% and a fulfillment gross margin of 9.7% in Q2 FY25 [10][12] - The retail operating margin for Q2 FY25 was 4.5%, while logistics operating margin decreased to 3.8% [10][12] Strategic Initiatives - JD has launched a RMB 10 billion subsidy program for food delivery, which has led to increased competition and short-term profitability pressure [10][12] - The company is focusing on quality food delivery and has introduced innovative models like the "Seven Fresh Kitchen" partnership, which quickly gained traction [12][13] Market Position - JD's core supply chain capabilities remain robust, supporting long-term growth in both retail and new business segments [13][10] - The report highlights the positive impact of national subsidy policies and an expanding active user base on the performance of power-consuming categories [13][9]
京东集团-SW(09618.HK)25Q2财报点评:零售增长强劲 关注外卖系统能力建设及电商协同进展
Ge Long Hui· 2025-08-16 19:57
机构:国信证券 研究员:张伦可/王颖婕/张昊晨 收入端:本季度公司实现营业收入3567 亿元,YoY+22%。分拆看,1)本季度京东零售收入3101 亿 元,yoy+21%,自营业务中带电品类继续受益于国补,同比+23%,日用百货也继续加速,同比+16%, 受益于采销团队经营能力的不断增强,商超品类连续第六个季度实现双位数增长,时尚、家居和健康等 品类也实现双位数增长,3P 模式下佣金和广告收入也保持两位数增长势头,但随着Q3 开始带电品类的 基数提升,预计零售收入增速将有所回落;2)京东物流收入516 亿元,同比+17%,较Q1 加速明显, 主要是零售强劲增长的带动,预计Q3 开始外卖业务也将为物流收入增长带来明显贡献。 新业务收入139 亿元,yoy+199%,经营亏损148 亿元,主要是受到外卖业务影响。Q2 日单量峰值突破 2500 万,带来了明显的用户流量增长,QAC 同比+40%,购频同比+40%,交叉销售购买率持续增长, 尤其是商超品类。同时公司持续完善供给和履约侧建设,骑手规模突破15 万,入驻品质商家150 万+。 展望后续,公司一方面将持续增强系统能力,包括优化订单分配算法、规划路线等,以 ...