Jinwu Financial News | According to Haitong Securities Research Report, JD Group (09618) 3Q24 revenue increased 5.1% year over year. Household appliances 3C increased 2.7% year over year, and FMCG increased 8.0% year over year. 3Q24 service revenue increased 6.5% year over year to 55.8 billion yuan. Among them, logistics and other services increased 6.5% year over year, and platform and advertising increased 6.3% year over year. Highlights of the dismantling performance: (1) Both gross margin and non-GAAP net margin achieved healthy growth: Thanks to the company's continuous refinement of supply chain capabilities and improved scale effects and operational efficiency, the 3Q24 gross profit margin was 17.3%, an increase of 1.7 pct over the previous year. Non-GAAP net profit margin was 5.1%, up 0.8 pct year over year. (2) By category, revenue from core advantage categories such as 3C home appliances increased year-on-year; revenue growth in the daily necessities category exceeded the industry average for three consecutive quarters; revenue growth in supermarkets and clothing categories increased by double digits year on year. (3) The 3P ecosystem continues to improve: 3Q24, third-party merchant transaction users increased by more than 20% year on year, and order volume increased by more than 30% year on year; the “Chunxiao Plan” launched 15 new initiatives, including the “Three Star Rule Upgrade”.
The bank said that 3Q24 revenue was 260.4 billion yuan, up 5.1% year on year, and non-GAAP net profit was 13.2 billion yuan, up 23.9% year on year. (1) Users & Merchants: The number of active users and user shopping frequency maintained year-on-year double-digit growth for three consecutive quarters in the 3Q24 quarter; merchant orders grew rapidly; in the third quarter, users traded by third party merchants increased by more than 20% year over year, and order volume increased by more than 30% year over year. (2) Direct sales: 3Q24's direct sales revenue was 204.6 billion yuan, which remained stable. Among them, 3C for home appliances increased 2.7% year on year, and FMCG increased 8.0% year on year. (3) Services: 3Q24 service revenue was 55.8 billion yuan, up 6.5% year on year; of these, platform and advertising revenue of 20.76 billion yuan increased 6.3% year over year, and logistics and other revenue of 35.01 billion yuan increased 6.5% year over year.
The bank estimates the company's 2024-2026 non-GAAP net profit of 45.1, 46.6, and 50.4 billion yuan, respectively. In summary, the company was given an overall reasonable market value range of HK$554.2-620.1 billion in 2025, corresponding to the reasonable value range of HK$174-195 per share for H shares, giving it a “superior to the market” rating.
