京東集團 (09618.HK) 收入增長重回雙位數,利潤增長待釋放 April 15, 2025 39

PSR Recommendation: BUY Status: Initiation
Target Price: HKD200.30

業績摘要
4Q24 公司收入增長重回雙位數,同比增長 13.4%至 3470 億元(人民幣,下同),
主要受益於商品收入增長推動。分類型看,商品收入(1P)2810 億元,同比增長
14.0%,服務收入(3P)660 億元,同比增長 10.8%。分業務看,京東零售收入同比
增長 14.7%至 3071 億元,京東物流收入同比增長 10.4%至 521 億元,新業務收入同
比減少 31.0%至 47 億元。整體來看,4Q24 經營利潤同比增長 319.3%至 85 億元,
經營利潤率達 2.4%。Non-GAAP 歸母淨利潤為 113 億元,同比增長 34.2%。
2024 年全年,公司實現總營業收入 11588 億元,同比增加 6.8%;經營利潤達到 387
億元,同比增加 48.8%,經營利潤率達到 3.3%;Non-GAAP 歸母淨利潤 478 億元,
同比增加 35.9%。股東回報方面,公司通過分紅和回購回饋股東,2024 年全年派息總
額提升至 15 億美元,全年回購金額達 36 億美元,股東回報率達 7.6%,創下歷史新
高。
業績點評
京東零售
2024 年第四季度,京東零售(包括京東健康及京東工業等組成部分)收入為 3071 億
元,同比增長 14.7%,經營利潤為 100 億元,不含未分配項目的經營利潤率為
3.3%,同比增長 2.6%。商品收入達 2810 億元,同比增長 14.0%。其中,帶電品類
與日百品類收入均取得雙位數增長。電子產品及家用電器商品收入為 1741 億元,同
比增長 15.8%;日用百貨商品收入同比增長 11.1%。服務收入達 660 億元,同比增長
10.8%。其中,平臺及廣告服務收入同比增長 12.7%。
產品收入(1P):根據國家統計局數據,2024 年社會消費品零售總額 487895 億
元,同比增長 3.5%。全國網上零售額 155225 億元,同比增長 7.2%。其中,實物商
品網上零售額 130816 億元,同比增長 6.5%,占社會消費品零售總額的比重為
26.8%,高於整體社零總額增速,穩健復蘇中。
服務收入(3P):公司通過完善協力廠商商家生態,用戶心智不斷提升,4Q24 季度
活躍用戶數和購物頻次同比繼續保持雙位數增長。同時,公司加大對 3P 生態建設,
2025 年 1 月,京東宣佈 PLUS 會員全面升級:重磅推出「生活服務包」,會員用積分
可免費兌換 7 大服務;新增「180 天只換不修」,會員購買家電和 3C 數碼等自營電
器可享受 180 天內有質量問題直接換新;此外,「無限免郵」服務範圍也進一步擴大
至自營秒送業務。

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About the author

Profile photo of Megan Tao

Megan Tao
Analyst
Research

She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.

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