京東集團 (09618.HK) 平臺生態建設初有成效,低價和補貼仍為戰略重點 November 8, 2024 47

PSR Recommendation: NEUTRAL Status: Maintained
Target Price: HKD155

公司簡介
京東集團(09618.HK)以自營為核心商業模式,已經從一家電子商務平臺發展成為一
家以供應鏈為核心的領先技術和服務提供者,現已擴展到零售、技術、物流、醫療保
健等領域,集團旗下公司包括京東健康、京東物流、達達集團等。在當前宏觀經濟溫
和復蘇的環境下,消費者對商品價格的高敏感度持續,電商行業競爭激烈,公司採取
低價和下沉的策略,同時聚焦品質與服務,提升核心使用者購物體驗與消費頻次。
2Q24 業績整體優於市場預期,股東回報力度加大
2Q24 公司收入同比增長1.2%至2914 億元(人民幣,下同),主要受益於服務收入
增長推動。分類型看,商品收入(1P)2339 億元,同比穩定,服務收入(3P)575
億元,同比增長6.3%。分業務看,京東零售收入同比增長1.5%至2571 億元,京東
物流收入同比增長7.7%至442 億元。整體來看,2Q24 Non-GAAP 經營利潤同比增
長33.7%至116 億元,Non-GAAP 經營利潤率達到4.0%,主要受益於京東物流經營
利潤率表現超過預期。歸屬於上市公司普通股股東的Non-GAAP 淨利潤為145 億
元,同比增長69.0%。股東回報方面,截至2024 年6 月30 日,公司已累計回購33
億美元,回購股份總數約占2023 年末普通股的7.1%。
京東零售:平臺生態延續健康改善趨勢,宏觀消費恢復下低價和補貼仍是戰略重點
2024 年第二季度,京東零售收入達2571 億元,同比增長1.5%,主要由活躍用戶及
訂單量雙增所驅動,本季度購物頻率和訂單量均實現同比兩位數增長,其中,第三方
商家訂單量同比增長20.0%,增速創兩年內新高;經營利潤達101 億元,經營利潤率
3.9%,同比提高0.7pct,主要受免郵門檻降低、大促營銷費用增加影響。分品類來
看:

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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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