Yesterday, JD.com announced on the Hong Kong Stock Exchange that he and Tencent had renewed the strategic cooperation agreement for a period of three years.Tencent will continue to provide JD.com with significant primary and secondary access portals on his Wechat platform to provide traffic support, and the two sides also intend to continue to cooperate in the fields of communications, technical services, marketing and advertising, and membership services. The value of the partnership is expected to be paid in the form of cash and shares in the company over the next three years.

As soon as the news came out,$JD.com (JD.US) $Before trading, US stocks were directly pulled up and closed up 0.5%. As of press time, Hong Kong stocks today$JD.com Group-SW (09618.HK) $涨1%。

Most analysts believe that Tencent chose to cooperate with JD.com again, which is a mutually beneficial and win-win situation, and has also played a role in promoting the development of the entire Internet industry.

Goldman Sachs Group: renew strategic cooperation with Tencent, JD.com attracts risk and return

Goldman Sachs Group published a research report that Tencent and JD.com announced the renewal of the strategic cooperation agreement for a period of three years, and JD.com is expected to continue to be supported by Wechat traffic.

According to the cooperation agreement, JD.com will issue Class A common shares to Tencent in the next three years, with a maximum value of US $220 million as part of the consideration, but the full amount of the agreement is not disclosed in the announcement.

Goldman Sachs pointed out that although Tencent distributed JD.com 's shares to shareholders in kind in March this year, Tencent still holds about 2.3% of JD.com 's shares.It is believed that the reissue of shares in the next three years will help to strengthen the consistency of interests between Tencent and JD.com.Goldman Sachs Group believes that JD.com 's risk and return is attractive, gives the target price HK $382, maintains the "buy" rating, and continues the convinced buy list.

China Merchants: the concern about cooperation caused by the reduction of holdings last year has been swept away, reflecting the progress of Internet ecological interoperability.

At the end of last year, Tencent issued about 460 million JD.com Class A common shares to eligible shareholders in the form of an interim dividend. After paying dividends, Tencent's shareholding in JD.com will be reduced from 17% to 2.3%. He will no longer be the largest shareholder, and Liu Chiping, president of Tencent, will also step down as a director of JD.com.

At that time, there were widespread concerns in the market that JD.com could continue to be supported by Wechat ecological traffic after the reduction. JD.com 's share price fell 11% at one point on the day of the news.

However, this strategic cooperation agreement shows that the two sides also intend to continue to cooperate in many areas, and market concerns are swept away.

The agreement will focus on business cooperation in the areas of physical e-commerce portal, cloud technology and cloud services, membership system, online meetings, enterprise services, smart retail and advertising.

In terms of technical cooperation, the two sides will give full play to their advantages and strengthen technical exchanges and cooperation in artificial intelligence and other fields.

The two sides also plan to set up joint technology laboratories in information security and other fields to open up more directions for technical cooperation.

In terms of supply chain services, JD.com will give full play to his supply chain advantages and provide services such as edge computing, digital procurement, industrial interconnection, supply chain finance, intelligent logistics, C2M product innovation and so on.

At the same time, JD.com will also rely on his superior technical capabilities to participate in Tencent's continuous promotion of the "Thousand Sails Plan" for three years.

China Merchants believes that this cooperation is more profound and comprehensive than the previous cooperation, and is expected to become a typical industry in the context of the current Internet ecological interoperability.

Guojin Securities: platform economy gives full play to Synergetic value

According to the latest Guojin newspaper, the strategic cooperation between JD.com and Tencent has continued since 2014, ranging from mobile products and payments to social media services, advertising buying and membership services, to today's communications and technical services.

Advertising, marketing and member cooperation run through for a long time, and there is expected to be more room for cooperation under the promotion of interconnection.With the acceleration of interconnection, the breakage of e-commerce traffic to the social flow with a larger user base is expected to lead to the growth of new users, while the e-commerce consumption tags of users in the Wechat scene are expected to be refined. there is more room for cooperation in marketing and advertising.

It is estimated that at present, JD.com 's active users from WeChat Nine Palace are about 6% of App, and the GMV from JD.com and WeChat Mini Programs is about 10% of App.Jingxi focuses on the sinking market, is relatively more dependent on the ecology of Wechat, and tends to be more household, clothing, food, etc., and JD.com effectively complement each other in categories and user groups.

The stable long-term strategic cooperation and mutual benefit between the two sides will also help to provide users with a better shopping experience. JD.com 's self-management + supply chain model has deep barriers. It is estimated that the income and net profit of 2022-2024E are 1.1155 trillion yuan / 1.3494 trillion yuan / 1.623 trillion yuan, 17 billion yuan / 17.3 billion yuan / 19 billion yuan respectively, corresponding to 5.44 yuan / 17.3 billion yuan / 6.07 yuan.