Overall performance: steady revenue growth and bright profit performance. 1) revenue side: 2022Q3, the company achieved operating income of 243.5 billion yuan, an increase of 11.4% over the same period last year. Benefiting from the expansion of the POP model of retail business and the increase of external customers of logistics business, the company's revenue growth rate significantly rebounded compared with the previous quarter. Revenue from platforms and services was 19 billion yuan, up 13.0 percent from the same period last year, while revenue from logistics and other services was 27.6 billion yuan, up 73.0 percent from the same period last year. 2) profit side: in this quarter, the company focused on its core business, reduced costs and increased efficiency significantly, and the profit performance was outstanding. Non-GAAP net profit was 10 billion yuan, an increase of 98.9% year-on-year growth of 98.9% Nonmuri GAAP net interest rate of 4.1%, adjusted EBITDA growth of 95.5% to 11.5 billion yuan, profit margin of 4.7%. 3) on the user side: the annual active users continue to grow, and the core member users are mentally strong and sticky. JD.com 's annual trading users increased by 7.5 million to 588 million over the previous quarter, a month-on-month growth rate of 1.3%. The average annual consumption level of JD.com 's PLUS members is eight times higher than that of ordinary users.
Retail in the same city: the momentum of rapid development, the completion of national KA merchants coverage. At present, hourly shopping can provide real-time distribution services for more than 1800 districts, counties and cities across the country. Hourly shopping in the same city in the third quarter achieved three-digit growth compared with the same period last year. In the sale of Apple Inc's new phone in September, JD.com 's joint hourly purchase at home has become the only real-time retail platform qualified for official pre-sale. As of double 11, hundreds of thousands of Apple Inc's new phones have been sold, breaking the sales record of Apple Inc's new real-time retail platform.
Risk hints: policy risks, market risks such as increased competition among new entrants, macroeconomic systemic risks, recurrent epidemic risks, etc.
Investment advice: maintain a buy rating.
In the short term, the rebound of the epidemic in the fourth quarter led to increased uncertainty in performance and pressure on the company's revenue. In the long run, the recent optimization measures for epidemic prevention and control have been issued, the consumption trend has been improved, the mind of strong timeliness and high certainty of the company's performance during the epidemic has been established, reducing costs and increasing efficiency has continued to advance steadily, and we have raised our profit forecast. It is estimated that the net profit of homing in 2022-2024 will be 86pm 205x271 billion yuan respectively, with an adjustment rate of 27.6%, 24.8%, 18.9%, and maintaining the target price of HK $314-340. Continue to maintain a "buy" rating.