Golden Finance News | gtja released a research report indicating that in FY24Q3, jd.com (09618) revenue increased by 5.1% year-on-year to 260.4 billion yuan, showing a significant recovery compared to zero growth year-on-year in Q2. The gross margin reached 17.3%, a substantial increase of 0.7 percentage points year-on-year, determined mainly by the higher proportion of general commodities with high gross margin in retail product structure and a significant decrease in the logistics sector's cost rate. Non-GAAP net income increased by 29.3% year-on-year to 13.2 billion yuan, exceeding the expected 11.4 billion yuan. The bank noted that under the trade-in policy, revenue growth rebounded, and net income achieved better-than-expected growth. jd.com's logistics cost control continues, with a noticeable decrease in cost rates and impressive profit release.

The bank slightly adjusted the FY2024E/FY2025E/FY2026E revenue to 1128.2/1183.2/1243 billion yuan (previous values were 1120.9/1177.1/1237.7 billion yuan); FY2024E/FY2025E/FY2026E adjusted net income is now projected at 44.8/48/51.7 billion yuan (previous values were 40.3/42.4/46.8 billion yuan). Based on the SOTP valuation method, the target price for Hong Kong shares has been raised to 176 Hong Kong dollars (previous value was 166 Hong Kong dollars), maintaining a "shareholding" rating.