This article is edited by JD.com 2020Q2 by CITICQuarterly report comments: growing faster and getting better ", China Merchants" JD.com 2020Q2Financial report comments: strong growth in revenue and users, better-than-expected performance "

JD.com announced the results for the second quarter of 2020 on August 17th.This is a beautiful financial report, JD.comQ2The growth of users, income and net profit are significantly higher than expected!Mechanism analysisIn the medium to long term, JD.com 's growth flywheel runs well.，"sinking" strategyPromote scale growth and speed up againLogistics advantageAlso continue to strengthenIn the next two years, JD.com will basically face the last cycle.

Stimulated by positive results, Jingdong Hong Kong shares rose about 8% today.

First, Jingxi "sinking" is effective, and the growth of users is nearly 2. 5%.New annual high

Benefit from the sinking strategy, JD.com Q2Quarterly user growth accelerates again. As of 2020Q2, JD.com 's annualized purchase users reached 417 million, an increase of 29.9% over the same period last year, and the growth rate also reached the highest level in nearly 11 quarters.

CITIC's analysisAfter a bottleneck period in 2018 and 2019, the "sinking" strategy helped JD.com reopen scale growth.

Driven by the strong growth of users, JD.com achieved revenue of 201.1 billion yuan (yoy+33.8%) in the second quarter, higher than Bloomberg's consensus forecast of 190.7 billion yuan; adjusted net profit of 5.91 billion yuan, net interest rate of 2.9% (VS19Q2 3.56 billion yuan, net interest rate 2.4%), also exceeded market expectations of 4 billion yuan.

II. Business growth in all sectors has accelerated, and operating profit margins have improved significantly.

Thanks to the end of the epidemic, "618""the activity was greatly promoted, so JD.com Q2The growth rate of all business sectors has accelerated, while operating profit margins have increased significantly.。

From a business perspective, 2020Q2 JD.comIncome from commodity sales178.19 billion yuan, + 33.5% compared with the same period last year, of which electrical / non-electric yoy+27.6%/+45.4% (VS 20Q1 yoy+9.8%/+38.2%) increased the speed of consumer e-commerce after the epidemic.Service revenue22.87 billion yuan, + 36.4% compared with the same period last year, accounting for 11.4% of the revenue from Q2 services, compared with the same period of last year + 0.2pct. Among them, advertising commission income 14.05 billion yuan, yoy+26.9% (VS 20Q1yoymilk 17%), logistics and other innovative business income 8.81 billion yuan, yoy+55% (VS 20Q1yoy + 53.6%).

Driven by the scale effect, the rates of Q2 JD.com 's performance, sales, management and R & D expenses were 5.9%, 3.3%, 0.5% and 1.7% respectively, down 0.1pct, 0.4pct, 0.1pct and 0.5pct respectively compared with the same period last year.

Cost improvement drives Q2Operating profit margin significantly improved 0.7pct compared with the same period last year至2.8%。Of these, the retail segment made an operating profit of 5.69 billion yuan, and the new business segment made an operating profit of 104 million yuan (VS 19Q2 lost 822 million yuan). The substantial turnround of the new business mainly benefited from the positive operating profit of non-general criteria of logistics business, mainly due to: 1) improved logistics operation efficiency and improved capacity utilization; 2) increased orders in the second quarter and improved economies of scale.

Summary: getting better and better, seizing JD.com 's upward opportunity

Review 2019In #, the market ushered in JD.com, whose user and revenue growth was accelerated again.The underlying reasons include operational efficiency brought about by organizational structure change in 2018, "sinking" strategy driving user growth and acceleration, superimposed scale effect, logistics system optimization and reduction of period expense rate, JD.com began to release profits substantially from 2019.Looking forward, most institutions also continue to be optimistic about JD.com 's profit release logic under the appeal logic, and generally expect the future of the company.3Achieve 40% per yearProfit growth rate around (non-GAAP)Caliber).

In view of the fact that the performance of Q2 exceeded expectationsCITICThe revenue forecast of JD.com from 2020 to 2022 is 9378 / 1.1572 trillion yuan (the original forecast is 8705 / 1.0358 trillion yuan), and the net profit of non-GAAP is 160.7 pound 221.3 / 29.76 billion yuan (the original forecast is 140.5 pound 202.0 / 26.32 billion yuan).Maintain the US stock JD.com (JD.O) Target price 85.5Us dollar / ADSTo maintain the "buy" rating; maintain Hong Kong stock JD.com Group (09618.HK)) Target price 331Hong Kong dollar, maintaining the "buy" rating。