Goldenwise Financial News | Bocom Intl released research reports, stating that jd.com (09618) met revenue expectations in the third quarter of 2024, with profits exceeding expectations. Revenue increased by 5% year-on-year, with electrical income growing by 3% driven by the old-for-new policy, daily necessities income increasing by 8%, and double-digit growth in supermarkets/clothing categories. Gross margin increased by 1.7 percentage points year-on-year, adjusted net income surged by 24% year-on-year, benefiting from supply chain capabilities, improved price competitiveness, and economies of scale. Retail revenue increased by 6% year-on-year, with adjusted operation margin at 5.2%, holding steady year-on-year.

Looking ahead to the fourth quarter, the bank predicts a 5.7% year-on-year increase in revenue, with singles' day sales data exceeding expectations. However, considering the impact of major promotions being mistimed in November, the bank maintains the revenue forecast unchanged, estimating adjusted net income of 8.5 billion yuan, holding steady year-on-year. It is estimated that jd.com's retail revenue will increase by 4.8% year-on-year in 2024, with an operation profit margin of 3.8%, remaining flat year-on-year. The overall profit of the company in 2024 is expected to increase by 28% to 45 billion, up 5% from the bank's previous expectations, reflecting the positive impact brought by the release of logistics profit capabilities. Based on a consistent 13 times pe for the company in 2025, maintaining a target price of $56/217 HKD and a buy rating.