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京东集团-SW(09618.HK):续约腾讯战略合作 平台经济发挥协同价值

JD Group-SW (09618.HK): Renewal of contract with Tencent's strategic cooperation platform economy leverages synergistic value

國金證券 ·  Jun 30, 2022 11:36  · Researches

occurrences

On June 29, the company and Tencent renewed a strategic cooperation agreement for a period of three years. Tencent will continue to provide significant first-level and second-level access portals to the company on the WeChat platform to provide traffic support, and the two sides also intend to continue cooperating in various fields such as communications, technical services, marketing, advertising and membership services. The value of the cooperation is expected to be paid or invested in the form of a combination of cash and shares over the next three years.

reviews

Cooperation will be further deepened, and cooperation in technology and supply chains will be strengthened. The strategic cooperation between JD and Tencent has continued since 2014. The cooperation covers everything from mobile products and payments, to social media services, advertising procurement, and membership services, to today's communications and technical services. In terms of technical cooperation, it is planned to develop fields such as artificial intelligence and information security; in terms of supply chain services, JD will make full use of its advantages to provide services in edge computing, digital intelligence procurement, industrial interconnection, supply chain finance, etc.

Advertising, marketing, and membership cooperation have continued for a long time, and it is expected that there will be more room for cooperation under the impetus of connectivity. As connectivity accelerates, e-commerce traffic breaks the circle to social traffic with a larger user base, which is expected to drive the growth of new users. At the same time, users' e-commerce consumption tags within the WeChat scenario are expected to be refined, leaving more room for cooperation in marketing and advertising. According to estimates, the current active users of JD from WeChat's Jiugongge are about 6% of the app, and the GMV from the JD WeChat Mini Program is about 10% of the app. Jingxi focuses on the sinking market and is relatively more dependent on the WeChat ecosystem. The categories are more biased towards home, clothing, food, etc., effectively complementing JD in terms of categories and user groups.

Investment advice

Stable long-term strategic cooperation is mutually beneficial to both parties and helps provide users with a convenient, fast and high-quality shopping experience. There are deep barriers to JD's self-operation+supply chain model. It is estimated that 2022-2024E revenue and net profit returned to the mother will be 1115.5 billion yuan/1349.4 billion yuan/1623 billion yuan, 17 billion yuan/17.3 billion yuan/19 billion yuan respectively, and the corresponding EPS is 544 yuan/5.55 yuan/6.07 billion yuan, giving it a “buy” rating.

Risk warning

The epidemic has repeatedly impacted the supply chain, consumer demand has weakened, user growth has fallen short of expectations, competition has intensified, etc.

The translation is provided by third-party software.


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