事件：
北京時間2024年5月16日，京東集團（9618.SW）發佈2024年第一季度業績報告。2024年第一季度，公司實現營業收入2600億元，同比增長7.0%，超彭博一致預期；其中，商品收入2085億元，同比增長6.6%；服務收入515億元，同比增長8.8%。
從費用端來看，2024年第一季度研發/銷售/管理/履約費用率分別爲1.55%/3.56%/0.76%/6.46%，23年同期爲1.72%/ 3.29%/1.03%/6.33%，分別變化-0.17/0.26/-0.27/+0.14pct。利潤端表現超預期：2024年第一季度Non-GAAP淨利潤爲89億元，同比增長17.2%；淨利潤率爲2.7%，同比優化0.1pct。公司加碼股東回報，回購穩步推進：年初至2024年5月15日期間，公司回購共計98.3百萬股，總額爲13億美元，回購的股份總數約爲其截至2023年12月31日流通在外普通股的3.1%。截至2024年5月15日，公司新股份回購計劃剩餘金額爲23億美元。運營數據方面，公司聚焦用戶體驗。2024年一季度，京東各項用戶指標均實現顯著提升，季度活躍用戶數同比雙位數增長，用戶平均購物頻次、NPS（用戶淨推薦值）加速提升。
Q1E revenue up 7%, non-GAAP net profit up 17%; double-digit rise in active users
Revenues:
JD.com released unaudited 24Q1E results last Thursday with revenue at RMB260bn (up 7.0% yoy), above Bloomberg consensus expectation, where merchandise sales contributed RMB208.5bn (up 6.6% yoy) and services brought in RMB51.5bn (up 8.8% yoy).
Expenses:
R&D/sales/administrative/fulfillment expense ratios arrived at 1.55/3.56/ 0.76/6.46% in 24Q1E, vs 1.72/3.29/1.03/6.33% in 23Q1 (changing -0.17/+0.26/-0.27/ +0.14ppt).
Profitability
exceeded expectations in 24Q1E, with non-GAAP net profit up 17.2% yoy to RMB8.9bn and net margin improving 0.1ppt yoy to 2.7%.
Buybacks:
JD.com increased shareholder returns and continued its share repurchase trend and bought back 98.3m shares for USD1.3bn in the year to 15 May 2024, a number equivalent to 3.1% of common shares outstanding as of 31 Dec 2023. With that, the company has USD2.3bn remaining in its new share repurchase program.
Operations:
JD’s focus on user experience pushed up various user indicators in 24Q1E: the number of active users increased by a double-digit yoy, while average shopper frequency and NPS (net promoter score) both increased.
京東零售：核心品類恢復超行業平均水平，商家生態持續優化
2024年第一季度，京東零售收入達2268億元，同比增長6.8%，超市場預期；經營利潤達93.25億元，同比減少5.27%，表現好於市場預期。分品類來看，1）電子產品及家用電器品類收入1232億元，同比提升5.3%。一季度，京東聯合3C數碼、家電家居和汽車等品類的合作伙伴共同投入65億元加碼以舊換新服務，同時攜手20個省市陸續落地以舊換新補貼。我們認爲，隨着以舊換新政策釋放存量需求，公司帶電品類有望持續獲取市場份額。2）日用百貨品類收入853億元，同比提升8.6%，高於行業平均水平，品類結構更加均衡。同時，公司不斷優化商家生態的運營效率和成本。2024年第一季度，第三方商家店鋪數突破百萬進一步豐富商品供給，京東“春曉計劃”再升級，助力商家節省50%運營成本，提高商品價格競爭力。我們認爲，隨着業務調整結束，商超業務迴歸穩健增長，有望驅動京東零售持續向好。運營方面，1）公司內容生態系統建設穩步推進。2024年4月16日京東引入創始人兼董事長劉強東先生的AI數字代表加入京東超市、家電家居直播間，一小時內觀看量超2000萬。2）用戶體驗構築三方商家核心競爭力。一季度，公司在第三方商品實現90%包郵的基礎上，對其餘第三方商品普及最高滿59包郵。目前，京東已有75%的第三方商品支持“免費上門退換”服務。我們認爲，生態建設的完善有望進一步降低獲客成本，用戶體驗提升或驅動訂單量、活躍用戶數增長，從而實現業績正循環。
Retail: above-average recovery in key product categories; 3P ecosystem tweaks
Product categories:
JD Retail generated revenue of RMB226.8bn in 24Q1E, up 6.8% yoy, outperforming market expectation, while operating profit fell 5.27% yoy to RMB9.325bn, which was better than the market expected. A breakdown shows:
•Electronics:
household and other appliances contributed RMB123.2bn revenue in Q1E, up 5.3% yoy. In the 3C, home appliances and automotive segments, JD jointly invested RMB6.5bn with partners to provide additional trade-in services, where it worked with 20 provinces and cities to implement trade-in subsidies. We believe JD’s electrical goods will gain market share as the trade-in policy continues to tap pent-up demand.
•Daily necessities:
JD had a more balanced product mix in this category in Q1, which drove up revenue by 8.6% yoy to RMB85.3bn, above the industry average.
Merchant ecosystem:
the company raised operational efficiency and tamped costs for its third-party (3P) merchant ecosystem. The number of 3P merchant stores surpassed 1m in Q1, which greatly enriched the variety of its product supply. JD upgraded its Spring Dawn initiative to help merchants save 50% of operating costs and improve their product pricing competitiveness. We believe supermarket business growth will stabilize as business adjustments come to an end, which would improve retail sales. Other operational initiatives taken by JD in Q1 included:
Liu’s avatar on livestreams:
JD continued to beef up its content ecosystem and launched the AI-enabled digital avatar of founder and chairman Liu Qiangdong on 16 April in its supermarket, home appliance and home furnishing livestream rooms, which attracted more than 20m views in 1 hour.
Enhanced user experience:
to raise the core competitiveness of its 3P merchants, JD sought to enhance user experience in Q1 by expanding its RMB59 order threshold for free shipping services to cover 90% of 3P merchandise. Coverage of the free door-to-door return and exchange services also expanded to 75% of 3P goods.
We believe JD’s ecosystem buildup will help reduce customer acquisition costs, while user experience enhancements could increase order volume and active user growth toward a profit cycle.
京東物流：收入及經營利潤率超出市場預期，助力中國品牌出海
2024年第一季度，京東物流收入達421億元，同比增長14.73%，高於市場預期；經營利潤爲2.24億元，高於市場預期的-0.5億元。第一季度，京東物流爲名創優品在澳大利亞和馬來西亞的門店提供了涵蓋倉儲和配送的一體化供應鏈服務，後續雙方將進一步探討全球合作機會。同時，歐洲全渠道零售品牌ochama運營自提點數量超750個，爲消費者提供更靈活的收貨方式。我們認爲，隨着公司全球供應鏈網絡的完善，以一站式服務助力中國品牌出海，外部一體化供應鏈客戶數量或穩步提升。
Logistics: revenue and operating margin outperform as Chinese brands go global
JD Logistics generated revenue of RMB42.1bn in 24Q1E, up 14.73% yoy, above market expectations. Operating profit at RMB224m also trumped market expectation of an RMB50m loss.
Miniso:
JD ran integrated supply chain services in the quarter that covered warehousing and distribution for Miniso stores in Australia and Malaysia. Both parties aim to explore more global cooperation opportunities.
Ochama:
European omni-channel retail brand Ochama operates more than 750 self-pickup points, which add flexibility to how shoppers receive their purchases. We anticipate JD’s external integrated supply chain customers will increase steadily as the company’s global supply chain network improves amid the global push of Chinese brands with its one-stop services.
