JD.com:Promised margin expansion
Event
3Q17non-GAAP net profit for JD.com came in at Rmb2.2bn, 130% ahead ofour estimate, primarily on robust margin expansion. Management is promisingto continue improving margin on a full-year basis over the next few years, andwe project FY17/18non-GAAP NPM improvement of 0.6ppts YoY each yearto 1.4%/2.0%. While JD is currently facing headwinds in the apparel business,with 100+ domestic brands leaving the platform, the company is determined torevamp the business, supported by the growing female customer base. Afteryears of investment, the company’s logistic network is to cover 100% ofChina’s counties and villages by end-2017, which should facilitate the rolloutof its Xintonglu/ZGB. We maintain our OP rating and target price of US$51,which is based on 1.0x FY18E EV/sales.
Impact
Strong earnings beat on margin expansion. 3Q17revenue increased 39%YoY to Rmb83.7bn, in line with our and the consensus estimates. Grossmargin improved 1.2ppts YoY and 1.9ppts QoQ to 15.5%, ahead of our andthe market’s expectations. As GPM expansion trickled down, non-GAAPoperating profit grew 171% YoY to Rmb1.5bn, 40% above our forecast. Non-GAAP net profit came in 130% above our estimate, at Rmb2.2bn, up by asubstantial 359% YoY. During the 1
- 路娲芥唇椋熷搧(002557)2021骞存姤鍒嗘瀽锛氶渶姹傝浆鏆栥€佺粡钀ョǔ鍋� 2022-04-12
- 路闇茶惀瑁呭姒傚康鑲★細鐗ч珮绗�(603908)锛氳涓氶緳澶�2021骞翠笟缁╅珮澧為暱 2022-04-12
- 路鐟炶姱寰�(603893)锛氫骇鍝佹繁鑰旳IOT 鎵撻€犵敓鎬佷綋绯� 2022-04-12
- 路涓湜杞欢(688083)锛氬墠鏅箍闃� 浜哄憳鎵╁紶 涓煭鏈熶笟缁╂壙鍘� 2022-04-12
- 路鍗氳縼鏂版潗(605376)锛氶晬绮変骇鑳芥寔缁闀� 鏂颁骇鍝佽瘎浠风ǔ姝ユ帹杩� 2022-04-12
- 路瀹忓井绉戞妧(688711)棣栨瑕嗙洊锛氭寔缁彂鍔涙柊鑳芥簮棰嗗煙 涓氱哗瀹炵幇蹇€熷闀� 2022-04-12